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May 2014 Colliers HCMC CBD Market Report

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Colliers Vietnam's monthly market report on the Central Business District of Ho Chi Minh City. It covers the Office, Retail, Hotel, and Serviced Apartment markets.

Colliers Vietnam's monthly market report on the Central Business District of Ho Chi Minh City. It covers the Office, Retail, Hotel, and Serviced Apartment markets.

Published in: Real Estate, Travel, Education

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  • 1. MAY 2014 | HCMC CENTRAL BUSINESS DISTRICT CBD MARKET Report HO CHI MINH CITY www.colliers.com/vietnam
  • 2. TABLE OF CONTENTS HCMC CBD MARKET REPORT | MAY 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Market Highlights OFFICE MARKET • Market Overview • Outlook • Table • Map RETAIL MARKET • Market Performance • Outlook • Map • Table HOTEL MARKET • Map • Table • Market Performance • Outlook SERVICED APARTMENT • Market Performance • Outlook • Table / Map CONTACTS Page 2-4 2 3 3 4 5-7 5 5 6 7 8-10 8 8 9 10 11-12 11 11 12 13
  • 3. As you focus on your customer, we focus on you. You’re an expert in knowing what your customers want—often before they do. We bring the same approach to your business. Colliers International is built on an enterprising culture of collaboration and innovation. We provide creative, strategic solutions to all our clients. Whether you need sales and leasing brokerage, property marketing, research and demographics, or asset and property management, we have retail professionals across Vietnam who can meet the real estate needs of retail tenants, landlords and developers. Today’s real estate challenges require more than geographic reach and local knowledge: they require integrated expertise in market segmentation, valuation, disposition, assembly, debt and equity strategies and much more. Our integrated platform and our experienced bring you closer to your customers.
  • 4. HCMC CBD MARKET REPORT MAY 2014 | COMMERCIAL OFFICE MARKET P.2 | Colliers International A long break of Victory and May Day slows down activities of office market in April. Renewal leasing contract are major enquiries that we received from international clients during last month. We foresee a moderate pick up from office leasing activities during the latter half of this year given improving economic scenes. The average asking rents is expected to remain fairly flat over the next couple months while the rental growth pace is going to be low in compared to the previous year. Outlook GRADE A OFFICE PERFORMANCE, MAY 2014 Source: Colliers International GRADE B OFFICE PERFORMANCE, MAY 2014 Source: Colliers International Source: Colliers International Grade AAR Occupancy rate Supply A   ↔ B ↔  ↔ B ↔ ↔ ↔ B ↔ ↔ ↔ B ↔ ↔ ↔ CITY CENTRAL FINANCIAL HUB NORTHERN CBD SOUTHERN CBD Market Performance Overall, the CBD office market maintained stable tendency though no major transaction was recorded in the reviewed month. Asking rents of Grade A went down slightly while median rental for Grade B keep unchanged in comparison to March. We saw decrease of vacancy rate from CBD prime buildings, though it’s marginal in several Grade B developments. Meanwhile, regardless current stable condition with moderate gain in business sentiment, property owners stay cautious in the market. They are flexible to offer more incentives to entice tenants beside tight rental rate structure.
