Changi Airport Group (CAG) and CapitaMalls Asia, through their
respective wholly-owned subsidiaries Jewel Changi Airport Holdings and
CMA Singapore Investments, announced today their joint venture (JV)
agreement to develop an iconic mixed-use development at Changi Airport,
codenamed Project Jewel.

The two companies had previously entered
into a Memorandum of Understanding in developing the concept and plans
for the said project.

They will set up a private trust, a
trustee-manager and a property manager, with CAG being the majority
shareholder with 51 percent and unit-holder of the JV entities.
CapitaMalls Asia will own the remaining 49 percent.

To be built
on the 3.5ha surface car park site of fronting Changi Airport Terminal 1
(T1), Project Jewel will offer a range of facilities for airport
operations, a hotel, retail offerings and leisure attractions spread
across five storeys above ground and five basement storeys and will
cover a total gross floor area (GFA) of about 1,443,000 sq ft. Project
Jewel is expected to cost about S$1.47 billion, including land cost.

Jewel is a significant game-changing project for CAG in our journey to
strengthen Changi Airport’s status as a major global air hub,” said Mr
Lee Seow Hiang, Chief Executive Officer at CAG.

“Together with
our partner, CapitaMalls Asia, a very established player in the arena of
lifestyle and retail developments regionally, we are confident that
Project Jewel will be a world-class attraction near home that
Singaporeans will not only enjoy immensely, but be proud of,” he added.

Asia is excited about partnering Changi Airport Group to create a
must-visit destination for tourists to Singapore and passengers
transiting through Changi Airport, as well as a unique place that
Singaporeans and local residents can enjoy with their families and
friends, “said Lim Beng Chee, Chief Executive Officer of CapitaMalls
Asia. “

Construction works for Project Jewel is scheduled to begin in the second half of 2014, with a target opening by the end of 2018.

Image: Artist impression of Project Jewel (Source: Changi Airport Group)

Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email

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