SINGAPORE (May 3): Property developer Hatten Land announced Thursday it has incorporated a new mall management arm, Hatten Commercial Management, to complement its core property development business and drive recurring revenue.

HCM will undertake the management of commercial retail units within the shopping malls developed by the group.

Malaysia-based Hatten Land currently has two completed malls – Elements Mall @ Hatten City Phase 1 and Vedro by the River – and another three malls pending completion.

Once completed, the five malls will boast some 4,900 commercial units over a combined gross floor area of approximately 4.35 million sq ft.

HCM, a wholly-owned indirect subsidiary of Hatten Land, is expected to provide an alternative revenue stream to the group, with revenue contribution expected to commence from 1H19.

The mall management unit will be helmed by chief executive officer Pow Lay Kuan.

With over 20 years’ experience in retail, Pow was formerly the CEO of APM Property Management, which managed properties such as Suntec City Mall, Park Mall, and Capital Square.

“Our expansion into property management dovetails our core business in property development and allows us to build a new revenue stream without incurring substantial capital expenditure,” says Colin Tan, executive chairman and managing director of Hatten Land.

“This initiative will allow us to improve experiences of patrons across our malls while enhancing value for shareholders,” he adds.

Shares of Hatten Land closed 0.1 cent lower at 16.8 cents on Thursday.