  • 5. P.3 | Colliers International HCMC CBD MARKET REPORT MAY 2014 | COMMERCIAL OFFICE MARKET * US$/ sq m/ month (on net area) Office Market Overview No Name Address Com- pletion Year NLA (sq m) Service Charges (*) Occupancy rate NFA asking rent (*) 1 Saigon Centre 65 Le Loi 1996 11,650 6.5 96% 40.0 2 Saigon Tower 29 Le Duan 1997 13,950 6.0 100% 37.0 3 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 90% 42.5 4 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 94% 41.3 5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 98% 41.0 6 Kumho Asiana Plaza 39 Le Duan 2009 26,000 8.0 98% 49.3 7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 85% 34.0 8 President Place 93 Nguyen Du 2012 8,330 6.0 95% 32.0 9 Times Square 22-36 Nguyen Hue 2012 9,000 7.0 60% 50.0 Grade A 184,280 7.0 90.5% 40.7 1 OSIC 8 Nguyen Hue 1993 6,500 6.0 98% 20.0 2 Yoco Building 41 Nguyen Thi Minh Khai 1995 5,000 4.0 100% 16.0 3 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai 1996 3,200 5.0 98% 21.0 4 Central Plaza 17 Le Duan 1997 6,094 5.0 100% 26.0 5 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 98% 20.0 6 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 6.0 96% 23.0 7 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 93% 20.0 8 MeLinh Point Tower 02 Ngo Duc Ke 1999 17,600 6.0 99% 24.0 9 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 95% 21.0 10 Bitexco Office Building 19-25 Nguyen Hue 2003 6,000 5.0 95% 22.0 11 The Landmark 5B Ton Duc Thang 2005 8,000 5.0 82% 21.0 12 Opera View 161-167 Dong Khoi 2006 3,100 7.0 95% 26.0 13 Indochina Park Tower 4Bis Nguyen Dinh Chieu 2006 2,145 3.0 96% 10.0 14 Petro Tower 1-5 Le Duan 2007 13,304 5.0 99% 30.0 15 City Light 45 Vo Thi Sau 2007 10,000 5.0 98% 15.0 16 The Landcaster 22Bis Le Thanh Ton 2007 7,000 5.0 100% 24.0 17 Gemadept Tower 5 Le Thanh Ton 2008 14,000 7.0 100% 23.0 18 Fideco Tower 81-85 Ham Nghi 2008 15,000 6.0 100% 20.0 19 Havana Tower 132 Ham Nghi 2008 7,326 6.0 99% 21.0 20 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 98% 26.0 21 Royal Center 235 Nguyen Van Cu 2008 14,320 5.0 100% 23.0 22 TMS 172 Hai Ba Trung 2009 4,000 4.0 100% 23.0 23 Bao Viet Tower 233 Dong Khoi 2010 10,650 6.0 100% 21.0 24 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 96% 22.0 25 Vincom Center 68-70-72 Le Thanh Ton 2010 56,600 5.0 72% 25.0 26 Saigon Royal 91 Pasteur 2010 5,340 4.0 100% 19.0 27 A&B Tower 76 Le Lai 2010 17,120 6.0 99% 28.0 28 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19.596 5.0 89% 23.0 29 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 87% 26.0 30 Lim Tower 9-11 Ton Duc Thang 2013 29,265 6.0 97% 28.0 31 Sunny MB Tower 259 Tran Hung Dao 2013 13,200 5.5 12% 22.0 Grade B 399,596 6.0 89.3% 23.1
  • 6. HCMC CBD MARKET REPORT MAY 2014 | CBD OFFICE MAP P.4 | Colliers International
  • 7. HCMC CBD MARKET REPORT MAY 2014 | RETAIL MARKET P.5 | Colliers International During April, the average rental rate of three retail segments covering retail podium, department store and shopping mall were generally flat. Department store saw stable occupancy rate while that of both retail podium and shopping center recorded declines for fourth month in-a-row since the begin of 2014. A long 5-day break at the end of April did not bring efficient foot traffic to CBD retail centers due to out-of-town travel options from city residents. Meanwhile, major shopping places lengthened promotion programs regardless low effectiveness. Last month, Vingroup introduced its subsidiaries, Kids World and Vinmec Clinic, at Vincom Center. Occupied almost all 2F and 3F, this 5,000sq. m section showed change in landlord’s strategy in enhance purchasing power by centralise same category tenants. Market Performance Outlook SHOPPING CENTER MARKET PERFORMANCE, MAY 2014 NEWLY OPEN KIDS WORLD & VINMEC CLINIC @ VINCOM CENTER Source: Colliers International Ho Chi Minh City’s CPI (Consumer Price Index) continues downward trend in April, fell by 0.04% against the previous month, according to the HCMC Statistical Office. In effort to adjust tenant mixes toward improving occupancy, operators of CBD retail centers now welcome unanchored tenants from health care services, home furniture and kids playground. Given large space requirements, these retailers are expected to sufficiently fulfill current empty areas in downtown shopping centres. Source: Colliers International RETAIL PODIUM MARKET PERFORMANCE, MAY 2014 Source: Colliers International CPI AND RETAIL - SERVICE REVENUE GROWTH, MAY 2014 Source: GSO, Colliers International
