Bat Dong San VN

REDISCOVERING VIETNAM’S REAL
ESTATE POTENTIAL
Presented by:
Marc Townsend – Managing Director
1st March, 2007

Renaissance Hotel, Kuala Lumpur, Malaysia
WHAT HAS BEEN DRIVING THE PROPERTY MARKET
SINCE 2003?
•Limited capital markets
•An emerging condo market in Hanoi and HCMC
• Conspicuous consumption
• Ability to borrow from local banks at 10-11% per annum
• Consistently rising GDP and FDI
• China + 1, APRC, the Stock Market and entry to WTO has put Vietnam on the radar
screen, coupled with the ML report in Feb and the Euro Money Conference in Mar 2006
• Saturation in other South East Asian markets
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CB Richard Ellis | Page 2

MAP OF VIETNAM
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HO CHI MINH CITY
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VIETNAM TODAY
• No Starbucks and No MacDonalds
• World leaders in pepper, coffee, cashew, shoes, fish/prawns, oil & gas exports
• No shortage of land, just good sites
• “If you build it, they will come” still exists but may not last much longer
• Many similarities to China in the early 90s in terms of work ethic, chaos on the
streets, migration of work force and market driven decisions
• Traffic, complete absence of infrastructure, MRT/MTR, bridges and tunnels
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HCMC OFFICE MARKET
HCMC Prime Office Stock End of Q1.2007
sqm
350,000
300,000
250,000
200,000
04
04
04
04
05
05
05
05
06
06
06
06
07
1/
2/
3/
4/
1/
2/
3/
4/
1/
2/
3/
4/
1/
Q
Q
Office Stock at the beginning of the quarter New supply during the quarter
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HCMC OFFICE MARKET
Prime Office Rental Index
160
140
120 US-VN Bilateral

Index (Q1 1998 = 100)
Trade Agreement
100
80
60
40
And the upward trend will continue due to:
20 • Growing demand
• Delays in new supply
0
Q1 98
Q2 98
Q3 98
Q4 98
Q1 99
Q2 99
Q3 99
Q4 99
Q1 00
Q2 00
Q3 00
Q4 00
Q1 01
Q2 01
Q3 01
Q4 01
Q1 02
Q2 02
Q3 02
Q4 02
Q1 03
Q2 03
Q3 03
Q4 03
Q1 04
Q2 04
Q3 04
Q4 04
Q1 05
Q2 05
Q3 05
Q4 05
Q1 06
Q2 06
Q3 06
Q4 06
Q1.07
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Vimedimex
Golden Tower Major Buildings
Sacombank Existing - Future
9 DTH PetroVietnam
Saigon Trade Center
EVN
Centec Saigon Tower
Gemadept
Pacific Place Asiana Plaza
Sailing Tower Diamond Plaza
Metropolitan
Bao Viet
Vietcombank
Me Linh Point
Saigon Center Times Square
Sun Wah Financial Tower

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CB Richard Ellis | Page 8 VPBank M&C Tower

HCMC OFFICE MARKET
SOME OF THE NEW OFFICE BUILDINGS COMPLETED IN
Q1. 2007
Opera View, Dist. 1 Lancaster, Dist. 1 Rosaco, Dist. 1
Estimated Total Supply in

Q1. 2007: 47,843 sqm
Petro Vietnam,
Dist. 1 E – Town 2, Tan Binh District
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HCMC OFFICE MARKET
Take up and vacancy rate of

s qm %
HCMC office buildings
18,000 8.0%
16,000 7.0%
14,000 6.0%
12,000
5.0%
10,000
4.0%
8,000
3.0%
6,000
4,000 2.0%
2,000 1.0%
- 0.0%
Q1.04 Q2.04 Q3.04 Q4.04 Q1.05 Q2.05 Q3.05 Q4.05 Q1.06 Q2.06 Q3.06 Q4.06
Take-up (Sqm) Vacancy Rate (%)
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HCMC OFFICE MARKET – Rental Rates
Rental growth of Grade A

2006 - 2007 Q1 - 2006 $23.00
growth rate 28% 29.5 Q1 - 2007 $29.50

unit: US$
23
Increase of 28%
Occupancy 100%
Q1/2006 Q1/2007
*Note: Rents excluding S. C and VAT
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Rental Growth of Grade B

