Singapore – Mapletree Investments Pte Ltd (“Mapletree” or “the Company”) today celebrated the groundbreaking of VivoCity Nanhai in Guangdong, China. The groundbreaking ceremony was witnessed by Mr Lui Tuck Yew, Singapore’s Minister for Transport and Second Minister for Foreign Affairs.
Located within the Nanhai district and strategically situated between the bustling cities of Foshan and Guangzhou, VivoCity Nanhai is a four-storey shopping mall that spans a gross floor area (“GFA”) of more than 100,000 square metres (“sqm”). The mall is part of the proposed 42-hectare Nanhai Business City, a mixed-use development by Mapletree featuring retail, residential, hotel and office components.
Slated to open in 2014, VivoCity Nanhai will be customised to cater to the local consumer and retail trends. In this project, Mapletree brings along the expertise in large-scale developments as well as its established network to secure leading international and local retail brands for the mall. Offering a one-stop multi-tenanted concept, VivoCity Nanhai aims to energise the retail scene in Foshan with an interesting mix of retail, leisure and entertainment possibilities.
Mr Hiew Yoon Khong, Group Chief Executive Officer of Mapletree said, “China is a key market where we see Mapletree scaling up substantially. The groundbreaking of VivoCity Nanhai is significant for us as it marks Mapletree’s second VivoCity in China to-date. Our first VivoCity in China was recently soft opened in Xi’an in end April. We are delighted to bring the VivoCity brand and experience to Foshan, and this venture underscores Mapletree’s confidence in China and its dynamic retail sector. With Foshan’s economically vibrant landscape, the demand for good quality real estate is expected to remain strong.”
VivoCity Nanhai further extends Mapletree’s capability in integrated mixed-use development. It follows from the successful first phase launch of Nanhai Business City’s residential component, Mayfair. Spread over 20 residential towers and complete with recreational facilities, Mayfair offers almost 2,000 exclusive apartments catering to the burgeoning affluent middle class in Southern China. With more than 98% of the units sold in the first phase within three months, Mayfair represents Mapletree’s successful foray to provide quality living in South China. With the strong market, Mapletree launched the second phase of Mayfair in June 2011, which likewise received encouraging sales with more than 50% of the launched units sold within a week. This affirms the fundamental demand for residential developments of high international standards in China, as well as Mayfair’s underlying support from the comprehensive concept of Nanhai Business City offering a mix of residential, retail and commercial elements.
The groundbreaking of VivoCity Nanhai was one of the programme highlights of the business mission organised in conjunction with the third Singapore-Guangdong Collaboration Council (SGCC) meeting on 29 June 2011. Minister Lui is the Singapore Co-Chairman of the SGCC, which was established to promote cooperation between Singapore and Guangdong. International Enterprise (IE) Singapore is the Singapore secretariat for the Council. Supported by the SGCC, Mapletree’s Foshan project validates the strong relations between Singapore and Guangdong. It is also in line with Mapletree’s strategy to broaden its presence in China as one of our key overseas markets.
Commenting on Mapletree’s business expansion in Foshan, Mr Teo Eng Cheong, Chief Executive Officer of IE Singapore said, “Foshan is one of the top three cities in Guangdong in terms of GDP, and offers a conducive business environment with competitive operating costs and strong government support. With Guangzhou and Foshan integrating the two cities to generate new growth, there will be added business potential. Like Mapletree which has chosen Nanhai district to develop its integrated mixed-use project, IE Singapore encourages more Singapore-based companies to consider Foshan as one of their expansion points in South China.”
