Nomura Real Estate acquires Sun Wah Tower in District 1
Nomura Real Estate acquires Sun Wah Tower in District 1
Real estate developer Nomura Real Estate Asia Pte., Ltd., a subsidiary of Nomura Real Estate Holdings, has completed the purchase of a 24 per cent stake in Sun Wah Tower where 85 per cent of the floor area is hired by foreign investors.
The deal’s value has not been disclosed.
The sale marks Nomura’s first investment in the Grade A office sector in the Asia-Pacific region.
According to Nomura, the demand for leasing Grade A office buildings has increased due to the scarcity of supply. Besides, Japanese investors are increasing investment in Ho Chi Minh City, thus, acquiring Sun Wah Tower will contribute to meet the increasing demand.
Nomura also expressed ambitions to expand its presence in Asia by 2025. Some of the target markets are Ho Chi Minh City, Bangkok, and Manila.
Along with the purchase of Sun Wah Tower, Nomura also released plans to co-operate with Phu My Hung Development Corporation to develop Phu My Hung Midtown in Ho Chi Minh City’s District 7.
According to the plan published by Phu My Hung in December 2016, Phu My Hung Midtown would be a complex of condos, office and retail space, and amusement centres, located between Nguyen Luong Bang and Tan Phu streets.
It is designed by Singapore’s Kyta Architects and Malaysia’s Expressions, and built with materials imported from the EU.
Sun Wah Tower, which was invested by Sun Wah group, was designed to meet Grade A standards with the total leasing area of 33,000 square metres on 22 floors, with the net area per floor of 1,500sq.m. At present, 99 per cent of the space is occupied.
