HCMC CBD Market Report | Jan 2016 (EN)

Accelerating successwww.colliers.com/vietnam

JANUARY 2016HCMC CENTRAL BUSINESS DISTRICT

CBD MONTHLY MARKET REPORT

TABLE OF CONTENTSHCMC MARKET OVERVIEW

Office

Retail

Hotel

ServicedApartment

LIST OF FIGURES Figure1

Figure2

Figure3

Figure4

Figure5

Figure6

Figure7

Figure8

Figure9

LIST OF TABLES

Table1

Table2

Table3

Table4

Table5

Table6

Table7

COVER PAGE: Saigon skyline - View from Diamond Plaza’s helipad

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Office, Market Performance of grade A...............................................................

Office, Average occupacy rate by grade.............................................................

Retail, Market Performance of shopping center................................................

Growth rate of Hotel and Food&Beverage turnover..........................................

Hotel, Market Performance................................................................................

Hotel, Average room rate..................................................................................

Value of tourism turnover..................................................................................

Serviced apartment, Occupancy rate by grade..................................................

Serviced apartment, Average rental rate by grade.............................................

Office, CBD future supply..................................................................................

Significant office projects..................................................................................

Significant retail projects underconstruction....................................................

Significant retail projects .................................................................................

Significant hotel projects...................................................................................

Serviced apartment, Future Supply...................................................................

Significant serviced apartment projects ..........................................................

Table 1: Office, CBD future supply

PERFORMANCEThe first month of 2016 has been characterized by a fluctuation in Grade A’s occupancy rate. As approximately 2,560 sqm NFA of office space in Diamond Plaza is available for lease, Grade A saw a drop of 1.1ppts m-o-m in average occupancy rate, siting at 92.5%. Meanwhile, Grade B’s is stable at 92.2%.

There are no significant changes in average net asking rents. Grade A’s rental rate recorded a nominal increase of 0.2ppts m-o-m, reaching USD36.2/sqm/month. Grade B’s stabilized at a high rate of USD23.9/sqm/month.

SUPPLYThe CBD supply pipeline remained unchanged in Q4 2015 which has ensured the continued absorption of the current available office space. In 2016, Grade B will dominate new supply with approximately 38,000 sqm NLA from the Waterfront Saigon and Hai Quan Tower.

It is expected that the supply landscape of Grade A will change in 2017 when Saigon Centre (phase 2) and Deutsches Haus complete, providing an additional 65,859 sqm NLA.

DEMANDThe leasing market continues to experience solid demand in 2016. Strong inflow of foreign direct investment (FDI), steady growth rate of gross domestic products (GDP), the participation in the Trans Pacific Partnership (TPP) agreement and the establishment of ASEAN Economic Community (AEC) have all improved the attractiveness of Vietnam.

The diversification in the business sector under TPP will create opportunities for domestic enterprises, including small and medium enterprises (SMEs) who are seeking new local and overseas markets. Start up business, expansion and relocation will continue to drive demand in the year ahead while business confidence encourages leasing activity.

OUTLOOKAs no new Grade A office buildings will come online in 2016, landlords of premium office stock are looking to secure tenants with larger budget for lease. Rental growth across all grades is forecasted to be approximately 4% in 2016 and 9% in 2017. Finance and banking continues to be the largest generators of tenant demand in the CBD. Oil & Gas operation and their affiliates are experiencing a significant amount of trouble and are downsizing significantly in YTD 2016.

JANUARY 2016 | OFFICE

©2016 Colliers International Research


Page 3

Figure 1: Office, Market Performance of grade A

Source: Colliers International Research



Figure 2: Office, Average occupancy rate by grade

Building name Grade Expected NLA Expectedcompletion

Hai Quan Tower B 30,000 2016

The Waterfront Saigon B 8,822 2016

Saigion Center Phase 2 A 35,859 2017

Deutsches Haus A 30,000 2017

100% 50% 0% 50% 100%

JanFebMarApr

MayJunJul

AugSepOctNovDecJan

Feb. FMar. F

2015

2016

Grade B Grade A

60

70

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90

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0

20000

40000

60000

80000

100000

120000

2010 2011 2012 2013 2014 2015 2016F 2017F 2018F

%sqm

Grade A new supply Occupancy Rate

(*) US$/sqm/month (NLA)

Table 2: Significant Office Projects

No Name Address Completion Year

NLA (sqm)

