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 – 115 tỷ📏 250 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
HCMC tax authority threatens exit ban on Empire City legal rep over unpaid land-fee tax debts
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
Vietnam confirmed FTSE Russell Secondary Emerging Market upgrade, effective September 21, 2026
Policy · Sep 2026 · theinvestor.vn
Neighborhood
79*
Family Score
Good
Family appeal is solid for a central riverfront location. Several parks are within easy walking distance, and AHS International School — one of HCMC's better-ranked bilingual campuses — is 1.4km away; a planned on-site Riverside Park will deepen the offer once delivered.
91
Leisure Score
Excellent
Lifestyle amenities are exceptional, driven by a dense concentration of well-reviewed restaurants and waterfront dining within easy walking distance. The Empire City Commercial Center is planned on-site and will further expand the retail and social offer.
78
Convenience
Good
Daily convenience is solid within the development. Ground-floor grocery and convenience retail covers day-to-day needs; Emart at Sala is a short drive for larger household runs.
56
Health
Average
Medical provision covers day-to-day needs. CarePlus Quận 1 clinic is nearby for routine consultations, with Pharmacity pharmacies also within reach; the nearest full-service hospital requires a short drive outside the immediate area.
44
Transit Access
Average
Waterbus connections to Bach Dang Wharf are within 1km; Ba Son metro station on Metro Line 2 is 2.5km away and remains under construction, targeting 2030 operations.
82
Commute Ease
Excellent
33 min to Q1 Bến Thành via 172. 17 min walk to bus stop.
85
Nightlife
Excellent
Nightlife access is among the strongest of any riverside project in HCMC. An active cluster of bars, cocktail lounges, and cruise-entertainment venues sits within easy walking distance along the Saigon River embankment.
0
Quietness
Below Avg
Quietness at street level is constrained by the urban setting. The expressway frontage and the concentration of evening entertainment along the waterfront make this one of HCMC's livelier addresses; this is an urban riverside environment rather than a quiet retreat.
* Score includes on-site amenities that are planned or under construction, not yet open.
Domo Scores™
7.1
🏠 Homeowner
Solid
6.7
📈 Investor
Solid
Better for long-term living than for investing.
Empire City is HCMC's premier Thu Thiem riverfront address — Keppel Land-managed luxury across five sub-zones with Saigon River views, issued pink books on three delivered sub-zones, and roughly 8-minute District 1 access. Pricing sits 30% above the luxury peer median and an active SIAC arbitration over additional land use fees adds multi-year uncertainty to Narra, Monarch, and Empire 88 Tower.
🏠 Homeowner
Value
5.8
Livability
7.5
Legal & delivery
7.3
Location & connectivity
7.7
📈 Investor
Value
5.8
Returns & exit
6.5
Legal & delivery
7.3
Location & demand
7.5
Why the scores differ
Homeowner: A compelling address for homeowners who want Thu Thiem's best riverfront quality of life. Keppel Land's execution across Linden, Tilia, and Cove is genuinely premium — Saigon River views, a 50m pool, manicured grounds, and roughly 3 minutes by car to District 1. The tradeoffs are real: pricing sits materially above the luxury peer median, there is no on-site school or hospital, and persistent complaints about security staff conduct warrant a due-diligence visit before committing.
Investor: A location-quality bet rather than a yield play. The delivered sub-zones (Linden, Tilia, Cove) carry issued pink books, an active secondary market, and a demonstrable expat tenant base — but gross rental yields at current prices run approximately 2–3%, well below the cost of capital. The active SIAC arbitration over VND 6.88T in additional land use fees is the key risk for buyers in Narra, Monarch, and Empire 88 Tower; the investment case for those sub-zones depends on a multi-year arbitration outcome and construction timeline holding.
Price & Market
Current Market Price
250 triệu/m²
📈+225% since launch
Market range
150 triệu – 500 triệu/m²
Unit price
9,5 tỷ – 115 tỷ
Rent
20 triệu – 200 triệu/mo
Launch price
77 triệu/m²
Est. Rental Yield2.1%
•🟢 Thu Thiem is designated as HCMC's Fintech Hub innovation zone in the city master plan, anchoring long-term institutional and professional demand for the district beyond the current residential-led cycle.
•🟢 HCMC secondary condo prices rose +32.3% year-on-year in Q1 2026 (CBRE, former HCMC boundary), with Empire City's delivered sub-zones (particularly Cove 3BR) participating in that appreciation trend.
•🟡 Project-level secondary prices softened to ~250M/m² from ~295M/m², reflecting a listing-mix shift toward Linden's more modestly priced units rather than a uniform price decline across the development — sub-zone-specific pricing should be verified directly.
•🟡 Rising floating mortgage rates (12–15% per CBRE Q1 2026) are the primary headwind to buyer demand in the broader HCMC luxury market, compressing the pool of qualified purchasers at Empire City's price points.
•🔴 Gross rental yields at current secondary prices (~2–3%) are materially below the 12-month deposit rate of ~6.4%, making Empire City a capital-appreciation thesis with negative carry for leveraged buyers.
Last updated: June 2026
Is this a good deal?
