hcmc cbd market report | apr 2015 (en)

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APRIL 2015 | HCMC CENTRAL BUSINESS DISTRICT CBD MARKET REPORT HO CHI MINH CITY www.colliers.com/vietnam

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APRIL 2015 | HCMC CENTRAL BUSINESS DISTRICT

CBD MARKET REPORTHO CHI MINH CITY

www.colliers.com/vietnam

TABLE OF CONTENTSHCMC CBD MARKET REPORT | APRIL 2015

Market Highlights

OFFICE MARKET

• Market Performance

• Outlook

• Table

• Map

RETAIL MARKET

• Market Performance

• Outlook

• Map

• Table

HOTEL MARKET

• Table

• Map

• Market Performance

• Outlook

SERVICED APARTMENT

• Market Performance

• Outlook

• Table

• Map

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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.

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

HCMC CBD MARKET REPORT

APRIL 2015 | COMMERCIAL OFFICE MARKET

P.2 | Colliers International

It is expected that District 1 will welcome two new Grade A offi ce buildings which add approximately 65,000 sqm GFA to the market.

However, this new supply is expected not to sharply deteriorate the current occupancy rate as over 60% of the offi ce space from the new

supply was leased although these projects have not been offi cially opened. The continued economic improvements will be supporting

factors for the recovery of the offi ce sector.

In terms of asking rents, signifi cant changes are not expected in the next couple of months. However, the not-so-good performance

offi ce buildings may adjust their rents to compete with new quality buildings.

Outlook

HCMC FDI BY MONTH

Source: Colliers International

CBD OFFICE PERFORMANCE BY ZONE, APRIL 2015

Source: Colliers International

Source: Colliers International

Grade AAR Occupancy rate Supply

A ↔ ↔

B ↔ ↔

B ↔

B ↔

B ↔

CITY CENTRAL

FINANCIALHUB

NORTHERN CBD

SOUTHERN CBD

Market PerformanceThe positive macroeconomic performance in Q1 2015 and

the increasing newly established enterprises had positive

impacts on the property market, particularly the office

sector. Moreover, the newly opened Nguyen Hue Boulevard

has notably improved the image of Grade A office buildings

surrounding. The fast-flowing traffic helped the occupancy

rate of these buildings slightly increase to 93.0%, 0.7

percentage points higher than the previous month. However,

the average asking prices remained flat compared to the

preceding month given the not-yet-fully recovered market.

It stood at US$39.9/sqm/month (on net area).

Grade B did not show significant changes in the review

month. The occupancy rate reached 95.1% while the

average asking rent was US$23.1/sqm/month.

HCMC CBD MARKET REPORT

APRIL 2015 | COMMERCIAL OFFICE MARKET

P.3 | Colliers International

HCMC CBD MARKET REPORT

APRIL 2015 | COMMERCIAL OFFICE MARKET

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

No Name AddressCom-pletion Year

NLA (sq m)

Service Charges (*)

Occupancy rate

NFA asking rent (*)

1 Saigon Centre 65 Le Loi 1996 11,650 6.5 99% 37.02 Saigon Tower 29 Le Duan 1997 13,950 6.0 90% 37.03 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 98% 47.04 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 91% 40.0

5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 100% 37.06 Kumho Asiana Plaza 39 Le Duan 2009 26,000 7.5 97% 46.07 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 91% 35.08 President Place 93 Nguyen Du 2012 8,330 6.0 96% 31.0

9 Times Square 22-36 Nguyen Hue 2012 9,000 7.0 86% 45.0

Grade A 158,576 7.0 93% 40.0

1 OSIC 8 Nguyen Hue 1993 6,500 6.0 100% 18.02 Yoco Building 41 Nguyen Thi Minh Khai 1995 5,000 4.0 100% 22.03 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% 24.0

5 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 100% 20.06 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 6.0 78% 23.07 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 95% 20

