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.
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
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 email@example.com
Singapore firm to become major developer in Iskandar