Empire City leaders vow to kick off 88-storey tower

Leaders have set a target to start construction of the 88-storey tower by the end of 2020, Photo: Le Toan

The joint venture for the $1.2 billion Thu Thiem Observation Tower complex in District 2 is set to be Vietnam’s tallest such tower.

According to Vo Sy Nhan, general director of Empire City – the joint venture backing the project – the company recently sent documents to competent bodies of the city to ask for the pushing ahead of legal procedures related to the project. Nhan had suggested five proposals to help the venture develop on a planned schedule.

Among those, Nhan suggested the local authorities to reissue the revised investment certificate after the joint venture had increased its contribution capital from $76 million to $240 million in 2018, and extension of the contribution progress from within 36 months from the day it received investment certificate in June 2015, to right after it receives the revised investment certificate.

The joint venture also suggested the local authorities issue land use right certificates for five land plots in the project, approving investment plan for the second phase of this project, granting the announcement of having enough condition to be sold residential units in land plots 2-16 and 2-17, and confirmation of a fund contribution of VND756 billion ($32.8 million) to be a part of the project’s contribution for land using rent.

According to Nhan, the company has finished the frame of the 30-storey apartment building of this project, and estimates handover to buyers in the first quarter of 2021. “We have so far disbursed around VND10 trillion ($434 million) into this project with thousands of labourers working at the site every day. We have been trying our best to complete this project on time,” Nhan said.

Ho Chi Minh City Department for Planning and Investment said that some of the above suggestions of Empire City were recently met. Nhan meanwhile committed that after all barriers are evaded, the company would start the underground basement for the 88 stories Observation Tower - the landmark construction of this project at the end of 2020.

The Thu Thiem Observation Tower complex was granted an investment certificate in 2015 with the total investment capital of $1.2 billion. The project is built in a 14.5 hectare land area in Thu Thiem New Urban Area.

Empire City consists of the two domestic companies of Tien Phuoc Real Estate JSC and Tran Thai Real Estate JSC, as well as two foreign investors – Corredance Pte., Ltd. of Singapore and Denver Power Ltd., of the British Virgin Islands.

According to the construction plan, the whole project is to be completed in 2022 and has been divided into four phases since 2016. Some of the buildings were erected in the second phase from 2017 to 2019, while the 88-storey tower complex itself is being built in the third phase to 2021, with the remainder to be built before 2022.

As per a representative from Ho Chi Minh City Department for Planning and Investment, the revised investment certificate (the first change) was issued to the investor at the end of last year to increase the contributed capital to implement the project from $76 million to $240 million and adjusting the capital contribution schedule to implement the venture. After adjustment, the contributed capital to implement the project is equivalent to $240 million, accounting for 20 per cent of total investment capital. The ratio was shared among the four sides with Tran Thai and Tien Phuoc in equal share of 15 per cent each, Denver Power with 30 per cent, and Corredance with the highest proportion at 40 per cent.

Right before Lunar New Year, Chairman of Ho Chi Minh City People’s Committee Nguyen Thanh Phong had assigned competent bodies of the city to actively solve the project’s outstanding issues in order to speed up the venture.