Frasers Property Retail, a retail-focused platform under Frasers Property Singapore, has agreed to acquire property manager AsiaMalls Management Pte. Ltd. (AsiaMalls Management), which currently manages a portfolio of five retail malls, Century Square; Hougang Mall; Tampines 1; Tiong Bahru Plaza; and White Sands, and one office tower, Central Plaza in Singapore.
These six properties are held by PGIM Real Estate AsiaRetail Fund Limited (PGIM ARF), which the Frasers Property Group holds a collective 88% stake in.
After completion of the acquisition, AsiaMalls Management will become a subsidiary of Frasers Property Retail Management Pte. Ltd. and will continue to provide property management services to PGIM ARF for these six properties.
Frasers Property Retail’s portfolio comprises 14 shopping malls in Singapore, including suburban retail malls in highlypopulated areas and integrated mixed use developments such as Northpoint City, the largest mall in Northern Singapore, and Waterway Point, Punggol’s first waterfront development.
“Our acquisition of AsiaMalls Management allows us to further strengthen our retail capability. With the management of a wider network of suburban malls island-wide, we will unlock greater operational synergies that allow us to compete more effectively in this fast-evolving retail landscape,” said Low Chee Wah, Chief Executive Officer.