Kumho Asiana Plaza, a deluxe complex in the heart of Ho Chi Minh City, has been rebranded as mPlaza Saigon, its owner, Mapletree Investments, announced on Tuesday.
The name change is part of Mapletree Investments’ plan to rejuvenate the property after acquiring the complex in June 2016, according to the real estate development, investment and capital management firm.
mPlaza Saigon is a prime mixed-use development housing a Grade A office building, a serviced apartment tower, a hotel, and a retail area in Ho Chi Minh City’s District 1.
The developer has commenced asset enhancement initiatives in the retail area and plans to continue the renovation in phases.
The revamp of the common area in the retail section of the building began in June of this year and is expected to be completed by the first quarter of 2018.
The office, hotel, and serviced apartment tower will subsequently undergo renovations over the next few years.
“We aim to refresh mPlaza Saigon to give it a new lease on life, and be a place to work, live, and play in the heart of Ho Chi Minh City’s central business district,” said Wendy Koh, Mapletree’s regional chief executive officer of Southeast Asia.
Centrally located along Le Duan Boulevard and Hai Ba Trung Street, mPlaza Saigon measures close to 146,000 square meters in gross floor area.
The serviced apartments and the 305-room hotel are managed by InterContinental Hotels Group.
Mapletree, which began investing in Vietnam in 2005, now owns and manages a portfolio comprised of office, retail, residential, industrial, logistics, and serviced apartment assets.
Including mPlaza Saigon, Mapletree now has over S$1.2 billion in assets under its management in Vietnam.