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Office accomodation Print E-mail
Written by Administrator   
Saturday, 11 March 2006
Article Index
Office accomodation
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Medium Term Future

As Vietnam further integrates into the world global economy and as the financial services sector better develops, inevitably more capital will be found for investment into commercial real estate. Because of the demand and supply imbalance and because office properties are the preferred real estate investment of many developers, we anticipate an enormous of new stock to be put onto the market over the next 10-20 years. Much of this will be in small Grade C – E buildings as existing properties are redeveloped, but a lot will also be comprised in large mixed use developments, such as the 200,000 sqm Hanoi City Complex and the 100,000 sqm Financial Tower in HCMC.


The capital’s latest urban development plan envisages the city expanding on both sides of the Red River, so that by 2020 it can accommodate an extra 4.5-5 million people. To this end, the People’s Committee is seeking about USD$3.2 billion in investment capi­tal for 16 property construction pro­jects to 2010 to develop several new urban & residential areas, housing, trade centres, office buildings and transport facilities. From 2003 to 2010, the urban area is expect­ed to increase about 2-fold and the area and demand for housing increase 4.5-fold. One of the city's main targets is expanding to the north & north-west, and west & south-west, with a new 8,000 hectare new modern town to the north along the Red River a main priority.

The following schemes are being planned : -

  • The long delayed Red River City has recently been reactivated and will include several high rise office buildings.
  • Luxembourg’s Coralis SA are developing the Hanoi City Complex project.
  • The Vietnam Construction Import & Export Co (Vinaconex) are planning to develop a new Head Quarters building.
  • The Manor Officetel will provide small, budget accommodation.
  • Sacombank are developing a 9 floor office building on Ly Thuong Kiet at a cost of about USD$4 million, some of which will be leased out.
  • Cau Giay Plaza will provide budget office space in Cau Giay district.
  • The 25 floor BIDV Tower on a 2,544sqm site on Tran Quang Khai.
  • The Viet Towers on Thai Ha in Dong Da will open in 2008.
  • The 15,000 sqm VIT Tower on Kim Ma in Ba Dinh.
  • The 5,000 sqm Dragon Building on Tran Duy Hung.
  • The 4,000 sqm Opera Business Centre on Ly Thai To.
  • The 3,000 sqm Devyt Tower on Dao Duy Anh

Ho Chi Minh City

The city is now home to more than 7 million people, and the figure is expected to reach 10 million by 2020. It has approximately 350,000 sqn of office accommodation, which by way of comparision with other major cities in South East Asia, is much smaller than central Bangkok’s over 2.5 million sqm; Makati City’s (in Manila) 2.6 mil­lion sqm; and Greater Jakarta’s 4 million sqm. Things are and will continue to change however, and some of the current & on-going development projects are :-

