Category: Real Estate

Retail News Asia is committed to providing both local and global retailers with the latest Real Estate news throughout the Asian market. This on a daily base.

  • Luxury retail brands heading for Melbourne

    Luxury retail brands heading for Melbourne

    Collins Street celebrates its rich blend of global brands, local creatives and diverse business cooperatives, embracing its prestige as Australia’s landmark address. Boasting an unrivalled combination of luxury retail, premium accommodation, world-class dining, top entertainment and major business headquarters, Collins Street is the epicentre of Melbourne’s inspirational lifestyle.

    Collins Street is the heart of retail, hospitality and business past and present, in Australia. Situated in the world’s most liveable city, the people behind the brands and businesses that reside on Collins Street add undeniable soul to the City of Melbourne and all it has to offer. Collins Street is Australia’s premier destination.

    The rush of international luxury brands seeking a bricks-and-mortar presence on the east coast is showing no sign of slowing down in 2019.



    406 Collins Street, Melbourne is lather latest opportunity located within the heart of the Melbourne central business district. Almost 300m2 on the ground floor of this refurbished office building, the property is located opposite the soon to be completed W Hotel Melbourne.

    For further details, contact Joel Wald +61 412 352 252 / [email protected]

  • Zwilling Shanghai flagship store Gets Rewarded

    Zwilling Shanghai flagship store Gets Rewarded

    Shanghai flagship store wins international retail design accolade. The Zwilling Shanghai flagship store has been selected as one of the world’s three best retail store designs in the annual EuroShop RetailDesign Awards.

    The store blends retailing with cooking classes and a restaurant, with a focus on traditional western and eastern themes combined with “a puristic and understated interior”.

    The store’s achievement was announced at a function in Shanghai coinciding with the C-star retail industry trade show. Organised by research and training company EHI and Messe Dusseldorf the awards select three stores out of 71 nominees, with all three equally recognised. The other winners this year were L&T Sport in Osnabruck in Germany and Jigsaw’s The Shop at Bluebird in London.

    Of the Zwilling Shanghai store, the judges said “dynamic changes in colours, materials and music provide contrast to differentiate individual areas of the store”.

    “Bathed in light, the ground floor features light oak and dark walnut, a sand-coloured terrazzo floor, and steel and brass frames, which all serve as a backdrop for the products, providing a warm, Mediterranean atmosphere. Dedicated to various food concepts, the upper floor is characterised by varying floor heights and seating.”

    With tabletops made of blue glass and lighting elements made of brass, the store’s overall design is reminiscent of Shanghai’s Art Deco heritage.

    A 36-metre-long wooden table with teal velvet chairs adds a rustic touch to a fine-dining area, where visitors are invited to enjoy a meal.

    “The customer encounters the brand’s product world authentically – through a culinary adventure or hands-on cooking school experience.”

    Surfing in the city

    L&T Sport’s store, created by German fashion house Lengermann + Trieschmann, features 5000sqm of retail space over five floors. One of the store’s main attractions is the Hasewelle, a wave pool where surfers can test the latest boards right there in the store. Polygonal lines form the basis of the store design. The railings, whose lines are shaped in accordance with this design, are staggered across the floors in such a way that each floor and each position provides a new view of the Hasewelle pool.

    In order to integrate the individual sporting goods brands into the design, the store refrains from the usual shop-in-shop brand solutions. Members can train in high-altitude conditions in an 800sqm Premium City-Gym. Separated from the store by nothing more than glass walls, the gym is part of the sporting goods store while also serving as an extension of its core business.

    A cabinet of curiosity

    The Shop at Bluebird is owned by British fashion company Jigsaw and specialises in high-end brands from the worlds of fashion, beauty, art and design. The concept store’s diverse offerings are housed in a heritage-protected 19th-century historical coach house on Floral Street in Covent Garden, London.

    “Striking, opulent decor and design elements combine to create a ‘cabinet of curiosity’,” the judges said.

