Pelli Clarke Pelli Architects to design Vietcombank Tower

Pelli Clarke Pelli Architects has been selected to design the Ho Chi Minh City headquarters of Vietcombank. The client is Vietcombank-Bonday-Benthanh Joint Venture Company Limited.

Vietcombank, also known as the Bank for Foreign Trade of Vietnam, is the flagship bank of Vietnam. The new tower will herald Vietcombank’s major presence in the country’s fastest growing city and largest commercial center. In addition to the branch headquarters, the 35-story Grade A building will contain multi-tenant offices, ancillary facilities, retail, restaurants, and parking.

The project will be the first in Vietnam for Pelli Clarke Pelli Architects.

“Pelli Clarke Pelli is honored to have been chosen for this very important and highly visible project,” said Fred Clarke, FAIA, Senior Principal of Pelli Clarke Pelli Architects. “The site is one of the most prominent in Ho Chi Minh City, with views to the Saigon River and overlooking an important city square. The Vietcombank and its development partners are among the most respected companies in Vietnam and the Ho Chi Minh City headquarters will be a building that represents stability, vision and progress.”

The new tower will face Me Linh Square, one of downtown Ho Chi Minh City’s prime locations. Located on the west bank of the Saigon River, the Square is a focal point of the city’s Beaux-Arts plan, marking the convergence of several important thoroughfares. Vietcombank Tower will be the tallest building on the square, visible on all sides from across the city.

At street level, the new tower will welcome the public with a generous retail component, including a branch of Vietcombank. The new bank will be designed in the tradition of great urban banks around the world — as a civic space that celebrates its country’s growing economic status. The tower will use elegant forms and timeless materials to express the bank’s and the nation’s aspirations.

As a symbol of the growth and development of both Ho Chi Minh City and Vietcombank, the project is of great importance to both Vietcombank and the Joint Venture. The client intends the building to be responsive to its surroundings and a spectacular presence in Ho Chi Minh City.

Construction is tentatively scheduled to begin in 2010 and end in 2012. The preliminary construction cost is estimated at $67 million.

About Vietcombank-Bonday-Benthanh Joint Venture Company Limited

Vietcombank-Bonday-Benthanh Joint Venture Company Limited was formed by Vietcombank, the flagship bank of Vietnam; Bonday Investments Limited, a Hong Kong-based real estate company; and Benthanh Tourist Service Company, a leading tourism and travel services business.

About Pelli Clarke Pelli Architects

Founded in 1977 by Cesar Pelli and Fred Clarke, Pelli Clarke Pelli Architects has designed some of the world’s most recognizable buildings, including the World Financial Center in New York, the Petronas Towers in Kuala Lumpur, and the International Finance Centre in Hong Kong. The firm’s broad portfolio includes academic buildings, libraries, performing art centers, museums, research centers, residences, and master plans. The work of Pelli Clarke Pelli Architects reflects the belief that a firm must not be constrained by a signature style, but that great design arises from collaboration with clients and a respect for each project’s environmental, economic, and social contexts. The firm has been honored with critical acclaim and hundreds of design awards.

The firm has designed headquarters for financial institutions around the world including Citigroup (London), BankBoston (Buenos Aires), Wachovia (Winston-Salem, N.C.), Bank of America (Charlotte, N.C.), Lehman Brothers (London), and Wells Fargo (Minneapolis, Minn.).

Source: Pelli Clarke Pelli Architects

Real estate sales in Hai Phong pick up

The real estate market in the northern port city of Hai Phong is recovering, with strong recent growth in both transaction volume and value since a slump in the early months of the year, said Hai Phong Real Estate Association vice chairman Luu Thanh Tang.

In the two most recent months, the number of property transactions in the city increased by 200 per cent while prices have risen, on average, by 10-20 per cent compared with earlier this year.

Some projects, Tang said, had seen even stronger price increases. Prices for units in the Ho Sen-Cau Rao 2 development project had stood at about VND10 million (US$550) per square metre at the beginning of the year but were now up to VND30 million ($1,600). And, in contrast to other major cities, Tang said, the recovery in Hai Phong was based on real demand for housing. Demand was higher, he noted, for both new and older homes, as well as townhouses and apartments in new urban areas.

