20:01 (GMT +7) - Friday 15/11/2019

Property

Capital Place set for Q3 2020 completion

Released at: 19:06, 10/07/2019

Capital Place set for Q3 2020 completion

Photo: Savills Vietnam

International Grade A office complex sets new standards in office space.

by Ngoc Lan

Capital Place, Hanoi’s first international Grade A office development, will be completed in the third quarter of 2020.

Located in the commercial district in Ba Dinh district, Capital Place is an upcoming international Grade A office complex that will set new standards for offices in the capital in terms of development design, efficiency, scale, services, and technology.

The development is in close proximity to the expressway, allowing convenient access to Noi Bai International Airport in less than 40 minutes. Capital Place’s prime location also lies in its connections to major roads and direct access to a station on the upcoming Nhon - Hanoi metro line.

In the heart of the commercial district, the new development will offer tenants unrivalled, spectacular views of Hanoi’s skyline.

Capital Place will provide approximately 121,000 sq m of gross floor area across two 37-story towers. Inspired by local legend, the likeness of a dragon was incorporated into its façade and lighting scheme, delivering a striking modern look both day and night.

The development delivers everything today’s tenants desire: Vietnam’s largest column-free floorplate, raised floors and knock-out panels on each floor to accommodate many different tenant space requirements, acoustic ceilings for effective noise control, high-speed destination control elevators that minimize waiting time, and the use of premium construction materials such as low-emissivity glass to optimize energy consumption.

Capital Place will also be the first office development in Hanoi to receive LEED certification, with generous landscaping and sustainability features.

Savills Vietnam is the Lead Leasing and Marketing Agent for Capital Place. Mr. Matthew Powell, Director of Savills Hanoi, said Capital Place has attracted strong interest from multinationals and large Vietnamese corporates, with discussions ongoing on leases. “When the development is completed in the third quarter of 2020, Capital Place will be home to Hanoi’s most prestigious tenants,” he said.

According to Savills, in the first half of 2019, Vietnam’s office sector witnessed record occupancy levels with strong tenant demand, limited new supply, and rapidly growing office rents.

The market has the potential for the development of more sophisticated office projects, following current global megatrends. Following Grade A rental growth of over 7 per cent in the first quarter of this year, the momentum has continued and is set to remain at record levels well into this year and beyond as new supply of quality office space is limited. It is crucial for office occupiers to carefully analyze their office needs, plan ahead, and manage future occupancy costs effectively.

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