HCMC Property Market Briefs Q2 2010 en

Office for lease
Ho Chi Minh City, Vietnam Q2/2010

Supply Trends metres for all grades came online in Q2 2010, occupancy, at
around 88%, did not vary much q-o-q due to double times
Eleven new office buildings with a total 129,000 square higher take up in Q2 2010.
metres began operation in Q2 2010. HCMC office market has
a total 147 office buildings of all grades with a total leaseable Demand Trends
area of around 952,000 square metres, a 16% increase Savills notes the average size for staff depends on the
compared to Q1 2010. company’s nationality or the enterprises’ profession and
Office supply in District 1 increased dramatically, up 20% varies from 5 to 20 square metres per staff.
quarter on quarter, due to the appearance of Vincom Tower, The majority of office transactions occurred for small space
A&B Tower and Bao Viet Building. These additions helped generally below 100 square metres. Grade B is still a favourite
District 1 to maintain its top ranking in market share, which option for old companies as well as new investors who would
was at 57% this quarter. like to develop their business in Ho Chi Minh City.
Up to May 18th 2010, there were 137 newly licensed FDI
Approx. Occupancy Average
No. of Supply rent projects investing in HCMC with a total US$817 million in
Grade (sq m) (%)
Buildings (US$/sq m capital in the first five months of 2010.
/month)
Grade A 6 100,100 89% 59
Grade B 35 476,050 91% 33
Outlook
Grade C 106 376,100 84% 22 Potential future supply on gross area, 2010 onwards
sq m
Source: Savills Research & Consultancy, Q2 2010 800,000
* Rents, in US$, are based on quoted rents and package net, inclusive of service
charge but exclusive of VAT (10%), payable monthly. 700,000
600,000
Performance of HCMC office market (all grades), Q2 2009
– Q2 2010 500,000
US$/sq 400,000
40 m/month % 100% 300,000

35 200,000
80% 100,000
30
25 60% -
20 2010E 2011E Potential
15 40%
Source: Savills Research & Consultancy, Q2 2010
10
20%
5 By the end of 2010, the office market is expected to receive
0 0% about 20 office buildings with total 153,000 square metres.
Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010

District 1 is still the economic centre of Ho Chi Minh City, so
Source: Savills Research & Consultancy, Q2 2010 that its future supply accounts for the highest market share at
The average rent for all grades and districts was recorded at around 49 percent. District 7, especially, Phu My Hung Area,
US$32 per square metre per month, increasing by 5% has invested heavily in infrastructure and the population has
compared to Q1 2010 because the average rental rate of strongly increased, therefore, office demand is leading to an
Grade B increased 14% q-o-q. Although 129,000 new square expected increase in total future supply at around 20 percent.
For further information, please contact:

vietnam – ho chi minh city vietnam - hanoi corporate website
Brett Ashton Matthew Powell www.savills.com
Managing Director Branch Director
+84 8 3823 9205 – Ext.116 +84 4 3946 1300 – Ext.105
bashton@savills.com.vn mjpowell@savills.com.vn
address address
Savills Vietnam Ltd – Ho Chi Minh City Savills Vietnam Ltd – Hanoi
18/F, Fideco Tower 13/F Pacific Place
81-85 Ham Nghi , District 1 83b Ly Thuong Kiet, Hoan Kiem
Ho Chi Minh City Hanoi
Vietnam Vietnam
T: +84 8 3823 9205 T: +84 4 3946 1300
F: +84 8 3823 4571 F: +84 4 3946 1302
This document is prepared by Savills for information only. Whilst reasonable care has been exercised in preparing this document, it is subject to change and these
particulars do not constitute, nor constitute part of, an offer or contract, interested parties should not only rely on the statements or representations of fact but must satisfy
themselves by inspection or otherwise as to the accuracy. No person in the employment of Savills has any authority to make any representations or waranties whatsoever
in relation to these particulars and Savills cannot be held responsible for any liability whatsoever or for any loss howsoever arising from or in reliance upon the whole or any
part of the contents of this document. This publication may not be reproduced in any form or in any manner, in part or as a whole without written permission of the publisher,
Savills.© Savills Vietnam Co., Limited. 2009
Retail
Supply Trends
GDP growth rate, retail sales value and retail growth rate
Q2 2010 recorded four new retail centres: Vincom Center in HCMC by year
Shopping Mall, Lotte Mart Phu Tho, Maximark Ba Thang Hai, 45
% VND Billion
300,000
and Co-opmart Phu Tho, brings approximately 112,700 square 40
metres to the retail market. 35
250,000
At present, there are six department stores, 19 shopping 30 200,000
centres, six retail podiums, 61 supermarkets and three 25

150,000
wholesale markets in the city with a total area of approximately 20
602,000 square metres. The HCMC retail market is still 15 100,000
extremely small compared with the market in comparable 10

50,000
regional cities. 5
0 0
The Central Business District (CBD) is still the most desirable 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 first 5
area for retail developers and retailers, although suburban months
of 2010
areas are becoming increasingly attractive.
Retail sales value Retail growth rate (%) GDP growth rate (%)
Source: HCMC Statistics Office, Q2 2010
Market Performance of HCMC Retail Market, Q2 2010
Average rent Outlook
Retail type Occupancy (%)
(US$/sq m/month) Potential Future Supply, 2010 onwards
Shopping centres 93% 76 sq m
500,000
Department stores 99% 107
Retail Podiums 100% 82 400,000

300,000
Occupancy rate this quarter for the whole of the retail market
was at 96%, a slight increase of 1% q-o-q. Average rents in Q1 200,000
2010 are at about US$83 per square metre per month.
100,000
Demand Trends
0
The purchasing power in the HCMC market has remained
strong for several years. In the first five months of 2010, retail 2010E 2011E Potential
sales in HCMC increased more than 34% compared with the Source: Savills Research & Consultancy, Q2 2010
same period last year. Savills expects higher increases in
retail growth when the economy recovers. In 2010, approximately 100,000 square metres of new supply
is expected to enter the market. The year 2012 and onward
Recent consumer patterns in Viet Nam indicate there is strong will be years to observe for the retail sector as more than
interest in luxury brands, international franchises and 429,000 square metres of new supply are expected to enter
domestic goods of high quality. the market with the completion of some major projects.
Savills expects that the HCMC retail market will expand
Demand for luxury retail space in the CBD continues to grow.
further in suburban districts. Notably District 7 is expected to
record more than 37% of the new supply in the next few years.

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Hotel
Supply Trends Demand Trends
No new 4-star or 5-star hotels entered the market this quarter According to Viet Nam Administration of Tourism (VNAT), the
except Oscar Saigon Hotel, a former 3-star hotel awarded total number of foreign visitors coming to Viet Nam in the first
4-star in Q2 2010. One new 3-star hotel named Liberty Central five months of 2010 is reported at 2.1 million persons, an
Hotel entered the market this quarter. In addition, two hotels increase of 32% compared to the same period last year.
including Que Huong – Liberty 1 Hotel (3-star) and
While long-term growth in this sector can be expected, the
Moevenpick Hotel (5-star) closed temporarily.
effects in the short-term are uncertain. The economic
downturn in 2008 and 2009 will likely continue to discourage
The occupancy performance of 3 to 5-star hotels was recorded both business and leisure travel. Slowing global growth may
at about 65% compared to about 72% occupancy in the have a similar effect on international visitor numbers.
previous quarter due to the low season. The average room
rate for all grades achieved US$88 per room per night. Outlook
Performance of HCMC hotel market (3 to 5-star) in Q2 2010 Potential Future Supply, 2010 onwards
Average Average Room
No. of Approximate Future supply
Grades Occupancy Rate*
Hotels No. of Rooms
(%) (US$/room/night) Number of rooms
5-star 12 3,990 62 125 2,000
4-star 9 1,380 66 83
3-star 38 3,330 68 46 1,500

* Estimated average achievable room rate inclusive of service charge 1,000
and breakfast but exclusive of VAT.
Revenue per available room (RevPAR), Q2 2009 – Q2 2010 500
5-star 4-star 4 & 5-star
RevPAR(US$) 0
100
2010E 2011E 2012E
80 Source: Savills Research & Consultancy, Q2 2010
It is expected that (935) 5-star rooms, (820) 4-star rooms and

60
(508) 3-star rooms will gradually enter the market over the next
two years.
40
20
Nearly 84% of the future supply will be in District 1. Although
the majority of hotel rooms are in District 1 (CBD), the future
0 supply will continue to concentrate in this district due to the
main tourist and business areas being located here.
Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010
Source: Savills Research & Consultancy, Q2 2010 Once the infrastructure in HCMC is fully developed, hotels will
continue to develop in the surrounding districts such as,
Q2 2010, the average RevPAR for 4 & 5-star hotels was District 7, Tan Binh, Phu Nhuan, etc.
recorded at around US$66, a decrease of nearly 10%
compared to Q1 2010.

