HCMC CBD Market Report | Nov 2015 (EN)

Accelerating successwww.colliers.com/vietnam

NOVEMBER 2015HCMC CENTRAL BUSINESS DISTRICT

CBD MONTHLY MARKET REPORT

* Hotel InterContinental Asiana SaigonAccelerating successwww.colliers.com/vietnam

TABLE OF CONTENTSHCMC MARKET OVERVIEW

Office

Retail

Hotel

Serviced Apartment

LIST OF FIGURES Figure 1

Figure 2

Figure 3

Figure 4

Figure 5

Figure 6

Figure 7

Figure 8

Figure 9

Figure 10

Figure 11

Figure 12

LIST OF TABLES Table 1

Table 2

Table 3

Table 4

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Office, Average asking rent by grade.....................................................................

Office, Average occupacy...................................................................................

Asia Pacific Office rental market, 3Q 2015.......................................................

Retail, Average rental rate by grade...................................................................

Retail, Existing supply by District.......................................................................

ANZ-Roy Morgan Vietnam customer confident index.......................................

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

Hotel, Occupancy rate.......................................................................................

Number of international tourists to Vietnam and Ho Chi Minh City..................

Serviced apartment, Average rental rate..........................................................

Serviced apartment, Occupancy rate...................................................................

Serviced apartment, Supply by type.................................................................

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

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

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

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

Figure 3: Asia Pacific Office Rental Market, 3Q 2015

PERFORMANCEThere is no significant change in this month’s average occupancy rates. Grade A and Grade B’s occupancy rates were 93.5% and 94.7% respectively. It is anticipated that a fluctuation in occupancy will happen in January 2016 as approximately 3,500sqm NFA of office space in Diamond Plaza will become available for lease.

There is limited new supply of commercial rental properties in HCM city, which has helped stabilize market rents in recent quarters. The average net asking rent of Grade A commercial space increased 3.2ppts q-o-q to USD40/sqm/mth while that of Grade B commercial space was up 1ppts q-o-q to USD24/sqm/mth iQ3 2015. Ho Chi Minh City is among Asia cities having highest prime office rents after Hong Kong, Tokyo, Singapore and Beijing.

SUPPLYHCMC currently has 11 Grade A and 57 Grade B completed properties, providing the city with a modern look and 1,331,347 sqm GFA of stock. Most of prime buildings are located in District 1, the city’s administrative centre.

The CBD supply pipeline remains stable in 2016 as there is no Grade A project coming online. However, this may change in 2017-2018 when Saigon Centre (phase 2), Deutsches Haus and The One are due for completion providing an additional 123,859 sqm GFA of space to lease.

DEMANDThe strong economic growth rate has greatly accelerated the demand on office spaces in recent years. The more the economy in Vietnam develops, the more new enterprises are established and more foreign companies will come to set up businesses.

Demand for new office accommodation also comes from the expansion of large multinational companies that already have a long-term commitment in Vietnam. Especially with Vietnam joining the Trans Pacific Partnership (TPP), demand on office space is expected to accelerate highly.

OUTLOOKAs there is limited availability of office space in the CBD, rents and occupancy are believed to steadily improve in 2016.

The demand for office space from foreign organizations will continue to grow as a result of recent free trade agreements including the TTP As international clients always require professional services, Vietnamese landlords should pay more attention to their building services to satisfy distinctive clients’ needs.

NOVEMBER 2015 | OFFICE

©2015 Colliers International Research


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Figure 1: Office, Average asking rent by grade

Source: Colliers International Research



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Table 1: 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 6.0 100% 32.0

2 Saigon Tower 29 Le Duan 1997 13,950 6.0 99% 37.03 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 95% 38.04 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 6.5 91% 32.0

7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 94% 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% 45.010 Le Meridien 3C Ton Duc Thang 2013 9,125 6.0 94% 29.011 Vietcombank Tower 5 Me Linh Square 2015 41,250 7.0 92% 35.5

