CAPITALAND, one of Asia's largest real estate developers, has announced a plan to set up a comprehensive commercial project in Shanghai's Changning District.

The new Raffles City, the second in Shanghai, will be built on 60,000 square meters close to Zhongshan Park with a total investment of 9.6 billion yuan (US$1.45 billion). The first phase of the project is expected to be completed by 2015.

The company also plans to set up an online platform under the Raffles City brand next year to attract merchants and consumers.