Asia

Worfu, North Point, Hong Kong

In February 2018, Chelsfield Asia Fund 1 in a joint venture with Pamfleet, acquired Provident Square (now rebranded as Worfu), a neighbourhood shopping centre in Hong Kong. One of the largest malls in North Point, it has a total gross floor area of 210,000 sq ft split over 3 levels, and a 732 ft frontage on Wharf Road.

The undermanaged mall has been transformed into a modern and aspirational shopping centre. Large-scale refurbishment works were carried out and completed by end 2020 to improve the visibility and accessibility of the mall and the circulation at the podium level and as a result, attract more visitors and better-quality tenants.

Chelsfield has appointed the award-winning design studio Lead8.

9 Queen’s Road Central, Central, Hong Kong

In April 2018, Chelsfield Asia Fund 1 acquired this 7,700 sq ft property in a 60/40 joint venture with L Catterton.

Located in the central business district and beside Landmark, a luxury shopping destination, the property comprises four connected ground floor retail units in a 31-storey Grade A office building.

Previously owned and occupied by Hermes the units offer a wide frontage facing Des Voeux Road Central and Ice House Street.

Following the completion of renovation works in March 2021, the space has been sub-divided into smaller retail units. This improvement strategy allows for a more dynamic tenant mix, attracting more pedestrian footfall.

Lazada One, Bras Basah, Singapore

In January 2019, Chelsfield Asia Fund 1 and asset manager ARA, acquired Manulife Centre a 241,388 sq ft mixed-use building. Manulife was rebranded as 5One Central which has now been renamed Lazada One by its new anchor tenant Lazada.

The 11-storey building is located along the Orchard corridor in the Civic and Cultural District of Bras Basah, a location that has recently attracted the corporate sector.

Chelsfield’s objective is to reposition the asset into a unique office space complimented by a wide range of lifestyle amenities. The property upgrade will include creating a better sense of arrival and activating the retail space more effectively. High-quality tenants and co-working operators will be targeted in order to create a greater vibrancy for the asset.

Construction works commenced in July 2020 and are expected to be completed by the end of 2021.

LL Land Tower, Jing’an District, Shanghai

In November 2019, Chelsfield Asia Fund 1 in a joint venture with Amcorp Properties Berhad, acquired five full floors of office space totalling 105,157 sq ft in LL Land Tower.

Located along West Nanjing Road in the heart of one of the three major central business districts of Shanghai, the tower is within 5-minutes’ walk from three subway lines and is well served by established neighbouring amenities.

The tower benefits from a fully renovated and modernised lobby which was completed in 2015 and a retail podium which recently underwent major refurbishment works.

Since May 2020, the office space has been substantially upgraded, including all the common areas within the floors to generate higher rental yield. 

Of the five full floors, three floors are occupied by an established co-working operator. New meeting rooms on all five floors provide current and future tenants with services and improved space efficiency. Fitted offices are also available.

Midtown Jing An, Jing’an District, Shanghai

In November 2019, Chelsfield Asia Fund 1 in a joint venture with Pamfleet, acquired a fifty per cent stake in four office buildings (now known as Midtown Jing An) located in Lifehub@Daning, a large-scale, retail-anchored mixed-use scheme.

Completed in 2006, the four office buildings comprise 404,000 sq ft of offices situated at the junction of Daning Road and Gonghexing Road. The buildings have excellent connectivity to the highway and the metro – only four stops from People’s Square and about five kilometres north from Nanjing West Road, both considered to be the most important business districts in Shanghai.

The strategy will focus on refurbishing the offices, optimising the structure and the tenancy mix to achieve a better rental performance. An established smart serviced-office operator has taken up five floors in Building 1, and the plan is to collaborate with them to offer greater flexibility and tenant-centric services to the tenants in the other three buildings. Fitted offices are also available.

Subject to planning approvals, upgrading work has commenced in September 2020 and target to complete by end Q2 2021.