Luxury retail space still in demand

June 10, 2015 | 18:00

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The luxury retail segment in downtown Ho Chi Minh City still needs more space for development as supply fails to catch up with demand.

According to the real estate service company CBRE, retail space supply citywide is redundant, but this is not true with the luxury retail segment in the downtown.

Despite soft rents, most retail facilities in near downtown districts are unsuitable for the luxury retail business, while luxury retail space supply in the downtown remains meager with few projects to come online over the next two years.

This year, the Léman Luxury Apartments, owned by CT Group- one of leading multi-disciplinary groups in Vietnam, will be put into service in District 3, providing the market with some 19,000 square metres of luxury retail space.

By the end of 2016, the Saigon Centre will be opened in District 1, adding some 50,000 square metres of luxury retail space to the market. However, all the space has been fully booked by Japan’s retail giant Takashimaya.

In 2017, some 35,000 square metres will be supplied by Bitexco’s luxury office, shopping and apartment complex, The One in District 1.

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