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CapitaLand secures 95% retail take-up for Chongqing mega project

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The five-storey mall is almost triple the size of ION Orchard in Singapore. It will house more than 400 brands, comprising a mix of local speciality brands and international brands.

CAPITALAND has achieved a 95 per cent leasing rate for the retail component of Raffles City Chongqing ahead of the mega-mall’s opening in September this year, the mainboard-listed property heavyweight said on Monday.

The shopping mall will be the first component to begin operations at the iconic mega-structure spanning a total of 1.12 million square metres (sq m) in construction floor area.

The five-storey mall has a gross floor area (GFA) of 235,000 sq m, almost triple the size of ION Orchard in Singapore with an 88,000 sq m GFA. It will house more than 400 brands, comprising a mix of local speciality brands and international brands, CapitaLand said.

About 40 per cent of the brands at the mall will be new-to-market brands, flagships or new concepts, which will inject vibrancy into Chongqing’s retail scene, the group added.

Retailers include fashion brands Adidas, GAP, and Old Navy, as well as food and beverage brands such as China’s homegrown Haidilao hotpot, TWG Tea from Singapore and Spacelab, a restaurant that uses spiral slides to serve food to customers.

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Experiential retail and lifestyle brands opening at the mall include online-to-offline retail store Jiwu by Suning, e-sports operator CLSA and Whyte Woolf Fitness Club.

Lucas Loh, president for China at CapitaLand Group, said on Monday: “China’s retail sales continue to grow at one of the fastest rates in the world, buoyed by rising disposable incomes and government initiatives to boost domestic consumption.”

“As a megacity with a population of more than 30 million people and one of the fastest-growing tourist destinations in the world, Chongqing is well-positioned to attract local and international retailers,” Mr Loh added.

Located on the historic Chaotianmen site in Chongqing, south-west China, it is Singapore’s largest single development in China at 24 billion yuan (S$4.9 billion).

Besides the mall, Raffles City Chongqing’s eight skyscrapers also house 150,000 sq m of Grade A office space, about 1,400 residential apartments, Ascott Raffles City Chongqing services residence, and InterContinental Raffles City Chongqing hotel.

The mega-structure is also integrated with a major transportation hub comprising ferry, subway and bus stations.

The shopping mall is a key component of Raffles City Chongqing. The Gateway Park on the roof of the retail podium will be open to the public for 24 hours daily, serving as a social space for the community.

An attraction for locals and tourists will be The Crystal, an enclosed sky bridge nestled above four 250-metre-tall skyscrapers and linking two adjacent skyscrapers by cantilevered bridges.

Raffles City Chongqing will offer personalised customer experiences that include guided tours and guest relations, underpinned by CapitaLand’s CapitaStar app that offers value-added services such as augmented reality interaction and navigation, mobile payment and restaurant booking. It will also leverage analytics and sensors to help retailers gain consumer insights and optimise their offerings, said Chin Phei Chen, chief executive officer of commercial management for China at CapitaLand.

Shares of CapitaLand closed flat at S$3.64 on Friday.

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