hcmc cbd market report | mar 2015 (en)
TRANSCRIPT
MARCH 2015 | HCMC CENTRAL BUSINESS DISTRICT
CBD MARKET REPORTHO CHI MINH CITY
www.colliers.com/vietnam
TABLE OF CONTENTSHCMC CBD MARKET REPORT | MARCH 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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HCMC CBD MARKET REPORT
MARCH 2015 | COMMERCIAL OFFICE MARKET
P.2 | Colliers International
Asking rents of Grade A offi ce will remain stable despite the completions of Vietcombank Tower and Le Meridien as these new
developments are expected to off er the same market rents. However, offi ces with extremely high asking rents and low occupancy may
need to lower their rents.
Meanwhile the occupancy rate is expected to remain high although there is new supply in the coming quarters. This is thanks to the
improving economic conditions (growing GDP, decreasing CPI and especially rising FDI). In addition, over 60% of the offi ce space from
the new supply was leased although these projects have not been offi cially opened.
Outlook
HCMC FDI BY MONTH
Source: Colliers International
CBD OFFICE PERFORMANCE BY ZONE, MARCH 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 PerformanceLeasing activities in March tentatively recovered after a
year-end festive holiday. The occupancy rate of Grade B
buildings slightly increased to 94.5% thanks to the rising
newly established companies and stable rents (US$22.9
per sqm per month (on net area). Most of these companies
are local small-medium enterprises who cannot afford
rents of Grade A buildings but require good locations in the
city centre.
There was not obvious change in Grade A office buildings
compared to February. The occupancy rate prolonged its
high level, 92.3%. Meanwhile, there was a small correction
in rents as owners of some Grade A office buildings slightly
reduced the rents to attract tenants. The asking rent was
close to US$40 per sqm per month (on net area).
HCMC CBD MARKET REPORT
MARCH 2015 | COMMERCIAL OFFICE MARKET
P.3 | Colliers International
HCMC CBD MARKET REPORT
MARCH 2015 | COMMERCIAL OFFICE MARKET
* US$/ 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 95% 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 96% 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 88% 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 92% 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 97% 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 91% 17.5
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 92% 19.012 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 6.0 100% 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% 22.9
P.4 | Colliers International
HCMC CBD MARKET REPORT
MARCH 2015 | CBD OFFICE MAP
* US$/ sq m/ month (on net area)
HCMC CBD MARKET REPORT
MARCH 2015 | RETAIL MARKET
HCMC CBD MARKET REPORT
MARCH 2015 | CBD OFFICE MAP
HCMC CBD MARKET REPORT
MARCH 2015 | RETAIL MARKET
P.5 | Colliers International
Market Performance
Outlook
SHOPPING CENTER PERFORMANCE, MARCH 2015
Source: Colliers International
RETAIL PODIUM PERFORMANCE, MARCH 2015
Source: Colliers International
Source: Colliers International
Retail podium performance recorded an impressive
improvement in the occupancy rate in March. Thanks to the
flexible leasing condition, Time Square reached the occupancy
rate of nearly 100% when the owner agreed to lease to both
food and beverage and fashion. The occupancy rate in March
increased to 97.1% from 91.1% in February.
Shopping centre proved positive results although it was less
significant than the retail podium. The new open of Vinpro in
Vincom Center B successfully pushed its occupancy rate to
95%. This resulted in the occupancy rate of this retail type of
82.3%, 1.3 percentage points higher than February.
Thanks to the occupancy improvement, rents of shopping centre
increase from US$65.1 per sqm per month to US$66.6 per sqm
per month. There was almost no change in department store
and retail podium.
AVERAGE RENT BY TYPE, MARCH 2015
Source: Colliers International
Although the Vietnamese retail market is still attractive to
foreign retailers in the APC, luxury products are expected to
see challenges given low demand. In addition, the rapid growth
of online retail will negatively impact the traditional shopping
centre type. As such, retailers and landlords should do more
online selling and advertising via social media.
