On the morning of April 11, the Grand Terra 36 Cát Linh A-class office-retail complex developed by Thanh Hoa Construction Corporation held a pre-opening event, marking the entry of one of the most anticipated commercial projects in the first half of 2024 in the Hanoi market.
Grand Terra 36 Cát Linh has been built to international standards with the most advanced technical specifications, including 8 above-ground floors and 5 basement levels. It comprises 6 office floors, 3 retail floors, and 4 basement levels for parking, offering a spacious area to meet the needs of tenants and visitors. The project boasts a total leasing area of 14,847 square meters, making it one of the largest office floor plates in Hanoi with an average of about 1,800 square meters per floor, equipped with a raised floor system of 150mm and finished ceilings.
The location of Grand Terra 36 Cát Linh is considered prime with modern transportation infrastructure making it much more convenient to travel from the project to central areas like Hoan Kiem, Cau Giay, and Tay Ho districts. Particularly, it takes about a 3-minute walk from Grand Terra to Cát Linh train station. After it became operational in November 2021, the 2A Cát Linh – Hà Đông urban railway line allows tenants to travel from Hà Đông to the building in about 15 minutes, saving morning rush hour times and reducing the challenge of parking for employees in the city center. The construction site for the underground section from Cát Linh to Le Duan has been completed, and Cát Linh road is expected to reopen in 2024, restoring two-way traffic in the Cát Linh area and positioning the project strategically for commercial and service development.
Sharing the ownership with the 5-star Grand Mercure Hanoi, tenants, especially multinational companies, will benefit from hotel services, enjoying attractive offers ranging from room rates to dining services and meeting and conference facilities. Additionally, the area will gain diversified amenities after the launch of other commercial projects nearby, forming a new office, service, and commercial hub in the capital such as Tien Bo Plaza, Horizon Tower, and the 11A Cát Linh office building, among others.
As of 2024, Grand Terra 36 Cát Linh is one of the few green commercial office buildings constructed to meet stringent LEED Gold standards, emphasizing sustainability with high energy efficiency and optimal operating systems. The building commits to saving an average of up to 20% in energy consumption and up to 40% in water usage throughout its operation.
It is noted that even before officially starting operations, the project has attracted significant interest and reservations for both office space and retail premises. The interest is predominantly from international and domestic businesses in sectors such as healthcare, services, finance, and energy.
According to Ms. Hoang Nguyet Minh, Senior Director of Commercial Leasing Department, Savills Hanoi, compared to neighbouring markets, the A-class office segment in Hanoi still offers competitive rental rates compared to Ho Chi Minh City or even the Asia Pacific region. With an expected increase in new A-class supply, rental rates in this market may continue to hold steady or even decline, especially in some major projects. The A-class project supply is recognized, but not many projects meet all the strict standards regarding ESG, diverse amenities, convenient transport, and reasonable rental prices. Potential tenants should see this as an ideal time to lease new or expand office space to capitalize on not only the quality of the project but also the budget-friendly options.
“Furthermore, the future office supply in Hanoi’s downtown area will shift towards Dong Da district, instead of Ba Dinh as it is now, with not only Grand Terra 36 Cát Linh but also a series of new projects being introduced in time to come. This new supply is expected to turn Dong Da into the new commercial and economic complex of the capital market. Therefore, Grand Terra 36 Cát Linh is an opportunity for businesses to take advantage of the period when rental prices are still receiving many incentives, because in the next 2-3 years, overall rental prices will increase. Grand Terra 36 Cát Linh is anticipated to attract more businesses active in medical equipment and technology, manufacturing, energy, and finance with foreign investment,” Ms. Minh added.
Ms. Minh also stated, “Grand Terra is a key project of the developer – Thanh Hoa Construction Corporation. As part of their high-end hotel, office, and retail chain on the 36 Cát Linh route, it brings the unique features of a modern project, meeting all criteria for quality, sustainability, convenience, and a focus on the health and well-being of tenants. Partnering with the developer’s vision, we expect the project to contribute to the capital’s office landscape with the most advanced design and technology, on par with other key cities in the Asia Pacific region.”
