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CapitaLand inks mall management deal with SingPost
CapitaLand will oversee the 269,000 sq ft SingPost Centre mall.
CapitaLand Limited, through its wholly owned shopping mall business CapitaLand Mall Asia, has signed its first third-party mall management contract in Singapore with Singapore Post (SingPost) for its 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. With this contract, CapitaLand’s 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).
Managing the mall at SingPost Centre, which is located in the core of the up-and-coming Paya Lebar Central, will augment CapitaLand Group’s presence in the eastern part of Singapore, where it currently owns and manages three malls.
They are Tampines Mall in Tampines Regional Centre, Bedok Mall in the recently rejuvenated Bedok Town Centre, and Jewel Changi Airport, which is scheduled to open in Changi Airport in early 2019.
Under the contract, 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. The scope of work will include overseeing the pre-opening of the mall, marketing and promotion activities, lease management, and facilities management.
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