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Vietnam's tallest building up for sale

Released at: 09:15, 07/05/2015

Vietnam's tallest building up for sale

Keangnam Hanoi Landmark Tower on the market for $770 million.

by Tue Lam

After a series of scandals involving its parent company in South Korea, the Keangnam Hanoi Landmark Tower, the tallest building in Vietnam, is being offered for sale to other investors with a price tag of $770 million.

According to The Korea Economic Daily, the most widely read economic newspaper in South Korea, the country’s court announced the valuation of $770 million for the building. Notifications are being sent to interested investors, through real estate management company Colliers International.

Talk of the tower being sold has appeared in South Korean media over the last couple of weeks after a series of scandals involving Keangnam Enterprises were revealed, including bribery. The valuation of its assets took place in the context of the group struggling under the weight of its debts.

Keangnam Hanoi Landmark Tower is located in Hanoi’s southwest, with 72 floors and a total area of 610,000 sq m. According to South Korean media, Keangnam Enterprises invested more than $1 billion in its construction, of which nearly $500 million was borrowed from banks.

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