Mapletree snaps up prime mixed-use property in Saigon CBD for $400m

The firm is looking to expand in Vietnam.

The property firm is looking to deepen its footprint in the Asian country as it acquires Kumho Asiana Plaza Saigon in District 1 of Vietnam’s Ho Chi Minh City.

According to a press release by Mapletree Investments, the property is a prime mixed-use asset offering close to 146,000 square metres in gross floor area, and comprises a 21-storey Grade A office building, 32-storey serviced apartment tower, 21-storey hotel, and a retail podium with food & beverage offerings.

“This is Mapletree’s largest acquisition involving a completed, income-producing property in Vietnam. It is in line with the Group’s overall strategy to invest in strong-yielding assets to further grow its business and earnings,” the press release noted.

According to Hiew Yoon Khong, Mapletree CEO, Kumho Asiana Plaza is a rare asset given its attributes such as size, its multiple components with strong occupancies, and location in the heart of HCMC’s central business district.

He added that the firm is also keen to invest in greenfield opportunities to develop office, retail, residential, serviced apartment and mixed-use developments, either on our own or with local partners.

“Mapletree began investing in Vietnam in 2005, and today owns and manages a portfolio comprising office, retail, industrial, logistics, and serviced apartment assets. Including Kumho Asiana Plaza, the Group now has over S$1 billion in assets under management in the country,” the release noted.

“Mapletree is also in the midst of developing Saigon South Place, a 4.4-hectare mixed-use project located along Nguyen Van Linh Boulevard in District 7’s Tan Phong Ward. Work on a 30,000 sqm Grade A office tower is expected to be completed by end 2016, while construction of an internationally-operated serviced apartment building and a residential block will start soon and both are scheduled for completion by early 2018,” the release added.