Mapletree opens business centre in Ho Chi Minh City

HO CHI MINH CITY — Mapletree Investments officially opened its 17-storey office tower in Ho Chi Minh City on Wednesday (March 22), as economic ties between Singapore and Vietnam deepen.

The new Mapletree Business Centre, the group’s first office development in Vietnam, is part of the 4.4ha Saigon South Place Complex — an integrated mixed-use project by the group — located in the affluent District 7 in Ho Chi Minh City.

With a gross floor area of 28,300sqm, the centre will be occupied by local and global corporations in the information technology (IT), fast-moving consumer goods and banking industries. They include Standard Chartered Bank, Vietnamese food manufacturer Uniben, and IT solutions provider SCC UK. 

Prime Minister Lee Hsien Loong, who was in the city as part of a four-day official visit to Vietnam, was the guest of honour at the official opening. Other dignitaries present included Vietnamese Deputy Prime Minister Trinh Dinh Dung and Singapore’s Minister in the Prime Minister’s Office Chan Chun Sing. 

At a dinner reception on Tuesday, Mr Lee had said that the prospering ties between the two countries provided more opportunities for Singaporeans. For instance, Mapletree, which ventured into Vietnam more than 12 years ago, has become one of the largest Singapore real estate companies in the country.

The group owns and manages more than S$1.2 billion worth of mixed-use, office, retail, industrial, logistics, residential and serviced apartment assets in Hanoi, Ho Chi Minh City, Binh Duong and Bac Ninh. It is Mapletree’s largest portfolio in South-east Asia. 

In April 2015, the group also opened an adjacent shopping mall SC VivoCity, a joint venture with Vietnamese retail co-operative Saigon Co.op. 

The third phase of development for Saigon South Place Complex will be an Oakwood-branded serviced apartment and a high-rise residential block, RichLane Residences, due to be completed by the end of the year.

In his opening address, Mapletree Investments chairman Edmund Cheng said the group had grown its portfolio of properties in tandem with the expansion of Vietnam’s economy and pace of urbanisation.

On Thursday, Mr Lee and his delegation will meet Vietnamese Prime Minister Nguyen Xuan Phuc, and the two leaders will hold a joint press conference after their meeting. Mr Lee will also meet several other Vietnamese leaders, including General Secretary of the Communist Party of Vietnam Nguyen Phu Trong, President Tran Dai Quang, and National Assembly President Nguyen Thi Kim Ngan. Mr Lee will later attend a dinner hosted by the Vietnamese Prime Minister.