Singapore-based CapitaLand Retail has entered into an agreement with Oxley and Worldbridge Land to manage a mall in Phnom Penh.
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Through this partnership, CapitaLand will manage the new mall, which will be located in The Peak, an upcoming high-end development in Phnom Penh.
“With CapitaLand’s proven track record in running successful malls across Asia, we are well-placed to explore new growth opportunities by offering our expertise in retail management to property owners,” said Wilson Tan, CEO of CapitaLand Retail.
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 and two luxury residential towers with 1,014 apartment units atop the mall.
Sear Rithy, chairman of WorldBridge Land, said yesterday that CapitaLand Retail is an established company when it comes to managing shopping malls. According to him, 80 percent of Singaporean malls are owned by CapitaLand Retail.
“They have the experience and the clients, so it is in our best interest to learn from their experience,” Mr Rithy said. “We have contacted them to work with us for about five years and they agreed to come to Cambodia.”
CapitaLand will oversee asset planning, pre-opening and retail management for the five-storey mall. Construction is expected to start in 2020.