CapitaMalls Asia says it has entered into an agreement with Chengdu Vanke Property Co. to acquire Meili Mall in Chengdu, China, for RMB459.85 million ($94.6 million). Including fitting out works, CapitaMalls Asia’s estimated total expenditure on the mall is RMB520 million.

The mall is part of a mixed-use development, comprising retail and residential components. It is currently being developed by Chengdu Vanke Property and expected to be completed by 2012. The target opening date is mid-2013.

Meili Mall will have a total gross rentable area of 58,350 sq m, when completed. It is conveniently located along East Third Ring Road Section 5 in Chengdu’s Chenghua district.

It is about 600 metres away from a metro train station that is expected to be completed by end- 2012. The mall will serve a residential population of about 450,000 people within a 5 kilometre radius.

This will be CapitaMalls Asia’s fifth mall in Chengdu. The first is Jinniu Mall, which opened in 2006 and has Wal-Mart as its anchor tenant. Shawan Mall opened last year while Raffles City Chengdu — an integrated development comprising a retail mall, an office tower and a five-star hotel or serviced residence — is currently under development. Tianfu Mall is at an early stage of development and is scheduled to be completed by 2012.

With the inclusion of Meili Mall, CapitaMalls Asia has 51 properties in China. Of this number, 33 are operational while the other 18 are under development.