2006 - 2007 Q1 - 2006 $21.00
unit:US$ growth rate 26% Q1 - 2007 $26.50

26.5
21
Increase of 26%
Occupancy 99%
Q1/2006 Q1/2007
* Note: rents excluding S.C and VAT
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Rental Growth of Grade C

2006 - 2007 Q1 - 2006 $17.50
growth rate 17%

Q1 - 2007 $20.50
unit: US$
20.5
17.5 Increase of 17%
Occupancy 95%
Q1/2006 Q1/2007
* Note: rents excluding S.C and VAT
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HCMC OFFICE MARKET
Market Outlook in 2007:

9 Limited grade A office space still Supply of
remains. Expected new grade Expected
9 Some new supply of Grade B office year of A, B & C supply
space expected to come on line during completion buildings (sqm)
2007.
9Factors driving demand: Strong 2007 27 158,798
economic growth, FDI growth, WTO
access, new multi-national companies,
expansion of existing multi-national
2008 18 180,657
companies, Vietnam companies
upgrading, safety & quality Issues 2009 15 187,824
9 Grade A office rental rates reflects
upward momentum and growing demand 2010 12 273,146
vis-à-vis tight supply
9 Vacancy rate remains low, grade A (0%) TOTAL 72 800,425

and B (<1%)
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HCMC OFFICE MARKET
HCMC MAJOR UNDER CONSTRUCTION OFFICE DEVELOPMENTS IN Q1&Q2/07
Manulife - Dist. 7 6,000
Cetpa - Tan Binh 11,945

Q 2 .2 0 0 7
N'Orch - Dist. 1 6,000
ITAXA, Dist. 3 7,600
E-Star, Dist. 3 3,960
Vimedimex - Dist. 1 10,780
Petro VN, Dist. 1 10,143
Lancaster 1,600
Q 1 .2 0 0 7
E-Town 2 - Tan Binh 27,000
Rosaco Tower - Dist. 1 8,000

sqm
Opera View - Dist. 1 3,100
0 5,000 10,000 15,000 20,000 25,000 30,000

(Source: CBRE)
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HCMC OFFICE MARKET
EX PECTED FUTUR E SUPPLY O FFI CE SPACE
(2 0 0 7 - 2 0 1 0 )
(u n it s q m )
273,146
180,657 187,824
158,798
Exp ect ed co mp l et i o n i n Exp ect ed co mp l et i o n i n Exp ect ed co mp l et i o n i n Exp ect ed co mp l et i o n i n

2007 2008 2009 2010
2007 2008 2009 2010
Rosaco Tower Petro VN VP Bank Tower Sacom Bank Centec Asiana Financial Tower Vietcombank
Plaza Tower
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THE MARKET’S TIMING – LARGER BUILDINGS
2008 2009 2010
Bao Viet Centec Vietcombank

20,000 sqm 25,000 sqm 77,000 sqm
(owner
occupied)
VPBank Asiana Plaza

20,000 sqm 32,000 sqm M&C Tower
(12,000 sqm 35,000 sqm
for lease)
HCMC Power
Head Office
20,000 sqm A&B Financial Tower
(10,000 sqm 25,000 sqm 100,000 sqm
for lease) 2010 2011
Gemadept Times Square
16,500 sqm 31,000 sqm
(10,000 sqm
for lease) 2010
76,500 sqm 113,000 sqm 212,000 sqm

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(32,000 sqm Goes Here
for lease)
RESIDENTIAL CONDO HCMC
Number of Condos and Projects launched year-by-year
12,000 50
40
9,000
30
P ro j ects
Condos
6,000
20
3,000
10
0 0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Uni ts 648 0 0 0 150 0 0 124 1,234 3,418 7,644 10,37 11,47 7,270
P r oj e ct s 1 0 0 0 1 0 0 1 3 16 27 42 33 9
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MAP OF CONDO PROJECTS IN HCMC
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Completed Condominium Units year-by-year
2500
2000
1500
1000
500
0
1999 2003 2004 2005 2006 Q1/07
Over U S$2, 000 141 252

U S$1, 501 - U S$2, 000 526
U S$1, 001 - U S$1, 500 97 66 270 405
U S$600 - U S$1, 000 798 124 1, 110 1, 965 1, 330
Less U S$600 552 1, 594 881
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A v e r age S e l l i ng P r i c e Change of T y pi c al H i gh-e nd Condo

