Singapore-based real estate firm Mapletree has expanded into Vietnam’s retail property sector, with the official opening of its first shopping mall in Ho Chi Minh City on Sunday (Sep 20).
SC VivoCity, jointly developed by Mapletree and Saigon Co Op Investment Development Joint Stock Company (SCID), has a gross floor area of 62,000 square metres. Retailers have taken up 84 per cent of the net lettable area since its soft launch in April, said Mapletree in a news release. The mall has more than 150 retail establishments over five storeys, and it sees more than 700,000 visitors per month, according to Mapletree.
SC VivoCity is home to several international retailers that are new to Vietnam, including fashion labels Miss Selfridge and Dorothy Perkins. The mall also houses brands that are popular in the country, including food outlets Starbucks and BreadTalk. Vietnam’s first IMAX 3D movie theatre is also located in the mall, said Mapletree.
The mall is the first phase of Saigon South Place, a 4.4-hectare integrated mixed-use development located along Nguyen Van Linh Boulevard, a district with a large number of multinational corporations, middle-class local residents and expatriates.
When completed, Saigon South Place will consist of SC VivoCity, three office towers and two blocks of serviced apartments.
Source : Channel NewsAsia – 21 Sep 2015