Weekly Newsletter

A73
Vietnam Real Estate Week 3, March

The first weekly electronic newsletter issued to registered members, approximately 100,000 reads per month
joining to develop the newsletter VietRees, a member of

Market situation (p.2)

Real estate foreign investment (p.3)

Real estate agents (p.3)

Vietnam in the world (p.3)

Properties on the world (p.4)

Real estate legislation (p.4)

Websites of real estate companies in Vietnam (p.5)

Real estate projects and prices (p.6)

Real estate supply for customer groups (p.8)

Construction material market last week (p.9)

Stock market last week (p.9)

Market forecast, statistics expert opinions (p.10)

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 VietRees – Vietnam Real Estate
MARKET SITUATION
The investors start projects
to prepare
Kinh Te Do Thi – 11 March, 2009
The depressing situation of
office buildings
Sai Gon Giai Phong – 11 March, 2009
What are the real prices of
apartment buildings?
Bao Xay Dung – 13 March, 2009
The price decrease wave of
real estate spreading
Edited by VietRees
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A73 Page 2
The real estate market in general and office market for lease in particular have suffered the direct
impacts from the instabilities of the economy. From the middle of 2008 until now, the unoccupied area at
the offices for lease has increased and the rent has tended to decrease. Although it is judged that in
2009 the office market has had the lowest number of tenants within the past 4 years, the experts have
proved to be optimistic. The prospect of the Hanoi real estate market has still shown that the positive
signs and the demands for offices, residential areas and high-grade apartments are growing day by day.
Therefore, recently, many domestic and foreign investors have restarted or renovated the projects of the
housing, offices and trading complex. According to the plan, the projects will be completed and put into
use within the next 2 - 3 years. It is the time that the world economy in general and Vietnam in particular
are considered to recover after the recession.
According to the enterprises, the real estate market in 2009 would not be able to recover due to the
impacts of the global economic recession. Until 2010, the market will have more positive signs. At that
time, the real estate supply will increase when there are many projects completed and put into operation.
About two years ago, when the real estate market did not yet speed up, the office buildings fell into the
fever and it still was not affected when the real estate market was frozen. But until now, when the global
economy has fallen into the recession, the office buildings have also not been able to avoid the setback.
The buildings under construction have fallen into the situation of “smile through one’s tears” and the
buildings that are operating have also not shown the better signs when the customers “have fled for their
life”.
According to the recent statistic, until the end of 2008, the occupancy rate of grade-A and B office was
approximately 95 - 96%. However, this figure will dramatically decline when a series of grade-A and B
buildings are about to be completed in the near future. Currently, the whole city has 600,000m2 for office
buildings. However, the speading economic crisis has made the unoccupied areas considerable. If
adding the giant areas from the buildings that will be completed in the next years, the market of office
buildings for lease will fall into the situation of superfluity.
One more time, this fact has demonstrated that the real estate market has developed following the way
of living by makeshifts that has been proved by the stories of high-grade apartments and offices for
lease. Accordingly, the types of welfare houses are very much in demand, however very few investors
have taken interest in them.
The economy has been facing the crisis and the real estate market has leveled off and gradually gone
down. However, many sellers have reduced the apartment prices. However, the sellers are more than
the buyers. Most companies have faced the situation that the goods are large but the buyers are
inconsiderable. The majority of buyers in the recent time have been those who have the preferential
treatment for buying goods from the companies and relatives.
According to a construction expert, in fact, the price premise for construction has not been high, only
about 4 million VND/m2 because most types of construction materials in Vietnam have nearly had the
same prices and types. The difference is if the areas have more synchronous infrastructure system and
are located closer to the center, their prices will be 10 - 20% higher than the general premises.
Furthermore, grasping some people’s psychology of valuing the “high-grade” goods, the companies
have added English name and the “high-grade” adjective, which has made the buyers secure and trust
those lines of letters, therefore, they think that these goods are certainly worth much. That is the reason
why the prices of the products have been three or four times higher than the original prices when they
are delivered to the consumers.
To account for this problem, the companies have shown that in fact, the costs for lobbying have been
quite considerable (more than 30% of the costs). As a result, when the companies have full documents,
basic infrastructure, etc, they have to collect more money from the buyers to recoup the costs.
In 2008, the real estate market seen the significant inversion with the remarkable decrease of 70% in the
prices of many projects on the free-market. Until 2009, after Hoang Anh Gia Lai has reduced the prices
of the two projects Hoang Anh River View and Phu Hoang Anh by 40%/m2, other enterprises have also
reduced the prices. Dat Xanh Company has reduced the selling prices of Sunview Apartment (Thu Duc
District) from $1,300 USD to $764 USD/m2. The following is Thuduc House that offers 10% discount on
the prices of TDH - Truong Tho project and this advertisement will be valid until the end of 30th April,
2009. Hong Ha Company has also launched the promotion of “sharing benefits with customers” by
reducing the prices of The Morning Star project (Binh Thanh District) from $2,000 USD (2008) to $1,200
to $1,500 USD/m2. On 2nd March, Montana project (Tan Phu District) has also offered 2 million VND/m2
decrease for the first 30 customers, etc.
According to the real estate experts, the phenomenon of price reduction is the vital impact of the law of
supply and demand in the market economy facing the crisis of finance and confidence. However, some
opinions have shown that the price reduction of the apartment projects completed in the future has
belonged to the strategy of restructuring and repositioning businesses of the real estate corporations and
joint venture companies in order to overcome the crisis. They have thought that reducing the prices to
get inconsiderable profits or losses is better than suffering the heavy losses or bankruptcy.
In fact, although the purchasing power has gone up when there have been the waves of promotions and
price decreases, the good signs of the real estate market have not been really clear. The opportunities
have mainly focused on those who have much money and the investors. Those who have real housing
demands have still been considered to be the strangers on the real estate market at this time.
 VietRees – Vietnam Real Estate
REAL ESTATE FOREIGN INVETSMENT
Build high-grade trade center
in Binh Duong
VietRees – 10 March, 2009
