June 14, 2012
In partnership with SIPJUD, CapitaMalls have recently embarked upon a project to develop the biggest shopping mall in East China.
According to Emporis, almost all worlds’ top malls are in Asia, with the leaders located in China: New South China Mall in Dongguan, and Golden Resources Mall in Beijing. Just five years ago, a list of the world’s 10 largest malls would have included South Coast Plaza in Costa Mesa and Del Amo Fashion Center in Los Angeles–along with the King of Prussia Mall in Pennsylvania and the famous Mall of America in Bloomington, Minneapolis(₁).
So what has been driving this explosion of super malls across Asia? Many Asian cities have seen exponential growth in shopping malls throughout key metropolitan areas due to a rapidly growing Asian economy and an increasing consumer appetite for brand names and luxury. In China, there continues to be a dramatic increase in the sale of luxury goods according to management consulting companies such as McKinsey, KPMG and Deloitte(₂). High consumer demand, a heavy tourism industry and affordable land has made Asia an extremely attractive investment not only for developers and investors, but for retailers looking to profit from booming Asian markets.
As one of the largest listed shopping mall developers, owners and managers in Asia, CapitaMalls have recently embarked upon a project to develop the biggest shopping mall in East China. In partnership with SIPJUD, CapitaMalls is set to build a seven-story shopping mall and two Grade A office towers on a prime site in Suzhou Centre in the heart of the western CBD of SIP, next to the renowned traditional city centre in Suzhou. The total development cost of the project is expected to be about RMB6,740 million (S$1,331 million / HK$8,329 million).
As a major player in the current commercial real estate bubble in Asia, they will be present at MIPIM Asia this year, hoping to meet new brands expanding into the region. According to Mrs. CHNG Chet Siew, Senior Vice President, Leasing of CapitaMalls Asia, “CapitaMalls Asia is pleased to participate in MIPIM Asia 2012. As Asia’s leading shopping mall developer, owner and manager with about 100 malls, we service a network of more than 5,000 international and regional retailers. We hope to leverage on this opportunity to meet with other brands who want to set up in Asia for the first time, or expand in the region to tap on its rising consumerism.”
Interested in learning more about CapitaMalls? Meet them directly in Hong Kong this November at MIPIMAsia!
Image: Flickr- lipjin