🟢 ~29% cheaper than comparable projects
Project
Price
Distance
Empire City
250 triệu/m²
—
Eco Smart City
350 triệu/m²
0.4 km
Should you buy here?
Best for:
✓Affluent professionals and expatriates seeking HCMC's top-tier riverside address with direct District 1 proximity
✓High-income families valuing river views, Keppel-grade amenities, and a calm, low-density community atmosphere
✓Buyers in Linden, Tilia, or Cove who have already secured pink books and want a long-term primary residence or hold
Not ideal for:
✗Families needing on-site schools or a hospital — neither is available within the development today
✗Value-conscious buyers — pricing sits well above the luxury peer median and leaves limited margin for near-term appreciation
Market Trends
Resale pricing is highly differentiated by sub-zone and unit type — Cove's river-facing units appreciated while the project aggregate softened on mix effects — buyers should compare sub-zone-level data rather than the headline figure.
Decision Factors
Strengths
✓Three sub-zones delivered with issued pink books and tier-1 management: Savills (Linden), CBRE (Tilia), Keppel Land (Cove)
✓Saigon River frontage with a 3.7ha riverside park and 600m pedestrian street within the development, plus a concentration of top-rated waterfront dining at the doorstep
✓Near-term infrastructure upgrades: An Phu Interchange (N3 opened May 2026, N4/N1.1 targeting end-July 2026), Thu Thiem 4 Bridge (groundbreaking Q4 2026), Metro Line 2 Thu Thiem Station (~1.5km, targeting 2030)
Tradeoffs
!Pricing at ~250M/m² (secondary typical) sits 30% above the luxury peer median — limited near-term value headroom and rental yields of only ~2–3% gross
!No on-site school or hospital; the nearest full-service medical facility and international school each require a short drive outside the development
Watch items
?SIAC arbitration filed April 2026 (VND 6.88T / ~$261M in additional land use fees) — Keppel subsidiary vs. Vietnamese JV partners; outcome expected within 12–24 months and directly affects Narra, Monarch, and Empire 88 Tower timelines
?Security staff conduct has drawn consistent negative reviews across multiple years — verify current standards during pre-purchase visits
?Empire 88 Tower (MU5 lot) remains vacant as of June 2026 with no contractor and no groundbreaking timeline — the project's most visible unresolved element
Resident Feedback Insights
Based on 44 reviews with content
Empire City Thu Thiem occupies one of the most coveted riverfront positions in Ho Chi Minh City, and its panoramic views of District 1 across the Thu Thiem waterway are its most enduring asset. The development targets premium residents who value a quieter, lower-density lifestyle within close reach of the CBD, and the large-format amenities — a 50-metre pool, gym, sauna, and yoga facilities — reinforce that positioning. Grounds and common areas are consistently described as well-maintained and visually impressive, with dedicated landscaping staff on-site around the clock.
The main areas to probe before committing are management conduct and construction finish. Security staff behaviour generates the most persistent criticism in the review record, spanning several years and ranging from perceived over-enforcement to overt rudeness toward residents and visitors alike — worth observing directly on a visit rather than discounting. Rule-making appears unusually centralised and subject to change without resident consultation, covering pet restrictions, parking enforcement, and amenity access. Construction finish concerns — window leaks, tile quality, and pool-edge infrastructure — are present across multiple reviews and merit hands-on inspection of any shortlisted unit. Noise from large on-site events is a genuine variable: the complex is quiet day-to-day, but concerts and waterway activity have reportedly disrupted sleep on occasion.
Overall, Empire City offers a compelling riverside address with strong locational and lifestyle fundamentals that are unlikely to diminish. Prospective residents should treat the management environment as a live variable to verify — not a settled positive — inspect unit finishes carefully, and confirm the current status of specific amenities (particularly at Tilia) before signing.
Strengths
River and city-centre panoramas are a consistent highlight; the District 1 waterfront view is cited across multiple review years.
On-site amenities include a 50m pool, gym, sauna, yoga room, and extensively landscaped grounds with 24/7 gardening staff.
Day-to-day ambient noise is consistently described as low by HCMC standards, reflecting the upscale, low-density resident profile.
Prime Thu Thiem riverfront address puts District 1 roughly 3 minutes away with relatively low surrounding traffic.
Grounds, corridors, and landscaping are broadly described as well-kept and visually impressive across review periods.
What to verify
Security staff conduct draws persistent criticism across multiple review years: rudeness, selective enforcement, and aggressive behaviour are recurring themes.
Rules are described as unusually strict and changed without resident notice; pet restrictions and parking enforcement flagged repeatedly.
Large events and concerts hosted on-site have caused significant noise disruption; river boat activity is an additional noise variable.
Reports of water-leaking windows, mould-prone tiles, and pool infrastructure damage (marble edging, exposed wiring) warrant physical inspection.
Guest pool access reportedly incurs a ~300k VND fee; pool entry uses facial recognition; tennis court open to non-residents.
Viewing checklist
QRequest the current written rules on pets, parking, and amenity access before committing.
QInspect window seals and unit finishes for water ingress signs or tile quality concerns.