8 MeLinh Point Tower 02 Ngo Duc Ke 1999 17,600 6.0 99% 22.09 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 94% 21.010 Bitexco Office Building 19-25 Nguyen Hue 2003 6,000 5.0 95% 25.011 The Landmark 5B Ton Duc Thang 2005 8,000 5.0 98% 20.012 Opera View 161-167 Dong Khoi 2006 3,100 7.0 85% 27.013 Petro Tower 1-5 Le Duan 2007 13,304 5.0 98% 30.014 City Light 45 Vo Thi Sau 2007 10,000 5.0 100% 15.015 The Landcaster 22Bis Le Thanh Ton 2007 7,000 5.0 90% 25.016 Gemadept Tower 5 Le Thanh Ton 2008 14,000 7.0 97% 24.017 Fideco Tower 81-85 Ham Nghi 2008 15,000 6.0 100% 22.018 Havana Tower 132 Ham Nghi 2008 7,326 6.0 98% 19.019 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 99% 26.0

20 Royal Center 235 Nguyen Van Cu 2008 14,320 5.0 100% 23.021 TMS 172 Hai Ba Trung 2009 4,000 4.0 100% 23.022 Bao Viet Tower 233 Dong Khoi 2010 10,650 6.0 100% 21.023 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 96% 23.024 Vincom Center 68-70-72 Le Thanh Ton 2010 56,600 5.0 95% 23.025 Saigon Royal 91 Pasteur 2010 5,340 4.0 100% 20.026 A&B Tower 76 Le Lai 2010 17,120 6.0 91% 29.027 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19.596 5.0 97% 22.028 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 100% 30.029 Lim Tower 9-11 Ton Duc Thang 2013 29,265 6.0 100% 28.030 Sunny MB Tower 259 Tran Hung Dao 2013 13,200 5.5 97% 25.0

Grade B 399,596 6.0 95% 23.1

P.4 | Colliers International

HCMC CBD MARKET REPORT

APRIL 2015 | CBD OFFICE MAP

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

HCMC CBD MARKET REPORT

APRIL 2015 | RETAIL MARKET

HCMC CBD MARKET REPORT

APRIL 2015 | CBD OFFICE MAP

HCMC CBD MARKET REPORT

APRIL 2015 | RETAIL MARKET

P.5 | Colliers International

Market Performance

Outlook

SHOPPING CENTER PERFORMANCE, APRIL 2015

Source: Colliers International

RETAIL PODIUM PERFORMANCE, APRIL 2015

Source: Colliers International

Source: Colliers International

While department stores maintained its stable performance,

shopping centres and retail podium showed mixed stories in

terms of both asking rent and occupancy rate. The department

stores reached the occupancy rate of almost 100% with the

average asking rent of US$82.4/sqm/month.

The asking rents of retail podium unexpectedly increased by

4.2% m-o-m to US$69.4/sqm/month. This was mainly driven

by high rent of small available space at Caravelle Hotel. As

retailers did not take the whole space as planned, the occupancy

rate of this retail format slowed to 95.7% in April.

Shopping centres performed differently from the retail

podiums. The occupancy rate remained unchanged from the

previous month, 82.3%, the asking rents slightly dropped by

5.2% m-o-m to US$65.8/sqm/month as some retail centres

had to adjust down the rent to keep their tenants.

AVERAGE RENT BY TYPE, APRIL 2015

Source: Colliers International

Rapid growth of online retail will adversely aff ected the traditional

retail format. Luxury products will continue to see challenges

meanwhile mid-end retail segment will be promising. Therefore,

asking rents are unlikely to increase in the short-term. However,

the retail sector is still attractive to foreign retailers in the APC

in the long-run.

