The store will be located on the Crumlin Road in the north of the city.
Local assembly member Fred Cobain said the scheme could create up to 200 new jobs.
"This news is a big boost to people in north Belfast and the jobs are most welcome especially at this time of economic uncertainty," he said.
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"In total over 200 jobs will be created and Asda must be congratulated for their investment in the area.
"The reality is that many people within this constituency as well as the rest of Northern Ireland have been made redundant during this period of fiscal uncertainty and these jobs will serve to alleviate some of the strain on the local economy."
Mr Cobain said the investment will also help regenerate the area.
"Those living nearby are well aware that the former Dunnes site has fallen into some disrepair and with Asda's announcement today this is all set to change," added the MLA.
(PR/GK)
