The Vietnam seaside city of Vung Tau will get its first western-style shopping centre by December.
Vung Tau is a popular weekend destination for the well-heeled residents of Ho Chi Minh City, just 90 minutes away by ferry down the Saigon River. It is also a comparatively wealthy city, supported by the offshore oil drilling industry.
Lam Sơn Square will feature restaurants, retail stores, a multiscreen cinema complex and a market-style area for local retail concepts.
Confirmed tenants include home-grown Vietnam coffee chain Highlands, Pho 2000, Hoàng Yến restaurant and Blue Ginger, some of 15 popular restaurants and chain cafes.
The development includes 40 karaoke rooms, a gym, an amusement arcade. Many tenancies will include sea views.
Located on the crossroads of Lê Lợi and Lê Quý Đôn, it is about two blocks back from the beachfront and adjacent to a park, just minutes from the ferry terminal. Apartments and an office tower rise above the retail precinct.
Lam Sơn Square has been developed by Thinh Vuong Co.,Ltd and The Oil Services Company of Vung Tau (OSC Vung Tau), the development costing about 160 billion VND, ($US$76.7 million). It has a total area 21,200 sqm, including one underground floor and eight upper floors.
According to Vũ Mạnh Hằng, CEO of Thịnh Vượng Co, the project will help local small retailers. The development includes 346 kiosks in a market style precinct. Within two days of launch, deposits had been paid on 75 of the kiosks which carry 10 year leases from 150 million VND (US$7200) for six square metres.
This is the first time a modern trade center in Vietnam has allow retailers to lease kiosks with 10 year expiry dates. Lessees can use the kiosks themselves or transfer to others.
According to Huỳnh Tấn Trung, chairman of Thịnh Vượng, other trade centres allow lessees to hire kiosks on one or two year contracts and just select famous brands or high quality products to sell.
He expects blank space will be filled before September because the price is lower than even traditional markets in the Vung Tau area.
The development is being marketed by Jones Lang Lasalle Viet Nam.
