CapitaMalls Asia to jointly develop Suzhou’s biggest mall

Singapore-listed mall developer CapitaMalls Asia (CMA) said it will jointly develop the largest shopping mall in Suzhou, China through a joint venture with a Chinese partner.

In a stock exchange filing, the mall developer said it will have a 50 per cent stake in the venture and will share half the costs of around S$686 million. The project development will cost about S$1.3 billion.

CMA signed the co-operation agreement with Suzhou Industrial Park Jinji Lake Urban Development Company Limited (SIP JUD).

“We are confident that under our partnership, this development will become a landmark shopping and dining destination for the residents of Suzhou and East China,” said Mr Lim Beng Chee, chief executive officer of CapitaMalls Asia.

A unit of the Suzhou Industrial Park government, SIP JUD is the master developer of the SIP Central Business District, known as the Suzhou Centre.

Under the agreement, CapitaMalls Asia and SIPJUD will jointly develop and own a shopping mall and two office towers on the prime site in Suzhou Centre.

The shopping mall will have seven storeys, measuring a total area of about 250,000 square metres.

Catering to upper middle and high-income shoppers, the mall will also have an Olympic-size ice rink and a Cineplex.

Meanwhile, the two Grade A office towers will have a total gross floor area of about 60,000 square metres.

Award-winning architectural firm Benoy is the appointed designer for the development.

Source : Channel NewsAsia – 25 Oct 2011

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