CapitaLand

CapitaLand: The 22,000 sm, mixed development at Changi Airport has broken ground. A JV between Changi Airport Group and CMA, the mall is expected to open by end-2018. The site will link the three terminals, and include retail, a 130-room hotel and park space. Notably, the total development cost for the project has risen to $1.7b from $1.47b earlier, on account of the tight labour market. Recall that CapitaLand holds a 49% stake in the project, and the increase in the project development cost would lower Deutsche's RNAV modestly by 0.3% (or $0.02).