Singapore property developer Mapletree is scheduled to open the new Oakwood Residence Saigon in Ho Chi Minh City in April 2018. Located in HCMC’s District 7. Saigon South Place, Oakwood Residence Saigon will have 237 full furnished serviced apartments, ranging from studios to three-bedroom apartments for both short and long-term staying guests.
The Saigon South Place development is an integrated mixed-use project located in the Phu My Hung area that contains the SC Vivo City shopping mall, a 17-story Grade A office tower, the Oakwood Residences and the high-rise RichLane Residences block. There are plans for two more commercial towers to be developed in the coming years.
Chua Tiow Chye, deputy group chief executive officer at Mapletree Investments said: “Mapletree is proud to launch our first Oakwood-branded property in Vietnam, and the second in the Asia-Pacific that we built after acquiring Oakwood Worldwide.” Chye added that the new project is part of the company’s wider business strategy to bring the reputable Oakwood brand to global markets. It is the second project in HCMC for the company, which opened Oakwood Apartments in HCMC’s district 3 area in 2016.
According to Dean Schreiber, Managing Director of Oakwood Worldwide in Asia-Pacific, Vietnam 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 Mapletree to grow its presence in the country.
Tourism to Vietnam has seen dynamic growth during the last 3-years with almost 13 million international arrivals in 2017. As one of Vietnam’s largest cities, Ho Chi Minh City receives the highest number of domestic and international tourists in the country. Both domestic and international arrivals are expected to increase with 20 million international visitors expected in 2020.