Empire City Thu Thiem — Premium Waterfront Apartments by Keppel Land
Tiền Phước - Keppel Land - Trần Thái - Gaw Capital Partners
3 of 5 sub-zones delivered · 2 upcoming 2028–2029
HCMC's most prestigious riverfront address — 14.6ha Keppel Land development with Saigon River frontage, 8-min D1 access, and the Empire 88 Tower (333m) as the city's defining landmark.
💰 9,5 tỷ – 360 tỷ📏 263 triệu/m²🏗️ 3 of 5 delivered🏢 1404 units
Empire City is a 14.6-hectare luxury waterfront development on the Saigon River in Thu Thiem New Urban Area (Thu Duc City), developed by a joint venture of Keppel Land (Singapore), Gaw Capital Partners, Tiền Phước, and Trần Thái with a total investment of $1.2 billion. The project comprises 13 towers across 5 phases — Linden Residences, Tilia Residences, Cove Residences, Narra Residences, and The Monarch — delivering 1,404 units ranging from 1-bedroom apartments (51m²) to penthouses (408m²). The architectural centerpiece is the Empire 88 Tower, a 333-meter, 88-story landmark designed by Büro Ole Scheeren with a 'sky forest' concept, positioned as HCMC's tallest building.
Project news
Keppel files SIAC arbitration against Vietnamese JV partners over VND 6.88 trillion land use fee dispute
Legal · Apr 2026 · theinvestor.vn
Thu Thiem Administrative Center breaks ground April 29, 2026 — Sun Group 26-floor civic anchor for Empire City's doorstep
Construction · Apr 2026 · domo.vn
Narra Residences: Ricons excavating two-level basement as of Q1 2026
Construction · Jan 2026 · vietnambusinessinsider.vn
Area news
Thu Thiem – Long Thanh Railway: Vietnamese government officially approves project deployment
Policy · Jan 2026 · domo.vn
Neighborhood
78*
Family Score
Good
Family life is strong here. Multiple well-regarded parks are within easy walking distance — including the popular Saigon Riverfront Park and Thu Thiem Tunnel Embankment Park — and the planned on-site Riverside Park will add dedicated green space within the development; Singapore International School is 2.5 km away.
91
Leisure Score
Excellent
Lifestyle amenities are exceptional here. HCMC's most celebrated waterfront dining and leisure venues cluster along the Saigon River within easy reach, giving residents a restaurant and social scene that few other addresses in the city can match.
78
Convenience
Good
Daily convenience is strong. A supermarket operates inside the development and serves immediate needs; Emart at the nearby Sala complex handles larger grocery runs, and banking and pharmacy services are readily accessible in the surrounding area.
56
Health
Average
Medical access is solid. CarePlus District 1 clinic is nearby and covers routine health needs; multiple pharmacies are accessible in the immediate area for everyday requirements.
44
Transit Access
Average
Transit options are limited at present. Ba Son Metro Station is 2.5 km away and the nearest bus connection requires about a 1 km walk, making this address car-dependent for most daily commutes.
82
Commute Ease
Excellent
33 min to Q1 Bến Thành via 172. 17 min walk to bus stop.
85
Nightlife
Excellent
Nightlife access is exceptional. A full spectrum of bars, cocktail lounges, rooftop venues, and social spaces is concentrated along the short riverside corridor to the Saigon waterfront, placing this address among HCMC's most active for evening entertainment.
0
Quietness
Below Avg
This address is not quiet. It sits adjacent to HCMC's most active waterfront entertainment and dining corridor, and residents are exposed to urban traffic noise from Mai Chi Tho Expressway and ongoing construction activity across the developing Thu Thiem peninsula.
* Score includes on-site amenities that are planned or under construction, not yet open.
Domo Scores™
7
🏠 Homeowner
Solid
6.8
📈 Investor
Solid
Balanced for both homeowners and investors.
Empire City is HCMC's definitive luxury river address — Keppel Land's three delivered sub-zones offer a polished waterfront lifestyle minutes from District 1, backed by the most concentrated infrastructure catalyst pipeline in the city. The price premium is real: at VND 205–385M/sqm on the secondary market, buyers are paying for the Thu Thiem CBD transformation thesis, and the Keppel–JV partner SIAC arbitration dispute adds a material watch item for anyone buying into undelivered sub-zones.
