The CEO and country head of CapitaMalls Asia, a Singapore-based entity renowned for developing, owning, and managing shopping malls throughout Asia, has announced a significant investment of INR 1,800 crore in India. "Apart from funding the two malls that are currently operational, this investment will also be used to develop an additional seven malls across the country," he stated with confidence.
Currently, the company has established two joint ventures in India. One venture is with Bangalore-based Prestige Estate Projects Ltd, concentrating on developments in the southern region, while the other is with Advanced India Projects Ltd, focusing on the northern part of the country.
These ventures proudly own the Forum Value Mall, which opened its doors in Bangalore in 2009, and The Celebration Mall, recently inaugurated in Udaipur earlier this year. Future developments are in the pipeline, with other committed projects under varying stages of construction located in key cities such as Bangalore, Mangalore, Hyderabad, Mysore, Kochi, Jalandhar, and Nagpur. Anticipation is building as these malls are slated to become operational between late 2012 and mid-2013.