REAL ESTATE AGENTS
BCCI to be listed on stock exchange
Dien Dan Doanh Nghiep – 09 March, 2009
Thu Duc House officially offers
Truong Tho apartment for sale
BDS & TS – 09 March, 2009
IDICO starts Phu My 2 Industry
project
VietRees – 10 March, 2009
HAGL prepares to invest in the
big projects in 2009
VietRees – 11 March, 2009
Open the first stage of Saigon
exhibition center
TTXVN – 12 March, 2009
VIETNAM IN THE WORLD
HCMC ranked 5th in Asia in terms
of office rent
Edited by VietRees – March, 2009
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A73 Page 3
On 10th March 2009, ECC Group (Netherlands) will announce the development of Trade Center
Promenada @ Canary implemented by the joint venture between the Group ECC and Co. Guocoland
Vietnam (Singapore), located in the overall high-grade urban complex The Canary in Binh Duong.
The project is located on a site of 82,000m2, including four storeys: big supermarket, high-grade eating
and drinking – entertainment area, sports center and resort ... Promenada @ Canary will be started in
the third quarter, 2009 and it is expected to be completed in the forth quarter, 2012.
Binh Chanh Investment and Construction JSC (BCCI) is completing the last procedures and will officially
be listed on HoSe with the stock code of BCI on 16th March, 2009.
BCCI will list 54.2 million shares and the total value of the listed securities is 542 billion VND. The
reference price in the first transaction day is 27,000 VND per share. The price change limit on the first
transaction day is + / - 20% as compared to the reference price.
Thu Duc House Development JSC (Thuduchouse) has shown that it would officially offer the remaining
apartments of the project to the customers who have demand on 31st March, 2009 at the prices ranging
from 18.5 to 21.3 million VND/m2, (inclusive of VAT). Customers can divide their payment into 6
installments within 15 months and can take out the loans of up to 70% of the apartment value from
banks. The period for payment is 15 years.
Thuduchouse expects to complete & hand over the project to the customers in the second quarter, 2010.
On 6th March 2009, Vietnam Industrial Zone - Urban Development and Investment Company to develop
urban and industrial areas (IDICO) held a ceremony to start the construction of Phu My Industrial Zone
2, in Phuoc Hoa, Tan Thanh district, Ba Ria - Vung Tau province.
Phu My Industrial Zone 2 has an area of 1,023 hectares with the total investment of over 3,000 billion
and has completed the compensation for site clearance, the basic formalities of construction investment
and implementing the construction of technology infrastructure systems. Some investors has registered
for leasing the land in this industrial zone, including: POSCO (Korea), FUCO Steel Co. (Taiwan), Hoa
Sen JSC ...
Hoang Anh Gia Lai JSC (HAGL) will start the three projects in 2009, including two office buildings: 40-
storey buildings at the top of Kenh Te bridge (Dist.7) with a total floor area of 130,000m2; the project
apartment An Tien (including 980 apartments) opposite the project Phu Hoang Anh (Nha Be district), the
total floor area is 180.000m2; Hoang Anh Incomex apartment project is located at the crossroad of Le
Van Luong - Tran Xuan Soan (Dist.7) with 450 apartments on the 72,000m2 floor area.
According to Board of Directors of HAGL, from now to 2015, the company will build the 250,000m2 floor
area equivalent to nearly 1,500 apartments.
On 12th March 2009, Expo Center and Exhibition in Saigon (SECC) is located in District 7, HCMC has
officially opened the first stage with a lobby exhibition and the total investment of 30 million USD. The
lobby has an area of 9.000m2, no columns, the height of 12m, an outdoor exhibition area of 6.000m2; a
conference room seating 500 and 4 meeting rooms with the capacity of from 20 to 100 guests/room. It is
one of the lobbies meeting the international standards in terms of technology, construction and space for
the exhibition industry in Asia.
SECC has been invested by Saigontourist Joint Venture company and Phu My Hung company. Once
the three stages are completed, the project will be a general type of tourism that combines meetings,
seminars - conferences, resorts, investment (MICE) with fairs - exhibition.
According to Cushman and Wakefield Real Estate Brokerage Company (America), when comparing to
the rents of the offices at 202 locations in 57 countries in the world, Hong Kong is the place where the
rent is most expensive in the world with $2,214 USD/m2/year. The followings include Tokyo (Japan),
London (England), Moscow (Russia), Dubai (UAE), Mumbai (India), Paris (France), Damas (Xyri), Abu
Dhabi (UAE), Singapore (Singapore) and New York (USA).
Ho Chi Minh City (Vietnam) is ranked 16th in the world (increasing by one rank as compared to the year
2008) and ranked 5th in Asia with the average rent of about 764.5 USD/m2/year. According to the
reports, HCMC is the city where the speed of increasing the rents is fastest in Asia and the average
increase is 46%/year.
Cushman and Wakefield has also shown that the average rents of offices in the big cities in the world
have decreased by 16% due to the significant impacts of the global financial crisis. Among them, London
is the city that has suffered the greatest impact on the office market that has plummeted by
approximately 23% as compared to 2007.
 VietRees – Vietnam Real Estate
PROPERTIES ON THE WORLD
Hong Kong real estate market
begins to prosper
Property-Report
REAL ESTATE LEGISLATION
The rent of land for constructing
underground works is 30 – 50%
of the rent of land on the ground
Thoi bao Kinh te Viet Nam – 01 March, 2009
Danang: the notary offices allowed
to certify real estate
VietRees – 10 March, 2009
HCMC: ratifying the selling prices
of resettlement apartments in
District 10
Thanh Nien – 10 March, 2009
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A73 Page 4
From the beginning of the year up to now, the segment of the high-grade houses at Hong Kong real
estate market has been seeing positive changes. The liquidity of the market has become higher in the
first months of the year and reached the peak for over half of the last year.
According to Centaline Property Agency Ltd, the enterprises specializing in the high-grade residential
area in Hong Kong, the number of successful transactions has increased by about 31% as compared to
December 2008 and the value of the signed contracts has risen by around 9%, reaching 2.7 billion Hong
Kong dollars (or about 348 million USD). This has been the highest earnings from July, 2008. The price
of a high-class is priced at 10 million Hong Kong dollars.
The analysis specialist at Jones Lang LaSalle consulting company has said that the shortage of supply
and the low prices are the basic reasons behind the positive changes in the segment of high-grade
apartment in Hong Kong. However, it is still too early to determine whether the luxury home segment has
become stable or not.
In some big cities, many organizations have used the land to construct the underground works.
However, the current law has not had the full regulations on leasing land to construct the underground
works and the regulations on the land use space, land prices and the use management system. The
Ministry of Natural Resources and Environment has amended and supplemented some new contents in
terms of the land for constructing the underground works in the decree draft adding the regulations on
the land use planning, land prices, land reclamation, compensation and support for the resettlement of