  • Thu Thiem Peninsula New Town : - This project is arguably the most important for the city’s future economic development (a bit like Shanghai’s Pudong in this respect), as it will link the existing long French-established District 1 with the 770 hectares banana-palm covered swamps on immediately other side of the river. The new town comprises An Khanh, Thu Thiem & An Loi Dong Wards and part of Binh An & Binh Khanh Wards in the city’s District 2.
  • Saigon Pearl : - Situated on Nguyen Huu Canh in Binh Thanh District between District 1 and the Saigon Bridge / Highway No 1, the site is being developed by a 50%-50% JV between Hong Kong’s Vietnam Land & SSG Construction & Real Estate Company (Vietnam Land SSG Ltd) to provide 8No. apartment blocks of upto 37 floors and 2-4 officer towers of between 13-25 / 40 floors each & 126 villals. The 10.4 site on river opposite the Thu Thiem peninsula was acquired at action for USD$56 million ie @USD$540 / sqm and will be developed to provide a total of 2,112 apartments between 82-328 sqm. Viet Trang Import Export JS Company is heading a conglomerate of enterprises who have clubbed together to pay for the USD$156 million project. The Bank for Agriculture & Rural Development (BIDV) have loaned USD$32.3 million, accounting for 60% of the investment price. Vietnam Land is a JV between seven Vietnamese and a Hong Kong partner that includes the Sun Wah group and Japan's Marubeni Corporation. Prices are being quoted at between USD$1,200-USD2,000 / sqm.
  • Bitexco Commercial Complexes : - The Binh Minh Trade Import Export Company (Bitexco) is planning to develop two huge high rise office & apartment complexes covering about 10 hectares in the down-town areas of Ma Lang & Ben Thanh. The buildings will be between 40-55 floors and the investment required is estimated in the region of USD$460 million. More than 1,800 houses and 13 offices will be affected and compensation is anticipated to be about USD$80-100 million.
  • Saigon M&C Tower (formerly ‘Saigon Spaceship’ site) : - At the end of 2001 Saigontourist bought out the foreign partner (Cibex International & Societe de Development Hotel Pointe des Blageurs) in the mid-1990’s dormant USD$76 million JV, that had a licence to build a hotel, office, shopping & apartment complex. The site is arguably the most central in Sai Gon since it is at the end of Ham Nghe opposite the Cot Co Thu Ngu flag-pole. A new @USD$31.8 million JV has been formed between Saigontourist (30%) and Saigon M & C Real Estate Co (60%) and Thu Do Land Company (10%), to develop the 6,000 sqm plot with revised USD$65 million plans for a striking looking 40 story shopping mall, apartment complex & office tower. The apartments will all have 3 bedrooms and range in size from 150 to 200 square meters and are provisionally being quoted at @USD$2,700 / sqm making the them the most expensive in the country.
  • e-Town 2 : - Darling of the stock-market REE (Refrigeration Electrical Engineering Corp) have recently increased the number of their popular shares to realise capital to develop the 26,400 sqm USD$15.7 million property next to e-Town 1 in Tan Binh by the airport.
  • Le Loi Plaza : - Gemadept, Vietnam's largest shipping agency, has bought a 45% stake from Hong Kong's Keangnam Enterprise Ltd in Le Loi Plaza to develop a 25 floor office building on Le Loi Boulevard.
  • Fideco VSC Building : - Foreign Trade Development & Investment Corporation (Fideco) is developing a 20,968 sqm 18 floor property on Ham Nghe after taking over VSC Properties of Thailand interest in the Building Investment & Services (BIS) JV project.
  • Sunimex OVC Building : - Ben Thanh Tourist Company (a subsidiary of Sunimex), has taken over the 60% Singaporean owned stake in the mid-1990’s USD$8.5 million Orient Vacation Company (OVC) JV and is teaming-up with AA Architect Construction Company to form a new USD$10 million JV to build a 15 floor office block.
  • Vietcombank Tower : - A JV between Ben Thanh Tourist & Vietcombank with Hong Kong Bonday Investments are looking to revive a long dead project to develop a 3,232 sqm site for USD$55 million as a 35 storey office & retail building with 77,000 sqm of space on land at Me Linh Square bordered by Ton Duc Thang & Hai Ba Trung.
  • Financial Tower : - Bitexco is investing USD$100 million in building a stunning looking 60 floor steel & glass walled commercial & financial centre just off Nguyen Hue on a site bordered by Hai Trieu, Ho Tung Mau & Ngo Duc Ke which will provide 100,000 sqm of space in the tallest building in HCMC if not Vietnam.
  • Sacombank Tower : - The HCMC based bank are developing a 17 floor 17,700 sqm office building adjacent to their current HQ on Nam Ky Khoi Nghia (the airport road), in District 3 at a cost of about USD$6.4 million with the Tan Dinh JS Im-Ex Co – Tadimex at a cost of USD$15 million..
