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Publish Date : 07-Sep-2012

CapitaMalls Asia Ltd on Thursday announced the acquisation of a new shopping mall in Wuhan, China its third in the city.

CapitaMalls Asia has signed an agreement to acquire the retail component of an integrated development (which also includes residential and office components), situated along Zhong Bei Road in Wuchang District. The shopping mall is acquired from a subsidiary of China Railway Construction Corporation (CRCC).

On a completed basis, the total investment cost of the shopping mall is expected to be about 1.16 billion yuan (S$228.3 million), or about 16,354 yuan (S$3,229) per square metres (sq m) of gross floor area (GFA).

Subject to planning approval, the eight-storey shopping mall will have a total GFA, excluding car park, of about 70,700 sq m.

Including this development, CapitaMalls Asia now has 59 shopping malls in 36 cities in China, of which 43 are operational while the other 16 are under development.

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