Dec 16 2009
Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that its subsidiary, Cavico Tower, has completed the concrete work for the first floor of its Apex Tower.
In this phase, the work completed included piling work, diaphragm walls, and pouring the foundation and basement concrete for the three underground floors of the basement and the first floor. The next phase will involve concreting the remaining floors, building the curtain wall and landscaping. Cavico expects to complete the construction of the Tower in 2011.
The APEX Tower, which was designed by RDC Design, upon completion, will be 27-stories high and cover 14,960 square feet of land. The Tower is located on Pham Hung Street, in the Tu Liem district, which is one of the growing districts of Hanoi and attracts domestic and international investors alike. Currently, there are several other large-scale projects and 5-star hotels being constructed in this district, located near the National Convention Center, which hosted the APEC 14 (Asia Pacific Economic Cooperation). Cavico plans to occupy seven floors of the 27-story state-of-the-art tower for its headquarters and subsidiary offices and will lease the remaining 20 floors to other tenants. The tower will also have three floors for parking, eight elevators and three stairways.
According to an analysis conducted by Savills Vietnam, a subsidiary of Savills plc, a leading global real estate service provider listed on the London Stock Exchange, hired by Cavico Tower, the lease rates for office space in the Tu Liem district should range from $25 to $35 per square meter. The analysis also shows that, in this district, the lease rates for commercial or retail businesses is approximately $25 and $35 per square meter for office space.
“We are happy to report that we have completed the most difficult phase of the construction of Cavico Tower,” commented Mr. Hai Thanh Tran, Vice President of Cavico. “We are on schedule with our progress and expect to fully complete the overall construction of the tower in 2011. In addition to providing Cavico with its own office space needs, we believe the tower will meet the growing demand for office space in Hanoi.”
Source: http://www.cavicocorp.com/web/cavico/default.html