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The Thuan Kieu Plaza’s Renting Price Increased Sharply

After being renovated, retail space in Thuan Kieu Plaza has the highest level of $60 /sqm/ month.

According to statistics from Jones Lang LaSalle (JLL) Vietnam, commercial space in Thuan Kieu Plaza (also known as Garden Mall) is currently lowest $20 / sqm/month and highest $50-60 / sqm. On average, the retail space at this building is $30 – $40 a square meter per month, more than double the quarter-on-quarter.

Although the new lease is quite high, 25,000 m2 of the commercial floor (4 floors) at Thuan Kieu Plaza still has the average occupancy rate. Specifically, the fill rate of the ground floor is 100% and the fill rate of the upper floors is 80-90%. Thuan Kieu Plaza apartments (648 units) still have no official information from the investor.

Thuan Kieu Plaza project
Thuan Kieu Plaza has been changed to “blue” shirt after nearly 20 years wearing red “shirt”.

Thuan Kieu Plaza is located in the golden land in District 5, limited by the four routes Hong Bang, Thuan Kieu, Tan Hung, Duong Tu Giang and Do Ngoc Thanh Road running between the works.

This building was built in 1994 and started its operation in 1999. It is the first high rise building, symbolizing the development of Ho Chi Minh City at that time.

However, after being put into operation shortly, it falls into a damp situation, customers turn away towel pack. Then there were superstitious rumors that Thuan Kieu Plaza was “haunted”, or that it was spotted or spiked … This made Chuan Kieu seem deserted. most mysterious Saigon.

By 2013, the Van Thinh Phat Group of women in possession of the property “crisis” second most Ho Chi Minh City Truong My Lan has taken over this project. As soon as received, there is information the new investor will break the project to do again. However, not long after, the leadership of An Dong Investment Joint Stock Company (a member of Van Thinh Phat) confirmed that there would be no revulsion, but that it would be renovated and refurbished.

“Profile” Thuan Kieu Plaza

Thuan Kieu Plaza was built on an area of 9,971sqm. The building consists of three towers, each with 33 floors, including a commercial center, 648 apartments and other facilities such as swimming pool, recreation area, garage … This building is located between 4 routes Hong Bang, Thuan Kieu, Tan Hung, Duong Tu Giang and Do Ngoc Thanh Road running between the works.

In 1994: Saigon Five Building Trade Limited Company (under Saigon Real Estate Corporation) and Kings Harmony Int MTV of Hong Kong joint ventured with a total investment capital of about $55 million.

In 1999: Completed and put into operation but only a few years later, it fell into a situation of more than a decade. However, investors do not renovate but to this project “clinical death” despite rumors speculation superstition.

In 2013: Van Thinh Phat Group acquired this project and in February 2013, the red book of the project was named An Dong Joint Stock Company.

January 2015: People’s Committee of Ho Chi Minh City has decided for An Dong Joint Stock Company to lease land within 50 years, pay land rent once. The temporary land rent is VND105 billion. By 2016, the investor has paid VND75 billion.

June 2016: The building is licensed by the Department of Construction to renovate.

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