    An atrium filled with natural light and a cobblestone floor creates an open-air ambience in the middle of the store. A custom-made, cube-shaped installation with 20 reflective surfaces hanging from the ceiling creates an artistic effect by reflecting and distorting its surroundings.

    “The design concept plays with geometric forms and curved lines, combining traditional and modern elements harmoniously. Wallpapers in coordinated colours and textures complement the multifaceted aesthetic, consisting of elegant Art Deco patterns and floral Victorian motifs.”

    The Zwilling Shanghai flagship store has been selected as one of the world’s three best retail store designs in the annual EuroShop RetailDesign Awards.

    The store blends retailing with cooking classes and a restaurant, with a focus on traditional western and eastern themes combined with “a puristic and understated interior”.

    The store’s achievement was announced at a function in Shanghai coinciding with the C-star retail industry trade show. Organised by research and training company EHI and Messe Dusseldorf the awards select three stores out of 71 nominees, with all three equally recognised. The other winners this year were L&T Sport in Osnabruck in Germany and Jigsaw’s The Shop at Bluebird in London.

    Of the Zwilling Shanghai store, the judges said “dynamic changes in colours, materials and music provide contrast to differentiate individual areas of the store”.

    “Bathed in light, the ground floor features light oak and dark walnut, a sand-coloured terrazzo floor, and steel and brass frames, which all serve as a backdrop for the products, providing a warm, Mediterranean atmosphere. Dedicated to various food concepts, the upper floor is characterised by varying floor heights and seating.”

    With tabletops made of blue glass and lighting elements made of brass, the store’s overall design is reminiscent of Shanghai’s Art Deco heritage.

    A 36-metre-long wooden table with teal velvet chairs adds a rustic touch to a fine-dining area, where visitors are invited to enjoy a meal.

    “The customer encounters the brand’s product world authentically – through a culinary adventure or hands-on cooking school experience.”

    Surfing in the city

    L&T Sport’s store, created by German fashion house Lengermann + Trieschmann, features 5000sqm of retail space over five floors. One of the store’s main attractions is the Hasewelle, a wave pool where surfers can test the latest boards right there in the store. Polygonal lines form the basis of the store design. The railings, whose lines are shaped in accordance with this design, are staggered across the floors in such a way that each floor and each position provides a new view of the Hasewelle pool.

    In order to integrate the individual sporting goods brands into the design, the store refrains from the usual shop-in-shop brand solutions. Members can train in high-altitude conditions in an 800sqm Premium City-Gym. Separated from the store by nothing more than glass walls, the gym is part of the sporting goods store while also serving as an extension of its core business.

    A cabinet of curiosity

    The Shop at Bluebird is owned by British fashion company Jigsaw and specialises in high-end brands from the worlds of fashion, beauty, art and design. The concept store’s diverse offerings are housed in a heritage-protected 19th-century historical coach house on Floral Street in Covent Garden, London.

    “Striking, opulent decor and design elements combine to create a ‘cabinet of curiosity’,” the judges said.

    An atrium filled with natural light and a cobblestone floor creates an open-air ambience in the middle of the store. A custom-made, cube-shaped installation with 20 reflective surfaces hanging from the ceiling creates an artistic effect by reflecting and distorting its surroundings.

    “The design concept plays with geometric forms and curved lines, combining traditional and modern elements harmoniously. Wallpapers in coordinated colours and textures complement the multifaceted aesthetic, consisting of elegant Art Deco patterns and floral Victorian motifs.”

  • Central Phuket opens luxury VIP Zone

    Central Phuket opens luxury VIP Zone

    Thai property developer and the operator of Central Phuket shopping centre, CPN, has celebrated a new luxury zone with the launch of a range of world-class brands.

    The company says the new stores are being introduced in line with “the rapid growth and high demand of the affluent world tourist market in support of Thailand’s tourism industry’s move to elevate Phuket city as a global beach lifestyle destination comparable to the French Riviera, Miami, and Hawaii”.