Grade A 212,655 6.8 93.5% 35.0

1 OSIC 8 Nguyen Hue 1993 6,500 6.0 96% 25.02 Yo Co Building 41 Nguyen Thi Minh Khai 1995 5,000 3.0 99% 22.03 Somerset Chancellor Court 21-23 NguyenThi Minh Khai 1996 3,200 5.0 98% 23.0

4 Central Plaza 17 Le Duan 1997 6,094 5.0 100% 26.0

5 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 86% 20.06 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 99% 23.07 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 6.5 92% 21.0

8 MeLinh Point Tower 2 Ngo Duc Ke 1999 17,600 6.0 99% 26.09 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 87% 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 5.5 90% 27.015 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 6.0 100% 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 95% 26.023 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% 27.027 Vincom Center 68 -70 -72 Le Thanh Ton 2010 56,600 5.0 88% 23.028 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% 22.030 MB Sunny Tower 259 Tran Hung Dao, Co Giang 2013 13,200 5.0 96% 20.031 Lim Tower 2 Vo Van Tan 2015 8,400 6.0 93% 24.0

Grade B 405,851 5.6 95% 23.5




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CBD HCMC GRADE A OFFICE BUILDINGS


SAIGON SKYLINE REVIEW

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KUMHO ASIANA PLAZA39 Le Duan, District 1

26,000/1,402$ 32.00$ 6.50

DIAMOND PLAZA SAIGON34 Le Duan, District 1

15,936/2,200$ 37.00$ 8.00

LE MERIDIEN HOTEL3C Ton Duc Thang, District 1

9,125/NA$ 29.00$ 6.00

SAIGON TOWER29 Le Duan, District 1

13,950/NA$ 37.00$ 6.00

GERMAN HOUSE3-5 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$ 35.50$ 7.00

TIMES SQUARE SAIGON22-36 Nguyen Hue, District 1

12,704/1,450$ 45.00$ 7.00

SAIGON CENTRE65 Le Loi, District 1

11,650/ 1,073$ 32.00$ 6.00

SUNWAH TOWER115 Nguyen Hue, District 1

20,800/ 1,166$ 38.00$ 6.00

NOVEMBER 2015 | RETAIL



PERFORMANCEDue to limited number of retail centres in the CBD, the average occupancy across all grades reaches approximately 95%. Prime retail premises such as Diamond Plaza or Kumho Asiana have been fully occupied thanks to their strategic locations and well-managed building services.

As of November 2015, the net asking rent is USD89/sqm/month. Department stores have the highest rents, followed by shopping centers and retail podiums. The rental price Ho Chi Minh City is not as high as other countries in region as Hong Kong, Singapore or Tokyo.

SUPPLYAs of Q3 2015, there are 21 existing retail centres with a combined lettable area of 163,357 sqm in the CBD. No significant event is expected until Saigon Center Phase 2 finishes the renovation early to mid-next year.

Due to limited land availability in the city center, decentralisation trend continues in suburban areas with a growing number of large shopping centres. However, Ho Chi Minh City retail market still far behind other regional cities in terms of quality, size and infrastructure.

DEMANDThe ANZ-Roy Morgan Vietnam Consumer Confidence index edges up 1.2pts to 142.3pts in November and remains above the 2014 average of 133.3. November’s gain was driven by higher confidence about personal financial situations compared to a year ago and improved sentiment about buying major household items.

Positive macro-economic outlook, improving domestic income conditions and consumer confidence have been major factors to attract international retailers to venture into Vietnam market.

Retail space in CBD area will be highly sought after as clients prefer to open their flagship stores in prime locations.

OUTLOOKM&A transactions are churning the Vietnamese retail market, with large domestic players buying out rivals and massive investment by foreign retailers as indicated by Lotte, Aeon, Big C, Robin, etc.

With the influx of international players, the scarcity of new quality supply in the city center will remain in the medium to long term.

The rental price is expected to increase around 15% in the next 4 years due to limited future supply and the increasing of demand.