the government and these regulations are about to be submitted to the government.
According to the draft, the rent of land for building the underground works is 30 - 50% of the rent of land
on the ground with the same using purposes. All domestic and foreign organizations and individuals
have the demands for using land to construct the underground works (not the underground parts of the
works on the ground) must carry out the land lease procedures and implement the administrative
obligations following the regulations of the land law and the Ministry shall provide the guidelines on the
order and procedures for leasing land to build underground works.
Another important content in the draft is that the Department shall assess the land or hire the consultants
to assess land price and submit to the provincial People’s Committee for decision. Any re-determination
to the land price in some cases of price changes will help push the land price assessment closer to the
market price.
Da Nang City People's Committee has just had the document on transferring the certification of the
contracts and transactions concerning real estate under the jurisdiction of the People's Committees of
communes, wards, districts, suburban districts to the notary organizations.
Accordingly, from 1st April, 2009, the certification of the contracts and transactions concerning real
estate ( testaments and documents on refusing the inheritances) that used to belong to the jurisdiction of
People's Committees of districts and wards in Hai Chau, Thanh Khe and Ngu Hanh Son will be
transferred to the notary offices.
The organizations & individuals that have demands for certifying contracts and transactions concerning
real estate are entitled to choose any notary organization in Da Nang.
The organizations and individuals belonging to the areas of Cam Le, Lien Chieu, Son Tra, and Hoa Vang
district are entitled to choose the certification of the contracts and transactions concerning real estate at
any notary organization in the city or at the People's Committee of districts, communes and wards where
there are properties following the regulations.
On 9th March 2009, the People's Committee of District 10 has ratified the selling prices of the
resettlement apartments at building A Nguyen Kim (Ward 7) and Ngo Gia Tu (Ward 3). And the price list
is applied for the households belonging to lot B of Ngo Gia Tu apartment building (Ward 3, District 10).
Specifically, the prices of 1m2 is 18,076,000 million VND (level 1), 17,571,250 million VND (level 2),
17.223.440 million VND (level 3), 16.945.190d (level 4), 16,694,770 million VND (level 5), 16,458,260d
(level 6), 16,221,750d (level 7), 15,971,330 million VND (level 8), 15,720,910 million VND (level 9),
15,470,490 VND (level 10), 15,220,070 million VND (level 11), 14,747,050 million VND (level 12),
14,510,540 million VND (level 13), 14,260,120 million VND (level 14).
For the compensation and support for the resettlement of 184 households living at lot B of Ngo Gia Tu
apartment building, the land unit price for calculating the compensation & support has been determined
to be equal to the prices ratified by the HCM City People's Committee at the time of transferring the real
land use rights on the market. Namely, the locations on the ground floors or frontages of Hoa Hao street
are 28,482,000 million VND/m2; the locations on internal frontages or ground floors are 17,801,000
million VND/m2; the locations on the 1st storey are 14,241,000 million VND/m2, the locations on the 2nd
storey are 12,817,000 million VND/m2; the locations on the 3rd storey are 11,393,000 million VND/m2.
It is expected that on 12 - 3rd March, the People's Committee of District 10 will hold a meeting to
publicize the whole plan for the compensation, support, resettlement and the selling prices of the
resettlement apartments; drawing lots, etc.
VietRees – Vietnam Real Estate
Websites of real estate companies in Vietnam
Property developers
Ho Chi Minh
Company 585 - www.585.com.vn
Company 584 - www.congty584.com.vn
An Phu - www.anphugroup.vn
BCCI - www.bcci.com.vn
Daewon - www.daewon.vn
Him Lam - www.himlam.com
Hoang Anh Gia Lai - www.hagl.com.vn
Linh Phong Conic - www.conic.com.vn
Nam Long - www.namlongvn.com
Phu Long - www.phu-long.com.vn
Phu Quoc Land - www.phuquocland.net
SacomReal - www.sacomreal.com
Sadeco - www.sadeco.com.vn
Resco - www.rescovn.com
Thai Thinh Capital - www.richlandhill.com.vn
Thu Duc House - www.thuduchouse.com
Phu My Hưng - www.phumyhung.com.vn
Van Phat Hưng - www.vanphathung.com.vn
Vietnam Land SSG - www.saigonpearl.com.vn
Ha Noi
FPT Land - www.fpt-land.com
C.E.O - www.ceoholdings.com.vn
Gia Tue - www.giatue.com.vn
HUD - www.hud.com.vn
HDB Viet Nam - www.hdbgroup.com.vn
Keangnam - www.eng.kne.co.kr
Nam Cuong - www.namcuong.com.vn
Song Hong Land - www.songhongland.com.vn
Vinaconex - www.vinaconex.com.vn
Vincom - www.vincom.com.vn
Viet Hung - www.ecopark.com.vn
Other cities
Becamex IDC - www.becamex.com.vn
Biconsi - www.biconsi.com.vn
Tuan Chau - www.tuanchau-halong.com.vn
GNSVINA - www.cozyvill.com
Company 579 - www.cecico579.com.vn
Duc Manh - www.ducmanhco.com
Sponsor:
www.VietRees.com
Brokerage
Ho Chi Minh
An Gia - www.angia.com.vn
ACBR - www.acbr.com.vn
Dat Xanh - www.datxanh.com.vn
Dia Loi - www.nhadatdialoi.com.vn
Dat Cat - www.datcat.com.vn
FICO - www.ficohome.com.vn
Kim Son - www.kimson.com.vn
Phuc Duc - www.phucduc.com
Hung Phu - www.hungphunhadat.com
Hung Thinh 2 - www.diaochungthinh.com.vn
Hoang Quan - www.hoangquan.com.vn
Intresco - www.intresco.com.vn
Loc Dien - www.nhadatld.com
Nova - www.novahomes.com.vn
Phat Hung - www.phathung.com.vn
SacomReal - www.sacomreal.com
Tan Dien - www.tandien.com.vn
Ha Noi
Cland - www.cland.com.vn
Dong Do - www.dongdobds.com
Phu Thai Group - www.phuthaigroup.com
Petrowaco - www.petrowaco.vn
Petrolimex – www.pland.com.vn
Other cities
Dieu Hien - www.dieuhien.com.vn
Thien Loc - www.thienlocnhadat.com.vn
Research
CBRE - www.cbrevietnam.com
Savills Viet Nam - www.savills.com.vn
VietRees - www.VietRees.com
Consulting
CBRE - www.cbrevietnam.com
Dong Duong - www.indochina-consulting.com
Eden Real - www.edenreal.com
Hop Nhat - www.uniland.com.vn
Indochina Land - www.indochinacapital.com
Long Gia Khang - www.longgiakhang.com
Savills Viet Nam - www.savills.com.vn
Vina Capital - www.vinacapital.com
Viet Nam Real Estate Newsletter A73 Page 5
Evaluation
AREV - www.arev.com.vn
Hoang Quan - www.thamdinhgia.com
Vietland - www.thamdinhgia.com.vn
VVFC - www.valuation.vn
Construction
Ho Chi Minh
CIC8 - www.cic8.com
Coteccons - www.coteccons.com.vn
Cosaco - www.cosaco.com.vn
Hoa Binh - www.hoabinhcorporation.com
Hai Thanh - www.haithanh.com.vn
Toan Thinh Phat - www.toanthinhphat.com.vn
Ha Noi
Constrexim - www.constrexim.com.vn
Cavico - www.cavicovn.com
HANCIC - www.hancic.com.vn
HUD - www.hud.com.vn
Incomex - www.incomex.vn
Architect and Interior Decoration
Ho Chi Minh
A2 Visualization - www.a2viz.com.vn
Cat Moc - www.catmoc.com.vn
Nha Vui - www.nhavui.com
Nha Viet - www.nhavietdecor.com
Nha Dep - www.nhadep.com.vn
Pho Xinh - www.phoxinh.com.vn
Ha Noi
ACT - www.act.com.vn
ADKientruc - www.adkientruc.com
Ashui – www.ashui.com
Kien Truc Ha Noi - www.kientruchn.com
Other Countries
Architects 61, Sing - www.a61.com.sg
DP Architects, Sing - www.dpa.com.sg
SWA, USA - www.swavietnam.com
Ong&Ong, Sing - www.ong-ong.com
RSP Vietnam, Sing - www.resp.com.sg
Surbana Vietnam, Sing - www.surbana.com
 VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A73 Page 6

