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).
