HCMC CBD Office, Retail, Hotel and Serviced Apartment Market Report

Accelerating success
www.colliers.com/vietnam
AUGUST 2015
HCMC CENTRAL BUSINESS DISTRICT
CBD MONTHLY MARKET REPORT
Bitexco Financial TowerAccelerating success
www.colliers.com/vietnam

Table of Contents
HCMC 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

LIST OF TABLES
Table 1
Table 2
Table 3
Table 4
Table 5
Table 6
Table 7
Page
3-4
5-6
7-8
9-10
3
3
5
5
5
7
7
9
9
3
4
6
7
8
9
10
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
..............................................................................................................
Office, Market Performance ....................................................................................
Office, Total Supply by Year...............................................................................
Retail, Average Rental Rate...............................................................................
Retail, Existing Supply by District ....................................................................
Retail, Occupancy Rate .....................................................................................
Hotel, Current Supply by District.......................................................................
Hotel, Occupancy Rate .....................................................................................
Serviced Apartment, Total Supply by Year..........................................................
Serviced Apartment, Average Rents by Type......................................................
CBD office market summary............................................................................
Significant office projects..................................................................................
Significant retail projects...................................................................................
Future hotel projects under construction ........................................................
Significant hotel projects...................................................................................
CBD serviced apartment market summary.......................................................
Significant serviced apartment projects ..........................................................

Fig.2: Office Total Supply by Year
PERFORMANCE
The average asking rent for Grade A and Grade B significantly
improved during the review month.After months of softening rents
in anticipation of new supply from Vietcombank Tower and Lim
Tower 2, landlords have started to adjust their rents to meetlimited
new supply from now until end of 2015. Grade A and Grade B
net asking rent increased toUS$40/sqm/mthand US$24/sqm/mth
respectively.
Positive correctionwas reported in the average occupancy reached
96% thanks to high occupancy rate from newly-built Vietcombank
Tower and Lim Tower 2. Whilst almost 40% of Vietcombank
building was taken for head quarter and back office departments,
office space in Lim Tower 2 was largely filled up by tenants
relocating from outskirt areas to the CBD.
SUPPLY
No new office building was added to the stocklist in the review
month. The CBD holds more than half of the city’s office supply,
including all Grade A buildings and the majority of Grade B buildings.
As of August 2015, there are 12 Grade Aoffices, contributing
208,951 sqmNet Lettable Area (NLA) to the city top-graded office
market. Meanwhilst, there are 30 Grade B buildings, providing
approximately 383,851 sqm NLA.
In the next 10years, the CBD area remains the prime location for
top-graded commercial office space. Saigon Centre Phase 2&3
are keeping up good construction schedule and expected to be
put into operation in 2017. The One has resumed its construction
activity after a long period of planning and generating fund. Once
completed in 2018, the development will supply 17,300 sqm of
Grade A office space.
AUGUST 2015 | OFFICE
©2015 Colliers International Research
Page 3
DEMAND
Despite unfavorable global economic conditions, Vietnam’s
economy was gaining growthmomentum in the first eight months of
2015, raising higher demand for office space. The consumer price
index (CPI) grew only 0.83% over the same period last year. The
total capital pledges for foreign direct investment (FDI) projects
amounted to US$13 billion, up 30% y¬o-y, while disbursement
of FDI capital rose 7.6% y-o-y to US$8.5 billion. The number of
business startups surged over 29% y-o-¬y to more than 61,300,
which will drive more companies to relocate to the city center in
the future.
OUTLOOK
The outlook for the premium office leasing market for landlords
in Ho Chi Minh City (HCMC) over the next 5 years is more
positive than the previous years. Since there will be limit office
developments scheduled for completion in the HCMC during
latter half of 2015, the current upward trend for occupancy rate
is expected to be sustained in 2015. Moreover, premium rents
are forecasted to keep growing, as landlords have become more
optimistic that many expiring leases for office space in Central
CBD are expected to be renewed, due to the lack of alternative
office space elsewhere.
Table 1: CBD office market summary
Grade A Grade B Total
Total Supply (Project) 11 31 44
Total Supply ( NLA) 212,655 405,851 618,506
Average Rent Rate
(US$/sqm/month)
40.2 24
Occupancy (%) 95.5 97.4
Source: Colliers International ResearchSource: Colliers International Research
Source: Colliers International Research
Fig.1: Market Performance
0
100000
200000
300000
400000
500000
600000
700000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
sqm
GradeA GradeB
25
26
27
28
29
30
31
91
92
93
94
95
96
97
98
Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15
uS$/sq/month
%
Occupancy rate Avg. rent