P r oj e c t s i n Di st r i c t 1
4 ,0 0 0 T he La nc a s t e r
US $ 3 ,4 5 0
3 ,5 0 0
3 ,0 0 0
A v a lo n
2 ,5 0 0 T he La nc a s t e r
US $ 2 ,8 0 0
US $ 2 ,0 5 0 Indo c hina P a rk
2 ,0 0 0 A v a lo n
Indo c hina P a rk T o we r
US $ 2 ,0 8 9
T o we r US $ 18 0 0
1,5 0 0
US $ 1,5 0 0
1,0 0 0 H o rizo n
H o rizo n US $ 1,3 0 0
500 US 8 5 0
-
2003 2004 2005 Q 1/ 0 6 Q2/ 06 Q3/ 06 Q4/ 06 Q 1/ 0 7
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A ve r age S e l l i ng P r i ce Change of T y pi cal Hi gh-e nd Condo

P r oj e ct s i n Di st r i ct 2 and Bi nh T hanh
4 ,0 0 0
3 ,5 0 0
3 ,0 0 0
T he M a no r
2 ,5 0 0 US $ 2 ,2 0 0
2 ,0 0 0
S a igo n P e a rl
US $ 1,5 0 0
1,5 0 0
S a igo n P e a rl R iv e r G a rde n
1,0 0 0 T he M a no r US $ 1,10 0 US $ 1,4 0 0
US $ 1,0 0 0 R iv e r G a rde n
500 US $ 9 0 0
-
2003 2004 2005 Q 1/ 0 6 Q2/ 06 Q3/ 06 Q4/ 06 Q 1/ 0 7
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Ratio be twe e n launche d and sold units ye ar -by -y e ar

45000 100%
36000 80%
27000 60%
18000 40%
9000 20%
0 0%
1994 1998 2001 2002 2003 2004 2005 2006
Accumulation of 648 798 922 3226 6284 12082 22755 36909
remaining units
Acummulation of sold 0 72 100 708 2,609 6,913 12,810 19,517
units
Average ratio between 0% 9% 11% 22% 42% 57% 56% 53%
sold and available
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RESIDENTIAL CONDO HCMC – FUTURE SUPPLY
New Develop ment year-by-year
12,000 50
40
9,000
30
6,000
20
3,000
10
0 0
2007 2008 2009
Condo uni t s 10,152 11,081 10,995

P r oj e c t s 44 33 12
Projects will be completed in 2007 – 2009
Central Garden-D.1 Hung Vuong Plaza-D.5 Cantavil-D.2 River Garden-D.2 Capitaland Vista-D.2 Ben Thanh Orient
Plaza-D.1
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TRENDS:
9New money flow from stock market into property.
9Strong investment wave from Asia: Korea, Japan,

Singapore. Keen on buying projects already licensed and
under construction instead of leasing land, developing from the
beginning.
9Hot market with more money from foreign institutional

and individual investors activated by Land Law effective
from 1 Jul 06 and Property Trading Law from 1 Jan 07.
9With encouraging Government policies, more developers

investing in low income projects.
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TRENDS:
9Price of low to mid end projects expected to be stable.
9Price of high end projects with good zoning and

infrastructure remain high.
9More buyers have real needs and there will not be as many
as speculators as previously.
9Demand forecasted to be increased 6-7% in a few years to

come partly thanks to loan flexibility of banks.
9Buyers become more and more savvy, so developer’s

brand plays a more and more important role.
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RESIDENTIAL VILLA HCMC
Pr ice Tr end of Phu Gia, Villa R ivier a and Thu D u c Gar den H om e
( f r om lau nch to Q4/ 06)
250%
US $ 2 , 0 0 0
210%
200%
150%
100%
90%
70%
50% US $ 2 , 4 0 0
50% 30% 33%
20%
US $ 1 , 0 0 0 US $ 1 , 5 0 0 U$ S 7 0 0
US $ 6 8 0 3%
0%
2001 2002 2003 2004 2005 2006
Phu Gia - PMH town Villa Riviera - D.2 Thu Duc Garden Home
(launched in 2001) (launched in 2004) (launched in 2005)
Phu GIa – PMH town Thao Nguyen SG-D.9 Thu Duc Garden Home-TD Villa Riviera – D.2 An Phu Dong Villa – D.12
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HCMC RESIDENTIAL FOR LEASE MARKET OVERVIEW
Ho Chi Minh City Serviced Apartments
Current Serviced Apartments

