Historic 'Shark Jaw' Building Faces Demolition

Located at the top of Hoan Kiem Lake, the six-story 'Shark Jaw' building, known for its unique shape, is set to be replaced by a new community area with underground levels. Since its construction in 1993, it has been a prime location for restaurants and coffee shops, offering a panoramic view of the lake.

'Shark Jaw' building in Hoan Kiem District, Hanoi. Photo by VnExpress/Giang Huy

High Demand Despite High Rents

With monthly rentals ranging from $150-200 per square meter on the ground floor to $100 from the second floor up, the 'Shark Jaw' building boasts some of the highest rents in downtown Hoan Kiem District. Yet, it consistently maintains a waiting list of tenants, including prominent fashion and coffee brands that have remained loyal even through challenging times like the Covid-19 pandemic.

Impact on Surrounding Property Values

The building's prestige has significantly influenced the rental market in the area, with nearby properties also commanding high rents. For instance, a 72-square-meter building on Dinh Tien Hoang Street is offered for $10,000 a month, highlighting the area's desirability for businesses seeking brand recognition.

Proximity to Luxury Shopping

Another factor contributing to the high rents is the building's proximity to Trang Tien Street, one of the Asia-Pacific region's most expensive retail locations. Home to global luxury brands, Trang Tien Street enhances the 'Shark Jaw' building's appeal, making it a coveted location for businesses aiming for high visibility and prestige.