Mapletree bags prime asset in Saigon CBD for over S$400m

Singapore

MAPLETREE Investments has bought Kumho Asiana Plaza Saigon, a completed mixed development in the heart of Ho Chi Minh City's (HCMC) central business district. The price is understood to be the equivalent of more than S$400 million and takes Mapletree's total assets under management in Vietnam to more than S$1 billion. The deal was completed on Thursday.

Mapletree bought the property from Korea's Kumho Industrial Company and Asiana Airlines.

The net asset value of the stabilised, income-producing property is understood to be US$215 million. It has a gross floor area of close to 146,000 sq metres (about 1.6 million sq ft) comprising a 21-storey Grade A office building, a 32-storey serviced apartment tower, a 21-storey hotel and a retai…