Mapletree opens its first Grade A office development in Vietnam

The completion of Mapletree Business Centre marks the second phase of transformation at the 4.4-hectare Saigon South Place Complex located in the affluent District 7 of Ho Chi Minh City. (Photo credit: Mapletree Investments)

The completion of Mapletree Business Centre marks the second phase of precinct transformation at the 4.4-hectare Saigon South Place Complex located in the affluent District 7 of Ho Chi Minh City.

Guest-of-honour Singaporean Prime Minister Lee Hsien Loong graced the opening ceremony, together with Vietnamese Deputy Prime Minister Trinh Dinh Dung at the development in Ho Chi Minh City.

Mapletree Business Centre is a 17-storey office tower with 28,384 square metres of gross floor area and is designed to international Grade A specifications.

Mapletree Business Centre, Mapletree’s first office development with Grade A specifications in Vietnam, is opened by Singaporean Prime Minister Lee Hsien Loong (centre), along with Vietnamese Deputy Prime Minister Trinh Dinh Dung (right). Mapletree’s chairman Edmund Cheng (left) gave an opening speech. (Photo credit: Ministry of Information and Communications)

The premium office tower has attracted strong leasing interest from many global and local corporations, and is home to companies including Standard Chartered Bank, Uniben, Far Eastern Polytex and SCC UK.

The Saigon South Place Complex mixed-use project is master-planned and developed by Mapletree in phases.

The first phase was a joint venture with Saigon Co.op - SC VivoCity, a shopping mall with 64,250 sqm of gross floor area which opened in April 2015. An Oakwood-branded serviced apartment and a high-rise residential block RichLane Residences are on track for completion by the end of 2017. There are also plans for two more office towers in the precinct.

Guest-of-honour Lee Hsien Loong (centre) and other VIPs at the event (Photo credit: Mapletree Investments)

According to Edmund Cheng, chairman of Mapletree, tapping on its rich experience in rejuvenating the HarbourFront and Alexandra precincts in Singapore, Mapletree aimed to create a work-live-play environment by combining lifestyle, office and residential at Saigon South Place Complex.

“We are honoured to have Singaporean Prime Minister Lee Hsien Loong visit and officiate the opening of Mapletree Business Centre. This signifies the contribution of Saigon South Place Complex in an urbanising Ho Chi Minh City,” Cheng said.

Edmund Cheng presents a token of appreciation to Singaporean Prime Minister Lee Hsien Loong and Vietnamse Deputy Prime Minister Trinh Dinh Dung. (Photo credit: Ministry of Information and Communications)

Mapletree entered Vietnam more than 12 years ago and has grown from one logistics project into one of the largest Singaporean real estate companies in Vietnam by investment.

According to Hiew Yoon Khong, group chief executive officer of Mapletree, today, Mapletree owns and manages more than S$1.2 billion ($860 million) worth of mixed-use, office, retail, industrial, logistics, residential and serviced apartment assets in Hanoi, Ho Chi Minh City, Binh Duong and Bac Ninh.

“We are exploring Vietnam further as we view the country to be a key market for Mapletree,” Khong said.

Mapletree Business Centre is developed and managed by Mapletree Vietnam Management Consultancy Co., Ltd. Its quality office space comprises features such as large column-free floor plates, raised floors, a three-metre high ceiling and an all-glass façade for lighting optimisation, pushing the boundaries in office development in Vietnam.