» » PMH picks Savills as manager for luxury property project

Phu My Hung Corporation (PMH) on Thursday announced a luxury property project in HCMC’s District 7 and chose Savills Vietnam as a sole leasing and management agent for the project.

The corporation said it had poured US$200 million into the first phase of The Crescent project, which covers some 150,000 square meters in the new financial and commercial section in Phu My Hung new urban town.

As designed, The Crescent will have some 300 serviced apartments, 10,000 square meters of international standard office space, 20,000 square meters of waterfront retail space, and will be up and running by early July this year. It will include a 60,000-square-meter regional shopping mall on which work will begin in July this year.

The project developer said that the entire project was expected to be completed by late 2010 with total investment capital of around US$400 million.

PMH said that when in place The Crescent would bring to Saigon South a destination that embraces the character of the existing crescent lake and offers the latest in working, shopping, entertainment, dining and living choices for present and future generations.

They also include 210 stores, restaurants and cafes offering both indoor and alfresco dining, an entertainment area with eight screen cinemas, community spaces such as the Starlight Bridge and the pedestrian waterside boardwalk.

Speaking at the introduction ceremony at Lawrence S. Ting Building in District 7, Brett Ashton, managing director of Savills Vietnam, disclosed that rent for the serviced apartments would start from US$1,800 per apartment per month. The apartments are designed with one to four bedrooms.

The management company said that rent for retail space would range from US$25 to US$80 per square meter per month. However, office rent has yet been announced.

The company said guests could come to see model apartments and offices late this month, and that there were customers registered for serviced apartments and retail spaces.

Ashton said it was exciting to be involved in the international shopping mall and entertainment venue of Vietnam, and that Savills had managed and been involved in numerous retail projects across the region.

Jeremy Helsby, group chief executive of Savills plc, who has just come to Vietnam to meet his people as well as to support business, said Vietnam had a lot of potentials in real estate.

In terms of profit margin Vietnam is one of the best countries in Asia contributing a good profit to the global business of the group, Helsby told the Daily. However, in terms of the size of business Vietnam is a small country as compared to others in the region.

Source: The Saigon Times

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