CapitaMalls Asia has bought a site in Qingdao, China, where it will develop a new mall.

The company has signed an agreement with Qingdao Vanke City Real Estate and Qingdao Shuangshan Gongmao to acquire the site with the 89,700 sqm
mall to be the retail hub of Vanke City, a mixed development strategically located in the New Urban Center (NUC) in the centre of Qingdao.

The NUC is a new commercial, administrative, residential and cultural zone. It will comprise the district government administrative centre, mid- to high-end residences, an industrial park and commercial facilities including retail, offices and a hotel.

The proposed six storey shopping mall will be the first in NUC, and have a population catchment projected to reach 550,000 by 2015. 

When completed in 2015, the proposed mall will house international and local fashion brands, a supermarket, restaurants, thematic food concepts, children-related specialties and a lifestyle cineplex. The mall will also have about 900 car park spaces.

Including land cost, the total development cost of the shopping mall is expected to be about RMB1.46 billion (US$229.02 million)

“Currently, there is a lack of well-managed and organised retail in Qingdao, especially in and around the NUC. With our expertise in mall management and strong leasing network, we will develop a landmark one-stop shopping destination that meets the lifestyle needs and aspirations of the community and offers quality space for retailers keen to expand in this growing city,” said CapitaMalls Asia CEO Lim Beng Chee.

The new mall will be CapitaMalls Asia’s seventh mall in north-east China and its 58th across China, of which 43 are operational while the other 15 are under development.

GB