Changi Airport Group (CAG) and CapitaMalls Asia (CMA) will be developing the mixed-use development codenamed Project Jewel at Changi Airport.
CAG and CMA said in a joint statement that their wholly-owned subsidiaries, Jewel Changi Airport Holding and CMA Singapore Investments, signed a joint venture agreement on Friday to develop the project.
The development will offer a range of facilities for airport operations, retail offerings and leisure attractions.
Project Jewel is also expected to capture greater tourism and strengthen Changi Airport's appeal as an air hub.
The development cost of the project is expected to be about S$1.47 billion, including land cost.
Project Jewel will be built on the surface car park site fronting Changi Airport Terminal 1, which measures about 3.5 hectares (or 377,000 square feet).
It will have a dome-shaped facade made of glass and steel, which will be an iconic landmark in Changi Airport's landscape.
The complex will have five storeys above ground and five basement storeys.
It will have a total gross floor area of about 134,000 square metres (sqm).
This will comprise about 17,000 sqm of facilities for airport operations, 22,000 sqm of attractions, 5,000 sqm of hotel space and 90,000 sqm of retail space.
The net lettable area of the retail space, which is located from Basement 2 to Level 5, is about 53,500 sqm.
Among the attractions at Project Jewel include a large-scale, lush indoor garden with a central waterfall of about 40 metres in height.
Construction for the project is scheduled to begin in the second half of 2014, and the development is targeted to open by the end of 2018.
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