Phu My Hung unveils US$150mn C1 complex as part of 2.0 transformation of Ho Chi Minh City district
Phu My Hung has begun a 2.0 transformation of its 430-hectare urban area in southern Ho Chi Minh City, with projects including the US$150 million C1 complex and a US$30 million art centre. The developer expects nearly all remaining land to be developed by 2031, with international architects designin
Phu My Hung has started a 2.0 transformation of its billion-dollar urban area in southern Ho Chi Minh City, replacing a former building on a 1.5-hectare site with a 23-story mixed-use complex. Truong Quoc Hung, vice president of the company, said the repositioning aims to make the district a new major centre of Ho Chi Minh City.
At least three sites along Nguyen Luong Bang Street were fenced off for construction in late September, while other projects are underway in Zone C of the International Commercial and Financial District. Crescent Lake, the heart of the urban area, is being upgraded with landscaping, lighting, art spaces and a new Moonlight Bridge.
Nearly all remaining land is expected to be developed by 2031, with projects worth trillions of dong adding residential, commercial, cultural and healthcare facilities. The developer calls the next phase "2.0," focusing on international standards and people-centred urban planning.
A key project is the C1 complex on the former Lawrence S. Ting Building site, with an estimated investment of US$150 million and about 99,000 square metres of floor area. It is planned to include southern Ho Chi Minh City's first five-star hotel, Grade A offices, serviced apartments and a high-end shopping centre, designed by Japanese firm Nihon Sekkei, which worked on Tokyo's Azabudai Hills development.
Another major project is the US$30 million Phu My Hung Art Center, a 24,000-square-metre complex designed by China-based B.L.U.E. Architecture Studio, including a theatre, exhibition spaces, a bookstore, restaurants and a public square. Across from C1, the 44,000-square-metre MD3-4 complex is planned as an office and commercial development, designed by U.S. firm Gensler, whose portfolio includes Shanghai Tower.
Other developments include the Tam Anh international standard healthcare centre with two 16- and 18-storey towers, the CR1-2-3 riverside office complex, the nearly 300-unit Triton Crown luxury residential project and Casa Luna, with 49 ultra-luxury residences. International firms involved also include U.S.-based Handel Architects, Thailand's dwp. and U.K.-based AtkinsRéalis.
Hung said the developer selects firms with established records but expects them to adapt to local conditions, with teams spending months or years studying Vietnamese culture, topography, climate and wind patterns. International design teams can cost six or seven times more than typical market rates, and Phu My Hung applies higher standards to landscaping, materials, construction and engineering. The developer estimates a 30- to 40-year investment recovery period for C1, and Hung noted that few developers would take such a long-term view if looking only at cash flow.
The original master plan covers 430 hectares, and Hung said the developer has followed it for more than three decades without increasing development density or encroaching on natural spaces. The urban area originally planned for 100,000 residents has reached around 80 per cent of that figure, and the developer expects the wider infrastructure to eventually serve as many as one million people at a time. With less than 10 per cent of residential land remaining, much of it will be allocated to luxury and ultra-luxury projects such as Triton Crown and Casa Luna, both introduced in September.
