hcmc cbd market report | jul 2014

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JULY 2014 | HCMC CENTRAL BUSINESS DISTRICT CBD MARKET REPORT HO CHI MINH CITY www.colliers.com/vietnam

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Page 1: HCMC CBD Market Report | Jul 2014

JULY 2014 | HCMC CENTRAL BUSINESS DISTRICT

CBD MARKET REPORTHO CHI MINH CITY

www.colliers.com/vietnam

Page 2: HCMC CBD Market Report | Jul 2014

TABLE OF CONTENTSHCMC CBD MARKET REPORT | JULY 2014

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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Page 3: HCMC CBD Market Report | Jul 2014

As you focus on your customer, we focus on you.You’re an expert in knowing what your customers want—often before they do. We bring the same approach to your business.

Colliers International is built on an enterprising culture of collaboration and innovation. We provide creative, strategic solutions to all our clients.

Whether you need sales and leasing brokerage, property marketing, research and demographics, or asset and property management, we have retail professionals across Vietnam who can meet the real estate needs of retail tenants, landlords and developers.

Today’s real estate challenges require more than geographic reach and local knowledge: they require integrated expertise in market segmentation, valuation, disposition, assembly, debt and equity strategies and much more.

Our integrated platform and our experienced bring you closer to your customers.

Page 4: HCMC CBD Market Report | Jul 2014

HCMC CBD MARKET REPORT

JULY 2014 | COMMERCIAL OFFICE MARKET

P.2 | Colliers International

Outlook

GRADE A OFFICE PERFORMANCE, JULY 2014

Source: Colliers International

GRADE B OFFICE PERFORMANCE, JULY 2014

Source: Colliers International

Source: Colliers International

CITY CENTRAL

FINANCIALHUB

NORTHERN CBD

SOUTHERN CBD

Market PerformanceGenerally, during the first half of this year, CBD

office market continues being on the right track with

improvements from both Grade A and Grade B buildings

compared to recent years.

However, reviewed back since the begin of 2014, although

the occupancy rate reveal a promising period for the office

market, actual fluctuation of the asking rent presented an

announcement of fierce competition between landlords

throughout the last two quarters.

In June, occupancy rate of both Grade A and Grade B in

City Central increased slightly, whilst, the rest of Grade

B buildings in other sections remained flat. The average

rental of Grade A dropped inconsiderably, staying at

US$39.8/ sq m/ month. Meanwhile, the monthly rents of

Grade B gained US$0.1 to reach US$23/ sq m.

Grade AAR Occupancy rate Supply

A ↔

B ↔ ↔

B ↔ ↔ ↔

B ↔ ↔

B ↔ ↔

In upcoming months, we do not expect significant surge of CBD office market though the sustainable performance will be retained

till the end of this year.

Given limit available stocks, tenants face challenges in looking for truly premier office space within top-graded buildings in CBD

area. This shortage is predicted to last until the second quarter of 2015.

As a result of that, we also notice activities of en bloc lease for sublease at top-graded developments. Favoured rental and

foreseeing of future gain in rents are major principles of this kind of investment.

Page 5: HCMC CBD Market Report | Jul 2014

HCMC CBD MARKET REPORT

JULY 2014 | COMMERCIAL OFFICE MARKET

P.3 | Colliers International

HCMC CBD MARKET REPORT

JULY 2014 | COMMERCIAL OFFICE MARKET

* US$/ sq m/ month (on net area)

Office Market OverviewNo Name Address

Com-pletion Year

NLA (sq m)

Service Charges (*)

Occupancy rate

NFA asking rent (*)

1 Saigon Centre 65 Le Loi 1996 11,650 6.5 95% 40.02 Saigon Tower 29 Le Duan 1997 13,950 6.0 99% 37.03 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 91% 43.04 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 94% 41.05 Diamond Plaza 34 Le Duan 1999 15,936 8.0 99% 41.06 Kumho Asiana Plaza 39 Le Duan 2009 26,000 8.0 93% 49.07 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 88% 34.08 President Place 93 Nguyen Du 2012 8,330 6.0 97% 30.0

