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Mapletree Unveils New Grade A Office Twin Towers in Ho Chi Minh City and Opens its First Serviced Apartment Development in Vietnam
25 Mar 2019

Ho Chi Minh City, Vietnam – Mapletree Investments (“Mapletree” or “the Group”) today unveiled the design of Grade A office twin towers V Plaza - a joint venture with Saigon Co.op Investment Development JSC (“SCID”) - and officially opened its first Mapletree-developed serviced apartment in Vietnam, Oakwood Residence Saigon in District 7 of Ho Chi Minh City.

About 160 guests witnessed the unveiling of V Plaza which was graced by Guest-of-Honour Deputy Prime Minister of the Republic of Singapore, Mr Teo Chee Hean, Chairman of Ho Chi Minh City People’s Committee, the Socialist Republic of Vietnam, Mr Nguyen Thanh Phong, Chairman of Mapletree, Mr Edmund Cheng and Chairman of Saigon Co.op, Mr Diep Dung.

 

Artist’s impression of V Plaza (centre, behind SC VivoCity) when fully completed in 2023.

Mapletree also hosted guests to a second celebration at Oakwood Residence Saigon. DPM Teo, Mr Phong and Mr Cheng unveiled a commemorative plaque to officiate the opening ceremony and toured the 30-storey serviced apartment.

(From left) Member of Parliament Mr Henry Kwek, Consul-General in Ho Chi Minh City Ms Leow Siu Lin, Member of Parliament Mr Patrick Tay, Executive Director and Group Chief Executive Officer of Mapletree Mr Hiew Yoon Khong, Chairman of Ho Chi Minh City People’s Committee, the Socialist Republic of Vietnam, Mr Nguyen Thanh Phong, Deputy Prime Minister of the Republic of Singapore Mr Teo Chee Hean and Mrs Teo, Ambassador to the Socialist Republic of Vietnam Ms Catherine Wong, Chairman of Mapletree Mr Edmund Cheng, Regional Chief Executive Officer of Mapletree, South East Asia Ms Wendy Koh and Deputy Group Chief Executive Officer of Mapletree Mr Chua Tiow Chye.

Oakwood Residence Saigon is the first Mapletree-developed serviced apartment in Vietnam.

When completed in 2023, V Plaza will be the largest office complex in District 7, offering 66,000 square metres (“sqm”) net lettable area (NLA) of office space. The new skyscrapers are highly anticipated to cater to the demands of local and international companies in e-commerce/IT, banking and financial services and manufacturing.

Together with the existing SC VivoCity, Mapletree Business Centre, RichLane Residences and Oakwood Residence Saigon, V Plaza will complement Mapletree’s “Work, Live and Play” concept for the 4.4-hectare integrated development.

“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. 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,” Mr Cheng said.

“On March 16 seven years ago, SCID and Mapletree celebrated the groundbreaking of SC VivoCity. SC VivoCity attracted occupancy of above 95 per cent 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,” said Mr Dung.

Meanwhile, Oakwood Residence Saigon offers 237 fully furnished serviced apartments ranging from studio to three-bedroom units, and premium amenities such as multi-function meeting rooms measuring up to 110 sqm, an on-site restaurant, fitness centre, swimming pool and a children’s playground. Managed by Oakwood, the property has attracted many expatriates and business travellers since its soft opening in April 2018.

At the event, each guest also received a box of artisanal soap, a project collaboration between Mapletree and Faire soapworks (“Faire”). With a start-up grant from Mapletree, Faire produced chemical-free soaps from excess cow's milk sourced in Cu Chi Village in Vietnam. Apart from reducing the wastage of excess milk, these soaps help to uplift the Vietnamese farmers’ income and better their livelihood. Faire is co-founded by a team of students from Singapore Polytechnic and University of Economics Ho Chi Minh City.