🏠 Homeowner
Value
5.6
Livability
7.5
Legal & delivery
7.3
Location & connectivity
7.7
📈 Investor
Value
5.6
Returns & exit
7
Legal & delivery
7.3
Location & demand
7.5
Why the scores differ
Homeowner: A strong choice for homeowners who want HCMC's top riverside address close to District 1. Keppel Land's three delivered sub-zones come with pink books, professional management by Savills and CBRE, and a working waterfront amenity package — 50m pools, tennis, retail podium, and 3.7ha riverside promenade. The honest tradeoffs are a noisy, still-developing environment (Thu Thiem's urban-construction character), an on-site retail podium at roughly half occupancy, and a price point 35% above the luxury peer median that leaves limited margin for disappointment if the surrounding CBD thesis slips.
Investor: The investment case is location-driven, not yield-driven. Secondary listings are active across all delivered sub-zones and the expat tenant pool is real, but rental yields of 2–3% are thin at VND 200–385M/sqm entry prices. The stronger argument is capital appreciation: the Thu Thiem CBD buildout is accelerating with VIFC operational since February 2026, the Administrative Center breaking ground in April 2026, and HCMC secondary prices up over 30% year-on-year. The risk to price in before buying into any undelivered sub-zone is the Keppel SIAC arbitration — the dispute over VND 6.88T in land use fees directly affects Narra, Monarch, and Empire 88 timelines.
Price & Market
Current Market Price
263 triệu/m²
📈+242% since launch
Market range
154 triệu – 885 triệu/m²
Unit price
9,5 tỷ – 360 tỷ
Rent
20 triệu – 200 triệu/mo
Launch price
77 triệu/m²
Est. Rental Yield0.7%
•🟢 HCMC secondary condo prices rose over 32% year-on-year as of Q1 2026 (CBRE, former HCMC administrative area) — the strongest secondary price appreciation of any tracked residential segment in Vietnam, directly supportive of Empire City resale momentum.
•🟢 Multiple Thu Thiem CBD catalysts now converting from plan to concrete reality in 2026: VIFC operational with Nasdaq, Binance, and TikTok (February 2026); Administrative Center broke ground (April 2026); An Phu Interchange N3 branch opened (April 2026); pedestrian bridge to District 1 targeting September 2026 — the transformation thesis is no longer speculative.
•🟡 Empire City secondary prices are quoted at VND 205–385M/sqm (CBRE broker, March 2026), with the project-level typical price at VND 295M/sqm — 35% above the 7-project luxury peer median of VND 195M/sqm; buyers are paying a location premium, not entering at value.
•🔴 Keppel SIAC arbitration (April 2026): Keppel filed a VND 6.88T (~$261M) claim against Vietnamese JV partners over land use fees, with HCMC having already rejected the recalculation appeal in September 2025 — introduces unresolved delivery uncertainty for the Narra sub-zone (expected Q1 2028), Monarch, and the Empire 88 Tower.
•🟡 Empire 88 Tower (333m, MU5) site remains vacant as of May 2026 despite legal clearance in January 2025 — no contractor mobilised and no confirmed groundbreaking; the tower is Empire City's signature landmark and its ongoing delay softens the full masterplan completion thesis priced into secondary resale.
Is this a good deal?
🟢 ~25% cheaper than comparable projects
Project
Price
Distance
Empire City
263 triệu/m²
—
Eco Smart City
350 triệu/m²
0.4 km
Should you buy here?
Best for:
✓Expatriates seeking HCMC's premier waterfront address with Singapore-standard management and a residential community
✓High-income professionals and executives commuting to District 1 or the HCMC financial core who value a polished riverside lifestyle
✓Families in delivered sub-zones who can tolerate an active-development environment in exchange for river views, Keppel management quality, and international schools within 2–3 km
Not ideal for:
✗Buyers wanting a quiet, fully walkable neighborhood — Thu Thiem is actively developing and ambient noise is high
✗Budget-conscious buyers — secondary market entry starts around VND 10B and typical per-sqm pricing runs well above the luxury average
Market Trends
Empire City secondary prices have risen sharply, now spanning VND 205–385M/sqm (CBRE broker, March 2026), as the Thu Thiem CBD buildout accelerates from plan to active construction.
