On July 26, Owner of Vinagroup, Pham Nhat Vuong, opened the doors to Asia’s largest underground mall, Royal City.
The new megamall, covering 230,000 square meters, has already filled 95% of its retail space (600 shops). In addition to an ice rink, water park and theatres, the mall features a food street with around 200 restaurants.
Vinagroup CEO, Le Thi Thu Thuy, told reporters during the opening ceremony that the mall caters to tourists and foreigners alike:
“We believe that Vincom Mega Mall Royal City, with many novel features and facilities, will be an ideal shopping, entertainment, and recreational destination for Hanoians as well domestic and international visitors to the capital.”
The mall is the centerpiece of the larger, Royal City development that includes 4,500 apartment units of which 70% have already entered into contract.
Vincom, now Vietnam’s largest owner and operator of shopping malls, is worth around $1.1 billion, of which 60% is controlled by Vuong and family.
[Forbes]
