Capitaland Retail China Trust Opens CapitaMall Nuohemule With Full Occupancy
December 22, 2020 – CapitaLand Retail China Trust Management Limited (CRCTML), the manager of CapitaLand Retail China Trust (CRCT), is pleased to announce that CapitaMall Nuohemule was successfully launched on 20 December 2020 with 100% occupancy.
All committed tenants, numbering more than 200, opened for business on the same day, attracting a strong footfall of about 100,000 shoppers on the first day of the mall’s operations, close to four times the daily traffic of CapitaMall Saihan1.
Strategically located in the well-established Yuquan District in Hohhot, Inner Mongolia, China, CapitaMall Nuohemule sits atop Nuohemule Station on Metro Line 2 and is three stops from an interchange station that also serves Metro Line 1. Spanning nine storeys with six levels above ground and three basement levels, the mall has a gross floor area, including car park, of 100,047 square metres (sq m).
CRCT acquired CapitaMall Nuohemule from unrelated third parties in 2019 when the project was under development. Following the mall’s opening, CRCT will be divesting CapitaMall Saihan, also in Hohhot, as part of a bundle deal2 to strengthen CRCT’s portfolio. The divestment of CapitaMall Saihan is expected to be completed in 1H 2021.
Mr Tan Tze Wooi, CEO of CRCTML, said: “As the capital city of Inner Mongolia, Hohhot is an important gateway to and a key beneficiary of China’s Belt and Road Initiative. The city’s improving connectivity and steady economic growth has seen a rising middle class having higher spending power to pursue quality lifestyles. CapitaMall Nuohemule has seen strong leasing interest even as China’s economy is recovering from the impact of COVID-19 and opened with full occupancy to the delight of the local community. This is a testament to the strong operational capabilities of our ground team.”
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