Five local banks to fund twin tower

The towers will house offices high above the city

The six-year, $10-million syndicated loan is to be granted by the Military Commercial Bank, Vietcombank, the Hanoi Bank for Housing Development (Habubank), the Marine Commercial Bank and the North Asia Bank.
Vincom general director Kieu Ha told Vietnam Investment Review last week that Vincom had signed memorandums of understanding with the banks.
She declined to reveal further details of the loan, but said it would help finance the ongoing construction of the project, otherwise known as Vincom City Tower.
Construction on the 22-storey project at 191 Ba Trieu Street in Hanoi, started in mid-2002 and is expected to be completed by November this year.
The new landmark development covers approximately 82,000 square metres.
It will have 28,700sqm of prime retail space on the first six levels, two 15 storey office towers of 43,500sqm and two basement levels of 10,000sqm.
Ha said she believed the project’s distinctive design and strategic location would attract both office tenants and new retailers to the capital’s busy Hai Ba Trung district.
The US-backed CB Richard Ellis (Vietnam) (CBRE) has been chosen as the sole leasing agent and property manager for the project.
CBRE managing director Marc Townsend said that with most prime office buildings in Hanoi having occupancy of more than 90 per cent, Vincom City Tower would give discerning tenants an opportunity to lease large spaces at an attractive price.
Vincom City Tower is CBRE’s second and largest property management project in Hanoi. CBRE is currently managing the Metropole Centre.
Vincom, founded by Vietnamese businesspeople residing in the Ukraine, and specialising in property development and general trading, recently opened a 500-room hotel, Vinpearl Resort and Spa on Hon Tre Island in Nha Trang.