Singapore-based CapitaMalls Asia, which develops, owns and manages malls across Asia, has committed Rs 1,800 crore to its growth in India for the next three years. Kevin Chee, CEO and country head of CapitaMalls Asia, told Business Line that apart from funding the two malls that are operational now, this money would be also used to develop seven more malls in India. The company has forged two joint ventures in India — with Bangalore-based Prestige Estate Projects Ltd for projects in the South and with Advanced India Projects Ltd (AIPL) for projects in the North. The ventures now own the Forum Value Mall in Bangalore (launched in 2009) and The Celebration Mall in Udaipur (launched early this year). CapitaMalls’ seven other committed projects in India are in various stages of development in Bangalore, Mangalore, Hyderabad, Mysore, Kochi, Jalandhar and Nagpur. These malls are scheduled to be operational between end-2012 and mid-2013, he said. CapitaMalls Asia owns and manages 92 malls across five countries, with 53 of them located in China. The company has property value of S$23.7 million and total gross floor space of 73.4 million sq ft. The Indian malls contribute 2.1 per cent to the property value and comprise 9.8 per cent of the floor space.
[via India Properties – Real Estate India – Indian Property News Site]
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