In Malaysia, it plans to do this through its 21 per cent unit, United Malayan Land Bhd which has ample land, president and chief executive officer Liew Mun Leong said.
"Integrated development is a new idea which we are promoting. Not many countries have done such developments on large scale," he told Malaysian journalists in Singapore yesterday.
CapitaLand is currently developing six such projects comprising cover hotels, serviced apartments, retail and commercial buildings in Singapore, China and Bahrain under the "Raffles City" brand, worth a combined US$5 billion (RM17.1 billion).
Liew said it wants to build another Raffles City in gateway cities like Mumbai, India and Moscow, Russia, while not ruling out Malaysia.
"There is good demand for the properties if there is a suitable location, but there must be mass traffic flow of people as it involves huge investments," Liew said.
Meanwhile, Liew said CapitaLand hopes to meet its internal net profit and revenue target for its current financial year ending December 31 2008 through new product launches and sales from existing developments.
Last year, CapitaLand posted a net profit of S$2.8 billion (RM6.72 billion) on the back of S$3.8 billion (RM9.12 billion) revenue largely because of capital gain.
"It was a bumpy year last year. We were the best performing group on the Singapore Stock Exchange in terms of net profit. While we remain optimistic for 2008, it will be a tough year as the global economic is down," he said.
"Demand is there but whether profitability is, is another case. But because we have diversification into other markets, it mitigates the situation of rising cost, inflation and a gloomy economy," he added.
By New Straits Times
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