CAPITALAND’S shopping mall unit CapitaMalls Asia (CMA) said yesterday it will buy a mall in Chengdu, China, for 459.9 million yuan (S$94.6 million) – its first buy since it was listed late last year.
Including fitting-out, CMA’s estimated total expenditure on Meili Mall is 520 million yuan.
The mall is part of a mixed-use development with retail and residential components.
It is being developed by Chengdu Vanke Property, the seller, and is expected to be completed by 2012. The target opening date is mid-2013.
Chengdu Vanke Property is a subsidiary of China Vanke, China’s biggest residential developer.
Meili Mall will have a total gross rentable area of 628,000 sq ft. It will serve about 450,000 people within a five-kilometre radius.
The mall is CMA’s fifth in Chengdu and will take the number of CMA properties in China to 51. Of these, 33 are operating and 18 are under development.
‘The deal builds on a cooperative agreement that CapitaLand has signed with China Vanke, under which we will leverage our complementary strengths to jointly develop projects with residential and retail components,’ said CMA chief executive Lim Beng Chee. ‘This acquisition is part of our strategy to accelerate our growth in China.’
CMA now has interests in and manages a pan-Asian portfolio of 87 retail properties across 48 cities in Asia, with a total value of $20.7 billion and a total gross floor area of 67.1 million sq ft.
On Wednesday, CMA said its net profit rose to $388.1 million in 2009, up 236 per cent from $115.6 million in 2008. Revenue rose 12 per cent to $228.9 million from $205.2 million, as the company opened 11 malls.
It is developing another 26 malls in Singapore, China and India and expects to open six this year.
CMA’s stock gained three cents to close at $2.28 yesterday.
Source : Business Times – 5 Feb 2010
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