Singapore-based Mapletree Investments Pte Ltd, which acquired Kumho Asiana Plaza in downtown HCM City last year, has renamed it as mPlaza Saigon. — VNS Photo Courtesy of Mapletree

Singapore-based Mapletree Investments Pte Ltd, which acquired Kumho Asiana Plaza in downtown HCM City last year, has renamed it as mPlaza Saigon.

mPlaza Saigon is a mixed-use development comprising a Grade A office building, a serviced apartment tower, a hotel and a retail podium.

The serviced apartment and the 305-room hotel are managed by InterContinental Hotels Group.

Mapletree has commenced asset enhancement initiatives (“AEI”) at the property, which will be carried out in phases, starting with the retail podium. Revamp of the common areas in the retail podium began in June and is expected to be completed early next year.

The office, hotel and serviced apartment tower will undergo AEI in the next few years.

Wendy Koh, Mapletree’s South East Asia CEO, said: “Tapping on our rich experiences in developing mixed-use properties like Saigon South Place, a 4.4-hectare precinct in the affluent District 7 of HCMC, we aim to refresh mPlaza Saigon to give it a new lease of life and be the place to work, live and play in the heart of HCM City’s central business district.”

After the first phase of the AEI, the retail podium will be transformed into a modern space with a carved out open concept retail area.

Mapletree began investing in Viet Nam in 2005, and today owns and manages office, retail, residential, industrial, logistics, and serviced apartment properties.

It now has over US$889.2 million in assets under management in the country. — VNS