CapitaMalls Asia Q4 results | Asia Property

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CapitaMalls Asia Q4 results

Published on February 13th, 2014

CapitaMalls Asia reported solid Q4 results today (see herebut interestingly much of the performance came from Singapore, rather than assets in faster-growing emerging markets.

However, over the year, the group’s Chinese assets have seen higher growth in net property income.

In China, the group has delayed the opening of several shopping centres and will only open two there this year, as well as two in India, where it suffered losses on the revaluation of some assets, which also occurred in Japan.

While CMA continues to develop in China and (bravely) in India, its most significant project is once more in Singapore. The expansively-named ‘Project Jewel’ will be a 1.4m sq ft mall built on Changi Airport’s Terminal 1 car park.

It is being developed jointly with Changi Airport Group and will be designed by Moshe Safdie, who designed the Marina Bay Sands in Singapore, and  UK architect Benoy.

An airport mega-mall (and Changi is not noticeably under-shopped at present) seems a risky project; will it boast the same instant success as CMA’s Westgate and Bedok malls in Singapore, which opened last year?

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