Singapore’s CapitaMalls Asia (CMAL.SI), a unit of Southeast Asia’s largest property developer CapitaLand (CATL.SI), said on Thursday it will co-develop the biggest shopping mall in Suzhou, China, at a total cost of 6.74 billion yuan ($1.3 billion).
The Singapore firm is in a 50-50 joint venture with the Suzhou Industrial Park Jinji Lake Urban Development Co, it said in a statement.
CapitaMalls Asia’s share of the development cost is around 3.37 billion yuan, which will be funded through a combination of debt and equity.
The Suzhou project is expected to have a total gross floor area of about 310,000 square metres.
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