Mapletree Investments has unveiled the design of its Grade A office twin towers in Ho Chi Minh City (HCMC), Vietnam. Named ‘V Plaza’, the project is being developed in a joint venture with Saigon Co.op Investment Development JSC (SCID).
When completed in 2023, V Plaza is expected to be the largest office complex in District 7 of HCMC, offering 66,000 sq m net lettable area (NLA) of office space. It aims to meet the demands of local and international businesses in e-commerce/IT, banking and financial services and manufacturing.
At the same time, Mapletree has opened its first service apartment in Vietnam, Oakwood Residence Saigon, which is also located in HCMC’s District 7.
Together with the existing SC VivoCity, Mapletree Business Centre, RichLane Residences and Oakwood Residence Saigon, the new V Plaza will complement Mapletree’s 4.4-ha integrated development, Saigon South Place.
“Having successfully transformed the HarbourFront and Alexandra precincts in Singapore, Mapletree brought its expertise to Ho Chi Minh City and created a ‘Work, Live and Play’ environment at Saigon South Place. Our flagship properties in Singapore are well-received and we target to deliver a very good set of results in Vietnam,” said Edmund Cheng, chairman of Mapletree.
“Saigon South Place, which started out as a greenfield project has injected vibrancy to today’s District 7. We are confident that Saigon South Place will be a highly sought-after destination because of its proximity to the Central Business District, many international schools, industrial zones as well as the Saigon Exhibition and Convention Centre, providing a one-stop convenience to those living and working nearby,” added Mr Cheng.
Diep Dung, chairman of SCID commented, “On March 16 seven years ago, SCID and Mapletree celebrated the groundbreaking of SC VivoCity. SC VivoCity attracted occupancy of above 95% in its third year of operation in 2018 and footfall at the shopping mall also increased annually. We look forward to scaling greater heights with Mapletree upon the completion of V Plaza.”
Since entering Vietnam in 2005, Mapletree is committed to growing its footprint in the country. The company said it will continue to transform more precincts, develop flagship properties and be on the lookout to acquire operating assets that are in line with its strategy. At present, Mapletree owns and manages more than US$1.09 billion of assets in Vietnam.