HCM City: investors keen on building projects
| 16:12' 26/06/2007 (GMT+7) | ||
The groundbreaking ceremony of the 61-storey Bitexco Trade and Financial Service Centre project, which fronts the three streets of Hai Trieu, Ho Tung Mau and Ngo Duc Ke in the centre of HCM City, in 2005 stirred the real estate circle. This was not only the largest real estate project invested in by a local investor ($90 million) but also the sign of the start of the movement to build Vietnamese buildings in HCM City’s hub, where land is more valuable than gold. Since then, many Vietnamese-invested building projects have been carried out.
Most recently, the nine-storey Opera View was inaugurated on May 12 at the Le Loi-Dong Khoi crossroad in District 1, which is considered the best site in HCM City. The building is invested in by Artex Saigon with VND57 billion ($3.56 million), on 798sq.m of land.
There are only world top fashion brands sold in Opera View, such as Louis Vuitton, Burberry, Furla, Lazoe, Lacoste, French Connection UK and Doc Martens. This is the most luxurious trading centre in HCM City and Vietnam in general; Louis Vuitton had to wait for five years to get its favourite site. Tens of foreign investors wanted to buy this plot of land but Artex decided to build the building with its own capital.
Also in May, the Bank for Investment and Development of Vietnam (BIDV) announced Singapore’s DP Architects had won the first prize in a contest to design BIDV tower in HCM City.
The 152m BIDV building will be built at 117-119 Nguyen Hue Road, District 1 at a total investment capital of VND1,800 billion ($112.5 million), wholly invested in by BIDV. The construction will begin in early 2008 and be completed in 2010. The building will host offices of banking and securities groups in the world and the region.
The PetroVietnam building at 1 Le Duan Street, District 1 is about to open after tens of years in stagnancy. Previously, many foreign investors refused to invest in this project but now it is considered one of the most beautiful buildings in HCM City and all of its space has been hired though the building is not open yet.
One June 21, Vincom announced it would implement a project to build three towers in the centre of District 1, HCM City. Those towers will be built on two plots of land. Two towers comprising trading centres, offices for lease, luxurious apartments and garages will be built on the first 12,000sq.m plot of land. The second plot of land will be a tower totaling 62,000sq.m in area, which will be offices for lease. Those buildings will be connected by tunnels.
All of those projects are on plots of land that many foreign investors dreamed of but couldn’t invest in for many reasons.
“Buildings in the city’s centre which bear Vietnamese trademarks are not only the pride of Vietnamese investors but also prove the development of the Vietnamese economy. HCM City will create favourable conditions for Vietnamese economic groups to invest in the city’s centre,” said Chairman of the HCM City People’s Committee Le Hoang Quan.
Apart from wholly Vietnamese-invested real estate projects, there are many others in which Vietnamese capital makes up a large part, for example the 35-storey building of the Bank for Foreign Trade of Vietnam (Vietcombank) and the 40-storey International Trading Centre of the Saigon Trade Corporation.
In the next ten years, tens of made-in-Vietnam buildings will become the focal points of HCM City’s central area besides foreign-invested buildings.
(Source: Viet Nam Net) |
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