CapitaLand, on April 10, announced that it has expanded the acceptance points of eCapitaVoucher to four shopping malls under the portfolio of Cuscaden Peak Investments (formerly known as Singapore Press Holdings or SPH). The four shopping malls are Paragon, The Clementi Mall, The Rail Mall and The Seletar Mall.
Save for The Seletar Mall, the rest of the malls are under Paragon REIT SK6U (formerly SPH REIT), in which Cuscaden Peak has a 61% stake.
The move will enable shoppers at these malls to use eCapitaVoucher as an in-store digital payment mode. eCapitaVoucher is an offering under CapitaLand’s lifestyle rewards programme, CapitaStar. The voucher can be purchased or exchanged with points under CapitaStar’s programme. The vouchers can also be bought by corporate customers.
According to CapitaLand, the sales of eCapitaVoucher grew by 29% y-o-y in 2022 with over $280 million of tenant sales attributed to the usage of these vouchers as a mode of payment. The vouchers are also said to help retailers with improving productivity by reducing the paperwork in the reimbursement process.
“Through the partnership with Cuscaden Peak Investments, eCapitaVoucher’s acceptance points grew by more than 10% to over 3,200 stores island-wide. CapitaStar members can now use eCapitaVoucher as a payment mode in a wider variety of stores and locations, enhancing the shopping experience. We will continue the momentum to solidify eCapitaVoucher’s market leadership as Singapore’s most widely accepted digital shopping voucher,” says Reuben Yong, head of digital platforms, retail & workspace (Singapore & Malaysia) at CapitaLand Investment.
“We warmly welcome the acceptance of eCapitaVoucher in our malls, which allows us to immediately tap into the wide pool of eCapitaVoucher float and large user base of more than 1.4 million across Singapore. eCapitaVoucher has gained a strong foothold in Singapore’s retail sector, and this partnership with CapitaLand will enable our shoppers to enjoy eCapitaVoucher as a seamless payment mode across our malls, and in turn allow our tenants to benefit from the increase in footfall and sales,” says Jaylyn Ong, general manager of Straits Retail Property Management Services, which is appointed property manager of the malls under Cuscaden Peak Investments.
See also: Changes in ICR, leverage to come into effect immediately, with additional disclosures in March
As at 12.26pm, units in Paragon REIT are trading flat at 95.5 cents while shares in CapitaLand Investment 9CI are trading 1 cent higher or 0.27% up at $3.77.
