HO CHI MINH CITY AND SINGAPORE, 3 July 2014 – Saigon Co.op Investment Development Joint Stock Company (“SCID”) and Mapletree Investments Pte Ltd (“Mapletree”) said today that more than half of the 41,000 sqm in net lettable area (“NLA”) of SC VivoCity – a shopping mall located in District 7 of Ho Chi Minh City, Vietnam, that they are jointly developing – has been taken up by 13 well-known retailers ahead of its scheduled opening in the first half of 2015.

Vietsin Commercial Complex Development Joint Stock Company (“VCCD”), the joint venture company set up by SCID and Mapletree to develop SC VivoCity, signed memoranda of understanding (“MOUs”) with the retailers today to demonstrate their commitment. Collectively these retailers will take up about 21,270 sqm of space at SC VivoCity, or about 52% of the mall’s NLA.

Among brands that will set up shop at the mall are prominent international names such as CGV, the largest multiplex cinema chain in South Korea. CGV will set up a cineplex that will include the Starium – a theatre that features a giant screen that is among the largest in the world, a powerful sound system and specially designed seats that aim to provide extra legroom.

Big name Vietnamese and Singaporean retailers also feature strongly. Saigon Co.op, the parent company of SCID, is partnering NTUC FairPrice to set up a hypermarket called Co.opXtra that will anchor the mall, while an array of food & beverage offerings will be provided by Starbucks, MOF, BreadTalk, ThaiExpress, Pepper Lunch and Shabu Ya.

Other tenants include health and beauty store Guardian, and Nu Cuoi Vui Game Center – which will set up a bowling and arcade amusement centre.  

Rounding up SC VivoCity’s list of pioneer tenants are: gymnasium operator California Fitness & Yoga Center (which will set up a dynamic lifestyle centre offering more than just a typical gymnasium experience); Korean indoor soft play kids club PLaytime; and Wall Street English, a leading global provider of courses that teach the English language.

Mr Nguyen Ngoc Hoa, Chairman of Saigon Co.op and VCCD, said, “SC VivoCity, the first phase of Saigon South Place, is built based on the complementary combination of Mapletree’s experience in managing commercial developments and shopping malls across Asia, and Saigon Co.op’s understanding of the Vietnam market and retail experience. This signing ceremony with key tenants and the planned opening of SC VivoCity in 2015 are among the diversification strategies of the modern retail business of Saigon Co.op and SCID.”

Mr Phua Kok Kim, Regional Chief Executive Officer of South East Asia at Mapletree and Board Member of VCCD, added, “SC VivoCity has attracted a good level of interest from established retail brands, which reflects retailers’ confidence in the strong partnership between SCID and Mapletree. We are confident that SC VivoCity’s integrated retail concept of a family cum lifestyle destination for middle and aspiring middle class Vietnamese, and expatriates living and working in Ho Chi Minh City, will significantly liven up the retail scene in Vietnam.” 

Confidence in SC VivoCity was also reflected by leading Vietnamese bank BIDV Bank. VCCD also held a signing ceremony today for funding facilities of up to VND840 billion (USD40 million) from BIDV Bank for the ongoing financing of SC VivoCity. This completes the financing required for constructing and developing the mall, which is on target to welcome shoppers in the first half of 2015.

As at 30 June 2014, about 64% of construction work on SC VivoCity has been completed. When fully completed, the mall will have a gross floor area (“GFA”) of 62,000 sqm, with retail space spread over five storeys. SC VivoCity will possess the successful attributes of Singapore’s iconic and award-winning VivoCity shopping mall – the largest retail destination in Singapore developed and managed by Mapletree – with features such as a sky park incorporating a dry and wet children’s playground at its rooftop.

Mr Koh Mui Kwang, General Director of VCCD, said, “Since commencing construction of the mall in June 2013, we have been able to consistently deliver on projected milestones and more importantly, maintain safe and smooth progress. We are delighted and encouraged that good name retailers want to locate in our mall and we will work hard to deliver on the mall’s opening in 2015.”

SC VivoCity is the first phase in the development of Saigon South Place, a 4.4-ha integrated mixed-use project in Ho Chi Minh City. Besides SC VivoCity, Saigon South Place will comprise Grade-A office and serviced apartment buildings. Saigon South Place is located in District 7, Tan Phong Ward, along Nguyen Van Linh Boulevard. This is a district with a large presence of multinational corporations, a strong expatriate community and amenities such as international schools.

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