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Sunday,  Oct 22,2017,04:30 (GMT+7)

Kumho Asiana Plaza renamed as mPlaza Saigon

Hung Le
Thursday,  Aug 10,2017,00:05 (GMT+7)
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Kumho Asiana Plaza renamed as mPlaza Saigon

Hung Le

Kumho Asiana Plaza has been renamed as mPlaza Saigon - PHOTO: HUNG LE

HCMC - Mapletree Investments Pte Ltd, a real estate development, investment and capital management company of Singapore, on August 8 rebranded Kumho Asiana Plaza as mPlaza Saigon.

The name change is part of a plan to rejuvenate the complex in downtown HCMC, which the company acquired from Kumho Industrial Co Ltd and Asiana Airlines Incorporated last year.

Located at the corner of Le Duan Boulevard and Hai Ba Trung Street in District 1, mPlaza Saigon is a mixed-use building with 146,000 square meters in gross floor area. It includes a 21-floor Grade A office tower, a four-storey retail area, a serviced apartment block with 26 units and a five-star hotel with 305 rooms managed by InterContinental Hotels Group.

The value of the acquisition was not unveiled at that time but later announced at US$215 million by the Vietnam M&A Forum (MAF) and the Institute for Mergers, Acquisitions and Alliances (IMAA) of Switzerland. The mPlaza Saigon project has taken the total assets of Mapletree to more than S$1 billion (US$734.92 million) and helps the company expand its business scale.

Mapletree said it has commenced Asset Enhancement Initiatives (AEI) at the property which will be carried out in phases, starting with the retail area. The revamp of the common areas began in June and is expected to be completed by the first quarter next year. The office, hotel and serviced apartment tower will be subsequently upgraded over the next few years.

After completing the first phase of the AEI, the retail area will be transformed to a modern space. Mapletree plans to serve a wide range of customers through its cinema, Asian and European restaurants, coffee shops and juice bars.

Mapletree has been active in Vietnam since 2005 and currently owns and manages numerous office, retail, residential, industrial, logistics and serviced apartment assets. The firm now has over S$1.2 billion in assets in Vietnam, including mPlaza Saigon.

 

 

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