HCMC CBD Market Report | July 2015 (EN)

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

Fig.2: Office average asking rentsFig. 1: Office supply by district
PERFORMANCE
The market remained static in terms of vacancy rate and asking
rents.
Thanks to high occupancy rate from newly-built Vietcombank
tower & Lim tower 2, improvements were reported in both Grade
A and Grade B vacancy rates. However, Grade A showed a slower
level of improvement compared to Grade B. Grade A and B vacancy
rates decreased by 1.9 pps and 3.8 pps y-o-y respectively.
In terms of rent, Grade A asking rent kept falling from US$39/
sqm/mth in May to US$34.9/sqm/mth in July. Meanwhilst, Grade
B did not show any significant change, maintaining the price at
US$23.5/sqm/mth. Although most Grade B offices managed to
maintain their rents, some old office buildings witnessed rent
decreases as landlords attempted to fill up unoccupied spaces.
SUPPLY
In the second quarter of 2015, the CBD office market experienced
substantial supply from three new buildings.
The completion of Vietcombank Tower brought to the market an
extra 55,000 sqm GFA of Grade A-office space. Whilst Grade C
welcomed Ben Thanh Tower with 5,488 sqm GFA, Grade B added
Lim Tower 2 to the stock list. Located at the corner of Vo Van Tan
and Cach Mang Thang Tam and prime District 3 center, Lim Tower
2 is an 18-storey mix-used retail and office building.
As of July 2015, Ho Chi Minh City (HCMC) office market had
approximately 2,228,361 sqm GFA from 343 projects. The total
stock was relatively stable quarter-on-quarter (q-o-q) and
increased 3% year-on-year (y-o-y).
DEMAND
In the first six month of this year, improving economic indicators
provide positive prospects for office demand. The GDP growth
of Vietnam reached 6.28%, the strongest rise since 2009. The
disbursement of foreign direct investment (FDI) reached USD6.3
billion, up 9.6 per cent from a year ago. Consumer price index
(CPI) increased by 0.86 per cent over the same period last year.
JULY 2015 | OFFICE
©2015 Colliers International Research
Page 3
The introduction of two new buildings, Vietcombank Tower and Lim
2 helped to improve q-o-q and y-o-y net absorption for both Grade
A and Grade B. Grade A net absorption significantly increased
from 2,061 sqm in Q2 2014 to 37,413 sm NLA in Q2 2015.
The total office take-up was more than 25,500 sqm, up 6% from
the previous quarter. The demand for Grace C offices was high,
accounting for more than 68% of total take-up this quarter.
OUTLOOK
On the back of improving economy, new letting transactions are
expected to increase in the second half of 2015. Together with the
demand from business expansion and relocation, many tenants
are currently looking to move from non-standard office space to
better Grade A and B buildings.
On the supply side, approximately 150,000sqm of future office
supply in three grades is under construction and expected to come
online by the end of 2015. As 1,000-2,000 sqm office space per
building with large contiguous spaces is limited, developers should
focus on this market segment to meet the current demand.
Source: Colliers International Research Source: Colliers International Research
Table 1: CBD office market summary
Source: Colliers International Research
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

LIST OF TABLES
Table 1
Table 2
Table 3
Table 4
Table 5
Table 6
Table 7
Table 8

Page
3-4
5-6
7-8
9-10
3
3
5
5
7
7
9
9
3
4
5
6
7
8
9
10
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
..............................................................................................................
Office supply by district............................................................................................
Office average asking rents...............................................................................
Retail market supply by type.............................................................................
Retail market performance by type...................................................................
Hotel market demand........................................................................................
Hotel market performance by type....................................................................
Serviced apartment supply by type...................................................................
Serviced apartment occupancy rate.................................................................
CBD office market summary.............................................................................
Significant office projects..................................................................................
CBD retail market summary..............................................................................
Significant retail projects...................................................................................
Future hotel projects under construction ........................................................
Significant hotel projects...................................................................................
Future serviced apartment projects .................................................................
Significant serviced apartment projects............................................................
Grade A Grade B Total
Total Supply (Project) 11 30 43
Total Supply ( NLA) 212,655 397,451 610,106
Average Rent Rate
(US$/sqm/month)
36.6 23.55
M-o-m Change (ppts) 1
Occupancy (%) 96 96
M-o-m Change (ppts) 1
51%
12%
7%
10%
6%
14%
District 1
District 3
District 7
Tan Binh
Phu Nhuan
Other
0
10
20
30
40
50
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2010 2011 2012 2013 2014 2015
USD/sqm/mth
Grade A Grade B

