Keppel Land China buys new mall
Keppel Land China is buying a newly completed retail development in Shanghai’s Jiading district for RMB 500 million (US$74.95 million).
With a gross floor area of 40,927 sqm and a net lettable area of about 32,800 sqm, it is part of a mixed-use development comprising offices, shops and residential towers.
Keppel Land Retail Management, which has developed and managed shopping malls in Singapore, will be appointed manager.
“The acquisition is part of Keppel Land’s strategy to seize opportunities in key Chinese cities such as Shanghai,” says CEO Ang Wee Gee. He describes the development as a community mall in an upcoming core area where several residential and commercial projects are being developed.
“The acquisition, coming closely after the divestment of Life Hub @ Jinqiao, is also in line with Keppel Land’s strategy of recycling capital to seek the highest returns.”
The mall links directly to the Malu bus terminal and MRT station, and is easily accessible via the Huxiang, Hujia and Jiamin highways.