New shopping mall to open in Saigon South
The Crescent Mall, a new shopping center in Phu My Hung in District 7, will be opened in November this year, but half of its retail space has already been leased out.
Rupert Provest, director of agency for Savills Vietnam, a property service provider, has announced that 50% of the 45,000-square-meter shopping mall was leased by local and foreign retailers, including major brands. MegaStar Company had confirmed o total space of 2,500 square meters to set up an eight-cinema multiplex on the fifth floor of the mall. Imex Pan-Pacific Group had signed a deal for 1,700 square meters to set up stores introducing fashion brands such as Niketown, GAP, Tommy Hilfiger and Diesel.
The US$110-million development, comprising six levels of retail floor and three basements, is offering a monthly rent of US$50 per square meter for spaces on the ground floor. Rent will be lower on upper floors.
New retail development will contribute a significant supply to the retail market in HCM City, where department stores, shopping centers, retail podium and supermarkets contribute some 630,000 square meters.
According to Savills, the central business districts remain the most desirable locations for both developers and retailers because of prime location and high turnover. Demand for retail space there may increase in the short and medium terms.