REAL ESTATE PROJECT AND PRICES

HCMC: petitioning for piloting the
low-price welffare houses
Edited by VietRees – March, 2009
* According to Ho Chi Minh city Department of Construction, from now until 2010, the city will complete 8
social welfare house projects with the area of 5.5 hectares, including 2,820 apartment buildings. The
Department of Construction has also proposed the People's Committee of the city to offer the
government some mechanisms to encourage the development of the welfare house programs.
* According to the guiding document of the HCM City People's Committee, the departments, branches
and People's Committees of the districts and suburban districts: 2, 9, 12, Thu Duc, Hoc Mon, Binh
Chanh should urgently determine the land use planning to invest in the construction of 4 clusters of
welafre houses at 4 gateways of HCM City. The Real Estate Association of the City has researched the
mechanisms and policies of implementing the welfare house programs and actively call on the real
estate enterprises to register for the participation.
* HCM City People's Committee has proposed that the investment for building welfare house be 1,250
billion VND and 1,200 billion VND be used for setting up the land reserve for constructing the
accommodation and about 3,600 billion VND be used for building dormitories for students .

Phan Thiet: Invest in construction
of 5-star hotel
Thoi bao Kinh te Sai Gon – 10 March, 2009
The Hotel Investment project is a 5-star hotel located at Phu Thuy Ward, Phan Thiet city on a site of
11,000m2 with a total investment of 200 billion VND. Phan Thiet Hotel Investment – the investors- has
just been granted the investment certificate by the People's Committee of Binh Thuan province.
The hotel includes 52 rooms modern, high quality facilities and service system entertainment comes: the
restaurants, the spa and massage, the sport, the entertainment area for children ...

Da Nang: 6 more resorts to appear
VietRees – 13 March, 2009
The Department of Culture - Sports and Tourism of Da Nang has shown that from now till the end of the
year there will be 6 more resorts at Da Nang beach opened to welcome the visitors including Silver
Shore - Hoang Dat, Olalani, Ba Na telpher, Tien Sa, Xuan Thieu Son Tra and Spa.
According to the statistics, Da Nang has 46 tourism investment projects with a total investment of over
1.8 billion USD. In which, there are 12 foreign investment projects with the total investment of USD 763
million and 34 domestic investment projects with the total investment of 1.56 billion USD.

