CapitaLand will open eight malls across Asia in 2017
CapitaLand is a Singapore-based property developer with assets in its host country, as well as growing interests in China and Vietnam. The company has announced that it is preparing to open eight malls next year across three Asian markets. With a combined retail gross floor area of nearly one million square metres, this will be CapitaLand’s largest ever retail offering in a single year.
As global retailers look to Asia to chart new growth, CapitaLand Mall Asia, CapitaLand’s wholly owned shopping mall business, recently staged its largest project showcase in Cannes, France at MAPIC 2016.
Out of the eight shopping malls, six are retail components of integrated developments in China, and one each in Malaysia and India. They are Raffles City Changning, CapitaLand’s second Raffles City project in Shanghai; LuOne, also in Shanghai; Raffles City Shenzhen; Raffles City Hangzhou; Suzhou Center Mall; and CapitaMall Westgate in Wuhan. The other two are Melawati Mall in Kuala Lumpur, Malaysia; and Forum Mall in Mysore, India.
Jason Leow, CEO of CapitaLand Mall Asia, said, “We are looking forward to the opening of these eight malls next year as they underscore CapitaLand’s strength in connecting retailers to ready catchments of shoppers. With these new malls opening in phases from the second quarter of 2017, it will position us well to deliver sustainable returns in the near future as they turn fully operational.
“At the same time, we will continue to enhance our retail scale and network through acquisitions and management contracts; as well as reconstitute our portfolio to achieve optimal asset mix to provide us with stability and a strong recurring income stream. As of 30 September 2016, 76 per cent of CapitaLand’s total assets contribute to recurring income, of which shopping malls and integrated developments form the bulk.”
Leow added, “Our 103 malls in Singapore, China, Malaysia, Japan and India provide brands with access to about 3 billion consumers in these five Asian markets combined. With such an extensive scale, retailers can take their pick from our wide-ranging portfolio that includes premier malls that tap into discretionary and tourist spending on luxury goods; entertainment and F&B-focused malls that appeal to both locals and tourists alike; and suburban and community malls that cater to necessity shopping.
“Taking part in MAPIC – one of the world’s largest events matching developers with retailers – provides CapitaLand with an excellent platform to boost our brand visibility and strengthen our retailers’ network; including reconnecting with existing tenants and engaging new tenants seeking to expand in Asia. We are confident that retailers will be able to find a CapitaLand mall suitable for their brand profiles as they tap the immense growth potential of Asia’s rising consumerism.”
Read the November 2016 issue of Construction Global magazine
Apprenticeships can bridge skills gap says Autodesk director
The UK construction industry needs 216,800 new workers by 2025 to meet rising demand, according to the Construction Skills Network published by CITB.
Even before Covid-19, it was estimated it needs to attract 400,000 new recruits each year to meet the UK’s infrastructure needs.
But given one in three current construction employees are over 50 there is predicted to be a 20-25% decline in the available workforce over the next decade. And with end of the free movement of people from the EU, it has further limited access to skilled talent.
Mike Pettinella, Director, Autodesk Construction Solutions EMEA, believes the solution may be one that is hardly new, but might have taken a back seat during the pandemic.
"Apprenticeships could help us bridge the construction skills gap and meet this rapidly rising demand, and attract a new crop of younger talent to the industry," he said.
"Apprenticeships benefit everyone. For candidates, it’s an opportunity to learn valuable skills without incurring thousands of pounds of student debts. For employers, it’s a chance to train up employees in the competencies that are really needed – combining technical knowledge with collaboration and team work, which are equally important as you enter a new industry. And if you’re a larger company and already required to pay the apprenticeship levy, it makes sense to ensure you’re benefitting from the scheme too."
Marshall Construction recently took on nine new apprenticeships covering various roles. "Some of our previous apprentices have left and started their own businesses, which sets them up for life," said Chairman Robert Marshall. "Most of our current managers came from organic growth within the business whom we have trained to our own standards." Firms such as Barnwood Construction and Keepmoat Homes are also advertising and supporting apprenticeships.
According to the CSN, most English regions will experience an increase in construction workers by 2025, with East Midlands (1.7%) and West Midlands (1.4%) forecast to lead demand. Scotland (1.4%) and Wales (0.7%) are also predicted to fare well. The only region forecast to see a slight decline in workforce is the North East (-0.1%).
Major projects such as HS2 are driving growth in some regions and infrastructure (5.2%) and private housing (6.7%) should see the healthiest pace of expansion by 2025.
The impact of the Fourth Industrial Revolution on the future shape of work will be profound. Modelling by the McKinsey Global Institute on the effects of technology adoption on the UK workforce shows that up to 10 million people, or around 30 percent of all UK workers, may need to transition between occupations or skill levels by 2030.