The rush to build more skyscrapers
HCM City has a new symbol of power with the debut of the 81-storey Vinhomes Landmark 81 which has record height in Vietnam of 461 meters. This is the only building in HCM City which can be seen clearly from aircraft landing at Tan Son Nhat Airport.
Landmark 81 is also a bright star in Southeast Asia and its name stands abreast with other famous buildings such as Shanghai Tower, Burj Khalifa, Sears Tower and Makkar Clock Tower.
Besides Landmark 81, the list of skyscrapers with more than 50 stories in Vietnam includes Bitexco Financial Tower (68 stories), Keangnam Landmark Tower (72) and Lotte Center Hanoi (65).
However, according to JLL Vietnam, the number of high-end multi-story symbolic buildings in Vietnam is still modest compared with other regional cities.
It is highly possible that the Number 1 position held by Landmark 81 will be usurped in the future as real estate developers continue designing more skyscrapers.
These include Empire City (86 stories) – Keppel Land, Saigon Me Linh Tower (50), Spirit Of Saigon (55), Landmark Ba Son (60) and Dragon Tower (53) in HCMC, and VietinBank Tower (68), Phuong Trach Tower (108) and Bong Lua Tower (100) in Hanoi.
It is expected that a 88-story building will arise in the Van Don special economic zone, developed by Van Don Heritage.
Experts said that financially powerful investors tend to develop ‘as high as possible’ buildings. As the land in the central area of the city is getting depleted, multi-story buildings will help increase the total usable area, which means that investors will get higher profits from lease or sale.
|As the land in the central area of the city is getting depleted, multi-story buildings will help increase the total usable area, which means that investors will get higher profits from lease or sale.|
Le Hoang Chau, chair of the HCM City Real Estate Association, commented that as the economy develops rapidly and people’s income improves, the number of skyscrapers will increase because of high demand.
Nevertheless, in many cases, skyscraper projects have failed. The Tan Hoang Minh Group, after spending trillions of dong at a land auction in 2016 to acquire the ‘golden land plot’ at No 23 Le Duan street, still cannot implement its project.
Dang Thanh Tam, a businessman on the list of Vietnam’s richest stock millionaires, decided to quit the Bong Lua Tower project, while PetroVietnam, the national oil & gas group, said goodbye to Petro Tower because of the sharp fall in the crude oil price.