Retail in Asia

Headline

Singapore’s CapitaLand to open two more malls in India

CapitaLand, one of Asia’s largest real estate companies headquartered and listed in Singapore, has announced plans to open two more malls in India over the next three years, bringing the number of its operational malls managed by its shopping mall business, CapitaLand Mall Asia, to six by the end of 2019.

CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited (Ascott), has also announced that it has secured a contract with Sandhya Hotels Private Limited to manage three new serviced residences in India. Two properties are in the major technology cities of Hyderabad and Bengaluru and a third serviced residence is in Sri City, less than an hour’s drive from Chennai.

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The announcement was made at The Celebration Mall, Udaipur, in the presence of Singapore’s prime minister Lee Hsien Loong. The Celebration Mall is wholly owned by CapitaLand Mall India Development Fund, which is managed by CapitaLand. CapitaLand shared with Prime Minister Lee that the mall has played a key role in catalysing the economic development of its neighbourhood. It opened in July 2011.

CapitaLand’s two upcoming malls are Forum, Mysore, and Forum, Cochin, opening next year and in 2019 respectively. Both are developed in partnership with local real estate developer Prestige, with whom CapitaLand also partners for three other operational malls, namely The Forum Neighbourhood Mall, Bengaluru; The Forum Sujana Mall, Hyderabad; and The Forum Fiza Mall, Mangalore.

Including two other malls under development in Jalandhar and Nagpur, CapitaLand is Singapore’s largest shopping mall developer and manager in India with a total of eight malls.

(Source: Hindustan Times)