Mapletree renames Kumho Asiana Plaza to mPlaza Saigon
Mapletree Investments Pte Ltd (“Mapletree” or “the Group”), a leading real estate development, investment and capital management company, has rebranded Kumho Asiana Plaza to mPlaza Saigon. The change of name is part of the Group’s plan to rejuvenate the property which was acquired in June 2016. mPlaza Saigon is a prime mixed-use development comprising a Grade A office building, a serviced apartment tower, a hotel and a retail podium in District 1. Mapletree has commenced asset enhancement initiatives (AEI) at the property, which will be carried out in phases, starting with the retail podium. The office, hotel and serviced apartment tower will subsequently undergo AEI over the next few years. Wendy Koh, Mapletree’s Regional Chief Executive Officer of South East Asia, said: “Tapping on our rich experiences in developing mixed-use properties like Saigon South Place, a 4.4-hectare precinct in the affluent District 7 of HCMC, we aim to refresh mPlaza Saigon to give it a new lease of life, and be the place to work, live and play in the heart of HCMC’s central business district.”
After completing the first phase of the AEI, the retail podium will be transformed to a modern space with carved out open concept retail area. The podium will also bring a better tenant mix which includes a cinema, Asian and international dining options, as well as trendy cafes and juice bars to benefit mPlaza Saigon’s residents, hotel guests and office tenants, and its customers.
mPlaza Saigon measures close to 146,000 square metres in gross floor area. Occupancy rates across the 21-storey Grade A office tower, the 260-unit awardwinning serviced apartment, and the four-storey retail podium are considered some of the strongest in the market. The serviced apartment and the 305-room hotel are managed by InterContinental Hotels Group. mPlaza Saigon is centrally located along Le Duan Boulevard and Hai Ba Trung Street in the center of HCMC. It is also close to the city’s major landmarks and tourist attractions such as the Notre-Dame Cathedral Basilica of Saigon, and is accessible to all the districts in HCMC. Mapletree began investing in Vietnam in 2005, and today owns and manages a portfolio comprising office, retail, residential, industrial, logistics, and serviced apartment assets. Including mPlaza Saigon, the Group now has over S$1.2 billion in assets under management in the country. For more info, visit www.mapletree.com.sg