* 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 6.0 99% 40.0
2 Saigon Tower 29 Le Duan 1997 13,950 6.0 97% 40.0
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 8.0 98% 48.0
4 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 97% 43.0
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 99% 50.0
6 Kumho Asiana Plaza 39 Le Duan 2009 26,000 7.5 91% 44.0
7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 94% 37.0
8 President Place 93 Nguyen Du 2012 8,330 6.0 97% 33.0
9 Times Square 22-36 Nguyen Hue 2012 12,704 7.0 85% 40.0
10 Le Meridien 3C Ton Duc Thang 2013 9,125 4.8 100% 35.0
11 Vietcombank Tower 5 Me Linh Square 2015 41,250 7.0 95% 35.0
Grade A 212,655 6.8 96% 40.2
1 OSIC 8 Nguyen Hue 1993 6,500 6.0 90% 26.0
2 Yo Co Building 41 Nguyen Thi Minh Khai 1995 5,000 3.0 100% 22.0
3 Somerset Chancellor Court 21-23 NguyenThi Minh Khai 1996 3,200 5.0 95% 24.0
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 90% 20.0
6 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 99% 21.0
7 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 6.0 92% 21.0
8 MeLinh Point Tower 2 Ngo Duc Ke 1999 17,600 6.0 100% 24.0
9 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 95% 21.0
10 Bitexco Building 19-25 Nguyen Hue 2003 6,000 5.0 98% 24.0
11 The Landmark 5B Ton Duc Thang 2005 8,000 6.0 99% 22.0
12 Opera View 161-167 Dong Khoi 2006 3,100 7.0 100% 27.0
13 City Light 45 Vo Thi Sau 2007 10,000 5.0 95% 18.0
14 Petro Tower 1-5 Le Duan 2007 13,304 6.5 99% 27.0
15 The Lancaster 22 – 22 Bis Le Thanh Ton 2007 7,000 5.0 90% 25.0
16 CJ Building 5 Le Thanh Ton 2008 14,000 5.0 100% 23.0
17 Continential Tower 81-85 Ham Nghi 2008 15,000 6.0 100% 24.0
18 Havana Tower 132 Ham Nghi 2008 7,326 6.0 97% 28.0
19 Royal Center 235 Nguyen Van Cu 2008 14,320 5.0 100% 25.0
20 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 100% 26.0
21 TMS 172 Hai Ba Trung 2009 4,000 3.5 100% 25.0
22 A&B Tower 76 Le Lai 2010 17,120 6.0 97% 27.0
23 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.5 98% 21.0
24 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 100% 24.0
25 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19,596 5.0 98% 22.0
26 Saigon Royal 91 Pasteur 2010 5,340 6.0 100% 27.0
27 Vincom Center 68 -70 -72 Le Thanh Ton 2010 56,600 5.0 92% 24.0
28 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 98% 25.0
29 Lim Tower 9-11 Ton Duc Thang 2013 22,000 6.0 98% 28.0
30 MB Sunny Tower 259 Tran Hung Dao, Co Giang 2013 13,200 5.5 92% 25.0
31 Lim Tower 2 Vo Van Tan 2015 8,400 5.0 93% 23.0
Grade B 405,851 5.4 97% 24.0
AUGUST 2015 | OFFICE
Page 4

