dec 2013 colliers hcmc cbd market report
DESCRIPTION
Colliers Vietnam's monthly market report on the Central Business District of Ho Chi Minh City. It covers the Office, Retail, Hotel, and Serviced Apartment markets.TRANSCRIPT
DECEMBER 2013 | HCMC CENTRAL BUSINESS DISTRICT
CBD MARKET REpoRTHO CHI MINH CITY
www.colliers.com/vietnam
TABLE oF CoNTENTSHCMC CBD MARKET REpoRT | DECEMBER 2013
Market Highlights
oFFICE MARKET
• Market overview
• Market performance
• outlook
• Table
RETAIL MARKET
• Market overview
• Market performance
• outlook
• Table
HoTEL MARKET
• Market overview
• Market performance
• outlook
• Table
SERVICED ApARTMENT
• Market performance
• outlook
• Table
CoNTACTS
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Foreign direct investment (FDI) registered in HCM City in
the first 11 months of the year amounted to US$1.6 billion, a
year-on-year increase of 30%. By November 20, the city had
412 FDI projects licensed and 120 others approved for capital
expansion.
Regarding domestic investment, the city also granted 23,675
business licenses, an increase of 7% adding up to the total
investment of VND107.6 trillion (equivalent to US$5.12 billion).
A significant decline of 39% y-o-y for domestic investment
reflects that local firms are still suffered from tough economic
condition. Approximately 2,200 businesses (equaling 9.3%
of the newly established businesses in the city) have been
dissolved in the same period.
It can be seen from the FDI by business sector chart a notable
increase in the Science - Technology sector as its capital
contribution rate to total investment to HCMC jumped from 4%
in 2012 to 31% in this review term.
The portion of real estate in total FDI capital in the first 11
months decreased over the same period in 2012, the actual
investing amount for HCMC property market from the foreign
investors increased by 25% to reach US$147 million.
p.1 | Colliers International
HCMC CBD MARKET REpoRTDECEMBER 2013
Economic Overview
Source: Statistical Office in HCMC, Colliers International
FDI IN HCMC BY SECToRS, NoVEMBER 2013
FDI IN HCMC BY MoNTH, NoVEMBER 2013
Source: Statistical Office in HCMC, Colliers International
Source: Statistical Office in HCMC, Colliers International
FDI BY CoUNTRY HCMC NoVEMBER 2013
HCMC CBD MARKET REpoRT
DECEMBER 2013 | COMMERCIAL OFFICE MARKET
p.2 | Colliers International
There is no new supply in Central Business District (CBD)
in November. More than half of the city’s office supply is
located in the CBD, including all Grade A and the majority
of Grade B buildings.
By the end of last month, the monthly average Grade A
asking rent decreased slightly to US$38.3/sqm. However,
this rental rate was 10.7% higher than the same period last
year.
Given the limited new supply entering the market and
growing demand of international companies in centralizing
their workplaces, the vacancy rates of Grade A properties
decreased 6% m-o-m. Lim Tower on Ton Duc Thang and
Times Square on Nguyen Hue Street leased the most area.
In November, the average asking rent of Grade B segment
reached US$22.3/ sqm. per month but the occupancy rate
was unchanged, staying at 93%.
RECENT TRANSACTIoNS
BUILDING LEASE (L) / SALE (S) TENANT / pURCHASER AREA (sq m)
president place L NHN Vietnam 500Empress Tower L Hansea 400Lim Tower L puma 2,500
OutlookWith limited commercial space available in the future and
a slight increase in demand growing from tenants due to
economic recovery and healthy FDI flows, it is expected
that landlords in the CBD will start to push back on rental
offerings and predict to increase rental prices offered and
decrease incentives.
New Grade B projects will enter the market in 2014 creating some
downward pressure on asking rental prices but it is thought that
premier Grade A developments will not be significantly influenced
by this.
