Vietnam's property development firm Vincom, due to conduct its initial public offering next month, has won permission to build a $250 million office complex in Ho Chi Minh City.
The Ho Chi Minh City municipal government said in a circular seen on Monday it had agreed to let Vincom develop the 8,000 square-metre plot in the city's commercial centre District 1.
Vincom Chairman Le Khac Hiep was quoted by state media as saying the firm would invest $250 million to build office towers, underground car parks and shopping malls there.
Vacancy rates at top office buildings in Hanoi and Ho Chi Minh City are at record lows and monthly rents have surged about 20% in the last two years to average $30-$35 per square metre, double the rates in Bangkok.
Vincom, which owns a large office and shopping complex in Hanoi and a five-star resort in the central city of Nha Trang, will sell 5 million shares, or 8.3% of the company, on July 3 to raise about $25 million.
The company is valued at around $300 million.
Source: Reuters
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