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Keppel Land has commenced the next stage of building a 37-storey office tower in Saigon Centre Phase Two in Ho Chi Minh City, Vietnam, the company announced in an SGX filing on Thursday (2 October).
At the same time, its upcoming retail podium at the multi-awarded project has pre-committed 40 percent of its available space. In particular, anchor tenant Takashimaya has agreed to take up 15,000 sq m (161,459 sq ft) to house its first department store in the country.
With a total height of 42 stories, Saigon Centre Phase 2 comprises 430,556 sq ft of Grade A office space, five levels of 538,196 sq ft retail space and 200 units of high-end serviced apartments.
The mixed-use project along Le Loi Boulevard in District 1 has a total investment cost of US$255 million (S$323.93 million).
“In tandem with Keppel Land’s strategy to actively recycle capital and further expand its commercial portfolio, we are advancing with the development of Saigon Centre Phase 2 to meet the demand for prime office and retail space in Ho Chi Minh,” said Linson Lim, Keppel Land’s President for Vietnam.
As for Saigon Centre’s Phase 1, 95 percent of the available space have already been leased to several diplomatic corps and international firms such as DBS Bank, IE Singapore, AIG, Reuters and Mitsubishi Corporation. Furthermore, its 43,055 sq ft retail mall is taken up.
Image: Artist’s impression of Saigon Centre Phase 2 (Source: Keppel Land)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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