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CapitaMalls Asia to acquire integrated development in Chengdu
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CapitaMalls Asia Limited announced its intention to acquire an integrated development comprising retail, residential and office areas in Chengdu, China, from CapitaRetail China Development Fund II for RMB554.2 million or S$114.0 million.
Including the land cost of RMB305.0 million and construction and fitting out costs, CapitaMalls Asia’s estimated total expenditure on the development is about RMB1.79 billion or S$367.9 million.
The development will have a total gross floor area (GFA) of 201,813 sq m and will comprise a shopping mall (Tianfu Mall) with a GFA of 133,571 sq m, residential and office components with planned GFA of 33,246 sq m and 22,820 sq m respectively, and 12,176 sq m for common mechanical and electrical services for the entire development.
The integrated development is conveniently located in Chengdu’s Gao Xin district, at the core of the city’s upcoming South Business District (SBD), north of the South Third Ring Road. It is also easily accessible to other parts of the city via Tianfu Main Road. It is within 50 metres of a completed metro train station that is expected to be operational by the third quarter of this year.
The retail component, called Tianfu Mall, will connect directly to the metro train station at its basement level. There are also plans to have a second metro line come through this station after 2014.
Tianfu Mall is currently in the early stages of development by CRCDF II. The target opening date is end-2013, and the mall will serve a catchment population of about 400,000 people within a 5 kilometre radius.
The development will have a total gross floor area (GFA) of 201,813 sq m and will comprise a shopping mall (Tianfu Mall) with a GFA of 133,571 sq m, residential and office components with planned GFA of 33,246 sq m and 22,820 sq m respectively, and 12,176 sq m for common mechanical and electrical services for the entire development.
The integrated development is conveniently located in Chengdu’s Gao Xin district, at the core of the city’s upcoming South Business District (SBD), north of the South Third Ring Road. It is also easily accessible to other parts of the city via Tianfu Main Road. It is within 50 metres of a completed metro train station that is expected to be operational by the third quarter of this year.
The retail component, called Tianfu Mall, will connect directly to the metro train station at its basement level. There are also plans to have a second metro line come through this station after 2014.
Tianfu Mall is currently in the early stages of development by CRCDF II. The target opening date is end-2013, and the mall will serve a catchment population of about 400,000 people within a 5 kilometre radius.
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