    “As a global player, we aim to elevate Central Phuket to become one of the most complete travel destinations in the world,” said CPN deputy CEO Wallaya Chirathivat. “Central Phuket has the concept of ‘The Magnitude of Luxury & Leisure Resort Shopping Destination’ in the form of a ‘Beach Lifestyle’, which perfectly matches with Phuket as a beach city comparable to the world’s greatest beach cities. We truly appreciate that the global luxury brands have placed trust and confidence in our project as the first luxury mall located outside Bangkok, Thailand.”

    To mark the occasion, Central Phuket held a grand celebration entitled “The Unveiling of the New World of Luxury” highlighting the prestigious “Universe of Sirivannavari: The First View from Paris to Phuket” exhibition. HRH Princess Sirivannavari Nariratana allowed the exhibition to be held for the first time in Thailand at Central Phuket Floresta from April 28 to May 26.

  • Joy City reveals management Revamp

    Joy City reveals management Revamp

    Hong Kong property company Joy City has revealed new management appointments and the departure of its CFO.

    Two new deputy GMs have been appointed: Song Bingxin and Guo Fengrui.

    Song, 49, joined Cofco Corporation, Joy City’s controlling shareholder, in 1994. From December 2016 to April this year, she was deputy GM at Grand Joy Holdings.

    Guo, 50, served as GM of the operations management from February 2015 and acted as the GM assistant from April 2019 at Grand Joy Holdings.

    At the same time, CFO Xu Hanping has ceased her role “due to work reallocation”, according to a stock exchange filing by Joy City.

    “Ms Xu confirmed that she has no disagreement with the board and there is no matter in relation to her cessation as the CFO that needs to be brought to the attention of the shareholders of the Company,” the statement read, before expressing gratitude for her service.

    Zhang Jianguo, 53, has been appointed as her replacement. He joined Grand Joy Holdings in 1994 and most recently served as CFO at Grand Joy Holdings.

    All the changes took effect on April 26.

    The Joy City management team now comprises Zhou Peng (GM), Yao Changlin, Song, Guo and Li Wenyao as deputy GMs and Jianguo as CFO.

  • Vicinity Centres Selects new Board

    Vicinity Centres Selects new Board

    Shopping centre operator Vicinity Centres has revealed that non-executive director Peter Kahan will replace Peter Hay as chair when he retires in August.

    Hay, who has served as chairman since Vicinity was formed in a 2015 merger of Federation Centres and Novion, will retire from the board after the company’s annual results are released in August.

    “It has been a privilege to work with such an exceptional board and management team to navigate through the merger and Vicinity’s formation, to see it become the unified and stronger organisation it is today,” Hay said in a statement.

    Hay said he is delighted Kahan will be taking over as chairman.

    “Peter is a highly experienced and thoughtful director who has made an outstanding contribution to Vicinity’s board during my tenure,” Hay said.

    “His extensive and successful property funds management, financial and business background, complemented by his highly strategic approach and vision, position him to be an excellent chairman through Vicinity’s next chapter.”

    Kahan, who has been a non-executive director of Vicinity since June 2015, also served as chairman of Vicinity’s Remuneration and Human Resources Committee and is a member of Vicinity’s Audit Committee.

    Kahan’s prior roles include The Gandel Group’s executive deputy chair, CEO and finance director.

    “It is an honour to be asked to succeed Peter Hay as chairman of Vicinity,” he said. “I am looking forward to working with the board and management team to continue our relentless focus and commitment to long-term value creation for Vicinity’s security holders.”

  • Singapore’s Chinatown Point Mall Finally Sold

    Singapore’s Chinatown Point Mall Finally Sold

    Singapore’s Chinatown Point Mall has been sold to a subsidiary of Pan Asia Realty Advisors, for S$520 million (US$383.28 million). The joint-venture, including Mitsubishi Estate and CLSA Real Estate Partners, will also acquire four accompanying strata office units in the office tower element of the project.

