The document is a December 2014 market report on the central business district (CBD) of Ho Chi Minh City that includes summaries and data on the office, retail, hotel, and serviced apartment markets. Key points covered in the office market section include stable grade A rental rates but a slight increase in December, high occupancy rates, and limited new supply. The retail market saw a moderate increase in rental rates and occupancy due to a mall closing, but prime rents dropped 3% year-over-year. CBD retail centers are expected to remain attractive in 2015 as Vietnam opens to more foreign retailers under new trade rules.

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

2. TABLE OF CONTENTS
HCMC CBD MARKET REPORT | DECEMBER 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
Page
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4. HCMC CBD MARKET REPORT
DECEMBER 2014 | COMMERCIAL OFFICE MARKET
P.2 | Colliers International
In 2014, the city licensed 414 new foreign direct investment (FDI) projects with a total investment capital of US$2.84 billion, down
5% in terms of projects but up nearly 195% in capital year on year. Specially, Samsung CE Complex project alone has an investment
capital of US$1.4 billion, accounting for 50.4% of the total newly-registered capital.
The office market in CBD is anticipated to keep going an upward trend even if large space from Vietcombank Tower will come online
in 2015.
Outlook
HCMC FDI BY YEAR
Source: Colliers International
CBD OFFICE PERFORMANCE BY ZONE, DECEMBER 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
At the end of 2014, office market in CBD saw no new Grade
A and B supply.
In reviewed month, due to limited supply and continued
demand from companies relocating to CBD, average
occupancy rate of both Grade A and Grade B enjoyed high
percentage over 90%.
Grade A rental rate remained stable in the last four months,
but in December, average asking rent of this sector
increased slightly to US$40.7/ sq m/ month. At present,
Kumho Asiana Plaza, Sunwah Tower and Times Square
have the highest rents among all Grade A buildings.
While, asking rent of Grade B rose to US$0.3 staying at
US$24/ sq m/ month. However, achievable rental is lower
thanks to a tough competition by all of landlords as well as
availabilities for large spaces are limited.

5. P.3 | Colliers International
HCMC CBD MARKET REPORT
DECEMBER 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 95% 37.0
2 Saigon Tower 29 Le Duan 1997 13,950 6.0 91% 35.0
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 93% 45.0
4 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 96% 42.0
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 100% 37.0
6 Kumho Asiana Plaza 39 Le Duan 2009 26,000 8.0 89% 50.0
7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 37,710 8.0 91% 35.0
8 President Place 93 Nguyen Du 2012 8,330 6.0 96% 33.0
9 Times Square 22-36 Nguyen Hue 2012 9,000 7.0 86% 50.0
Grade A 158,576 7.0 93% 40.7
1 OSIC 8 Nguyen Hue 1993 6,500 6.0 97% 18.0
2 Yoco Building 41 Nguyen Thi Minh Khai 1995 5,000 4.0 100% 22.0
3 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai 1996 3,200 5.0 100% 22.0
4 Central Plaza 17 Le Duan 1997 6,094 5.0 100% 24.0
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 77% 23.0
7 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 87% 18.0
8 MeLinh Point Tower 02 Ngo Duc Ke 1999 17,600 6.0 98% 22.0
9 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 94% 21.0
10 Bitexco Office Building 19-25 Nguyen Hue 2003 6,000 5.0 100% 24.0
11 The Landmark 5B Ton Duc Thang 2005 8,000 5.0 98% 20.0
12 Opera View 161-167 Dong Khoi 2006 3,100 7.0 85% 27.0
13 Petro Tower 1-5 Le Duan 2007 13,304 5.0 98% 30.0
14 City Light 45 Vo Thi Sau 2007 10,000 5.0 100% 15.0
15 The Landcaster 22Bis Le Thanh Ton 2007 7,000 5.0 90% 25.0
16 Gemadept Tower 5 Le Thanh Ton 2008 14,000 7.0 99% 24.0
17 Fideco Tower 81-85 Ham Nghi 2008 15,000 6.0 98% 22.0
18 Havana Tower 132 Ham Nghi 2008 7,326 6.0 100% 21.0
19 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 98% 26.0
20 Royal Center 235 Nguyen Van Cu 2008 14,320 5.0 100% 23.0
21 TMS 172 Hai Ba Trung 2009 4,000 4.0 100% 23.0
22 Bao Viet Tower 233 Dong Khoi 2010 10,650 6.0 100% 21.0
23 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 96% 23.0
24 Vincom Center 68-70-72 Le Thanh Ton 2010 56,600 5.0 94% 22.0
25 Saigon Royal 91 Pasteur 2010 5,340 4.0 100% 20.0
26 A&B Tower 76 Le Lai 2010 17,120 6.0 99% 29.0
27 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19.596 5.0 97% 22.0
28 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 100% 30.0
29 Lim Tower 9-11 Ton Duc Thang 2013 29,265 6.0 98% 28.0
30 Sunny MB Tower 259 Tran Hung Dao 2013 13,200 5.5 97% 25.0
Grade B 399,596 6.0 97% 24.0

