Asian shopping mall developer, owner and manager CapitaMalls Asia is to develop its first shopping centre in the south of Beijing.
CapitaMalls Asia has signed an agreement to acquire a site on Xinyuan St in Daxing district for the mall, subject to the approval of the Chinese government.
Located above Tiangongyuan station on the Daxing subway line, the site enjoys good connectivity, with plans for a new bus interchange in the vicinity to be built in the next two to three years. The proposed shopping mall will be connected to the Tiangongyuan subway station and close to Poly Xing’s large development, which also comprises residential and office components and a kindergarten.
Subject to planning approval, CapitaMalls Asia plans to develop a seven-storey shopping mall with a total gross floor area (excluding car park) of about 122,000 sqm. Positioned as a mid- to high-end, one-stop shopping destination, the shopping mall will house international and local fashion brands, a supermarket, restaurants and dining concepts, coupled with leisure and entertainment trades. The mall will also have about 1500 car park spaces.
When completed in 2015, the proposed mall will be one of the first major malls in Daxing, and will serve an immediate catchment of about 600,000 residents.
Including land cost, the total development cost of the shopping mall is expected to be about RMB2,343 million (US$469.2 million / HK$2,890.7 million).
Lim Beng Chee, CEO of CapitaMalls Asia, said: “We are pleased to develop our first shopping mall in the south of Beijing, to meet the under-served retail needs of the residents in this up-and-coming region. This has been made possible through our win-win agreement to acquire this site from the Poly Real Estate Group.”
“We will each bring our core competencies to add value to this venture – our expertise in developing and managing shopping malls, and the Poly Real Estate Group’s experience in developing residential apartments. Our mall will also be able to tap into the strong captive catchment provided by the residential apartments, which will (house) mid- to high-income residents.
“This acquisition also ties in with our strategy to leverage on our strengths and entrench our presence in the cities and regions that we are already in. Our mall has a prime location just above a subway station as well as a strong catchment of nearby residents, and Beijing’s upcoming second international airport is just 15km away.”
The new mall in Daxing will be CapitaMalls Asia’s ninth mall in Beijing. Including this development, CapitaMalls Asia now has 57 shopping malls in 35 cities in China, of which 42 are operational and 15 under construction.
GB