* 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% 32.0
2 Saigon Tower 29 Le Duan 1997 18,536 6.0 97% 37.0
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 98% 35.0
4 The Metropolitan 235 Dong Khoi 1997 19,000 6.0 97% 32.0
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 99% 38.0
6 Kumho Asiana Plaza 39 Le Duan 2009 26,000 8.0 91% 40.0
7 Bitexco Financial Tower 45 Ngo Duc Ke 2010 38,000 8.0 94% 34.0
8 President Place 93 Nguyen Du 2012 9,100 6.0 97% 31.0
9 Times Square 22-36 Nguyen Hue 2012 12,704 7.0 85% 45.0
10 Le Meridien 3C Ton Duc Thang 2013 9,125 4.8 100% 25.0
11 Vietcombank Tower 5 Me Linh Square 2015 55,000 7.0 95% 35.0
Grade A 235,851 6.6 96% 36.6
1 OSIC 8 Nguyen Hue 1993 6,500 6.0 96% 18.0
2 Yo Co Building 41 Nguyen Thi Minh Khai 1995 5,000 3.0 100% 21.0
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% 24.0
5 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 94% 19.0
6 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 99% 19.5
7 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 6.0 77% 21.0
8 MeLinh Point Tower 2 Ngo Duc Ke 1999 17,600 6.0 100% 26.0
9 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 96% 26.0
10 Bitexco Building 19-25 Nguyen Hue 2003 6,000 5.0 93% 29.5
11 The Landmark 5B Ton Duc Thang 2005 8,000 6.0 92% 19.0
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 5.0 100% 16.0
14 Petro Tower 1-5 Le Duan 2007 13,304 6.5 99% 26.0
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 6.0 100% 24.0
17 Continential Tower 81-85 Ham Nghi 2008 15,000 6.0 99% 22.0
18 Havana Tower 132 Ham Nghi 2008 7,326 6.0 98% 22.0
19 Royal Center 235 Nguyen Van Cu 2008 14,320 5.0 100% 23.0
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% 23.0
22 A&B Tower 76 Le Lai 2010 17,120 6.0 95% 29.0
23 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.5 100% 21.0
24 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 100% 22.0
25 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19,596 5.0 93% 21.0
26 Saigon Royal 91 Pasteur 2010 5,340 6.0 98% 26.0
27 Vincom Center 68 -70 -72 Le Thanh Ton 2010 56,600 5.0 86% 23.0
28 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 100% 30.0
29 Lim Tower 9-11 Ton Duc Thang 2013 22,000 6.0 99% 27.0
30 MB Sunny Tower 259 Tran Hung Dao, Co Giang 2013 13,200 5.5 97% 23.0
31 Lim Tower 2 Vo Van Tan 2015 8,400 5.0 87% 27.0
Grade B 413,116 6.0 96% 23.55
JULY 2015 | OFFICE
Page 4
JULY 2015 | RETAIL
PERFORMANCE
Recovery signals have recently been shown in the retail performance
after three quiet years. Retail properties in the CBD area generally
perform better than those in the other areas.
In the first six months of 2015, average rents in the CBD continued
to be stable. Retail podiums have the highest average rents of
USD$55/sqm/mth. It can be explained that renting area of this
format is small. Department store rents came second at USD$52/
sqm/mth, followed by shopping centres at USD$39/sqm/mth.
In terms of occupancy rate, the retail market continued to see gradual
improvement. The average occupancy increased by 7 percentage
points (ppts) on a yearly basis. Shopping centres‘occupancy was
stable at 91% while those of retail podiums experienced a higher
level, up 0.3 ppts m-o-m. Although department stores’ occupancy
was lowered by -2ppts q-o-q, to 90%, this decrease had no impact
to the market’s overall occupancy.
SUPPLY
The retail market in both CBD and non CBD areas has more active
events during Q2 2015.
SC VivoCity was opened in May 2015, adding 72,000 sqm GFA
to non CBD retail stock list. This shopping centre is developed
by a joint-venture between Mapletree Vietnam Management
Consultancy Co., Ltd. (Singapore) and Saigon Co.op Investment
Development JSC. In June, Times Square opened its retail podium
on prime retail street Nguyen Hue. The whole 4,000 sqm GFA
are occupied by luxury furniture brands such as Cassina, Giorgetti,
B&B Italia. Saigon Centre was closed in July to connect with Phase
2. The renovation process is expected to take one year.
In terms of location, District 1 remains the most concentrated retail
market in HCMC, currently accounting for 19% of the total supply,
followed by district 7 with 15%.
In terms of HCMC retail format, shopping centres are the most
prominent retail format, accounting for 69% of total supply, followed
by retail podiums of 24 % and department stores of 7%.
Page 5
DEMAND
In 2Q 2015, the performance of both local and foreign retailers
were improved. Retail sales were approximately VND256 trillion,
increasing by 11.8% y-o-y. Vietnam’s retail market is expected to
be more attractive to international retailers once the Trans-Pacific
Partnership (TPP) is signed, together with the further liberalization
of the retail sector under the provisions of the WTO starting in
January 2015.
Demand for retail space in the CBD is expected to remain high in the
short to medium term. However, due to limited land, the majority
of large scale future stock will be located in non CBD areas, mostly
in the south and east, where most of the city’s infrastructure and
residential developments have been established.
OUTLOOK
Retail supply will be ample through 2020 when over a million
square meters of new supply will be added to the stock list,
representing a 200% increase in retail supply from current levels.
The completion of Metro Line 1 by that time will improve the ability
of the population to access retail activities in the CBD.
As barriers to entry drop and many taxed goods’ tariffs will be
lifted under the TPP, the Free Trade Agreement (FTA) and Asean
integration, the number of retailers planning to enter Vietnam
across all segments are expected to be higher in the future.
Fig. 4: Retail market performance by type
Table 3: CBD retail market summary
Fig. 3: Retail market supply by type
Retail Podium
Shopping Centre
Department Store
0
20
40
60
80
100
120
140
0
20,000
40,000
60,000
80,000
100,000
120,000
Retail Podium Shopping Centre Department Store
USD$/sqm/mth)
Sqm
Net Leasing Area Average Rental Rate
Shopping
Centre
Retail
Podium
Department
Store
Total
Total Supply (Project) 11 14 9 34
Total Supply ( NLA) 307,410 63,399 108,827
Average Rent Rate
(US$/sqm/month)
39 55 52
M-o-m change (%) -2
Occupancy (%) 91 91 90
M-o-M Change (%) 0.3 -0.2

