Fourth Acquisition in Asia
A joint venture led by Chelsfield Asia has acquired five office floors in the Llland Tower in Shanghai from local private equity group FC Capital. Chelsfield Asia joined with Malaysia-based Amcorp Properties Berhad, a subsidiary of investment holding group Amcorp Group Berhad to acquire the asset which is located along Nanjing Road West, one of the three major central business districts of Shanghai.
Shanghai remains China’s leading financial services gateway city for both multinational corporations and domestic companies. With Shanghai’s central business district offices continuing to demonstrate a strong leasing momentum it will continue to be one of our key investment destinations for commercial real estate. Nick Loup, Chief Executive Officer of Chelsfield Asia comments: “We will leverage our experience in asset repositioning in order to enhance its value, attract new tenants and upgrade the tenant mix by securing a first-class co-working operator.”
Chelsfield Reveals a Bright and Bold Mural by Camille Walala’s for the Worfu Development Previously Known as Provident Square
Chelsfield Asia and their joint venture partner Pamfleet commissioned internationally renowned artist and designer Camille Walala to create a mural to embellish the construction works during the period of redevelopment. With the help of six local artists, Walala’s powerful design has come to life, spanning the whole façade of the one-stop shop retail destination. The mural was revealed in January 2019 and will be on display until mid-May 2019.
The Mural thrives to make public art accessible to North Point’s community as it humanises this concrete jungle and influences how people see and connect with a place. Walala’s enthusiastic design, totalling up to 54.1m (W) x 4m (H) in size, echoes the hustle and bustle of North Point’s residents as it exudes the energy and liveliness of the district’s bright city lights. The dynamism of her bold patterns promotes a sense of community spirit, allowing observers to immerse themselves in the high-octane colour combinations and gain positive impact daily.
This initiative marks Chelsfield’s commitment to making Worfu a destination that will enrich the lifescapes of Hong Kong residents.
Worfu’s design is being led by international design studio Lead 8; it is set to build North Point’s community through artistic, cultural, educational and lifestyle experiences for all residents and visitors.
Third Acquisition in Asia
In January 2019, Chelsfield Asia Fund 1, in a joint venture with fund manager ARA Asset Management Limited, acquired Manulife Centre (51 Bras Basah Road) in Singapore.
The 241,000 sqft office and retail building comprises a ground floor retail podium and large efficient office floors of 23,000 sqft. This provides the building with a distinct competitive advantage over other office buildings in this sub-market.
Strategically located within the city fringe near the Orchard corridor in the Bras Basah precinct, the property is located at the intersection of Singapore’s shopping and cultural districts which in recent years have become more established as a corporate location. The joint venture aims to reposition the asset into a unique lifestyle-focussed workplace that amplifies the energy of the neighbourhood and unlocks inherent value through rental growth.
Nick Loup, Chelsfield Asia CEO and Group Vice-Chairman said: “With the advent of the on-going co-working wave and the rise of millennial expectations for F&B and retail, we aim to deliver a new and unique office concept that leverages on the vibrancy of the neighbourhood to appeal to both new-generation businesses and traditional corporate tenants. Through a thoughtful design-driven and hands-on asset management approach, it will allow us to raise the premium on rental income as well as asset value.”
Assistant Group CEO and CEO of ARA Private Funds, Mr Ng Beng Tiong, said: “51 Bras Basah Road is a prominent building in the Civic District in Singapore. Connected to two MRT stations and in close proximity to the central business district, the property is popular with companies seeking convenience and accessibility. Given ARA’s strong investor-operator track record, we are confident that we will be able to enhance the property through asset enhancement and tenant repositioning, and value-adding to the investment.”
Le Rouge Chanel Pop-up Store at 9 Queen’s Road Central, Hong Kong
In October 2018, leading luxury brand Chanel opened an exclusive 4,242 sqft Le Rouge Beauty pop-up store in Shop 6 at 9 Queen’s Road Central, Central, Hong Kong.
Le Rouge Chanel pop-up store pays homage to Gabrielle Chanel, who in 1924 turned an intense vermillion red into her first lipstick, which then became one of the most iconic colours for the French fashion and beauty house. The exclusive space is used to explore the red in a variety of different textures and forms (from a collector’s edition of the iconic N°5 fragrance to makeup collections) while unveiling the creative process of each product.
More and more retailers are looking into experiential opportunities to further engage their customers with their brands.
Group Head of Retail Strategy at Chelsfield, Rebeca Guzman Vidal, comments: ‘Brands are increasingly turning to store concepts that go beyond traditional merchandising by offering new ways of interacting and experiencing the brand.’
Chelsfield made this possible for Chanel at 9 Queen’s Road Central, Hong Kong.