Service Charges (*)

Occupancy rate

Average asking rent

(**)1 Saigon Centre 65 Le Loi 1996 11,650 6.5 99% 33.0

2 Saigon Tower 29 Le Duan 1997 13,950 6.0 99% 35.03 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 96% 40.04 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 85% 33.05 Diamond Plaza 34 Le Duan 1999 15,936 8.0 98% 37.06 Kumho Asiana Plaza 39 Le Duan 2009 26,000 8.0 91% 43.0

7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 97% 34.08 President Place 93 Nguyen Du 2012 8,330 6.0 100% 31.0

9 Times Square 22-36 Nguyen Hue 2012 12,704 7.0 88% 40.010 Le Meridien 3C Ton Duc Thang 2013 9,125 7.5 81% 36.011 Vietcombank Tower 5 Me Linh Square 2015 41,250 7.0 92% 34.0

GradeA 212,655 7.1 92.5% 36.2

1 VTP-OSIC 8 Nguyen Hue 1993 6,500 6.0 98% 25.02 Yo Co Building 41 Nguyen Thi Minh Khai 1995 5,000 3.0 100% 23.03 Somerset Chancellor Court 21-23 NguyenThi Minh Khai 1996 3,200 5.0 100% 22.0

4 Central Plaza 17 Le Duan 1997 6,094 6.5 95% 24.0

5 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 94% 20.06 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 100% 28.07 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 6.5 99% 22.0

8 MeLinh Point Tower 2 Ngo Duc Ke 1999 17,600 6.0 97% 27.09 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 89% 22.010 Bitexco Building 19-25 Nguyen Hue 2003 6,000 6.0 89% 27.011 The Landmark 5B Ton Duc Thang 2005 8,000 6.0 100% 20.012 Opera View 161-167 Dong Khoi 2006 3,100 7.0 100% 27.013 City Light 45 Vo Thi Sau 2007 10,000 5.0 100% 19.014 Petro Tower 1-5 Le Duan 2007 13,304 8.0 96% 33.015 The Lancaster 22 – 22 Bis Le Thanh Ton 2007 7,000 5.0 90% 25.016 CJ Building 5 Le Thanh Ton 2008 14,000 6.5 91% 24.017 Continential Tower 81-85 Ham Nghi 2008 15,000 6.0 99% 22.018 Havana Tower 132 Ham Nghi 2008 7,326 6.0 92% 22.0

19 Royal Center 235 Nguyen Van Cu 2008 14,320 6.0 100% 23.020 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 100% 26.0

21 TMS 172 Hai Ba Trung 2009 4,000 4.0 100% 24.022 A&B Tower 76 Le Lai 2010 17,120 6.0 98% 23.023 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.0 100% 22.024 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 99% 24.025 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19,596 5.0 83% 22.026 Saigon Royal 91 Pasteur 2010 5,340 6.0 100% 23.027 Vincom Center 68 -70 -72 Le Thanh Ton 2010 56,600 5.0 90% 24.028 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 100% 30.029 Lim Tower 9-11 Ton Duc Thang 2013 22,000 6.0 100% 20.030 MB Sunny Tower 259 Tran Hung Dao, Co Giang 2013 13,200 5.0 96% 23.031 Lim Tower 2 Vo Van Tan 2015 8,400 6.0 95% 24.0

GradeB 405,851 5.7 92.2% 23.9




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CBD HCMC GRADE A OFFICE BUILDINGS


