Mall developer CapitaMalls Asia Limited has purchased a shopping mall in Baiyun Greenland Centre, in the commercial center of Baiyun New Town.
The developer purchased the mall located in Guangzhou, China from Greenland Real Estate, a subsidiary of Greenland Group. This is the group's first purchase in the city.
The eight-story mall is scheduled to open in phases starting in 2014 with a total gross floor area of approximately 86,000 square meters.
Once completed the total investment is expected to be about $431 million.
"This new mall in Guangzhou will mark our strategic entry into a first-tier city in South China," Mr. Lim Beng Chee, CEO of CapitaMalls Asia, said in the announcement." It will bring the number of our malls in the region to eight, of which four - including the new mall - are located within or about an hour's drive from one another."
CapitalMalls is the retail property trust controlled by CapitaLand Ltd., Southeast Asia's biggest developer. Including this deal, CapitaMalls has 62 shopping malls in 37 cities in China, 11 of which are under development.