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Tony Milton MRICS

BSc (Hons) Est Man
MRICS
APREA (CREIF)

HCM Retail
Friday, 27 February 2009

Rentals are @USD$30-40/sqm/mth at suburban centres or USD$50-70 for central areas, going up to USD$85-250 (ground floor premium) for prime space in the CBD. Shop-houses have to be leased in their entirety, and although these are normally 4+ floors, the upper parts are typically inaccessible. The main retail roads are Dong Khoi (mostly foreigners), Hai Ba Trung and Nguyen Trai.

 

 

 

AT Kearney's “Global Retail Development Index 2008” shows that Vietnam has now overtaken even India to top the annual list of emerging markets for global retailers, though this in part due to the fact that it is so hard to enter the market. With the relaxation of some legal barriers on market entry, the problem is now more one of the physical lack of availability of “international standard” space available, and what there is tends to be is either unavailable and / or expensive. In this regard, international standard space can be best defined as a retail unit of at least 20ft wide by 40ft deep. This then tends to be “zoned” so that the shop front and first 20ft is valued at “Zone A” rents; the next 20ft section as “Zone B”; etc. Zone A rents are typically double to rent of B; B double C; etc. This doesn’t really apply in Vietnam since the only such space tends to be in out-of-the-way places or in mixed-use office buildings or five-star hotels. Most international retailers have therefore refurbished shop-house or leased small open areas in one of the few department stores.

 

 

The Ministry of Trade hopes to see 20% of retail sales come from the so called modern sales system (supermarkets and other modern outlets) by 2010 and 40% by 2020. If the targets are reached, the Gov­ernment predicts revenues from the sector will be $10 billion in 2010 and $50 billion in 2020. Officials believe the target is an ambitious one; sales from the mod­ern system now account for between 5-6% of overall figures. Revenues are predicted to be $50 billion in 2010 and $125 billion in 2020. The Government predicts do­mestic trade will account for 14.5% of Vietnam's GDP within 3 years.

 

 

 

 

 

A study by the Trade Research Institute has found the share of Vietnam's GDP of the final consumption expenditure is high compared with regional countries. Be­tween 1986 and 2005, the share of this expenditure varied from 70% to 82%, whereas the figures in Singapore, Ma­laysia and Thailand were 56%, 58% and 68% respectively. Private consumption accounted for only 43% of expenditure­ based GDP in China in 2004. The institute says that in 2001-2005 the national consumption growth rate was 7.7%, much higher than the population growth rate at just 1.4%. In the Trade Ministry's domestic trade development plan till 2010 as approved by the Government, the in­crease in monthly per capita expendi­ture between 2006 and 2010 is put at 10.57% on average. In 2010, monthly per capita expenditure is expected to reach USD$41. Food and foodstuffs distributed in supermarkets and specialized shops have had growth rates of 150% each year. Independent trading households report just 30% growth in business but account for 80% of turnover. Cosmetics and pharmaceuticals sell well at spe­cialized shops, with sales growth of 12% a year. Fashion clothing has a retail growth rate of 5% a year and is distributed through traditional markets, super­markets, shopping centers and shops. Wood products and furnishings sell well at specialized chain shops, with sales growth of 29% a year compared with 11% reported by independent shops. By 2010 sales of goods through modern outlets like su­permarkets, shopping centers and spe­cialized chain shops will make up 20% of total retail sales, compared with 6% just now.

 

 

 

 

The average rental price for retail space in HCM City is US$80-USD$200 per square metre, com­pared to USD$20 in Manila, USD$130 in Beijing, USD$560 in Bangkok and USD$730 in Hong Kong.

 

 

 

 

 

The best established retailers are Germany’s Metro Cash & Carry who have 8 stores nationally; France’s Big C (Groupe Casino) who have 6; Malaysia’s Parkson who have 5 stores; Korea’s Lotte with 2 stores; Saigon Co-op Mart who have more than 20 supermarkets; Citimart and MaxiMart. All are trying to expand rapidly, but although foreigners no longer need a local partner, they must obtain (discretionary) Prime Ministerial approval for more than one store.

