Dec 2013 Colliers HCMC CBD Market Report

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


• outlook

• Table

HoTEL MARKET

• Market overview


• outlook

• Table

SERVICED ApARTMENT


• 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



FDI BY CoUNTRY HCMC NoVEMBER 2013

HCMC CBD MARKET REpoRT

DECEMBER 2013 | COMMERCIAL OFFICE MARKET


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


LIM ToWER

Source: Public Domain






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


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.


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


RETAIL SALE REVENUE GRoWTH RATE


RETAIL SALES REVENUE BY SECToRS


RETAIL poDIUM @ TIMES SQUARE UNDER-CoNSTRUCTIoN







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


DEpARTMENT SToRE



RETAIL poDIUM


KUMHo MoNTHLY MARKET REpoRTDECEMBER 2013 | RETAIL MARKET HCMC CBD MARKET REPORT


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



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


INTERNATIoNAL ARRIVALS


FUTURE SUppLY BY STATUS


KUMHo MoNTHLY MARKET REpoRT HCMC CBD MARKET REPORT

HCMC CBD MARKET REPORT





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 InternationalSource: Colliers International

DECEMBER 2013 | SERVICED APARTMENT MARKET


Serviced Apartment OverviewGRADE A SERVICED ApARTMENTS


GRADE B SERVICED ApARTMENTS



HCMC CBD MARKET REpoRTHCMC CBD MARKET REpoRT


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


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



HCMC CBD MARKET REPORT | DECEMBER 2013

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Dec 2013 Colliers HCMC CBD Market Report

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