CapitaMalls Asia said that it is developing its first shopping mall in Qingdao, China.
CapitaMalls Asia has signed a conditional agreement to acquire the site for the shopping mall at the junction of Heilongjiang Road and Hefei Road in Sifang District in Qingdao. It is acquiring the site from Qingdao Vanke City Real Estate Co. Ltd and Qingdao Shuangshan Gongmao.
Qingdao Vanke is a majority-owned subsidiary of Vanke Real Estate Group Co. Ltd, the largest professional housing developer in China with sales revenue of RMB121.5 billion ($24.6 billion) in 2011, and is listed on the Shenzhen Stock Exchange. Qingdao Shuangshan is a local enterprise primarily engaged in the businesses of commodity trading, small-scale warehousing and agri-mart management.
The proposed mall will be the retail component of Vanke City, a mixed development located in the New Urban Center in the centre of Qingdao. The NUC is a new commercial, administrative, residential and cultural zone. It will comprise the district government administrative centre, mid- to high-end residences, an industrial park and commercial facilities including retail, office and hotel.
The proposed shopping mall will be the first mall in NUC, with a population catchment within a 5 km radius that is expected to reach 550,000 residents by 2015. Qingdao’s first
subway Line M3, which will be operational in 2014, will run through NUC and be directly linked to the basement of the shopping mall.
CapitaMalls Asia plans to develop a six-storey shopping mall with a total gross floor area (GFA), excluding car park, of about 89,700 square metres (sq m).
When completed in 2015, the proposed mall will house popular international and local fashion brands, a supermarket, good quality restaurants, thematic food concepts, children-related specialties and a modern lifestyle cineplex to cater to the needs of young families and the middle- to high-income working class. The mall will also have about 900 car park spaces. Including land cost, the total development cost of the shopping mall is expected to be about RMB1,457.0 million ($294.9 million), or about RMB16,235 ($3,286) per sq m of GFA.
Elsewhere, CapitaMalls Asia said it has acquired Olinas Mall in Tokyo for JPY22.8 billion ($367.3 million) from Tiger Eye Realty Yugen Kaisha, a special purpose vehicle of a real estate investment fund managed by Invesco Global Real Estate Asia Pacific, Inc., which is a group member of Invesco Ltd.
Completed in 2006, Olinas Mall is one of the biggest and newest malls in vibrant Kinshicho in the Sumida Ward of Tokyo. Kinshicho is one of the biggest commercial areas in eastern Tokyo, which has undergone revitalisation in recent years along with the development of the world’s tallest broadcasting and observation tower, the Tokyo Skytree -- also the latest tourist attraction in Tokyo.
Olinas Mall is strategically located near two train stations. It is about 400 metres away from Japan Railway (JR) Kinshicho Station, which is nine minutes from Tokyo Station on the Sobu Line, and about 240 metres away from the Tokyo Metro Kinshicho station. Facing the popular Kinshi Park, Olinas Mall is also within walking distance from the Tokyo Skytree.
Olinas Mall is part of a large integrated development and is connected to a residential tower and an office tower. It has a total gross floor area (GFA) of about 583,000 square feet, with total car parking capacity of 853 spaces. It is multi-tenanted and is currently at 100% occupancy. Its anchor tenants include XEBIO (a sports shop), Toho Cinemas, Babies ‘R’ Us and Tokyu Store (a supermarket).
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