Decision Factors
Strengths
✓Three delivered sub-zones with pink books issued, professional management by Savills (Linden) and CBRE (Tilia), and an active secondary resale market — the lowest execution risk among Thu Thiem luxury projects
✓Strongest infrastructure catalyst pipeline in Thu Thiem: VIFC operational February 2026, Administrative Center broke ground April 2026, pedestrian bridge to D1 targeting September 2026, Metro Line 2 and Thu Thiem 4 Bridge confirmed under construction or approved
✓Saigon River frontage with panoramic District 1 skyline views on elevated reclaimed land — minimal flood risk and a physical scarcity that limits comparable supply
✓Keppel Land JV tier-1 developer with proven delivery: Linden handed over 2020, Tilia 2021, Cove 2022 — all on the Singapore developer's track record
Tradeoffs
!At VND 263M/sqm typical secondary price — 35% above the 7-project luxury peer median — buyers absorb a meaningful location premium that delivers thin yields and requires the Thu Thiem CBD thesis to materialise for capital exit
!High urban noise and active-development environment — quietness scores at the floor, with traffic, waterfront dining activity, and ongoing construction combining for a distinctly un-quiet residential experience
!On-site commercial podium at roughly 50–60% occupancy and sparse surrounding walkable retail — residents drive for most daily needs beyond what the podium currently offers
Watch items
?Keppel SIAC arbitration (filed April 2026): Keppel subsidiary Corredance Pte. Ltd. is claiming VND 6.88T (~$261M) from Vietnamese JV partners over additional land use fees; HCMC already rejected the fee recalculation appeal in September 2025. Outcome directly affects Narra handover (expected Q1 2028), Monarch sales launch timing, and Empire 88 groundbreaking — verify arbitration status before committing to any undelivered sub-zone
?Empire 88 Tower (MU5 lot, 333m): legal obstacles cleared January 2025 but the site remains vacant as of May 2026 with no contractor mobilised and no disclosed groundbreaking timeline — the tower is central to the masterplan's landmark positioning and every quarter of vacancy softens the full investment thesis
?Pink book issuance for Narra (pending) and Monarch (pending): processing is under way for delivered sub-zones, but title for unbuilt sub-zones is post-handover — confirm the arbitration dispute does not create any impediment to future title issuance before signing contracts
Unit Types
1BR
1 Beds · 1 Baths · 50–65 m²
9,5 tỷ – 14 tỷ
195 triệu/m²
Rent: 20 triệu - 28 triệu/mo
Singles & couples
Officetel
1 Beds · 1 Baths · 35–60 m²
Under review
≈ 9,2 tỷ – 15,78 tỷ est.
263 triệu/m²
Singles & couples
2BR
2 Beds · 2 Baths · 75–135 m²
14 tỷ – 28 tỷ
210 triệu/m²
Rent: 26 triệu - 55 triệu/mo
Young families
3BR
3 Beds · 3 Baths · 115–210 m²
18 tỷ – 60 tỷ
250 triệu/m²
Rent: 35 triệu - 108 triệu/mo
Growing families
Duplex
3 Beds · 3 Baths · 150–259 m²
65 tỷ – 81,5 tỷ
325 triệu/m²
Rent: 125 triệu - 200 triệu/mo
Growing families
4BR
4 Beds · 3 Baths · 140–228 m²
22 tỷ – 115 tỷ
300 triệu/m²
Rent: 130 triệu - 180 triệu/mo
Growing families
Penthouse
4 Beds · 4 Baths · 250–600 m²
Under review
≈ 65,75 tỷ – 157,79 tỷ est.