  • 8. HCMC CBD MARKET REPORT MAY 2014 | CBD RETAIL MAP P.6 | Colliers International
  • 9. KUMHO MONTHLY MARKET REPORTMAY 2014 | RETAIL MARKET HCMC CBD MARKET REPORT P.7 | Colliers International MAY 2014 | HOTEL MARKET HCMC CBD MARKET REPORT No Name of Project / Building Address Location Comple- tion Year NLA (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 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 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 30 78% 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 72% Retail Podium 29,990 69.9 82.9% 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% Department Store 30,200 82.6 100% 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 90 80% 7 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 63 75% 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 73 65% Shopping Centre 113,450 66.9 77% No Name of Hotel Address Location Comple- tion Year Total Room Occupancy ARR(*) 1 Caravelle 19 Lam Son Square District 1 2000 335 69% 133 2 New World Saigon 76 Le Lai District 1 2000 533 73% 115 3 Sofitel Plaza Saigon 17 Le Duan District 1 2000 290 64% 183 4 Rex 141 Nguyen Hue District 1 2000 289 81% 138 5 Renaissance Riverside 8-15 Ton Duc Thang District 1 2001 350 84% 124 6 Lotte Legend Hotel 2A-4A Ton Duc Thang District 1 2001 283 63% 155 7 Sheraton 88 Dong Khoi District 1 2002 480 78% 184 8 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 80% 304 9 Majestic Saigon 1 Dong Khoi District 1 2007 175 72% 98 10 InterContinental Asiana 39 Le Duan District 1 2009 305 81% 221 11 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 80% 105 12 Pullman Hotel 146 Tran Hung Dao District 1 2013 306 64% 98 5 Star 3,633 76% 148 1 Continental Saigon 132-134 Dong Khoi District 1 1990 86 77% 79 2 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 76% 86 3 Duxton 63 Nguyen Hue District 1 1996 203 88% 84 4 Royal City 133 Nguyen Hue District 1 2000 135 73% 57 5 Palace Saigon 56-66 Nguyen Hue District 1 2000 146 90% 51 6 Oscar 68A Nguyen Hue District 1 2000 108 74% 40 7 Liberty Central 179 Le Thanh Ton District 1 2010 140 75% 71 8 Grand 08 Dong Khoi District 1 2011 107 68% 92 9 Liberty Central Riverside 17 Ton Duc Thang District 1 2013 170 75% 75 4 Star 1,161 77% 67.3
  • 10. HCMC CBD MARKET REPORT MAY 2014 | CBD HOTEL MAP P.8 | Colliers International
  • 11. P.9 | Colliers International HCMC CBD MARKET REPORT MAY 2014 | HOTEL MARKET According to the Administration of Tourism, foreign visitors to Vietnam in April reached 745,980; up 5.11% over the previous month and 21.51% over last April. Total earnings from tourism hit VND89.4 billion; 29.4% y-o-y gain. On the other hand, Ho Chi Minh City welcomed 320,650 international arrivals last month, a significant drop of 29% over the previous month. However the tourism sector of the city grossed VND7,015 billion, a y-o-y increase of 8%. Hotel Market Overview Outlook Construction remains active at MGallery Saigon Hotel, Liberty Pasteur and Viettel Complex among future 4- and 5-star hotels in CBD and its fringe areas. Meanwhile, slow progress or no activity occurs at Le Meridien Saigon, Reverie Times Square, Senla Boutique Hotel and Majestic Hotel Extension sites. NUMBER OF INTERNATIONAL VISITORS TO HCMC, MAY 2014 Source: Statistical Office in HCMC, Colliers International HOSPITALITY REVENUE BY SECTOR, MAY 2014 Source: Statistical Office in HCMC, Colliers International LIBERTY PASTEUR HOTEL UNDER CONSTRUCTION, MAY 2014 Source: Colliers International MGALLERY SAIGON HOTEL UNDER CONSTRUCTION, MAY 2014 Source: Collliers International
  • 12. P.10 | Colliers International HCMC CBD MARKET REPORT MAY 2014 | HOTEL MARKET Operators of top-tier hotels in city center loosen room rate in order to anticipate downward tendency in coming months. We saw a stablity in occupancy rate from 4- and 5-star hotel developments within CBD area in April given a minor increase in vacancy rate while peak travel season is over. The average room rate (ARR) of both segments declined last month. 4-star hotels drop almost 10% in ARR while that of 5-star also decreased 6%. Market Performance PERFORMANCE OF 5-STARS HOTEL, MAY 2014 Source: Colliers International MAY 2014 | SERVICED APARTMENT MARKET Serviced Apartment Overview CBD SERVICED APARTMENTS PERFORMANCE, MAY 2014 Source: Colliers International FUTURE SUPPLY BY YEAR, MAY 2014 Source: Colliers International PERFORMANCE OF 4-STARS HOTEL, MAY 2014 Source: Colliers International HCMC HOTEL PERFORMANCE BY GRADE, MAY 2014 Source: Statistical Office in HCMC, Colliers International
