The Hallmark honored as 'Best Office Development'

The PropertyGuru Vietnam Property Awards (VPA) 2023 ceremony took place in HCMC as part of the PropertyGuru Asian Real Estate Awards series, which has been held annually for the past 18 years.

To be honored at VPA, real estate projects and developers must undergo a rigorous evaluation process by an independent judging panel, which includes experts in the fields of real estate consulting, architecture and interior design, and sustainable development.

Representative of VPA 2023 (L) granting the award to The Hallmark's developer. Photo courtesy of HVH

The Hallmark office tower, which is developed by Huong Viet Holding ("HVH"), is located at the gateway of The Metropole Complex in the Thu Thiem new urban area.

This cutting-edge, state-of-the-art commercial office tower has 30 floors of office space, offering sweeping, panoramic views of Saigon’s skyline. The Hallmark stands out with its mirror-coated cube design across all four facades.

Karl Truong, Managing Director of HVH, said that The Hallmark being named in the category affirms HVH’s efforts in developing The Hallmark to raise the bar and even exceed international standards for modern office towers.

To be recognized as a standard bearer of excellence at the gateway of the new CBD is an honor that The Hallmark seeks to maintain as it welcomes the future vibrant development of Thu Thiem.

The Hallmark building stands out in the Thu Thiem Peninsula area, near Ba Son Bridge, Thu Duc City. Photo by Quynh Tran

The Hallmark is the epitome of a green office building, developed according to ESG (environmental, social, and governance) standards, earning Singapore's esteemed BCA Green Mark (Gold) green building certification.

The exterior of the building is covered with two layers of high-quality, 30 mm thick, heat-insulating, sound-proofing, and UV-resistant SYP glass, keeping its tenants cool and comfortable.

The interior is equipped with an automated ventilation system, HEPA air filters, UV light antiviral technology, and an auxiliary passive cooling system, helping to reduce the building's energy and electricity usage while protecting its tenants from pollutants and pathogens.

Relaxation spaces are located in common areas on the ground floor as well as on the 5th floor with an outdoor garden, creating outdoor social spaces with views of District 1 and the Saigon River.

Three basement floors are equipped with bicycle parking and bathrooms to meet the office workers' need for a green and healthy lifestyle.

According to Savills, in the Asia-Pacific region, buildings with green amenities and certification command rents that are 10% higher than conventional buildings.

Across the world, businesses are demanding ESG compliance and ESG-related amenities as tenants and their investors recognize their importance in creating a safe, hospitable, and efficient work environment. Buildings without these features remain at risk of increased vacancy rates as multinational corporations trend towards moving into ESG-friendly office spaces.

Nguyen Thi Thuy Nguyen, Director of Consulting and Transactions in the Office Leasing Department of CBRE Vietnam, said that after just over 3 months of operation, The Hallmark reached over 55% of its committed rental capacity from both large domestic companies as well as multinational corporations.

The majority are businesses in the finance, banking, securities, and insurance industries (accounting for 73% of the total area committed to rent); the remaining are businesses in the pharmaceutical, transportation, and international consumer products and brands.

A majority of tenants have already been enjoying their new office space, with the remaining tenants moving in before the end of the yearDavid Jackson, General Director of Avison Young Vietnam, commented that with its position as the largest economic and financial center in the country, any large enterprise or foreign enterprise that wants to expand operations in Vietnam will choose HCMC as its first destination.

He said that the city's impressive growth rate combined with construction activity slowing down during the two years of the pandemic has tilted the market balance towards demand exceeding supply, meaning the occupancy rate is always high because of a lack of supply in the high-end segment.

"Despite short-term fluctuations, HCMC office real estate is an attractive segment with a lot of long-term growth potential," Jackson said.

A central corner of HCMC. Photo by Quynh Tran

According to the General Director of Avison Young Vietnam, Thu Thiem new urban area is expected to become the "heart" of Thu Duc City as well as the new CBD of HCMC.

Office buildings in Thu Thiem will not only possess unbeatable access to all surrounding districts of HCMC due to their central "wheel spoke" location, but they will also enjoy the modern design and planning of the Thu Thiem New Urban area with the planned social and civic amenities, including opera houses, convention centers, and parks.

New projects will need to integrate sustainable development elements with green certifications such as Green Mark or LEED to meet tenants' strict requirements for ESG policies.

Sharing the same opinion, a CBRE Vietnam representative said that the Thu Thiem area is a bright spot, attracting great attention from the office rental market and multinational companies and corporations due to its modern infrastructure and connectivity.

The site is convenient, especially due to its proximity to the central area of District 1 (via the Ba Son bridge and Thu Thiem tunnel) and the new high-quality supply from two key office projects, The Hallmark and The Mett, with their modern design, large column-free floors, natural light, office-standard technical parameters, and classy styling.

The Hallmark building in Thu Thiem. Photo courtesy of HVH

Market office experts said that the office market showed relatively positive signs of recovery in the third quarter. Despite the market’s relatively lukewarm overall performance, The Hallmark’s performance has been a standout, having leased over 60% within its first three months. This has been attributed to its prime location, forward-thinking amenities, and professional management.