Capital Place - a new landmark grade A office building in Hanoi

By Anh Dung   July 13, 2020 | 05:00 pm PT
Capital Place, the first Hanoi office building developed by Singaporean property heavyweight CapitaLand, will bring new standards to the city’s high-end office lease market, the firm says.

Towering above Lieu Giai and Van Cao streets in the heart of Ba Dinh District, one of Hanoi’s busiest business areas and home to the Japanese and Australian embassies, Capital Place is expected to be ready for lease in the third quarter of 2020.

Capital Place provides over 93,000sqm of grade A offices for.

Capital Place provides over 93,000 sqm of grade A office space for the capital city.

"Capital Place will not only be an excellent international grade A office building, but will also bring to you the best functions and amenities that businesses in Hanoi have long been waiting for, offering the perfect working environment for leading companies," said a representative of CapitaLand Vietnam.

Its leasable office spaces include one of the largest column-free areas in Hanoi of up to 1,200 square meters per floor to optimize space and design efficiency.

Flexible inter-floor connectivity offers a smart and efficient solution for multi-floor offices, with customers having the option of having their own private stairs or elevators.

Standard acoustic floors raised by 15cm help ensure safety standards. Low-E glass windows, with double glazing and heat-resistance, anti-UV and soundproofing features, and a 2.7-meter-high ceiling offer full views of the spectacular West Lake.

In the two towers, 32 high-speed elevators assigned to individual zones to reduce waiting time for guests run at six meters per second.

With air pollution in Hanoi being what it is, an advanced air filtration system with Merv 13 filters that keep out harmful particles of up to 0.4 micrometres is equipped throughout the building to ensure healthy air quality inside.

Tenants here will also enjoy many other modern luxury amenities such as a grand atrium with a nine-meter-high ceiling, multi-layer security with face recognition, executive shower and a private accessible toilet for disabled people on every floor, etc.

Capital Place will follow international standards, and be managed by The Sankei Building (Japan), the firm said.

It noted that there are currently no global standards to categorize office buildings as grade A, B or C, and criteria largely based on the local market.

Capital Place building.

Capital Place building.

For instance, parking lots are imperative in Hong Kong but not a huge concern in the U.K. Environmental factors play a huge role in Australia though not in a lot of other countries. Another example can be seen in Japan where the safety index and standards are considerably higher than in other countries in the region. These standards will often vary according to specific market conditions and change over time.

Vietnam office systems are currently judged based on European - US standards, including 22 criteria that are commonly applied like being newly built and luxuriously designed, prime location in the central area, high-quality construction materials, ceiling height of 2.7 m, raised floor system, intelligent building management system, etc.

"The office grade is a huge factor in determining the rent. Grade A office rents are 15-30 percent higher than grade B and 30 percent or more higher than for grade C.

"Grade A office buildings are rated highly for their convenience and quality of service. Although the rents are quite high (from $30/m2 or more), these buildings always reach the ideal occupancy rate of 90-95 percent."

With its experience in developing high-end real estate projects in 32 countries around the world, CapitaLand, the largest real estate developer in Asia, applies strict corporate standards for every project while taking into account local characteristics to tailor the highest standards to the needs of each market.

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