Colliers International Vietnam Monthly Market Report in CBD of HCMC

1. SEPTEMBER 2014 | HCMC CENTRAL BUSINESS DISTRICT
CBD MARKET REPORT
HO CHI MINH CITY
www.colliers.com/vietnam

2. TABLE OF CONTENTS
HCMC CBD MARKET REPORT | SEPTEMBER 2014
Market Highlights
OFFICE MARKET
• Market Overview
• Market Performance
• Outlook
• Table
RETAIL MARKET
• Market Overview
• Market Performance
• Outlook
• Table
HOTEL MARKET
• Market Overview
• Market Performance
• Outlook
• Table
SERVICED APARTMENT
• Market Performance
• Outlook
• Table
CONTACTS
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4. HCMC CBD MARKET REPORT
SEPTEMBER 2014 | COMMERCIAL OFFICE MARKET
P.2 | Colliers International
The ongoing construction of Metro system would probably cause difficulties to leasing actitivies at office buildings along Le Loi and
Nguyen Hue Street in the next 2-3 years. It is expected that landlords of these buildings need to provide favourite conditions to
both renewal and new tenants during the period. However, the value of CBD properties are forecasted to surge once construction
completed.
Parking is a decisive factor to any office tenant in HCMC CBD. The recent ban of parking in downtown area has raised this big issue
again. Therefore, this would put pressure on developers of new office developments in providing efficient parking lots for tenants
and visitors, especially for multi-functioned complex.
Outlook
CBD OFFICE MARKET PERFORMANCE, SEPTEMBER 2014
Source: Colliers International
CBD OFFICE PERFORMANCE BY ZONE, SEPTEMBER 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
The top-graded office market in District 1 witnessed a
modest decline in average asking rent while occupancy
rate saw a significant growth as two CBD zones showed
good performance in reviewed month including Grade B in
City Central together with Northern CBD.
Office buildings on Dong Khoi, Le Loi and Nguyen Hue
Street eased rental rate since August given inconvenient
accessibility and traffic condensity from construction of
Metro Line Number 1.

5. P.3 | Colliers International
HCMC CBD MARKET REPORT
SEPTEMBER 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 98% 38.0
2 Saigon Tower 29 Le Duan 1997 13,950 6.0 96% 37.0
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 91% 43.0
4 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 94% 41.0
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 99% 40.0
6 Kumho Asiana Plaza 39 Le Duan 2009 26,000 8.0 93% 49.0
7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 88% 34.0
8 President Place 93 Nguyen Du 2012 8,330 6.0 97% 30.0
9 Times Square 22-36 Nguyen Hue 2012 9,000 7.0 63% 50.0
Grade A 158,576 7.0 90.7% 40.4
1 OSIC 8 Nguyen Hue 1993 6,500 6.0 94% 18.0
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 5.0 100% 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 96% 22.0
8 MeLinh Point Tower 02 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 Office Building 19-25 Nguyen Hue 2003 6,000 5.0 92% 25.0
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 85% 25.0
13 Indochina Park Tower 4Bis Nguyen Dinh Chieu 2006 2,145 3.0 77% 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 97% 14.0
16 The Landcaster 22Bis Le Thanh Ton 2007 7,000 5.0 90% 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 6.0 100% 21.0
20 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 94% 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 86% 21.0
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 98% 29.0
28 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19.596 5.0 90% 22.0
29 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 93% 26.0
30 Lim Tower 9-11 Ton Duc Thang 2013 29,265 6.0 98% 28.0
31 Sunny MB Tower 259 Tran Hung Dao 2013 13,200 5.5 27% 22.0
Grade B 399,596 6.0 91.6% 23.1

