Takashimaya to be Saigon Centre anchor tenant

Property developer Keppel Land said Takashimaya will be an anchor tenant in its upcoming mixed-use project in Ho Chi Minh City, Vietnam.

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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