CRCT opens CapitaMall Nuohemule in Hohhot with 100% occupancy
Successful mall opening will be followed by divestment of CapitaMall Saihan as part of bundle deal to strengthen CRCT’s portfolio
Singapore, 21 December 2020 – CapitaLand Retail China Trust Management Limited (CRCTML), the manager of CapitaLand Retail China Trust (CRCT), is pleased to announce that CapitaMall Nuohemule (formerly known as Yuquan Mall) was successfully launched on 20 December 2020 with 100% occupancy. All committed tenants, numbering more than 200, opened for business on the same day, attracting a strong footfall of about 100,000 shoppers on the first day of the mall’s operations, close to four times the daily traffic of CapitaMall Saihan[1].
Strategically located in the well-established Yuquan District in Hohhot, Inner Mongolia, China, CapitaMall Nuohemule sits atop Nuohemule Station on Metro Line 2 and is three stops from an interchange station that also serves Metro Line 1. Spanning nine storeys with six levels above ground and three basement levels, the mall has a gross floor area, including car park, of 100,047 square metres (sq m).
CRCT acquired CapitaMall Nuohemule from unrelated third parties in 2019 when the project was under development. Following the mall’s opening, CRCT will be divesting CapitaMall Saihan, also in Hohhot, as part of a bundle deal[2] to strengthen CRCT’s portfolio. The divestment of CapitaMall Saihan is expected to be completed in 1H 2021.
Mr Tan Tze Wooi, CEO of CRCTML, said: “As the capital city of Inner Mongolia, Hohhot is an important gateway to and a key beneficiary of China’s Belt and Road Initiative. The city’s improving connectivity and steady economic growth has seen a rising middle class having higher spending power to pursue quality lifestyles. CapitaMall Nuohemule has seen strong leasing interest even as China’s economy is recovering from the impact of COVID-19 and opened with full occupancy to the delight of the local community. This is a testament to the strong operational capabilities of our ground team.”
“The bundle deal effectively lengthened the average balance tenure and enlarged the lettable area of CRCT’s portfolio. Compared with CapitaMall Saihan, CapitaMall Nuohemule is almost double in lettable area, with a greater capacity to host new and interesting retail concepts and broaden its trade categories to diversify its tenant mix. It also has a longer balance tenure that expires only in 2049, compared with 2041 for CapitaMall Saihan, making CapitaMall Nuohemule a more valuable asset for CRCT in the longer term.”
"CapitaMall Nuohemule has seen strong leasing interest even as China’s economy is recovering from the impact of COVID-19 and opened with full occupancy to the delight of the local community. This is a testament to the strong operational capabilities of our ground team.”
“The successful launch of CapitaMall Nuohemule marks another step forward in CRCT’s multi-stage portfolio reconstitution to enhance the quality of our assets. Coupled with the proposed acquisition of five business park properties and the balance 49% interest Rock Square, CRCT’s rejuvenated asset base will be further strengthened as we steer towards the next stage of growth as Singapore’s largest China-focused real estate investment trust.”
CapitaMall Nuohemule – Integrating contemporary fashion with heritage, nature with commerce
Positioned as a destination lifestyle mall catering to families, working professionals and young adults, CapitaMall Nuohemule boasts a stellar line-up of fashion, food & beverage, IT & electronics and leisure & entertainment-based tenants. It features a wide variety of experiential and smart retailing concepts that excite the modern shopper as well as new-to-market brands and concept stores eagerly anticipated by the local market.
Mall offerings that are new to the Inner Mongolia region include Wanda’s giant dual-screen cinema; BHG Market Place; a garden-themed Starbucks outlet; a garden-themed Sisyphe bookstore; Watson+, an experiential retail concept store by Watsons; and high-end women’s fashion label Couture Made by Vero Moda. Mall offerings that are new to Hohhot city include Huawei High-end Experience Store; Chow Tai Fook smart store; and a CHJ Jewellery store specialising in customised designs.
CapitaMall Nuohemule is also home to Hohhot’s first indoor sports park in a shopping mall and a live theatre, both located on Level 4. Trendsetting sporting goods labels such as Nike Kicks Lounge, Nike 550, Adidas Originals and Adidas MEGA L1 are located on the same floor, creating a strong attraction for young fashion-conscious shoppers.
The mall’s Level 3 is the family zone, where families with young children can engage in augmented reality gameplay, interact with small animals and have fun with indoor go-karting. To experience Hohhot culture and heritage, shoppers can head to “Nuohemule Street” at the basement level, which pays tribute to a former textile spinning street of the same name. In conjunction with the mall’s opening, “Nuohemule Street” is currently hosting an exhibition by well-known local photographer and artist Mr Ren Zhiming.
Delighting shoppers with lush greenery all year round, the design of CapitaMall Nuohemule incorporates abundant natural elements, bringing to life the concept of “mall in a garden” with 10,000 sq m of verdant greenery. Highlights include the six garden-themed spaces spread across different floors, such as a Japanese-inspired koi garden and an Amazon-inspired rainforest garden. Coupled with the abundant atrium skylight, shoppers at CapitaMall Nuohemule are in for a visual treat of picturesque outdoor sceneries while enjoying the climate-controlled comforts of a modern shopping mall.
1 Based on average daily traffic of CapitaMall Saihan in November 2020.
2 For details, please refer to the news release “CRCT enters bundle deal in Hohhot to acquire a new mall and divest CapitaMall Saihan” dated 1 February 2019.