The strong sales across-the-board suggested many people were enjoying higher incomes and looking to improve their living standards, he said.

Nor was the recovery limited only to the housing sector, Tang said, noting increasing number of office and hotel office projects.

Thuy Duong Joint Stock Co has just commenced construction on an office and luxury apartment project in the city’s Ngo Quyen District, and the Hai Phong Construction Trade Joint Stock Co had a building underway on Hoang Van Thu Street.

Land prices were also up, with land in the Sao Do new urban area rising so far this year from around VND12 million ($660) per square metre to VND17 million ($940).

Source: VNA

Ocean Vista

Ocean Vista apartment project in the Sea Links Golf – Hotel – Villa complex in Phan Thiet City, central province of Binh Thuan, will start construction this September.

As designed, this 8 hectare project includes six blocks with 557 apartments of 80-250 square meters, a meeting hall, shops, bars, restaurants, tennis courts and swimming pools…

Ocean Vista project is part of the 170 hectare Sea Links Complex, consisting of 300 villas, an 18-hole golf course and a 200-room five star hotel.

The project is expected to completed by September 2011.

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Mercure Hanoi La Gare

Hotel operator Accor announced Monday that the Mercure brand would debut in Vietnam with two new hotel openings in Hanoi and Hue next month.

The four-star Mercure Hanoi La Gare will open September 1 in the capital city.

Located opposite Hanoi Central Railway Station, Mercure Hanoi La Gare is an inviting oasis in the heart of the bustling city centre. Situated close to the Old Quarter, commercial precinct and ICE Exhibition Center, this Hanoi hotel features modern designand facilities, plus 102 spacious rooms, a French brasserie, internal courtyard and gym. Ideal for business and leisure guests, Mercure Hanoi La Gare offers easy access to Hanoi attractions including the Temple of Literature and Hoan Kiem Lake.

Accor is the largest international hotel operator in Vietnam, operating 11 hotels in the country under the Sofitel, Grand Mercure, Novotel hotel brands.

License for Nhon Trach new city centre project under consideration

Dong Nai provincial Department of Planning and Investment will have to require Berjaya Leisure (Cayman) Ltd, Malaysia, investor of Nhon Trach 600 hectare new city centre to present and prove their financial strength, according to Ministry of Construction’s Document 1815/BXD-HDXD dated August 19, 2009.

Under it, the provincial governance approved the detailed plan of Nhon Trach new city centre project pursuant to Decision No 1614/QD-UBND dated June 8, 2009. The centre is designed to cover 600 hectares where two subsidiaries of Licogi Corp also registered to invest in 80 hectares. Ministry of Construction ordered investors to explain the issue clearly.

Previously, Berjaya Leisure (Cayman) Ltd, Malaysia invested in Berjaya International University and Urban Area in HCM City’s Hoc Mon Dist with a total cost of $3.5 billion.

Source: VNA

BIDV’s VND1.3 trillion tower complex

Bank for Investment and Development of Vietnam (Bidv) and the main investor of Tower Complex of offices, trade centres and apartments at 302 Cau Giay St, Hanoi has signed cooperation credit contract worth 1.3 trillion dong.

In details, BIDV would provide the credit of 1.3 trillion dong for Cau Giay Investment and Trading Services HSC – the main investor to develop the construction work for the project.

The 302 Cau Giay Tower would be a complex of offices, trade centre and high-class apartments to be built on a site of 10,218 square metres, including three buildings in which there is a 35-storey twin tower with five basements and total construction areas of 42,700 square metres.

There will be trade centres on Floor 1-Floor 5 and offices on Floor 06-Floor 19. The high-end apartments will be designed on Floor 21-Floor 34 in the twin tower, with 12 apartments for each floor.

In addition, there will be another 35-storey apartment building, according to the master plan for the complex, with eight apartments for each floor there.

At present, the project is in preparatory process. The investor is searching for partners to cooperate in carrying out construction work for the project.

