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Client profile

Indochina Plaza Hanoi (IPH) is an exclusive development consisting of luxury residences and a 5-star office in Vietnam’s capital, offering one of Hanoi’s first luxury residences and commercial office spaces. Having a Gross Floor Area of 135,000 square metres, IPH comprises a 36 and 32 storey apartment tower, 11 storey office and five podium levels of luxury retail. Each provides unobstructed 360-degree views of Hanoi. Landscaped tropical sky gardens, swimming pools, sun decks and breezy terraces create an oasis of sophistication. Greenery and calm meet minimalist, modern design.

Given the economic downturn and falling construction costs, a flexible contract mechanism was required, which allowed the Client to take advantage of the benefit of falling prices, while also seeking to provide an equitable contractual arrangement for the contractor. In addition, the design initially only showed the general design intent and design criteria, with further development requirements on site in response to ground conditions. Furthermore, the Client wanted to promote a culture of partnership and cooperation with the contractor and Altus.

Services provided

Our technology-enabled expert services enable commercial real estate professionals to connect to the market with greater speed, visibility and efficiency.

Solution

Based on the FIDIC form of contract, Altus proposed a re-measurement form of contract to address necessary future design changes and also a hybrid of fixed rates and cost reimbursement on key construction components, thereby allowing the Client to benefit from falling prices. Overall, the contract was finalised 30% below budget as a result of these mechanisms.

Services provided

Our technology-enabled expert services enable commercial real estate professionals to connect to the market with greater speed, visibility and efficiency.

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Last updated on August 29th, 2019 at 08:52 am

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