263 triệu/m²
Growing families
Project Details
Developer
Tiền Phước - Keppel Land - Trần Thái - Gaw Capital Partners
Status
3 of 5 delivered
Completion
2028
Total Units
1404
Towers
13
Legal Information
Launch Date
2016
Handover
2028
Construction Permit
Approved
Pink Book
Partial
Legal Notes
Linden, Tilia, Cove fully delivered with pink books issued. Jan 2025 HCMC task force cleared remaining legal obstacles including Empire 88 Tower (area 2A). Narra under construction (groundbreaking Nov 8, 2025; Ricons mobilized; basement excavation underway Q1 2026; handover expected Q1 2028). Empire 88 Tower MU5 lot still vacant May 2026 — no contractor, no groundbreaking timeline. Monarch in pre-development. CRITICAL (Apr 28, 2026): Keppel subsidiary Corredance Pte. Ltd. filed SIAC arbitration against JV partners (Tien Phuoc Real Estate JSC, Tran Thai Lands, Denver Power Ltd) over VND 6.88T (~$261M) in additional land use fees. Keppel argues fees are sole liability of Vietnamese partners per 2016 agreement; HCMC rejected JV fee recalculation appeal Sep 2025. Pink books for Linden, Tilia, Cove unaffected; timelines for Narra, Monarch, Empire 88 face additional uncertainty.
Amenities
👨👩👧Family: Children's pool and indoor/outdoor play areas in each delivered phase. BIS, AIS, EIS international schools within 2–3 km. Landscaped gardens and Forest Walk trail throughout the 14.6-hectare development. Community rooms for family events.
🏋️Fitness: 50m saltwater swimming pools with Jacuzzi and hydromassage in each phase. Fully-equipped gym with open-air design and river views. International-standard tennis court. Riverside jogging and cycling paths. Yoga and sauna rooms at Cove Residences. Narra Residences adds a 2-lane bowling alley.
🏖️Lifestyle: Retail podium with dining, shopping, and cafés. Sunset Terrace outdoor café. Mini cinema. BBQ gardens. Empire 88 Tower designed to include 5-star hotel, sky observation deck, and Grade A offices. Saigon River promenade for evening walks. Narra Residences features a premium bar and 5-star restaurant.
🛒Convenience: 3-level basement parking with magnetic card access. 24/7 security with CCTV and concierge by Keppel property management. Convenience stores and minimarts in retail podium. Thu Thiem Tunnel and Bridge 2 provide dual District 1 access within 10 minutes.
🌳 Garden🔥 BBQ Area🧒 Play Area🔒 Security🅿️ Car Parking🎾 Tennis CourtShophouse Street🏍️ Motorbike Parking
Location & Commute
Empire City
11 min
District 1 CBD
40 min
Tân Sơn Nhất Airport
55 min
Long Thành Airport
CBD (peak)
16 min
CBD (off-peak)
11 min
Airport (peak)
50 min
Airport (off-peak)
40 min
Long Thành (peak)
59 min
Long Thành (off-peak)
55 min
🚇
Metro
Ba Son Station
2.5km
🛍️
Mall
Empire City Commercial Center
Planned on-site
🛒
Supermarket
Expected daily retail
Expected
🏫
Schools
Singapore International School Binh Than…
2.5km
🏥
Hospitals
Phòng khám CarePlus Quận 1
Nearby
🌳
Park
Riverside Park
Planned on-site
Major Roads
Mai Chi Tho ExpresswayThu Thiem 2 BridgeThu Thiem TunnelHCMC–Long Thanh–Dau Giay Expressway
🔇 High Noise🌊 Moderate Flood🛣️ Near Highway
Affluent professionals, expatriates (predominantly Singaporean, Korean, and Japanese), and upper-income Vietnamese families. The community skews toward established professionals and C-suite executives who value privacy, Saigon River views, and proximity to District 1. Low short-term rental presence keeps the atmosphere residential rather than transient.
Things to consider (not deal breakers)
⚠️ Traffic
Mai Chi Tho Expressway congested during rush hours. Thu Thiem Tunnel can back up at peak times. Limi...
Mai Chi Tho Expressway congested during rush hours. Thu Thiem Tunnel can back up at peak times. Limited alternative routes while Thu Thiem 4 Bridge and Metro Line 2 remain under development.