DEPARTMENT STORE PERFORMANCE, APRIL 2015

P.6 | Colliers International

HCMC CBD MARKET REPORT

APRIL 2015 | CBD RETAIL MAP

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

APRIL 2015 | HOTEL MARKET

APRIL 2015 | HOTEL MARKET

HCMC CBD MARKET REPORT

APRIL 2015 | CBD RETAIL MAP

P.7 | Colliers International

APRIL 2015 | 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 200 200 87%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 60 100%4 Sheraton Saigon 88 Dong Khoi District 1 2002 750 125 80%

5 Opera View Lam Son Square District 1 2006 1,260 85 94%

6 Kumho Asiana Plaza 35 Le Duan District 1 2009 6,830 45 96%7 Rex Arcade 141 Nguyen Hue District 1 2010 2,000 120 100%8 ICON 68 45 Ngo Duc Ke District 1 2011 8,000 45 90%9 President Place 93 Nguyen Du District 1 2012 800 70 71%10 Times Square 22-36 Nguyen Hue District 1 2013 9,000 90 100%

Retail Podium 29,990 69.4 96%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 50 100%3 Parkson Saigon Tourist 35 Le Thanh Ton District 1 2002 17,000 90 100%

Department Store 30,200 82.4 100%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 Saigon Square 1 77-89 Nam Ky Khoi Nghia District 1 2006 1,300 167 100%4 Nowzone Nguyen Van Cu District 1 2008 9,000 55 100%5 Saigon Square 2 7-9 Ton Duc Thang District 1 2009 1,400 90 30%6 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 55 95%7 Taka Plaza 102 Nam Ky Khoi Nghia District 1 2011 1,000 90 100%8 Union Square Dong Khoi District 1 2012 38,000 65 60%9 Lucky Plaza Dong Khoi District 1 2013 1,000 160 77%

Shopping Centre 105,450 65.8 82%

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

1 Caravelle 19 Lam Son Square District 1 2000 335 59% 1802 New World Saigon 76 Le Lai District 1 2000 533 60% 1153 Sofitel Plaza Saigon 17 Le Duan District 1 2000 290 53% 1494 Rex 141 Nguyen Hue District 1 2000 289 55% 1105 Renaissance Riverside 8-15 Ton Duc Thang District 1 2001 350 62% 1436 Lotte Legend Hotel 2A-4A Ton Duc Thang District 1 2001 283 56% 1507 Sheraton 88 Dong Khoi District 1 2002 480 61% 1858 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 Renovation Renovation9 Majestic Saigon 1 Dong Khoi District 1 2007 175 78% 13010 InterContinental Asiana 39 Le Duan District 1 2009 305 83% 22011 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 50% 10512 Pullman Hotel 146 Tran Hung Dao District 1 2013 306 44% 118

5 Star 3,633 60% 1461 Continental Saigon 132-134 Dong Khoi District 1 1990 86 76% 732 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 74% 893 Duxton 63 Nguyen Hue District 1 1996 203 76% 804 Royal City 133 Nguyen Hue District 1 2000 135 58% 575 Palace Saigon 56-66 Nguyen Hue District 1 2000 146 65% 736 Oscar 68A Nguyen Hue District 1 2000 108 60% 407 Liberty Central 179 Le Thanh Ton District 1 2010 140 65% 948 Grand 08 Dong Khoi District 1 2011 107 64% 839 Liberty Central Riverside 17 Ton Duc Thang District 1 2013 170 75% 88

4 Star 1,161 70% 77

HCMC CBD MARKET REPORT

APRIL 2015 | HOTEL MARKET

P.8 | Colliers International

HCMC CBD MARKET REPORT

APRIL 2015 | CBD HOTEL MAP

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

HCMC CBD MARKET REPORT

APRIL 2015 | CBD HOTEL MAP

P.9 | Colliers International

HCMC CBD MARKET REPORT

APRIL 2015 | HOTEL MARKET

According to the Vietnam National Administration of Tourism

(VNAT), international arrivals to Vietnam in April continued

to decrease by 7.4% y-o-y to 690,400 arrivals. Cumulatively,

Vietnam welcomed approximately 2.7 million arrivals, dropping

by 12.2% y-o-y in the first four months of 2015. Foreign arrivals

from China and Cambodia witnessed strongest decrease,

33.2% y-o-y and 28.1% y-o-y respectively.

