Changi Airport Group and CapitaMalls Asia signs JV deal to develop Project Jewel at Changi Airport
Written by The Edge
Friday, 20 December 2013 20:32
Changi Airport Group (CAG) and CapitaMalls Asia have signed a joint venture (JV) agreement to develop an iconic mixed-use development at Changi Airport – codenamed Project Jewel.
The JV deal was signed by their respective wholly-owned subsidiaries, Jewel Changi Airport Holding and CMA Singapore Investments.
Including land cost, the development cost of Project Jewel is expected to be about $1.47 billion.
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 unitholder 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 (T1), which measures about 3.5 hectares (377,000 sq ft), 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.
Project Jewel, with its distinctive dome-shaped facade made of glass and steel, will be an iconic landmark in Changi Airport’s landscape. It is designed by a consortium of design consultants comprising Safdie Architects, Benoy and local architects RSP. World renowned architect Moshe Safdie, who leads Safdie Architects, was behind the design of Marina Bay Sands, another iconic landmark of Singapore. Benoy, part of the design consortium for Terminal 4, and RSP were respectively the design consultant and local architects for ION Orchard, as well as the recently-opened Westgate in Singapore.
The complex will have five storeys above ground and five basement storeys, comprising two basement storeys of mainly retail and car park spaces and another three basement storeys of car park. The complex will cover a total gross floor area (GFA) of about 134,000 square metres (1,443,000 sq ft).
The redevelopment of the T1 car park will allow CAG to meet a critical objective of increasing Changi Airport’s passenger handling capacity. As part of the redevelopment works, T1, which was previously hemmed in by roadways, will be expanded, allowing for more space for the arrival meeters and greeters hall, baggage claim areas and taxi bays.
Publish date: 20/12/13