Market Performance
MARKET pERFoRMANCE BY GRADE
Source: Colliers International
GRADE A pERFoRMANCE
Source: Colliers International
LIM ToWER
Source: Public Domain
HCMC CBD MARKET REpoRT
DECEMBER 2013 | COMMERCIAL OFFICE MARKET
p.3 | Colliers International
HCMC CBD MARKET REpoRT
DECEMBER 2013 | COMMERCIAL OFFICE MARKET
No Name Address NLA (sq m)
Service Charges
(*)
occupancy rate
NFA asking rent (*)
1 Saigon Centre 65 Le Loi 11,650 6.0 90% 38.82 Saigon Tower 29 Le Duan 13,950 6.0 100% 37.03 Sunwah Tower 115 Nguyen Hue 20,800 6.0 90% 42.54 The Metropolitan 235 Dong Khoi 15,200 6.0 95% 41.35 Diamond plaza 34 Le Duan 15,936 8.0 98% 41.06 Kumho Asiana plaza 39 Le Duan 26,000 8.0 98% 51.37 Bitexco Financial Tower 45 Ngo Duc Ke 37,710 8.0 85% 30.08 president place 93 Nguyen Du 8,330 6.0 92% 33.0
9 Times Square 22-36 Nguyen Hue 9,000 7.0 67% 55.010 Lim Tower 9-11 Ton Duc Thang 29,265 6.0 86% 28.0
Grade A 187,841 6.9 90% 38.3
1 oSIC 8 Nguyen Hue 6,500 6.0 99% 20.02 Yoco Building 41 Nguyen Thi Minh Khai 5,000 5.0 94% 16.03 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai 3,200 5.0 98% 21.04 Central plaza 17 Le Duan 6,094 5.0 100% 26.05 Saigon Riverside office 2A-4A Ton Duc Thang 10,000 5.0 98% 20.06 Saigon Trade Center 37 Ton Duc Thang 31,416 6.0 97% 21.07 Harbour View Tower 35 Nguyen Hue 8,000 6.0 93% 20.0
8 MeLinh point Tower 02 Ngo Duc Ke 17,600 6.5 100% 24.09 Zen plaza 54-56 Nguyen Trai 11,037 6.0 89% 20.010 Bitexco office Building 19-25 Nguyen Hue 6,000 5.5 100% 22.011 The Landmark 5B Ton Duc Thang 8,000 6.0 82% 16.012 opera View 161-167 Dong Khoi 3,100 7.0 95% 26.013 Indochina park Tower 4Bis Nguyen Dinh Chieu 2,145 4.0 80% 11.014 petro Tower 1-5 Le Duan 13,304 5.0 99% 30.015 City Light 45 Vo Thi Sau 10,000 5.0 96% 15.016 The Landcaster 22Bis Le Thanh Ton 7,000 5.0 100% 24.017 Gemadept Tower 5 Le Thanh Ton 14,000 6.5 100% 23.018 Fideco Tower 81-85 Ham Nghi 15,000 6.0 99% 20.019 Havana Tower 132 Ham Nghi 7,326 6.0 99% 21.020 Sailing Tower 51 Nguyen Thi Minh Khai 16,910 5.0 99% 25.021 Royal Center 235 Nguyen Van Cu 14,320 5.0 100% 19.022 TMS 172 Hai Ba Trung 4,000 4.0 100% 23.023 Bao Viet Tower 233 Dong Khoi 10,650 6.0 98% 21.024 Green power Tower 35 Ton Duc Thang 15,600 6.0 97% 22.025 Vincom Center 68-70-72 Le Thanh Ton 56,600 5.0 77% 24.026 Saigon Royal 91 pasteur 5,340 4.0 100% 19.027 A&B Tower 76 Le Lai 17,120 6.0 99% 28.028 Maritime Bank Tower 192 Nguyen Cong Tru 19.596 5.0 94% 19.029 Empress Tower 138 Hai Ba Trung 19,538 5.0 85% 25.0
Grade B 364,396 5.5 93% 22.3
* US$/ sq m/ month (on net area)** buildings are sorted by Year of Completion
Office Market Overview
HCMC CBD MARKET REpoRT
DECEMBER 2013 | RETAIL MARKET
HCMC CBD MARKET REpoRT
DECEMBER 2013 | RETAIL MARKET
In November, the Consumer price Index (CpI)
of Ho Chi Minh City increased by 0.17% from
the previous month and improved 4.97% y-o-y.
Data from the municipal Statistics office shows that the highest
price increase was recorded in the group of housing-power-
water-fuel and construction materials at 0.58%.
According to report from Statistical office, HCMC’s total retail
sales and service revenue in the first 11 months of this year
reached VND548,499.1 million, the figure represented a 12.3%
y-o-y rise.
