hcmc cbd market report | jan 2014

JANUARY 2014 | HCMC CENTRAL BUSINESS DISTRICT

CBD MARKET REpoRTHO CHI MINH CITY

www.colliers.com/vietnam

TABLE oF CoNTENTSHCMC CBD MARKET REpoRT | JANUARY 2014

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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Ho Chi Minh City made a breakthrough in Foreign Direct

Investment (FDI) figure in 2013, reflecting efforts of the local

authorities in improving the city’s investment environment

and obtaining investor’s interests. According to the HCMC

Statistical office, FDI has recovered strongly to achieve

US$963.1 million from 440 approved projects in the last 12

months; in which a surge in both number and value of projects

from Japanese investors.

In 2013, HCMC, Vietnam’s economic and business hub,

witnessed the closure of 20,585 existing companies due to

economic crisis. But concurrently, 25,349 new businesses had

been established, an increase of 7% y-o-y that reflects resume

of balance in enterprise numbers . From January 2014, the

city encourages to register online for business operation in

order to enhance capacity and convenience of administrative

procedures.

Last year, the city inflation rate rose 1.13% y-o-y to reach 5.2%

although the local officials claimed it is still in control. In fact,

this rate is lower than that of many other cities and provinces

with average figure at 6%.

p.1 | Colliers International

HCMC CBD MARKET REpoRTJANUARY 2014

Economic Overview

Source: Statistical Office in HCMC, Colliers International

FDI IN HCMC BY SECToRS, DECEMBER 2013

FDI IN HCMC BY MoNTH, DECEMBER 2013



FDI IN HCMC BY CoUNTRY, DECEMBER 2013


FDI IN VIETNAM BY pRoNVINCE, 2013

HCMC CBD MARKET REpoRT

JANUARY 2014 | COMMERCIAL OFFICE MARKET


In December, the monthly average Grade A commercial

office asking rent remained stable at US$38.2 per sq m.

occupancy rates in this segment also increased slightly to

reach 91%, a rise of 0.8% m-o-m.

Similarly, last month indicated positive signs for landlords

in Grade B office buildings in HCMC with increase in both

average rents and absorb rate indicating effective leasing

strategies from landlords. Flexible offered rates and building

functional convertion provided good results in apparent

case studies.

Maersk accquired approximately 2,800 sq m. in Zen plaza

(District 1) where retail and F&B areas had just been

converted to office spaces and pico plaza also welcomed

prudential CFC as new tenants.

Financial services and auditing firms were major sources

of office leasing enquiries and deals while relocation was

dominated trend of December.

RECENT TRANSACTIoNS

BUILDING LEASE (L) / SALE (S) TENANT / pURCHASER AREA (sq m.)

Zen plaza L Maersk 2,856pico plaza L prudential CFC 1,691Lim Tower L ASWIG 730

OutlookGrade A office segment will continue as it ended the year with

increase in occupancy rate and stable rentals.

Limited supply of premium developments is a competitive

advantage for Grade A developers to gradually bring up the

rents. Likewise, occupancy rate of current buildings maintains

growing trend from relocation demands of financial firms.

The year ahead is time to adjust rental strategy of Grade B pro-

jects as well. Those with constant taken spaces are trying to fix

the rate to secure tenants while others keep struggling to fulfil

large vacant areas by flexible rents.

Market Performance

oCCUpANCY RATE BY GRADE, DECEMBER 2013

Source: Colliers International

GRADE A pERFoRMANCE


ZEN pLAZA

Source: Public Domain






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 92% 40.02 Saigon Tower 29 Le Duan 1997 13,950 6.0 100% 37.03 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 90% 42.54 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 95% 41.35 Diamond plaza 34 Le Duan 1999 15,936 8.0 98% 41.06 Kumho Asiana plaza 39 Le Duan 2009 26,000 8.0 98% 51.37 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 85% 34.08 president place 93 Nguyen Du 2012 8,330 6.0 92% 33.0

9 Times Square 22-36 Nguyen Hue 2012 9,000 7.0 60% 50.010 Lim Tower 9-11 Ton Duc Thang 2013 29,265 6.0 88% 28.0

Grade A 187,841 6.9 91% 38.9

1 oSIC 8 Nguyen Hue 1993 6,500 6.0 99% 20.02 Yoco Building 41 Nguyen Thi Minh Khai 1995 5,000 5.0 100% 16.03 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai 1996 3,200 5.0 98% 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 97% 23.07 Harbour View Tower 35 Nguyen Hue 1997 8,000 6.0 93% 20.0

