SINGAPORE - CapitaLand, through its wholly owned shopping mall business, CapitaLand Mall Asia, has signed a contract to manage the upcoming mall at the new SingPost Centre.
This is the third mall management contract that CapitaLand has inked in slightly over six months, after securing the first two in China, the comnpany said on Tuesday (March 28). With this contract, CapitaLand said its network in Singapore will increase to 20 shopping malls with a combined gross floor area (GFA), excluding car park, of about 14.2 million square feet (sq ft).
Mr Jason Leow, CEO of CapitaLand Mall Asia, said, "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."
SingPost Centre is located in the up-and-coming Paya Lebar Central, next to the Paya Lebar MRT interchange station. CapitaLand currently owns and manages two malls in the eastern part of Singapore, namely Tampines Mall, Bedok Mall, while a third - Jewel Changi Airport - is scheduled to open in early 2019.
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 car park, and a net lettable area of about 175,000 sq ft.
Targeted to open in the second half of this year, SingPost Centre will house the new General Post Office, which combines traditional counter service with technology-enabled innovations such as POPStations and eSAM machines over a space measuring 3,330 sq ft. The General Post Office will also have a heritage corner, where customers can enjoy a learning journey through SingPost's 150 years of history.
Other tenants at SingPost Centre include NTUC FairPrice, Golden Village, Kopitiam, other retail brands, family entertainment outlets and enrichment centres.
CapitaLand announced last August 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, CapitaLand signed another agreement to manage a mall in La Botanica township in Xi'an, China.