On 21st November 2018 in Hanoi, Hongkong Land will mark the 20-year anniversary of 63 Ly Thai To, a building located near the Hanoi Opera Theatre that has become one of the most important retail and office developments in the heart of the city’s central business district.
The building’s success has contributed greatly to investor Hongkong Land’s reputation and position in the Vietnamese real estate market. 63 Ly Thai To occupies a prime location in the heart of Hanoi, and its “golden values” represent Hongkong Land’s vision and investment strategy.
The vision of the strategist
Dating back to the beginning of the 1990s, when the real estate market in Vietnam – especially the leasing segment in Hanoi – was relatively young, Hongkong Land recognised the potential of the country and its capital city. To fulfill its vision, Hongkong Land quickly obtained ownership of the “golden land,” 63 Ly Thai To, which was formerly the site of the Doan Ket Club.
An official groundbreaking ceremony was held in May 1996, marking the beginning of more than two decades of success for 63 Ly Thai To. Before designing the building, Hongkong Land had set a goal to build a Grade A retail and office development deserving of its prime location in the centre of Hanoi. The results would exceed even Hongkong Land’s lofty expectations.
Two years later, in March 1998, 63 Ly Thai To officially opened. It is 74% owned by Hongkong Land, with Chan Hung Polimex Limited, part of The Vietnam Father Land Front, and Manolis & Company Asia Limited as joint venture partners.
Situated at a major intersection on Ly Thai To Road, the building is well known to almost all Hanoians, particularly white-collar workers, due to its prime location in the centre of Hanoi close to the Hanoi Opera House, Government offices and international hotels.
This Grade A retail and office development offers 8,000 sq. m. of premium accommodation over eight floors and a basement car park. It was one of the first buildings in Vietnam to have column-free floors, under-floor cable trunking and world-class standards for construction, facilities and management.
63 Ly Thai To was Hongkong Land’s second property development in central Hanoi following the Central Building, a seven-floor office tower offering some 4,000 sq. m. of space that opened in 1995.
“In the beginning of the 1990s, Hongkong Land early on saw the potential of Vietnam and Hanoi,” said Mr Robert Wong, Chief Executive of Hongkong Land. “We are proud to have played a role in developing commercial space of the highest international standards in the city. The success of 63 Ly Thai To over two decades reflects the close co-operation we have cultivated with our partners and tenants.”
Golden values driving success
The 8,000 m2 building has a modern, flexible design and “golden quality” construction that adheres to the most stringent international standards. 63 Ly Thai To also complements the architecture in the surrounding area, including world-famous architectural heritage sites such as the Hanoi Opera House, Sofitel Metropole Hotel and State Securities Commission.
Even though 20 years have passed since the opening, the building has received regular upgrades to retain its status as one of Hanoi’s top addresses. New technologies include a building management system and frequency inverters and energy-saving materials such as energy-efficient lighting, water-saving bathroom facilities and double-glazed windows. Top-quality materials have also been used in public areas such as corridors, pantries and bathrooms to uphold the building’s reputation as a high-class commercial complex.
63 Ly Thai To also continues to thrive with “golden” professional property management that ensures pleasant, reliable operations and exceeds customer expectations. The building has also applied for Buildfolio’s integrated Real Estate Enterprise System, a consistent facility management system for all of Hongkong Land’s buildings in the area. Even more impressive are detail-oriented services that are designed to satisfy every customer’s requirements.
As Cosimo Jencks, General Manager and Head of Business Development, Commercial Property, Hongkong Land South Asia says, “Over 20 years, 63 Ly Thai To has been leading the market in terms of quality and service delivery, and we look forward to continuing leading the market into the future.”
63 Ly Thai To’s golden values have helped it consistently achieve a 95% occupancy rate since its opening. Tenants have included embassies, multinational corporations, large banking institutions and luxury retailers such as the World Bank, IFC, IMF, the New Zealand Embassy, Mizuho Bank, Prada and Canali. Many have been with Hongkong Land since day one.
Complementing the success of 63 Ly Thai To, Hongkong Land has been active in the development of residential property in Ho Chi Minh City in recent years. There, the Company completed and handed over its first luxury high-rise residential development, The Nassim, in the second half of 2018. It is also currently involved in two luxury high-rise residential developments that will bring new standards of international living to District 1 and the Thu Thiem New Urban Area.
Golden land, golden qualities, golden management practices – these are the values that have driven the success of Hongkong Land’s 63 Ly Thai To and its other investment projects in Hanoi and Vietnam, bringing tenants and customers the finest in property development and marking great achievements for the Company in this exciting market for more than two decades.