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

7. HCMC CBD MARKET REPORT
DECEMBER 2014 | RETAIL MARKET
P.5 | Colliers International
Market Performance
Outlook
SHOPPING CENTER MARKET PERFORMANCE, DEC 2014
Source: Colliers International
RETAIL PODIUM MARKET PERFORMANCE, DEC 2014
Source: Colliers International
Source: GSO, Colliers International
According to the municipal Statistics Office, HCMC’s Consumer
Price Index (CPI) in December inched down 0.36% against the
previous month due to the decline in fuel prices. On a y-o-y
basis, the index marks a rise of 1.65%. During the month,
transportation and postal costs recorded the steepest decrease
of 3.54%; followed by housing, electricity, water, fuel and
construction materials. Food and restaurant service prices
rose by 0.17%, buoyed by higher demand during the Christmas
and New Year festivities.
In reviewed month, both retail market’s rental rate and occupancy
rate in CBD showed a moderate increase due to closing of
Saigon Tax Trade Center. However, the prime retail market still
faced to a lot of difficulties; comparing with December 2013,
the average asking rent dropped approximately to 3%.
At the same time, it should be noted that shopping centers
has witnessed the highest growth among three types of retail
development in CBD.
CPI AND RETAIL-SERVICE REVENUE BY YEAR
Source: GSO, Colliers International
CBD retail centres are expected to remain attractive in next year
thanks to increasing in demand when the country have to open
up to an influx of foreign retailers required by the World Trade
Organisation (WTO) obligations, which will come into effect from
January 2015. However, due to the limited land in CBD, future
retail developments will tend to focus on non-CBD area.
MIN-MAX AVERAGE RENT BY TYPE, DECEMBER 2014

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

9. KUMHO MONTHLY MARKET REPORTDECEMBER 2014 | RETAIL MARKET HCMC CBD MARKET REPORT
P.7 | Colliers International
DECEMBER 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 60 100%
4 Sheraton Saigon 88 Dong Khoi District 1 2002 750 125 67%
5 Opera View Lam Son Square District 1 2006 1,260 50 94%
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 45 90%
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 80%
Retail Podium 29,990 65.1 90%
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 50 90%
3 Parkson Saigon Tourist 35 Le Thanh Ton District 1 2002 17,000 90 100%
Department Store 30,200 82.4 99%
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 Saigon Square 1 77-89 Nam Ky Khoi Nghia District 1 2006 1,300 167 100%
4 Nowzone Nguyen Van Cu District 1 2008 9,000 40 100%
5 Saigon Square 2 7-9 Ton Duc Thang District 1 2009 1,400 90 80%
6 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 65 80%
7 Taka Plaza 102 Nam Ky Khoi Nghia District 1 2011 1,000 90 100%
8 Union Square Dong Khoi District 1 2012 38,000 73 80%
Shopping Centre 113,450 67.2 84%
No Name of Hotel Address Location
Comple-
tion Year
Total Room Occupancy ARR(*)
1 Caravelle 19 Lam Son Square District 1 2000 335 61% 178
2 New World Saigon 76 Le Lai District 1 2000 533 58% 118
3 Sofitel Plaza Saigon 17 Le Duan District 1 2000 290 53% 139
4 Rex 141 Nguyen Hue District 1 2000 289 54% 105
5 Renaissance Riverside 8-15 Ton Duc Thang District 1 2001 350 70% 160
6 Lotte Legend Hotel 2A-4A Ton Duc Thang District 1 2001 283 54% 135
7 Sheraton 88 Dong Khoi District 1 2002 480 59% 200
8 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 80% 250
9 Majestic Saigon 1 Dong Khoi District 1 2007 175 69% 110
10 InterContinental Asiana 39 Le Duan District 1 2009 305 79% 233
11 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 57% 105
12 Pullman Hotel 146 Tran Hung Dao District 1 2013 306 37% 104
5 Star 3,633 60% 154
1 Continental Saigon 132-134 Dong Khoi District 1 1990 86 72% 86
2 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 77% 93
3 Duxton 63 Nguyen Hue District 1 1996 203 59% 80
4 Royal City 133 Nguyen Hue District 1 2000 135 67% 60
5 Palace Saigon 56-66 Nguyen Hue District 1 2000 146 73% 60
6 Oscar 68A Nguyen Hue District 1 2000 108 58% 43
7 Liberty Central 179 Le Thanh Ton District 1 2010 140 69% 100
8 Grand 08 Dong Khoi District 1 2011 107 66% 89
9 Liberty Central Riverside 17 Ton Duc Thang District 1 2013 170 61% 90
4 Star 1,161 66% 79.5