  • 13. P.11 | Colliers International HCMC CBD MARKET REPORT MAY 2014 | SERVICED APARTMENT MARKET No Project Name Address Location Comple- tion Year Total Room Average Occupancy ARR(*) 1 The Landmark 5B Ton Duc Thang District 1 1995 66 82% 31 2 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 93% 34 3 Sedona Suites 65 Le Loi District 1 1996 89 79% 30 4 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 90% 30 5 The Landcaster 22 Bis Le Thanh Ton District 1 2007 55 75% 37 6 InterContinental Asiana Saigon 39 Le Duan District 1 2009 260 95% 36 Grade A 701 89% 34 1 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 85% 26 2 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 85% 26 3 Norfolk Mansion 17-21 Ly Tu Trong District 1 1998 126 85% 33 4 Diamond Plaza 34 Le Duan District 1 1999 42 93% 29 5 Garden View Court 101 Nguyen Du 2000 76 93% 31 6 Ben Thanh Luxury 172-174 Ky Con District 1 2010 30 70% 23 7 Vincom Center 72 Le Thanh Ton District 1 2010 60 34% 26 8 Lafayette De Saigon 08 Phung Khac Khoan District 1 2010 18 100% 30 9 Spring Court 1Bis Phung Khac Khoan District 1 2011 14 78% 16 10 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 58% 28 11 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 100% 30 Grade B 738 80% 27.5 * US$/sq m/month ** Not including VAT and service charge *** Buildings are sorted by Year of Completion It is showed that strong competition from hotel and apartment for lease sectors hold off investment in HCMC serviced apartments, especially in downtown areas. The latest serviced apartment development in CBD was launched since 2011 while pipeline of new projects are delayed since the end of last year. Hence, we predict there will be no big change in this market section throughout this year. Outlook Both Grade A and B serviced apartments in CBD recorded firm average asking rent in recent months. Although occupancy rate of two segments slightly fall in April, the sufficient median rates, approximately 90% and 80% for Grade A and B respectively, support landlords in retaining current rental structure. Market Performance GRADE A SERVICED APARTMENT PERFORMANCE, MAY 2014 Source: Colliers International
  • 14. HCMC CBD MARKET REPORT MAY 2014 | CBD SERVICED APARTMENT MAP P.12 | Colliers International
  • 15. HCMC CBD MARKET REPORT | MAY 2014 With more than 100 professionals in 2 offices in Vietnam, the team is market driven and has proven and successful track record with both international and local experience. From Hanoi to Ho Chi Minh City, we provide a full range of real estate services • Research >> Market research across all sectors >> Market analysis, advisory, and strategy • Valuation & Advisory Services >> Valuation for land, existing property or development sites >> Feasibility studies to determine NPV, IRR and highest & best use • Office Services >> Tenant Representation >> Landlord Representation • Residential Sales & Leasing • Retail Services • Investment Services • Real Estate Management Services • Corporate Services • Industrial Leasing The foundation of our services is the strength and depth of our experience. COLLIERS INTERNATIONAL HO CHI MINH CITY Bitexco Office Building, 7th Floor 19-25 Nguyen Hue Street District 1, HCM City, Vietnam Tel: + 84 8 3827 5665 HANOI Capital Tower, 10th Floor 109 Tran Hung Dao Street, Hoan Kiem District, Hanoi, Vietnam Tel: +84 4 3941 3277 485 offices in 63 countries on 6 continents United States Canada Latin America Asia Pacific EMEA Accelerating success : 140 : 42 : 20 : 195 : 85 QUANG NGUYEN Research Manager quang.nguyen@colliers.com +84 938 056 603 YEN NGUYEN Research Analyst yen.nguyen@colliers.com +84 915 478 778 About Colliers International Colliers International is a leader in global real estate services, defined by our spirit of enterprise. Through a culture of service excellence and a shared sense of initiative, we integrate the resources of real estate specialists worldwide to accelerate the success of our partners. We connect through a shared set of values that shape a collaborative environment throughout our organization that is unsurpassed in the industry. Publication Coverage Frequency Content Availability Investment Report Vietnam Quarterly Capital Markets Publicly available 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 $2 billion in annual revenue 2.5 billion square feet under management 15,700 professionals and staff www.colliers.com/vietnam Please contact, If you would like to recieve our other research reports This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2013. All rights reserved.