9 Times Square 22-36 Nguyen Hue 2012 9,000 7.0 60% 50.0

Grade A 158,576 7.0 90.4% 39.8

1 OSIC 8 Nguyen Hue 1993 6,500 6.0 94% 20.02 Yoco Building 41 Nguyen Thi Minh Khai 1995 5,000 4.0 100% 16.03 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai 1996 3,200 5.0 100% 21.04 Central Plaza 17 Le Duan 1997 6,094 5.0 100% 26.05 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 98% 20.06 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 6.0 96% 23.07 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 98% 22.0

8 MeLinh Point Tower 02 Ngo Duc Ke 1999 17,600 6.0 99% 24.09 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 95% 21.010 Bitexco Office Building 19-25 Nguyen Hue 2003 6,000 5.0 92% 25.011 The Landmark 5B Ton Duc Thang 2005 8,000 5.0 82% 21.012 Opera View 161-167 Dong Khoi 2006 3,100 7.0 90% 26.013 Indochina Park Tower 4Bis Nguyen Dinh Chieu 2006 2,145 3.0 77% 10.014 Petro Tower 1-5 Le Duan 2007 13,304 5.0 99% 30.015 City Light 45 Vo Thi Sau 2007 10,000 5.0 98% 15.016 The Landcaster 22Bis Le Thanh Ton 2007 7,000 5.0 100% 24.017 Gemadept Tower 5 Le Thanh Ton 2008 14,000 7.0 100% 23.018 Fideco Tower 81-85 Ham Nghi 2008 15,000 6.0 100% 20.019 Havana Tower 132 Ham Nghi 2008 7,326 6.0 99% 21.020 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 96% 26.021 Royal Center 235 Nguyen Van Cu 2008 14,320 5.0 100% 23.022 TMS 172 Hai Ba Trung 2009 4,000 4.0 100% 23.023 Bao Viet Tower 233 Dong Khoi 2010 10,650 6.0 100% 21.024 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 96% 22.025 Vincom Center 68-70-72 Le Thanh Ton 2010 56,600 5.0 70% 23.026 Saigon Royal 91 Pasteur 2010 5,340 4.0 100% 19.027 A&B Tower 76 Le Lai 2010 17,120 6.0 98% 29.028 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19.596 5.0 89% 23.029 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 93% 26.030 Lim Tower 9-11 Ton Duc Thang 2013 29,265 6.0 97% 28.031 Sunny MB Tower 259 Tran Hung Dao 2013 13,200 5.5 12% 22.0

Grade B 399,596 6.0 89.5% 23.1

Page 6: HCMC CBD Market Report | Jul 2014

P.4 | Colliers International

HCMC CBD MARKET REPORT

JULY 2014 | CBD OFFICE MAP

* US$/ sq m/ month (on net area)

HCMC CBD MARKET REPORT

JULY 2014 | RETAIL MARKET

Page 7: HCMC CBD Market Report | Jul 2014

HCMC CBD MARKET REPORT

JULY 2014 | CBD OFFICE MAP

HCMC CBD MARKET REPORT

JULY 2014 | RETAIL MARKET

P.5 | Colliers International

Last month saw a flat period of all three CBD retail market

sectors including retail podium, department store and shopping

mall.

The average rental rate of department store stayed firm at

US$82.6 per sm. because of constant occupancy rate.

Whereas, shopping center experienced unchanged vacancy

rate even though it dropped almost 10% since early of the year.

After a lengthened fully-occupied time, we noticed an available

space at Sheraton’s podium. This lead to a minor drop of 1% in

occupancy rate of retail podium segment.

Regardless the small area, vacant condition of that premium

location somehow reflected difficulties of retailers, especially

luxury brands given tighten consumer’s spending.

