Property developer Bitexcoland has unveiled plans to construct the first officetel building in Ho Chi Minh City to meet growing demand for combined luxury working and living space.
Love the commute: an artist’s rendition of Bitexcoland’s officetel design
The announcement comes just a few weeks after the company broke ground for construction of the tallest building in Vietnam, the 60-storey, $96 million Financial Tower in the southern city.
The $35 million Manor Officetel project is a unique development in Vietnam, aiming to construct two apartment-like buildings with a floor layout designed to be a combination of office and residence space.
The development, located on Nguyen Huu Canh street, will feature 456 units when completed by the end of 2007.
Apartments of 35, 50 and 148 square metres are self-contained with luxury facilities and open space.
Officetel is a new concept in Vietnam and it is different from office and hotel buildings, because a business can use part of the apartment as office space during the day while lodging in the other part with family at night.
“Here, you will not be reluctant to work extra time or be hasty to finish working as business hours close. You are working in your own apartment next to your family,” Bitexcoland said in a statement released last week.
Bitexcoland said the officetel was an ideal place for businessmen and companies that wish to set up a representative office while providing lodging at the same time.
The Manor Officetel is designed to provide a hotel ambience with restaurants, cafes and fitness centres.
The officetel provides cleaning, central receptionist, a conference room, exhibition centre, as well as business support and administrative services that a hotel or office building cannot supply.
Officetel’s target market is representative offices of multinational companies, local businessmen and business-minded people on the go. Vietnamese can purchase the officetel and rent it later to foreign companies who want to set up a representative office in Ho Chi Minh City in combination with a living space without resorting to hotel.
Bitexcoland marketing manager Le Phuong My Linh said the company was selling the officetel for $1,200 to $1,700 per square metre.
The project is in the second phase of development of the Manor residential complex in Ho Chi Minh City. Bitexcoland is finishing construction of 426 apartments nearby that would be handed over to buyers at the year’s end.
Bitexcoland is also selling a 170-unit officetel development in Hanoi for $1,200 to $1,500 per square metre.
The project, called the Garden, is located in Tu Liem district and will feature a luxury shopping mall on five lower floors.
Next to the Garden site, Bitexcoland is building a 500-unit residential complex that will offer apartments for $900 to $1,500 per square metre.