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Published on April 10, 2008

They have formed a 50:50 joint venture called Sandalwood as the first integrated retail development and management service provider to operate across Asia.

Sandalwood's scope of retail services will include consulting, leasing, development and shopping centre management.

Its head office will be located in Singapore and its operations will be launched in two phases. The first phase covers Singapore, Hong Kong, China, Macao, Taiwan, Indonesia and India.

Jones Lang LaSalle is a global real estate money management and services firm operating in more than 700 cities in over 60 countries.

In Asia-Pacific, the firm has over 50 years of experience with a network of more than 70-owned offices in 13 countries.

Colonial First State Property Management is one of Australia's largest full service property development, management and leasing specialists.

Since its inception in 1983, the firm has undertaken more than 25 major shopping centre developments and now manages 36 centres on behalf of third-party clients in every state of Australia, including the iconic Chadstone Shopping Centre in Victoria, Chatswood Chase in Sydney and QueensPlaza in Brisbane.

Peter Barge, Asia-Pacific CEO at Jones Lang LaSalle said this joint venture comes at an opportune time, when the retail sector in Asia is enjoying robust growth, buoyed by consistently strong economic performance, positive consumer sentiment and increasing affluence in the region.

The company's latest annual retailer sentiment survey also shows broad retailer optimism in Asia, with 76 per cent of respondents anticipating higher growth in turnover this year and nine out of 10 planning to expand their retail operations.

All these positive indicators present tremendous retail opportunities for the new company.

Stewart Hutcheon has beenappointed CEO of Sandalwood, Barge said.

The Nation