Market Performance

Outlook

SHOPPING CENTER MARKET PERFORMANCE, JULY 2014

VACANT RETAIL SPACE @ SHERATON PODIUM

Source: Colliers International

In June, the total retail sales of goods and services reached

VND54,595 billion, rising 2.8% compared to the previous month.

The increase of goods was primarily related to necessary items

for daily living, including food and home appliances while other

expenses are still depressive.

Ho Chi Minh City’s Consumer Price Index (CPI) saw a month-

on-month increase of 0.58% and year-on-year gain of 5.52%.

According to the City Statistic Office, rising medical cost at

11.65% mainly attributed to the higher CPI of the city in June.

Source: Colliers International

RETAIL PODIUM MARKET PERFORMANCE, JULY 2014

Source: Colliers International

CPI AND RETAIL - SERVICE REVENUE GROWTH, JULY 2014

Source: GSO, Colliers International

Page 8: HCMC CBD Market Report | Jul 2014

P.6 | Colliers International

HCMC CBD MARKET REPORT

JULY 2014 | CBD RETAIL MAP

* US$/ sq m/ month (on net area)

JULY 2014 | RETAIL MARKET

JULY 2014 | HOTEL MARKET

Page 9: HCMC CBD Market Report | Jul 2014

HCMC CBD MARKET REPORT

JULY 2014 | CBD RETAIL MAP

KUMHO MONTHLY MARKET REPORTJULY 2014 | RETAIL MARKET HCMC CBD MARKET REPORT

P.7 | Colliers International

JULY 2014 | HOTEL MARKET HCMC CBD MARKET REPORT

No Name of Project /Building Address Location Comple-

tion YearNLA

(sq m)Average Rental

(US$/sq m/month) Occupancy Rate

1 Hotel Continental Saigon 132-134 Dong Khoi District 1 2000 200 90 100%2 Caravelle Hotel 19 Lam Son Square District 1 2000 150 90 100%3 New World Hotel 79 Le Lai District 1 2000 1,000 40 100%4 Sheraton Saigon 88 Dong Khoi District 1 2002 750 125 67%5 Opera View Lam Son Square District 1 2006 1,260 85 100%6 Kumho Asiana Plaza 35 Le Duan District 1 2009 6,830 35 100%7 Rex Arcade 141 Nguyen Hue District 1 2010 2,000 120 99%8 ICON 68 45 Ngo Duc Ke District 1 2011 8,000 35 79%9 President Place 93 Nguyen Du District 1 2012 800 70 71%10 Times Square 22-36 Nguyen Hue District 1 2013 9,000 90 72%

Retail Podium 29,990 63 84%

1 Diamond Plaza 34 Le Duan District 1 1999 9,000 83 100%2 Zen Plaza 54-56 Nguyen Trai District 1 2001 6,817 52 100%3 Parkson Saigon Tourist 35 Le Thanh Ton District 1 2002 17,000 90 100%

Department Store 30,200 82.6 100%

1 Saigon Center 65 Le Loi District 1 1996 3,500 75 100%2 City Plaza 230 Nguyen Trai District 1 2000 5,250 25 100%3 Tax Center 135 Nguyen Hue District 1 2003 7,000 75 100%4 Saigon Square 1 77-89 Nam Ky Khoi Nghia District 1 2006 1,300 167 100%5 Nowzone Nguyen Van Cu District 1 2008 9,000 35 95%6 Saigon Square 2 7-9 Ton Duc Thang District 1 2009 1,400 90 80%7 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 63 73%

8 Taka Plaza 102 Nam Ky Khoi Nghia District 1 2011 1,000 90 100%

9 Union Square Dong Khoi District 1 2012 38,000 73 60%

Shopping Centre 113,450 66.9 75%

No Name of Hotel Address Location Comple-tion Year Total Room Occupancy ARR(*)

