Skyline Update: Eximbank Tower

Get ready for a major addition to the Saigon skyline – the Eximbank Tower. On December 17th, Eximbank announced the 40 story project, led by Turner and Nikken Sekkei design consultants.

According to Vietnam Investment Review, the US150 million tower will act as the new home for Eximbank’s Vietnam headquarters. Sporting over 60,000 square meters of floor space and reaching a height of 163 meters, the 40 story tower will make a significant mark on Saigon’s commercial district.

The new building will occupy the same space as the current Eximbank offices across from Ben Thanh Market at 7 Le Thi Hong Gam Street, in the shadow of the megaproject, The One Ho Chi Minh City. The lower floors will be occupied by Eximbank while the rest of the building will be filled out with luxury apartments and high-grade commercial space.

The building will be designed with an eye towards energy efficiency and green space:

There will be spaces between windows and external parts for balconies, flowers and plants. The design maximizes the use of natural power of wind, sunlight and rain to make Eximbank Tower eco-friendly and reduce power consumption.

The tower is described as an “overhead flower park”, a symbol of green buildings and a signal for the start of a new architectural trend in Vietnam, said the designer.

Construction on the tower will begin towards the end of 2013 with completion scheduled for 2017 (just in time for the new subway which will have a stop just around the corner).

Some may wonder how, with a bursting real estate bubble and a banking system loaded with bad debt, a bank is able to secure financing for such a large project. Turns out Eximbank is doing pretty well – it is one of the largest banks in Vietnam with a chartered capital of over VND12.3 trillion and total assets of more than VND180 trillion. It has over 200 branches in Vietnam and presence in over 80 countries around the globe. Unlike some local banks, it has expanded sustainably and is forecasting a VND3 trillion profit in 2012.

We’ll keep you updated on the status of this project as it progresses. Check out Ata.com for some more renderings of the tower.