 

 

Big C : - French group Bourbon, of which Vindemia is a retail busi­ness, operates the Big C chain of retail cen­tres.  It is about to open up an USD$8 million Big C (formerly known as Cora), shopping centre in Hai Phong that will be built on a site alongside Highway 5 and will comprise a shopping area, a food court and a recreation area. It will be the 5th link of the Big C chain across Viet­nam, after the first USD$54 million centre opened in Dong Nai province in 1998. This was followed by 2 others in HCMC worth USD$35 million that opened in 2001, and a USD$30 million 2 floor 12,000 sqm complex in Hanoi in 2004. Vindemia plans to build simi­lar shopping centers across Vietnam, including in the Mekong Delta city of Can Tho and the central city of Danang. The company also wants to have more Big Cs in HCMC. Big C is now one of the top shopping center groups in the world and Big C Supermarket Ltd currently controls 40 super­markets in Thailand.

 

 

Parkson / Lion Group : - Malaysia's Lion Group plans to set up 10 Parkson department stores which it expects will require about US$70 million. They have considerable retail experience, including operating 43 department stores in China, where they first opened in Beijing in 1994. Their 1st outlet was a long-term lease of the SaigonTourist Department store in 2005 followed in 2006 by a 18,000 sqm lease of 4 floors at Hai Phong’s TD Plaza.

 

 

Lotte : - South Korea’s leading retailer, Lotte Shopping, is looking to open a chain of wholesale and retail super-stores in Ho Chi Minh City. They plan a USD$15 million investment in the initial stage of devel­opment. The following stages will see Lotte Shopping's investment value in the country rise roughly 30 fold over the next 12 years. Lotte Shopping have secured a partnership with a local trading company, whose shareholding ratio is only 10% of the venture. Lotte Group, which is recognised as the 8th largest busi­ness group in Korea in terms of assets and the chain includes 19 Lotte stores with an average floor space of 1,100 sqm each and with a total annual revenue of almost USD$6 billion.

 

 

Tesco : - The UK’s largest and world’s 6th big­gest retailer, with a turnover of US$40 billion a year, is reportedly exploring possibilities.

 

 

 

Seiyu : - One of Japan’s largest retailers are reportedly investigating investment opportunities.

 

 

Shenghui Group : - Chinese real estate group Shenghui is hop­ing to build a USD$300 million shopping centre on 17-20 hectares in Saigon South or District 9. Shenghui has sought a 100% FIE (foreign owned enterprise) licence as it wants to retain sole ownership of the project - so they may have to be patient and wait for the removal of current legal restriction with WTO implementation.

 

 

DEMAND FORECAST                           

 

 

At the end of 1995, there were 10 supermarkets and 2 shopping centres in Vietnam. It is predicted that there will be 140 supermarkets and 30 shopping centres within the near future. At the current growth rate of 11% per annum the domestic retail market will double within 7 years. However, Vietnam's supermarket system accounts for just 6% of total retail sales as consumers wait for their prices to fall below those at traditional markets. Vietnam has a young population with approximately 60-70% below the age of 35. Awareness of branded goods and consumer items amongst the young generation has increased immensely and in turn the appearances of brand names have increased in the retail centres in HCMC.

 

 

A recently released Taylor Nel­son Sofres Vietnam (TNS) Media Company study revealed that Viet­namese modern trade sales grew by a humble 12% in 2006 and keep growing substantially and soon to get nearer to the point of China's 51%. Vietnam has Asia's second youngest population with 57% of the country being under 25 years of age, a key demographic for retail sales. There were 11 million mobile phone subscribers in 2006 accounting for 13.2% of the population and growing by an aver­age 59.7% through 2003-2006. Mobile phones now reach 33% of the rural population. The research anticipates that retail spending on digital products may reach $34.2 billion or 7.3% of all entire consumer spend­ing by 2008, accounting for year­ on year growth of 20%. Vietnamese are becoming more financially power­ful with the gross domestic product (GDP) per capita having increased 7 fold over the past 15 years to $740 per capita in 2006. The growing middle class would require height­ened domestic and shopping requirements. The research highlights the potential of Vietnam's consumer potential as the country of 85 mil­lion people is experiencing the fastest moving consumer goods, (FMCG) growth in Asia. The TNS report went on to sug­gest that eating habits look set to change as foreign fast food outlets look to stamp their presence on the market, although, according "88% of Viet­namese still love their Pho". Rural locations, which hold up to 76.5% of the country's population and contribute 62.5% to Vietnam's GDP were emerging as a prosperous market that needed to be better exploited. Though over half of rural inhabitants were low income wage earners in comparison to urban dwellers, more needs to be done to recognise what could potentially be a massive engine for growth.

 

 

 

Market research firm GfK estimated that Vietnam’s retail sales in 2007 grew nearly 25% to USD$45.2 billion. In Ho Chi Minh City, 13 shopping cen­tres offer 140,000 sqm of retail space, with the largest measuring 33,000 sqm.

