Ho Chi Minh City, 1 February, 2021
CBRE Vietnam Co., Ltd is officially appointed as the exclusive marketing and leasing agent for AP Tower, the newest edition to Ho Chi Minh City’s evolving Grade B office sector. This strategic partnership between CBRE and An Phong Construction JSC represents the mutual goal of both parties, to provide premium quality, strategically located office stock to key target occupiers via a market-leading leasing agency.
Despite significant and continuing disruptions caused by the COVID-19 pandemic, the Grade B office sector remained relatively stable over the course of 2020, currently enjoying a healthy vacancy rate under 10% market wide and witnessing a 2.4% increase in average asking rental rate over the course of the year.
CBRE research shows a steady increase of centrally located occupiers in the office sector looking for cost efficient alternative options in non-CBD locations. This growing occupier demand has been met by the growing rate of non-centrally located supply and the increasing accessibility of fringe CBD and decentralized districts as a result of new infrastructure projects being successfully delivered to the market.
Strategically situated in HCMC’s fringe CBD on Dien Bien Phu Street, AP Tower is a prime example of a high standard, cost efficient office project, just a stone’s throw from HCMC’s Metro Line No. 1 Van Thanh and Saigon Bridge Stations. Furthermore, AP Tower boasts a wide array of premium facilities and amenities, including a sky deck duplex balcony, ample high-speed passenger lifts, common wet pantry facilities on every floor, multiple basement parking floors, and panoramic views of HCMC’s cityscape.
AP Tower comprises circa 10,841 sqm of Grade B office space over 22 floors and 03 basement parking levels. Movement within office building is highly efficient due to the 04 high-speed Schindler passenger lifts and 01 service lift. Typical floor areas total circa 497 sqm per level (semi-gross area basis) allowing for small to medium occupiers to be situated on a single floor. Furthermore, AP Tower is one of only a few office buildings in HCMC providing potential occupiers with the opportunity to lease contiguous floors.
Occupiers will enjoy panoramic views of nearby residential developments, such as Saigon Pearl, The Manor, and Vinhomes Central Park. Furthermore, views of nearby transport links such as Saigon Bridge, which links Binh Thanh District to District 2, and Dien Bien Phu Street, connecting the building to nearby centralized districts such as Districts 1 and 3.
Hieu Le, Director of CBRE Vietnam, states “CBRE predicts AP Tower will become one of the most sought-after office developments available in the market over the course of 2021, seamlessly delivering high-quality, well-integrated office space to the dynamic local market. We are honoured to have been chosen to represent An Phong Construction JSC for this project and are confident our highly experienced and motivated team will add valuable benefits to both the project and prospective occupiers”.