AUGUST 2015 | RETAIL
PERFORMANCE
In the first eight months of 2015, average rents of CBD retail
continued to be stable. Among the three segments, department
stores have the highest average net asking rents of US$100/sqm/
mth, followed by shopping centers of US$69/sqm/mth and retail
podiums of US$66/sqm/mth. There can be a wide disparity in the
rents between retail spaces within and outside the CBD due to the
high demand for CBD prime retail space. Whilst the CBD recorded
rents at $87/sqm/mth, non CBD rents had an average only $15/
sqm/mth.
The average occupancy continues to see gradual improvement,
rising on yearly basis to over 90%. Of all three retail formats,
department stores have the highest occupancy rate of 99%
compared to retail podiums of 96% and shopping centers of 92%.
SUPPLY
Shopping centres account for the largest proportion of existing
CBD supply with 5 developments (114,250sqm), followed by retail
podium (40,307 sqm) and department stores (12,300 sqm).
As of August 2015, the CBD retail stock decreased 1.66% on a
y-o-y basis as 3,500 sqm NLA of SaigonCenter was officially
closed for upgrading. Following the success of Phase 1 of Saigon
Centre, Keppel Land has commenced construction for Phase 2
development. When fully completed in late 2016, it will stand tall
at 45 storeys with seven levels of retail and dining spaces spread
across 50,000 sm, including a department store spanning 15,000
sm across five floors.
There is currently over 400,000 sqm of retail gross floor area
(GFA) either under planning or under construction in the city 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.
Page 5
DEMAND
There is high potential of the HCMC retail market thanks to its young
population, high urbanization pace and fast-growing disposable
incomes. The local retail sales of goods and servicesgained an
impressive year-on-year growth of 10% in the first eight months
of 2015 and expected commodities and services sales would keep
growing 20% per annum on average in the next five years.
Economic recovery together with implementation of future Free
Trade Agreement (FTA), Trans-Pacific Partnership (TPP) and
further liberalization of the retail sector under the provisions of the
WTO will encourage more international retailers enter the market.
OUTLOOK
CBD retail centres are expected to remain attractive for the next five
year. Thanks to limited supply, occupancy rate will go an upward
trend whilst average asking rent will enjoy a sustainable growth.
However, it should be noted that due to the limited availability
of land in the CBD, both existing and future large retail centres
will tend to focus on non-CBD locations. Improved infrastructure
and transport in the south and east is expected to lead to the
increasing popularity of non-CBD retail centres.
Fig. 5: Retail, Occupancy Rate
Fig. 3: Retail, Average Rental Rate
Source: Colliers International Research Source: Colliers International Research
Fig. 4: Retail, Existing Supply by District
0
20
40
60
80
100
120
Retail Podium Shopping Center Department Store
0%
20%
40%
60%
80%
100%
120%
Retail Podium Shopping Center Department Store
Occupancy Rate of Aug-2014 Occupancy Rate of Aug-2015
27%
20%
16%
10%
9%
8%
4%
4%
1%
1%
Dist. 1: 26%
Dist. 7: 20%
Tan Phu Dist.:16%
Dist. 11: 10%
Tan Binh Dist.: 9%
Dist. 5: 8%
Dist. 2: 4%
Dist. 10: 4%
Dist. 4: 1%
Binh Thanh Dist: 1%

