See how CMA grew its Singapore retail properties in 2012

Latest annual report reveals strategies and results.

Here's the complete Singapore business review excerpt from CapitaMalls Asia's newly released 2012 Annual Report:

In Singapore, we have 17 completed malls and two malls under development, with a total GFA of 13.2 million sq ft and operational NLA of 6.0 million sq ft as at 31 December 2012.

Our malls enjoy strong shopper traffic as they are well-connected to public transportation systems and are strategically located either in areas
with large population catchment or within Singapore’s popular shopping and tourist destination. Many of our malls attract a high monthly footfall  of between 1.0 million and 3.0 million.

We had more than 3,000 leases with international and domestic retailers and have achieved a high occupancy rate of approximately 98.6% as at 31 December 2012. The high occupancy rate is a testament to our strong tenant relationships and intimate understanding of their business needs. 

2012 has been an eventful year for us as we saw the opening of four malls. JCube, which is positioned as a youth and entertainment hotspot with its IMAX theatre and Singapore’s only Olympicsize ice rink, was successfully opened in April. Bugis+, formerly known as Iluma, was successfully transformed into the retail and entertainment extension of Bugis Junction. In September, we opened The Star Vista which is the first major mall in Buona Vista and is the first naturally cooled mall in Singapore. The lifestyle mall has more than half of its NLA set aside for dining outlets, many of which offer alfresco chill-out options. The new retail space at the Atrium@Orchard was opened in end-October 2012 and it is now fully integrated with the adjacent Plaza Singapura. 

We recognise the importance of refreshing our operating malls constantly in order to stay relevant to our shoppers. Clarke Quay has recently completed its asset enhancement initiatives (AEIs) for blocks C and E, introducing new dining and entertainment concepts to refresh and improve visitor experience. Malls with asset enhancement in progress include Junction 8, which is undergoing a facelift to refresh and rejuvenate the mall, and IMM Building, which will be repositioned into a value focused mall. Both AEIs are targeted to complete in 2013.

On the development front, we are developing an integrated project, known as Westgate, in the Jurong Lake District, Singapore’s largest regional hub. Strategically located beside the bus interchange and MRT interchange station, the project will comprise a lifestyle mall and a prime office tower. At the same time, we are developing an integrated project comprising a private condominium and a retail mall next to Bedok Town Centre and Bedok MRT station. The retail mall, known as Bedok Mall, will be Bedok’s first full-fledged shopping mall with an air-conditioned bus interchange.

Singapore’s Ministry of Trade and Industry has forecasted the domestic economy to grow between 1.0% and 3.0% in 2013. However, consumer sentiment may be affected by the uncertainties in the global economy. Nonetheless, we remain confident that our strong retail network and knowledge of tenants’ sales will stand us in good stead in times of economic uncertainties. With the completion of the AEIs at Junction 8 and IMM Building as well as the opening of the retail component of Westgate and Bedok Mall in 2013, we will continue to provide our shoppers with improved shopping experience and new retail offerings.