CapitaLand, through its wholly owned shopping mall business CapitaLand Retail, has signed an agreement to manage a mall in Cambodia's capital, Phnom Penh.
The mall is the retail component of The Peak, an upcoming high-end integrated development majority owned by Singapore-based developer Oxley and Cambodian company Worldbridge Land.
The Peak, located at the Chamkarmon district in central Phnom Penh, is a 55-storey freehold integrated development that houses an office tower, the country's first Shangri-La Hotel, two luxury residential towers with 1,014 apartment units, and the mall, which will open in 2020.
CapitaLand will oversee asset planning, pre-opening and retail management for the five-storey mall, which has a gross floor area, excluding carpark, of about 420,000 sq ft, and net lettable area of about 260,000 sq ft, the company said in a Singapore Exchange filing yesterday.
"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," said CapitaLand Retail chief executive Wilson Tan.
"With CapitaLand as our retail manager, we are confident of optimising returns for The Peak by focusing on our core business of developing and marketing the project," Oxley Holdings executive chairman and chief executive Ching Chiat Kwong said.
"Given Oxley's diversified global portfolio in countries including Singapore, the United Kingdom, Ireland, China, Indonesia and Myanmar, we look forward to the possibility of deeper collaboration with CapitaLand in the future."
Number of apartment units at The Peak, a 55-storey freehold integrated development in central Phnom Penh that houses an office tower, Cambodia's first Shangri-La Hotel, two luxury residential towers, and a mall, which will open in 2020.
CapitaLand shares yesterday ended one cent higher at $3.68, while Oxley shares rose half a cent to 52 cents.