Positives:
Units 200 50
9 No Maintenance
160 40
9 Facilities – Gym, Pool 120 30
9 Security 80 20
40 10
9 Fully Furnished
0 0
rt
a
k
s
ew
n
t
C
ur
rt
e)
i te
ar
az
ou
sio
CM
ou
ac
Negatives:
Co
Vi
m
Su
Pl
C
an
rC
nd
Pl
tH
ty
d
T
T
na
M
Ci
on
HB
LT
an
La
o
se
do
ell
lk
am
ce
er
9 Difficult Termination fo
Se
nc
(O
m
or
Di
ha
So
N
on
tC
at
9 Higher Rental Cost

se
er
er
Sh
m
So
9 Generic Appearance Supply Average Rent ($US/sqm/mth)
9 Less Usable Area
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RESIDENTIAL FOR LEASE HCMC
District 1 & 3
Highest demand for serviced apartments
Very limited supply, especially for International quality
projects. There are 7 grade A serviced apartment projects
provide over 500 units from 1 to 4 bedrooms.
Average occupancy rate is now 96% (both grade A and B)
with most marketable size of 1 & 2 bedrooms, from 50 – 80
sqm
The rent for most of the serviced apartments are up by 10 –
20%, from US$22 to US$31 per sqm per month in January
2006 to US$25 to US$35 in December 2006
Due to the limited supply and growing demand, rent are
expected to keep rising during 2007.
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RESIDENTIAL FOR LEASE HCMC
An Phu, An Khanh, District 2

Still an attractive area for tenants with family
Limited good quality villas and serviced
apartments
Few new developing projects in apartments and
gated compound (River View and River Garden)
Average rent of US$2,500 to 3,500 per month.
With a 15% - 20% increase in rental prices within
the past year.
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RESIDENTIAL FOR LEASE HCMC – IN DISTRICT 2
Asking
Location Picture Bedrooms SQM Rent/SQM
Rent/Month
Nguyen Van
5 600 $7,000 $12
Huong
Nguyen U
4 450 $5,000 $11
Di
Le Van Mien 3 350 $3,300 $9
Thao Dien
4 400 $2,500 $6.25
Compound
Thao Dien
2 200 $900 $4.50
Villa
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RESIDENTIAL FOR LEASE HCMC - 2007 NEW SUPPLY
No of Total Target Rent Unit
Project Location Completion
Units sqm $/sqm/mth types
Pasteur Court
Pasteur Street, February/March
228 27,531 21 - 32 2-4 bdrs
District 3, 5 minutes 2007
to CBD
The Lancaster
Le Thanh Ton February/ March
40 - 50 3,300 30 - 38 1-3 bdrs
Street, District 1, 2007
CBD
Green Hills
Lot 25, Quang
Trung Software February 2007 100 11,300 11 - 20 1-4 bdrs
Park, District 12, 40
minutes to CBD
Saigon Queen Villa

Nguyen Van
Huong, An Phu, January 2007 11 1,160 10 – 12 4-5 bdrs
District 2,
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RESIDENTIAL FOR LEASE HCMC - FUTURE PROJECTS
An Phu Small SA Kumho Asiana Plaza Times Square
The Manor 2 Saigon Riverview Apartments Saigon Pearl
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VN STOCK MARKET
VN Index from 18 July 2000 to 27 February 2007
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VN STOCK MARKET
28/7/2000:2 listed companies - VN Index: 100 – Daily turnover Avg. $45m
27/2/2007:107 listed companies & 2 funds- VN Index: 1167.36 - Market capitalisation:$15b
16,000
1000
14,000
800
12,000
600
10,000
400
8,000
200
6,000
0
2000 2007
4,000
VN index
2,000
0
2000 2007
VN Index: increased by 9.5 times Market cap: increased by 300 times
Market cap Client Logo
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100 RICHEST PEOPLE IN VIETNAM
(Till 3rd Jan 2007)
Rank Name Listed companies Code Value (US$)
FPT- Technology
Trương Gia Bình – Chairman &
1 Investment and FPT 147,125,000
General Director
Development Co.
FPT- Technology
Lê Quang Tiến – Vice Chairman &
Deputy Director
Development Co.
FPT- Technology
Bùi Quang Ngọc - Vice Chairman &
Deputy Director
Development Co.
Lê Văn Quang - Chairman &

4 General Minh Phú Fisheries MPC 71,625,500
Director
5 Chu Thị Bình - Deputy Director Deputy Director MPC 71,625,500
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HCMC RETAIL MARKET
Top 10 Countries for Retail Investment
COUNTRY 2006 RANK 2005 RANK 2004 RANK

