SC VivoCity signs blue-chip retailers

The family-oriented mall, a joint venture between Vietnam’s top retailer Saigon Co.op and Mapletree investments (under Singapore’s Temasek Holdings), has signed deals with 13 well-known retailers who will occupy more than half of the mall’s 41,000 square metres.

Among the brands that will set up shop in VivoCity are CGV, the largest multiplex cinema chain in South Korea. CGV will set up a Cineplex that will included a Starium – an overhead rounded cinema screen with an ultra-powerful sound system and specially designed seats for upward viewing and extra legroom.

Major Vietnamese and Singaporean retailers are also prominent in the mall’s portfolio. Saigon Co.op is partnering with NTUC FairPrice Singapore to set up a hypermarket called Co.opXtra, while an array of food and beverage outlets will be opened by Starbucks, BreadTalk, ThaiExpress, Pepper Lunch and ShabuYa.

Other tenants include health and beauty store Guardian, and the Nu Cuoi Vui Game Centre which will set up a bowling alley and arcade.

Other names are California Fitness & Yoga Centre, Korean indoor kids club Playtime and Wall Street English, a leading global provider of English language training.

Saigon Co.op chairman Nguyen Ngoc Hoa said, “SC VivoCity, the first phase of the Saigon South Place project, is built based on a complementary combination of Mapletree’s experience managing commercial developments and shopping malls across Asia and Saigon Co.op’s deep understanding of the Vietnamese market and retail experience.”

Phua Kok Kim, regional CEO for Southeast Asia at Mapletree and board member of the joint venture added, “SC VivoCity has attracted a good level of interest from established retail brands, which reflects retailers’ confidence in the strong partnership between Saigon Co.op Investment Development Co. and Mapletree. We are confident that SC VivoCity’s integrated retail concept of a family and lifestyle destination for middle and aspiring middle class Vietnamese and expatriates living and working in Ho Chi Minh City, will significantly enliven Vietnam’s retail scene.”

The joint venture, called VCCD in short, has also signed a deal with leading Vietnamese bank BIDV for funding of up to VND840 billion ($40 million). This amount help complete the financing required to constructing and developing the mall.

By the end of June, more than 60 per cent of construction on SC VivoCity has been completed. Once finished, the mall will have a gross floor area of 62,000 square metres with retail space spread over five storeys. The mall will adopt the successful attributes of Singapore’s award winning VivoCity shopping mall – the largest retail destination in the city state developed and managed by Mapletree.

“We are delighted and encouraged that good name retailers want to position themselves in our mall and we will work hard to deliver on the target opening in 2015,” said VCCD general director Koh Mui Kwang.

SC VivoCity is the first phase in the development of Saigon South Place, a 4.4 hectare integrated mixed-use project in Ho Chi Minh City. Besides the mall, the complex will comprise Grade-A office and serviced apartment buildings. District 7 is also home to a number of multinational corporations, a thriving expatriate community and amenities such as international schools.