Bitexco’s pioneering spirit

While fluorescent  lights announce the pomp and glory of the newly-opened JW Marriott Hanoi Hotel, darkness covers a plot nearby which was earmarked for a large hotel seven years ago. The latter project has been trans- ferred from Japanese investors to a lo- cal developer, but it remains abandoned due to further financial issues.

The Marriott International-managed hotel is actually owned by Bitexco, a local multi-industry group which has de- veloped other outstanding  real estate projects such as The Manor Residential Complex and the Bitexco Financial Tow- er. JW Marriott is the first hotel Bitexco has developed. Although it was built as Vietnam’s real estate market fell into cri- sis with many developments put on ice, Bitexco was able to complete the promi- nent five-star hotel with 450 rooms at a cost of around $250 million.

Guests are greeted with a spectacu- lar water feature on arrival. The hotel features a dramatic cantilevered struc- ture with tranquil landscaping. Designed by Carlos Zapata Studio, the iconic build- ing was inspired by dragons and the curvy coastline of Vietnam.

“I feel strongly that Bitexco’s vision of a modern Vietnam has a lot  to do with the design of both the JW Marriott Hanoi and the Bitexco Financial Tower,” said Bob Fabiano, general manager of JW Marriott Hotel.

JW Marriott  was not only the first foray of Bitexco into the luxury hotel business, but also among the first luxury hotels developed by any Vietnamese company. The completion of JW Marriott Hotel fits with the group’s ethos: “Make the impossible possible”. Another exam- ple of the group’s pioneering spirit is the Bitexco Financial Tower. When Bitexco chairman Vu Quang Hoi announced this 68-storey tower  eight years ago, most people believed this project could not be built, as at that time, no buildings in Vietnam were higher than 33 floors.

It is challenging for all international companies to develop a skyscraper and it was even more challenging for Bitexco to develop the tower in the shape of a lotus bud as the group could not find experienced contractors. However, Bi- texco proved the sceptics wrong when it completed the tallest building in Ho Chi Minh City four years ago at the cost of $270 million. Le Thanh Hai, Party Chief of Ho Chi Minh City said: “The Bitexco Financial Tower is a shining example of forward thinking, visionary design, con- struction expertise and teamwork”.  The tower has since been featured by CNN, the Financial Times and Bloomberg. Last year, the CNN website listed Bitexco Fi- nancial Tower as one of the 25 greatest skyscrapers in the world.

Via the successful development of JW Marriott Hotel and Bitexco Financial Tower, Bitexco has proven its ability to develop, manage and operate interna- tional-standard projects as well as con- trol construction costs effectively.

But how has a local developer like Bitexco been able to build such projects? The answer is simple, according to Hoi. He appointed international  experts like Carlos Zapata as designer, Hyundai E&C as contractor  and Turner International as project manager. Between them, they have a huge amount of experience in de- veloping skyscrapers around the world. The two iconic real estate developments also show Bitexco’s ability  to  mobilize cash for  large projects despite a chal- lenging economic environment.

Besides developing other mammoth real estate projects such as The One Ho Chi Minh  City mixed-use development and The Manor Central Park township in Hanoi, Bitexco is venturing into a new business: building  the first expressway in  the  country  from  north  of  Ho Chi Minh City to the tourism destination of Phan Thiet (Dau Giay-Phan Thiet) under a public-private partnership.

This  PPP project is the first of its kind in Vietnam and the government is still finetuning  the  necessary legal  frame- work. Bitexco is ready to be a pioneer again as was with  JW Marriott  Hotel and Bitexco Financial Tower, both of which now stand as icons of Vietnam’s growth.  Bitexco had pursued this road project since 2007 under the build-op- erate-transfer (BOT) investment  form. However, with the guidance and advice of the Ministry of Transport and World Bank, Bitexco has taken bold steps to convert the Dau Giay – Phan Thiet from BOT into PPP although it is aware of the great challenges this unprecedented in- vestment form will pose.