INDIA 1 1 2
RUSSIA 2 2 1
VIETNAM 3 8 7
UKRAINE 4 3 11
CHINA 5 4 3
CHILE 6 - -
LATVIA 7 6 6
SLOVENIA 8 5 4
CROATIA 9 7 5
TURKEY 10 9 8
Source: AT Kearny Client Logo
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HCMC RETAIL MARKET
HCMC Shopping Centre Existing Supply
Eden Mall
5,000
Dist. 1
2006
Saigon Square 5,000

2000 2002 2003 2004
An Dong Plaza
18,000
Dist. 5
Tax Plaza
14,670
Dist. 1
Parkson
17,000
Dist. 1
Thuan Kieu Plaza
21,797
Dist. 5
Zen Plaza
6,810
Dist. 1
1999
Lucky Plaza
1,366
Dist. 1
Diamond Plaza
8,000
Dist. 1
Saigon Superbowl
5,700
Tan Binh
1996
Saigon Centre
6,252
Dist. 1
(Source: CB Richard Ellis)
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HCMC RETAIL MARKET
AVERAGE OCCUPANCY & RENTAL RATES
OF HCMC CBD RETAIL CENTRES
%
100% $150
80% $120
60% $90
40% $60
20% $30
0% $0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
CBD prime occupancy rate 100% 100% 100% 100% 98% 95% 95% 95% 94% 100% 100%
CBD prime average rents $32.40 $32.40 $32.40 $35.33 $36.67 $39.95 $43.03 $45.11 $49.21 $59.68 $80.00
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HCMC RETAIL MARKET
COMP AR IS ON OF R E T AIL R E NT S IN CIT IE S IN S OUT H E AS T AS IA

unit: US$/sqm/month
Manila 20
New Delhi 48
Ho Chi Minh City 80
Jakarta 70
Beijing 133
S hanghai 185
Taipei 191
S ingapore 290
Bangkok 560
Hong Kong 727
(S ource: CBR E )
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HCMC RETAIL MARKET
Growth in prime retail rates in HCMC

from 2006 to 2007 unit:
US$/sqm/month
growth rate 21% 170
140
Q1/2006 Q1/2007
*Note: Rents excluding S. C and VAT
Source: CB Richard Ellis

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HCMC RETAIL MARKET – NEW RETAIL CENTRES
Eden Mall
106 Nguyen Hue St, Dist.1
Size: 5,000 sqm
Launch December 2006
Rents: $30 - $70 per sqm
Occupancy 90%
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HCMC RETAIL MARKET – NEW RETAIL CENTRES
SAIGON SQUARE
3 Le Van Huu, Dist. 1
Launch January 2007

Size: 5,000 sqm
Rents: 66 - $100 per sqm
Occupancy 100%
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HCMC RETAIL MARKET – FUTURE SUPPLY
HCMC Future Supply
s qm
Saigon Pearl
30,000
2010 Binh Thanh
SJC Tower
8,292
Dist. 1
Kumho Asiana
6,880
Dist. 1
Happiness Square
2009
11,882
Dist. 5
Times Square
12,367
Dist. 1
Sailing Tower
2,560
Dist. 1
2008
Hung Vuong Plaza

33,000
Dist. 5
Saigon Paragon
15,000
Dist. 7
Tan Da Court
2007
4,300
Dist. 5
Opera View
1,280
Dist. 1
(S ou r ce : CBRE )
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COMING NEXT IN EARLY 2007
OPERA VIEW – 161 – 167 Dong Khoi, Dist. 1
Retail GFA: 1,280 sqm
Rents: US$80 to US$130 per sqm
Occupancy: 100%
Major tenant: Louis Vuitton
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COMING IN 2008
SAIGON PARAGON
Nguyen Luong Bang, Dist.7
Retail area: 7,984 sqm
Entertainment area: 7,016 sqm
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HUNG VUONG PLAZA
Location: 126 Hung Vuong St. Dist 5.
Developer : M&C and Kinh Do
Mixed use development with 6 levels

of retail inc. cinema and 2 basement
parking.
Leasable Area : 17,000sqm

Opening : Q1/2008
Major tenants: Parkson and Megastar
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Hotel Market HCMC
HOTELS FROM FIVE TO THREE STARS, 2006
No. of 25.00%
Hotels ROOMS
57.50%
17.50% HOTEL ROOMS HOTELS PER
HOTEL
5 – star 3,435 10 344
4 - star 1,447 8 181
3 - star 1,903 23 83
28.05% TOTAL 6,785 41
No. of 50.63%
(Source: CBRE)
Rooms
21.33%
5 – star 4 - star 3 - star

