Property developer CapitaLand is aiming to have a total of ten Raffles City developments globally within the next five years. This was revealed by President and CEO Liew Mun Leong on Wednesday. He also said that CapitaLand may inject the properties into a real estate investment trust.
CapitaLand is looking to go places with the Raffles City brand and is also planning to grow its successful array of REITs.
It was only last year that CapitaLand bought Raffles City Singapore for more than S$2 billion through CapitaMall Trust and CapitaCommercial Trust.
The company is now eyeing five more locations within five years to replicate the success of the Raffles City brand regionally and internationally.
CapitaLand currently has five Raffles City developments in Singapore, Shanghai, Beijing, Chengdu and Bahrain. It is considering having two or three more developments in China, and in countries such as India, Vietnam, the Middle East or even Russia.
Mr Liew said: "It is a product we could patent. We have trademarked the Raffles City name and promoted it as a series of Singapore icon buildings in other developing countries that like to have this mixed development project in their gateway cities."
CapitaLand said it has no intention to enter the more mature markets like the United States. It is, however, keeping its options open, preferring to time itself to the property clock.
The Raffles City concept includes a mixed development, comprising main components such as a shopping mall, offices, hotel or serviced apartments.
With ten of such developments under its wing, CapitaLand said, this sets the stage for a possible Raffles City REIT.
Mr Liew said: "When we finish these malls and they are generating enough yield in terms of cash flow, we'll put them in. We will have ten REITS in a relatively short time."
Currently, CapitaLand's stable of REITs include CapitaMall Trust, CapitaCommercial Trust and CapitaRetail China Trust.
The property developer said the 6th Raffles City could be announced as early as next year. - CNA/so
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