Empire City

What Empire City does

Empire City is a large-scale mixed-use real estate development located on the Thu Thiem peninsula in Ho Chi Minh City's District 2, Vietnam. The project is operated as a joint venture between Tiến Phước Real Estate, Keppel Land (Singapore), Gaw Capital Partners (Hong Kong), and Trần Thái Real Estate, established in 2017. The development encompasses residential, commercial, hotel, and public observation components, anchored by the Empire 88 Tower, which at 333 meters (88 floors) is Vietnam's tallest skyscraper and features "Sky Forest" vertical-garden architecture designed by Büro Ole Scheeren.

The product portfolio includes multiple residential towers branded as Linden, Tilia, Cove, and Narra Residences, alongside commercial space, hospitality assets, and a public observation deck on Empire 88 Tower. Revenue is generated through direct-to-consumer unit sales of residential inventory and, once operational, ancillary leasing and operating income from the commercial, hotel, and tourism components. Pricing is not publicly disclosed. All recently launched residential phases have reportedly sold out, indicating strong absorption against a limited HNW buyer pool subject to Vietnamese real estate regulations on foreign ownership.

The go-to-market is a direct-to-consumer sales model targeting HNW Vietnamese and foreign buyers, with cross-border reach provided through the international JV partners. The business model is asset-development-heavy with phased revenue recognition tied to construction milestones and unit handovers, transitioning toward a mixed recurring-revenue base as hotel, retail, and observation deck components come online.

Name

Empire City

Legal name

Empire City LLC

Website

https://empirecity.vn

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Empire City is a mixed-use real estate development on Ho Chi Minh City's Thu Thiem peninsula, operated as a joint venture of Vietnamese and Asian partners. It offers residential towers, a hotel, retail, and the 333m Empire 88 Tower (Vietnam's tallest skyscraper), targeting HNW domestic and foreign buyers.

Ownership category

akta.pro rank

Product category

Luxury Mixed-Use Real Estate Development

NAICS

Rental and Leasing Services (532), New Multifamily Housing Construction (except For-Sale Builders) (236116), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Real Estate (6500), Hotels & Motels (7011)

akta.pro primary industry

Luxury Vacation Homes & Residences (THAMAEAB)

akta.pro secondary industries

Urban Luxury Hotels (City Luxury) (THAGACAE), Ultra-Luxury Villas & Estates (THAMAEAA)

Keywords

• Luxury real estate development
• Mixed-use property development
• High-rise residential towers
• Waterfront condominiums
• Commercial real estate leasing

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Marketing or Sales, Personnel

Revenue model

1. Residential Unit Sales: Sale of luxury residential apartments and condominiums across multiple towers (Cove Residences, Linden Residences, Narra Residences, Tilia Residences) with various unit types including 1-bedroom to 4-bedroom units, duplexes, and penthouses.
2. Commercial Space Sales and Leasing: Mixed-use commercial spaces within the development including retail, office spaces, and co-working facilities integrated into the terraced podium structure.
3. Hotel Operations: Luxury hotel facilities within Empire 88 Tower providing hospitality services to residents and visitors.
4. Public Observation Deck: Public observation deck accessible to visitors for panoramic views of Ho Chi Minh City and the Saigon River.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Empire City develops and sells luxury mixed-use real estate on the Thu Thiem peninsula in Ho Chi Minh City, Vietnam. The portfolio comprises multiple residential towers (Linden, Tilia, Cove, and Narra Residences) with unit types ranging from one-bedroom apartments to penthouses and duplexes, alongside commercial retail and office space, a luxury hotel, and a public observation deck within the 333-meter Empire 88 Tower. Properties are sold off-plan through phased launches with pre-registration, supported by an on-site Experience Centre.

Product overview

Empire City is a large-scale mixed-use urban development in Ho Chi Minh City, Vietnam, marketed as 'The New District 1.2.' The project is developed as a joint venture between Tiến Phước, Keppel Land, Gaw Capital Partners, and Trần Thái, and is designed by Büro Ole Scheeren. The portfolio consists of multiple residential towers — Linden Residences, Tilia Residences, Cove Residences, and Narra Residences — surrounding the iconic Empire 88 Tower (333m, 88 floors), which serves as the development's focal landmark. Empire 88 Tower accommodates residences, apartments, a luxury hotel, and a public observation deck, featuring the Sky Forest vertical garden and Cloud Space. The broader development includes recreational amenities (infinity pools, gym centers, bowling, jogging tracks), co-working spaces, and public green areas. The project is situated on the Thu Thiem peninsula along the Saigon River.

