Bitexco plans two major property developments this year

VNRE - Vietnamese property developer Bitexco Group is planning to develop two huge property projects in prime locations in HCMC this year after it finished construction of the iconic Bitexco Financial Tower (BFT) skyscraper in the downtown last October.

Speaking at a year-end meeting with the press in the city on Wednesday, Bitexco general director Vu Quang Bao said the company would invest US$400 million in the Ben Thanh Towers project opposite the landmark Ben Thanh Market.

The project covers 8,600 square meters and is surrounded by Calmette, Le Thi Hong Gam, Pho Duc Chinh and Pham Ngu Lao streets. It will have two 55-story blocks comprising serviced apartments, office spaces, retail podium and five-star hotel. These high-rises are scheduled for completion by 2015.

In the other project, Bao said, Bitexco will spend about US$300 million developing the 6.5-hectare Nguyen Cu Trinh Quadrilateral, also known as the Ma Lang area, into a compound consisting of office and apartment buildings, shopping center, international standard hospital, school and amusement area.

The site is surrounded by Nguyen Cu Trinh, Tran Dinh Xu, Nguyen Trai and Cong Quynh streets in District 1.

As for the Bitexco Financial Tower, the city’s tallest, the group is putting the final decoration touches on the lotus-shape skyscraper and the first tenants are beginning to move in, Bao said.

Some US$270 million was invested in the 68-story structure on Hai Trieu, Ngo Duc Ke and Ho Tung Mau streets in the heart of the city.

The building has about 30,000 square meters of Grade A office space and 8,000 square meters of retail space for local and international tenants. Besides offering a workplace for some 10,000 people, it serves as a tourist destination for travelers who want to take a panoramic view of the city from above.

Talking about the building’s rent and occupancy, the company said that at the moment, it was in talks with tenants over around 40% of office space, and rents ranged from US$40 to US$70 per square meter for office space and from US$60 to US$120 per square meter for retail space.

Apart from residential and office building projects, Bitexco is active in hotel development.

The group is developing the five-star JW Marriott Hanoi Hotel nestled in the premises of the National Convention Center in My Dinh in the capital city.

The group has injected US$126 million into the elite 460-room hotel and when in place by 2012, it will offer accommodation for leisure and business travelers.

Established in 1985, Bitexco engages in diverse fields including property, road and hydropower plant development, and financial investment, among others.

Reported by Dinh Dung | The Saigon Times