Singapore  - Singapore's Capitaland Ltd, the largest developer in South-East Asia, on Monday said it would list its shopping mall business in the city-state to tap growth potential.

Capitaland Retail owns 86 shopping malls across 48 Asian cities with a total property value of 20.3 billion Singapore dollars (14.4 billion US dollars). It would be renamed Capitamalls Asia for the listing, the company said in a statement.

"Capitaland Group sees tremendous long-term growth potential in Asia's shopping mall sector," company president and chief executive officer Liew Mun Leong said.

"Capitaland is considering a public offering of part of its shareholding interest in Capitamalls Asia," the company said.

It would offer an adequate number of shares that it holds in Capitamalls Asia to ensure "that there is sufficient liquidity in the counter," the firm said, noting that shareholders still had to approve the proposed listing.

Of Capitaland's 86 shopping malls, 59 are completed, while 27 properties are in various stages of development, according to the company.

Largest shareholder of Capitaland is Singapore's state investor Temasek with a stake of 40 per cent. (dpa)