Agreement signed over management of seven properties in office, retail, and serviced residences in the Phu My Hung urban area.
The Phu My Hung Development Corporation has appointed CBRE Vietnam to manage its portfolio of commercial properties in the heart of Saigon South, in Ho Chi Minh City’s District 7, starting from January 1, 2016.
CBRE will manage seven properties in office, retail, and serviced residences, with a total area of 160,000 sq m. The portfolio consists of the Lawrence S. Ting, Broadway, and Crescent Plaza office and retail properties, and around 440 serviced residences at Waterfront and Crescent Residence 1, 2, and 3. A skilled staff of 340 will transfer to CBRE to deliver onsite operations.
“I have a good feeling about this agreement,” Mr. Gary Tseng, President of Phu My Hung, said after signing the agreement. “I believe it will be good for both Phu My Hung and CBRE and lead to closer cooperation in the future.”
“It is a huge pleasure to work with such a successful long-term investor in Vietnam as the Phu My Hung Development Corporation,” said Mr. Marc Townsend, Managing Director of CBRE Vietnam. Since the days of its founding Chairman, Lawrence S. Ting, Phu My Hung has had a vision and strategy to build the new Vietnam in Saigon South, which no other developer has been able to match. “It is a privilege for CBRE to cooperate with Phu My Hung and we hope that this partnership will help drive the development of District 7 forwards into the future,” Mr. Townsend said.
CBRE has broad experience in managing portfolios of premium commercial projects around the world. “We give our firm commitment to work hard to help Phu My Hung continue implementing their strategy of creating a world class environment that enables investors, occupiers, and residents to take full advantage of the District 7 lifestyle,” he added.
Phu My Hung was the first planned new urban area in Ho Chi Minh City and in Vietnam, and is also known as Saigon South. It has received numerous awards for design, planning and community development, which has resulted in high demand for space by both local and foreign residents and employers.
The Phu My Hung area radiates from Nguyen Van Linh Parkway and expands to Phu My Bridge, where the key infrastructure to support trade from the city and surrounding provinces is well-established, while future investment will deliver more efficient interchange between Nguyen Van Linh and Nguyen Huu Tho, an Express Busway and Metro Line No. 4, which will provide confidence and support to long-term pricing in the area.