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Pacific Star breaks into Vietnamese market

Posted on 22 Oct 2009 | Comments Off

PACIFIC Star Group has signed its first contract in Vietnam – to become asset management adviser to a mall in a US$500 million mixed-use project.

Three-year deal: Pacific Star will manage the five-storey, 700,000 sq ft retail complex Sunrise City Shopping Mall, part of a project called Sunrise City (above)

The Singapore-based real estate player also plans to grow its presence in Vietnam by investing in retail, residential and mixed-use properties.

Pacific Star has closed a three-year deal with Vietnamese developer Novaland to advise on managing the latter’s Sunrise City Shopping Mall.

The five-storey, 700,000 sq ft retail complex in Ho Chi Minh City should be ready by late 2012. It is part of a project called Sunrise City, which will also have 14 residential and office towers.

Pacific Star will be responsible for the mall’s overall concept and performance, and for coming up with strategies for retail mix, leasing and advertising. Several international fashion and food and beverage brands have expressed interest, it says. Continue reading →

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Posted in Overseas Property

Tagged Novaland, Pacific Star, Pacific Star Group, Vietnam Property

Ascott bags Vietnam management contract

Posted on 1 Oct 2009 | Comments Off

This will boost its inventory in Vietnam to 1,182 units

CAPITALAND’S serviced residence arm has clinched a management contract for a property in the coastal city of Hai Phong.

The Somerset Central TD, Hai Phong, will open in the second half of next year and offer 132 units ranging from studio to three-bedroom apartments, The Ascott Group said yesterday.

This will be the seventh property in Ascott’s portfolio in the country and will boost its inventory in Vietnam to 1,182 units.

The latest management contract is from Thuy Duong Investment Joint Stock Company, a property company with developments across Vietnam’s major cities.

The property is part of the landmark TD Plaza, a mixed use development at Le Hong Phong Road that comprises a five-storey mall, which is already operating; an office block; and two towers of residential apartments and serviced residences.

‘The new Somerset property will be the first international branded serviced residence and the largest serviced apartment in Hai Phong,’ Ascott said.

The latest property will cement Ascott’s position as the largest international serviced residence operator in Vietnam. Continue reading →