Savills to lease Apex Tower in a tenant’s market

Apex Tower’s construction started in June 2008 and expected completion in the second quarter this year with a total investment capital of approximately $15 million. Developed by Cavico Tower JSC and designed by RDC Worldwide Singapore, the 27-story-tower is expected to be a high quality building consisting of three basements, six retail floors and 21 office levels above. Total floor area is up to 40,000 sqm in which leasable area is 26,000 sqm.

The building will also feature many enhancements, including screed under flooring, separately zoned air conditioning control system and international standard fire safety system. These floors will be served by eight high speed elevators.

With the strategic location, Apex Tower is a promising high standard office project for local and international corporate.

“Aiming to potential local and international tenants, we showcase our passion for a prime development in Hanoi and offer them the best office product. We also make sure Apex Tower will be their first choice for tenants,” said Pham Minh Trung, director of Cavico JSC.

Apex Tower will compete for tenants in an area which is fast becoming a new central business district of Hanoi with a handful of new office buildings opened in recent years and many more expected to come online soon.

Apex Tower will bring the total stock of office space across the city this year to around 1.1 million square metres, or 400,000 square metres of office larger than the stock by the end of last year.
Marc Townsend, managing director of CBRE, predicted that empty office space this year could reach half a million square metre in the capital city given the maximum absorption of 100,000 square metres.

Townsend said as supply continues to soar office rents in the west of the city would decline further, which would encourage tenants to move from crowded office buildings in the downtown area to the new business district.

Average asking rent of Grade B buildings in the west of Hanoi is around $20 while Grade A is fetching $25-$30 per square metre, exclusive of service charge.