HO CHI MINH CITY, 20 September 2015 – SC VivoCity, among the most modern shopping and lifestyle destinations in Ho Chi Minh City (HCMC), officially opens today with a ceremony graced by the President of Vietnam, Mr Truong Tan Sang.
SC VivoCity has drawn strong footfall since it began operations on 19 April 2015. On average, it sees over 700,000 visitors per month. Foot traffic is expected to increase further as more retailers, many of which are international brands setting up their first shops in Vietnam, open at the property.
To-date, shops taking up 84 per cent of SC VivoCity’s net lettable area (“NLA”) of 41,000 square metres (“sqm”) have opened, and close to 90 per cent of NLA has been committed. The mall has a gross floor area (“GFA”) of 62,000 sqm.
SC VivoCity is jointly developed by Saigon Co.op Investment Development Joint Stock Company (“SCID”) and Mapletree Investments Pte Ltd (“Mapletree”). SCID is an affiliate of top Vietnam retailer Saigon Co.op, and Mapletree is a leading real estate development, investment and capital management company headquartered in Singapore.
The mall is the first phase of Saigon South Place, a 4.4-ha integrated mixed-use development project located in District 7, Tan Phong Ward, along Nguyen Van Linh Boulevard. This is a district with a large number of multinational corporations, a strong community of middle class Vietnamese residents as well as expatriates, and amenities such as international schools. When completed, Saigon South Place will also comprise Grade-A office and serviced apartment buildings.
Ms Nguyen Thi Tranh, Chief Executive Officer of SCID, said: “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.
“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.”
Ms Wendy Koh, Mapletree’s Regional Chief Executive Officer of South East Asia, said: “The high shopper traffic and support from retailers mark a strong start to our 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.”
“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.”