CMA

CMA: Announce that it has entered into a 50:50 JV with Suzhou Industrial Park Jinji Lake Urban Development Co (SIPJUD) to jointly develop and own a shopping mall and two office towers on a prime site in Suzhou Centre, with GFA of about 310,000 sqm. Site is in the West Jinji Lake CBD, next to the renowned Jinji Lake. Transaction is however subjected to the approval of the Chinese govt.

Including land cost, the total development cost of the project is expected to be about Rmb6.7b (about S$1.3b). Based on 50% stake in the JV, CMA’s share of total development cost is about Rmb3.37b (about $637m). Including this development, CapitaMalls Asia now has 55 shopping malls in 35 cities in China, of which 40 are operational while the other 15 are under development.