PUBLISHED 28 March 2017
SINGAPORE – CapitaLand Mall Asia, has signed a contract to take over the upcoming mall at the new SingPost Centre.
This is the 3rd shopping mall management contract that CapitaLand has inked within six months, after securing the first two in China, the company 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), of about 14.2 million square feet (sq ft), excluding car park.
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 three malls in the eastern part of Singapore, such as Tampines Mall, Bedok Mall and Jewel Changi Airport, which is scheduled to open in early 2019.
Properties such as Park Place Residences, Tre Residences, Sims Urban Oasis, Grandeur Park Residences, nearby will benefits from the rejuvenation of Paya Lebar Central. This development also speaks for the brisk sales volume of these private condominiums in the recent months.
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.
Additionally, the General Post Office will also include state of the art parcel locker kiosks. In case you were not already aware, a parcel locker is a secure storage solution that can be used to collect and send parcels. These types of self-service kiosks ensure maximum efficiency and can often be found in supermarkets, residential buildings, and of course, post offices. Accordingly, you can learn more about these locker systems on the KIOSK website.
That is not all though. The General Post Office will even have a heritage corner, where customers can enjoy a learning journey through SingPost’s 150 years of history, which is targeted to open in the second half of this year. Other tenants at SingPost Centre include NTUC FairPrice, Golden Village, Kopitiam, other retail brands, family entertainment outlets and enrichment centres.
CapitaLand reported last August it is setting out on extending its retail impression through administration contracts with the consenting to of an arrangement to deal with the retail segment of Fortune Finance Center in Changsha, China. In January this year, CapitaLand consented to another arrangement to deal with a shopping center in La Botanica township in Xi’an, China.
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