Since entering Vietnam in 2005, Mapletree is committed to growing its footprint in the country. The Group will continue to transform more precincts, develop flagship properties and be on the lookout to acquire operating assets which are in line with our strategy. At present, Mapletree owns and manages more than US$1.09 billion of assets in Vietnam.

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 Saigon South Place
 Phase 1 –
Completed in 2015
SC VivoCity NLA: 41,211 sqm
Phase 2 –
Completed in 2017
Mapletree Business Centre
NLA: 23,448 sqm
Phase 3 –
Completed in 2018 and 2019   
RichLane Residences

Oakwood Residence Saigon
Number of units:  
243 units
Number of units:  
237 units
Phase 4 –
Due to be completed in 2023
 V Plaza
NLA: 66,000 sqm

MEDIA CONTACTS

Ms Xabryna Kek Ms Grace Lee

Senior Executive, Corporate Communications
 Manager, Corporate Communications

Mapletree Investments  Mapletree Investments

Tel: +65 6377 4608 / +65 8183 3543
 Tel: +65 6377 4218 / +65 9750 6482

Email: xabryna.kek@mapletree.com.sg  Email: grace.lee@mapletree.com.sg

 

About Mapletree

Mapletree is a leading real estate development, investment, capital and property management company headquartered in Singapore. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, the Group has established a track record of award-winning projects, and delivers consistent and high returns across real estate asset classes.

Mapletree currently manages four Singapore-listed real estate investment trusts (REITs) and six private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, the United Kingdom (UK) and the United States (US).

As at 31 March 2018, Mapletree owns and manages S$46.3 billion of office, retail, logistics, industrial, residential, corporate housing / serviced apartment, and student accommodation properties.

The Group’s assets are located across 12 economies globally, namely Singapore, Australia, China, Germany, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US and Vietnam. To support its global operations, Mapletree has established an extensive network of offices in these countries.

For more information, please visit www.mapletree.com.sg.

About Oakwood®

Oakwood®, a wholly owned subsidiary of Mapletree Investments, is the leading global accommodation solutions provider helping businesses and individual travelers be anywhere they need to be. With an extensive and flexible selection of move-in ready furnished and serviced apartments, Oakwood has enabled thousands of companies to expand their reach to more customers and markets. The award-winning company continues investing in its exclusive and growing portfolio of Oakwood-branded properties throughout the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific) offering travelers a broad range of accommodation options from apartments with luxurious style and full amenities to sensible accommodations.

For more information, please visit www.oakwood.com.

About Saigon Co.op

Saigon Co.op's is Ho Chi Minh City Trade Cooperative Union, which was established in 1989. After 30 years of establishment and development, Saigon Co.op is now the leading FMCG's retailer in Vietnam. In which SCID Company under Saigon Co.op plays a key role in finding and developing commercial infrastructure for key retail models of Saigon Co.op. Currently, Saigon Co.op owns more than 600 points of sale, including all modern retail models, covering almost all market segments: Co.opmart supermarket system, hypermarkets system. Co.opXtra, Co.op Food food chain, Sense City commercial center system, Co.op Smiles modern department store, convenience store 24h Cheers, HTV Co.op TV shopping channel, Vietnam's food market - Sense Market, .... and constantly preparing to launch other retail models.

It is estimated that this retail system receives about 1 million visitors every day and the total sales in 2018 of Saigon Co.op reaches more than 323,000 billion VND, equivalent to more than 1.4 billion USD.

For more information, please visit www.saigonco-op.com.vn.

About Faire soapworks

Founded by four Singaporean students from Singapore Polytechnic (SP) and two students from University of Economics Ho Chi Minh City (UEH), Faire soapworks aims to serve a social cause and bring its artisanal soap to market. With a mission to alleviate the livelihood of farmers in Cu Chi Village, Ho Chi Minh City, students successfully repurposed excess cow's milk through a start-up grant by Mapletree, thereby creating multiple win-wins for all stakeholders.

For more information, please visit www.fairesoapworks.com.