SAIGON SKYLINE REVIEW

Page 5

KUMHO ASIANA PLAZA39 Le Duan, District 1

26,000/1,402$ 43.00$ 8.00

DIAMOND PLAZA SAIGON34 Le Duan, District 1

15,936/2,200$ 37.00$ 8.00

LE MERIDIEN 3C Ton Duc Thang, District 1

9,125/NA$ 36.00$ 7.50

SAIGON TOWER29 Le Duan, District 1

13,950/NA$ 35.00$ 6.00

DEUTSCHES HAUS3-5 Le Van Huu, District 1

THE METROPOLITAN235 Dong Khoi, District 1

15,200/1,000$ 33.00$ 6.00

PRESIDENT PLACE93 Nguyen Du, District 1

8,330/1,000$ 31.00$ 6.00

BITEXCO FINANCIAL TOWER45 Ngo Duc Ke, District 1

37,710/900-1,300$ 34.00$ 8.00

VIETCOMBANK TOWER5 Me Linh Square, District 1

41,250/NA$ 34.00$ 7.00

TIMES SQUARE SAIGON22-36 Nguyen Hue, District 1

12,704/1,450$ 40.00$ 7.00

SAIGON CENTRE65 Le Loi, District 1

11,650/ 1,073$ 33.00$ 6.50

SUNWAH TOWER115 Nguyen Hue, District 1

20,800/ 1,166$ 40.00$ 6.00

JANUARY 2016 | RETAIL



PERFORMANCEAverage net asking rents in the CBD market held steady at USD89/sqm/month. Thanks to sought-after locations, CBD’s rental rate is more than double those in non-CBD submarkets.

The CBD retail market remained tight with a high occupancy rate of 95% across all grades. Of all three retail formats, department stores have the highest occupancy rate of 99% compared to retail podiums of 98% and shopping centers of 88%.

SUPPLYShopping centres account for the largest proportion of existing CBD supply with six developments (123,250 sqm), followed by retail podium (36,807 sqm) and department stores (3,300 sqm). There is currently over 400,000 sqm of retail gross floor area (GFA) either under planning or under construction in the CBD. However, only 18% of this future supply is presently constructing with GFA around 80,000 sq m in total which are due to come online in the next 4 years.

Compared to neighboring countries, planned future retail developments in HCMC in the next two years are only 12% the levels expected in Beijing and Bangkok and 50% of the levels expected in Manila and Singapore. Hence, occupancy rates and rental levels in CBD areas will be supported.

DEMANDRetail leasing momentum continued to be driven by Food and Beverage (F&B) services and fashion. As consumer confidence is projected to improve on the back of brighter economic outlook, there will be increasing demand for retail space from both offshore and local retailers. To maintain high tenant retention, landlords should organize regular entertainment and events to attract more customers to their retail centers.

OUTLOOKApart from Saigon Center Phase 2 due for completion in the second half of 2016, most retail properties scheduled to complete in 2016 are decentralized and outside of the CBD. As retail space in the city center is on limited offer, steady rent growth is expected. However, retailers will have more options for their leasing enquiries in future non-CBD retail developments.

Page 6

Source: PSO | Colliers International Research


Figure 4: Growth rate of Hotel and Food&Beverage Turnover

Figure 3: Retail, Market Performance of Shopping center

Table 3: Significant retail projects under construction

Source: Colliers International Vietnam

0

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Project name Area Expected NLA Expectedcompletion

Vincom Le Van Viet non-CBD 43,000 2016

Lotte Mart Go Vap non-CBD 42,000 2016

Aeon Mall Binh Tan non-CBD 64,000 2016

Vincom Plaza Go Vap non-CBD 24,450 2016

Saigon Center (phase 2) CBD 55,000 2016

-4%

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8%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

2015 2016

Table 4: Significant Retail Projects

No NameofProject/Building Address Location Completion

YearNLA(sqm) ARR(*) OccupancyRate

1 Saigon Center Le Loi District 1 1996 Renovation Renovation Renovation2 Times Square 22-36 Nguyen Hue District 1 2013 9,000 90 100.0%3 Caravelle Hotel 19 Lam Son Square District 1 2000 150 220 100.0%4 Continental Saigon 132-134 Dong Khoi District 1 2000 200 90 100.0%5 New World Hotel 76 Le Lai Street District 1 2000 1,000 60 100.0%6 Zen Plaza 54-56 Nguyen Trai District 1 2001 6,817 50 94.0%7 Sheraton Saigon 88 Dong Khoi District 1 2002 750 200 69.0%8 Opera View Lam Son Square District 1 2006 1,260 85 100.0%9 Kumho Asiana 35 Le Duan District 1 2009 6,830 75 100.0%10 Rex Arcade 141 Nguyen Hue District 1 2010 2,000 120 100.0%11 ICON 68 45 Ngo Duc Ke District 1 2011 8,000 50 99.0%12 President Place 93 Nguyen Du District 1 2012 800 70 100.0%

RetailPodium 36,807 74.1 98.0%

1 City Plaza 230 Nguyen Trai District 1 2000 5,250 25 100.0%2 Parkson Saigontourist 35 Le Thanh Ton Street District 1 2002 17,000 90 99.0%3 Nowzone Nguyen Van Cu Street District 1 2008 9,000 55 100.0%4 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 120 99.0%5 Union Square 171 Dong Khoi District 1 2012 38,000 73 65.0%6 Diamond Plaza 34 Le Duan District 1 1999 9,000 90 100.0%

