From ambitious mixed-use developments to next-generation lifestyle destinations, Asia and Australasia continue to lead the evolution of retail real estate. Driven by investment, innovation and changing consumer expectations, the region is redefining how people shop, socialise and experience places. Here, RLI explores the landmark projects transforming city skylines and setting new global benchmarks for destination development.
Few regions are redefining the future of retail real estate with the pace and ambition seen across Asia and Australasia. From vibrant mixed-use precincts and experiential lifestyle destinations to large-scale urban regeneration projects, developers are responding to rapidly evolving consumer expectations with places that seamlessly integrate retail, leisure, hospitality, entertainment and culture.
As cities continue to grow and demographics shift, the emphasis has moved beyond simply creating shopping centres towards developing dynamic destinations where people can live, work, socialise and connect. Experience has become the new anchor, sustainability is now a commercial imperative and technology is enhancing every stage of the customer journey. At the same time, strong investment, expanding tourism markets and government-backed regeneration programmes are helping to unlock opportunities across both established and emerging markets.
Whether through transformative waterfront developments, landmark mixed-use schemes or the reinvention of existing retail assets, Asia and Australasia are setting new global benchmarks for destination-led development. The region’s most successful projects share a common vision: creating places with lasting social, cultural and economic value while delivering compelling experiences that encourage visitors to return time and again.
Projects Across Asia & Australasia
Launched at the end of September last year, Huafa Snow World in Shenzhen by developers Huafa Group houses the world’s largest indoor skiing destination, which has an 83m-high and 441m-long ski slope, along with a hotel, shopping mall and office spaces. The main attraction of the venue in Qianhai Bay in northwest Shenzhen is the 80,000sq m Huafa Snow Centre which features ceramic boards and aluminium panel detailing that mimics the texture of ice crystals and glaciers on the resort’s façade, while the sloping roof of the main building is lined with solar panels. Huafa Snow World will also house experiential retail, entertainment and office spaces in the FUNMIX zone, which is below the ski slope. The design of the building has been broken up into a series of floating boxes that serve as a visually captivating entrance to the ski centre. Visitors can also stroll through the retail street that links the Snow Centre with neighbouring developments by way of multi-level connections.
CAN Design, an emerging architecture and design firm based in Hong Kong, has completed the transformation of Zhongguancun ART PARK, along with developer Everbright Anshi, delivering both the masterplan and architectural design. As one of the largest urban renewal projects within Beijing’s Fourth Ring Road and the city’s first large-scale Park-Oriented Development (POD) project, the design unlocks new possibilities for urban renewal while creating a next-generation urban sanctuary. Located in Haidian District’s Zhongguancun innovation hub, the project revitalises the former Zhongguancun Shopping Plaza, Shibao Street and Carrefour site, reimagining the city’s collective memory into a modern lifestyle destination. Spanning approximately 125,000sq m across two distinct zones (East and West), the project integrates retail, ecology and leisure, elevating both consumer experience and the urban interface in Haidian. Driven by a nuanced understanding of local character and demographic needs, the design focuses on a POD (Park-Oriented Development) framework. It fuses a three-dimensional spatial system: MALL + Open Street + Urban Park. Through the dynamic interplay between the East and West zones, it creates a layered and vibrant urban scene. The West Area of Zhongguancun ART PARK Grand Mall features a sunken plaza-style themed precinct dedicated to culinary excellence. While the East Zone embraces a more open streetscape, introducing diverse lifestyle brands.
Located on Hong Kong’s New Central Harbourfront, Central Yards is Henderson Land’s most ambitious and sustainable mixeduse development, spanning over 1.6 million square feet of gross floor area and poised to become a global harbourfront icon for Hong Kong and the world. Inspired by the powerful concept of
“The Bridge”, its approximately 400m groundscraper will form Central’s longest architecture and a striking new horizontal skyline. Conceived by Henderson Land in collaboration with global creative forces, Central Yards acts as a unifying spine that connects diverse neighbourhoods to the harbourfront, strengthening synergies between urban and nature, commerce and culture. Phase 1, which is set to open next year, will introduce over 700,000sq ft of premium office and ancillary space, featuring the largest office floorplate in Hong Kong’s CBD, designed for modern headquarters and innovationdriven organisations. Its nextgeneration retail realm, envisioned as a “city within a city”, champions retail hybridity through a streetfirst, promenadeled environment that merges indoor and outdoor realms, creating a vibrant mix of experiences for brands, innovators and the community. Defined by expansive open space and peoplecentric, biophilic design, Central Yards is anchored by Central’s largest sky garden, a 300m elevated landscape rich in biodiversity, alongside extensive green space and Hong Kong’s only private Broadwaycalibre theatre. Setting a new ESG benchmark, the development has secured or registered for nine leading certifications, including BEAM Plus, LEED, WELL, SITES, CGBL, CHBL, SmartScore and WiredScore, underscoring its leadership in sustainability and shaping Hong Kong’s next chapter as a vibrant, global district.