→ Dual District 1 access via Thu Thiem Tunnel and Thu Thiem 2 Bridge. Pedestrian bridge to Bach Dang Wharf under construction. Metro Line 2 (Ben Thanh–Thu Thiem) under construction. An Phu Interchange nearing completion. Thu Thiem 4 Bridge (8-lane) approved for construction.
🌊 Flood Risk
Thu Thiem peninsula has purpose-built modern drainage infrastructure on reclaimed, elevated land. Fl...
Thu Thiem peninsula has purpose-built modern drainage infrastructure on reclaimed, elevated land. Flood risk is minimal — one of HCMC's lowest-risk areas.
→ Thu Thiem peninsula built on elevated terrain with modern drainage infrastructure from the ground up. Engineered land reclamation with dedicated stormwater management. Flood risk is minimal.
Sub-zones
Cove Apartment
0 listings · 2 units
16,5 tỷ - 115 tỷ
200 triệu - 500 triệu/m²
2-4 BD · 83-439 m²
Under construction
The most river-facing sub-zone in the project, with two 16-storey towers of 136 premium apartments. 2BR units trade around VND 233M/sqm and 3BR near VND 270M/sqm; penthouse asking prices are thin and volatile on the secondary market.
Linden Apartment
0 listings · 510 units
7,1 tỷ - 38,6 tỷ
154 triệu - 304 triệu/m²
1-4 BD · 57-379 m²
Under construction
Deepest secondary liquidity of the five sub-zones, with 510 apartments providing the widest range of listing inventory. 1BR and 2BR units trade in the VND 179–184M/sqm range, making Linden the most accessible entry point into Empire City's resale market.
Monarch Apartment, Shophouse
0 listings · 300 units
10 tỷ - 28 tỷ
165 triệu - 230 triệu/m²
0-4 BD · 35-400 m²
Under construction · Handover 2029
Pre-development with indicative primary pricing around VND 198M/sqm across all bedroom types; confidence is low and the sales timeline remains unconfirmed. No secondary market exists yet.
Narra Apartment
0 listings · 2 units
10 tỷ - 55 tỷ
165 triệu - 357 triệu/m²
1-4 BD · 55.5-600 m²
Under construction
Active primary market only — resale listings are sparse as the sub-zone is under construction with handover expected in Q1 2028. Developer pricing runs approximately VND 192–194M/sqm for 1BR–3BR units; a dual-key 2BR option is listed at VND 190M/sqm.
Tilia Apartment
0 listings · 10 units
9,2 tỷ - 145 tỷ
170 triệu - 400 triệu/m²
1-4 BD · 60-380 m²
Under construction
Adjacent to Linden with a similar character but a taller tower profile and Bitexco Tower sight lines. 2BR units hold at around VND 230M/sqm and 3BR near VND 302M/sqm — a moderate premium over Linden reflecting the view advantage.
Notable Places
Central Pedestrian Street
600-meter pedestrian promenade flanked by restaurants, cafes, and shophouses on both sides. Serves as the main dining and social hub of the development, connecting the residential phases.
Empire City Commercial Center
50,000 sqm retail center across 4 levels within the podium of Empire City's residential towers. ~120 stores including FamilyMart, Genshai Supermarket, restaurants, cafes, and lifestyle shops. Currently ~50-60% occupied.
Riverside Park
3.7-hectare waterfront promenade stretching ~2.7km along the Saigon River. Shaded walkways, cycling paths, lawns, and family play areas with panoramic views of District 1 skyline and Bitexco Tower. Free public access.
Growth Catalysts
✅Vietnam International Finance Centre (VIFC) officially opens at 8 Nguyen Hue Street, Saigon Ward, HCMC (2026)
🚧An Phu Interchange — N3 branch opened April 30, 2026; three remaining branches target June 30, 2026 (2026)
🚧Thu Thiem Pedestrian Bridge — April 30 target missed; September 2026 completion now targeted (2026)
🚧Thu Thiem IFC — March 2026 consortium proposal for $1.15B 99-floor tower (2027)
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