Diamond Plaza

Overview

Land area: 
3,042 sqm
Unit area: 
0 sqm
GFA: 
56,819 sqm
NLA: 
45,400 sqm
Hits: 
187
General Information
· Owner (JV shareholder): VN Steel Corporation
· Owner: International Business Center Corporation
· Owner (JV shareholder): Lotte Group
· Buyer: Lotte Group
· Street no: 34 · Street: Le Duan · Ward: Ben Nghe · District: 1 · City: Ho Chi Minh City
· Project (GFA): 56,819 sqm

All areas are approximate and as reported.

Property Notes

General description:

Diamond Plaza is a Grade A complex building located in CBD District 1, Ho Chi Minh City. The complex includes a 22 storey building and a 15 storey building which comprises of department store, office, and serviced apartment. The complex was completed and open for business in 1999.

Legal/ developer overview:

Diamond Plaza was owned and developed by The International Business Centre Co.Ltd. (IBC) - a joint venture of Posco Engineering & Construction Co.Ltd (60%). and VN Steel (40%).

Land title of the property is leasehold, expires in 2043.

Merger & acquisition &/or sale:

March 2016, Lotte Group acquired of 50% stake of Diamond Plaza from Posco.

Posco hold 60% shares in Diamond Plaza. There are some medias reported that Lotte acquired 70% of Diamond at the time. As per one of the reliable stock market news page (https://vietstock.vn/2016/04/thuc-hu-so-huu-cua-lotte-tai-diamond-plaza-763-471816.htm), the transaction with Lotte was 50% of Diamond Plaza. 

Marketing, leasing or asking price:

Q1 2007: CBRE Report: Average office rent US$40/sqm/month included service charge & VAT.

Q4 2018: Colliers' Vietnam Quarterly Knowledge Report, reported asking rents were in the range of US$41/sqm/month and management charge at US$8/sqm for the office areas. Department store rent US$166/sqm/month for and serviced apartment rental rates US$29/sqm/per month. All prices are excluding VAT and quoted as net. Also according to the report, occupancy rate was 95% for office, 100% for department store and 90% for serviced apartment.

Q4 2019 as reported:

The average monthly asking office rent is reported to be about US$34/sqm/month excluding US$8 service charges and VAT. Overtime US$15 per hour.

The average monthly asking retail rent is reported to be about US$130/sqm/month including fees but excluding VAT.

The average monthly asking apartment rent is reported to be about US$30.7/sqm/month excluding fees and VAT.

The preferred lease term is 2 years and a 3 month deposit is required. Motorbike and car parking fees are US$10 and US$150 per month respectively.

Sale & evidence history

General amenities

  • Bus station
  • Entertainment centre
  • Hospital
  • Local People's Committee
  • Metro station
  • Modern retail complex
  • Museum
  • Parkland
  • School
  • Sporting complex
  • Supermarket/Minimart
  • Traditional market
  • University
  • Zoo/ Safari Park

Facilities

  • Cinema
  • Escalators
  • Food Court
  • Generator
  • Gymnasium
  • Helipad
  • Lifts
  • Meeting room
  • Pool/s
  • Reception/ concierge
  • Sauna
  • Spa
  • Steam room
  • Yoga
  • Pro shop
  • Bar (general)
  • Gym/fitness centre
  • Business centre
  • Cafe
  • Restaurant

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