 

 

                                                                                   

Prominant Retail Accommodation in HCMC : -

 

 

Name                                      Address                From                      $m          NFA         Flrplate   No Fls

The Metropolitan                      61 Nguyen Du         Dec-97                    43.5         823          823          1

Diamond Plaza                         34 Le Duan,D 1       Feb-99                     77.8         8,000       8,000       4

Sunwah Tower                       115 Nguyen Hue     Nov-97                    24            3,124       1,562       2

Saigon Centre                         65 Le Loi, D 1          Dec-96                    42            6,265       2,088       3

Saigon Trade Cntr                   37 Ton Duc Thang   Jul-97                      52            9,000       2,250       4

New World Hotel                     76 Le Lai,D 1           Dec-97                    87.5         1,000       1,000       1

Me Linh Point                           2 Ngo Duc Ke, D 1   Jun-99                     36            3,000       750          4

Lucky Plaza                             69 Dong Khoi, D 1   2002                        1.1           1,366       400          4

Savico Kinh Do                        22 - 36 Nguyen Hue 2002                        N / A        4,000       4,000       1

ex-Saigon Square                   39 Le Duan,D 1       2000                        N / A                        10,000     1

Somerset Chancellor Ct 8a     NBK, D1                   Sep-96                    42            1,000       1,000       1

Zen Nhat Nam Plaza                Nguyen Trai             Aug-99                    49            6,810       6,500       8

Parkson Departmentt Store     Le Thanh Ton          2-Sep                      10            17,000     3,400       5

Tax Plaza                                Nguyen Hue            3-Jan                       N / A        14,760     1,406       4

Caravelle                                 19 Lam Son             3-Jun                       N / A        5,624       3,668       2

Thien Son Building                   Ng Gia Thieu            2-Dec                      N / A        1,800       600          3

Thuan Kieu Plaza                    Hung Vuong            2000                        N / A        21,797     5,000       3

An Dong Plaza                        An Duong Vuong    4-Dec                      N / A        18,000     4,000       4

Saigon Superbowl                  Truong Son             1996                        N / A        1,200       1,200       1

 

Note : - Many of these properties are part of larger mixed use developments that include office and / or apartment accommodation - reflected in the investment capital figures.

 

 

Major Shopping Centres

 

1)       Saigon Trade Centre has very good quality space for retail. The total retail area is around 9,000 sqm. The current occupancy rate is 96 per cent. and asking rental rates ranged from$14-20 depending on the location of the outlet.

 

2)       Saigon Centre has the good location in the CBD with three retail floors approximately 3,500 sqm. Asking rents are from $40 to $60 per sqm per month. This retail centre has achieved high occupancy (up to 100 per cent.).

 

3)       Diamond Plaza - Diamond Department Store was officially opened in August 2000. Located on the first 3 floors of Diamond Plaza it has a total area of approximately 8,600 sq m. The space is currently almost 100 per cent. occupied and is achieving prime rents for ground floor space in the order of $70-$80 per sq m. or a base rent of around $35-$40 per sq m plus 25 per cent. of turnover. The second floor is achieving approximately $50-$60 per sq m and the third floor is approximately $30-$40 per sqm.

 

4)       Parkson Department Store (former Saigon tourist Department Store) is a 5 storey commercial centre in the heart of Ho Chi Minh City with an area of 20,000 square metres. Average rental rate of $45-100 / sqm and an occupancy rate of 98 %.

 

5)       An Đông Plaza has 7,000 sqm land area with 22 storeys and 1 basement for parking. Rental rates range from $21 to $98 per sqm with an occupancy rate of 70 per cent.

 

6)       Thuận Kiều Plaza is located in District 5, west of the city centre, which is also called Cho Lon or Chinatown. Thuan Kieu Plaza was opened in October 2000 and comprises three 33-storey towers with 648 apartment units and a 21.700 sqm retail centre on the first to third floors. We understand that rental rates are in the order of $20-$40 per sqm per month for ground floor retail units. Occupancy rate of 80 per cent.

 

7)       Artex Building (Opera View) The Artex Company is developing a 7 storey office and retail building at the corner of Le Lợi and Đồng- Khởi on 800 sqm site. It provides 4,000 sqm of combined space to the market total retail area of 1,500sqm. The US$ 3.6 million building is partially for owner occupation. The ground floor, mezzanine & 1st floor will be to accommodate this handicraft company’s products with offices in the 5 floors above. This building was completed in early 2007.