Table 4: 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 3,500 75 100.0%
2 Diamond Plaza 34 Le Duan District 1 1999 9,000 90 98.0%
3 Caravelle Hotel 19 Lam Son Square District 1 2000 150 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 40,307 78 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 98.0%
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 62 92.4%
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 12,300 124 99.5%
JULY 2015 | RETAIL
Page 6
JULY 2015 | HOTEL
PERFORMANCE
The market started to improve during months of summer season.
The average occupancy rate increased to 75.3%, up 12ppts q-o-q.
Compared to the previous year, this can be recognized as an
impressive improvement. The 4-star average occupancy was
higher than that of the 3-star and 5- star segment by 4ppts to
9ppts.
The travel season helped to maintain high room rates in most
five-star hotels. The average room rate of five-star hotels stood at
US$187/room/night on average. Although the price did not drop,
their occupancy rates were still high and some hotels even were
fully occupied.
In contrast, the four-star segment saw a decline of 4.9% on a
m-o-m comparison, with the average room rate of US$123/room/
night. This can be explained by the fact that owners of most
four-star hotels attempted to soften their prices to attract more
guests during summer holidays.
SUPPLY
In Q2 2015, the CBD hotel market had no significant event,
excepting the expansion project at the area at and around the
five-star hotel Majestic. Developed by Saigontourist Holding
Company, the complex consists of two towers of 24 and 27 floors
and four basements, comprising of 500 hotel rooms and office
space.
As of July 2015, HCMC had 106 hotels supplying approximately
13,800 rooms, increasing 6% q-o-q and 10% y-o-y. In district 1,
there are 14 five-star hotels and 13 four-star hotels with 4,223
rooms and 1,757 rooms respectively.
Page 7
DEMAND
The number of international tourists to Vietnam in July rose to
593,566, up by 12.1% over the previous month and 5.1% against
the same period last year. Specifically, the international arrivals
to Ho Chi Minh City in the first seven months of 2015 increased to
approximately 2.5 million visitors.
With variety of sceneries and historic landmarks, Ho Chi Minh
City will continue to be a favorite destination for foreign visitors.
Visitors from the US, Japan, Korea and China were the main
arrivals to HCMC. Hence, hotel operators in the CBD should be
well-prepared to tailor various guests’ requirements.
OUTLOOK
As of July 2015, there are approximately 5,600 rooms from
27 three to five-star hotel projects being completed or under
construction. In the second half of 2015, 3 five-star hotels and
6 three- star hotels with more than 1,100 rooms are expected to
come online.
Thanks to the growing number of international arrival, demand
levels will be strengthened further over the short to medium term.
Fig. 6: Hotel market performance by type Table 5 : Future hotel projects under construction
0
50
100
150
200
0
20
40
60
80
100
5 star 4 star
USD/mth
%
Occupancy Rate Average Rental Rate
Fig. 5: Hotel market demand
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
2014 2015
million
No. of International visitors
* ARR (Average Rental Rate): All rents are stated in gross rents per sqm, inclusive service charge but exculding VAT
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 6: 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 4,233 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
4-star Hotels 1,628 68% 80
* US$/ sq. m
JULY 2015 | HOTEL
Page 8
JULY 2015 | SERVICED APARTMENT
PERFORMANCE
This segment maintained a stable performance, proving by
steadiness in both average asking rent and occupancy rate.
Grade A average rental rate stood at USD$32/sqm/mth. There was
no remarkable difference in rents between Grade A of USD$32/
sqm/mth and Grade B of USD$27/sqm/mth.