    Perennial Real Estate Holdings and a consortium of investors including Singapore Press Holdings (SPH) have agreed to sell their entire interests in the retail complex.

    The consortium will receive S$225 million in cash for their shares in the company holding the assets as well as for assignment of shareholder loans. Perennial, which holds a 50.64 per cent stake is expected to receive approximately S$125.3 million of that amount, subject to final adjustments.

    “The transaction is a testament to Perennial’s ability in identifying quality assets, creating value via enhancement initiatives, and ultimately unlocking value via divestment for all stakeholders,” said Pua Seck Guan, Perennial CEO.

    After settlement, Perennial’s retail management subsidiary will continue to manage the mall.

    Built in 1993, the Chinatown Point project includes a 25-storey strata-title office tower next to the mall. SPH and Perennial bought a 60 percent stake in the mall in 2016, at a value of S$442.5 million.

  • SM Prime’s Massive expansion plans

    SM Prime’s Massive expansion plans

    Philippine property developer SM Prime Holdings has committed PHP80 billion (US$1.53 billion) for constructing four new malls, residential units and mixed-use spaces this year.

    The additional capital is intended to support expansions that include opening an additional 200,000sqm of retail space in “developing provincial cities”, including Pangasinan, Zambales, Butuan and Zamboanga.

    As at the end of last year there was 8.3 million sqm of retail space in 72 SM malls throughout the Philippines.

    The firm is also developing new projects and converting mall spaces into mixed-use land.

  • Rent growth boosts CapitaLand Retail China

    Rent growth boosts CapitaLand Retail China

    Stronger rental growth and lower operating expenses boosted CapitaLand Retail China Trust’s income by 10.7 per cent in the first quarter. According to CapitaLand Retail China Trust Management Limited (CRCTML), the manager of  CRCT, net property income reached RMB198.9 million for the three months to March 31, up from RMB179.6 million in the same period a year earlier.

    “China’s economy expanded at an encouraging pace of 6.4 per cent during the quarter, with consumer demand showing signs of improvement,” said Tan Tze Wooi, CRCTML’s CEO. “The fiscal stimulus rolled out by the Chinese government, which include business and individual tax cuts, is expected to boost consumer sentiments. These developments bode well for CRCT, which has sustained its growth momentum into the new year through proactive asset management and value enhancement initiatives.

    During the quarter sales by CRCT’s tenants increased 9.8 per cent year on year, while shopper traffic grew 14 per cent. Portfolio occupancy remained high, at 97.4 per cent at the end of the period.

    “This strong foundation will anchor CRCT’s performance as we forge ahead with our tenant remix strategy to draw more popular concepts,” he said.

    Core income available for distribution to unitholders was S$24.9 million, 4.9 per cent higher than the first quarter of last year and 8.2 per cent higher than the fourth quarter of last year, with distributable income from joint ventures increasing 115.9 per cent year-on-year. The total distributable amount to unitholders was S$25.9 million.

  • CapitaLand divests StorHub self-storage business for S$185 million

    CapitaLand divests StorHub self-storage business for S$185 million

    CapitaLand announced today that it has divested its interests in a group of companies that own and manage the Group’s self-storage business StorHub to an unrelated third party.  The transaction is based on an agreed value of S$185 million for StorHub’s portfolio of properties.

    StorHub is one of Singapore’s largest self-storage networks, with a presence in China.  Its portfolio comprises 12 storage facilities – 11 in Singapore and one in Shanghai – with a total lettable area of approximately 800,000 square feet.

    Mr Jason Leow, President & Chief Executive Officer of Singapore & International, CapitaLand Group, said: “The divestment of StorHub is in line with CapitaLand’s disciplined approach towards capital recycling.  Our portfolio optimisation allows us to prioritise our capital allocation to our core markets and sectors.  In 2018, CapitaLand divested S$4 billion worth of assets and deployed S$6.11 billion into new investments.  We will stay disciplined in recycling our assets for reinvestment and capital redeployment, with an annual divestment target of at least S$3 billion.”