  • Manor Officetel : - This USD$35 million development is the Phase 2 of the Manor HCMC development and is being designed as a combination of office & residence space. The development, locat­ed on Nguyen Huu Canh street, will feature 456 units of between 35-50-148 sqm. The concept is that a business can use part of the apartment as office space during the daytime while lodg­ing in the other part with family at nighttime.
  • BTH Building : - Construction Company 586 (a subsidiary of Cienco 5), are developing a 3.55 hectare site at the corner of Le Dai Hanh & Ba Thuag Hai in District 11 at a cost of about USD$190 million.
  • Southern Seed Tower : - The stock market listed Southern Seed Company is planning to invest USD$40 million to de­velop a 20 floor office & apartment building on a 7,000 sqm site on Le Van Sy, where the com­pany has its headquaters.
  • New World Tower : - A joint venture between New World Hotels Holdings Hong Kong & Saigontourist Holding Company (which built the 560 ­room New World Saigon Hotel), is looking at developing the adjacent 1,850 sqm corner plot as a 25-35 floor office building for about USD$25 million.
  • Gemadept Tower : - Stock market listed Gemadept (General Forwarding & Agency), are still planning to develop a long discussed USD$18 million office building on a small site on Le Thanh Ton.
  • Quang Trung Software City (QTSC) : - Situated about 12 km north­-west of the city center, work is about to start on 4 projects to build 6 office and residential buildings. Three companies will spend USD$13 million building the 4 office blocks with total floor space of 44,000 sqm including the Saigon Intelligence & Sunrise buildings. The park’s director recently also claimed plans of developing a total of 200,000 sqm of office accommodation for tenants.
  • LCT Apartments : - ASC-An Phu Development Company is developing a 17 floor USD$6.4 million office and apartment building on a 2,000 sqm on District 3’s Ly Chinh Thang. The 1st-2nd floors will provide office space with 80 fully furnished apartments on the 15 floors above. The price of apartments is quoted at @US$1,500 / sqm.
  • September 23rd Park : - This long ‘dead’ JV earned the pseudonym ‘The Black Hole’ due to its scale and decade of inactivity. Located on 10 hectares of the 23rd September Park that is surrounded by Cong Quynh, Pham Ngu Lao, Ton That Tung & Nguyen Trai near Ben Thanh Market, this 1995 70-30% USD$525 million Vijico JV (Saigon Cultural & Commercial Complex - SCCC), between Taiwan’s Jin Wen Corporation and the Urban Development Service Company – UDESCO - (15%), the Public Park & Greenery Company (9%), and Ben Thanh Tourism Service Company (6%)/ went 100% locally owned in 2005 when SRECO (Saigon Real Estate Corporation) took over / were told to take over the foreign partner’s stake in this long ‘dead’ project. The JV envisaged developing a 5-star hotel with a 38 floor skyscraper, a 72,000 sqm commercial centre and many other state-of-the-art business & leisure facilities. In 2006, Korea’s LG Engineering & Construction (LG E&C) negotiated a deal as an incentive as part of developing the new 14 km Tan Son Nhat-Binh Loi outer beltway new ‘airport road’, the rights over a 1.2 hectares plot in the former SCCC JV. There are reports that they now plan to develop a mixed use commercial residential scheme on the site including a Xi (Extra Intelligent) Park Tower – one of Korea’s top serviced apartment brand-names.
  • SPN Tower : - Situated on Nguyen Thi Minh Khai the property is being developed by Sao Phuong Nam and will provide about 16,000 sqm of office space.
  • Artex Building : - This wonderfully located 800 sqm site opposite the Opera House and Caravelle on the corner of Le Loi & Dong Khoi is being developed by RESCO for Artex Saigon (a subsidiary of SATRA) as a 7 floor USD$3.6 million building, partially for owner occupation. The ground floor, mezzanine & 1st floor will be to accommodate this handicraft company’s products with offices in the 5 floors above.
  • Petro-Vietnam Tower : - This wonderful site & extraordinary building at the end of Le Duan opposite the zoo was bought by Petro-Vietnam in mid-2002 off the HCMC government for its oil & gas management southern Head Quarters and other subsidiaries. The building will require a reported USD$30 million and has been a concrete skeleton for about 8 years, though slow progress is now being made on completing it. The local government had previously intented the tower to become home to the representative offices of the Hanoi based Ministries\
  • Broadway 2 : - The Broadway Office Park about 15 minutes drive from the centre, comprises 5No small 3 floor blocks with more being developed. Blocks A & B provide about 3,200 sqm and Blocks C-E about 9,700 sqm and have been designed to specifically accommodate the needs of large space users with the ground-floor space used for showrooms & stores.
