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CHINA : CapitaMalls Asia to invest S$686m to jointly develop mall in Suzhou
Publish Date : 28-Oct-2011
CapitaMalls Asia Limited announced that it will invest RMB3,370 million (S$686 million) to jointly develop the largest shopping mall in Suzhou. The total development cost of the project is expected to be about RMB6,740 million (S$1,371 million).
Based on its effective stake of 50% in the joint venture, CapitaMalls Asia\'s share of the total development cost is about RMB3,370 million (S$686 million).
The agreement was signed with Suzhou Industrial Park Jinji Lake Urban Development Co., Ltd (SIPJUD), which will hold the remaining 50% interest.
SIPJUD is the master developer of the SIP Central Business District known as the Suzhou Centre.
CapitaMalls Asia and SIPJUD will jointly develop and own a shopping mall and two office towers on the prime site in Suzhou Centre.
The development will have a total gross floor area of about 460,000 square metres, including car park spaces.
The seven-storey shopping mall, with a total GFA of about 250,000 sq m, will cater to upper middle and high-income shoppers, while the two Grade A office towers, with a total GFA of about 60,000 sq m, will offer a first-class international business work environment.
Award-winning architectural firm Benoy has been appointed to design the development.