1 Caravelle 19 Lam Son Square District 1 2000 335 58% 1692 New World Saigon 76 Le Lai District 1 2000 533 60% 1183 Sofitel Plaza Saigon 17 Le Duan District 1 2000 290 64% 1384 Rex 141 Nguyen Hue District 1 2000 289 75% 1005 Renaissance Riverside 8-15 Ton Duc Thang District 1 2001 350 68% 1126 Lotte Legend Hotel 2A-4A Ton Duc Thang District 1 2001 283 56% 1507 Sheraton 88 Dong Khoi District 1 2002 480 70% 1868 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 75% 2339 Majestic Saigon 1 Dong Khoi District 1 2007 175 66% 11610 InterContinental Asiana 39 Le Duan District 1 2009 305 76% 18511 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 70% 12012 Pullman Hotel 146 Tran Hung Dao District 1 2013 306 55% 90

5 Star 3,633 66% 143

1 Continental Saigon 132-134 Dong Khoi District 1 1990 86 72% 872 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 70% 873 Duxton 63 Nguyen Hue District 1 1996 203 75% 804 Royal City 133 Nguyen Hue District 1 2000 135 66% 595 Palace Saigon 56-66 Nguyen Hue District 1 2000 146 87% 576 Oscar 68A Nguyen Hue District 1 2000 108 71% 407 Liberty Central 179 Le Thanh Ton District 1 2010 140 73% 568 Grand 08 Dong Khoi District 1 2011 107 68% 779 Liberty Central Riverside 17 Ton Duc Thang District 1 2013 170 68% 64

4 Star 1,161 72% 64.4

Page 10: HCMC CBD Market Report | Jul 2014

P.8 | Colliers International

HCMC CBD MARKET REPORT

JULY 2014 | CBD HOTEL MAP

* US$/ sq m/ month (on net area)

Page 11: HCMC CBD Market Report | Jul 2014

HCMC CBD MARKET REPORT

JULY 2014 | CBD HOTEL MAP

P.9 | Colliers International

HCMC CBD MARKET REPORT

JULY 2014 | HOTEL MARKET

During the first six months of this year, Vietnam has welcomed

approximately 4.3 million foreign travellers, a year-on-year

increase of 21.11%.

However, the number of overseas tourists to Vietnam in June

decreased 19.94% compared to the previous month and 4.85%

against the same period last year.

Although June is the third consecutive month from April seeing

a decrease in number of overseas tourists to Ho Chi Minh City,

the total number of the last 6 months has reached over 2

million, a 9% y-o-y growth.

Hotel Market Overview

OutlookThe significant growth of other domestic tourist destinations

put a competitive pressure on performance of HCMC hospitality.

The launch and increasing number of direct international flights

to coastal places including Da Nang, Nha Trang and Phu Quoc

have contributed to a weighty fall of foreign visitors to the city

as a transit point. Moreover, as a result of unchange in both

quality and quantity of sightseeings, the city is no longer a

favorited stop. It requires tight collaboration between the City

Tourism Agency and hospitality services providers to resolve

this foreseen issue.

NUMBER OF INTERNATIONAL VISITORS TO HCMC, JULY 2014

Source: Statistical Office in HCMC, Colliers International

BEN THANH MARKET, A POPULAR-YET-DISINTERESTED SIGHTSEEING OF THE CITY

Source: Colliers International

The number of Chinese holidaymakers to the city went up 30% in the first four months of 2014, but then fell significantly following

the oil rig dispute. There was also a marginal decline from other international markets regarding concerns of socially insecured

condition though incidents actually occurred in nearby provinces.

Hence, the City Authority has adopted a plan to enhance security at tourism places and provide official information to relevant

stakeholders. Moreover, to make up the fall, the local agencies schedule to intensify tourism promotions in major markets including

Japan, Korea, Malaysia, Singapore, Russia and other Eastern European nations.

