HO CHI MINH CITY, 23 November 2017 – Thu Thiem, the proposed financial district and mixed-use urban area of Ho Chi Minh City, is set to become the largest inner city development in Southeast Asia.
Thu Thiem will relieve some of the pressures Ho Chi Minh City currently faces. The infrastructure within Ho Chi Minh’s existing CBD is starting to buckle under the pressure of rapid expansion in the last three decades. The undersupply of Grade A office stock in the CBD is pushing rents higher, reaching levels not seen since 2008. Traffic congestion has increased over the past five years, with the number of cars increasing 35 per cent annually from 2012-2016 according to VAMA figures.
“The master plan for Thu Thiem is set to alleviate the lack of supply faced in the existing CBD,” says Stephen Wyatt, Country Head, JLL Vietnam. “As infrastructure improves within Thu Thiem, we anticipate that larger firms will start considering Thu Thiem as a viable alternative to the existing CBD and set up their head offices there.”
Major developers such as Keppel Land have already set their sights on Thu Thiem, entering a joint venture with local Vietnamese partners in 2016 to develop a prime waterfront site with premium residential apartments, office and retail properties.
For more information, click http://www.joneslanglasalle.com.vn/vietnam/en-gb/news/396/time-for-thu-thiem
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