Mapletree acquires Kumho Asiana Plaza Saigon in HCMC
By Tan Chee Yuen
/ Mapletree Investments |
Mapletree Investments Pte Ltd has acquired Kumho Asiana Plaza Saigon in Ho Chi Minh City (HCMC) from Kumho Industrial Company Limited and Asiana Airlines Incorporated. This marks Mapletree’s largest acquisition involving a completed and income-producing property in Vietnam.
Kumho Asiana Plaza is a mixed-use asset with approximately 1.57 million sq ft in gross floor area. The asset comprises Grade A offices, serviced apartments and a hotel managed by InterContinental Hotels Group, as well as F&B offerings. Occupancies for the office, serviced apartments and the F&B podium have been consistently above 90%.
The asset is located along Le Duan Boulevard and Hai Ba Trung Street in the heart of HCMC’s central business district. It is close to the city’s major landmarks and tourist attractions such as the Notre-Dame Cathedral Basilica of Saigon.
Mapletree began investing in Vietnam in 2005 and has currently over $1 billion of assets under management in the country.
Kumho Asiana Plaza is a mixed-use asset with approximately 1.57 million sq ft in gross floor area.
Source: Mapletree Investments
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