Table 3: Significant Retail Projects
No
Name of Project /
Building
Address Location
Completion
Year
NLA
(sq m)
ARR (*) Occupancy Rate
1 Saigon Center Le Loi District 1 1996 Renovation Renovation Renovation
2 Diamond Plaza 34 Le Duan District 1 1999 9,000 90 98.0%
3 Caravelle Hotel 19 Lam Son Square District 1 2000 Renovation Renovation Renovation
4 Continential 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 50 100.0%
7 Sheraton Saigon 88 Dong Khoi District 1 2002 750 125 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 45 98.0%
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 36,657 66.4 96%
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 90 100.0%
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 68 99.0%
5 Union Square 171 Dong Khoi District 1 2012 38,000 73 65.0%
Shopping Centre 114,250 70 92.8%
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 1,000 167 100.00%
3 Lucky Plaza 38 Nguyen Hue District 1 2013 1,000 160 98.0%
4 Times Square 22-36 Nguyen Hue District 1 2013 9,000 90 100.0%
Department Store 12,300 100 99.5%
AUGUST 2015 | RETAIL
Page 6
* ARR (Average Rental Rate): All rents are stated in net rents per sqm, inclusive service charge but exculding VAT

AUGUST 2015 | HOTEL
PERFORMANCE
As expected, better performance was observed in CBD hotels
during months of summer holiday.
The 5 star and 4 star hotel segments recorded an occupancy rate
of 82% and 68% respectively. Compared to this time last year
when the hospitality was suffering from tension with China, this is
a remarkable increase by 19% on yearly basis.
The travel season helped to maintain stable average room rates.
As hoteliers offer competitive rates and promotions to maintain
market share and attract guests, the 4-star segment saw a small
declineof 1.3% on a q-o-q comparison, with the average room rate
of US$123/room/night. Mean whilst the 5 star hotels remain its
high rate at US$187/room/night on average.
SUPPLY
In August 2015, the CBD hotel market welcomed 168-key Des
Arts Saigon Hotel. Formerly known as MGallery Boutique Hotel,
this 5-star hotel offer luxurious experience for both business and
leisure guests amidst the finest interior and design.
Currently, Ho Chi Minh City has approximately 143 3, 4 and 5-star
hotels, which supply a total of 16,455 rooms. Specifically, there
are 6,632 3-star rooms accounting for 40.3%, 3,680 4-star rooms
22.3% and 6,143 5-star rooms 37.3%.Amongst all districts, the
CBD which is thecommercial, administrative as well as tourism
centre of HCMC is home to approximately 71% of the city’s top-tier
hotels.
Additional increases in CBD supply are anticipated in the next few
years.Union Square Hotel, formerly known as Vincom A is set for
opening next year before The One, The Landmark 81, Ritz-Carlton
SaigonandLavenue Crown projects join the market in 2017 and
2018.
Page 7
DEMAND
Ho Chi Minh City is a favorite destination for tourists with a variety
of historiclandmarksand sceneries.Considered as a reflection of
the country’s tourism, the city accounts for nearly half of the
international arrival’ share in Vietnam. It can be seen that total
tourist arrivals to HCMC recorded sustainable growth in the last 10
years from both domestic and international markets.
During the first six month of 2015, the city welcomed more than
2.1 million international visitors, up 3% compared to the same
period last year. Revenue from tourism in the review period
was approximately 47,252 million VND, increase 7% y-o-y. The
growing number of tourists to HCMC has positive impacts on
demand for hotels.
OUTLOOK
We predict that from 2016 onward the top-tier hotel’s supply
will increase strongly because of improving performance in the
foresee future thanks to a prediction that international visitors will
grow significantly as well as outfit of the city will be better due to
efforts of local authorities.
Hotels locating at prime locations are in a stronger position to
hike rates than properties that have a less desirable location. The
performance of internationally managed hotel developments is
predicted to remain stable while other accommodations would
face weighty competition in rents. Pressure in retaining sufficient
occupancy rate would push operator of 4-star hotels increasing
promotions or wholesale agreements with travel and booking
agents that weaken average price of this segment.
Fig. 7: Hotels, Occupancy Rate
Fig. 6: Hotel, Current Supply by District
Project District
Grade
B
Total
units
Expected
completion
Cosmo Residence 3 B 30 2015
New Pearl 3 B 120 2015
Saigon Centre Phase 2 1 A 216 2016
Saigon Ascott Waterfront 1 A 222 2016
Icon 3 B 63 2016
Table 4: Future hotel projects under construction
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
5 star 4 star
71%
9%
8%
5%
5%
2%
Dist. 1: 71%
Dist. 5: 9%
Phu Nhuan Dist.: 8%
Dist. 3: 5%
Tan Binh Dist.: 5%
Dist. 7: 2%