Situated in a historic neighbourhood full of heritage, Central Crossing shines as a distinctive mixed-use development in Hong Kong, exuding its own energy within the dynamic city. Central Crossing, a joint venture by Wing Tai Properties and CSI Properties at 118 Wellington Street, topped out in February of this year and is slated for full completion this year. The second tower will house Hong Kong’s first Andaz-branded hotel, scheduled to open in 2027. In addition to 125 guest rooms and suites, the hotel will feature curated dining experiences, with concepts expected to be announced ahead of opening. With approximately 433,000sq ft, this upcoming development represents a new dimension of placemaking in Central.
Snøhetta has designed its largest project in Japan to date with the new Shibuya Upper West Project for Tokyu Corporation, L Catterton Real Estate and Tokyu Department Store. The 119,000sq m mixed-use development includes the Bunkamura cultural complex and will offer high-quality retail, a contemporary luxury hotel and rental residences, as well as art and cultural experiences in the vibrant Shibuya district of Tokyo. Key features include The Hive, a vibrant and lively atrium anchoring the heart of the project. The project aims to achieve the highest possible sustainability ratings and is expected to complete in 2029.
As for the new social heart of Kuala Lumpur, this is The Exchange TRX, a dynamic retail and lifestyle destination seamlessly integrated within a 10-acre public park. Launched in November 2023 by developers Lendlease and TRX City Sdn Bhd and with architectural work by Leonard Design Architects, it represents the future of experiential retail, sustainable urban living and vibrant cultural expression. Part of the 17-acre lifestyle quarter of TRX, The Exchange TRX brings international placemaking and sustainability standards to Malaysia, strategically located in the nation’s first dedicated international financial district. The large-scale experience-led destination encompasses retail, Malaysia’s first Kimpton Hotels & Restaurants that is connected to the TRX City Park, six premier residential towers, a low-rise large floor plate campus-style office and a dedicated Marr Rapid Transport station. The first part of the development is currently being completed in stages up until 2027, before it moves onto plot two.
Earlier this year developer Ayala Land unveiled Ayala Malls Gatewalk, a 56,000sq m, four-level lifestyle destination in Mandaue City, Cebu, Philippines, with a grand opening scheduled for December 2026. Located within the 17.5ha Gatewalk Central mixed-use estate, the development will be anchored by Cebu’s first IKEA store. Spanning around 4,000sq m, IKEA will offer its full range of well-designed, functional and affordable home solutions to one of the country’s most dynamic regional markets. Designed to elevate Central Visayas’ retail landscape, the mall will be directly connected to an office tower and a central public transport hub. The mall will also feature a strong line-up of global and local brands, including new dining formats, a Shopwise supermarket and two regular cinemas. Its design will include a central outdoor courtyard with a playful large-scale feature, as well as the ARTrium, an interactive digital art hallway from the main entrance.
Las Vegas Sands’ new ultra-luxury integrated resort development is being built at an estimated total development cost of US$8bn. Las Vegas Sands is investing in the growth of Singapore’s high value leisure and business tourism market. Complementing and enhancing the existing integrated resort, the new property will be designed by Safdie Architects, led by Moshe Safdie, the architect of Marina Bay Sands. The project is set to redefine the Singapore skyline. Guests can look forward to an all-suite ultra-luxury hotel, capped by a signature rooftop experience, new food & beverage concepts, nightlife and public attractions. A host of unparalleled experiences await, including approximately 200,000sq ft of premium MICE space, a state-of-the-art 15,000-seat arena designed to be the leading live entertainment venue in Asia, luxury retail boutiques, additional lifestyle and wellness amenities and more. Construction commenced in July 2025 and is expected to be completed by 2030. The estimated official opening is set for January 2031, subject to approval from the Singapore Government.