  • Parkson Vietnam Restyles Its Ho Chi Minh City flagship

    Parkson Vietnam Restyles Its Ho Chi Minh City flagship

    Parkson Vietnam has kicked off the renovation of its six-story Saigon Tourist Plaza flagship in downtown Ho Chi Minh City.

    Located on Le Thanh Ton, refurbishment of the first Parkson Vietnam store will be implemented progressively, floor by floor.

    During the project, the Parkson store will remain partially open for business.

    The company says the renovation will deliver a new look, new shopping experience featuring modern facilities, and a higher standard of service for shoppers.

    It says the new store design concept will turn the store into an all-in-one destination that offers a combination of shopping, food & beverage, and entertainment.

    New brands in fashion, beauty and lifestyle will be added.

    Ready to welcome Uniqlo?

    The first flagship store of Uniqlo Vietnam will be located in the revamped store.

    The Japanese fast-fashion retailer is reportedly set to occupy three levels of the building, facing the H&M store at Vincom on Dong Khoi Street.

    Uniqlo Vietnam will open doors sometime between September and November this year.

    The renovation of the Parkson Saigon Tourist store is understandable as the building is old and has been poorly managed for a long time.

    If the Japanese fast-fashion brand is really opening its first store there, it should rapidly increase traffic to the building.

    After 14 years of operation, Parkson Vietnam has closed five stores, including the last one in Hanoi.

    It now manages five stores, with three in Ho Chi Minh City, and one each in Hai Phong and Danang.

  • Dusit Thani Shares More News about Bangkok Developments

    Dusit Thani Shares More News about Bangkok Developments

    More details have been revealed about the massive mixed-use development planned for downtown Bangkok on the high-profile site of the former Dusit Thani Hotel.

    Dusit Thani, the Thai hotel and property development company, is partnering with Central Pattana, which owns the Central retail and mall businesses, in the development, located a stone’s throw from the Sala Daeng skytrain station, adjacent to Rama 4 Road and Lumpini Park.

    Scheduled for completion in 2024, the US$1.15 billion development will comprise 440,000sqm of prime real estate, including a new Dusit Thani hotel, luxury residences, a modern office tower and a high-end shopping mall.

    The development will open in three stages, firstly the 39-story hotel building, followed by Central Park Offices, whose 90,000sqm will be fitted out as a technology hub.

    The 80,000sqm mall, to be called Central Park, is designed to interconnect with all elements of the development as well as the skytrain and adjacent underground railway stations. It will feature a rooftop park. Both the offices and mall are scheduled for completion in 2023.

    The final part of the project, a 69-storey residential tower which is divided into two sections – Dusit Residences and Dusit Parkside – will be completed subsequently.

    “We aim to deliver a one-of-a-kind mixed-use project that blends heritage and innovation, connects all important infrastructure and transportation, embraces a green concept reflecting our prime position opposite Lumpini Park, and delivers enduring value for all our stakeholders,” said Suphajee Suthumpun, group CEO of Dusit Thani Public Company.

    “By blending the best of Thai design and hospitality with international standards of service, we will create a new city landmark that reflects our past, embraces our present, and anticipates the future. By doing so, we will continue the legacy of Dusit Thani Bangkok following the same principles Thanpuying Chanut Piyaoui had when she founded the hotel — to be bold and do great things, to create things that never existed before, and to always have a positive impact.”

    Suthumpun said the development aimed to “revolutionise the way people shop, dine, work, live and stay” in the area.

    Wallaya Chirathivat, deputy CEO of Central Pattana said Dusit Central Park will connect four Bangkok neighbourhoods in four directions – Ratchaprasong (north), Charoenkrung (south), Sukhumvit (east), and Yaowarat (west), in doing so creating “a new junction where old meets new, and financial meets commercial”.