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

11. P.9 | Colliers International
HCMC CBD MARKET REPORT
DECEMBER 2014 | HOTEL MARKET
According to the Viet Nam National Administration of Tourism
(VNAT), Vietnam welcomed 7.87 million foreign tourists and
38.5 domestic tourists in 2014. On the other hand, the tourism
sector posted the highest ever increase of 15% year-on-year
to US$10.9 billion in revenue despite an array of difficulties in
2014.
At the same time, over 4.4 million of international visitors
visited in HCMC, growing nearly 7% y-o-y.
According to HCMC Statistical Office, the revenue from hotel
segment in 2014 increased slightly 0.4% comparing with the
same period last year (10.4% in 2013) because of decreasing
rental rate as well as dropping in Chinese tourists. Moreover,
presently, there have more direct flight to tourism destinations
in Vietnam; as a result, foreign tourists have not to transit in
HCMC as before.
In December, despite of peak season, occupancy rate of both
4- and 5- star hotel witnessed a decline after remaining
unchanged in previous month.
In the intervening time, some hotels purposely cut down
their room rates to improve their booking rate, whilst, others
maintained a high achievable room rate even though the lower
occupancy rate.
Hotel Market Overview
Vietnam has set the 2015 goal of welcoming approximately 8.5 million foreigners and 41 million domestic arrivals, raking in over 12
billion USD. HCMC is expected to attract around 4.7 million of foreign tourists and 19 million domestic visitors.
The Government also asked the Ministry of Planning and Investment to work with the Ministry of Culture, Sports and Tourism
(MoCST) and Ministry of Finance (MoF) to review regulations on increasing preferential policies for investment and business in
hotels, agents, eco-tourism and community-based tourism.
NUMBER OF INTERNATIONAL VISITORS TO HCMC, 2014
Source: Statistical Office in HCMC, Colliers International
Outlook
PERFORMANCE OF TOP-GRADED HOTELS IN HCMC , DEC 2014
Source: Colliers International

12. P.10 | Colliers International
HCMC CBD MARKET REPORT
DECEMBER 2014 | HOTEL MARKET
DECEMBER 2014 | SERVICED APARTMENT MARKET
PERFORMANCE OF 5-STARS HOTEL, DECEMBER 2014
Source: Colliers International
PERFORMANCE OF 4-STARS HOTEL, DECEMBER 2014
Source: Colliers International
In 2015, top-tier serviced apartments staying at the CBD are expected to continue their good performance due to the fact that there is
a lack of large sites for development of comparable serviced apartment projects in this area, while demand remains significantly high.
Outlook
In December, the serviced apartment market in CBD saw no movement in rental rate; staying at US$33.9/ sq m/ month for Grade A
and US$27.1/ sq m/ month for Grade B. While the occupancy rate dropped slightly to 1% in reviewed month.
However, the housing requirements from Asian clients for studio or 1-bedroom apartment kept increasing thanks to stable inflow
of foreign direct investment. As a result, CBD serviced apartment owners have increased the studio as well as 1-bedroom rate but
adjusted down the asking rents of the larger units in an effort to attract family tenants who have tended to relocate to District 2, 7
buy-to-let apartments which are definitely cheaper and comparable in terms of quality.
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
DECEMBER 2014 | SERVICED APARTMENT MARKET
DECEMBER 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 84% 30
2 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 90% 34
3 Sedona Suites 65 Le Loi District 1 1996 89 90% 30
4 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 100% 30
5 The Landcaster 22 Bis Le Thanh Ton District 1 2007 55 73% 37
6 InterContinental Asiana Saigon 39 Le Duan District 1 2009 260 94% 36
Grade A 701 90% 33.9
1 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 75% 26
2 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 88% 26
3 Norfolk Mansion 17-21 Ly Tu Trong District 1 1998 126 98% 33
4 Diamond Plaza 34 Le Duan District 1 1999 42 94% 29
5 Garden View Court 101 Nguyen Du District 1 2000 76 82% 31
6 Ben Thanh Luxury 172-174 Ky Con District 1 2010 30 93% 18.5
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% 29
9 Spring Court 1Bis Phung Khac Khoan District 1 2011 14 86% 19
10 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 70% 28
11 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 71% 34
Grade B 738 82% 27.1

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

16. HCMC CBD MARKET REPORT | DECEMBER 2014
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