More retail space on offer for tenants
HCMC — Tenants of retail space in the downtown areas of HCMC are offered with more choices as the number of projects starting operation is increasing.
The Vincom Center 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-meter 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 Center A is designed with six basements and nine floors.
Besides the commercial center, Vincom Center A also includes the five-star hotel Vinpearl Luxury HCMC with some 300 rooms and an underground parking zone covering 25,000 square meters.
The project owner expected the commercial center 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 Center B on Le Thanh Ton Street in HCMC’s District 1. The group is expanding its commercial center network nationwide to meet the rising demand for retail land space in big cities.
In addition to the Vincom Center A project, several large-scale projects are near completion to start offering the retail space in the coming time.
For example, Phu My Hung Joint Venture Company just put into operation the commercial center 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% of the retail sites of the project have been occupied, with the leasing prices ranging from US$40 to 60 per square meter.
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 HCMC is currently at 620,000 square meters. The market last quarter recorded the average occupancy of 86%, with a slight increase in leasing prices in the central areas, while those in the outskirts dropped a little bit.