8 MeLinh point Tower 02 Ngo Duc Ke 1999 17,600 6.5 100% 24.09 Zen plaza 54-56 Nguyen Trai 2001 11,037 6.0 98% 20.010 Bitexco office Building 19-25 Nguyen Hue 2003 6,000 5.5 100% 22.011 The Landmark 5B Ton Duc Thang 2005 8,000 6.0 82% 16.012 opera View 161-167 Dong Khoi 2006 3,100 7.0 95% 26.013 Indochina park Tower 4Bis Nguyen Dinh Chieu 2006 2,145 4.0 96% 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 6.5 100% 23.018 Fideco Tower 81-85 Ham Nghi 2008 15,000 6.0 99% 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 5.0 99% 25.021 Royal Center 235 Nguyen Van Cu 2008 14,320 5.0 100% 19.022 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 72% 25.026 Saigon Royal 91 pasteur 2010 5,340 4.0 100% 19.027 A&B Tower 76 Le Lai 2010 17,120 6.0 99% 28.028 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19.596 5.0 98% 19.029 Empress Tower 138 Hai Ba Trung 2012 19,538 5.0 87% 26.0

Grade B 364,396 5.5 93.5% 22.6

* US$/ sq m/ month (on net area)** buildings are sorted by Year of Completion

Office Market Overview


JANUARY 2014 | RETAIL MARKET



Reported by the City Statistics office, in 2013 Ho Chi Minh City’s

total retail sales and service revenues reached VND606,978.9

billion, a gain of 12.6% y-o-y. The revenue growth, however, was

at the lowest rate in the last five years, which are 19%, 27.9%,

23.5%, and 17.3% in 2009, 2010, 2011, and 2012 respectively. The

slow pace of this year’s retail sales resulted from low domestic

demand as customers have curbed spending except for essential

goods and services.

Many enterprises in the retail sector postponed potential business

expansion plans because of major obstacles including capital

shortage, reducing high volume of inventory, and the increasing

cost of raw materials.

The HCMC’s statistical figures showed that CpI climb by 0.39%

against the previous month in December. Given an increase

in price of gas at the beginning of last month, the index of the

housing, electricity, fuel and construction materials group posted

the highest rise by 2.91% over November.


Retail Market Overview

Retail podiums and department stores located in CBD showed

the movement in average asking rents given high secured taken

areas. occupancy rate of retail podiums last month gained 2.5%

month-on-month to achieve 87.7%, mostly from new take-up

at New World Hotel and Bitexco Financial Tower. premium

department stores in city centre still enjoy high occupancy

figures.

In December, a slight drop of 2.5% in average rentals of CBD

shopping centers helped the landlords to stall vacancy rate at

25% and maintain tenants. Despite of moderate adjustment, it

showed efforts of the retail podium developers in softening rents

in order to prevent high turnover rate from tenants recently.

while other individual premium sites maintain high asking rents.

During last month, parkson inaugurated its 9th department store

in Vietnam at Cantavil premier project in District 2. The 18,000

sq m. retail spaces on 6 floors target customers in District 2

and the surrounding areas.

Lotte Cinema at Cantavil premier opened in the middle of

December while BigC supermarket will commence operations

early 2014.

Market Performance

FIRST AEoN SHoppING MALL IN VIETNAM

opening in 1st January at Tan phu District

RETAIL poDIUM @ BITEXCo FINANCIAL ToWER


9th pARKSoN DEpARTMENT SToRE @ CANTAVIL pREMIER


Source: Public Domain

Showed increase in tenants in December 2013

opened in December 2013






Year End Sale off and promotion programs attracted significant

foot fall to retail malls last month. This trend is expected to

last till the end of January.

In general, without discount events, sales revenue of retail

segment has suffered a slump throughout the year. Domestic

demand for services and products remains low given uncertain

condition and unclear foresight of the economy.

Nevertheless, landlords of CBD retail developments keen on

holding high rental rates highlighting limited supply in coming

months.