DEPARTMENT STORE PERFORMANCE, MARCH 2015
P.6 | Colliers International
HCMC CBD MARKET REPORT
MARCH 2015 | CBD RETAIL MAP
* US$/ sq m/ month (on net area)
MARCH 2015 | RETAIL MARKET
MARCH 2015 | HOTEL MARKET
HCMC CBD MARKET REPORT
MARCH 2015 | CBD RETAIL MAP
KUMHO MONTHLY MARKET REPORTMARCH 2015 | RETAIL MARKET HCMC CBD MARKET REPORT
P.7 | Colliers International
MARCH 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 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 60 100%4 Sheraton Saigon 88 Dong Khoi District 1 2002 750 125 100%5 Opera View Lam Son Square District 1 2006 1,260 85 94%6 Kumho Asiana Plaza 35 Le Duan District 1 2009 6,830 35 100%7 Rex Arcade 141 Nguyen Hue District 1 2010 2,000 120 100%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 66.6 97%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 90%3 Parkson Saigon Tourist 35 Le Thanh Ton District 1 2002 17,000 90 100%
Department Store 30,200 82.4 99%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 75 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 69.4 82%
No Name of Hotel Address Location Comple-tion Year Total Room Occupancy ARR(*)
1 Caravelle 19 Lam Son Square District 1 2000 335 80% 1902 New World Saigon 76 Le Lai District 1 2000 533 69% 1363 Sofitel Plaza Saigon 17 Le Duan District 1 2000 290 62% 1824 Rex 141 Nguyen Hue District 1 2000 289 51% 1305 Renaissance Riverside 8-15 Ton Duc Thang District 1 2001 350 64% 1256 Lotte Legend Hotel 2A-4A Ton Duc Thang District 1 2001 283 65% 1517 Sheraton 88 Dong Khoi District 1 2002 480 60% 2508 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 Renovation Renovation9 Majestic Saigon 1 Dong Khoi District 1 2007 175 87% 12110 InterContinental Asiana 39 Le Duan District 1 2009 305 92% 19911 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 56% 11212 Pullman Hotel 146 Tran Hung Dao District 1 2013 306 48% 125
5 Star 3,633 68% 1571 Continental Saigon 132-134 Dong Khoi District 1 1990 86 85% 802 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 83% 1003 Duxton 63 Nguyen Hue District 1 1996 203 85% 704 Royal City 133 Nguyen Hue District 1 2000 135 67% 705 Palace Saigon 56-66 Nguyen Hue District 1 2000 146 74% 806 Oscar 68A Nguyen Hue District 1 2000 108 69% 457 Liberty Central 179 Le Thanh Ton District 1 2010 140 84% 1208 Grand 08 Dong Khoi District 1 2011 107 73% 909 Liberty Central Riverside 17 Ton Duc Thang District 1 2013 170 74% 125
4 Star 1,161 78% 89
P.8 | Colliers International
HCMC CBD MARKET REPORT
MARCH 2015 | CBD HOTEL MAP
* US$/ sq m/ month (on net area)
HCMC CBD MARKET REPORT
MARCH 2015 | CBD HOTEL MAP
P.9 | Colliers International
HCMC CBD MARKET REPORT
MARCH 2015 | HOTEL MARKET
Vietnam welcomed approximately 617,895 international arrivals
in March, declining by 10.4% m-o-m and 12.9% y-o-y, according
to the Vietnam National Administration of Tourism (VNAT). In
the review month, the number of international arrivals from
the two biggest markets including China and Russia recorded
a sharp drop. Russian arrivals to the country fell by 15.8%
m-o-m and 29.3% y-o-y. This could be blamed on the tightened
budget driven the depreciation of the RUB and the falling oil
prices. While Chinese reached only 103,670 arrivals, declining
by 18.3% m-o-m and 45.6% y-o-y.
