Vietnamese real estate developer TTC Land will build an Aeon Mall shopping center-apartment complex in the central coastal city of Danang.
A memorandum of understanding for the project was signed Monday by TTC Land, listed on the Ho Chi Minh Stock Exchange (HoSE) as SCR, and Aeon Mall Vietnam, under Japanese retailer Aeon.
The project will be located on the premises of the TTC Plaza Danang. The 18-story project will feature four shopping areas, 126 tourism apartments, 150 hotel rooms, and 30,000 square meters of office for lease.
SCR and Coteccons, a major contractor in Vietnam, kicked off construction of TTC Plaza Danang on January 10.
There are six Aeon Mall outlets in Vietnam: two each in Hanoi and Ho Chi Minh City, and one each in the southern province of Binh Duong and northern city of Hai Phong. For 2024, Aeon plans to open one more mall in Vietnam in the central province of Thua Thien-Hue.
Aeon earned an operating revenue of JPY10,958 million ($73.9 million) in Vietnam from March-November 2023, up 16.6% year-on-year, according to the firm’s report for the first three quarters of fiscal year ending February 2024. The company made an operating income of JPY2,879 million ($19.4 million) in Vietnam, up 25.8% year-on-year, “despite the impact of slowing economic growth stemming from sluggish external demand and power shortages,” the retailer said.