High-grade apartment prices The level of changes in the prices of the high-grade apartment in HCMC
in HCMC slightly increase
(by 1%) in February, 2009
VietRees – Mar, 2009

According to the statistics, the high-grade apartment prices transferred in February increased by 1% as
compared to January and the transactions have still been quite slow. The high-grade apartment prices
are predicted to remain the old prices or slightly decrease in the next months, especially when the
market has more new supplies with the low prices. The general difficulties of the economy have also
made the income of people partly go down and made the bank interest rate low, therefore, they have
contributed to increasing the demand for the low-price properties in the future.

Announced prominent real estate developments during the last 2 weeks*

Week 1 March, 2009 Week 2 March, 2009
Ho Chi Minh City Satra Dat Thanh AP (Phu Nhuan Dist.)
Dam Sen complex (Dist.11)

Other cities Complex at Mai Dong ward, Hoang Mai Dist. (Ha Noi) Hotel 5-star The Hotel Investment (Phan Thiet)
Satin Residence apartment building (Ha Noi) Promenada @ Canary Complex (Binh Duong)
NCG Residentials apartment (Ha Noi)
* Note: RA=Residential Area, AP=Apartment Building, HA=Housing Area, RuA=Reurban Area, TA=Tourism Area, IA=Investment Area, UA=Urban Area, ReA=Resettlement area

Websites of properties in Vietnam

Ho Chi Minh
Blooming Park - www.bloomingpark.com
Saigon Paragon - www.saigonparagon.com
Dragon City - www.dragonland.com.vn
Preche - www.preche.com
SaigonPearl - www.saigonpearl.com.vn
V-Star - www.v-star.com.vn
Time Square - www.timessquare.com.vn
The Everrich - www.theeverrich.com
Tan Da Court - www.tandacourt.com
Lancaster - www.lancaster.com.vn
The Vista - www.thevista.com.vn
Sponsor:
Ha Noi
Viglacera Tower - www.viglaceraland.vn
My Dinh – Me Tri RA - www.sudicosd.com
Bac An Khanh RA - www.vinaconex.com.vn
Ha Noi Plaza Hotel - www.charmvit.co.kr
Phap Van – Tu Hiep RA - www.hud.com.vn
Other cities
Furama Resort - www.furamavietnam.com
Sai Gon – Mui Ne Resort - www.saigonmuineresort.com
Sunspa ResortVietnam - www.sunsparesortvietnam.com
Other cities
Cozyvill - www.cozyvill.com
Flamingo Dai Lai - www.flamingodailai.com
Van Phu township - www.dothivanphu.com
Dam Vac Golf - www.damvacgolf.com
Sanctuary - http://sanctuary.com.vn
Ho Tram Strip - www.hotramstrip.com
Sai Gon Sunbay - www.ctc-corp.vn
Eden Lagi Resort - www.edenreal.com
Van Quan – Yen Phuc township - www.hud.com.vn
Quoc Te Do Son - www.vietlandgroup.com
 VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A73 Page 7

Property Retail Price

Updated on information from ACBR, Van Phat Hung, Hung Thinh, Phuc Duc, Tuoi Tre Newspaper and developers (VietRees gathered by direct surveys), listed prices can be
original prices or transfer prices at current or at one week prior from the date this newsletter is issued.

Typical apartments in HCM city Other apartments and land lots

Area Price (million
Dist.
(m2) VND/m2)
+/-
Apartment building – HCMC
BMC – Ben Chuong Duong 1 82 25.5
An Cu 2 140 18.3 -
An Khang 2 90.2 23.4 -
Thinh Vuong 2 130 17.7
Cantavil, Dist.2 Riverside Residences Sky Garden , Dist.7 Screc Tower 3 52 26.5
* 100m2 – 31 million VND/m2 Area: 81 – 477 m2 * 71m2 – 28.9 million VND/m2
Orient Apartment 4 71.7 21.7 -
Price: 37 million VND/m2 * 89m2 – 29.7 million VND/m2
Hung Vuong Plaza 5 121 27 -
Hoang Anh Gia Lai 2 7 117.8 15.9 +
Phu Loi Sacomreal 8 69 12.1 +
Le Thanh BT 68.4 9.3 +
Morning Star BTH 85 21.9
Phu My Thuan NB 96 8.7 +
PN Techcons PN 138.6 24.7
Development land lots – HCMC
Blooming Park, Dist.2 Phu My, Dist.7 The Everich, Dist.11 An Phu – An Khanh 2 200 29.2
Area: 95 – 398m2 * 88m2 – 22.5 million VND/m2 * 118m2 – 1,735 USD/m2 Dong Thu Thiem 2 128 15.4
Price: 1,800 – 2,400 USD/m2 * 114m2 – 24.2 million VND/m2 * 151m2 – 1,700 USD/m2 The Ky 21 2 160 18.5
Direct contact with the investor1 An Phu Hung 7 72 27
Phu My – Cho Lon 7 125 15.3 -
Gia Hoa 9 200 9.5 -
Khang An 9 144 7.2 -
Cotec – Phu Xuan NB 136 7.5 +
Thai Son 1 NB 250 11.3 -
Apartment building – Ha Noi
CT3 Vimexco CG 131 26.2 -
Preche, Dist.2 Panorama, Dist.7 Saigon Pearl, B.Thanh Dong Nam Tran Duy Hung CG 152 25.2
* 147m2 – 2,222 USD/m2 * 147m2 – 39.5 million VND/m2 * 84m2 – 2,156 USD/m2 Ha Thanh Plaza DD 114 25.5 -
* 135m2 – 2,173 USD/m2 Hoa Lu HBT 64 34 +
Xa La HD 63 11.9 +
Linh Dam HM 73 14.9 -
Viet Hung LB 68 9
Development land lots – Other provinces
Hiep Thanh 1 BD 175 2.7
My Phuoc 3 BD 150 1.66 -
Long Kim 2 LA 110 4.5 -
Tay Nam BR-VT 90 1.9
The Vista, Dist.2 New SaiGon, Nha Be The Manor, B.Thanh
Thien Loc CT 100 2.05 +
* 139m2 – 1,483 USD/m2 * 100m2 – 19 million VND/m2 * 80m2 – 2,167 USD/m2
Tam Phuoc DNI 250 2.3
* 121.4m2 - 18.7 million VND/m2 * 118m2 – 2,000 USD/m2
TCT XD Ha Noi DNI 100 2.5 +

