Retail News CRM

Tag: capitaland retail

  • CapitaLand to manage two more malls in China

    CapitaLand to manage two more malls in China

    Two new CapitaLand Retail-managed malls will be opening in China.

    CapitaLand Retail CEO Wilson Tan says the firm has signed 10 such agreements in China since announcing in August 2016 its intention to expand its existing retail footprint via management deals.

    CapitaLand China’s new contract in Guangzhou will see the firm managing The Grand City in a Wanbo CBD-based project owned by Guangzhou Wan Shun Investment Management Co. Ltd. CapitaLand itself already owns two properties in the Guangzhou area, including CapitaMall SKY+ and also CapitaMall Rock Square, which it acquired last January. The three malls now constitute part of CapitaLand’s southern Chinese retail network that includes five malls comprising a GFA of 3.6 million sq ft.

    In Chengdu, CapitaLand China will manage an open-lane, low-rise mall located in the commercial and cultural district of Qingyang. The property is under the ownership of Chengdu Lide Commercial Industrial Co. Ltd. It is CapitaLand’s second managed mall in the city out of seven CapitaLand projects.

    The firm owns and manages a total of 11 malls, covering 11.3 million sq ft in retail GFA, across the Chinese west.

    “With these new contracts, CapitaLand will further strengthen our leasing synergies across the portfolio of malls and increase our reach to the high-growth retail markets in Guangzhou and Chengdu,” Tan said.

    “Including these two managed malls, 47 of our 51 malls in China are located in first- and second-tier cities. This is in line with our commitment to grow our retail portfolio with a focus on dominant assets located in core cities clusters.”

    Tan says CapitaLand remains positive about China’s retail sector, which is experiencing growth both offline and online.

    “Our expansion strategy enables CapitaLand to seize growth opportunities with agility while reaping economies of scale. We will continue to identify opportunities to grow our retail operating platform, reinforcing our position as the region’s leading mall operator and complement CapitaLand’s core business of owning and developing shopping malls.”

    The two new contracts will be added to the company’s expanding portfolio of projects in the southern port city of Guangzhou and the central provincial capital of Chengdu. CapitaLand plans to open five of its own malls across China with a combined Gross Floor Area (GFA) of around 4.2 million sqft, comprising CapitaMall One in Changsha, CapitaMall Tiangongyuan in Beijing, CapitaMall 180 in Foshan, and CapitaMall LuOne and Alibaba Shanghai Center in Shanghai.

  • CapitaLand Retail to Manage Luxury Mall in Phnom Penh, Cambodia

    CapitaLand Retail to Manage Luxury Mall in Phnom Penh, Cambodia

    CapitaLand Retail has signed an agreement to manage a mall in Phnom Penh, the capital of Cambodia and one of the fastest growing economies in Southeast Asia.

    The mall is the retail component of The Peak, an upcoming high-end integrated development majority owned by Singapore-based developer Oxley, in partnership with Cambodian company Worldbridge Land.

    The deal extends CapitalLand’s expertise in operating shopping malls to a new market after Singapore, China, Malaysia, Japan, India and Vietnam.

    Mr Wilson Tan, CEO of CapitaLand Retail, said, “As the retail operating platform of the group, CapitaLand Retail is focused on growing our premier retail operations into a global platform. Through management contracts, we can scale CapitaLand’s shopping mall network in an asset-light manner. With CapitaLand’s proven track record in running successful malls across Asia, we are well-placed to explore new growth opportunities by offering our professional expertise in retail management to property owners.”

    Located in Chamkarmon District in central Phnom Penh, The Peak is a freehold 55-storey integrated development comprising an office tower, the country’s first Shangri-La Hotel with 300 guest rooms, and two luxury residential towers with 1,014 apartment units sitting atop a mall.

    CapitaLand will oversee asset planning, pre-opening and retail management for the five-storey mall with a Gross Floor Area (GFA) excluding car park of about 420,000 square feet (sq ft) and Net Lettable Area of about 260,000 sq ft.

     Currently under construction, the mall is expected to commence operations in 2020.

    “Cambodia has in recent years attracted the interest of international retailers – including Singapore-based brands – who are keen to tap the country’s rising spending power and growing tourist arrivals. This has led to an increase in demand for well-located and well-designed retail spaces in the country. Given The Peak’s strategic location in central Phnom Penh and high-grade building specifications, it is well-positioned to meet the requirements of quality retailers seeking to serve the growing aspirations of the city’s community. CapitaLand will leverage our expertise in retail asset management and industry leading retailer network of about 17,000 leases to maximise the retail potential of The Peak,” Mr Tan added.

    Located along the river esplanade, The Peak overlooks the Mekong River and Phnom Penh’s bustling cityscape. Surrounded by high-end residential developments and key commercial and government buildings, The Peak’s immediate catchment area covers the prime residential and commercial districts of Chamkarmon and Diamond Island.

    In Phnom Penh, CapitaLand also manages three serviced residences through its wholly owned serviced residence business unit, Ascott. They are CASA Meridian Residence, which is operational, and Somerset Norodom Phnom Penh and Somerset Meridian Square Phnom Penh opening this and next year respectively.

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook: