HONG KONG: Singapore-based shopping centre developer CapitaMalls Asia said yesterday it would spend US$365 million (RM1.12 billion)to develop a mall in southern Beijing, buying the land from a subsidiary of the Poly Real Estate Group.
The development will feature a seven-storey, 122,000-square-metre mall, representing a total cost of around 19,190 yuan per square metre (RM9,319) for construction and land, the company stated. The project is due for completion in 2015.
CapitaMalls Asia, 65 per cent owned by Temasek, is one of the most active international property developers in China.
This will be its 57th mall in the country.