1
Kien A Investment & Services Co., Ltd. - An Phu Ward, District 2, HCMC - Tel: (84.8) 3740 6688, Fax: (84.8) 3740 6949

Danang: 225 Huyen Tran Cong Chua - T: (84) 511 836 216 * HCMC: 390 Nguyen Cong Tru, D.1 - T: 8 821 7509 * Hanoi: No.6-1D Trung Yen New Town, Caugiay - T: 4 783 1598

Sponsor:
VietRees – Vietnam Real Estate
PROPERTY SUPPLY FOR DIFFERENT TARGETS OF CUSTOMERS
Social welfare houses for worker
VietRees
Real estate for the low income
VietRees
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A73 Page 8
* Saigon Construction Corporation investor two apartment blocks high 5-storey for workers in Quarter 1,
Linh Trung Ward, Thu Duc Dist, HCMC.
* Hung Vuong JSC has just put a 5-storey apartment building into use for cadres and workers. The
company continues to petition Tien Giang Provincial People’s Committee to grant a 5.000m2 land area to
construct more apartment buildings for workers with an investment of 100 billions VND.
* Saigon Paper JSC has put an apartment building into use for workers at My Xuan Commune, Tan
Thanh suburban district, Ba Ria - Vung Tau province. The stage 2 of the apartment building is about to
be implemented with a scale of 8 storey.
th
* Morning of August 28 , 2008, the Ministry of Construction has signed a memorandum for the
cooperation in the field of welfare housing with Korean Ministry of Land-Traffic and Marine.
* Ha Noi Construction Investment JSC (Hancic) has finished 4/10 units of the 5-storey house which
belongs to the housing project for workers at Kim Chung Commune (Dong Anh).
* Construction and Import-Export JSC (Vinaconex) has transferred and put into use 4 blocks of houses
among the total 16 blocks of the housing project for the workers at Thang Long industrial zone.
* The housing area of 7,000 m2 (380 rooms) for 1,500 workers of Dong Quang Knit Limited Company at
Hai Son industrial cluster (Duc Hoa Ha commune, Duc Hoa suburban dist., Long An province) has just
nd
been put into use. The total investment cost of this housing area is 20 billion VND. (2 Oct,2008)
* The 4-storey apartment building at cluster 5, ward 8, Vinh Long town that serves the cadres,
employees, professional serviceman and etc has been ratified by Vinh Long Provincial People's
rd
Committee with a total investment of over 37 billion VND. (3 Oct,2008)
* Hiep Phuoc accommodation and 1 apartment block in District 9 is reserved for over 1,600 workers in
th
Hiep Phuoc industrial zone and hi-tech zones - Directed by HCMC People’s Committee (22 Jan, 2009).
* 4 three-storey apartment blocks (204 rooms) reserved for nearly 1,000 workers in Ha Quang export
garment factory and Tay Bac Dong Hoi industrial zone with the rent of 100,000 VND/ month/ person have
th
been put into use after Lunar New Year – Quang Binh - Dai Phong Co., Ltd (4 Feb, 2009)
* Sai Gon – Gia Dinh Real Estate Company and Hoa Binh Phu Yen Company build Thoi An Apartment
Building in District 12 with 1,000 apartments.
* Construction Co. No.8 (CIC8) will invest in construction of 10,000 Keppel Land apartments & Tien
Phuoc Co. will build a resettlement area including 1,900 apartments at An Phu, Binh Khanh, District 2.
* HCM City People’s Committee will advance 50.5 billion to carry out the project of Vinh Loc B, Binh
Chanh residential area for resettlement with hundreds of townhouses and 40 apartment blocks.
* Construction Co. No.5 will invest in construction of 500 apartments at Ward 22, Binh Thanh District.
* HCM City Cooperative Alliance has developed its construction investment project of housing area at Le
Minh Xuan Commune, Binh Chanh Suburban District on a site of 67.49 hectares.
* 50% of the house reserve at The Splendor apartment area (Go Vap Dist.) will be intended to serve
resettlement demand in the district.
* Dat Lanh Co. will offer 1,500 apartments to the market with the prices of 500 - 700 millions VND/unit.
* People‘s Committee of HCMC has approved the project of the resettlement area on a site of 55.24
hectares at Dong Nam Cu Chi industrial - residential area in Cu Chi.
* House management of D.1 is assigned to construct the resettlement area at 7/4ª Kha Van Can, TD D.
* In early 2010, Hai Thanh company will complete 352 apartments of Hai Thanh 1 resettlement area
project, Binh Tan District for the civil servants at Binh Tan District.
* People’s Committee of Binh Chanh has just cooperated with Hung Vuong university Investment &
Development JSC to construct resettlement area at Tan Kien commune, Binh Chanh suburban district.
* People’s Committee of HCM City has just licensed Cho Lon Real Estate JSC to invest in the
construction of the apartment building at No. 99 Ben Binh Dong, ward 11, district 8 in order to make the
house reserve at the social welfare housing program.
* People’s Committee of HCM City has promulgated the decision about reclaiming the land areas at
Phuoc Kien, Nhon Duc and Phuoc Loc communes, Nha Be suburban district for the construction of the
resettlement area in order to serve the project of Nhon Duc - Phuoc Kien new urban area.
* The HCM City Union of Housing Co-operatives has prepared to commence the construction of Thanh
Loc apartment building with 238 apartments on a site of 6.600 m2 in District 12. The Union intends to
construct another apartment building with over 200 apartments at Truong Tho ward, Thu Duc district.
* HCMC People’s Committee has ratified the planning of Binh Khanh residential area (Dist.2) which is
built on a site of 384,019 m2 to serve the resettlement of the locals in Thu Thiem new urban area.
* Dat Xanh has cooperated with Truong Son Vanguard Youth General Squad to build apartments for low-
income people at Dist.12
* Go Vap People’s Committee and Go Vap Public Benefit Service Co. have bought back the house
reserve belonging to Phu Gia Hung high-end apartments, Duong Quang Ham Street, Ward 15, Go Vap
Dist. and Dong Hung Thuan 1, 2 apartment buildings, Dist. 12 to serve the resettlement of the locals at
Tham Luong project - Ben Cat - Nuoc Len ditch.
* Approximately 184,000 apartments belonging to the investment program in the construction of the
social welfare houses in the stage of 2009 – 2015 with the total investment of about 49,000 billion VND
th
have been submitted to the government for approval. (30 Sep, 2008)
* 800 social welfare houses for lease - lease to purchase will be built at 19A and 21A plots, Viet Hung
th
urban area in 2009, which have been ratified by The People’s Committee of Ha Noi City. (16 Oct, 2008)
* 462 units of Khang Gia 3 apartment building (Go Vap Dist.) invested by Khang Gia Real Estate
th
Investment – Development JSC will be used for the resettlement demands. (27 Oct, 2008).
* Replacing 0.3 million m2 floor of the old apartment buildings in District 1, 4, 5, 11, Binh Thanh, Tan
Binh, Tan Phu and building 4 apartment buildings: 107 Truong Dinh (Dist. 3), Soai Kinh Lam ( Dist. 5),
Building B (plot Q), Nguyen Kim apartment building, Building B (plot B, C), Ngo Gia Tu apartment building
- Department of Construction (Jan, 2009).
 VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A73 Page 9

