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CHINA PROPERTY
A four-storey
building for retail use
The China Property has secured
a new long-term tenant and is
currently under renovation.
The China Property is located in
Chengdu, the capital city of Sichuan
province. The property has a GFA
of approximately 100,854 sq ft and
comprises four levels of retail space
with a mezzanine floor. Situated within
the Second Ring Road, it is in close
proximity to high-end residences,
offices and the US Consulate in
Chengdu. The Nijiaqiao MRT Station
is located in front of the property and
provides convenient access.
(AS AT 30 JUN 2017)
TENANT
1
GROSS FLOORAREA
100,854
SQ FT
(AS AT 30 JUN 2017)
MARKET VALUATION
M
S$
32.1
PURCHASE PRICE
M
S$
70.6
LEASEHOLD ESTATE
(EXPIRING ON 27 DEC 2035)
TENURE
40
YRS
CHINA PROPERTY
NO. 19, 4
TH
SECTION,
RENMINNAN ROAD,
CHENGDU, CHINA
REPOSITIONING THE MALL
The China Property has secured a new
long-term tenant, Markor International
Home Furnishings Co., Ltd., one of
the largest furniture retailers in China.
It is listed on the Shanghai Stock
Exchange with a market capitalisation
of RM8.5 billion (approximately
S$1.7 billion) as at 30 June 2017. This
new long-term tenancy agreement,
which incorporates a fixed rent with
periodic rental step-up, will replace
the department store model and
provide income stability amidst
the challenging retail landscape in
Chengdu. The Renhe Spring Zongbei
department store ceased operations
in January 2017 and is currently under
renovation with completion due end-
2017. As a result of the conversion
from a department store model to
a single fixed lease tenancy model,
the valuation of the China Property
declined to RMB158 million as at
31 December 2016 and remained
the same as at 30 June 2017.
CHINA
PROPERTY
Subject to change.
Artist’s impression.
OPERATIONS REVIEW
49