 

8)       Eden Mall located on the 3 main streets of the HCM City downtown: Dong Khoi, Le Loi and Nguyen Hue, the Eden Mall was developed and opened by Eden Co in February 2007 providing some 5,000 sq.m of space comprising about 50 stalls selling handicrafts, jewelry and fashion clothes.

 

9)       Thien Thanh has signed a deal with a Chinese partner to set up a commer­cial complex called Thien Thanh at 302 To Hien Thanh HCMC's District 10.

 

10)   Royal Centre In mid-2008, Fei-Yueh Vietnam opened the Royal Center, which was known as Saigon Happiness Square before, a 4 story shop­ping center covering 11,800 square meters beneath the office towers, with a food court, specialty shops, cloth­ing stores, and others.

 

11)   Parkson CT Plaza In mid-2008, the local private busi­ness CT Group opened a 9 floor USD$30 million retail complex opposite Tan Son Nhat International Airport with 2 basement levels comprising over 31,000 sqm of commercial space. Malaysia's Parkson Plaza occupies 5 floors and the En­glish language centre ILA, Megastar cinemas, and a food court have also committed to space.

 

12)   Lotte Shopping Centre In late 2008, Lotte Mart, a member of South Korea's leading department store operator Lotte Shopping, inaugurated what is described as the biggest shopping center in Vietnam. The shopping center covers 33,400 square meters in the Saigon South area in HCMC's District 7, Lotte Vietnam Shopping Co. The 3 floor Lone Mart South Saigon is a USD$75 million venture between Lotte Shop­ping and Vietnam's Minh Van Company. The shopping center includes a 15,800 ­sqm supermarket which stocks some 50,000 items, more than 90% of them produced in Vietnam. The supermarket will also sell 50 items imported from South Korea. The shopping center has other amenities such as cinemas, bookstore, home appliance center, restaurants, cultural center, bowling and billiard facilities, coffee shop, children game area, and fast food center. There are 36 companies leasing more than 11,200 square meters of space in the center, in­cluding Nam An Restaurant, Pizza Hut, KFC, Lotteria, Gloria Jeans Coffee, Highlands Cof­fee, Nam An, Phi Khoa, Vietcombank, and Fahasa. Some international fashion brand names like Nike, Adidas, Papaya, Jeans West will be available as well. The JV is working on a plan to ex­pand nationwide. Lotte plans to set up about 30 department stores and supermarkets within 10 years in HCMC, Hanoi, Danang, Can Tho, Haiphong and Hue, spending an estimated some USD$5 billion. The JV will open 15 department stores and supermarkets in HCMC and the city's neighbouring provinces and have leased the first 5 floors of EverRich apartment build­ing in District 11.

 

 

FUTURE SUPPLY                         

 

 

The stock will increase substantially over the next few years will over 350,000sqm (gross) more by the end of 2010/11 and over 850,000sqm by 2012. Significant projects include Malaysia's Berjaya (186,500sqm) in District 10, Platinum Binh Chanh (140,000sqm) in Binh Chanh; Park City in District 7 (50,000sqm) in District 7; Eden Complex in the CBD (30,000sqm); Saigon Pearl (30,000sqm) in Binh Thanh District; Saigon Palace (25,500sqm) and the Everich (22,000sqm) in District 11; Asiana Plaza (6,880sqm) in District 1; and Saigon Paragon (8,000sqm) and the Crescent (150,000sqm) in District 7’s Phu My Hung. Most of these are being built a long way from the CBD where it is easier to large pieces of land at viable prices.

 

     Times Square site in Dong Khoi St is clear, testing piling completed, expected completion 2008. Mixed use development comprising residential, commercial and retail, however no definitive plans are available.

 

 

      Saigon Pearl is a mixed use development, 1 km from the CBD in Binh Thanh District. Test piling completed and showroom built. Phase one and two are residential with 10,000 sqm retail and phase three will be commercial / retail and could be up to 30,000 sqm. Completion in late 2009.

 

 

       M&C - Saigon Tourist Building (Ton Duc Thang Street). Retail space is expected however, no plans have yet been unveiled.

 

 

      Saigon Paragon project is aimed at high end tenants in Phu My Hung area; the 19,906 sqm building includes 10 levels and 2 basements for car parks.

 

 

          Hiệp Phú is a mixed apartment and retail centre on Hà Nội highway, approximately 7 km from the CBD.. Completion is expected in early 2006. The development will provide approximately 2,500 sqm of retail space.