  • CapitaLand sells stake in CapitaMall Wuhu

    CapitaLand sells stake in CapitaMall Wuhu

    CapitaLand Retail China Trust (CRCT) and CapitaLand will divest their combined 100 per cent interests in CapitaMall Wuhu to an unrelated third party.

    Located in Wuhu city in China’s Anhui Province, CapitaMall Wuhu is a five-storey shopping mall of around 45,000sqm that has been closed since the third quarter of last year, following the exit of its anchor tenant.

    “The divestment of CapitaMall Wuhu is in line with our proactive asset-management strategy to optimise CRCT’s portfolio and enhance returns,” said CRCT Management Ltd CEO Tan Tze Wooi.

    “As our 51-per-cent stake in CapitaMall Wuhu accounts for less than 1 per cent of CRCT’s asset size, its sale is expected to have minimal impact on CRCT’s core business. The sale proceeds will provide CRCT with greater financial flexibility to take advantage of market opportunities. We remain on the lookout for strategic opportunities to reconstitute and strengthen our portfolio.”

    The transaction between the firms’ respective subsidiary and associate is based on the company’s adjusted net asset value – including (but not limited to) its interest in CapitaMall Wuhu of RMB210 million (US$31.25 million).

    After taking into account the estimated fees, taxes and other related expenses, it is estimated that the net proceeds from the divestment would be RMB90.6 million ($13.48 million). The net divestment proceeds may be used for reducing existing debt and/or financing general corporate or working capital requirements.

    CapitaLand Group’s president Lucas Loh commented: “The sale of CapitaMall Wuhu will unlock capital that can be redeployed to core assets in cities where CapitaLand enjoys scale and competitive advantage. We will stay disciplined in our capital-recycling efforts and continually review opportunities to optimise CapitaLand’s portfolio, which includes divestment of assets that are non-core or have limited growth.”

    The divestment of CapitaMall Wuhu is expected to be completed in the second half of this year.

    Following the divestment, CRCT’s portfolio will have 10 malls in seven Chinese cities, while CapitaLand’s retail network in China will comprise 51 malls in 21 cities.

  • Rent reductions causes Bonjour Holdings a big loss

    Rent reductions causes Bonjour Holdings a big loss

    Bonjour Holdings sales fell 7.3 per cent last year as the health and beauty products retailer reorganised its store network.

    The company reported a loss attributable to shareholders of HK$39.6 million (US$5 million), which was a significant improvement on the previous year’s loss of $202.3 million.

    Same-store sales crept up 0.8 per cent, albeit that is a slower rate than the 2.3 per cent of 2017.

    The Hong Kong-listed group finished the year with 39 stores in Hong Kong, Macau and Guangzhou, a reduction of just one. But during the year it relocated some stores and negotiated more favourable rental deals from its landlords on others. That strategy saw rent, as a proportion of turnover, fall from 19.1 per cent in 2017 to 15.5 per cent last year, the total rent bill down from $368.8 million to $277.6 million.

    “Although the high-street shop rents started to raise slightly last year due to the recovery of the retail sector in the first half, the group has adopted an optimistic cautious strategic planning in its store network in response to the market changes,” the company said in its results announcement.

    “Stores were deliberately chosen at both tourists shopping hotspots and community districts or residential areas with high population density to cater to both tourists and local communities’ needs which also helped the group to increase the market penetration.”

    Tourist demographics change

    The structural change to the mix of mainland tourists during the last few years has impacted on the average ticket size at Bonjour Holdings’ stores. An increasing number of arrivals are now coming from lower-tier cities with less spending power. In addition, the weak RMB and uncertain economic environment dampened the attractiveness of Hong Kong goods to mainland shoppers that they became more cautious in their spending, the company said.

    Bonjour Holdings said pressure on profitability remained last year, despite the group increasing its profit margin by 0.3 per cent.

