Vietnam - A towering ambition

An incredible vision of a local man has finally come true.

CNNGo recently named Bitexco Financial Tower in Ho Chi Minh City among 20 of the world’s most iconic skyscrapers along with the Empire State Building in New York and Burj Khalifa in Dubai.

The CNNGo’s selection suits what Bitexco chairman Vu Quang Hoi said at the grand opening of this 68-storey building last October: “In the future, there may be many more skyscrapers gracing Ho Chi Minh City’s skyline, but just looking at Bitexco Financial Tower we Vietnamese can be proud to say that we can do what others think we can’t.”

It’s true Bitexco Financial Tower is no longer the tallest building in Vietnam, as the 72-storey Keangnam Hanoi Landmark Tower in the capital city has topped out, whilst a Singaporean developer is working on a 88-floor tower next to the Bitexco’s.

However, the height of a building is not the decisive factor for CNNGo to take into account when it named the world’s most iconic buildings. It refers to “buildings that are great, not because they are tall, but because of what they represent.”

Hoi’s vision for Bitexco Financial Tower is to create a symbol of a financial success of Ho Chi Minh City and of Vietnam as a whole. Ben Thanh market used to be the symbol for the second city’s culture and trading frenzy, and now, when you see the Bitexco Financial Building, you will think of Ho Chi Minh City and Vietnam.

“I do personally believe that Bitexco Financial Tower is not just a symbol of the rise of Vietnam as an economic power in the region and in the world, but also represents the growth strength and versatility of Vietnamese developers who lead the way with innovation in the real estate development sector of Vietnam,” said Peter Dinning, general director of property consulting company Colliers International.

Many suspected Hoi’s plan for this 262-metre tall skyscraper when construction started five years ago as at that time, all major buildings in Vietnam had been built by foreign developers, and no local Vietnamese developers were financially strong enough or had adequate experiences to develop a skyscraper.

There was even a debate among the property circle on the business effectiveness of this building as with a design like a lotus bud, the total floor space of the building would be 30 per cent less than a square or rectangular building.

However, Hoi was determined to proceed with the plan. He employed such renowned contractors as Turner International, Hyundai E&C and Lera, who had built other skyscrapers in the world, to help realize his ambition.

“Bitexco unlike some of their Vietnamese counterparts have learned over the last 15 years to utilize the experience and knowledge of international designers engineers as well as construction companies to develop iconic structures which symbolize the growth of Vietnam in all business sectors, reaching the level of international business,” said Dinning, who was a consultant for Bitexco’s The Manor residential complex in the southern economic hub 10 years ago.

Although Bitexco Financial Tower opened at the time of economic hardship, but it has still drawn in world-famous tenants. Last week, Adidas signed off to lease 1,035 square metres of office space on the 22nd floor, and 265 square metres of retail space on the ground floor of the tower to open its 50th store in Vietnam.

“Bitexco Financial Tower has caught my eye over the last year and when an opportunity came to move there, I jumped at the chance. We think the innovative design and function of the building well suits Adidas,” said Ryan Hart, country manager of Adidas Vietnam.

Adidas has partly been attracted by more affordable rents at this iconic building. It is offering office space at $39 –$65 per square metre per month (not yet include $8 per sqm service fee and value added tax) compared to $44-$66 levels last year. Retail space is being tented out at $64-$110, not yet including $7 per sqm service fee and valued added tax while last year it charged $78-$120.

Brad Gee, property director of Bitexco Financial Tower, said the building currently had an occupancy rate of 40 per cent for its office and 55 per cent for retail space.

“It’s our strategic plan to lease out 100 per cent of office and retail space at least two years after completion,” said Gee.

Hoi said he was confident that more Fortune 500 companies and financial institutions will join Adidas and see the Bitexco Financial Tower as the most desired commercial address in Ho Chi Minh City.

Thanh Thuy | vir.com.vn

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