The revenue from trade sector, which accounted for 81.2% of the
total, rose 12.2% over the same period of last year while that of
hotel, restaurant services and tourism industry grew 19% y-o-y.
p.4 | Colliers International
Retail Market Overview
The average rents of shopping centers and department stores
within CBD went flat during last month while that of non-CBD
commercial places decreased steadily under pressure of retain
existing tenants.
Unlike office market, mismatch in rentals between retail landlords
and tenants remained a major obstacle for this segment. Given
stable supply in November, the decline in net absorption of retail
spaces also indicated response of tenants to the current high
asking rents.
It is reflected that landlords of department stores in CBD area
are trying to maintain the rentals while the occupancy rate of
these places is still fluctuated.
Market Performance
CpI RETAIL & SERVICES REVENUE
Source: Statistical Office in HCMC, Colliers International
RETAIL SALE REVENUE GRoWTH RATE
Source: Colliers International
RETAIL SALES REVENUE BY SECToRS
Source: Statistical Office in HCMC, Colliers International
RETAIL poDIUM @ TIMES SQUARE UNDER-CoNSTRUCTIoN
Source: Colliers International
HCMC CBD MARKET REpoRT
DECEMBER 2013 | RETAIL MARKET
HCMC CBD MARKET REpoRT
DECEMBER 2013 | RETAIL MARKET
p.5 | Colliers International
In general, shopping malls in downtown city benefit from
prime location advantage with good foot traffic of shoppers. In
contrast, non-CBD retail places face difficulties in improving
take-ups of vacant spaces that leads to building renovation or
functional conversion beside typical pricing strategy.
For example, Thien Son plaza in District 7 has been renovating
since late of 2Q13 to alter retail area to office space. Similarly,
Zen plaza also reduced retail floor areas by transfer Hoang
Yen Buffet and Sushi Bar to the first two floors while leaving
3F to 5F available for office lease.
Generally, retail tenants are expecting a pick up in sales
throughout the festive seasons from Christmas, New Year to
Lunar New Year holiday.
Regarding future supply, it looks like both Saigon Airport
plaza (Tan Binh) and Times Square (District 1) will not be
open this year but during first quarter of 2014. The other retail
podiums in District 2 (Thao Dien pearl and Cantavil premier)
are showing good construction progress and expected to
commence operation in the second half of 2014.
Outlook
RETAIL MARKET
SHoppING CENTRE
Source: Colliers International
DEpARTMENT SToRE
Source: Colliers International
Source: Colliers International
RETAIL poDIUM
Source: Colliers International
KUMHo MoNTHLY MARKET REpoRTDECEMBER 2013 | RETAIL MARKET HCMC CBD MARKET REPORT
p.6 | Colliers International
No Name of project /Building Address Location NLA
(sq m)Average Rental (US$/sq
m/month) occupancy Rate
1 Sheraton Saigon 88 Dong Khoi District 1 750 125 100%2 Caravelle Hotel 19 Lam Son Square District 1 150 95 94%3 Rex Arcade 141 Nguyen Hue District 1 2,000 120 100%4 New World Hotel 79 Le Lai District 1 1,000 50 95%5 Hotel Continental Saigon 132-134 Dong Khoi District 1 200 90 100%6 opera View Lam Son Square District 1 1,260 85 100%7 Bitexco Financial Tower 45 Ngo Duc Ke District 1 8,000 42 95%8 Times Square 22-36 Nguyen Hue District 1 9,000 90 70%9 president place 93 Nguyen Du District 1 800 30 100%
Retail podium 23,161 73.1 86%
1 Diamond plaza 34 Le Duan District 1 9,000 83 100%2 Zen plaza 54-56 Nguyen Trai District 1 6,817 52 100%3 parkson Saigon Tourist 35 Le Thanh Ton District 1 17,000 90 100%4 Kumho Asiana plaza 35 Le Duan District 1 6,830 35 100%
Department Store 39,647 72.4 100%
