CapitaLand Ltd raised S$2.47bn ($1.79bn) selling shares in its CapitaMalls Asia Ltd unit in Singapore’s biggest initial public offering since at least 1993.

Southeast Asia’s largest real estate developer sold 1.165 billion CapitaMalls shares at S$2.12 each, according to a prospectus on the Monetary Authority of Singapore’s Web site. The shares were offered at between S$1.98 and S$2.39 apiece.

The money raised will allow CapitaMalls to expand in China, the world’s fastest-growing major economy, where it manages 50 retail properties of which 18 are under development. The company plans to buy land for new developments and to purchase completed malls and existing portfolios of retail properties, it said in the prospectus.