CapitaLand Retail has signed an agreement to
manage a mall in Phnom Penh, the capital of Cambodia and one of
the fastest growing economies in Southeast Asia.
The mall is the retail component of The Peak, an
upcoming high-end integrated development majority owned by
Singapore-based developer Oxley, in partnership with Cambodian
company Worldbridge Land.
The deal extends CapitalLand’s expertise in
operating shopping malls to a new market after Singapore, China,
Malaysia, Japan, India and Vietnam.
Mr Wilson Tan, CEO of CapitaLand Retail, said,
“As the retail operating platform of the group, CapitaLand Retail
is focused on growing our premier retail operations into a global
platform. Through management contracts, we can scale CapitaLand’s
shopping mall network in an asset-light manner. With CapitaLand’s
proven track record in running successful malls across Asia, we
are well-placed to explore new growth opportunities by offering
our professional expertise in retail management to property
Located in Chamkarmon District in central Phnom
Penh, The Peak is a freehold 55-storey integrated development
comprising an office tower, the country’s first Shangri-La Hotel
with 300 guest rooms, and two luxury residential towers with 1,014
apartment units sitting atop a mall.
CapitaLand will oversee asset
planning, pre-opening and retail management for the five-storey
mall with a Gross Floor Area (GFA) excluding car park of about
420,000 square feet (sq ft) and Net Lettable Area of about 260,000
Currently under construction, the mall is expected to
commence operations in 2020.
“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. 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.
CapitaLand will leverage our expertise in retail asset management
and industry leading retailer network of about 17,000 leases to maximise the retail potential of The Peak,” Mr Tan added.
Located along the river esplanade, The Peak
overlooks the Mekong River and Phnom Penh’s bustling
cityscape. Surrounded by high-end residential developments and key
commercial and government buildings, The Peak’s immediate
catchment area covers the prime residential and commercial
districts of Chamkarmon and Diamond Island.
In Phnom Penh, CapitaLand also manages three
serviced residences through its wholly owned serviced residence
business unit, Ascott. They are CASA Meridian
Residence, which is operational, and Somerset Norodom Phnom Penh
and Somerset Meridian Square Phnom Penh opening this and next year