Bookmark & Share
Property developer CapitaLand announced on Tuesday (10 January) that its wholly-owned mall business has signed a contract to manage a shopping mall in La Botanica (pictured), a township in Xi’an.
“We are fast-tracking the growth of our shopping mall network in western China to capitalise on the region’s favourable economic prospects, which have been boosted by the Chinese government’s Western China Development Programme, One Belt, One Road economic initiative, as well as the Sino-Singapore Chongqing Connectivity Initiative,” said Jason Leow, CEO at CapitaLand Mall Asia.
Under the agreement, CapitaLand Mall Asia will oversee the asset planning, pre-opening and retail management for a five-storey shopping mall with a gross floor area (GFA) of 50,000 sq m, excluding its car park space.
Expected to open in 2019, the mall will double the group’s retail presence in Xi’an, where it currently owns and manages CapitaMall Xindicheng, a 60,000 sq m shopping centre located near the prime areas of Xiaozhai and Gaoxin.
This is the second management contract inked by CapitaLand Mall Asia within just five months. Last August, it secured the right to manage the retail component of Fortune Finance Centre in Changsha, on behalf of Changsha Pilot Investment Holdings. It also comes on the heels of CapitaLand Retail China Trust’s acquisition of Galleria in Chengdu last September, which was later renamed CapitaMall Xinnan.
Including the mall in La Botanica, CapitaLand now manages 14 shopping centres in western China with a combined retail GFA of around 12.1 million sq ft. The region is also home to two of CapitaLand’s flagship integrated projects, Raffles City Chengdu and Raffles City Chongqing. The former started operating in 2012, while the latter will open in phases from 2018 and represents Singapore’s single biggest investment in China at RMB24 billion (approx. S$5 billion).
La Botanica is a township situated in the heart of the Chan-Ba Ecological District, and is a joint development by CapitaLand and Hong Kong-based Henderson Land.
It is targeted for full completion in 2023 and has an area of three million sq m, of which about 87 percent is intended for residential use. To date, La Botanica has sold 98 percent of the 13,635 apartments launched, with plans to release another batch of around 15,000 units. The township also features more than 310,000 sq m of commercial space, a 50,000 sq m central park, a general hospital, seven schools and other amenities.
Image source: CapitaLand
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Keppel Land sells stake in Wuxi township