 

 

        Bitexco Manor project is a mixed use project located opposite the Saigon Pearl site approximately 1 km from the CBD. Phase l on the ground floor will very possibly provide a small amount of retail space. Phases 2 & 3 are expected to have increasing foots on retail.

 

 

          Satra Commercial Centre: The Saigon based conglomerate is planning to redevelop a 6,000 sqm super-prime site next to Tax Plaza on the corner of Nguyen Hue and Le Loi at a cost of US$ 100-120 million. The 30-35 floors of space will include a retail section, offices, con­ference facilities & a car-park and reports says investors from Malaysia, Singapore, US & Switzerland have showed interest in Joint Venturing including Malaysia's Shangri-La, Thailand's Central Plaza, Hong Kong Land.

 

 

      New World Tower: A joint venture between New World Hotels Holdings Hong Kong & Saigontourist Holding Company (which built the 560 ­room New World Saigon Hotel), is looking at developing the adjacent 1,850 sqm corner plot as a 25-35 floor office building with ancillary retail for about US$ 25 million.

 

 

      Saigon Co-Op Department Store: Saigon Co-Op Investment Development JS Co (SCID) plans to develop a 22 storey office building at 102 Nam Ky Khoi Nghia in District 1 including a department store and offices for lease.

 

 

          Bach Tung Diep Underground Car Park: In mid 2007 city authorities approved the Bach Tung Diep underground car park project by the Ministry of Defense which is surrounded by Nam Ky Khoi Nghia, Pasteur and Ly Tu Trong in District 1. It will include a 2 two level depart­ment store and shopping center.

 

 

      Kinh Do Ben Thanh Tower: Confectionary maker and real estate developer Kinh Do will build a 45-storey office tower on a 5,600sqm site opposite to Ben Thanh market with a leaseable floor area of 131,000sqm. Construction will take three years to complete and development cost is estimated at $166 million.

 

 

      Kinh Do Nguyen Binh Khiem Tower: Confectionary maker and real estate developer Kinh Do will devel­op 5,000sqm of offices, a 7,000sqm shop­ping area and 216 apartments at 25 Nguyen Binh Khiem Street, District l.

 

 

      Kinh Do Nguyen Binh Khiem Tower: Confectionary maker and real estate developer Kinh Do will develop an underground car park and trade centre in Tao Dan Park.

 

 

      Truong Hai Auto will build a shopping centre and 2 high-rise residential towers on 9,000sqm in Binh Tan.

 

 

      Fortuna Building on Vuon Lai in Tan Phu District by Saigon ECI Joint Stock Co is a 3,000 square-meter project comprising of a shop­ping center, restaurants and spa service on 2 first floors and 208 apartments with 76-94 sqm each from the 3rd-17th.

 

 

     Thanh Da Market in Thanh Binh District will be redeveloped into a multi-func­tional commercial and service center. Thanh Da Market covers 6,000 square meters and has badly deteriorating as it was built before 1975.

 

 

         SaigonTel Thu Thiem Complex-SaigonTel and ViTlatex have stitched together a dealt to build a $1 billion fashion centre in Thu Thiem to showcase the high quality of Vietnamese fashion clothes. The centre will be built on a 10-hectare site in District 2 and will offer a modern shopping centre, international fashion stage, cultural, entertainment and financial services areas. American, European and Japanese firms are already working on the project and construction should be finished in 2009. The Ministry of Industry has thrown its weight behind the project with Vinatex's support and local textile giant Viet Tien Company. SaigonTel providing capital to the firm.

 

 

          Lotte Plaza- Lotte Group, the 5th largest com­pany in South Korea, is seeking approval to develop 2 large property projects in HCMC even larger than 'Seoul's Lotte World recreation complex. The 1st is worth around USD$2 billion and will see a 50-storey retail and office complex be situat­ed on a prime location near the Saigon River and there would be a metro station under the complex.

 

 

      Lotte World- District 2 will accommodate the second project which will see a new urban area, a 100-storey building, a five-star hotel, an indoor theme park, an outdoor amusement park, office and residential buildings, shopping malls and an international school. "This complex will be like Lotte World in Seoul. Lotte World was built nearly 20 years ago so the plan to develop the complex in Ho Chi Minh City will be even larger and more modern than Lotte World” consisting of a large indoor theme and outdoor amuse­ment parks, shopping malls, sports facilities and movie theatres. Opened from 1989, it receives about 5 million visitors each year.

