Vietnam Daily News

More retail space on offer for tenants

Written by Dailynews.vn Wednesday, 14 December 2011 17:16

Tenants of retail space in the downtown areas of HCM City are offered with more choices as the number of projects starting operation is increasing.

The Vincom centre A complex project has just begun to offer the commercial space in preparation for the official opening of this building in October next year.

The project owner Vincom Joint Stock Company under Vingroup said it started seeking tenants for the 38,000-square-metre retail area as the project's hardware has been completed. However, the company declined to reveal the specific offering prices.

Located in the prime location known as Eden Quadrangle shaped by the four streets of Dong Khoi, Le Thanh Ton, Nguyen Hue and Le Loi, Vincom centre A is designed with six basements and nine floors.

Besides the commercial centre, Vincom centre A also includes the five-star hotel Vinpearl Luxury HCM City with some 300 rooms and an underground parking zone covering 25,000 square meters.

The project owner expected the commercial centre and hotel complex will satisfy the demand for shopping, entertainment and relaxation of citizens as well as local and foreign tourists.

In the future, the first municipal metro system will have a station based in the second basement of the commercial building, facilitating the travel of visitors.

Previously, Vingroup had put into service the Vincom centre B on Le Thanh Ton Street in HCM City's District 1. The group is expanding its commercial centre network nationwide to meet the rising demand for retail land space in big cities.

In addition to the Vincom centre A project, several large-scale projects are near completion to start offering the retail space in the near future.

For example, Phu My Hung Joint Venture Company just put into operation the commercial centre Crescent Mall along Nguyen Van Linh Boulevard in Phu My Hung New Urban Area in District 7.

The project worth VND2.31 trillion in investment capital covers some 45,000 square meters in retail and commercial areas. At present, some 85 percent of the retail sites of the project have been occupied, with the leasing prices ranging from $40 to 60 per square metre.

Phu My Hung Company informed 113 leasing contracts have been signed for six floors of the building, including supermarkets, cinema complex and restaurants.

According to a market survey conducted by Savills Vietnam, the total retail space supply in HCM City is currently at 620,000 square meters. The market last quarter recorded the average occupancy of 86 percent, with a slight increase in leasing prices in the central areas, while those in the outskirts dropped a little bit.

Source: www.intellasia.net/news/articles/business/111350729.shtml