Source: CafeF

The Estella

A modern and contemporary enclave, The Estella is a remarkable creation from the region’s leading developers. A high-rise condominium comprising 719 units with 2 / 3 bedrooms apartments and 4 bedrooms penthouses, this prime residential development is surrounded by exciting amenities and is found within a gated community. Gain peace of mind with round-the-clock security along with 100% power backup. The Estella gives new meaning to the word luxury.

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Located within Ho Chi Minh City’s exclusive expatriate community, The Estella is just a few minutes away from all the excitement of the city. Find prestigious educational establishments close by, such as The International School and British International School. At The Estella, accessibility will never be a compromise.

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The luxurious apartments of The Estella are all entirely fitted with quality finishes and fittings known for their design and functionality. The Estella also offers a selection of impressive apartment layouts ranging from 100 square metres to 260 square metres. The perfect home that you have always wanted awaits you here at The Estella.

Facilities

Enter The Estella to discover a tranquil environment. Let the vast and lush landscaping within The Estella soothes you. Extend your leisurely stroll into the 7-hectare public park right behind The Estella.

Enjoy a playful evening with your children in the big playground or have a delightful conversation with your neighbors over barbeque.

Go inside the beautiful clubhouse for a game of billiard. Engross yourself in a love story in the state-of-the-art movie-room. Keep fit in a well-equipped gymnasium then cool down in the relaxing Jacuzzi.

You could get into a competitive spirit with your friends over tennis or in the 50-metre lap pool. Alternatively, have a quiet workout with your peers in the outdoor fitness area.

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The Estella offers numerous unit layouts to suit your needs and lifestyle. Apartment sizes range from 98.3 sq m to 188.5 sq m (excluding penthouses).

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Developer

Tien Phuoc Company Limited has been recognised as one of the most reputable real estate investors and developers in Vietnam. Established in 1992, Tien Phuoc has proven its success through numerous projects in the region including Greenfield Village, Tien Phuoc – South Saigon Residential Complex, Ba Ria – Vung Tau Residential Golf Course and 3C – Ton Duc Thang Mixed-use Tower.

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Cautiously, overseas Vietnamese eye real estate investments

House in Hands, originally uploaded by Kiva.Dang.

Viet Kieu (overseas Vietnamese) will be allowed to purchase real estate in their own names from September 1, 2009. However, experts doubt the new policy will cause any immediate changes in the real estate market.

Ownership transfer transactions will increase

Two months ago, Luong’s relative in Germany asked her to help buy another apartment on Hoang Hoa Tham street in Hanoi.

According to Luong, the relative decided to invest money in real estate in Vietnam after he heard that apartment prices in Hanoi keep rising. Luong has purchased five apartments so far this year as ‘authorised’ by her Viet Kieu relatives.

Luong said that when the new policy on allowing Viet Kieu to purchase houses in Vietnam takes effect on September 1, she will transfer ownership to the real owners of the apartments.

Nguyen Van Tam, Director of GTC Real Estate, part of the TSQ Finance Group owned by a Viet Kieu in Poland, also thinks that when the new policy becomes effective, there will be more transfers of ownership than purchases.

In fact, Viet Kieu have been purchasing houses, apartments and time-shares in Vietnam for a long time as investments. They are well-represented in the most attractive real estate market segments.

The 13 hectare, $59 million ‘Viet Kieu Chau Au (European) Village’ is a 100 percent Viet Kieu-financed project east of Hanoi City, kicked off in 2007. Another high grade apartment project, TSQ’s ‘Euro Land,’ capitalized at $70 million, is expected to cover an area of 8,200 square metre in the Mo Lao new urban area west of central Hanoi.

According to Tam, 35 to 40 percent of the buyers in Viet Kieu Chau Au village are Viet Kieu. Tam claimed that it is not clear if the Viet Kieu buy the houses and apartments for their own use or for speculation. However, he believes that many of them intend to live in the units because they have been keeping a close watch over the implementation of the project and adjusting the plans to their individual preference.

