CapitaMalls Asia Limited and Suzhou Industrial Park Jinji Lake Urban Development Co., Ltd (SIPJUD) announced today that they marked a key milestone by breaking ground for the largest shopping mall in East China.
Owned by the Suzhou Industrial Park (SIP) government, SIPJUD is the master developer of the SIP Central Business District (“CBD”), known as the Suzhou Centre. The ground-breaking ceremony of the mall was held yesterday in conjunction with the ground-breaking of Suzhou Centre.
CapitaMalls Asia and SIPJUD are developing a seven-storey shopping mall and two Grade A office towers on a prime site in Suzhou Centre in the heart of the western CBD of SIP, next to the scenic Jinji Lake and near the renowned traditional city centre in Suzhou. It is also directly connected to two metro lines (Line 1, which started operations last month and the future Line 5).
The total development cost of the project is expected to be about RMB6,740 million (S$1,331 million / HK$8,329 million). CapitaMalls Asia and SIPJUD each hold a 50 per cent stake in the joint venture.
The shopping mall will have a total gross floor area (GFA) of about 290,000 square metres, while the two office towers are expected to have a total GFA of about 60,000 sq m.
The retail portion will therefore account for about 83 per cent of the development’s total GFA of about 350,000 square metres, excluding car park spaces.
Catering to upper middle and high-income shoppers, the shopping centre offerings will include luxury brands, high-street fashion brands and family entertainment.
The mall will also house an Olympic-size ice rink and a cineplex.
The shopping mall will serve a catchment population of over 4.5 million in Suzhou as well as a total of about 12 million residents in the Greater Suzhou region.