CapitaLand opens largest Raffles City dev't in Shanghai

Raffles City The Bund drew over 300,000 shoppers on opening day.

CapitaLand opened to the public Raffles City The Bund, the third and largest Raffles City development in Shanghai, 10 July.

The 120,000-square-metre (sq. m.) shopping mall is the “final component” in the over 300,000 sq. m. integrated development located along Huangpu River in Shanghai’s North Bund, a commercial and cultural hub.

Over 300,000 shoppers went to its opening day — "an encouraging start to Raffles City The Bund’s retail operations," CapitaLand said in a media release dated 12 July.

“Shanghai is where CapitaLand’s Raffles City brand made its China debut 17 years ago with the opening of Raffles City Shanghai,” CEO Puah Tze Shyan of Investment and Portfolio Management of CapitaLand China said.

“Since then, we have added eight more Raffles City developments in key gateway cities across China and built up the Raffles City brand into a mark of quality commercial real estate,” Puah said, adding that, Raffles City portfolio has always been “an important component of CapitaLand’s investment management and strategy.”

Puah noted that in June, CapitaLand onboarded Ping An Life Insurance Company of China, Ltd. as a “strategic and long-term capital partner for six of its Raffles City developments which will allow the company “to continue managing assets and growing the Raffles City brand."

Currently, the mall is 92% occupied by retailers, with brands either new to China, East China, Shanghai, or CapitaLand’s portfolio.