1 Saigon Center 65 Le Loi District 1 3,500 75 100%2 Tax Center 135 Nguyen Hue District 1 7,000 75 100%3 Saigon Square 1 77-89 Nam Ky Khoi Nghia District 1 1,300 167 100%4 Nowzone Nguyen Van Cu District 1 9,000 48 88%5 Saigon Square 2 7-9 Ton Duc Thang District 1 1,400 75 75%6 Vincom Center B 72 Le Thanh Ton District 1 45,000 55 90%7 City plaza 230 Nguyen Trai District 1 5,250 25 100%
8 Taka plaza 102 Nam Ky Khoi Nghia District 1 1,000 90 100%
9 Vincom Center A Dong Khoi District 1 38,000 70 85%
Shopping Centre 111,450 61.9 90%
No Name of Hotel Address Location Total Room occupancy ARR(*)
1 Caravelle 19 Lam Son Square District 1 335 75% 1502 New World Saigon 76 Le Lai District 1 533 71% 1483 Sofitel plaza Saigon 17 Le Duan District 1 290 75% 1444 Rex 141 Nguyen Hue District 1 289 80% 1365 Renaissance Riverside 8-15 Ton Duc Thang District 1 350 70% 1406 Legend 2A-4A Ton Duc Thang District 1 283 68% 1427 Sheraton 88 Dong Khoi District 1 480 81% 2058 park Hyatt Saigon 02 Lam Son Square District 1 259 80% 3339 Majestic Saigon 1 Dong Khoi District 1 175 72% 14810 InterContinental Asiana 39 Le Duan District 1 305 79% 20611 Nikko Saigon 235 Nguyen Van Cu District 1 334 64% 14012 pullman Hotel 146 Tran Hung Dao District 1 306 10% 128
5 Star 3,633 69% 167
1 Continental Saigon 132-134 Dong Khoi District 1 86 74% 852 Norfolk Hotel 117-119 Le Thanh Ton District 1 104 71% 923 Duxton 63 Nguyen Hue District 1 203 72% 1034 Kim Do Royal City 133 Nguyen Hue District 1 135 70% 485 palace Saigon 56-66 Nguyen Hue District 1 146 88% 546 oscar 68A Nguyen Hue District 1 108 62% 417 Liberty Central 179 Le Thanh Ton District 1 140 72% 1048 Golden Central Saigon 140 Ly Tu Trong District 1 132 70% 789 Grand 08 Dong Khoi District 1 107 65% 89
4 Star 1,161 70% 84.6
DECEMBER 2013 | HOTEL MARKET HCMC CBD MARKET REPORT
p.7 | Colliers International
HCMC CBD MARKET REpoRT
DECEMBER 2013 | HOTEL MARKET
The number of foreign travelers to Vietnam in November
showed an increase after negative performance in the last few
months. According to the General Statistics office, Viet Nam
welcomed around 731,000 international tourists in November,
an increase of 8.8% compared to the same period last year,
of which, Russian holiday makers comprised a large element.
HCMC agencies estimates that approximately 419,750
international tourists came to the city in November, up 15%
y-o-y; while the figure of the first 11 months of the year is 3.64
million visitors.
The tourism sector made a revenue of VND76,024 billion over
the past 11 months, rising by 19% y-o-y.
Hotel Market Overview
OutlookVietnam tourism and relevant agencies are working to join
tourist single visa with counterparts from Thailand and
Cambodia. As these two countries have already had a single
visa agreement, we expect to attract a large number of tourists
to Vietnam due to this convenience. This joint also shows
an improvement in policy of Vietnam government on ASEAN
common visa system which was rejected in 2010.
There would be no new supply for the 4- and 5-star hotel
market in the first month of 2014. Le Meridien Saigon Hotel
is still being delayed due to capital shortage though it reached
an exterior finishing phase. Meanwhile, 231 rooms of Reverie
Times Square Hotel are being fitted out and is expected to
open in late of 2Q 2014.
Regarding the Meetings, Incentives, Conference, Exhibitions
(MICE) segment, in November Ibis Saigon South hosts
participants of four international exhibitions given its favor
location nextby Saigon Exhibition and Convention Center in
District 7. These events probably make hoteliers pay more
attention on potential of MICE market.
