Thinh Vuong Investment Joint Stock Co., investor of Vung Tau-based Lam Son Square Shopping Mall, is for the first time offering ten-year booth leases to retailers.
With the ten-year rental ranging between VND150 million and VND500 million, the six-square-metre booths are attracting a lot of attention.
There have been 75 out of 346 booths on the first two floors leased out to retailers from HCM City and neighbouring provinces, said Huynh Trung Tan, board chair of Thinh Vuong Co.
Retailers can also transfer their booths to other third parties for the contracted term, Tan added.
This is the first time a high-end shopping mall in the country has offered the leasing methods of a traditional market. Shopping malls usually pick international brands for their retail space with a short term of one or two years.
The move is a win-win solution for both retailers and realtors. It creates opportunities for retailers and small-sized enterprises to acquire space in a modern shopping venue while paving the way for developers to overcome present market woes.
With good results at the first trading day, Tan said it was a positive sign for the commercial real estate sector. He hoped that the remainder would be occupied ahead of August as leasing prices at the mall are set lower than at traditional markets in the city.
Covering more than 20,000 square meters, Lam Son Square has eight floors and a basement. The first two floors are for retail space while the remainder has high-end amenities such as cinema theaters, gyms, restaurants, food stores and entertainment areas for kids.
The project, which is being built on a prime location in Vung Tau City with modern design, is developed by Thinh Vuong Investment Joint Stock Co. and the National Oil Services Co. (OSC Vietnam) and is expected to open by the end of the year.