Saigon development and construction

Saigon Centre

I don’t normally paste articles from other sites but this piece from the Saigon Times is very interesting as it could see the construction of an 88 storey building in Saigon.

HCMC – Keppel Land, one of the largest foreign property developers active in Vietnam, has got the green light for the second phase of the Saigon Centre project in downtown HCMC.

In a statement issued by the Government Office on Tuesday, Prime Minister Nguyen Tan Dung asked the developer to comply with the investment license and the city’s zoning plan.

He also asked the joint venture company, Keppel Land Watco I, to undergo restructuring before continuing the development of the project. Vietnamese partners Sowatco and Resco will transfer their stakes in the joint venture to their Singaporean partner Keppel Land so that the foreign partner will develop the second phase of Saigon Centre in the 100% foreign ownership format.

Keppel Corporation in Singapore said in February that it had presented a concept plan for its whole Saigon Centre project. Located in a prime location in District 1, the Saigon Centre is a mixed-use development on a two-hectare site on Le Loi Boulevard, one of the city’s main streets.

The first phase of the Saigon Centre, which was completed in 1996, is a 25-story building comprising a three-story retail podium, 11 levels of office space, 89 units of serviced apartments and three levels of basement car park.
Skidmore, Owings and Merrill, one of the world’s largest architecture firms, has been named as the architect for the new concept plan of the project.

According to the concept plan, the new phase of the Saigon Centre will develop two towers – an 88-story skyscraper comprising shopping mall, grade A offices and a five-star hotel, and a 66-story tower including a commercial center.

The Saigon Centre is now home to the diplomatic corps, multinational firms, banking and financial institutions. The building maintains its position as the market leader in terms of occupancy and rental rates in HCMC. The office and retail components are full.

In March, Elaenia – a joint venture 75% owned by Keppel Land, received an investment license to develop 2,400 condos in HCMC’s newly urbanized town of Saigon South. The company will carry out the project covering 8.5 hectares by the Ca Cam River in District 7.

In HCMC, Keppel Land is also developing Saigon Sports City, a 64-hectare township development comprising residential, commercial, and retail components, the fully-sold Villa Riviera, an exclusive 101-unit waterfront villa development in Binh Thanh District, and the Ca Tre River in District 2.

By Song Nguyen – The Saigon Times Daily

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26 December, 2008 - Posted by | District 1 |

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