Differentiator

Problem solved

Functional benefit

Brands

• Linden Residences: Residential tower within Empire City offering sophisticated, modern and luxurious interiors with amenities including clubhouse, library, and show units.
• Tilia Residences
• Cove Residences
• Narra Residences
• Empire 88 Tower

Products and services

• Linden Residences Residential tower within the Empire City mixed-use development offering sophisticated, modern, and luxurious interiors targeted at families. The residence includes a clubhouse, library, and upscale amenities.
• Tilia Residences Residential tower offering abundant living areas strategically tailored for families. Includes amenities such as a reception lobby, lounge, gym center, swimming pool, kids' pool, and elevated jogging track.
• Cove Residences

Quantifiable outcome

• Distance to Ben Thanh Market: 3.8 km (11 minutes drive)
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• Büro Ole ScheerencoreStrategic or Co-development Partner · 21 December 2019Internationally renowned architectural firm led by German architect Ole Scheeren. Signing ceremony held December 21, 2019 to kick start the next phase of the project. Büro Ole Scheeren is known for landmark projects including CCTV Headquarters in Beijing, MahaNakhon in Bangkok, and The Interlace in Singapore.
• Tien Phuoc Real Estate (Công ty CP BĐS Tiến Phước)coreStrategic or Co-development PartnerOne of four co-development partners in the Empire City joint venture. Tien Phuoc Real Estate is a prominent Vietnamese real estate developer contributing to this landmark mixed-use development project in Ho Chi Minh City.
• Keppel Land (Công ty TNHH Keppel Land)coreStrategic or Co-development PartnerSingapore-based real estate developer and co-development partner bringing international expertise to Empire City. Part of the Keppel Corporation group with extensive experience in mixed-use developments across Asia.
• Tran Thai Real Estate (Công ty TNHH BĐS Trần Thái)coreStrategic or Co-development PartnerVietnamese real estate company and co-development partner in the Empire City project, contributing local market expertise and development capabilities.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Others

• The Ascott Limited: Global serviced-residence and hotel operator with extensive Vietnam presence including HCMC. Adjacent peer given that Empire 88 Tower's hotel component may be operated under an Ascott, Marriott, or similar international hospitality brand — positioning Ascott as a potential operator partner rather than direct competitor.

Direct peers

• Vinhomes: Vietnam's largest luxury residential developer and a direct peer given its portfolio of branded master-planned communities (Vinhomes Grand Park, Vinhomes Ocean Park, Vinhomes Golden River) across HCMC and Hanoi. Comparable in mixed-use scope, HNW buyer targeting, and branded-tower positioning, though at meaningfully larger scale.
• Keppel Land: Singapore-based developer and one of Empire City's co-development partners, with a portfolio of luxury residential and mixed-use developments across Vietnam (including Saigon Centre and other HCMC projects). Direct peer given the same luxury residential product, mixed-use integration, and Vietnam market focus.
• Sun Group: Vietnamese conglomerate with luxury resort and residential developments including Sun Premier Village and other HCMC/Hanoi branded properties. Comparable in the integration of luxury hospitality with residential product and targeting of affluent domestic and international buyers.
• Masterise Homes: Vietnamese luxury residential developer behind Grand Marina Saigon and other branded residences in HCMC, frequently partnering with Marriott, Four Seasons, and other international hospitality brands. Direct peer given the same HCMC luxury condominium market, branded-residence model, and high-net-worth buyer segment.
• City Garden (Novaland): Novaland's City Garden is a notable HCMC luxury residential tower competing in the same premium segment as Empire City. Comparable in product (luxury high-rise residential), buyer profile (HCMC HNW and expatriate), and geography.

Broad incumbents

• Hongkong Land: Hong Kong-listed luxury real estate developer with landmark mixed-use projects across Asia, including The Marq in HCMC. Comparable as a broad incumbent in the luxury residential and mixed-use space, with deeper capital markets access and a longer Asia-wide track record than Empire City.
• MahaNakhon (King Power Mahanakhon): Bangkok mixed-use tower designed by Ole Scheeren featuring Ritz-Carlton residences, Bangkok Edition hotel, and observation deck. Closest architectural analogue to Empire 88 Tower given the same architect, mixed-use residential/hospitality/public attraction model, and landmark-tower positioning.
• CapitaLand (Ascott / CapitaLand Development): Singapore-based diversified real estate group with serviced residences, hotels, and luxury residential projects across Asia including Vietnam. Comparable in the integration of branded residences with hospitality operations, though at materially broader portfolio scale.

Regional players

• Phu My Hung: HCMC-based developer of large-scale master-planned urban developments in District 7. Comparable in scale and mixed-use urban development approach within HCMC, though focused on a different submarket and traditionally more mid-market than Empire City's luxury positioning.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Empire City