 

 

The Canary: At the end of 2007 Guoco Land Binh Duong Property Investment Co yesterday started work on a USD$58 million urban complex named The Canary in VSIP, expecting to complete 1,200 apartments as the first stage. The complex, sprawling over 17.5 hectares, is located in the Vietnam-Singapore Industrial Park (VSIP) in Thuan An District, and will include a modern shopping mall, a hotel, an international school and other facilities. In the first phase, the company will build the residential component with 3 apartment buildings from 8 to 12 stories each with a gross floor area of close to 290,000 square meters within a gated community. The second phase will have commercial components, a sports complex and a host of recreational amenities.

 

 

      Tan Phong Complex: In early 2008 Saigon Co.op Investment Development Joint Stock Co. (SCID), 60% owned by Vietnam's leading supermarket chain operator Saigon Co.op, cut a deal to build a huge shopping mall worth up to US$200 million. Under the memorandum, SCID will hold a 65% stake in a tripartite venture to build the Tan Phong Shopping Complex in HCMC's District 7, while MapleTree of Singapore will hold 30% and the Saigon Trans­portation Mechanical Corp. (Samco) the remaining 5%. The shopping complex, covering over 42,000 square meters at a loca­tion just 5km from downtown HCMC, will include a 7 story shopping mall with more than 70,000 square meters of floor space and a 20 story office building with more than 100,000 square meters. The Tan Phong project will be a first­ class integrated development, with a vibrant "work, live and play" envi­ronment for the sophisticated local and international communities.

 

 

      Lu Gia Plaza : In mid-2008, Lu Gia Mechanical Electric Co (LUGIACO) and the Ho Chi Minh City Infrastructure Investment JSC started construction on the Lugia-Plaza build­ing with a total investment capital of USD22.3 million. The pro­ject will covers 4,990 square metres at 70 Lu Gia in Dis­trict 11.

 

 

          Horizon Place : In mid-2008, Aseana Properties Group from the British Virgin Islands and its partner Binh Duong Corpora­tion obtained an investment certificate to develop the USD$200 million complex project at the corner of Hoang Dieu and Nguyen Huu Hao in District 4 cover­ing about 8,400 square meters. The 65/35% JV named Aseana-BDC Company will develop a 30 story struc­ture with the first 7 floors as a retail mall, while 3 towers of 23 stories each are above with 2 for apartments and 1 for offices. The amenities including swimming pools and a rec­reational area at the landscaped podium roof deck with ample car park spaces will also be available. The Horizon Place will be linked with the proposed metro station route No. 4, which is ad­jacent to the development.

 

 

          Thang Long Tower: In mid-2008 three Vietnamese firms and one Korean company started work on the 14 story apartment, office and retail building capitalized at some US$32 million on 7,000 sqm at 6 Thang Long called the Thang Long Tower in Tan Binh District with a total floor area of approximately 49,000 square meters, including 22,000 square meters as offices for lease, 10,000 square meters for retail and entertainment area and the rest for 149 apartments and a base­ment garage for some 200 vehicles. The tower is a tripartite cooperation project between 3 companies comprising Dai Ha Tech Corp, Beta Company and A41 Enterprise con­tributing a combined 60% and the Korean-based Vina-Thang Long Co contributing 40%. Thang Long Tower is near Tan Son Nhat International Air­port.

 

 

          Golden Hill: In mid-2008, the Ngan Binh Company started work on an apartment and office building project on Cong Quynh in downtown HCMC. The Golden Hill project will require a total of USD$98.6 million and will be devel­oped in two phases. In the first phase, the developer will build 2No. 35 level blocks with some 440 apartments, an office building and a commercial cen­ter.

 

 

      CT Song Than Complex: In mid-2008 the HCMC based CT Group, a distributor of high-end fashion and cosmetics brands and a property developer, started construction of a USD$34 million re­tail and entertainment complex in the southern province of Binh Duong. The 10 hectare zone in Binh Hoa Com­mune, Thuan An District will com­prise a 4,000 square meter indoor entertainment area, an 86,000 ­square meter warehouse and a 60,000 square meter shopping mall with gross floor space of about 150,000 square meters. The CT Group plans to open several plazas in the city next year. They include C.T Plaza Le Thuah Ton, C.T Plaza Kinh Duong Vuong, C.T Plaza Le Van Sy, C.T Plaza Nguyen Dinh Chieu, and a depart­ment store in Hanoi.

 

Last Updated ( Wednesday, 06 May 2009 )
 
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