The falling international arrivals to Vietnam negatively impacted

the hotel performance especially the 5- and 4- star hotels. The

occupancy rate of 5-star hotels dropped from 67.8% in March

to 59.5% in April. Steep decrease in room rents were reported

in the review month. The average room rates of 5-star hotels

slowed to US$146.4 per room per night, a 6.8% m-o-m drop.

Similar story is reported at 4-star hotels in the city centre. The

average room rates declined by 13.2% m-o-m to US$77.4 per

room per night while the occupancy rate reached only 70.1%,

8.1 percentage points lower than March.

Hotel Market Overview

Despite the not-so-good performance in April, the occupancy

is expected to keep stable as some hotels such as Sheraton,

Continental and New World Hotel will be renovated.

In terms of new supply, The Reveria Saigon on Nguyen Hue

Boulevard which had the soft-launch in January is expected to

be officially launched in Q3 2015.

REVENUE FROM TOURISM BUSINESS IN HCMC , APRIL 2015

Source: Statistical Offi ce in HCMC, Colliers International

Outlook

PERFORMANCE OF TOP-GRADED HOTELS IN HCMC , APRIL 2015

Source: Colliers International, (*) Excluding Park Hyatt

THE REVERIA SAIGON, DISTRICT 1

Source: Colliers International

P.10 | Colliers International

HCMC CBD MARKET REPORT

APRIL 2015 | HOTEL MARKET

HCMC CBD MARKET REPORT

APRIL 2015 | SERVICED APARTMENT MARKET

APRIL 2015 | SERVICED APARTMENT MARKET

PERFORMANCE OF 5-STARS HOTEL, APRIL 2015

Source: Colliers International

PERFORMANCE OF 4-STARS HOTEL, APRIL 2015

Source: Colliers International

According to the current construction status, it is expected that District 1 will witness two new projects completed in the second half of

2015. These include Times Square (100 units) and Waterfront (approximately 181 units). If they are opened as schedule, rents of Grade

A serviced apartment is expected to increase slightly due to high rent from these two projects.

Due to the new supply, the occupancy rate of Grade A serviced apartment may be aff ected while Grade B will remain relatively stable in

the coming months.

Outlook

Grade A serviced apartment remained fl at compared with the previous month in terms of asking rent and occupancy rate. Compared

to the previous month the average rent remained unchanged US$33.5 per sqm per month and the occupancy rate stood at 89.0%.

The occupancy rate of Grade B decreased to 83.2%, 3.5 percentage points lower than March meanwhile the average asking rent was

US$27,0 per sqm per month.

Market Performance

HCMC CBD MARKET REPORT

APRIL 2015 | HOTEL MARKET

P.11 | Colliers International

HCMC CBD MARKET REPORT

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

APRIL 2015 | SERVICED APARTMENT MARKET

APRIL 2015 | SERVICED APARTMENT HCMC CBD MARKET REPORT

APRIL 2015 | 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 89% 262 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 93% 343 Sedona Suites 65 Le Loi District 1 1996 89 85% 304 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 98% 305 The Landcaster 22 Bis Le Thanh Ton District 1 2007 55 71% 376 InterContinental Asiana Saigon 39 Le Duan District 1 2009 267 90% 36

Grade A 707 89% 34

1 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 74% 262 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 87% 263 Norfolk Mansion 17-21 Ly Tu Trong District 1 1998 126 98% 334 Diamond Plaza 34 Le Duan District 1 1999 42 93% 295 Garden View Court 101 Nguyen Du District 1 2000 76 80% 316 Ben Thanh Luxury 172-174 Ky Con District 1 2010 30 90% 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 90% 28

9 Spring Court 1Bis Phung Khac Khoan District 1 2011 14 86% 19

10 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 100% 27

11 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 94% 34

Grade B 738 83% 27

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

HCMC CBD MARKET REPORT

APRIL 2015 | CBD SERVICED APARTMENT MAP

P.12 | Colliers International

HCMC CBD MARKET REPORT

APRIL 2015 | CBD SERVICED APARTMENT MAP

P.12 | Colliers International

HCMC CBD MARKET REPORT | APRIL 2015

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