Singapore’s Mapletree has revealed how its SC VivoCity joint venture in Ho Chi Minh City is performing.
The shopping centre, built in the heart of District 7, a area popular with expats from Korea and Singapore especially, opened in April 2015.
In its recent annual results presentation, Mapletree said almost 90 per cent of SC VivoCity’s 440,000 sqft retail trading space was leased by March 31 this year. Cornerstone tenants include Vietnam’s first Hamleys toy store.
Mapletree said its first shopping mall in Vietnam “has been enjoying strong footfalls since it first welcomed visitors”.
SC VivoCity is the first phase of Saigon South Place, a 4.4-ha integrated mixed-use development project that Mapletree is developing in District 7. When completed, Saigon South Place will comprise retail, office, serviced apartments and residential space.
Construction of the adjoining office complex has started and is expected to be completed by end 2016, while work on the serviced apartments and residential block will commence soon and both buildings are scheduled for completion by end 2017, Mapletree said.
SC VivoCity is a joint venture between local company Saigon Co Op Investment Co, a supermarket operator, and Mapletree, bearing the same brand as the award winning VivoCity centre on Singapore’s waterfront.