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CapitaLand, via its fully-owned shopping mall business CapitaLand Retail, has inked an agreement to manage a mall at The Peak (pictured), an upcoming high-end integrated development in Phnom Penh, Cambodia.
Situated in Chamkarmon District in central Phnom Penh, The Peak is majority owned by Singapore-based developer Oxley, in partnership with Cambodian firm Worldbridge Land. The 55-storey complex comprises an office tower, Cambodia’s first Shangri-La Hotel, two luxury residential towers and a mall.
The agreement will see CapitaLand overseeing asset planning, pre-opening as well as retail management of the five-storey mall. Set to open in 2020, the mall has a gross floor area, excluding car park, of about 420,000 sq ft and net lettable area of around 260,000 sq ft.
“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,” said CapitaLand Retail CEO Wilson Tan.
“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.”
With CapitaLand as retail manager, Oxley Holdings CEO Ching Chiat Kwong is confident of optimising returns for The Peak by focusing on its core business of developing and marketing the project.
“Given Oxley’s diversified global portfolio in countries including Singapore, United Kingdom, Ireland, China, Indonesia and Myanmar, we look forward to the possibility of deeper collaboration with CapitaLand in the future,” he added.
Including The Peak, CapitaLand has eight retail management contracts to date – the seven other contracts include one in Singapore and six in China.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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