It is estimated that 60-70 percent of buyers now will be buying the apartments from original buyers instead of purchasing directly from the investor. The apartments are offered at $1,000 per square metre, up from $900-920 per square metre. Villas are now on offer at 55 million dong (about $3000) per square metre.

The director of a real estate brokerage said that speculators well understand the new policy and they have put down deposits on a lot of apartments and villas at the projects which they think will be attractive to Viet Kieu. However, they have been discouraged by the lower-than-expected influx of investment money from overseas Vietnamese buyers.

Lam, a real estate broker, said that the market has been quiet over the last month with very few successful transactions.

The market will not see big changes soon

Commenting about the outlook for Viet Kieu buyers, Tam said that more sales will be made, but big changes won’t be evident when the new policy takes effect. In this market, so far characterized by ‘underground transactions,’ investors will spend some time watching to see how the new policy is implemented and defining the market tendency.

Tam has sold units in Viet Kieu Chau Au Village. He doubts that Viet Kieu house purchases will affect the real estate market in short term. Not all Viet Kieu can afford real estate products in Vietnam. Some experts believe that the prices have been pushed up high by speculators.

Tam said that Viet Kieu always think more carefully than Vietnamese people before they decide to purchase houses or apartments. At first, they will want to see how the revised law is implemented, and be confident that the market will develop in a stable way.

According to the Ministry of Construction, only 140 Viet Kieu have officially purchased houses in Vietnam since 2001, when certain categories of overseas Vietnamese were permitted to purchase houses in a trial basis. However, the revised law drops virtually all restrictions on such transactions. That’s why experts believe that in long term, the real estate market for Viet Kieu will see strong growth.

In 2008, the members of the Vietnamese diaspora sent $8 billion in remittances to their relatives in Vietnam, an increase of 19 percent over 2007. Much of this money is invested in small businesses and projects.

It is estimated that some 3,000 businesses which have capital contribution by Viet Kieu and 60 percent of such projects have been going profitably. The figures show the great potentials of the market and make people believe that Viet Kieu investors will put money into many more investment projects.

Source: VNEconomy/ Photo credit by: http://www.followsteph.com

55 millions USD to built TD Lakeside Haiphong

Thuy Duong Investment Joint Stock Co has announced that it will start construction on TD Lakeside Hai Phong project on August 16.

The TD Lakeside Hai Phong project is a complex of apartment, office and trade centre covering an area of 28.528 square metres.

The $55 million project will be located in Le Hong Phong St, in the northern city of Hai Phong.

At the groundbreaking ceremony, the company will sign a credit contract with PetroVietnam Finance Corp (PVFC) to arrange investment capital for the project.

The project is expected to be finished by Q3 2012.

$1.1bil bonds issue to build new urban area

The HCM City People’s Committee has approved the issue of bonds worth VND20 trillion (US$1.12 billion) for developing the Thu Thiem new urban area in District 2.

The People’s Committee and the HCMC Urban Development Investment Fund will issue the three and five year bonds that will carry fixed interest rates that will be paid annually.

The bond issuance will be implemented in two phases: VND14 trillion will be issued between now and 2010, and the remaining VND6 trillion in 2010.

The money raised from the bonds will be used to build technical infrastructure facilities in the Thu Thiem new urban area.

The Thu Thiem Urban Area project managers are actively calling for domestic and foreign companies to invest in major projects including the Observation Tower complex, the northern residential complex, the eastern high-grade hotel complex, the office building complex along the East-West Highway and the area’s multi-functional centre.

The city will collect money from investors to repay bond buyers on schedule.

The Thu Thiem new urban area project, which started implementation in 1996, is located in the peninsular of the same name, opposite District 1 across the Sai Gon river. The area comprises the An Khanh, Thu Thiem, An Loi Dong, Binh An and Binh Khanh wards in District 2.

It covers an area of seven square kilometres and almost all its buildings will be ten to 40 storeys high.

Once completed, this new urban area will replace District 1 as the city centre. It will be connected to the existing downtown area by several bridges and a 6-lane tunnel which are under construction.

Source: Vietnam News