Table 5: 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% 256
2 New World Saigon 76 Le Lai District 1 2000 533 95% 157
3 Rex 141 Nguyen Hue District 1 2000 286 90% 155
4 Sofitel Plaza Saigon 17 Le Duan District 1 2000 286 43% 168
5 Lotte Legend Hotel Saigon 2A - 4A Ton Duc Thang District 1 2001 283 65% 147
6 Renaissance Riverside 8 - 15 Ton Duc Thang District 1 2001 350 98% 152
7 Sheraton 88 Dong Khoi District 1 2002 485 95% 224
8 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 78% 300
9 Majestic Saigon 1 Dong Khoi District 1 2007 175 63% 115
10 InterContinental Asiana 39 Le Duan District 1 2009 305 83% 249
11 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 73% 124
12 Le Meridien 3C Ton Duc Thang District 1 2013 345 99% 206
13 Pullman Saigon Centre 146 Tran Hung Dao District 1 2013 306 91% 164
14 The Reverie Times Square 22 - 36 Nguyen Hue District 1 2015 286 90% 310
5-star Hotels 4,568 82% 187
1 Continental 132-134 Dong Khoi District 1 1990 83 88% 112
2 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 55% 89
3 Duxton 63 Nguyen Hue District 1 1996 191 79% 105
4 Oscar 68A Nguyen Hue District 1 2000 108 58 43
5 Palace Saigon 56-66 Nguyen Hue District 1 2000 144 49% 51
6 Royal City 133 Nguyen Hue District 1 2000 135 48% 56
7 Paragon Saigon Hotel 22-24 Thi Sach District 1 2009 173 51% 60
8 Liberty Central 179 Le Thanh Ton District 1 2010 140 81% 78
9 Golden Central Saigon 140 Ly Tu Trong District 1 2011 120 68% 67
10 Grand Silverland Hotel & Spa 125-133 Ly Tu Trong District 1 2011 89 87% 69
11 Liberty Central Saigon Riverside 17 Ton Duc Thang District 1 2013 170 84% 125
12 Liberty Saigon City Point Hotel 59-61 Pasteur District 1 2014 171 74% 107
13 Eden Saigon Hotel 38 Bui Thi Xuan District 1 2013 123 114
4-star Hotels 1,751 68.5% 84
* US$/ sq. m
AUGUST 2015 | HOTEL
Page 8
*Price excludes VAT