6. P.4 | Colliers International
HCMC CBD MARKET REPORT
AUGUST 2014 | CBD OFFICE MAP
* US$/ sq m/ month (on net area)

7. HCMC CBD MARKET REPORT
SEPTEMBER 2014 | RETAIL MARKET
P.5 | Colliers International
Last month saw a positive growth from all three CBD retail
market sectors including retail podium, shopping center and
department store.
Retail podium witnessed an increase in rental and occupancy
rate while both figures of the department store stayed flat during
August.
Meanwhile, shopping center recorded an upward tendency in
occupancy rate for two consecutive months with constant
average rent.
In August, HCMC CBD retail market welcomed the first store of
Marks & Spencer, an iconic British retailer, in Vincom Center.
Franchised by Central Group, one of the largest regional retailer
from Thailand, this flagship store provides a wide range of
premium products and new shopping experience to local market.
Market Performance
Outlook
SHOPPING CENTER MARKET PERFORMANCE, SEP 2014
FIRST STORE OF MARKS & SPENCER AT VINCOM CENTER
Source: Colliers International
HCMC saw the lowest rate in consumer price index (CPI) in
August when it gained only 0.05% from July. The figure added
up to the local CPI’s eight month rise of 1.27% and yearly
inflation of 4.93%.
Regardless current slow down in consuming power, Vietnam
is recognised as a potential retail market for foreign investors
given high population and expected growth of the economy.
The apperance of two Thai retail giants, Berli Jucker Group
and Central Group, would raise the confidence to investment
sentiment in this segment.
Source: Colliers International
RETAIL PODIUM MARKET PERFORMANCE, SEP 2014
Source: Colliers International
RETAIL & SERVICE REVENUE GROWTH, SEP 2014
Source: GSO, Colliers International

8. P.6 | Colliers International
HCMC CBD MARKET REPORT
SEPTEMBER 2014 | CBD RETAIL MAP
* US$/ sq m/ month (on net area)

9. KUMHO MONTHLY MARKET REPORTSEPTEMBER 2014 | RETAIL MARKET HCMC CBD MARKET REPORT
P.7 | Colliers International
SEPTEMBER 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 67%
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 99%
8 ICON 68 45 Ngo Duc Ke District 1 2011 8,000 40 80%
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 64.6 85%
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 97%
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 80%
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 60%
Shopping Centre 113,450 66.9 78%
No Name of Hotel Address Location
Comple-
tion Year
Total Room Occupancy ARR(*)
1 Caravelle 19 Lam Son Square District 1 2000 335 56% 150
2 New World Saigon 76 Le Lai District 1 2000 533 61% 118
3 Sofitel Plaza Saigon 17 Le Duan District 1 2000 290 65% 140
4 Rex 141 Nguyen Hue District 1 2000 289 52% 95
5 Renaissance Riverside 8-15 Ton Duc Thang District 1 2001 350 67% 129
6 Lotte Legend Hotel 2A-4A Ton Duc Thang District 1 2001 283 55% 155
7 Sheraton 88 Dong Khoi District 1 2002 480 69% 193
8 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 71% 294
9 Majestic Saigon 1 Dong Khoi District 1 2007 175 62% 145
10 InterContinental Asiana 39 Le Duan District 1 2009 305 77% 160
11 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 74% 120
12 Pullman Hotel 146 Tran Hung Dao District 1 2013 306 53% 109
5 Star 3,633 64% 149
1 Continental Saigon 132-134 Dong Khoi District 1 1990 86 68% 78
2 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 69% 91
3 Duxton 63 Nguyen Hue District 1 1996 203 74% 79
4 Royal City 133 Nguyen Hue District 1 2000 135 63% 66
5 Palace Saigon 56-66 Nguyen Hue District 1 2000 146 82% 65
6 Oscar 68A Nguyen Hue District 1 2000 108 70% 58
7 Liberty Central 179 Le Thanh Ton District 1 2010 140 61% 95
8 Grand 08 Dong Khoi District 1 2011 107 66% 91
9 Liberty Central Riverside 17 Ton Duc Thang District 1 2013 170 62% 83
4 Star 1,161 68% 76