Thanks to the renovation of Park Hyatt Saigon from March to
mid June together with the current fairs and exhibitions which
brought more business travellers to the city, the occupancy
rate of both 4-and 5-star hotels in the downtown recorded a
m-o-m increase of 13.0% and 9.0% respectively.
The asking room rate of 5-star hotels remained US$157/room/
night (excluding Park Hyatt Saigon which has the highest room
rate among 5-star hotels). 4-star hotels witnessed a modest
growth of 1% m-o-m and 25.3% y-o-y to US$89.2/room/night.
Hotel Market Overview
Given the renovation of some hotels such as Park Hyatt,
Sheraton, Continental and New World Hotel, the occupancy is
expected to keep stable even though there will considerably
huge supply in the coming quarters. Among the others is The
Reveria Saigon which had the soft-launch in January. The
official launch is expected to be in 3Q 2015.
However, April will be likely to see the fluctuated occupancy
rate as many people including local and foreigners will be away
from the city given the long festive holidays in late April.
REVENUE FROM TOURISM BUSINESS IN HCMC , MARCH 2015
Source: Statistical Offi ce in HCMC, Colliers International
Outlook
PERFORMANCE OF TOP-GRADED HOTELS IN HCMC , MARCH 2015
Source: Colliers International, (*) Excluding Park Hyatt
LE MERIDIEN, DISTRICT 1
Source: Colliers International
P.10 | Colliers International
HCMC CBD MARKET REPORT
MARCH 2015 | HOTEL MARKET
HCMC CBD MARKET REPORT
MARCH 2015 | SERVICED APARTMENT MARKET
MARCH 2015 | SERVICED APARTMENT MARKET
PERFORMANCE OF 5-STARS HOTEL, MARCH 2015
Source: Colliers International
PERFORMANCE OF 4-STARS HOTEL, MARCH 2015
Source: Colliers International
Apparently, HCMC is Vietnam’s economic hub where it has attracted a high number of expatriates and FDI enterprises. The growing
economy and business environment will facilitate the improving performance of the serviced apartment sector. The market has recently
observed the coming of Japanese investors / developers to the city. Some serviced apartment properties have shifted particular attention
towards the Japanese market (both individual travellers, businessmen and corporate) through dedicated marketing and personnel.
The occupancy and rents are expected to have small correction in the coming months given the current small supply.
Outlook
In line with the expanding economy and better business results, demand on serviced apartment has gradually improved. Serviced
apartments in the downtown in March recorded more positive results than February. The occupancy rate increase strongly,
approximately 2.6 percentage points for Grade A and 2.8 percentage points for Grade B compare to the preceding month.
The asking rent remained unchanged on a q-o-q basis. The operators have tried to maintain the stable rental rate to maintain the
occupancy rate.
Market Performance
HCMC CBD MARKET REPORT
MARCH 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
MARCH 2015 | SERVICED APARTMENT MARKET
MARCH 2015 | SERVICED APARTMENT HCMC CBD MARKET REPORT
MARCH 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 88% 262 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 94% 343 Sedona Suites 65 Le Loi District 1 1996 89 87% 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 73% 376 InterContinental Asiana Saigon 39 Le Duan District 1 2009 267 93% 36
Grade A 707 91% 34
1 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 88% 262 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 88% 263 Norfolk Mansion 17-21 Ly Tu Trong District 1 1998 126 100% 334 Diamond Plaza 34 Le Duan District 1 1999 42 99% 295 Garden View Court 101 Nguyen Du District 1 2000 76 78% 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 87% 27
* US$/sq m/month** Not including VAT*** Buildings are sorted by Year of Completion
HCMC CBD MARKET REPORT
MARCH 2015 | CBD SERVICED APARTMENT MAP
P.12 | Colliers International
HCMC CBD MARKET REPORT
MARCH 2015 | CBD SERVICED APARTMENT MAP
P.12 | Colliers International
HCMC CBD MARKET REPORT | MARCH 2015
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