Mapletree opens second property in Ho Chi Minh City

10:36 | 30/03/2018
Singaporean property developer Mapletree is to open Oakwood Residence Saigon, its second property in Ho Chi Minh City in April this year.

Located in District 7, Oakwood Residence Saigon is part of Saigon South Place. This development is invested by Singapore's Mapletree on 4.4 hectares, consisting of the integrated mixed-use SC Vivo City, a 17-story Grade A office tower, Oakwood Residence Saigon, and high-rise residential block RichLane Residences. There are also plans for two more commercial towers in the precinct in the coming time.

mapletree opens second property in ho chi minh city
Mapletree's new project adorns the Phu My Hung urban area in District 7

“Mapletree is proud to launch our first Oakwood-branded property in Vietnam, and the second in the Asia-Pacific that we built after acquiring Oakwood Worldwide,” said Chua Tiow Chye, deputy group chief executive officer at Mapletree Investments.

Chye added that this move was part of the company’s wider business strategy to bring the reputable Oakwood brand to global markets.

We intend to step up the development and acquisition of serviced apartment assets in markets which have growth potential for serviced residency and corporate housing to be managed under the Oakwood brand.

According to Dean Schreiber, managing director, Oakwood Worldwide in Asia-Pacific, Vietnam has been experiencing robust economic growth and with international arrivals and domestic travel expected to continue on a growth trajectory, it is an opportune time for Mapletree to grow its presence in the country.

Being the gateway to the Mekong Delta provinces, Ho Chi Minh City receives the highest number of tourists in the country, and international arrivals into Vietnam are expected to reach 20 million by 2020. Domestic travel has also seen a 15 per cent increase with expected continued growth.

Preceded by Oakwood Apartments Ho Chi Minh City, which opened in December 2016 in District 3, Oakwood Residence Saigon is located in the city’s fast growing urban centre of Phu My Hung in District 7, adjacent to SC VivoCity and Mapletree Business Centre.

Boasting 237 units ranging from studios to three-bedroom apartments, Oakwood Residence Saigon offers guests fully-furnished serviced apartments for both short and long stays.

By Bich Ngoc

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