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Jones Lang LaSalle Incorporated (JLL), a global real estate money management and services firm, announced in Hong Kong on Tuesday to set up a joint venture company with an Australian partner to target the premium retail property opportunities in Asia.
The 50:50 joint venture named Sandalwood was set up by JLL and Colonial First State Property Management (CFSPM), one of Australia's largest full service property development, management and leasing specialists.
Sandalwood's head office will be located in Singapore. Its scope of retail services will include consultancy, leasing, development and shopping center management.
Peter Barge, Asia Pacific Chief Executive Officer at JLL, said the joint venture came at an opportune time as "the retail sector in Asia is enjoying robust growth, buoyed by consistently strong economic performance, positive consumer sentiment and increasing affluence in the region."
Results of JLL's latest annual Retailer Sentiment Survey showed broad retailer optimism in Asia, with 76 percent of survey respondents anticipating higher growth in turnover in 2008 and nine out of ten survey respondents planning to expand their retail operations.
"All these positive indicators present tremendous retail opportunities for the new joint venture company," said Barge.
Sandalwood will launch its operations in two phases. The first phase covers Singapore, Chinese mainland, China's Taiwan, Hong Kong and Macao, Indonesia and India. The second phase will covers Japan, Vietnam, South Koran and other Asian cities.
About 740 employees from both JLL and CFSPM will move into Sandalwood.
According to CFSPM, Asian economies are amongst the fastest growing economies in the world with real GDP compound average growth of approximately 9 percent per annum over the last five years, and their retail management and property development markets have grown at a compound average growth rate of more than 20 percent in the same period.
Source: Xinhua
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