Present on the market at the end of 2016, up to now, Phu My Hung Midtown is still known as a unique complex, a true “city in the city” and a symbol of an international lifestyle and positioning a distinct “Midtown lifestyle”.
The international complex was formed 30 years ago
After 30 years of formation and development, looking at Phu My Hung today with modern infrastructure, high-class services, civilized community, etc., perhaps few people know that the appearance of this architectural space was sketched in the early 90s through a master planning project implemented by SOM (Skidmore, Owings & Merrill – USA); among them, there is the Phu My Hung Midtown complex.
Phu My Hung Midtown was developed based on the inspiration from the Midtown Manhattan and Tokyo Midtown complexes… The project consists of 4 components connected together according to the “Self-contained” on-site multi-function trend to bring people here a closed system of services and utilities from the inside to the outside of the house without having to go far; at the same time, it meets the needs of working, shopping, entertainment, and enjoying the scenery for visitors.
“Self-contained Residence” – Internal area, with many amenities and services, such as swimming pool, gym, BBQ area, garden, library, etc. exclusively for residents.
“Self-contained Complex” – A complex like a miniature city “city in the city”; stepping out of the building, residents can immerse themselves in public space with many types of relaxation such as F&B services, shopping stores, and supermarkets on the commercial block on the ground floor and 2nd floor of the building.
“Self-contained City” – Service city, providing all financial, commercial, cultural, medical, educational facilities… for residents. Currently, Phu My Hung is continuing to invest in urban amenities and services to improve the quality of residents’ lives.
“The meaning of a Midtown area is that you have the best of both worlds: convenience like living in the city, and greenness and ecology like living in the countryside.” (According to architect Tan Gek Meng, Kyta company – Project design unit)
Phu My Hung Midtown and the “historic handshake”
As a typical project of high-end, luxury real estate development, Phu My Hung wants its new product line to be different and unique in all aspects; not only becoming a new landmark in Ho Chi Minh City but also pioneering the trend of truly high-end living space complexes. Finding partners with experience in developing complexes around the world to achieve this goal is the reason why Phu My Hung joined hands with Japanese partners, forming the Phu Hung Thai joint venture to implement the project.
Mr. Truong Quoc Hung – Vice President of Phu My Hung Corporation once shared, “We have enough capacity and experience to develop these product lines. Many of the world’s leading real estate corporations want to accompany Phu My Hung. After reviewing, we select the strongest and most reputable businesses.”
It is known that at the time of project implementation, three joint venture partners with Phu My Hung including Daiwa House, Nomura Real Estate and Sumitomo Forestry were recorded to have a total market share of up to 50% of the real estate market in all segments in Japan.
Regarding the Japanese joint venture at that time, Mr. Sawamoto, representative of Daiwa House Group, affirmed that the biggest reason for choosing to cooperate with Phu My Hung was because they had the same business philosophy, taking customers as the focus. Mr. Sawamoto also said that when developing the Midtown project, the joint venture focused on creating high-quality living space for people with real housing needs; especially, there is a lot of space for children to study and play.
The second landmark at Phu My Hung
Midtown “owns” the largest riverside plot of land in Phu My Hung today with Sakura Park and Ca Cam River on one side, with a view of The Crescent area, the International Commercial and Financial District; the other side is a low-rise villa area – on the high floors, from here you can clearly see the Saigon River. In addition, this place also “owns” unique landscape and architecture to attract and serve the relaxation and sightseeing needs of tourists.
After Crescent Lake, Phu My Hung Midtown is positioned as the second “destination” in Phu My Hung. Therefore, right after the final component called The Peak was completed, this place became the favorite “frame” of many artists, TikTokers, YouTubers and directors when choosing “frame” for advertising images for many reputable fashion, e-commerce… brands.
This explains why even though the real estate market is quiet, The Peak still becomes a “hot” address for both the Ho Chi Minh City housing market and investors looking for opportunities to promote their brand and expand business and startups because The Peak is the only component of the Midtown complex that has housing products and shops opened for sale by the investor. In particular, the store product line at The Peak is quite diverse, with different types of areas and locations suitable for business, offices, etc.
After more than 2 years of handover, Phu My Hung Midtown recorded particularly impressive numbers: Occupancy rate up to 90%; the population is nearly 10,000 people, of which 72% are knowledge workers, 20% are senior managers and business owners; ~40% are foreigners, forming the most diverse international community in Phu My Hung, coming from 33 countries and territories; 70% of stores are operating, with a variety of services from fashion, spa, beauty, gym to shops, convenience stores, display centers of electronics, jewelry, fashion, golf and pharmacy, etc.
Phu My Hung Midtown has had a business journey with bold marks in the real estate market. Architecturally, in Phu My Hung, Midtown has no version and it can be said that in at least the next 5-10 years, it will be difficult to find in Ho Chi Minh City a second project with space like Midtown with similar conditions.
Although it has been on the market for nearly 10 years, the “hotness” of “City in the city” Phu My Hung Midtown still shows no signs of cooling down. Currently, Phu My Hung is opening for sale the last 1% of stores in the complex with outstanding values. These include advantages, such as instant House ownership certificate (pink book) and long-term stable ownership, not time limit like some other places; exploitation is profitable immediately because the number of shops is small and there are many people who need business premises; has real use value, business convenience, investment benefits; compound profit from rental with a higher profit rate than bank interest rates, and a large amplitude of value increase each year.
Source: Phu My Hung