  • South Saigon New Urban Area : - This huge project covers part of Ward 7 in District 8 - Tan Phong & Tan Phu Wards of District 7 - An Phu Tay, Phong Phu, Binh Hung & Hung Long Communes of Binh Chanh District, and has so far attracted 17No. foreign invested projects with a total registered capi­tal of over USD$850 million and 79No. local investors with @USD$685 million. In 2006, the People's Com­mittee approved the areas expansion from 2,612 hectares to 2,975 hectares. This addition / southern section has many advantages due to recent infrastructure improvements such as the Tan Thuan 2, Nguyen Tri Phuong & Nhi Thien Duong bridges, and the future 1,171m Nguyen Van Cu Bridge.
  • Phu My Hung (PMH) : - The formation of the Saigon South urban area on 2,600 hectares is meant to create conditions for urban and rural districts in the surrounding areas of District 7, District 8, Nha Be and Binh Chanh to develop. After years of relative inactivity, the 600 hectare @USD$250 million PMH Joint Venture started have construction of the first of many planned apartment buildings and houses. Several international schools; the Franco Vietnam hospital; RMIT (Royal Melbourne Institute of Technology) University; and other such ancillary service suppliers & facilities have also committed to a future amongst the landscaped greenery. The government have now also approved the construction of the 1,950m long USD$114 million Phu My bridge, that will connect the city ring road (that runs through PMH) with the CBD via the 770 hectare USD$632 million Thu Thiem New Urban Area of District 2.
  • Phuong Nam Plaza : - Situated in the Saigon South new urban area, this USD$50 million property is being developed by the privately run Phuong Nam Company as 3No. 20 floor “U? blocks on a 6,000 sqm site. Phuong Nam are co-­operating with Switzerland’s Tradco Global Engineering & Construction on the project.
  • BIDV Tower : - The state run Bank for Investment & Develop­ment of Vietnam is developing a 40 floor building that will provide over 100,000 sqm of accommodation at over USD$100 million.
  • Times Square : - This long delayed 1996 JV between Larkhall & Savico will cost an estimated USD$95 million and provide high end retail, residential, office & hotel accommodation on a 4,500 sqm site on Dong Khoi in the very centre of District 1.
  • BaoViet Tower : - The state insurance company is developing a prime site adjacent to the Metropolitan on Dong Khoi in a USD$11.3 million 15 floor office building that will cover about two-thirds of the site and provide about 18,000 sqm of accommodation, partially for owner-occupation.
  • Hoang Quan Plaza : - Situated in the District 8 section of the Saigon South Urban Area, the USD$44 million complex is being developed by Hoang Quan (95%) & Lang Thanh to provide 9 high-rises of 15 to 18 storeys with 653 apartments of between 90-222 sqm, with 14,000 sqm of office accommodation, and a 20,000 sqm shopping centre on a 3.76 hectare site. The quoted price for apartments is between USD$1,200­-USD$1,400 / sqm and purchasers obtain 10 year 60% loans from the Mekong Housing Bank.
  • Asiana Plaza : - The 13,600 sqm Kumho Saigon JV was licensed in 1996 to build a USD$223 million com­plex on the corner of Le Duan & Hai Ba Trung comprising a luxury apartment & office building with a 5-star hotel and shopping centre. Korea’s Kumho 65% stake was purchased by Saigontourist and the District 1 Housing Development Company in 2005.
  • Satra Commercial Centre : - The Saigon based conglomerate are planning to redevelop a 6,000 sqm super-prime site next to Tax Plaza on the corner of Nguyen Hue and Le Loi at a cost of USD$100-120 million. The 30-35 floors of space will include a commercial section, offices, con­ference facilities & a car-park and reports says investors from Malaysia, Singapore, US & Switzerland have showed interest in Joint Venturing including Malaysia's Shangri-La, Thailand's Central Plaza, Hong Kong Land.
  • Hung Vuong Plaza : - Situated in bustling District 5, the USD$33 million property is being jointly developed by local companies M&C Corporation and Kinh Do and will have two 29 floor towers with 276 apartments from the 8th-29th floors of between 117-128 sq.m. Kinh Do will occupy the first 7 floors of the plaza for a department store with luxury shops, offices, 20 restaurants and cafes, and five cinemas with a combined 1,500 seats. The Eastern Asia Commercial Bank (EAB) will provide 50% loans to purchasers repayable over 10 years.
  • VP Bank Tower : - This beautiful 1,000 sqm site on the corner of Ham Nghi & Pasteur is being developed by the bank as an 18 floor office building for its HMC Head Quarters and leasing, having been leased, presumably from a distressed customer, at the bargain price of only USD$1 million per annum on a 40 year lease
  • Saigon Sports City : Situated in District 2’s popular An Phu about 5kn from central District 1, the project is being developed by Chiap Hua (Hong Kong) & Keppel Land (Singapore) to provide over 3,000 condominiums with office and retail / leisure facilities on about 75 hectares.

Last Updated ( Saturday, 14 October 2006 )
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