QAsk how often large events or concerts are held on-site and what hours they run until.
QVerify current guest pool access policy and applicable fees.
QConfirm basement parking rules for residents and the process for visitor vehicle access.
QTest window soundproofing on a unit facing the river or the central event lawn.
Block-specific notes
Tilia tower: male sauna reported non-functional since April 2025; verify current operational status before signing.
Based on public resident reviews. Not an individual review. Always verify in person.
Unit Types
1BR
1 Beds · 1 Baths · 50–65 m²
9,5 tỷ – 14 tỷ
185 triệu/m²
Rent: 21 triệu - 30 triệu/mo
Singles & couples
Officetel
1 Beds · 1 Baths · 35–60 m²
Under review
≈ 8,75 tỷ – 15 tỷ est.
250 triệu/m²
Singles & couples
2BR
2 Beds · 2 Baths · 75–135 m²
13,3 tỷ – 27 tỷ
200 triệu/m²
Rent: 26 triệu - 55 triệu/mo
Young families
3BR
3 Beds · 3 Baths · 115–210 m²
16,2 tỷ – 55 tỷ
255 triệu/m²
Rent: 45 triệu - 100 triệu/mo
Growing families
Duplex
3 Beds · 3 Baths · 150–259 m²
65 tỷ – 81,5 tỷ
330 triệu/m²
Rent: 125 triệu - 200 triệu/mo
Growing families
4BR
4 Beds · 3 Baths · 140–228 m²
33,3 tỷ – 115 tỷ
350 triệu/m²
Rent: 130 triệu - 180 triệu/mo
Growing families
Penthouse
4 Beds · 4 Baths · 250–600 m²
Under review
≈ 62,5 tỷ – 150 tỷ est.
250 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 as of June 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; HCMC rejected JV fee recalculation appeal Sep 2025. Apr 2026: HCMC tax authority threatened legal representative Vo Sy Nhan with exit ban if outstanding tax debts not settled within 30 days. Pink books for Linden, Tilia, Cove unaffected; Narra, Monarch, Empire 88 timelines carry additional uncertainty from the unresolved SIAC arbitration (early procedural stage; typical 12-24 month resolution timeline).
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
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, river views, and proximity to District 1. Low short-term rental activity 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, targeting September 2, 2026. Metro Line 2 (Ben Thanh–Thu Thiem) under construction, targeting 2030. An Phu Interchange mostly complete (N3 opened May 1, 2026; N4/N1.1 targeting end of July 2026). Thu Thiem 4 Bridge (8-lane, VND 5,063B) groundbreaking targeting Q4 2026, completion Q4 2028.
🌊 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
18,5 tỷ - 115 tỷ
215 triệu - 500 triệu/m²
2-4 BD · 83-439 m²
Under construction
Cove secondary listings show notable pricing strength in larger units — 2BR at ~250M/m², 3BR at ~333M/m², and penthouses transacting above 850M/m². The sub-zone's low-rise river-facing position commands a premium above all other sub-zones.
Linden Apartment
0 listings · 510 units
9,5 tỷ - 48 tỷ
150 triệu - 423 triệu/m²
1-4 BD · 57-379 m²
Under construction
Linden has the deepest secondary listing volume in the project, with 1BR resale listings at ~175M/m² and 2BR at ~178M/m² — the most accessible entry point in the Empire City collection. Three-bedroom resale listings have seen notable upward movement to ~265M/m².
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
Monarch primary listings are priced around 198M/m² across all unit sizes, with thin market evidence and low listing volume consistent with the sub-zone's pre-launch status. Mixed-use with officetel components on lower floors.
Narra Apartment
0 listings · 2 units
10,9 tỷ - 44,1 tỷ
160 triệu - 203 triệu/m²
1-4 BD · 55.5-600 m²
Under construction
Narra primary market listings are priced at ~192–194M/m² across unit types, positioning it as one of the more accessible entry points on a per-sqm basis within the project. Secondary market evidence is limited and thin at this stage.
Tilia Apartment
0 listings · 10 units
10,5 tỷ - 75 tỷ
165 triệu - 400 triệu/m²
1-4 BD · 60-380 m²
Under construction
Tilia secondary listings are priced between Linden and Cove — 1BR at ~193M/m², 2BR at ~228M/m², and 3BR firming to ~319M/m². Supply tone is broadly stable with 1BR and 2BR holding and 3BR showing buyer demand.
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
✅VIFC-HCMC officially launched February 11, 2026 with Nasdaq, Binance, and TikTok among founding members (2026)
🚧Thu Thiem Pedestrian Bridge — April 30 target missed; September 2026 completion now targeted (2026)
🚧An Phu Interchange: N4 targeting late July 2026; N1.1/N1.3 September 2026; full completion pushed to April 2027 (2027)
🚧Thu Thiem IFC — March 2026 consortium proposal for $1.15B 99-floor tower (2027)
🚧Thu Thiem Administrative Center: groundbreaking April 29, 2026 — Sun Group 26-story civic complex with Opera House on 33 hectares (2028)
Explore Vietnam
3 of 5 delivered
