Friendship Tower to open in 2020 in Ho Chi Minh City

Located in a prime location of Ho Chi Minh City, 21-storey Friendship Tower, a Grade A office building developed by CZ Slovakia Vietnam is scheduled to open in early 2020. The project provides approximately 13,700 sq m of prime leasable space and an extremely high level of flexibility in configuration, with office sizes largely variable from 200 sq m up to 1,450 sq m of usable space.

Featuring a conference centre and café with F&B services, Friendship Tower sets its value with the implementation of an innovative office concept in design, facilities and technology. In detail, Friendship Tower will be a LEED certified green building. The curtain wall will be a high-quality unitized system with advanced double glass units which are able to reduce drastically solar gain with notable benefit on energy costs.

According to Savills market brief report for the second quarter of 2018, total office space in Ho Chi Minh City reached almost 1.8 million sqm, increasing by 2% quarter-on-quarter and 10% year-on-year, while average occupancy was stable by 96%. Tu Thi Hong An, Associate Director of Commercial Leasing, Savills Ho Chi Minh City noted that after Grade A rental growth of over 7% in 2017, momentum is expected to continue with its record growth in 2019 and 2020. It is crucial for office occupiers to carefully analyse their office needs, plan ahead and manage future occupancy costs effectively.

By 2020, the Ho Chi Minh City market is estimated to receive approximately 516,000 sq m of additional office space. However, given the very low vacancy rates and lack of new supply, Grade A office buildings are forecast to remain scarcity in the future.