    E-commerce expansion

    One bright point in Bonjour Holdings’ results was the increase in online sales, up 9 per cent year on year.

    As well as upgrading its own online store, Bonjour has opened flagships on e-commerce platforms Tmall Global, Kaola and Xiahongshu to increase brand visibility, provide customers with more information on products, and launch timely promotions.

    “E-commerce keeps growing and social media continues to play a bigger role,” the company said in its results filing.

    “The group put more effort into digital media by distributing promotional videos on Facebook and Weibo pages and regularly launched online promotional activities and special events, including “Double Eleven”.

  • Newly revamped Sunshine Plaza To Welcome Retailers Again

    Newly revamped Sunshine Plaza To Welcome Retailers Again

    A number of retailers have opened their first stores in Queensland at the newly revamped Sunshine Plaza, which this week celebrated the completion of its $440 million redevelopment.

    The centre’s redevelopment has added over 34,000sqm of additional retail space, expanding it from 73,000sqm to over 107,000sqm.

    The redeveloped shopping centre has welcomed the region’s first David Jones store with over 8000sqm floor space, a 6500sqm Big W, H&M, Sephora, Lululemon, Kathmandu, JB Hi-Fi, Mecca, Seed Heritage, Sheike and approximately 60 other specialty stores.

    The shopping centre’s new high ropes course, outdoor children’s play areas and Cornmeal Promenade dining options are scheduled to open by mid 2019.

    Sunshine Plaza is owned jointly by the GPT Group and Australian Prime Property Fund Retail and is managed by Lendlease. GPT and Lendlease commenced with the expansion of the centre in 2016 and was initially scheduled to be completed before Christmas 2018. But, according to GPT, it has been delayed stating it has been impacted by significant wet weather during the third period.

    “Locals and Queenslanders living further north will no longer need to travel to Brisbane for all their shopping and lifestyle needs — it’s all here, located in one of Australia’s most desirable tourism destinations; the Sunshine Coast,” said Gary Horwitz, Lendlease managing director.

    Sunshine Coast Mayor, Councillor Mark Jamieson said the expansion of Sunshine Plaza represents a significant capital investment in the region and for the retail industry.

    “The calibre of retail outlets will encourage our residents to shop within our region and spend locally,” Jamieson said.

    “Our residents and visitors now have more retail options locally, as well as access to a substantial number of new employment opportunities. This is great news for our economy and great news for our community.”

  • CRCT and CapitaLand to divest their interests in CapitaMall Wuhu

    CRCT and CapitaLand to divest their interests in CapitaMall Wuhu

    CapitaLand Retail China Trust (CRCT) and CapitaLand today announced that their respective subsidiary and associate have entered into an agreement to divest their combined 100% interests in a company, which owns CapitaMall Wuhu, to an unrelated third party.  The transaction is based on the company’s adjusted net asset value, including but not limited to its interest in CapitaMall Wuhu of RMB210 million (about S$41.5 million).

    Mr Tan Tze Wooi, CEO of CapitaLand Retail China Trust Management Limited, said: “The divestment of CapitaMall Wuhu is in line with our proactive asset management strategy to optimise CRCT’s portfolio and enhance returns.  As our 51% stake in CapitaMall Wuhu accounts for less than 1% of CRCT’s asset size, its sale is expected to have minimal impact on CRCT’s core business.  The sale proceeds will provide CRCT with greater financial flexibility to take advantage of market opportunities.  We remain on the lookout for strategic opportunities to reconstitute and strengthen our portfolio.”

    Mr Lucas Loh, President (China & Investment Management), CapitaLand Group, said: “The sale of CapitaMall Wuhu will unlock capital that can be redeployed to core assets in cities where CapitaLand enjoys scale and competitive advantage.  We will stay disciplined in our capital recycling efforts and continually review opportunities to optimise CapitaLand’s portfolio, which include divestment of assets that are non-core or have limited growth.”