Spanning over 720,000sq ft across seven levels, Therme Singapore will feature more than 20 pools and water attractions, over 70 wellness treatment rooms, expansive tropical landscapes and family-friendly experiences when it opens in 2030. The project is set to be Asia’s first large-scale integrated urban wellbeing destination, introducing a new form of social infrastructure to the region. The groundbreaking ceremony was officiated by Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu. Designed to serve visitors from all walks of life, from families with children to working professionals and seniors, Therme Singapore will integrate leisure, nature and wellbeing into a single immersive destination. The seven-storey development with a basement will feature more than 20 indoor and outdoor pools and water bodies, as well as over 70 wellness treatment rooms. The visitor experience is organised into three distinct zones. The Play zone features active, family-oriented water attractions, including children’s pools, 18 water slides spanning more than 1.8 kilometres in total length and interactive play areas designed for movement, exploration and shared enjoyment. The Relax zone offers thermal pools, therapeutic mineral baths, quiet water spaces and amenities such as hydromassage beds and infrared therapy. The Restore zone is dedicated to deeper wellbeing, including saunas, steam rooms and massage treatment spaces focused on physical and mental rejuvenation. Visitors can expect more than 86,000sq ft of food-and-beverage offerings for dining, relaxation and social gatherings, complemented by sea views.
After more than a decade in limbo, the long-delayed development of the Yongsan International Business District began on 27 November last year. The project will transform the 456,100sq m site of the former Yongsan train depot – considered the last major undeveloped plot in central Seoul – into a high-density vertical city. The site connects Seoul Station, Yongsan Station and the Han River waterfront and the city plans to leverage this central location to develop a new core business district. Completion is being targeted by 2030 and the project will feature a 100-storey landmark skyscraper and high-rise buildings connected by skybridges and integrated green spaces. The development is set to be bigger than Hudson Yards and is divided into an international business zone, a business complex zone and a business support zone, integrating offices, housing and culture. The scheme is being developed by KORAIL and SH Corporation.
One Bangkok connects the business districts of Sathorn and Silom with Rama IV Road and officially opened to the public in September last year, marking a historic moment for Bangkok. Developed by Frasers Property, a subsidiary of TCC Group, the site is a dynamic, multifaceted destination that blends retail, work, leisure and living into a vibrant, holistically integrated district. One Bangkok offers a complete lifestyle experience, featuring premium offices, luxury and lifestyle hotels, upscale residential towers, diverse retail experiences and a pulsating year-round line-up of arts and culture activities. One Bangkok Retail offers a tapestry of heart-centric experiences woven across three beautifully-designed interconnected retail destinations, spanning a total net lettable area of 160,000sq m. With over 900 stores to eventually line the Retail Loop, One Bangkok Retail opened its doors, beginning with Parade and THE STOREYS back in October 2024, followed by POST 1928 at a later phase, completing this retail destination in the heart of Bangkok. Away from retail, One Bangkok Forum aspires to be the city’s premier entertainment venue. With a capacity for 6,000 people, this expansive, multi-dimensional arena is able to host a variety of events, from electrifying concerts and live shows to exhibitions. One Bangkok Forum promises an unforgettable experience for every passion.
Sydney’s Chatswood Chase began its reopening in October last year, following a $625M redevelopment by Vicinity Centres, with over 60 international and Australian retailers part of the project. The transformation, which concluded with the opening of Phase Three earlier this year, spanned 18 months and has seen the reopening of the centre’s ground floor and second level, including the first Australian store for Armani Exchange. The centre is anchored by tenants including Apple, David Jones, Mecca, Country Road, RM Williams and Sephora. Chatswood Chase joins Vicinity’s other flagship retail offerings, including Chadstone Shopping Centre and Sydney’s Queen Victoria Building, as part of the company’s strategy to grow its premium retail portfolio.
Back on 25 March this year, developer Frasers Property Australia’s ECQ Outlet at Eastern Creek Quarter (ECQ) became Greater Western Sydney’s newest dedicated outlet shopping destination, bringing the outlet experience closer to home for more than 1.2 million western Sydney residents. The 29,000sq m precinct includes food and beverage options, family-friendly amenities, entertainment offerings and more than 1,000 car parking spaces. ECQ is a dynamic multi-experience destination seamlessly integrating outlet shopping with everyday groceries and essentials, convenience shopping, health and beauty services, diverse dining and entertainment options, complemented by large-format and showroom retail.
