|
Magazines Archives - 2010 June
CapitaMalls acquires Chengdu mixed-use project, posts ‘nine-fold increase’ in net profits
Story 5 - Property Update
SINGAPORE-BASED property conglomerate
CapitaMalls Asia Limited
has acquired a mixed-use development
in the Gao Xin district of Chengdu,
from its development fund, CapitaRetail
China Development Fund II, for S$114
million (US$81.03 million) in March.
The company disclosed in a statement
that the development, located near
the metro train station, and within the
city’s South Business District (SBD),
comprises a seven-storey retail complex
called Tianfu Mall, as well as residential
and office spaces, all of which will span
a gross floor area of 201,813sqm.
Liew Mun Leong, chairman of
CapitaMalls
Asia, said that with the sustained
and steady growth that Chengdu
has experienced over the years, “the
city has developed a SBD, which will
house the administrative functions of
the Chengdu government”.
“To cater to this growth, many private-
sector companies, including
large
Chinese corporations and multinational
companies, are expected to relocate or
set up offices in the district. Our integrated
development, located right in the
heart of the SBD, will benefit from the
demand in this new catchment area for quality retail, residential
and office real estate,”
Liew continued.
CapitaMalls Asia’s
CEO, Lim Beng Chee,
also stated that the deal is
a win-win for both parties.
“The fund is already fully
committed and Capita-
Malls Asia will be able to
quickly ramp up development
and capitalise on
the potential of the site as
all the development
approvals
have already been
obtained. Our acquisitions
of Meili Mall in Chengdu and this integrated
development will increase our
presence and exposure in China, which
we target to account for 40% of the total
value of our properties,” he said.
Meanwhile, the company reported
first quarter net profits of S$96.8 million,
a “nine-fold increase” from the previous
year of S$10.3 million. Revenue over
the same period grew to S$74.6 million
from S$52.9 million, CapitaMalls Asia
said in a statement.
To view other stories, get a copy of
Retail Asia. To subscribe, please download the subscription form from http://www.retailasiaonline.com/subscription.html
|