10. P.8 | Colliers International
HCMC CBD MARKET REPORT
SEPTEMBER 2014 | CBD HOTEL MAP
* US$/ sq m/ month (on net area)

11. P.9 | Colliers International
HCMC CBD MARKET REPORT
SEPTEMBER 2014 | HOTEL MARKET
According to the GSO, approximately 619,000 foreign tourists
visited Vietnam last month, bringing the total number of tourists
in the first eight months of the year to 5.47 million, a 12.2%
y-o-y increase.
The figures showed that the number of foreign tourists seeking
leisure and entertainment increased by 10.5% y-o-y to 3.3
million while arrivals on business lifted 12.9% to 919,800;
those visiting relatives grew by 15.8% to 941,500, and other
purposes leaped by 18.2% to 307,300.
Hotel Market Overview
Outlook
Recently, some hotels stayed at CBD, especially on Dong Khoi,
Le Loi and Nguyen Hue street, were taken adverse effects from
construction of Metro Line 1 bringing noise and air pollution as
well as inconvenient traveling in this section. This construction
is predicted to last 3 years that put the hotel operators in
challenge to maintain revenue.
On the other hand, hotel operators hope to see a better growth
in the fourth quarter when the tourism industry sees in the
peak season.
NUMBER OF INTERNATIONAL VISITORS TO HCMC, SEP 2014
Source: Statistical Office in HCMC, Colliers International
LIBERTY CENTRAL SAIGON CITYPOINT ON PASTEUR STREET
Source: Public Domain
According to the Vietnam National Administration of Tourism, the country is applying a 30-day visa exemption for citizens from
nine of the ten ASEAN members. Tourists from seven other nations have likewise been granted a 15-day visa exemption. Asian
nations covered by this exemption are Japan and the Republic of Korea, while Russia joins the European nations of Norway, Finland,
Denmark and Sweden in enjoying the same privilege.
In August, Ho Chi Minh City welcomed 309,587 oversea travelers; an increase of 7% compared with same period last year, however,
a drop of 2.3% over the previous month.

12. P.10 | Colliers International
HCMC CBD MARKET REPORT
SEPTEMBER 2014 | HOTEL MARKET
SEPTEMBER 2014 | SERVICED APARTMENT MARKET
In reviewed month, hotel market saw moderate decline from both 4- and 5-star’s occupancy rate while their average room rate
witnessed a slight growth.
HCMC CBD hotel market welcomed Liberty Central Saigon CityPoint Hotel located on Pasteur Street. This 171-room 4-star hotel
was opened but is expected to be in full operation by next month.
Market Performance
PERFORMANCE OF 5-STARS HOTEL, SEPTEMBER 2014
Source: Colliers International
PERFORMANCE OF 4-STARS HOTEL, SEPTEMBER 2014
Source: Colliers International
Asides from decrease in demand from US and Eurozone markets, there has been a gain in number of arrivals from Asia countries due
to similar market nature and better investment yields.
Further, there is a trend from MNCs to replace Western officers with Asian counterparts as a result of tighten costs including wage
and housing budget.
These factors is forecasted to accelerate the demand for small-sized serviced apartment units at shorter lease term.
Outlook
Grade A serviced apartments in CBD area recorded an upward trend in occupancy rate for the third consecutive month in August.
Meanwhile, occupied rate of Grade B developments slightly drop to 80%.
Average asking rent of both top grades remained almost flat last month.
Market Performance

13. P.11 | Colliers International
HCMC CBD MARKET REPORT
* US$/sq m/month
** Not including VAT
*** Buildings are sorted by Year of Completion
SEPTEMBER 2014 | SERVICED APARTMENT MARKET
SEPTEMBER 2014 | SERVICED APARTMENT HCMC CBD MARKET REPORT
Serviced Apartment Overview
GRADE 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 87% 31
2 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 96% 34
3 Sedona Suites 65 Le Loi District 1 1996 89 92% 30
4 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 94% 30
5 The Landcaster 22 Bis Le Thanh Ton District 1 2007 55 70% 37
6 InterContinental Asiana Saigon 39 Le Duan District 1 2009 260 99% 36
Grade A 701 94% 34
1 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 81% 26
2 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 83% 26
3 Norfolk Mansion 17-21 Ly Tu Trong District 1 1998 126 95% 33
4 Diamond Plaza 34 Le Duan District 1 1999 42 93% 29
5 Garden View Court 101 Nguyen Du District 1 2000 76 92% 31
6 Ben Thanh Luxury 172-174 Ky Con District 1 2010 30 70% 18
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 86% 19
10 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 60% 28
11 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 95% 32
Grade B 738 80% 27

14. HCMC CBD MARKET REPORT
SEPTEMBER 2014 | CBD SERVICED APARTMENT MAP
P.12 | Colliers International

16. HCMC CBD MARKET REPORT | SEPTEMBER 2014
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