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Tag: CapitaMalls

  • CapitaMalls confirms Tropicana purchase

    CapitaMalls confirms Tropicana purchase

    CapitaMalls has completed due diligence in its bid for Tropicana City Mall and Office Tower in Selangor, Malaysia.

    CapitaMalls will pay RM540 million (US$146.4 million) for the complex through its Malaysian subsidiary CapitaMalls Malaysia Trust (CMMT). Settlement is likely to be completed by July 1.

    CapitaMalls says the property’s Net Property Income is RM33.00 million, which has been derived by annualising the Property’s NPI forecast of RM16.50 million for the six month period to December 31, 2015 (assuming that the Proposed Acquisition is completed on 1 July 2015). This translates into a property yield of about 6.1 per cent.

    The four level Tropicana City Mall opened in 2008 and has a net lettable area of 448,248 sqft and 1759 car park. It is attached to a 12-storey office building.

    As of January 15, the mall had an occupancy rate of 89.2 per cent and the office tower was fully leased. CapitaMalls had previously considered buying the mall in mid 2013, but the negotiations ended after both parties were unable to agree to purchase terms.

    “The proposed acquisition will further strengthen CMMT’s position as a sizeable, well geographically diversified shopping mall real estate investment trust in Malaysia,” CMMT said in an earlier statement.

     

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  • Giant mall for CapitaMalls’ Suzhou Center

    Giant mall for CapitaMalls’ Suzhou Center

    A new development in Suzhou, China, will feature a world-record setting roof structure over a 340,000sqm, seven story retail complex

    Suzhou Center, developed by CapitaMalls Asia (CMA) and Suzhou Industrial Park Jinji Lake Urban Development was unveiled this month, with Benoy named as the architect and interior designer behind the development’s major retail component. The shopping mall will be covered by the world’s largest monocoque roof structure, spanning over 36,000sqm and making Suzhou Center the city’s most eye-catching landmark.

    Suzhou Center is a large-scale, high-end integrated development in the heart of the western CBD of Suzhou Industrial Park (SIP). Planned on a 16 ha site along the bank of Jinji Lake, the broader scheme comprises retail, commercial, residential and a hotel, as well as entertainment and cultural spaces. Considered the world’s largest, a free-form monocoque roof structure

    Benoy director Winnie Tsang said the design has “pushed many boundaries” and will no doubt be “a leading international example of architectural innovation”.

    “Benoy’s design for the roof was inspired by the mythical Chinese phoenix,” explained Winnie. “We envisaged the structure as a bird resting above an oasis with the striking curved architecture mimicking its wings. To turn this concept into a viable and deliverable structure has taken an unwavering commitment by our Team and it is incredibly rewarding to see us making history as we go.”

    The retail mall will be spread across three interconnected buildings. Alongside luxury and high-street retailers, children’s attractions, designer studios and a gourmet supermarket, there will also be an Imax Cineplex and an Olympic-size ice rink.

    Another prominent feature in Benoy’s design is ‘Water’, taking inspiration from the neighbouring Jinji Lake scenery. Landscaped bridges extend from the retail development to the lakefront to capitalise on the proximity to the natural site. Terraces overlooking the water have created additional civic spaces within the retail podium and a cascading ‘Water curtain’ spanning 50 metres pays homage to the local environment.

    With its integrated traffic network and seamless transport accessibility to Suzhou’s MRT network, the development will serve a catchment of 13 million Greater Suzhou residents and over 8 million tourists to the SIP annually. Four modern Grade A office towers, two world-class luxury serviced apartment towers and the W Suzhou hotel tower complete the mix.

    Suzhou Center is due to be completed in 2017.

  • CapitaMalls snaps up Malaysian centre

    CapitaMalls snaps up Malaysian centre

    CapitaMalls Malaysia Trust will pay RM540 million (US$150 million) to buy the Tropicana City Mall and its office tower.

    The four level Tropicana City Mall opened in 2008 and has a net lettable area of 448,248 sqft and 1759 car park. It is attached to a 12-storey office building.

    As of January 15, the mall had an occupancy rate of 89.2 per cent and the office tower was fully leased. CapitaMalls had previously considered buying the mall in mid 2013, but the negotiations ended after both parties were unable to agree to purchase terms.

    “The proposed acquisition will further strengthen CMMT’s position as a sizeable, well geographically diversified shopping mall real estate investment trust in Malaysia,” CMMT said in a statement.

    “Following the completion of the proposed acquisition, CMMT’s property asset value will increase by 16.7 per cent from RM3.2 billion to about RM3.8 billion. This is expected to increase CMMT’s visibility among Malaysian and international investors to support its future growth.”
    CMMT will fund the purchase through debt and/or equity fundraising, issuing new units.

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