The commercial real estate market in Ho Chi Minh City is witnessing positive dynamics, particularly with the emergence of new promising players poised to make their mark.
A Strong Debut on the Horizon
At Saigon Mia (Street 9A, Trung Son Residential Area, Southern Saigon Urban Area), residents are eagerly anticipating the grand opening of Merry Plaza, a large-scale retail hub located on the podium floors. Scheduled to launch in late December, Merry Plaza Saigon Mia integrates a variety of amenities, including F&B outlets (Starbucks, Pizza Hut, Passio, Chuk, Circle K, etc.), healthcare and beauty services (VNVC, Getfit), and a premium Co-working space operated by Regus – all within a single venue spanning nearly 20,000 square meters.
In another notable development, Merry Plaza Moonlight Residences, located in Binh Tho Ward, Thu Duc City, is also set to begin operations by the end of this year with a similar mixed-use model. The venue boasts diverse offerings, including a supermarket (Top Market), F&B options (Jollibee, Sushiway, GU Café, Tomyum Cool, etc.), a cinema (Lotte Cinema), healthcare services (VNVC), and educational facilities (Apollo), catering to both residents and the surrounding community.
Merry Plaza is operated by Merry Commercial (MerryCom), a professional commercial real estate development and management company. MerryCom focuses on investing, managing, and optimizing podium retail spaces, as well as providing leasing consultancy and operational services. With a people-centered business philosophy, MerryCom aims not only to provide commercial spaces but also to create new living values for the community.
MerryCom’s recent moves to launch two Merry Plaza locations at Trung Son (Binh Chanh) and Thu Duc mark a significant development in Ho Chi Minh City’s commercial real estate market as the year draws to a close. This strategic step adds to the positive outlook of this sector throughout 2024.
Ho Chi Minh City’s commercial real estate market, with retail real estate at its forefront, has been experiencing robust growth, driven by emerging trends and promising investment opportunities.
According to estimates by the HCMC Department of Industry and Trade, retail sales of goods and services are expected to grow by 11% year-on-year in 2024, with consumer spending projected to rise by 7.6%. This upward trajectory will continue to fuel the growth of the retail real estate market. Recent reports show that newly launched shopping centers are achieving an occupancy rate of up to 90% at the time of opening.
In addition, this sector is witnessing a noticeable shift as investors increasingly move developments to non-central areas. According to Savills’ Q3 2024 report, non-central areas account for 50,900 square meters of leasable space out of the city’s total of 1.6 million square meters, marking a 3% quarterly increase and a 5% year-on-year growth.
Beyond retail, the office segment, particularly co-working spaces integrated into podium shopping centers, has also shown strong momentum, and this trend is expected to drive steady growth in Ho Chi Minh City’s commercial real estate sector from 2025 to 2030.
New Growth Drivers
According to experts, the growth of commercial real estate, particularly in the retail and shared office segments, is not only driven by increasing consumer demand but also by the strategic adjustments made by developers. Infrastructure development, coupled with the participation of international brands and enterprises from the U.S., Japan, South Korea, and Europe, as well as domestic Vietnamese businesses, has significantly enhanced the appeal of this market.
At the same time, the shift by developers from single-use business models to integrated multi-functional ones, creating a comprehensive ecosystem that delivers vibrant and diverse experiences for customers at commercial centers, has also contributed to the dynamism of this market.
Experts also note that with the “all-in-one” trend, commercial centers are no longer mere retail spaces but have become the nucleus of sustainable urban development strategies. The integration of shopping, entertainment, education, and office spaces within a modern environment not only meets the convenience needs of residents but also serves as cultural and economic focal points for local communities.
Sharing MerryCom’s perspective, Ms. Huynh Phi, MerryCom’s representative, emphasized that the “all-in-one” concept will dominate the market in the near future, accompanied by operational flexibility tailored to specific locations. “For the commercial spaces we manage and are continuously expanding, each location will feature a unique model. For example, retail combined with entertainment, or shopping and F&B integrated with co-working spaces. All plans are carefully calculated and implemented to anticipate the integrated needs of residents, customers, and business partners” said Ms. Huynh Phi.
Ms. Huynh Phi added that, according to the plan, MerryCom will manage and develop approximately 314,000 square meters of commercial space by 2030.
With these positive developments and the emergence of new players, experts believe that Ho Chi Minh City’s commercial real estate market will grow even more vibrant in 2025. Customers can look forward to innovative and integrated models set to be rolled out in the near future.
