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Singapore’s Mapletree has opened its first shopping mall in Ho Chi Minh City in Vietnam.
Dubbed SC VivoCity, the 62,000 sq m mall was jointly developed by Mapletree and Saigon Co.op Investment Development Joint Stock Company (SCID).
In a statement, Mapletree said shops have taken up 84 percent of the mall’s net lettable area since its soft launch in April. SC VivoCity has also drawn strong footfall, with more than 700,000 visitors per month.
“Foot traffic is expected to increase further as more retailers, many of which are international brands setting up their first shops in Vietnam, open at the property,” it said.
The mall is the first phase of the 4.4ha integrated mixed-use development project, Saigon South Place. Located along Nguyen Van Linh Boulevard, which is a district with a large number of multinational corporations, expatriates and middle-class local residents, Saigon South Place will also feature serviced apartment building and Grade-A office when completed.
“The high shopper traffic and support from retailers mark a strong start to our development of Saigon South Place,” said Wendy Koh, Mapletree’s Regional Chief Executive Officer of South East Asia.
“The recovery and continued liberalisation of Vietnam’s economy, such as the relaxation of rules for foreign businesses to set up operations in the country and the lowering of trade barriers and corporate tax rates, will continue to draw foreign firms to set up operations in Ho Chi Minh City, Vietnam’s vibrant business hub,” she said.
Image: SC VivoCity (Source: Mapletree)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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