CapitaLand has built a strong reputation in Vietnam with its numerous residential projects. Now the Singapore-based firm is hoping to translate this success to grade A offices after acquiring a prime commercial site in the Central Business District of Ho Chi Minh City. The land has already been earmarked for a commercial building.
A 240-metre, international grade A office tower will be developed at the site. There will be a gross floor area of 106,000 square metres at the complex when completed. CapitaLand revealed that construction would begin sometime in the first quarter of this year with completion expected to occur in 2020.
“The acquisition and development of our first Grade A office tower in a prime location in Ho Chi Minh City, serves to diversify CapitaLand’s portfolio and strengthen our foothold in Vietnam,” Lim Ming Yan, President & Group CEO, CapitaLand Limited stated in a press release. “CapitaLand has a 22-year track record in Vietnam which has delivered to-date, 22 serviced residences, nine residential developments and now, a prime commercial property.”
CapitaLand looks to develop an iconic office building
The development will be one of the tallest towers in Ho Chi Minh City when it is completed. It will be located in District 1 and directly connected to a planned metro station. The new office building will also be close to another one of CapitaLand’s notable projects in Vietnam, the Ascott Waterfront Saigon.
“As one of the tallest buildings in Ho Chi Minh City when completed, this commercial development will be the only project in the CBD with unfettered views of the beautiful Saigon River and a direct connection to the future metro line,” Chen Lian Pang, CEO of CapitaLand Vietnam, said. “CapitaLand sees strong potential upside in the office market, particularly in Ho Chi Minh City, given the mismatch between demand and supply of Grade A office buildings. We are confident that our development’s prime address will attract top multinationals, locally incorporated foreign banks and financial institutions.”
