Bookmark & Share
CapitaLand Mall Asia, a wholly-owned unit of CapitaLand, has been appointed to manage the upcoming mall at the new SingPost Centre (pictured) in Paya Lebar Central, a future commercial hub in the city fringe.
The firm will oversee the pre-opening and retail management of the five-storey SingPost Centre mall, which has a net lettable area of about 175,000 sq ft and a gross floor area (GFA) of 269,000 sq ft.
Slated to open in the second half of 2017, SingPost Centre will include the 3,330 sq ft General Post Office, which will offer traditional counter service and technology-enabled innovations like POPStations and eSAM machines. It will also house a heritage corner showcasing SingPost’s 150 years of history.
Other tenants at SingPost Centre, which is located next to the Paya Lebar MRT interchange station, include Kopitiam, Golden Village and NTUC FairPrice.
“CapitaLand has an established track record for successful marketing and management of retail spaces in Singapore and across Asia. 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 eCommerce logistics,” said Mervyn Lim, Covering Group CEO of Singapore Post (SingPost).
Following the signing of the contract with SingPost, CapitaLand’s portfolio in Singapore will increase to 20 shopping malls with a total GFA of around 14.2 million sq ft.
This new deal will also strengthen CapitaLand’s presence in eastern Singapore, where it currently owns and operates three shopping centres, namely Tampines Mall, Bedok Mall and Jewel Changi Airport, which is scheduled to open in early 2019.
This is also the third mall management contract secured by CapitaLand in slightly over six months, after securing the rights to operate the retail component of Fortune Finance Center in Changsha and a mall in La Botanica township in Xi’an, both in China.
“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,” said Jason Leow, CEO of CapitaLand Mall Asia.
Image source: CapitaLand
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Hotels want fair competition with Airbnb