In recent days, real estate investors nationwide have been discussing the news that Viva Land is the project manager for IFC One Saigon — a high-rise commercial building comprising offices, apartments, serviced apartments, and retail podiums, with a total built-up area of 123,000 m2.

Viva Land’s Rapid Growth Through M&A

The luxury real estate market has recently been energized by the restarted IFC One Saigon project, with luxury apartment prices reaching up to 1 billion VND/m2, establishing a new benchmark for ultra-luxury properties in Vietnam.

Beyond this, a series of ultra-premium projects are also under development at elevated price points, including Pearl (formerly One Central – Ritz Carlton Saigon) at approximately 700 million VND/m2, Grand Marina Saigon with prices reaching 400 million VND/m2, and The Grand Hang Bai offering 550-700 million VND/m2.

These developments signal a resurgence in luxury inner-city real estate, driven largely by the emergence of well-capitalized new players such as Viva Land and Materise Group.

Beyond IFC One Saigon, this emerging real estate powerhouse manages a portfolio of strategically located projects across Hanoi and Ho Chi Minh City, including a land parcel of approximately 8,600 m2 positioned at the four-way intersection of Pham Ngu Lao, Pho Duc Chinh, Le Thi Hong Gam, and Calmette streets. Recently, the company also added Thao Dien Villa, known as Diamante Thao Dien, to its portfolio.

In early 2022, Viva Land’s Singapore operations invested 550 million USD (approximately 12.5 trillion VND) to acquire Capital Place, a Grade-A international office building in Hanoi featuring two 37-storey office towers, from CapitaLand.

The company has also announced its role as developer and operator of land parcels 32 and 3b of the Tuan Chau Island project in Ha Long City, Quang Ninh, which is being invested by Tuan Chau Group.

According to the company’s official announcements, Viva Land currently manages a land portfolio of approximately 1,500 hectares valued at billions of dollars, with operations across Vietnam’s two largest cities, Hanoi and Ho Chi Minh City. The company reports providing over 18,000 residential units.

Who is Viva Land?

According to the national business registration portal, Viva Land was formerly known as Viva Management Joint Stock Company, established on December 8, 2020 with a charter capital of 80 billion VND.

The founding shareholders include Mr. Ta Cong Tri, contributing 39.3 billion VND (49% stake); Ms. Le Thi Dieu, contributing 24 billion VND (30% stake); and Ms. Duong Hoang My Linh, contributing 16.8 billion VND (21% stake). Ms. Le Thi Dieu served as General Director and legal representative.

On July 7, 2022, the company changed its name to Viva Land Management & Development Joint Stock Company (VN) and appointed Lim Boon Hwee (Eddie Lim) as General Director and legal representative.

According to the company’s website, General Director Eddie Lim brings 25 years of experience from CapitaLand across Singapore, Vietnam, China, Japan, Thailand, and Malaysia. Board Chairman Chen Lian Pang has over 40 years of real estate investment and development expertise in Asia, having spearheaded several landmark CapitaLand projects throughout the region.

Most recently, on August 16, foreign shareholder Viva Land Management NT Group (headquartered at Robinson Point building, Singapore) joined as a major stakeholder, acquiring a 49% stake equivalent to 39.2 billion VND in capital contribution, while the stakes of other shareholders remain undisclosed.

According to the National Register of Secured Transactions maintained by the Ministry of Justice, Viva Land currently has no secured transactions with financial institutions in Vietnam.

Additionally, the national business registration portal indicates that Mr. Eddie Lim serves as General Director and legal representative of both Viva Land and Viva Land Investment and Development Joint Stock Company.

Viva Land Investment and Development Joint Stock Company was established in May 2019 as the successor to Cirius Power Joint Stock Company, with a charter capital of 2,000 billion VND.

At the time of Cirius Power’s establishment, the shareholder structure was led by Ms. Nguyen Thi Kim Khanh, who held the largest stake at 30% of charter capital, equivalent to a contributed capital of 600 billion VND. Ms. Nguyen Thi Ngoc Mai contributed 500 billion VND, representing 25% of charter capital, while Ms. Duong Thi Hanh owned 20% of charter capital with a contributed capital of 400 billion VND. The remaining capital contributions were not disclosed. Ms. Nguyen Thi Kim Khanh served as General Director of the enterprise.

In February 2020, Cirius Power was renamed Viva Land Investment and Development Company. By December 2021, Mr. Lim Boon Hwee assumed the position of General Director, serving as the legal representative for Ms. Nguyen Thi Kim Khanh’s business.

Assessing Viva Land’s Development Capabilities

Revitalizing a building that has remained dormant for a decade is a significant undertaking. Current attention is therefore focused on Viva Land and its execution capabilities.

Established in 2020, Viva Land Management and Development Joint Stock Company (Vietnam) is a member of Viva Land Management Group (Singapore). While relatively young compared to other industry leaders, the company has earned recognition as the manager and developer of numerous large-scale projects with a combined area exceeding 1,500 hectares throughout the country.

When discussing Viva Land’s current standing, it is essential to highlight its leadership, Mr. Chen Liang Pang, Chairman of the Board of Directors—a respected figure in the real estate industry. With over 40 years of experience in real estate investment and development across Asia, Mr. Chen and his team have established a distinguished track record through the development of major projects including Capital Tower (Singapore), Raffles City (China), and Capital Place (Hanoi).

As presented on the Viva Land website, the IFC One Saigon project comprises 45 floors, reaches a height of 185 meters, and encompasses approximately 123,000 m² of floor area. This comprehensive mixed-use development will feature offices, apartments, serviced apartments, and retail commercial centers.

As planned, the building’s exterior will be completed by year-end. Additionally, the existing structure will undergo comprehensive renovation, including interior finishes and all mechanical and electrical systems.

According to Viva Land, construction work is currently being accelerated, and no business activities are taking place at this time. Details regarding the number of units, area specifications, and pricing have not yet been disclosed by the developer.