Vincom Center A shopping complex opens in HCMC

The newly constructed Vincom Center A shopping complex was officially opened by its investor Vingroup in Ho Chi Minh City on October 10.

The commercial complex is located in the center of Ho Chi Minh City, on prime location known as Eden Quadrangle shaped by the four streets of Dong Khoi, Le Thanh Ton, Nguyen Hue and Le Loi.

The Vincom Center A was completed in 19 months and is designed with six basements and nine floors.

The openning ceremony of the newly constructed Vincom Center A shopping complex

This is the 5th Trade Center in the center of the City and run by Vingroup. The design is that of a high-end shopping center, having features of well-known shopping centers in the world.

Though it has just opened, more than 95 percent of the Trade Center has already been leased out, including areas for restaurants, cafes, fast food joints; electric, IT, audio, health care instruments; appliances, furniture, decor; clothes, fashion, luxury accessories.

The Vincom Center A has six underground floors and nine upper storeys over a total floor area of 91,000 square meters, including commercial space over 38,000 square meters that is located in three underground floors and four surface floors.

Besides the commercial center, Vincom Center A also includes the 5-star hotel Vinpearl Luxury HCMC with some 300 luxury hotel rooms and an underground parking area over 25,000 square meters.

The project owner expected the commercial center and hotel complex to satisfy the demand for shopping, entertainment and relaxation for local residents as well as foreign tourists.

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

In addition, the complex is also connected to the Metro tunnel and an underground 3-storey car parking which is convenient for tourists, as there is parking shortage in the central area of District 1.

According to the plan, from 2013 an indoor swimming pool, gym & spa, outdoor cafe and modern convening halls will be opened at the luxury Vinpearl Hotel, from the 5th floor to the 9th floor of Vincom Center A complex.

Vincom Center A shopping complex in Ho Chi Minh City

The project owner Vincom Joint Stock Company under Vingroup said it had 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 offer prices.

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

In addition to the Vincom Center A project, several large-scale projects will also start to seek tenants for retail space.

For example, Phu My Hung Joint Venture Company has 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 45,000 square meters in retail and commercial areas. At present, 85 percent 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 said 113 leasing contracts had been signed for 6 floors of the building, including supermarkets, a cinema complex and restaurants.

According to a market survey conducted by Savills Vietnam, total retail space supply in HCMC is currently 620,000 square meters.

The last quarter recorded average occupancy of 86 percent, with a slight increase in leasing prices in central areas, while those in the outskirts dropped a bit.

Source SGGPOL, Translated by Dan

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