SINGAPORE (Jan 10): CapitaLand Mall Asia, the shopping mall business of CapitaLand, has won the rights to manage the shopping mall in La Botanica, a township located in Xi’an’s Chan-Ba Ecological District.

Under the contract, CapitaLand will oversee asset planning, pre-opening and retail management for a five-storey shopping mall — four levels above ground and one basement level — with a Gross Floor Area (GFA), excluding car park, of about 50,000 sq m.

Expected to commence operations in 2019, the new mall will double CapitaLand’s retail presence in Xi’an, where it currently owns and manages CapitaMall Xindicheng, a 60,000 sq m one-stop shopping mall located near the prime Xiaozhai and Gaoxin areas, about 10km south of La Botanica.

Xi’an’s Chan-Ba Ecological District is being developed by CapitaLand-Henderson (Xi’an) Property Development Co., a joint venture between CapitaLand and Hong Kong-based Henderson Land.

Including the mall in La Botanica, CapitaLand now manages a portfolio of 14 shopping malls in western China with a combined retail GFA of about 1.13 million sq m (12.1 million square feet).

The latest deal comes hot on the heels of CapitaLand’s announcement last August that it is managing the retail component of Fortune Finance Center in Changsha, China, for Changsha Pilot Investment Holdings.

It also follows the acquisition of CapitaMall Xinnan (formerly Galleria, Chengdu) by CapitaLand Retail China Trust in September last year.

Shares of CapitaLand closed at S$3.09 (RM9.65) yesterday. — theedgemarkets.com.sg

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