Oakwood Worldwide, wholly owned by Mapletree Investments, has announced the opening of its second property in HCM City and the first Oakwood serviced apartment developed by Mapletree in the country.

Oakwood Residence Saigon, which will become operational this month, is part of Saigon South Place in HCM City’s District 7, a 4.4-hectare integrated mixed-use project developed by Mapletree.

Chua Tiow Chye, deputy group chief executive officer of Mapletree Investments, said: “Mapletree is proud to launch our first Oakwood-branded property in Viet Nam, and the second in the Asia Pacific. This move is part of our wider business strategy to bring the … brand to global markets.”

Saigon South Place comprises SC VivoCity, a 64,250sq.m shopping mall, Mapletree Business Centre, a 17-storey grade A office tower, Oakwood Residence Saigon and high-rise residential tower RichLane Residences. There are plans for two more commercial towers there.

“Viet Nam 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 us to grow our presence in the country” Dean Schreiber, Asia Pacific managing director for Oakwood, said.

The company had built Oakwood Apartments in the city’s District 3 in 2016. — VNS