CapitaLand Mall Asia secures three new management contracts in China
By Angela Teo
/ The Edge Property |
CapitaLand Mall Asia, a wholly-owned unit of CapitaLand, has expanded its presence in China through management contracts with three new partnerships in Chengdu, Foshan and Shanghai. This move adds more than 1,237,860 sq ft of gross floor area to CapitaLand’s retail footprint.
Last August, CapitaLand announced its strategy of expanding its retail footprint through management contracts, by signing an agreement to manage the retail component of Fortune Finance Centre in Changsha, China. By securing six management contracts in Singapore and China to date, CapitaLand Mall Asia has added nearly 3.2 million sq ft of retail space to its portfolio in the last year or so.
In Chengdu, CapitaLand will be managing the retail component of a retail, residential and hotel mixeduse development in Pidu district, called Leshijie. The five-storey mall at Leshijie has a GFA of 688,896 sq ft.
Source: CapitaLand
It will also oversee retail management of Hehua International Commercial Plaza (above) in Foshan and Shanghai’s Capital Square. The two properties have a GFA of 365,976 and 182,988 sq ft, respectively. This move brings CapitaLand’s portfolio of malls in Chengdu and Shanghai to seven in each city. The three malls are set to open between 2H2017 and 2019.
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