SC VivoCity officially opens doors
SC VivoCity, one of the most modern shopping and lifestyle destinations in Ho Chi Minh City invested by a joint venture baked by Singapore Mapletree has officially opened with a ceremony graced by the President of Vietnam Truong Tan Sang and Ng Teck Hean, Singapore Ambassador to Vietnam.
Invested by Mapletree Investments Pte Ltd and the domestic partner of Saigon Co.op Investment Development Joint Stock Company (SCID), SC VivoCity is the first phase of Saigon South Place, a 4.4-hectare integrated mixed-use development project located in District 7, Tan Phong Ward, along Nguyen Van Linh Boulevard of Ho Chi Minh City.
According to Nguyen Thi Tranh, chief executive officer of SCID, SC VivoCity marks a significant milestone in the diversification strategy of the modern retail business of Saigon Co.op and SCID.
“We are delighted to be able to partner with our respected partner, Mapletree Investments Pte Ltd, in this iconic mall project,” Tranh said at the opening ceremony.
“This partnership has proven to be a perfect combination of the strengths, experience and expertise of both SCID and Mapletree, which has made SC VivoCity a successful international retail and lifestyle destination mall in Ho Chi Minh City today,” she added.
Wendy Koh, Mapletree’s regional chief executive officer of South East Asia, said the high shopper traffic and support from retailers marked a strong start to Mapletree’s development of Saigon South Place.
“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,” Koh said.
“We believe that the office and serviced apartment components of Saigon South Place are poised to benefit from this. Already, the liberalisation policies have drawn the interest of international retailers that are new to Vietnam, and many are marking their entry into the country by opening at SC VivoCity,” Koh added.
SC VivoCity has drawn strong footfall since it began operations on April 19, 2015. On average, it sees over 700,000 visitors per month.
To-date, shops taking up 84 per cent of SC VivoCity’s net lettable area of 41,000sqm have opened, and close to 90% of NLA has been committed. The mall has a gross floor area of 62,000sqm.
When completed in 2016, Saigon South Place will consist of SC VivoCity, three office towers, and two blocks of serviced apartments – bringing to life the live, work, play integrated concept envisioned for the development.
In Vietnam, Mapletree currently owns and manages three logistics parks located in Binh Duong and Bac Ninh, industrial and business park development Mapletree Business City in Binh Duong; and Pacific Place, a mixed-use development in Hanoi. Mapletree also owns Centre Point, an office building with a retail podium in Ho Chi Minh City.