Changi Airport Group and CapitaMalls Asia Limited are pleased to announce that their respective wholly-owned subsidiaries, Jewel Changi Airport Holding Pte. Ltd. and CMA Singapore Investments (6) Pte. Ltd., have today signed a joint venture agreement to develop an iconic mixed-use development at Changi Airport – codenamed Project Jewel – which is envisaged to be a world-class lifestyle destination in Singapore. The two companies had previously entered into a Memorandum of Understanding to develop the concept and detailed plans for Project Jewel.
CAG and CapitaMalls Asia will be setting up a private trust, a trustee-manager and a property manager as the JV entities, with CAG being the majority 51% shareholder and unit holder of the JV entities, and CapitaMalls Asia owning the remaining 49%.
To be built on the surface car park site fronting Changi Airport Terminal 1, Project Jewel will offer a range of facilities for airport operations, retail offerings and leisure attractions. With outstanding architecture and an exciting myriad of lifestyle offerings, this signature lifestyle destination will enable Changi Airport to capture greater tourism mindshare and strengthen its appeal as an air hub.
Source / Author: Changi Airport Group
Photo: Changi Airport Group