After SonKim Land was selected for the developer of the Metropole Thu Thiem project in early this month, Keppel Land has sold two thirds of its shares in Quoc Loc Phat Joint Stock Company to recoup investment.
Quoc Loc Phat Joint Stock Company together with SonKim Land and Vietcombank have successfully signed a strategic cooperation agreement to officially kick off the Metropole Thu Thiem project in Thu Thiem New Urban Area, District 2, Ho Chi Minh City.
The major shareholder of Quoc Loc Phat Company, which is the owner of Song Viet complex in Thu Thiem urban area, HoChiMinh city has recently transferred most of the shares to another investor.
Hongkong Land has surpassed many other foreign investors to become Ho Chi Minh City Infrastructure Investment JSC (CII)’s partner to develop a 1,140 apartment project.
Given the lack of supply and the increasing rents in the existing central business districts (CBD), JLL anticipates that large companies will start to consider Thu Thiem as a viable alternative for hiring their head offices.
Undersupply of grade A office stock in the central business district (CBD) has pushed office rents to levels not seen since 2008, indicates data from real estate consultancy firm JLL.
The real estate consultancy JLL believes that this is the right time for investors to seek investment opportunities in Thu Thiem, the proposed financial district and mixed-use urban area of Ho Chi Minh City.
Ph.D Huynh The Du proposed to develop Thu Thiem new urban area into a special economic zone (SEZ) like Shanghai Pudong in China, to create a push for the development of Ho Chi Minh City’s economy.
