In multiple real estate developments in the city-state, CapitaLand said it was opening eight new malls in 2017 while Global Yellow Pages has purchased land in New Zealand. Meanwhile, Tanjong Pager shophouses are up for sale.
CapitaLand to open eight new malls in 2017
CapitaLand announced on Thursday that it was opening eight new shopping malls in 2017, six of which will come up in China, and one each in Malaysia and India.
These developments are Raffles City Changning and LuOne in Shanghai; Raffles City Shenzhen; Raffles City Hangzhou; Suzhou Center Mall; and CapitaMall Westgate in Wuhan.
Outside of China, there are two projects, Melawati Mall in Kuala Lumpur, Malaysia; and Forum Mall in Mysore, India.
According to the company, these malls will have a combined retail gloss floor area (GFA) of close to 1 million sq m, marking CapitaLand’s largest retail GFA offering within a single year.
Global Yellow Pages purchases New Zealand land
Global Yellow Pages announced in a stock exchange filing on 16 November 2016 that its subsidiary, Remarkable Residences, has acquired a plot of 38,400 sqm freehold land in Queenstown, New Zealand for S$5.2 million.
The indirect wholly-owned subsidiary, The Remarkables Residences Limited, which formerly operated under the trade name of GYP Properties Limited, acquired the property in a conditional agreement with seller Queenstown Central Limited.
The land parcel is funded by net proceeds raised of S$5,212,000 from the placement of 34,076,000 new ordinary shares in the capital of Global Yellow Pages that was completed on 7 October 2016.
Tanjong Pagar shophouses for sale
A pair of three-storey conservation shophouses in the Tanjong Pagar district are up for sale by expression of interest (EOI). According to The Edge Property, indicative pricing for both units is estimated at S$28 million.
This translates to S$2,308 psf on GFA. JLL is the exclusive marketing agent. The site is zoned for commercial use and is currently occupied by the owner and office tenants.
Located about 450m from the Outram Park MRT station, the shophouses sit on a combined land area of 4,439 sq ft and has a total area of 12,128 sq ft, inclusive of the private courtyard.