CapitaMalls Asia has closed a deal with Chengdu Vanke Property for the purchase of the Meili Mall in Chengdu. Chengdu Vanke Property is selling it for around $95 million.
The projected total expenditure of CapitaMalls Asia on the mall is $106.9 million, inclusive of fitting-out works.
Meili Mall is part of a mixed-use development, comprising residential and retail components.
The mall is currently being developed by Chengdu Vanke Property. It is expected to be completed by 2010 and slated to open by mid 2013.
Upon completion, it will have a total gross rentable area of 58,350 sq m and will serve about 450,000 residents within a five-kilometre radius.
This will be CapitaMall’s fifth mall in Chengdu.
CapitaMalls Asia now has 51 properties in China, with the inclusion of Meili Mall. Of this, 18 are under development and 33 are already operational.