Shopping mall developer CapitaMalls Asia is acquiring its third mall in Wuhan, China.
On a completed basis, the investment cost of the shopping mall is expected to be about S$228.3 million (RMB1,156 million/HK$1,413.5 million)
The developer had acquired the mall from a subsidiary of a state-owned construction enterprise, China Railway Construction Corporation Limited (CRCC).
Scheduled to be completed in 2014, the mall is located along Zhong Bei Road in Wuchang District and reaches out to 70,000 residents within a 5-kilometre radius.
It is the retail component of an integrated development, with a total gross floor area of about 70,700 square metres, excluding the carpark.
It sits on a 10,900 square metre site area, and has a land use tenure of 40 years, expiring in 2049.
CapitaMalls Asia currently has two malls in Wuhan: CapitaMall Minzhongleyuan, which is operational and CapitaMall Wusheng, which will be opened later this year. Both are located in the Hankou area.
Including this development, CapitaMalls Asia has 59 shopping malls in 36 cities in China, of which 43 are operational, and 16 are under development.
Source : Channel NewsAsia – 6 Sep 2012