CBRE will be the sole leasing agent to introduce anchor tenants for the retail podium of Mo Market.
Vietnam Construction and Import-Export Joint Stock Corporation and CB Richard Ellis (Vietnam) have signed a strategic contract in which CBRE will be the sole leasing agent to introduce anchor tenants agreed by both parties for the retail podium of Mo Market.
Mo Market at 459C Bach Mai, Truong Dinh, Hai Ba Trung, Hanoi
Mo market complex will be built in place of the traditional wet market that existed in this location for many years without renovation. The old market was in poor condition and didn’t meet environmental sanitation and fire safety requirements. The project follows the general trend to revitalize former wet markets into sophisticated retail complexes in Hanoi. Some other projects located in favorable area such as Hang Da market, Cua Nam and Nga Tu So market are also the evidences of this trend in the Hanoi retail market. The completion of these projects is consistent with the demand of Hanoians today with higher living standards calling for convenient & safe shopping environments and simultaneously improves the efficiency of land utilization in these lucrative locations.
Mr. Le Minh Dung, Investment Director at CBRE, stated: “Until now, retail space has not met the demand in Hanoi especially in the CBD. The completion of the Mo Market is expected to increase the total supply, narrow down the supply-demand gap in the Hanoi retail market and also provide more options for customers.”
The Mo Market complex is developed from an old wet market area on busy Bach Mai Street in the densely populated Hai Ba Trung District. The market can be easily accessed from Minh Khai and Bach Mai roads. It comprises of two towers and a retail podium: one 15 storey Grade-A office tower on the north of the project, one office & hotel tower on the southeast of the project with smart and luxurious design making it an impressive and prominent building at the interchange of 2 main roads. The 5 floor retail podium connecting the two towers integrates the office and hotel towers.
The podium has a floor area of 24,000m2 and is designed for a high class department store and international-standard facilities. In addition, 5 large basement levels within the project are sufficient for all necessary parking requirements.
The project developer, Vietnam Construction and Import-Export Joint Stock Corporation, also expressed confidence and optimism on the cooperation with CBRE and the prospects of the Hanoi retail market in the future.