Meanwhilst, the overall average occupancy rate slightly decreased
by 1 ppt, down to 78.76% q-o-q. This is mainly due to competitive
offers from new private serviced apartment in CBD area.
In analysis of market segments by grade, the performance of
Grade A is better than Grade B. Grade A occupancy rate increased
by 1 ppt in comparison with last month, whilst grade B decreased
by 1 ppt.
SUPPLY
In July 2015, the supply of CBD serviced apartments remained
unchanged. However, non CBD stock welcomed Berkley Serviced
Residences at the Gateway Thao Dien in District 2. Developed by
Hamon Developments and SonKim Land, the project is scheduled
to open in 2017, offering 85 fully furnished and serviced residences
in one, two and three bedroom layouts, with a contemporary Asian
design.
Currently, the total supply of Grade A and Grade B stock is
approximately 2,930 apartments from 30 buildings. There are 670
Grade A units and nearly 2,260 Grade B units. District 1 makes up
44% of the total supply. Ascott, Norfolk, Nikko, InterContinental,
Capri and Sedona are a few international operators in HCMC.
In the next 18 months, it is estimated that the serviced apartment
market in HCM City will have approximately 2,200 units from 4
new launched and 3 renovated projects.
©2015 Colliers International Research Page 9
DEMAND
Preferential policies for foreign investors from the government
in recent years have attracted a higher number of multi-national
companies entering Vietnam market. This brought more foreign
employees to the country.
As a result, demand for accommodation in service apartments are
expected to increase with noticeable growth rate in the future.
OUTLOOK
Serviced apartments have gradually become more competitive to
hotels as it is cost- saving options for long-term stays. However,
significant growth in future supply will put more pressure on serviced
apartments businesses as they have to compete and share customers.
On the other hand, the market currently copes with new competition
from high-end apartments which offer more reasonable price and
good facilities. Although high-end apartments do not offer full
services as service apartments, foreigners who intend to work in
Vietnam in long term prefer to lease high-end apartments due to its
competitive rents.
It is recommended that service apartments should have special
promotions and discounts for long-term customers. For the time
being, as Grade A segment has limited stocks, its rental rate is
forecasted to remain unchanged.
Fig. 8: Serviced apartment occupancy rate Table 7: Future serviced apartment projects
15%
22%
63%
Grade A
Grade B
Grade C
Fig. 7: Serviced apartment supply by type
*Price excludes VAT
0
10
20
30
40
50
0.00
20.00
40.00
60.00
80.00
100.00
Grade A Grade B
USD/sqm/month
%
Occupancy Rate Average Rental Rate
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 8: 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% 32
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 30 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 756 83.7% 27
JULY 2015 | SERVICED APARTMENTS
Page 10
COLLIERS INTERNATIONAL | VIETNAM
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+84 8 3827 5665
About Colliers International
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Through a culture of service excellence and a shared sense of initiative, we integrate the
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Publicly available
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Asia Pacific in-
cluding Vietnam
Quarterly Office market Publicly available
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©2015 Colliers International Research www.colliers.com/vietnam
* ARR (Average Rental Rate): All rents are stated in gross rents per sqm, inclusive service charge but exculding VAT

HCMC CBD Market Report | July 2015 (EN)

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