There is a big gap between high asking rents and affordability

of tenants in the existing market. Although owners of shopping

malls within CBD make some adjustment in rental policy, they

need to show more good will to forestall turnover trend of

retail lessees and tenancy default.

on the New Year Day, Japanese retail developer Aeon opened

the first shopping mall, named Aeon Tan phu Celadon, in Tan

phu District, HCMC with a total floor space of 50,000 sq m.

The megamall came together with 23,000 sq m. of general

merchandise stores business section under the operation of

almost 2,000 staffs. one-third of the goods and products at

the mall are imported from Japan while another third are local

products. During this year, the market also expects a stream

of new shopping areas in suburban areas including Thao Dien

pearl and Saigon Airport plaza.

Outlook

CpI RETAIL & SERVICES REVENUE

SHoppING CENTRE


RETAIL SALES REVENUE BY SECToRS



RETAIL poDIUM


KUMHo MoNTHLY MARKET REpoRTJANUARY 2014 | RETAIL 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 90%3 New World Hotel 79 Le Lai District 1 2000 1,000 40 100%4 Sheraton Saigon 88 Dong Khoi District 1 2002 750 125 100%5 opera View Lam Son Square District 1 2006 1,260 85 100%6 Rex Arcade 141 Nguyen Hue District 1 2010 2,000 120 90%7 Bitexco Financial Tower 45 Ngo Duc Ke District 1 2011 8,000 40 96%8 president place 93 Nguyen Du District 1 2012 800 45 67%9 Times Square 22-36 Nguyen Hue District 1 2013 9,000 90 72%

Retail podium 23,161 71.9 87.7%

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%4 Kumho Asiana plaza 35 Le Duan District 1 2009 6,830 35 100%

Department Store 39,647 72.4 100%

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 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 75 75%7 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 62.5 80%

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 72.5 85%

Shopping Centre 113,450 68.2 85%

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

1 Caravelle 19 Lam Son Square District 1 2000 335 72% 1502 New World Saigon 76 Le Lai District 1 2000 533 78% 1443 Sofitel plaza Saigon 17 Le Duan District 1 2000 290 76% 1404 Rex 141 Nguyen Hue District 1 2000 289 80% 1245 Renaissance Riverside 8-15 Ton Duc Thang District 1 2001 350 85% 1296 Lotte Legend Hotel 2A-4A Ton Duc Thang District 1 2001 283 65% 1757 Sheraton 88 Dong Khoi District 1 2002 480 80% 2048 park Hyatt Saigon 02 Lam Son Square District 1 2005 259 78% 2789 Majestic Saigon 1 Dong Khoi District 1 2007 175 74% 14810 InterContinental Asiana 39 Le Duan District 1 2009 305 82% 17011 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 82% 12412 pullman Hotel 146 Tran Hung Dao District 1 2013 306 30% 125

5 Star 3,633 74% 159

1 Continental Saigon 132-134 Dong Khoi District 1 1990 86 75% 932 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 72% 933 Duxton 63 Nguyen Hue District 1 1996 203 72% 1084 Kim Do Royal City 133 Nguyen Hue District 1 2000 135 63% 605 palace Saigon 56-66 Nguyen Hue District 1 2000 146 80% 806 oscar 68A Nguyen Hue District 1 2000 108 63% 607 Liberty Central 179 Le Thanh Ton District 1 2010 140 75% 778 Grand 08 Dong Khoi District 1 2011 107 67% 839 Liberty Central Riverside 17 Ton Duc Thang District 1 2013 170 70% 94

4 Star 1,161 72% 84

JANUARY 2014 | HOTEL MARKET HCMC CBD MARKET REPORT



JANUARY 2014 | HOTEL MARKET

International tourist arrivals to HCMC increased 8.1% over the

same period in 2012 to an all-time high with more than 4.1

million so far this year. The number equals to 55% of total

international arrivals to Vietnam, according to the Statistical

office in HCMC.

Generally, the tourism sector made a revenue of VND81,970

billion, rising by 15% y-o-y, contributing 45% in total revenue

of national tourism.

Among international visitors to Vietnam in December, tourism

remained major purpose occurring more than half of total

number. Business travel moderately stayed second with one

third of the amount.

Hotel Market Overview

OutlookGenerally, 4- and 5-star hotels in HCMC have experienced

steady occupancy rate recently because of peak travel season.

