Asia

Investments

Chelsfield Asia invests in the office, residential and retail sectors in the four key Asian gateway cities, Hong Kong, Shanghai, Singapore and Tokyo with the aim to create a compelling portfolio to deliver attractive risk-adjusted and above benchmark returns.

Chelsfield Asia Fund 1

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 sqft split over 3 levels, and a 732 ft frontage on Wharf Road.

The opportunity is to transform the undermanaged mall into a modern and aspirational shopping centre. Large-scale refurbishment works will be carried out 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.

Worfu, North Point, Hong Kong

  • Year of acquisition:2018
  • Sector:Neighbourhood retail
  • Strategy:Value-add
  • Gross floor area:210,000 sqft

9 Queen’s Road Central, Central, Hong Kong

In April 2018, Chelsfield Asia Fund 1 acquired this 7,700 sqft 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.

The strategy is to sub-divide the space into smaller retail units to create a more dynamic mix and attract more pedestrian footfall.

Lead8 has been appointed.

9 Queen’s Road Central, Central, Hong Kong

  • Year of acquisition:2018
  • Sector:High street retail
  • Strategy:Value-add
  • Net lettable area:7,700 sqft

5One Central, Bras Basah, Singapore

In January 2019, Chelsfield Asia Fund 1 and asset manager ARA, acquired Manulife Centre (now rebranded as 5One Central), a 241,388 sqft mixed-use building.

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.

Subject to planning approvals, work will start in March 2020 and complete by the end of Q2 2021.

5One Central, Bras Basah, Singapore

  • Year of acquisition:2019
  • Sector:Office and retail
  • Strategy:Value-add
  • Gross floor area:241,388 sqft

Llland Tower, Jing’an District, Shanghai

In March 2019, Chelsfield Asia Fund 1 in a joint venture with Amcorp Properties Berhad, acquired five full floors of office space totalling 105,157 sqft in Llland 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.

The objective is to substantially upgrade the office space including all the common areas within the floors and generate higher rental yield.

Renovation and upgrading works are expected to be completed in the first quarter of 2020.

Llland Tower, Jing’an District, Shanghai

  • Year of acquisition:2019
  • Sector:Office
  • Strategy:Value-add
  • Gross floor area:105,157 sqft

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