ShoppingCentre 123,250 90.4 88.7%

1 Saigon Square 1 77 - 89 Nam Ky Khoi Nghia District 1 2006 1,300 77 100.0%2 Taka Plaza 102 Nam Ky Khoi Nghia District 1 2011 1,000 167 100.0%3 Lucky Plaza 38 Nguyen Hue District 1 2013 1,000 160 98.0%

DepartmentStore 3,300 129.4 99.4%

JANUARY 2016 | RETAIL



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(*) ARR (Average Rental Rate): All rents are stated in net rents per sqm, inclusive service charge but exculding VAT

JANUARY 2016 | HOTEL



PERFORMANCEThe average occupancy levels across the CBD hotel market has softened to 85.4% post peak season as the sector moves out of December and into January 2016. However it is anticipated that the Lunar New Year shall ensure that these rates improve in February as domestic and foreign tourist numbers improve.

The average daily room rate was stable at USD177/room/night. Five-star hotels recorded a rate of USD232/room/night while the four-star charged USD122/room/night.

SUPPLYNo new supply is expected in 2016 which will help to improve the performance of existing hotels. In the next four years, the market will welcome more than 1000 hotel rooms from four projects; Union Square, Ritz-Carlton Saigon, Lavenue Crown and Satra Tax Center.

DEMANDTo stimulate tourism into HCMC, the city has been continuously improving the quality of products and services in the area. Hoteliers have also been more active in connecting with travel agencies in order to create more competitive tourism package for travelers.

Thanks to a limited supply of rooms in the CBD, a continuing, stable increase of tourist numbers, as well as the lifting of visa restrictions, the hospitality industry in one of the busiest cities in Vietnam will grow stronger in the next few years.

OUTLOOKAs affected by seasonal factors, the hotel performance will subdue after the Lunar New Year. Hotel operators will offer more discounts on room rate to achieve better occupancy rates.

Comparing to other Asian destinations, the total number of room count in Ho Chi Minh City is modest. Therefore, the city tourism industry is to be at incredible potential for further strong growth.

Page 8


Source: PSO | Colliers International Research


Figure 6: Hotel, Average room rate

Figure 7: Value of Tourism Turnover

Figure 5: Hotel, Market Performance

-20%

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2015 2016

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Value of tourism turnover Growth rate by year

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Asking Rental Rate Occupancy Rate

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2015 2016

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D/r

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Table 5: Significant Hotel Projects

No NameofProject Address Location LaunchedYear Room OccupancyRate ARR(*)

1 Caravelle 19 Lam Son Square District 1 2000 335 82% 2202 New World Saigon 76 Le Lai District 1 2000 533 93% 1853 Rex 141 Nguyen Hue District 1 2000 286 96% 2014 Sofitel Plaza Saigon 17 Le Duan District 1 2000 286 82% 2395 Lotte Legend Hotel Saigon 2A - 4A Ton Duc Thang District 1 2001 283 80% 1336 Renaissance Riverside 8 - 15 Ton Duc Thang District 1 2001 350 85% 2287 Sheraton 88 Dong Khoi District 1 2002 485 95% 287

