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Singapore's CapitaLand clinches deal for Phnom Penh mall

Property company seeks entry into Cambodia's bustling retail market

Phnom Penh's skyline has been changed by new construction in recent years (Photo by Simon Roughneen)

SINGAPORE -- Singaporean real estate company CapitaLand signed a management deal Tuesday for a high-end shopping mall to open in 2020 in the rapidly growing Cambodian capital of Phnom Penh.

The 39,000 sq. meter mall will be part of a complex named The Peak, which will include offices and residences as well as a luxury Shangri-La Hotel.

CapitaLand will manage the mall segment, which will contain a total of about 24,000 sq. meters of space available for leasing.

The company will be involved in the planning alongside Singapore-based developer Oxley Holdings and its Cambodian partner, real estate company Worldbridge Land.

CapitaLand has been shifting its focus from ownership to property management, which is less susceptible to fluctuations in real estate prices. In Phnom Penh, the Singaporean group said it manages one serviced residence and has two more set to open.

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