NEWS
Takashimaya to be anchor tenant in Saigon mall
SINGAPORE - Keppel Land has signed an agreement with Takashimaya Singapore Ltd, a subsidiary of Takashimaya Co, to pre-commit to approximately 15,000 square metres of retail space across five floors of Saigon Centre Phase 2.
With Takashimaya coming on board as an anchor tenant, about 30 per cent of the total retail area has been pre-leased ahead of the development's expected completion in 2015.
The agreement marks Takashimaya's foray into the Vietnamese retail market and is part of its strategy to further expand into Asia, Keppel Land said.
Ms Yoko Yasuda, Managing Director of Takashimaya Singapore, said that as this is Takashimaya's first department store in Vietnam, they chose to partner with Saigon Centre as a strategic location and Keppel Land as a 'renowned' partner.
Additionally, Toshin Development - the real estate subsidiary of Takashimaya Co - has entered into a share-purchase agreement with Keppel Land to hold a 22.7 per cent stake in phase two of the shopping mall.
Keppel Land will also jointly establish a 50:50 retail management company with the Singapore subsidiary under Toshin Development, to provide retail management services for Keppel Land's projects in Vietnam.
Saigon centre is located along Le Loi Boulevard in the heart of HCMC's CBD. Phase 1 of the centre was completed in 1996.
Phase 2 of Saigon Centre when completed will stand 45 stories tall, and will house seven levels of retail and dining spaces, offices, and over 200 units of luxury serviced apartments.
