For Immediate Release
8 March 2010
CapitaMalls Asia acquires integrated development in
Chengdu for about S$114.0 million
Deal increases CapitaMalls Asia’s exposure and investment in China
Singapore, 8 March 2010 – CapitaMalls Asia Limited is pleased to announce today that it has
entered into an agreement with CapitaRetail China Development Fund II (CRCDF II) to acquire
an integrated development comprising retail, residential and office components in Chengdu,
China, for RMB554.2 million (S$114.0 million). Including the land cost of RMB305.0 million
(S$62.7 million) and construction and fitting out costs, CapitaMalls Asia’s estimated total
expenditure on the development is about RMB1.79 billion (S$367.9 million), or RMB8,866
(S$1,823) per square metre (sq m) of gross floor area (GFA).
The development will have a total GFA of 201,813 sq m and about 1,348 car park lots when
completed. It will comprise a shopping mall with a GFA of 133,571 sq m, residential and office
components with planned GFA of 33,246 sq m and 22,820 sq m respectively, and 12,176 sq m
for common mechanical and electrical services for the entire development.
The integrated development is conveniently located in Chengdu’s Gao Xin district, at the core
of the city’s upcoming South Business District (SBD), north of the South Third Ring Road. It is
also easily accessible to other parts of the city via Tianfu Main Road. It is within 50 metres of a
completed metro train station that is expected to be operational by the third quarter of this year.
The retail component, called Tianfu Mall, will connect directly to the metro train station at its
basement level. There are also plans to have a second metro line come through this station
Tianfu Mall is currently in the early stages of development by CRCDF II. The target opening
date is end-2013, and the mall will serve a catchment population of about 400,000 people
within a 5 kilometre radius.
Mr Liew Mun Leong, Chairman of CapitaMalls Asia, said: “Chengdu, as the cultural and
economic centre of China’s western region, has seen sustained and steady growth over the
years. To cater to this growth, the city has developed a South Business District, which will
house the administrative functions of the Chengdu government. 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 South Business District, will benefit from the demand in this new catchment area for
quality retail, residential and office real estate.”
Mr Lim Beng Chee, CEO of CapitaMalls Asia, said: “This is a win-win deal for both CapitaMalls
Asia and CapitaRetail China Development Fund II. The fund is already fully committed, and
CapitaMalls 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.”
Summary of Tianfu integrated development and Tianfu Mall details
Overall An integrated development comprising a shopping
mall (Tianfu Mall) and residential and office
Location Located along Railway South Area Section 35 in
Chengdu’s Gao Xin district, at the core of the city’s
upcoming South Business District, north of the South
Third Ring Road. It is easily accessible to other
parts of the city via Tianfu Main Road.
It is within 50 metres of a completed metro train
station that is expected to be operational by the third
quarter of this year. Tianfu Mall will connect directly
to the metro train station at its basement level.
There are also plans to have a second metro line
come through this station after 2014.
Tenure 40 years expiring in February 2048
Site area 30,041 sq m
Car park lots (Basements 2 to 4) 1,348 lots
Total GFA (excluding car park) 201,813 sq m
Residential GFA (planned) 33,246 sq m
Office GFA (planned) 22,820 sq m
Tianfu Mall GFA 133,571 sq m
Brief description of Tianfu Mall Shopping mall with seven storeys of retail space
(from Basement 1 to Level 6) and a rooftop garden
on Level 7
About CapitaMalls Asia (www.capitamallsasia.com)
CapitaMalls Asia Limited is one of the largest listed shopping mall developers, owners and
managers in Asia by total property value of assets and geographic reach. CapitaMalls Asia has
an integrated shopping mall business model encompassing retail real estate investment,
development, mall operations, asset management and fund management capabilities. It has
interests in and manages a pan-Asian portfolio of 87 retail properties across 48 cities in the five
countries of Singapore, China, Malaysia, Japan and India, with a total property value of
approximately S$20.4 billion and a total GFA of approximately 67.9 million sq ft.
Shopping malls in the portfolio include ION Orchard and Plaza Singapura – which are located in
one of the world’s most famous shopping streets, Orchard Road – Raffles City Singapore and
Clarke Quay in Singapore. Our landmark shopping malls in China are Xizhimen Mall and
Wangjing Mall in Beijing; Raffles City Beijing and Raffles City Shanghai. The portfolio also
includes Gurney Plaza in Penang, Malaysia; Vivit Square in Tokyo, Japan; as well as Forum
Value Mall in Bangalore, India.
CapitaMalls Asia’s principal business strategy is to invest in, develop and manage a diversified
portfolio of real estate used primarily for retail purposes in Asia, and to strengthen its market
position as a leading developer, owner and manager of shopping malls in Asia.
CapitaMalls Asia has 51 retail properties in China, of which 10 are in the western region – in
Sichuan Province and Chongqing city. Of the 51 properties, 33 are operational while the other
18 are under development. Six properties are scheduled to be opened this year, including
three in the first half.
Issued by: CapitaMalls Asia Limited (Co. Regn.: 200413169H)
Date: 8 March 2010
For more information, please contact:
Lim Seng Jin Caroline Fong
Head, Corporate Communications and Marketing Manager, Investor Relations
Tel: +65 6826 5778 Tel: +65 6826 5856
Email: firstname.lastname@example.org Email: email@example.com