CapitaLand Ltd., through CapitaLand Mall Asia, signed its initial third-party mall management contract in Singapore, bringing its mall network in the Lion City to 20 shopping malls, encompassing a combined gross floor area of roughly 14.2 million square feet, excluding car park space.
Under the agreement with Singapore Post, CapitaLand's wholly owned mall business subsidiary will oversee pre-opening, marketing and promotion activities, lease management and facilities management of the five-story SingPost Centre mall, located at the Paya Lebar Central commercial hub in the eastern part of Singapore that is still being developed.
SingPost Centre, which is slated to open in the second half of 2017, has 269,000 square feet of GFA and approximately 175,000 square feet of net lettable area.
At the same time, CapitaLand is growing its mall footprint in other parts of Asia. In January, the subsidiary signed a mall management contract for the five-story La Botanica mall at the Chan-Ba Ecological District in Xi'an, China.