On 26/09, Savills was appointed as the exclusive leasing agent for The METT, a Grade A+ office building set to open in Thu Thiem NUA in Q1/2023. The impressive commercial building is part of The Metropole Thu Thiem complex, a project from Quoc Loc Phat JSC (investor) and SonKim Land (developer).
The METT is in the centre of Thu Thiem NUA, which is set to be a financial hub in Viet Nam and Southeast Asia. It will also be an international cultural and entertainment centre. Properties in Thu Thiem NUA have an advantage over properties in the existing CBD, which has become congested and offices are tightly held. Thu Thiem benefits from methodical and well-structured planning that focuses on long-term sustainability, with infrastructure systems fitting its bright future as Ho Chi Minh City’s financial, tech, and commercial hub.
High-end offices in the existing HCMC CBD are increasingly scarce, and rent is on an upwards trajectory, with Grade A rents reaching VND [1,395,000]/m2/month in Q2/2022 and occupancy at 95%. Offices in Thu Thiem will be a welcome addition to the market, especially for tenants looking for high-quality properties from reputable developers. The METT is expected to enter in Q1/2023 and will be a welcome entry that will meet the needs of local and foreign enterprises.
The METT is an elite Grade A+ office building with modern architecture, excellent connectivity, and panoramic views of the Saigon River and the city. It is expected to be the first choice for multinational enterprises in finance, commerce, retail, consulting, and real estate because of its prime location just two minutes from District 1 and five minutes from Ba Son metro station. The surrounding area will have a range of restaurants and coffee shops to cater to the growing population of residents and office workers.
Ms Lai Thi Nhu Quynh, Senior Leasing Manager at Savills HCMC, said: “Tenants at The METT can optimise their offices and create functional, flexible spaces thanks to the building’s side-core layout, high ceilings, and raised floors. The building is also BCA Green Mark Gold certified, which means it meets standards for energy efficiency and environmental friendliness outlined by the Singaporean Government. The lush 1,000 sq m outdoor space and luxurious interiors deliver comfort but also a sense of tranquillity.”
Viet Nam’s economy is thriving post-pandemic, which means demand for offices from domestic and foreign businesses is on the rise.
According to the General Statistics Office, there were 21,413 newly registered enterprises in Viet Nam in H1/2022, increasing 13% year-on-year. According to data from Savills Leasing Department, ICT companies accounted for 27% of the requested area in H1/2022, followed by manufacturing enterprises with 15%, and finance, banking and insurance, transportation, and logistics enterprises accounted for 9% each. With these industries experiencing fiscal growth and driving recruitment, they are expected to need more office space soon.
Savills data from H1/2022 showed that office supply in HCMC reached 2.5 million sq m, which was 91% occupied. Occupancy in the CBD (Districts 1 and 3) was even higher at 95%. Savills experts noted that occupancy is high because there has been very limited new supply in recent years. By 2023, Thu Thiem NUA will welcome two new Grade A buildings,
including The METT. With 84,800 sq m between them, these projects will be significant and will contribute to the shift from the existing CBD to Thu Thiem NUA.