Vietnamese real estate company Vingroup has opened Vincom Mega Mall Royal City in Hanoi, dubbed Asia’s largest underground retail and entertainment complex.
Located in Thanh Xuan District and covering 230,000 sqm, Vincom Mega Mall Royal City is Vietnam’s largest shopping mall complex and has been built to international standards.
The mall caters for locals and tourists offering shopping and recreational services, where customers can combine sightseeing, consumption, social gatherings and family entertainment.
Vincom Mega Mall Royal City is not only the largest shopping centre in the country with over 600 shops, but also an entertainment destination with many of Vietnam’s largest recreational facilities including the indoor Vinpearl Water Park Royal City with a total area of 24,000 sqm, which will open all year round and the indoor Vinpearl Royal City Ice Rink with a total area of 3000 sqm, which has a capacity of over 150 people per session and is the first international-standard ice rink in Vietnam.
The new shopping destination also houses World Games with numerous entertaining games, KizCiti, a ‘minimature careers city’ where children from three to 15 years old are taught life skills through dynamic model careers, a bowling area, an F&B Street comprising over 200 restaurants, Platinum Cinema Complex and more.
Development of the Royal City project commenced in 2010, with the site being officially handed over to Vingroup in May 2011, and comes into operation on schedule and after less than 30 months of construction.
Following only 10 months of pre-leasing, the shopping mall enjoyed an occupancy rate of over 95 per cent for the underground component with participation from hundreds of global and local brands.
“We believe that Vincom Mega Mall Royal City, with many novel features and facilities, will be an ideal shopping, entertainment and recreational destination for every Hanoian, as well as domestic and international visitors to the capital,” said Vingroup’s vice chairwoman and CEO Le Thi Thu Thuy.
“With our experience in managing the largest portfolio of high-end shopping centres in Vietnam, Vingroup is committed to providing the highest level of service and endeavors to meet all of our customers’ needs, ensuring that Vincom Mega Mall Royal City will be a major destination for tourism, culture and entertainment activities and a ‘must-see’ destination in Hanoi,” she added.
Earlier this year, Vingroup got a funding worth US$200 million from private equity firm Warburg Pincus. Vingroup said the fund will be used to build out Vingroup’s retail property business.