AUGUST 2015 | SERVICED APARTMENT
PERFORMANCE
As of August 2015, the average net asking rents of both Grade
A and Grade B remained stable. Grade A maintained its average
rate at USD33/sqm/mth whilst Grade B increase to USD 27/sqm/
mth.Serviced apartments in CBD have traditionally performed well
with average rent being 37% higher than in the non-CBD area.
Gradual improvement on average occupancy across both grades
was reported, with 95% for Grade A and 97% for Grade B. This
increase was due to the rise in short term tenants who opt for
a home-stay experience in serviced apartments with larger
spaces and competitive rents when compared to hotels.The CBD
occupancy was 4 ppts higher than that of the non-CBD and 5 ppts
than that of the new urban areas.
SUPPLY
It is noticed that all current top-tier serviced residences are
located within CBD area. The existing supply currently stands at
approximately 1,151 units ranging from one- to four-bedroom types
from 17 projects of Grade A and Grade B. District 1 made up 43%
of total supply, followed by District 3, District 7 and District 2.
Times Square Vietnam is the latest serviced residence development
that was launch in 2Q 2015. Positioned at an exclusive prime
location on Nguyen Hue and Dong Khoistreet of District 1, the
building provides 89 luxury serviced apartments together with a
five-star hotel and 12,000 square meter of A-level offices. The
construction that has international level and beauty contributes
to remarking a new milestone in city’s dynamic development and
intensive international integration.
©2015 Colliers International Research Page 9
DEMAND
Demand from staff relocationfor mid- to longer-term assignments
in multinational corporationsis a driving force for serviced
apartments market.These assignments comprise of oil and gas
exploration, mining and resources, infrastructure, healthcare, legal,
government consulates as well as bankingand financial activities.
The banking and financial sector remains a majorcontributor to
the expat community in HCMC though its ratio has declined due
to global financial crisis. Officers of Government consulates are
another constant source of tenants while number of employees
from infrastructure projects is increasing.
OUTLOOK
The supply of serviced apartments will rise sharply in the next 7
years as many projects are due for completion. By 2020, there will
be approximately 1,800 units coming to market. It is noticed that
a new supply from conversion of private residential properties to
serviced apartments. The plunge of high-end condominium market
has impacted business strategy of developers from short-term sales
plan to long-term projects holding. Aside from instant cash flow and
better project maintenance, the developers can release their products
at appropriate time in future.
Fig. 8: Serviced Apartment, Total Supply by Year Fig. 9: Serviced Apartment, Average Rents by Type
Source: Colliers International Research Source: Colliers International Research
Table 6: CBD serviced apartment market summary
Grade A Grade B Total
Total Supply (Project) 11 31 44
Total Supply ( NLA) 212,655 405,851 618,506
Average Rent Rate
(US$/sqm/month)
40.2 24
Occupancy (%) 95.5 97.4
0
200
400
600
800
1000
1200
1400
1600
1800
2000
1990 1992 1996 2000 2001 2002 2005 2007 2009 2010 2011 2013 2014 2015
room
5 star 4star
0
50
100
150
200
250
Askingrent(US$/sqm/month)
GradeA GradeB

Table 7: 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 85.0% 26
2 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 97.0% 34
4 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 98.0% 30
5 The Lancaster 22-22 Bis Le Thanh Ton District 1 2007 55 75.0% 37
6 Intercontinental Asian Saigon 39 Le Duan District 1 2009 260 93.0% 36
Grade A 683 89.5% 3
1 Norfork Mansion 17-21 Ly Tu Trong District 1 1998 126 92.0% 33
2 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 83.0% 26
3 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 85.0% 26
4 Diamond Plaza 34 Le Duan District 1 1999 42 97.0% 29
5 Garden View Court 101 Nguyen Du District 1 2000 76 75.0% 31
6 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 85.0% 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% 27
10 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 93.0% 34
11 Spring Court 1Bis Phung Khac Khoan District 1 2011 14 86.0% 19
Grade B 814 83.7% 27
AUGUST 2015 | SERVICED APARTMENT
Page 10
* ARR (Average Rental Rate): All rents are stated in gross rents per sqm, inclusive service charge but exculding VAT

COLLIERS INTERNATIONAL | VIETNAM
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About Colliers International
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Publication Coverage Frequency Content Availability
Research Forecast
Report
Vietnam Cities Quarterly All market sectors Publicly available
CBD Report HCMC CBD Monthly Office, Retail, Hotel and
Serviced Apartment
Publicly available
Asia Pacific Office
Report
Asia Pacific in-
cluding Vietnam
Quarterly Office market Publicly available
Vietnam Property
Market Report
Vietnam cities Quarterly All market sectors On subscription
Development
Recommendation
Vietnam cities At request All market sectors On subscription
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HCMC CBD Office, Retail, Hotel and Serviced Apartment Market Report

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HCMC CBD Office, Retail, Hotel and Serviced Apartment Market Report