CapitaMalls Asia to develop new shopping mall in Beijing
The seven-storey shopping mall in Daxing district is expected to be completed in 2015.
CapitaMalls Asia Limited is pleased to announce that it is developing its first shopping mall in the south of Beijing, China, to cater to the up-and-coming region. CapitaMalls Asia has signed a conditional agreement to acquire the site for the shopping mall, at Xinyuan Street in Daxing district. The acquisition is subject to the approval of the Chinese government.
Subject to planning approval, CapitaMalls Asia plans to develop a seven-storey shopping mall with a total GFA of about 122,000 sq m. Positioned as a mid- to high-end, one-stop shopping destination, the shopping mall will house popular international and local fashion brands, a supermarket, good quality restaurants and dining concepts, coupled with modern leisure and entertainment trades. The mall will also have about 1,500 car park spaces.
The concept of a modern one-stop shopping mall with a nice ambience that is professionally managed is currently under-served in the Daxing market. 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. It will provide convenience to shoppers, quality space for retailers, and meet the lifestyle needs of the residents of Daxing. Including land cost, the total development cost of the shopping mall is expected to be about RMB2,343.0 million, or about RMB19,190 per sq m of GFA.
Mr 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 on the strong captive catchment provided by their residential apartments, which will consist of mid- to high-income residents.”
“Beijing is the headquarters of our China operations. This mall in Daxing will be our ninth in the capital, strengthening CapitaMalls Asia’s market leadership in Beijing and expanding our presence to the southern part of the city. 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 15 kilometres away.”
Including this development, CapitaMalls Asia now has 57 shopping malls in 35 cities in China, of which 42 are operational while the other 15 are under development. CapitaMalls Asia now has nine malls in Beijing, of which seven are operational while the other two are under development. The operational malls are CapitaMall Crystal, CapitaMall Wangjing, CapitaMall Xizhimen, CapitaMall Anzhen, CapitaMall Cuiwei, CapitaMall Shuangjing and Raffles City Beijing.