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Figure 5: Retail, Existing supply by District

Figure 4: Retail, Average rental rate by grade

District 1, 26%

District 7, 20%

District Tan Phu , 16%

District 11, 10%

District Tan Binh, 9%

District 5, 8%

District 2, 4%

District 10, 4%

District 4, 1%Binh Thanh District, 1%

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Figure 6: ANZ-Roy Morgan Vietnam customer confident index

Source: ANZ-Roy Morgan, Colliers International Vietnam

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Table 2: Significant Retail Projects

No Name of Project /Building Address Location Completion

YearNLA

(sq m) ARR (*) Occupancy Rate

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%

Retail Podium 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%

Shopping Centre 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%

Department Store 3,300 129.4 99.4%

NOVEMBER 2015 | RETAIL



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

NOVEMBER 2015 | HOTEL



PERFORMANCEAs the peak tourist season is coming, the overall occupancy for four-star hotels stayed at 87.9%, a slight improvement from the last month’s rate 87.1% while the overall room rate decreased from USD106/room/night to USD119/room/night. Similar statistics for five-star hotels in November were 92% , increasing 3% m-o-m and USD226/room/night.

SUPPLYHo Chi Minh City is the home of 112 three-to-five star hotels and more than 14,000 rooms. The city has 18 five-star hotels and 20 four-star hotels of which 15 five-star and 13 four-star hotels are located in the Central Business District.

The recent opening of 168-room Hotel Des Art Saigon increased the number of four –star and five-star hotels in the CBD to 2.5%, providing a total of 6,717 rooms.

DEMANDThere are positive news for the city’s hotels and tourism industry. The city is on track to achieve its target of receiving 4.7 million overseas tourists from a total of more than 7 million arrivals in Vietnam, as well as 19.3 million domestic tourists, a 7% increase compared to 2014.

Forbes magazine ranked Vietnam one of the coolest places to visit in 2015 while World Tourism Organization (UNWTO) selected Vietnam as top 5 tourist destinations in ASEAN and top 100 of world. MasterCard’s annual travel study- the Global Destination Cities Index- ranks Ho Chi Minh City in the top 10 cities with fastest tourism development. Ho Chi Minh City is also voted top 50 safest City for travelers by The Economist’s Safe Cities index 2015.

OUTLOOKAs Christmas and New Year are coming to town, there are a large number of overseas tourists coming to Vietnam to spend their holidays.

There are many celebrations for Christmas and New Year holidays both for local people and expatriate communities, such as the Speciality Food Festival 2015 with the participation of more than 80 units from 22 countries around the world.

The New Year celebrations will soon be followed by events for Vietnamese Lunar New year. The string of celebrations and festivals will hopefully boost the demand and occupancy rate of hotels in Ho Chi Minh city in December 2015 and January 2016.

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Source: General Statistics Office, Colliers International Research


Figure 8: Hotel, Average occupancy rate

Figure 9: Number of international tourists to Vietnam and HCMC

Figure 7: Hotel, Average room rate

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Table 3: Significant Hotel Projects

No Name of Project Address Location Launched Year Room Occupancy Rate ARR (*)

1 Caravelle 19 Lam Son Square District 1 2000 335 87% 2212 New World Saigon 76 Le Lai District 1 2000 533 93% 1783 Rex 141 Nguyen Hue District 1 2000 286 90% 2074 Sofitel Plaza Saigon 17 Le Duan District 1 2000 286 93% 2305 Lotte Legend Hotel Saigon 2A - 4A Ton Duc Thang District 1 2001 283 100% 1516 Renaissance Riverside 8 - 15 Ton Duc Thang District 1 2001 350 97% 2287 Sheraton 88 Dong Khoi District 1 2002 485 94% 243

