Business

Mapletree opens first office tower in Vietnam

A new 17-storey office tower in Vietnam, owned by the property arm of Temasek Holdings, was officially opened yesterday, the company's first office building there.

Mapletree Investments, which developed the tower near Ho Chi Minh City's central business district, has plans to build two more office towers in the same precinct.

It gave no further details of its plans, but said it views Vietnam as a key market.

Mapletree owns and manages more than $1.2 billion worth of developments, including the new office tower called Mapletree Business Centre (MBC).

It stands in the Saigon South Place Complex, which is also developed by Mapletree.

The complex, sprawled in District 7, includes the SC VivoCity shopping mall, which opened in 2015, an Oakwood serviced apartment block and a high-rise apartment block called RichLane Residences.

The two residential blocks are expected to be completed by the end of this year.

Mapletree chairman Edmund Cheng said the company has grown its portfolio of properties in Vietnam "in tandem with the expansion of (the country's) economy and pace of urbanisation", since it entered the country more than 12 years ago.

"We tapped on our rich experiences in rejuvenating the HarbourFront and Alexandra precincts in Singapore to create a thriving precinct here."

Prime Minister Lee Hsien Loong, who is on an official visit to Vietnam, was the event's guest of honour.

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