+84 8 3823 9205 – Ext.116 +84 4 3946 1300 – Ext.105
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Vietnam Vietnam
T: +84 8 3823 9205 T: +84 4 3946 1300
F: +84 8 3823 4571 F: +84 4 3946 1302
This document is prepared by Savills for information only. Whilst reasonable care has been exercised in preparing this document, i t is subject to change and these
Apartment for Sale
Supply Trends market shares of 25%, 12% and 10% respectively.
There were approximately 11,200 apartments available for Demand Trends

sale in the HCMC primary market in Q2 2010, an increase of
about 24% compared to Q1 2010. The average price of the whole market this quarter was
approximately US$1,370 per square metre, an increase of
In Q2 2010, fourteen new projects with about 3,100 nearly 40% compared to US$980 per square metre in Q1
apartments were launched in the primary market. 2010. This increase is the result of a price increase for all
grades. Particularly, average Grade A price increased 68%
Primary market in Q2 2010 mainly due to the launching of new projects with high prices in
the CBD of HCMC.
units Primary supply Q2 2010 Market share (%) %
Grade C accounted for 74% of approximately 2,200
2,000 30% apartments absorbed in Q2 2010. The absorption growth rate
25% of Grade A was highest among three grades compared to Q1
1,500
20%
1,000 15% 2010 because of good sales performance by newly launched
10% projects and low sales performance in Q1 with only 90 units
500
5% sold out.
- 0%
Overall, the average secondary price, in VND, in Q2 2010 was
Thu Duc
Tan Phu
Nha Be
Dist. 2
Dist. 7
Dist. 8
Dist. 9
Dist. 3
Dist. 6
Dist. 1
Tan Binh
Binh Tan
Go Vap
Dist. 11
Dist. 12
Binh Thanh
Binh Chanh
relatively stable compared to Q1 2010.
Outlook
Expected future supply in the HCMC market by
completion year
Primary supply Q2 2010 # of unit sold in Q2 2010 Average primary price Q2 2010
# of planned units # of planned projects
units US$/sq m
8,000 units projects
3,000
7,000 100,000 60
6,000 2,500
5,000 2,000 80,000 50
4,000 1,500 60,000 40
3,000 30
1,000
2,000 40,000 20
1,000 500
- - 20,000 10
0 0
Grade A Grade B Grade C
2010E 2011E 2012E Potential
Source: Savills Research & Consultancy, Q2 2010 2012
Primary supply: Binh Tan District, Binh Thanh District and Source: Savills Research & Consultancy, Q2 2010
District 2 are the top three districts for primary supply with It is estimated that about 28,500 apartments in planning will
market shares of 14%, 14% and 12% respectively. complete in the period from 2010 to 2012.
Secondary supply: There are approximately 49,400 Sixteen future supply projects with an estimated 5,800
apartments are expected to launch sale phases in the second
apartments in HCMC’s secondary market, which is an
half of 2010.
increase of 2,160 units compared with Q1 2010. District 7,
Binh Thanh District and District 2 remained the top three
Tan Phu District is expected to provide the largest new supply,
districts in the secondary market by number of units with
accounting for 27% future supply.

+84 8 3823 9205 – Ext.116 +84 4 3946 1300 – Ext.105
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Vietnam Vietnam
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F: +84 8 3823 4571 F: +84 4 3946 1302
This document is prepared by Savills for information only. Whilst reasonable care has been exercised in preparing this docume nt, it is subject to change and these
Serviced Apartment
Supply Trends Grade B average rent was at approximately US$24 per
square metre per month, a 5.7% increase q-o-q and a slight
At present, there are 49 buildings of all grades from A to C, decrease of 0.8% y-o-y.
including about 2,770 serviced apartments for lease in HCMC.
District 1, District 7 and District 3 remain the top districts by Demand Trends
number of units and area with a total market share of about 82 With the huge demand for accommodation and the prices of
percent. apartments for sale being so expensive, the apartments for
lease market is considered to have good potential for
The market share of District 7 increased from 14% in the last
investors. That is the reason why many apartments are
quarter to 18% this quarter due to the appearance of Crescent purchased as investments then leased out by their owners.
Residence 3 (64 units). This indicates that District 7 has good Some of these units do not command high rent, as they often
potential for the serviced apartment market. do not include services and professional management.
No. of Approx. Avg. Rent* Therefore, serviced apartments are now competing directly
Grade Occupancy with apartments for lease as well as villas for lease.
Buildings Supply (Unit) (US$/sq m/mth)
Grade A 7 660 88% 30 According to According to Viet Nam National Administration of
Tourism (VNAT) and HCMC Department of Labour, Invalids and
Grade B 13 1,460 91% 24 social Affairs, Asians still represent the largest number of
expatriates and foreign visitors to Viet Nam and for demand in the
Grade C 29 655 92% 16
serviced apartment market.
* Estimated average rent inclusive of service charge, exclusive of VAT, Outlook
on a net area basis. Future Potential Supply, Q3 2010 onwards
Performance of Serviced apartments (all types), Q2 2009 Future Supply
– Q2 2010 1000
Units
Leased Vacancy Avg Rent
800
Units US$/ sq m/ month
3,500 27
600
3,000
2,500
24 400
2,000
21 200
1,500
1,000
0
18
500 2010E 2011E Potential
- 15 Source: Savills Research & Consultancy, Q2 2010
Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010
Approximately 1,300 units are expected to come online from
Source: Savills Research & Consultancy, Q2 2010 Q3 2010 over the next few years. Currently, six of thirteen
planned projects are under construction; these six projects
Overall average rent in Q2 2010 was at US$24 per square include about 500 units.
metre per month, increasing by 5% q-o-q. The market
performance in Q2 2010 recorded at 91% occupancy, The main portion of future supply is still located in districts 1
remained unchanged q-o-q. & 3 (the CBD) accounting for 39% and 20% respectively. In
District 7, Phu My Hung has developed into a new and
Grade A average rent was at US$30 per square metre per modern community; therefore, interest in serviced
month, a 2.7% increase q-o-q and an increase of 4.2% y-o-y. apartments in this area is increasing, resulting in a market
share of 16%.

