Johor mall plans boost CapitaLand Investment; 2 IPOs launched

UltraGreen.ai, Leong Guan shares expected to debut on Dec 3 and Dec Il respectively

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Shares of CapitaLand Investment (CLI) rose last week, after the Singapore-headquartered asset manager and Malaysian developer Coronade Properties announced a mall project in Johor on Nov 24.

They closed on Nov 28 at $2.65, up 1.92 per cent for the week.

The project, called Coronation Square Mall, will be connected to the Bukit Chagar RTS Link station, which is expected to open at the end of 2026. Construction of the mall will begin in 2026 and is slated to be completed in 2029.

With a gross floor area of 1.2 million sq ft, the mall has been touted by CLI and Coronade as the Johor city centre’s “largest retail landmark”.

It will sit within a larger integrated development by Coronade that includes commercial office space, a residential development and a hotel managed by CLI subsidiary Ascott.

Thai Beverage (ThaiBev) fell after it reported a 6.8 per cent decline in full-year net profit to 25.4 billion baht (S$1.02 billion) for the year ended Sept 30, down from 27.2 billion baht a year earlier.

The company attributed the decline to “increased investments in brand-building and new product launches... (as well as) increased operating expenses from restaurant expansion”.