CMA

CMA: has been awarded a prime site for a shipping mall in Wuhan, China. The site, which measures ~70.4k sm, comes with a price tag of Rmb 660m, or a land cost of ~Rmb 2700 psm. CMA will develop the site into a 6-storey shopping mall with total gfa, excl car park, of ~160k sm and 2100 car park spaces. Targeted to open in 2015, the mall will be positioned as a one stop destination catering to the growing middle income population. The mall will have the potential to incl two office towers with total gfa of up to 80k sm. On a completed basis, the total devt cost is expected to be ~Rmb 2.8b. The site is located in Qiaokou District. It is 8 km from the city centre, and is connected to the Gutian Second Road metro station on the Metro Line 1. The site services a population catchment of ~500k ppl within a 5km radius. Accessibility will be further enhanced in 2015 when the 6th Jianghan bridge spanning the Han River is completed to link Hankou and Hanyang, which have a combined population of ~3m ppl. With this latest devt, CMA now has 60 shopping malls in 36 cities in China, of which 49 are operational and the remaining 11 are under devt. The stock trades at 15x P/E, 1.33x P/B.