Page 12: HCMC CBD Market Report | Jul 2014

P.10 | Colliers International

HCMC CBD MARKET REPORT

JULY 2014 | HOTEL MARKET

HCMC CBD MARKET REPORT

JULY 2014 | SERVICED APARTMENT MARKET

Last month, the 5-star sector experienced a notable drop in

both occupancy rate and average room rate.

Meantime, the 4-star hotel sector also recorded a same trend

at minor rate due to the off-season as well as the standoff in

the East Sea.

Market Performance

PERFORMANCE OF 5-STARS HOTEL, JULY 2014

Source: Colliers International

JULY 2014 | SERVICED APARTMENT MARKET

Given stable occupancy rate since early of this year, some serviced

apartment buildings are under scheduled renovating process in order to

optimise the building’s value via refurbished rooms and better facilities.

Residential apartments for lease remain major competitors to serviced

apartment segment at lower rents and flexible choices in size and location.

Outlook

Both Grade A and B serviced apartments in CBD area retained flat average

asking rent during last month.

Grade A developments saw a slight gain in occupancy rate to reach 90%

while that of Grade B dropped 1% to 79% in June.

Market Performance THE VISTA CONDOMINIUM @ DISTRICT 2

Source: Colliers International

PERFORMANCE OF 4-STARS HOTEL, JULY 2014

Source: Colliers International

HCMC HOTEL PERFORMANCE BY GRADE, JULY 2014

Source: Statistical Office in HCMC, Colliers International

Residential apartments in CBD fringe are preferred alternatives of CBD serviced apartments

Page 13: HCMC CBD Market Report | Jul 2014

HCMC CBD MARKET REPORT

JULY 2014 | HOTEL MARKET

P.11 | Colliers International

HCMC CBD MARKET REPORT

* US$/sq m/month** Not including VAT*** Buildings are sorted by Year of Completion

JULY 2014 | SERVICED APARTMENT MARKET

JULY 2014 | SERVICED APARTMENT MARKET

Serviced Apartment OverviewGRADE A CBD SERVICED APARTMENTS PERFORMANCE

Source: Colliers International

GRADE B CBD SERVICED APARTMENTS PERFORMANCE

Source: Colliers International

No Project Name Address Location Comple-tion Year

Total Room

Average Occupancy ARR(*)

1 The Landmark 5B Ton Duc Thang District 1 1995 66 81% 312 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 93% 343 Sedona Suites 65 Le Loi District 1 1996 89 82% 304 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 94% 305 The Landcaster 22 Bis Le Thanh Ton District 1 2007 55 73% 376 InterContinental Asiana Saigon 39 Le Duan District 1 2009 260 97% 36

Grade A 701 90% 34

1 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 85% 262 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 83% 263 Norfolk Mansion 17-21 Ly Tu Trong District 1 1998 126 90% 334 Diamond Plaza 34 Le Duan District 1 1999 42 98% 295 Garden View Court 101 Nguyen Du District 1 2000 76 93% 316 Ben Thanh Luxury 172-174 Ky Con District 1 2010 30 60% 187 Vincom Center 72 Le Thanh Ton District 1 2010 60 34% 26

8 Lafayette De Saigon 08 Phung Khac Khoan District 1 2010 18 100% 30

9 Spring Court 1Bis Phung Khac Khoan District 1 2011 14 80% 16

10 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 60% 28

11 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 100% 30

Grade B 738 79% 27

JULY 2014 | SERVICED APARTMENT MARKET HCMC CBD MARKET REPORT

Page 14: HCMC CBD Market Report | Jul 2014

HCMC CBD MARKET REPORT

JULY 2014 | CBD SERVICED APARTMENT MAP

P.12 | Colliers International

Page 15: HCMC CBD Market Report | Jul 2014

HCMC CBD MARKET REPORT

JULY 2014 | CBD SERVICED APARTMENT MAP

P.12 | Colliers International

Page 16: HCMC CBD Market Report | Jul 2014

HCMC CBD MARKET REPORT | JULY 2014

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