In a joint news release, Keppel Land said the retailer will take up 15,000 sq m of retail space across five floors of its Saigon Centre Phase 2, which broke ground in November last year. It signed the conditional agreement with Takashimaya Singapore.

Keppel Land said it has now pre-leased some 30 per cent of the project’s total retail space.

The opening of Takashimaya’s department store in 2015 marks its foray into the Vietnamese retail market.

“The Vietnamese retail market is entering an exciting phase of growth with an increasing middle-income class and Takashimaya is looking forward to participate in this emerging market,” said Ms Yoko Yasuda, managing director of Takashimaya Singapore.

Meanwhile, Keppel Land said it has also signed a deal with Toshin Development, the real estate unit of Takashimaya.

The share-purchase agreement will allow Toshin to hold 22.7 per cent stake in Saigon Centre Phase 2.

Keppel Land said it will also partner with Toshin to set up a retail management firm to service its projects in Vietnam.

Located along Ho Chi Minh City’s Le Loi Boulevard, the Saigon Centre 2 features 45 storeys with seven levels and 50,000 sq m of retail and dining spaces.

Its Grade A office space measures 40,000 sq m while its luxury serviced apartments have more than 200 units.

The Saigon Centre Phase 1 was completed in 1996.

Source : Channel NewsAsia – 23 Feb 2012

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This was presented to President S R Nathan and Vietnam’s Deputy Prime Minister Hoang Trung Hai in Hanoi on Tuesday.

In the new phase, Keppel Land is going for an 88-storey mixed development which will house residential, retail and office space, and will also include an observation deck and a museum.

It is working on this project with Skidmore, Owings and Merrill – one of the world’s largest architectural firms.

Phase One of Saigon Centre, a 25-storey building with office space and serviced apartments, was completed in 1996.

It is a development in the Central Business District of the country’s commercial capital, Ho Chi Minh City.

Keppel Land said more details on the new concept plans for Saigon Centre will be released when finalised, and as soon as approvals from the relevant authorities are obtained.

Keppel Land has invested over US$3 billion in 16 projects in Vietnam, most of them in Ho Chi Minh City.

Source : Channel NewsAsia – 26 Feb 2008

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