8 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 91% 318

9 Majestic Saigon 1 Dong Khoi District 1 2007 175 64% 164

10 InterContinental Asiana 39 Le Duan District 1 2009 305 100% 264

11 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 100% 192

12 Le Meridien 3C Ton Duc Thang District 1 2013 345 86% 222

13 Pullman Saigon Centre 146 Tran Hung Dao District 1 2013 306 86% 166

14 The Reverie Times Square 22 - 36 Nguyen Hue District 1 2015 286 96% 451

15 Hotel Des Arts Saigon 76-78 Nguyen Thi Minh Khai District 3 2015 168 88% 150

5-star Hotels 4,736 92% 226

1 Continental 132-134 Dong Khoi District 1 1990 83 94% 1442 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 49% 1423 Duxton 63 Nguyen Hue District 1 1996 191 88% 1284 Oscar 68A Nguyen Hue District 1 2000 108 100% 595 Palace Saigon 56-66 Nguyen Hue District 1 2000 144 92% 1126 Royal City 133 Nguyen Hue District 1 2000 135 100% 797 Paragon Saigon Hotel 22-24 Thi Sach District 1 2009 173 95% 918 Liberty Central 179 Le Thanh Ton District 1 2010 140 85% 1259 Golden Central Saigon 140 Ly Tu Trong District 1 2011 120 77% 7710 Grand Silverland Hotel & Spa 125-133 Ly Tu Trong District 1 2011 89 87% 11611 Liberty Central Saigon Riverside 17 Ton Duc Thang District 1 2013 170 88% 17512 Liberty Saigon City Point Hotel 59-61 Pasteur District 1 2014 171 84% 174

13 Eden Saigon Hotel 38 Bui Thi Xuan District 1 2013 123 98% 103

4-star Hotels 1,751 88% 120




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*Price excludes VAT


NOVEMBER 2015 | SERVICED APARTMENT

PERFORMANCEDue to locations and high standard services, CBD Grade B serviced apartments have an average occupancy rate of 16.5% higher than their competitive projects in non-CBD area.

Overall, the occupancy of Grade A was 91% in November, a slight drop of 1.5ppt to previous month, while average gross asking rents went up to USD33.5/sqm/month from last month’s USD31.5/sqm/month. Grade B witnessed steady falls of 1.8ppt. and 10.4ppt. in both gross asking rents and occupancy rates, staying at USD 25.7/sqm/month and 85% respectively.

SUPPLYThere are 83 projects in Ho Chi Minh city. The newest Grade A project Reverie Residence contributes 89 units to the total supply of approximately 4,370 units in Ho Chi Minh City.The 222-unit Ascot Waterfront Saigon will be opening soon in the beginning of 2016.

DEMANDThe advent of the ASEAN Economic Community (AEC) on 31 Dec 2015 and the conclusions of Trans Pacific Partnership (TPP) and other trade agreements in 2015 are expected to bring in more FDI, foreign investors and business travelers to Vietnam.

As the country’s economic hub, Ho Chi Minh city will be greatly beneficial from a growing demand for high quality accommodation. The city has attracted USD 3.08 billion in FDI as of November 2015 and expects to expand the amount in subsequent years.

OUTLOOKInvestors remain greatly optimistic about Vietnam’s long-term economic fundamentals and sees continuing potential for serviced residences in the country as well as in Ho Chi Minh city.

Yet, the serviced apartment sector may face a strong competition in the long term. The new Housing Law which permits foreigners to buy an apartment or a house in Vietnam came to effect on 1 - July - 2015. There are 30,000 foreign directors, high-skilled professionals or senior employees in Ho Chi Minh city together with large Korean and Japanese communities.

As a result of the new law, more foreign buyers could be encouraged to own an apartment or a house in Vietnam instead of leasing.

©2015 Colliers International Research Page 10




Figure 11: Serviced apartment, Average occupancy rate

Figure 12: Serviced apartment, Supply by type

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Figure 10: Serviced apartment, Average rental rate

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Table 4: Significant Serviced Apartment Projects

No. Project Name Address Location Completion Year

Total Room

Average Occupancy

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

Grade A 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

Grade B 814 85.7% 25.9




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

COLLIERS INTERNATIONAL | VIETNAM

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Real Estate

HCMC CBD Market Report | Nov 2015 (EN)