At the trial of defendant Truong My Lan and the accused on the morning of March 15, Ms. Lan said that her daughter, Chu Duyet Phan, is selling the entire Capital Place building at 29 Lieu Giai for $1 billion to remedy the consequences of the case. However, the trial panel stated that the information sent to the court by her daughter mentioned that the Capital Place building at 29 Lieu Giai is projected to be sold for around $360 million, not $1 billion. In response to the trial panel, Ms. Lan explained the $1 billion figure: “My friend bought it for $700 million in the past, plus the costs of completing the procedures.”
The Capital Place building is located at 29 Lieu Giai Street, Ngoc Khanh Ward, Ba Dinh District. This is a prime location on Lieu Giai Street, adjacent to the intersection of Lieu Giai – Kim Ma – Nguyen Chi Thanh, the most vibrant economic area of Hanoi.
The project is developed by Capital Corporation. This is one of the largest multi-sector real estate corporations in Asia, with its headquarters in Singapore. The company owns and manages a global investment portfolio.
CapitaLand’s real estate investment portfolio includes various categories such as commercial, retail; industrial zones, industry, and infrastructure; comprehensive development, urban development; as well as accommodations and residences. Capital Place is CapitaLand Vietnam’s first office building project in Hanoi.
The Capital Place building was originally part of the Vinhomes Metropolis project, and was later transferred to the legal entity Twin-Peaks Joint Stock Company owned by Singapore real estate corporation CapitaLand.
In early 2022, CapitaLand announced divesting from the Capital Place building and transferring this office building to a third party at a value of $751 million Singapore dollars, equivalent to $550 million USD (about VND 12,500 billion). The new owner of the office building located in the center of Ba Dinh District, Hanoi is introduced as Viva Land Investment and Development Joint Stock Company (Viva Land).
Viva Land has been mentioned in the real estate industry as a company with a connection to Van Thinh Phat. Previously, information about Viva Land was also found on the official website of Van Thinh Phat Group as a partner.
Capital Place is a Grade A office building with two 37-story office towers, with a actual leasing area of 100,000 square meters.
In terms of architecture, Capital Place takes inspiration from the image of a dragon in Vietnamese folklore, with the idea of dragon scales on glass and the building design to simulate a flying dragon.
According to information from Savills Vietnam – the main consulting, leasing and marketing unit of the Capital Place project, this building has modern office space with the largest column-free floor area in Vietnam, raised floors and flexible panel system on each floor, soundproof ceiling to effectively control noise, high-speed elevators… This building has 32 high-speed elevators for customers, premium restrooms and bathrooms on each floor.
The building is equipped with filters, uses low-emissivity materials and appropriate sensors that meet LEED standards (international certification for green architecture) to maintain air quality circulation in the building. This is the first LEED certified office project in Hanoi with a large green space, decorated with numerous plant species and many sustainable features.
Other technical measures are also applied along with the Building Management System to achieve the most efficient energy consumption adjustment (up to 13%).
The building is home to multinational corporations such as HSBC Vietnam, Porsche, Standard Chartered Vietnam Bank, Shopee… The building has 4 floors of basement parking, meeting 100% of the parking needs of employees and customers for transactions at the building. Inside the building, there are restaurants, office meals, cafes, banks… serving the dining and entertainment needs of employees.
At the time when this building has not been put into operation, Savills Hanoi said that the expected prices with pre-bookings at Capital Place would range from $40 to $42 USD/sqm/month.
At the current time, on specialized real estate rental websites, the rental prices for floor space in this project range from $40 – $50 USD/sqm (including taxes and management fees). The motorbike parking fee here is VND 120,000/month and VND 3 million/month for cars.
According to information from Dan Tri, in this morning’s hearing, the presiding judge stated that Capital Place is being mortgaged for 4 foreign companies for a $230 million loan.
Photos: https://capitalplace.com.vn/, Fanpage Capital Place.
