CapitaMalls Asia has agreed to buy the Meili Mall in Chengdu for about S$95 million. The seller is Chengdu Vanke Property.
Including fitting out works, CapitaMalls Asia’s estimated total expenditure on the mall is S$106.9 million.
The mall is part of a mixed-use development, comprising retail and residential components.
It is currently being developed by Chengdu Vanke Property and expected to be completed by 2012.
The target opening date is mid-2013.
Meili Mall will have a total gross rentable area of 58,350 square metres when completed.
The mall will serve a residential population of about 450,000 people within a five kilometre radius.
This will be CapitaMalls Asia’s fifth mall in Chengdu.
With the inclusion of Meili Mall, CapitaMalls Asia has 51 properties in China.
Of this number, 33 are operational while the other 18 are under development.
Source : Channel NewsAsia – 4 Feb 2010