Changi Airport Group (CAG) has signed a joint venture deal with CapitaMalls Asia (CMA) to build a mixed-use development, dubbed ‘Project Jewel’, at Singapore’s Changi Airport.
As per the deal, the work on the project will be carried out by subsidiaries of CAG and CMA – Jewel Changi Airport and CMA Singapore Investments respectively.
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The deal, which would set up a private trust, a trustee-manager and a property manager, allows CAG to be the majority investor with 51% and unit-holder of the JV units, while CapitaMalls Asia will own the remaining 49%.
Designed by a consortium including Safdie Architects, Benoy and local architects RSP, the much-touted $1.47bn Project Jewel is anticipated to be iconic showpiece of the airport upon its commissioning in 2018.
Spanning nearly 377,000ft², Project Jewel will be built on the surface car park site facing Changi Airport Terminal 1 (T1) and will have an overall floor area of around 134,000m².
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The new complex, which will incorporate five storeys above ground level and five basement storeys, will sport a dome-shaped facade made of glass and steel.
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By GlobalDataAround 17,000m² of space will be allocated for facilities intended for airport operations, in addition to 22,000m² for leisure attractions, 5,000m² for hotels and 90,000m² for retail from Basement 2 to Level 5.
The remaining three basement storeys will be allocated for car parking, which willl have a capacity of 2,500.
As part of the project, the T1 car park will also be expanded, creating more space for the arrival meeters and greeters hall, baggage claim areas and taxi bays, thus boosting the airport’s passenger handling capacity.
Featuring an indoor garden with a 40m-high central waterfall, in addition to several retail and dining offerings, Project Jewel will also enhance connectivity between Terminals 1, 2, 3 and the Changi Airport MRT station.
Image: Construction on the $1.47bn ‘Project Jewel’ is scheduled to start in the second half of 2014, with anticipated commissioning by late 2018. Photo courtesy of CapitaMalls Asia Limited.
