Aeon to buy 3.5ha more land at Celadon City
HO CHI MINH CITY: Gamuda Land expects to ink a deal this year with Japan’s largest retailer Aeon Co Ltd to sell another parcel of land at the developer’s township Celadon City here.
Aeon Co plans to buy 3.5ha in Celadon City to double the size of its existing AEON Mall there to 1.6 million sq ft.
Gamuda Land Ho Chi Minh City general director Wyeren Yap Vooi Soon said upon completion, AeonMall will operate as the largest shopping mall in Vietnam.
The retail giant first acquired 3ha in Celadon City in 2010 to set up Aeon Mall with a gross floor area of 800,000 sq ft and net lettable area of 450,000 sq ft.
Aeon Co paid RM90 million for the land and spent US$70 million (RM301 million) on the mall design and construction.
The mall started to operate in 2014 and is currently almost fully tenanted.
Yap said Gamuda Land was in final negotiation with Aeon Japan for the sale of the land and hoped to close the deal earliest in July.
According to people familiar with land deals in Ho Chi Minh City, the 3.5ha land parcel in Celadon City is expected to fetch between US$40 million and US$50 million.
Celadon City comprises residential, commercial and education components which will all be fully developed by 2020. The gross development value is about RM5 billion.
Gamuda Land HCMC general director Wyeren Yap Vooi says Gamuda Land hopes to close the land deal earliest in July.