Solid partnership with travel agencies provides reliable source

of guests for the top-tier hotels; especially tourists from Europe

who prefer luxury hospitality services.

Regarding new market supply, Le Meridien Saigon Hotel and

Reverie Times Square Hotel did not open as scheduled to catch

up holiday season. The Extension phase of Majestic Hotel is

still underway.

INTERNATIoNAL VISIToRS To HCMC


INTERNATIoNAL ARRIVALS


HoTEL REVENUE BY SERVICES


KUMHo MoNTHLY MARKET REpoRT HCMC CBD MARKET REPORT

HCMC CBD MARKET REPORT

LE MERIDIEN HoTEL SLoWED IN CoNSTRUCTIoN






Although it is still tourist season, operators of 5-star hotels

generally made slight decrease on ARR to lift occupancy rate

4% m-o-m to reach 77% last month. pullman Saigon Centre,

Nikko Saigon and New World hotels statistically achieved highest

occupancy raise during December, mainly due to promotion and

new opening.

4-star hotels retained positive performance in both average room

rate (ARR) and occupancy rate. The ARR marked an increase of

5.8% m-o-m while occupancy rate gained to hit 72% in December.

In general, top-tier hotels in HCMC has been applying flexible

rates in order to maximise fulfilled rate.

Market Performance

pERFoRMANCE oF 4 STARS HoTEL

pERFoRMANCE oF 4 & 5 STARS HoTEL

pERFoRMANCE oF 5 STARS HoTEL


Source: Colliers InternationalSource: Colliers International

JANUARY 2014 | 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 Comple-tion Year

Total Room

Average occupancy ARR(*)

1 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 95.9% 362 Sedona Suites 65 Le Loi District 1 1996 89 89.9% 303 Nguyen Du park Villas 111 Nguyen Du District 1 2004 41 92.7% 284 The Landmark 5B Ton Duc Thang District 1 2005 66 94.6% 295 The Landcaster 22 Bis Le Thanh Ton District 1 2007 55 72% 396 InterContinental Asiana Saigon 39 Le Duan District 1 2009 260 94.6% 367 Lafayette De Saigon 08 phung Khac Khoan District 1 2010 18 90% 30

Grade A 701 92.3% 34.2

1 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 87.3% 252 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 90.9% 293 Norfolk Mansion 17-21 Ly Tu Trong District 1 1998 126 100% 304 Diamond plaza 34 Le Duan District 1 1999 42 95.2% 265 Garden View Court 101 Nguyen Du District 1 2000 76 90.8% 256 Spring Court 1Bis phung Khac Khoan District 1 2006 14 77.8% 187 Ben Thanh Luxury 172-174 Ky Con District 1 2010 30 75% 258 Vincom Center 72 Le Thanh Ton District 1 2010 60 31.7% 269 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 50% 2810 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 70% 30

Grade B 738 82.14% 26.9

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


Serviced apartment projects in HCMC are dominated by

international management firms like The Ascott, IHG, Accor,

Norfolk, Frasers Hospitality and Sedona while the remains

have in-house management team. In fact, most of the

current self-managed buildings had been under international

operation before the developers decide to run by themselves

with established services and systems.

However, internationally-managed developments are still being

preferred with high-standard service and reputation reflecting

in stability in both rentals and occupancy rate. Hence, more

international management brands and internationally-managed

serviced apartments are expected to come online in future.

Outlook

Last month, Grade A serviced apartments experienced small decline in both rents and occupancy rate. Monthly average rate of Grade

A were down 0.86% m-o-m to US$34.2/ sq m. while occupancy rate decreased 0.6% from November. Meanwhile, Grade B average

rentals slightly gained 3% m-o-m to approach US$26.9/ sq m. per month and the occupancy rate almost stayed tune at 82.14%.

In 2013, monthly average rentals of Grade A serviced apartments is stable at US$34.2/ sq m. given permanent vacancy below 10%.

Serviced apartments are still competing against high-end buy-to-let apartments. Grade B rents fluctuates around US$25/sq m.

Market Performance

pERFoRMANCE oF GRADE A & B



HCMC CBD MARKET REPORT | JANUARY 2014

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hcmc cbd market report | jan 2014

Real Estate

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grade b office buildings

economic overview source