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+84 8 3823 9205 – Ext.116 +84 4 3946 1300 – Ext.105
Address Address
Vietnam Vietnam
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Villa & townhouse for Sale
Supply Trends Outlook
There were approximately eight villa & townhouse projects Expected future supply in the HCMC market by district
available for sale with approximately 800 units in the HCMC Total area (ha)
primary market in Q2 2010. ha
350
Primary market in Q2 2010

300
No. of units Market share
Units
400 50% 250
350 45%
40% 200
300
35%
250 30% 150
200 25%
100
150 20%
15%
100 50
10%
50 5%
0
0 0%
Binh Tan Thu Duc District 9 Cu Chi Go Vap Binh Chanh Dist. 8 Nha Be Tan Phu
District 9 Thu Duc Nha Be Binh Tan District 7
Source: Savills Research & Consultancy, Q2 2010 Source: Savills Research & Consultancy, Q2 2010
Primary supply: District 9, Thu Duc and Binh Tan are the top It is expected that there are approximately 600 hectares of
three districts for primary supply with market shares of 46%, land plot area planned to develop villas & townhouses in the
30% and 16% respectively. next several years.
Secondary supply: There are 34 projects with 2,150 villas & The future villa & townhouse projects are mainly located in
townhouses 100% sold out including approximately 1,700 rural districts such as districts 9, Tan Phu, Binh Chanh and
villas and 450 townhouses. District 7 is the top district in the Binh Tan.
secondary market with 1,600 units with a market share of 74
percent.
Demand Trends
The average price of the whole market this quarter ranged

from US$74,500 - US$952,000 per unit. Nam Thong project
achieved the highest average launching price.
Approximately 480 villas & townhouses were absorbed as of

Q2 2010. All projects in the primary market have sold out
percentages ranging from 56% to 97 percent.
Phu My Hung New Urban Area in District 7 has the largest

number of villas & townhouses occupying about 70% of the
total units in the secondary market. Overall, the average
secondary price in Q2 2010 ranged from US$284,000 –
US$2,700,000 per unit.

+84 8 3823 9205 – Ext.116 +84 4 3946 1300 – Ext.105
address address
Vietnam Vietnam
T: +84 8 3823 9205 T: +84 4 3946 1300
F: +84 8 3823 4571 F: +84 4 3946 1302
This document is prepared by Savills for information only. Whilst reasonable care has been exercised in preparing this docume nt, it is subject to change and these

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Office for lease

Ho Chi Minh City, Vietnam Q2/2010

40 m/month % 100% 300,000

Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010

For further information, please contact:

At present, there are six department stores, 19 shopping 30 200,000

centres, six retail podiums, 61 supermarkets and three 25

602,000 square metres. The HCMC retail market is still 15 100,000

extremely small compared with the market in comparable 10

Source: Savills Research & Consultancy, Q2 2010

For further information, please contact:

3-star 38 3,330 68 46 1,500

Source: Savills Research & Consultancy, Q2 2010

Revenue per available room (RevPAR), Q2 2009 – Q2 2010 500

5-star 4-star 4 & 5-star

80 Source: Savills Research & Consultancy, Q2 2010

It is expected that (935) 5-star rooms, (820) 4-star rooms and

For further information, please contact:

There were approximately 11,200 apartments available for Demand Trends

relatively stable compared to Q1 2010.

For further information, please contact:

For further information, please contact:

Primary market in Q2 2010

The average price of the whole market this quarter ranged

Approximately 480 villas & townhouses were absorbed as of

Phu My Hung New Urban Area in District 7 has the largest

For further information, please contact:

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