Despite the sluggish economy, Hanoi’s much anticipated Vincom Mega Mall Royal City is reporting early success.
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It has leased more than 80 per cent of its space to a wide array of tenants with the opening still six months away.A Vincom company representative said the deals bode well for the prospects of the development, which is located on Nguyen Trai street linking Hanoi’s centre and the capital’s newly expanded Hadong district. Vincom Mega Mall Royal City promotes the advantages of high density and relatively high income in its market area.In all, a Vincom Mega Mall representative said that more than more than 80 per cent of the total 230,000 square metres of the mall was leased, featuring international brands such as as KizCiti, Platinum Cineplex and HomeOne.Plans call for the food court to ultimately feature more than 200 restaurants located in an area of 44,000 square metre, including brand names such as Ngon, Grand Brothers Buffet, Ao Ta and many others.
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The design is that of an indoor street, encouraging visitors to feel like they are attending a food festival.The shopping centre of the Vincom Mega Mall is located on a 150,000 square metre floor, offering 800 shops and booths. The roster so far includes such international and domestic brand names such as Replay, Axara, G2000, United Colors of Benetton, Sisley, Ninewest, Clé De Peau, Apple, Samsung, Akemi, Kitchmate, El Dorado, Pico Décor and Mamanbébé.The mall will also feature a supermarket in an area of 9,000 square metres and boast an entertainment centre with an arcade and some first-ever attractions for Vietnamese, including an in-door water park and Vinpearl Ice Rink Royal.According to the plan set up by Vingroup, the investor of the project, Vincom Mega Mall Royal City will be open to the customers in July this year.According to CB Richard Ellis Vietnam, even though much of the Vietnam real estate market has been frozen in the recent times, retail spaces are thriving in prime locales such as District 1 in Ho Chi Minh City and Hoan Kiem district in Hanoi.Other fast-growing residential area in suburban districts like districts 2 and 7 in Ho Chi Minh City and Tu Liem district in Hanoi are also experiencing strong demand for quality retail space.“The Vietnamese economy remains fragile as we move into the first days of the new year. However there is no need to show fear and anxiety,” said Marc Townsend, managing director of CBRE.Ho Chi Minh City, Townsend said, just welcomed the new luxury shopping centre of Vincom Centre A and the centre has quickly become a preferred weekend venue for the city’s young shoppers.“Hanoi will follow suit later in the year,’ he added.
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