SINGAPORE (March 28): CapitaLand Mall Asia will manage the upcoming mall at the new SingPost Centre, which is targeted to open in 2H2017.
This comes after CapitaLand Mall Asia, the wholly-owned shopping mall business of CapitaLand, signed a mall management contract with Singapore Post.
Under the contract, CapitaLand will oversee the pre-opening and retail management for the five-storey SingPost Centre mall, which has 269,000 sq ft of GFA (excluding carpark) and a net lettable area of about 175,000 sq ft.
This includes overseeing the pre-opening of the mall, marketing and promotion activities, lease management and facilities management.
In a Tuesday release, CapitaLand says this represents the signing of its third mall management contract in slightly over six months after securing the first two in China.
The deal also brings its network in Singapore to 20 shopping malls with a combined gross floor area (GFA) of about 14.2 million sq ft, excluding carparks.
“The signing of our first third-party mall management contract in Singapore – also our third across Asia in quick succession – demonstrates the scalability of our asset-light expansion strategy to grow our assets under management. We continue to be on the lookout for suitable opportunities to enlarge our retail footprint through third-party management contracts, to complement our core strategy of developing, owning and managing malls in Asia,” says CapitaLand Mall Asia CEO Jason Leow.
“With CapitaLand as our mall manager, we will be able to optimise the returns from this property while we focus our attention on our core operations of postal services and e-commerce logistics,” adds Mervyn Lim, covering group CEO for SingPost, who also notes CapitaLand’s established track record in Singapore and across Asia.
CapitaLand announced last year in August that it is embarking on enlarging its retail footprint through management contracts with the signing of an agreement to manage the retail component of Fortune Finance Center in Changsha, China.
In January this year, the group signed another agreement to manage a mall in La Botanica township in Xi’an, China.
Shares of CapitaLand closed 1.4% lower at S$3.64 (RM11.54) on Monday. — theedgemarkets.com.sg