Ho Chi Minh City * The lowest price is 300,000 VND/m2

Land prices in 2009 stipulated
according to price list by the
state
Used as the basis to calculate the tax for
using land; transferring land use right;
calculating the money for land use and lease
when handing over the land; leasing land
without via auctioning land use right or inviting
bids for projects using land; calculating the
value of land use right when handing over the
land without collecting land-use money of the
organizations, individuals; determining the
value of land use right and adding it to the
asset value of the state-owned enterprises
when they are equitized; calculating land-use
value for compensation when the government
reclaims land, etc.
Edited by VietRees
February, 2009
* Urban land: not exceeding 81 million VND/m2
* 2,700 road stretches/ routes have new prices,
675 sections/ routes keep the prices unchanged
and 1,899 stretches/ routes have the prices
adjusted. The land price can be adjusted not to
exceed 20% as compared to the maximum price
and the minimum price.
Can Tho
* The highest price of 17.5 million VND/ m2 is
for land on Hai Ba Trung street.
* The highest land price is 6.5 million VND in
Binh Thuy District.
Dong Thap
* Urban land: the The highest price is 15 million
VND/m2 in Sa Dec town and 14.4 million
VND/m2 in Cao Lanh City.
* The price list of urban land in 2009 has
supplemented 46 new road routes and adjusted
147 road routes with the popular increase of
200,000 – 1 million VND/m2.
Nha Trang
* The highest price is 18 million VND/ m2 (equal
to 2008’s prices) – the stretch from the South of
Tran Phu bridge to Ana Madra hotel (position 1,
road No.1, coefficient 1).
(position 5, road No.8, coeffient 1)
Ha Noi
* Price of land within the city: 2.5 - 67.5 million
VND/m2.
* Price of land in the towns: 1.5 - 16 million
VND/m2.
* Price of land in the rural area: 150,000 VND -
2.25 million VND/m2.
Hai Phong
* Urban land: the highest price is over 30
million VND/m2.
* As compared to 2008, the land price has had
an average increase of 30%. Especially, some
areas such as Do Son, Duong Kinh, Cat Hai
districts have the increases of 100 - 225%.
Thua Thien Hue
* The highest price is 26 million VND/m2.
* The lowest price is 320,000 VND/m2.
Nghe An
* Cua Lo and Thai Hoa towns: the highest
price is 6.2 million VND/m2 and the lowest
price is 50,000 VND/m2.
* Vinh City: the highest price is 30 million VND/
m2 & the lowest price is 320,000 VND/m2.

CONSTRUCTION MATERIAL MARKET

Opportunity for everyone to The price of some construction materials such as iron, steel, brick, etc has still been on the downturn as
compared to the peak, currently, there are some types that have decreased by 50%. The raw material
build houses price has declined and this has made the construction bid price plummet. Although many contractors
Edited by VietRees have suffered the profit decrease to expect to sign many new contracts, the situation has still been quite
gloomy. However, the labor costs have tended to considerably increase by 5 - 10% as compared to the
previous time, depending on the main or secondary workers. Not only the sellers have been melancholy
about the gloomy purchasing power, the producers have also fallen into the sluggish situation in the past
months. The cement consumption within the first two months of 2009 decreased by 18 - 20% over the
same period last year although the companies have implemented a series of promotions and discounts.
The main reason is that these are the first months of the year and the current economic situation is
difficult, as a result, the consumption of construction material has declined. Currently, those who
purchase the construction materials have mainly been the people who have demands for building
houses due to the quite cheap costs.
It is forecasted that the domestic steel market will have no change until June, 2009 due to the plentiful
supply and the continuous production capacity. The steel prices during the first days of March, 2009 at
the factories have ranged from 10.5 - 10. 8 million VND/ton (excluding VAT).