INTERNATIoNAL VISIToRS To HCMC
Source: Statistical Office in HCMC, Colliers International
INTERNATIoNAL ARRIVALS
Source: Statistical Office in HCMC, Colliers International
FUTURE SUppLY BY STATUS
Source: Colliers International
KUMHo MoNTHLY MARKET REpoRT HCMC CBD MARKET REPORT
HCMC CBD MARKET REPORT
HCMC CBD MARKET REpoRT
p.8 | Colliers International
HCMC CBD MARKET REpoRT
DECEMBER 2013 | HOTEL MARKET
November witnessed an improvement in both average room rate (ARR) and occupancy rate of 4-star hotels with an increase of 14.98% and 10.92% respectively. Besides, despite the performance in occupancy rate of 5-star segment reflected positive figures of 1.29% gain , the ARR dropped 4.16% m-o-m during this peak tourism season. The two newly opened hotels in District 1 pullman Saigon Centre on Tran Hung Dao Street and Liberty Central Saigon Riverside catch up well in their segments with occupancy rate reached 30% and 70% respectively in last month.China had the highest number of tourists travelling to Vietnam in November while European countries like England, Holland, Spain and Belgium were top sources of foreign visitors of the month.
Market Performance
pERFoRMANCE oF 4 STARS HoTEL
pERFoRMANCE oF 4 & 5 STARS HoTEL
pERFoRMANCE oF 5 STARS HoTEL
Source: Colliers International
Source: Colliers InternationalSource: Colliers International
DECEMBER 2013 | SERVICED APARTMENT MARKET
DECEMBER 2013 | SERVICED APARTMENT MARKET
Serviced Apartment OverviewGRADE A SERVICED ApARTMENTS
Source: Colliers International
GRADE B SERVICED ApARTMENTS
Source: Colliers International
p.9 | Colliers International
HCMC CBD MARKET REpoRTHCMC CBD MARKET REpoRT
DECEMBER 2013 | HOTEL MARKET
No project Name Address Location Total Room
Average occupancy ARR(*)
1 The Landmark 5B Ton Duc Thang District 1 66 88% 302 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 172 94% 363 Sedona Suites 65 Le Loi District 1 89 88% 354 Nguyen Du park Villas 111 Nguyen Du District 1 41 90% 305 The Landcaster 22 Bis Le Thanh Ton District 1 55 98% 366 InterContinental Asiana Saigon 39 Le Duan District 1 260 97% 367 Lafayette De Saigon 08 phung Khac Khoan District 1 18 40% 34
Grade A 855 90% 36.0
1 Somerset HCM 8A Nguyen Binh Khiem District 1 165 83% 262 Saigon Sky Garden 20 Le Thanh Ton District 1 154 90% 293 Norfolk Mansion 17-21 Ly Tu Trong District 1 126 91% 284 Diamond plaza 34 Le Duan District 1 42 93% 265 Garden View Court 101 Nguyen Du District 1 76 76% 246 Ben Thanh Luxury 172-174 Ky Con District 1 30 72% 207 Vincom Center 72 Le Thanh Ton District 1 60 60% 248 Nikko Saigon 235 Nguyen Van Cu District 1 54 50% 259 Spring Court 1Bis phung Khac Khoan District 1 14 85% 1910 Saigon City Residence 8A/3D2 Thai Van Lung District 1 17 94% 20
Grade B 738 92% 28.9
* US$/sq m/month** Not including VAT and service charge*** Buildings are sorted by Year of Completion
DECEMBER 2013 | SERVICED APARTMENT MARKET
Serviced apartment sector are being competed from new rivals
of large numbers of buy-to-let apartments and tighten housing
budget of tenants.
During this year end period, expat tenants are busy with business
as well as travelling schedule. Hence the occupancy rate is not
expected to change considerably. However, landlords are getting
pressure in accept flexible rentals in order to maintain their
occupancy rates.
Outlook
Serviced apartment segment received no new supply in November. District 1 accounts for about 42% of total supply in the
serviced apartment segment of HCMC.
In the review month, both top grades experienced a low performance in terms of rents and vacancy. Monthly average rate of Grade
A declined to US$34.5/ sq m., down by 4.1% m-o-m. At the same time, Grade B average rents remained unchanged from last
month at US$24.6/ sqm. per month. Grade A occupancy rate averaged at 92.9%, showing increase of 2.91% m-o-m as a reaction
to falling price; Grade B occupancy rose to 83% from 80% in November.
Market Performance
pERFoRMANCE oF GRADE A & B
Source: Colliers International
DECEMBER 2013 | SERVICED APARTMENT MARKET
HCMC CBD MARKET REPORT | DECEMBER 2013
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