8 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 95% 258

9 Majestic Saigon 1 Dong Khoi District 1 2007 175 79% 169

10 InterContinental Asiana 39 Le Duan District 1 2009 305 82% 241

11 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 88% 225

12 Le Meridien 3C Ton Duc Thang District 1 2013 345 86% 219

13 Pullman Saigon Centre 146 Tran Hung Dao District 1 2013 306 86% 214

14 The Reverie Times Square 22 - 36 Nguyen Hue District 1 2015 286 95% 469

15 Hotel Des Arts Saigon 76-78 Nguyen Thi Minh Khai District 3 2015 168 75% 192

5-starHotels 4,736 87% 232

1 Continental 132-134 Dong Khoi District 1 1990 83 100% 1292 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 44% 1703 Duxton 63 Nguyen Hue District 1 1996 191 89% 1244 Oscar 68A Nguyen Hue District 1 2000 108 91% 595 Palace Saigon 56-66 Nguyen Hue District 1 2000 144 90% 1026 Royal City 133 Nguyen Hue District 1 2000 135 67% 867 Paragon Saigon Hotel 22-24 Thi Sach District 1 2009 173 87% 1338 Liberty Central 179 Le Thanh Ton District 1 2010 140 87% 1439 Golden Central Saigon 140 Ly Tu Trong District 1 2011 120 90% 10910 Grand Silverland Hotel & Spa 125-133 Ly Tu Trong District 1 2011 89 98% 11011 Liberty Central Saigon Riverside 17 Ton Duc Thang District 1 2013 170 82% 12412 Liberty Saigon City Point Hotel 59-61 Pasteur District 1 2014 171 75% 140

13 Eden Saigon Hotel 38 Bui Thi Xuan District 1 2013 123 96% 157

4-starHotels 1,751 84% 122




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*Price excludes VAT


JANUARY 2016 | SERVICED APARTMENT

PERFORMANCEOccupancy rates remained high, reaching 93% for Grade A and 85% for Grade B thanks to strategic location in the city center.

Average gross asking rents remains stable at USD29/sqm/month. Despite having rents 40% higher than in non-CBD area, serviced apartments in the city center is always the first options for tenants.

SUPPLYThe CBD remains the highly sought-after location, accounting for nearly 85% of the new supply. In 2016, the CBD market will add approximately 550 units to the supply pipeline. New stock will come from Ascott Waterfront Saigon, Saigon Center phase 2, New Pearl and Saigon Plaza.

In the next three years, approximately 2,200 new serviced apartments from 12 projects will come online.

DEMANDDemand for serviced apartments in Ho Chi Minh City normally comes from expatriates and business travelers.

After Vietnam joined the Asean Economic Community (AEC) and Trans Pacific Partnership (TPP), there will be more small & medium-sized enterprises and more multinational firms. The presence of foreign workforce in the city implies higher demand for accommodation in serviced apartments.

OUTLOOKAdjustment in rents and occupancy will happen when new completions enter the market this year.

Although demand will be solid thanks to the growing number of expatriates, serviced apartments have to compete with private apartments for lease where offering competitive rents for long-term stays.

©2016 Colliers International Research Page 10




Figure 9: Serviced apartment, Average rental rate by grade

Table 6: Serviced apartment, Future Supply

Figure 8: Serviced apartment, Occupancy rate by grade

Building name District Expected units Expectedcompletion

Ascott Waterfront Saigon 1 222 2016

Saigon Center Phase 2 1 89 2016

Saigon Plaza 1 119 2016

New Pearl Residence 3 120 2016

70

75

80

85

90

95


2015 2016

%

Grade A Grade B

20

25

30

35

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2015 2016

USD

/sqm

/mon

thGrade A Grade B



Table 7: Significant Serviced Apartment Projects

No. ProjectName Address Location CompletionYear

TotalRoom

AverageOccupancy

ARR(*)(**)

1 The Landmark 5B Ton Duc Thang District 1 1995 66 95.0% 262 Sedona Suites 65 Le Loi District 1 1996 89 89.0% 30

3 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 96.0% 34

4 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 98.0% 305 The Lancaster 22-22 Bis Le Thanh Ton District 1 2007 55 73.0% 376 Intercontinental Asian Saigon 39 Le Duan District 1 2009 260 95.0% 36

GradeA 683 92.9% 33.5

1 Norfork Mansion 17-21 Ly Tu Trong District 1 1998 126 85.0% 262 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 85.0% 263 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 94.0% 264 Diamond Plaza 34 Le Duan District 1 1999 42 95.0% 295 Garden View Court 101 Nguyen Du District 1 2000 76 91.0% 316 Ben Thanh Luxury 172-174 Ky Con District 1 2010 88 91.0% 18

7 Lafayette De SaiGon 8 Phung Khac Khoan District 1 2010 18 89.0% 28

8 Vincom Center 45A Ly Tu Trong District 1 2010 60 34.0% 26

9 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 100.0% 30

10 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 84.0% 23

11 Spring Court 1Bis Phung Khac Khoan District 1 2011 14 76.0% 23

GradeB 814 85.7% 25.9




Page 11

(*) US/sqm/month(**) ARR (Average Rental Rate): All rents are stated in gross rents per sqm, not including VAT and serviced charge

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HCMC CBD Market Report | Jan 2016 (EN)