Straits Trading unveils $140.7m retail property acquisition in China

The project is located in Chongqing.

Straits Real Estate, a subsidiary of mainboard-listed Straits Trading Company, revealed that it has made its maiden acquisition of a retail development in Chongqing, China.

The property, known as Times Midtown, was acquired for approximately $140.7m (RMB 668.4m). It sits on a land site of 24,652 sqm. When completed and opened, the mall will have a total gross floor area of approximately 82,367 sqm, distributed over two basements and five above-ground levels.

Straits Real Estate expects to undertake asset enhancement initiatives costing approximately $21m (RMB 100m) to fit out the mall.

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