STOCK MARKET
Two bourses slightly increase After the previous significant downward session, today, both
bourses of the stock market in Vietnam have slightly increased.
at weekend
* At the HCM bourse, right after the opening time, the market
Edited by VietRees has shown the signs of going up when many share codes have
Chart Source: Vietstock been bought. Although the volume of transactions is not high as
compared to the previous sessions but it has also been
Up to date: 13 March, 2009 sufficient to help the VN-Index reverse its direction and increase
by 1.54 points. During the consecutive order-matching time, the
transactions go down. VN-Index has still maintained the upward
movement, however, it has increased by only 1.33 points as
compared to the former session and closed at 252.34 points. The total trading volume has reached
nearly 10 million units. Until the last order-matching session to determine the closing price, VN-Index has
gradually got breathless. Ending the session, VN-Index has slightly risen by 0.43 points as compared to
the previous session to close at 251.44 points. The total trading volume on the market has reached 11.8
million units worth over 204 billion VND.
Closing the quite eventful trading week, VN-Index has had 4 upward sessions and 1 downward session.
As compared to the last week, VN-Index has increased by 5.74 points. The total trading volume has
averaged over 14 million units per session.
* At the Hanoi bourse, HASTC-Index has come back to the upturn when adding 1.2 points to close at
88.67 points. The total trading volume on the market has reached 6.3 million units worth nearly 108
billion.
After one trading week, HASTC-Index has also had 4 upward sessions and 1 downward session. As
compared to the last week, HASTC-Index has also increased by 4.08 points (from 84.59 points up to
88.67 points)

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VietRees – Vietnam Real Estate
REAL ESTATE MARKET FORECAST
* Note: Information on market forecast is only updated every 4 periods (after one month) by VietRees – Mar, 2009
General trends on the Ho Chi
Minh City market
Apartment market
Project ground base market
The market will become more
eventful when new supplies
appear with reasonable prices
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www.VietRees.com Viet Nam Real Estate Newsletter A73 Page 10
The transaction situation of the apartments, town houses and project ground bases in February saw the
better signs as compared to January although many companies have still operated perfunctorily. In
general, the market has seen a slight increase in the prices of project ground bases and apartments for
sale. However, this situation may not be stable because it only takes place partially.
According to VietRees, investors have tended to switch to buying low-price real estate such as
apartments, town houses and project ground bases with many reasonable reasons: (1) preserving
capital, (2) high expectation of the ability of price increases in the future when the other investment
channels in stock, currency and gold are considered to be unsafe in the period of the economic
recession, (3) Meanwhile, the bank interest rate is low, as a result, many investors have chosen the low-
price properties as the safest investment channel, (4) the supplies of the low-price property have still
been scarce; (5) for the low-price property at the present - when the market is frozen, there will be a faint
possibility that the prices will be lower in the medium and long-term future.
Some prosperous signs of the market in February include: (1) some investors reduced the selling prices
of apartments together with the attached program of supporting finance; especially according to the
forecast of VietRees, this price decrease will contribute to stimulating the spread of the price decreases
in the future, (2) the State’s policy of kicking the demands is gradually affecting the market, (3) the
market will have many choices, (4) investors and customers have been more careful in transactions, as
a result, the law of supply and demand would also take more effect.
The price of the primary apartments has dramatically declined as compared to before (over 40%). This is
the positive signs to attract customers and ensure the success in trading in projects when there are only
a few projects offered for sale and the market has traded in dribs and drabs in the past time.
While the price of the retransferred high-grade apartments has somewhat increased as compared to the
past, although the successful transactions have been inconsiderable. According to VietRees, the
reasons include: (1) the investors have weekly increased the prices because they hope that the market
will prosper when there are some good signals from the market, (2) the previous prices have
dramatically decreased and when there are good signals, they do not accept the same losses as when
they sold out at the low prices, (3) some projects that are considered to be high-class have the lower
prices as compared to the projects with the prices newly announced by the investors in the recent time
although the prices have dramatically declined.
According to the statistics, the prices of the high-grade apartments transferred in February rose by 1%
as compared to January and the transactions have still been quite slow. The high-grade apartment
prices are expected to remain the old prices or slightly decrease in the next few months, especially when
the market has more supplies at low prices. The general difficulties of the economy has made the
income of the people go down and caused the bank interest rates to decrease. This has contributed to
increasing the demand for the low-price houses in the future.
The supply of the apartments belonging to the medium and low segment is fairly limited and there is
almost no new product, as a result, the market does not show many movements. According to the
statistics, the prices have also slightly increased by 1% - 2% as compared to recently.
Although the project ground base prices have gone down, they have still been very much higher than the
level that the people with the real housing demands expect; as a result, the successful transactions have
been very scarce. This segment has seemed to only attractive to the investors, not those who have the
demands for building houses to live in.
In February, the ground base prices at some local areas in District 2, 9, Binh Chanh, etc have shown the
signs of heating up because the people that receive the support for damages and compensation for the
site clearance in the project of Thu Thiem new urban area have required price increases. The premise
prices of the projects have been pushed up to the fairly high levels by the sellers such as Trung Son
residential area, Thai Son residential area 1 - 2, etc. According to VietRees, this can only be the virtual
phenomenon of kicking the demands at the areas.
It is not a new trend, however, it can be confirmed that not only buying the low-price houses to live in but
also investing in the low-price houses and ground bases has been the trend. The low-price project
ground bases distant from the heart of the city and located in the provinces such as Binh Duong, Dong
Nai and BR-VT have actually attracted buyers. According to VietRees, this is the form of conserving the
capital of the investors and expecting the price increases of the market in the future when the market is
frozen and there is a faint possibility that the prices will become lower in the medium and long-term
future.
The new price premise is gradually being set up after the market has been frozen. According to
VietRees, the market will be more eventful when there are more supplies with the reasonable prices in
all of the market segments (from high-class, middle-class to the common or for low-income people). The
reasonable new price premise will attract the transactions.
The investors need to calculate the interest rates reasonably and develop the projects quickly. The more
reasonable prices will attract the investors when the other investment channels have been considered to
lack the stability and be unsafe in the current situation. In the short, medium and long term, the real
estate demand has been great. Therefore, according to VietRees, with a reasonable interest, the
investors’ prestige, the marketing methods aiming at the right target customers and the good customer
services, the investors will have a lot of chances to succeed.
VietRees - March, 2009