CapitaLand to have 6 malls in India by 2019

PROPERTY developer CapitaLand on Wednesday said it plans to open two more malls in India over the next three years, bringing the total number of its operational malls in the country to six by the end of 2019.

CapitaLand's two upcoming malls are Forum, Mysore, and Forum, Cochin, opening next year and in 2019 respectively. These are managed by its unit, CapitaLand Mall Asia.

CapitaLand's serviced apartment arm The Ascott has also 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 Bangalore and a third serviced residence is in Sri City, less than an hour's drive from Chennai.

Lim Ming Yan, group CEO of CapitaLand, said that India is experiencing strong demand for quality real estate products and solutions as it undergoes rapid urbanisation and attracts more foreign direct investment.

"India has been looking to tap Singapore's experience in urban planning as it plans to upgrade and build 100 cities," he said in a press statement.

"With more liberal rules on foreign direct investment in real estate, CapitaLand has been presented with a number of opportunities including greenfield projects, properties under construction as well as operational-ready projects in key Tier 1 cities. We are also in discussion with several parties on management contracts for shopping malls and serviced residences."