Frasers Property takes over AsiaMalls Management in Singapore
Multinational real estate and property management company Frasers Property is set to acquire AsiaMalls Management and its portfolio of five malls in Singapore.
According to a report in The Straits Times, the firm will take over the management of Century Square, Hougang Mall, Tampines 1, Tiong Bahru Plaza and White Sands, as well as 20-storey office tower Central Plaza.
Frasers Property group collectively holds an 88-per-cent stake in the PGIM Real Estate AsiaRetail Fund that holds the six properties. The acquisition will see AsiaMalls Management become a Frasers subsidiary.
“With the management of a wider network of suburban malls island-wide,” said Frasers Property Retail CEO Low Chee Wah, “we will unlock greater operational synergies that allow us to compete more effectively in this fast-evolving retail landscape.”
Frasers Property recently disclosed a 9.5 per cent rise in first-quarter net profits to SGD159.4 million (US$114.9 million).