Gaw to develop tallest skyscraper in Vietnam

An investment certificate was granted last week to Denver Power, a subsidiary of Gaw Capital Partners, together with Tien Phuoc Real Estate and Tran Thai Lands for the development of their new Thu Thiem Observation Tower, also known as Empire City.

According to Gaw Capital Partners’ managing principal and president Kenny Gaw, the company wants to actively increase its presence in Vietnam. “We have invested in Empire City through Gateway Real Estate Fund III. This project will be the debut of Gaw Capital Partners’ fund management services in the Vietnamese market,” Gaw said.

On 15 hectares in the core of the Thu Thiem New Urban Area, located in Ho Chi Minh City’s District 2, Empire City would become the highest building in Vietnam so far, with 86 storeys of office, retail, and hotel space. Currently, Vietnam’s tallest building is the 72-storey Keangnam Landmark Tower in Hanoi, followed by the 68-storey Bitexco in Ho Chi Minh City’s District 1.

According to Vo Sy Nhan, general director of Empire City, the company strives to complete all necessary investment procedures required to break ground in the fourth quarter of 2015.

“Concurrently, we will arrange capital resources from foreign financial institutions with the best interest rates. We will utilise mostly Vietnamese workers, and also the experience from foreign partners, to develop and operate this grand project,” Nhan said.

The Ho Chi Minh City authorities are calling developers to invest in the Thu Thiem New Urban Area – the largest ever urban development zone in the second city.

Gaw Capital Partners is keen to expand its portfolio in Vietnam. Most recently it announced to have successfully bought an existing portfolio of real estate projects in the country from Indochina Land Holdings 2 Ltd. The portfolio was purchased for $106 million and consists of four projects located across the country including Indochina Plaza in Hanoi and the Hyatt Regency Danang.

Gaw Capital Partners is a uniquely positioned private fund management company focusing on global real estate markets. Since its inception in 2005, it held the equity of $4.26 billion, and commands assets of $9.16 billion as of the first quarter of 2015.