Somerset Wins Contract To Manage Prime Retail Mall In Tianjin, China
Somerset International, the management arm of Somerset Holdings, has clinched the property management contract for one of the largest retail malls in Tianjin, China.
The prime six-storey shopping and entertainment centre in the heart of Tianjin's central business district, is part of a larger integrated complex called The Exchange. The new prestigious Grade A development comprises two 38-storey towers with offices and serviced residences, a 22- storey five-star hotel, and a retail podium, spanning a 190,000 sq metre gross floor area.
The contract for the mall at the junction of Tianjin's main streets Nanjing Lu and Yingkou Dao was clinched amid keen competition from several international and domestic property management companies.
The retail mall, called The Exchange Square, will have a supermarket, department store, specialty shops, indoor sports, food and beverage outlets and entertainment centres spread over a 55,000 sq metre gross floor area.
Targeted at Tianjin's increasingly affluent population, the shopping complex expects a pedestrian traffic exceeding 26 million a year and is targeted to open in the third quarter of next year.
Somerset Holdings' chief executive officer, Mr Kee Teck Koon, said: "The mall is an important anchor project for Somerset. It will enable us to tap into Tianjin's impressive growth, and establish a firm foothold in retail management in North China.
"This showcase property will add to the depth of our increasing presence in East Asia's retail property sector. It also underscores our commitment to be the retail property manager of choice for our growing list of international investor clients and partners. "
An hour's drive from Beijing, Tianjin is China's fourth largest municipality with a population of 9.5 million. It has emerged as North China's largest commercial, financial and industrial hub, and the focus of the Greater Bohai Economic region. It boasts the largest marine port in Northern China, and economic growth fueled by increasing foreign investments.
The entire Exchange project is developed by Tianjin Ao Zhong Development Co Ltd, a joint venture between Singapore incorporated Landmark (Tianjin) Pte Ltd and Xin Wan Real Estate Development Corporation from China.
The shareholders of Landmark (Tianjin) Pte Ltd are GIC Real Estate Pte Ltd from Singapore; Ipoh Ltd from Australia; and HKR International from Hong Kong.
Somerset International already manages three large shopping centres in East Asia including the HuiTeng Metropolis, Xiamen and People's Parade, Wuhan in Southern China; as well as TaiMall, the largest megamall in Taipei.
Somerset Holdings is a leading owner and manager of serviced residences and retail properties in the Asia Pacific region, with one of the largest portfolios in this part of the world.
Public-listed in Singapore, it owns or manages about 3,200 serviced residence units and 310,000 sq metres of retail space in 21 cities in 11 countries. The company is the hospitality and retail property subsidiary of Pidemco Land.
Somerset International, the management arm of Somerset Holdings, specialises in the management of serviced residences, shopping malls and hotels / resorts.
With over 15 years' international experience, it works with developers and property owners to maximise asset productivity and competitiveness. It adds value to attractive retail and hospitality investments through its strong brand and management capabilities.
Ida Lim, Vice President
Investor Relations & Corporate Communications
Tay Cheng Cheng, Assistant Manager
Issued by:Somerset Holdings Limited