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Hotel Market HCMC
AVERAGE ROOM RATE (US$), 2005-2006
140.00
120.00 D1 5 Star Hotel Rates on
100.00 average range from: $77 -
80.00 $165 per night
60.00
40.00
Average % Increase from
20.00
2005
0.00
2005 2006(Est.)
5 star 108.00 128.20 5 Star - 15.76%
4 star 80.00 94.96 4 Star - 15.75%
3 star 45.00 53.42 3 Star - 15.79%
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Hotel Market HCMC
AVERAGE OCCUPANCY RATE 2005 -2006Est
84.00%
82.00%
80.00% Average Occupancy

78.00% growth rate +/-
76.00% 5 star
74.00% 4 star 5 Star - 3.08% -
72.00% 3 star
4 Star - 4.07% -
70.00%
3 Star - 0.83 +
68.00%
2005 2006(Est.)
D1 5 Star Hotels are
5 star 77.00% 73.92%
showing an average
4 star 81.50% 77.43%
8% growth increase
3 star 82.50% 83.33%
overall
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Hotel Market HCMC
80.00% 80.00%
70.00% 70.00%
International
60.00% 60.00% Tourist
50.00% 50.00% arrivals up
40.00% 40.00%
350,000
30.00% 30.00%
20.00% 20.00%
from 2005
10.00% 10.00%
0.00% 0.00%
-10.00% -10.00% Growth
-20.00%
2000 2001 2002 2003 2004 2005 2006 2007P
-20.00%
down from
VN - Domestic
VN - International
12.00% 4.46%
20.11% 8.91%
11.11% 3.85% 7.41% 11.03% 8.70% 5.71%
12.76% -7.56% 20.51% 18.44% 3.81% 22.22%
2006 by
HCMC - Domestic -0.12% 73.35% 6.91% 22.00% 30.39% 20.00% 26.67% 18.42% 9.08 %
HCMC - International 72.55% 12.99% 16.85% -9.14% 21.35% 26.58% 17.50% 12.77%
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Hotel Market HCMC
EXISTING AND FUTURE SUPPLY OF 4 AND 5-STAR ROOMS
2010F 776 YEAR DEVELOPMENT

2007F Rex Upgrade
2009F 519 2008F Grand, Majestic,

Continental, Majestic
Upgrade. In PMH District
7 of Saigon Tourist
2008F 692
2009F Asiana Plaza and
International Trade
Centre (Tax Plaza)
2007F 80
2010F Times Square, Saigon
Happiness
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
Existing Supply New Supply

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HANOI OFFICE MARKET
Supply - Demand
Hanoi Cumulative Stock and New Supply of Grade A&B T ake-up and V acancy of G r ade A& B Office P r ope r tie s
Office Properties
35,000 35.00%
250,000
New supply as at quarter-end Take-up
18,820
Stock as at begining of the quarter 30,000 30.00%
12,869
Vacancy Rate (%)
14,628
200,000 25,000 25.00%
30,000
20,000 20.00%
23,000
150,000
S qm
4,725
S qm
15,000 15.00%
226,681
226,681
213,812
199,184
199,184
199,184
199,184
199,184
100,000
169,184
10,000 10.00%
146,184
141,459
141,459
5,000 5.00%
50,000
0 0.00%
0 -5,000 -5.00%
2004 Q1
2004 Q2
2004 Q3
2004 Q4
2005 Q1
2005 Q2
2005 Q3
2005 Q4
2006 Q1
2006 Q2
2006 Q3
2006 Q4
2004 Q1
2004 Q2
2004 Q3
2004 Q4
2005 Q1
2005 Q2
2005 Q3
2005 Q4
2006 Q1
2006 Q2
2006 Q3
2006 Q4
Pre-lease in Q4/2006: - Factors driving demand: Economic growth; FDI growth;

WTO accession; Newly established MNCs; Expansion of
- 2 Grade A Buildings: Opera Business Centre & Pacific existing MNCs; Local companies upgrading;
Place (to be completed in Q1/2007)
- Increasing demand on Grade A & B office space
- 2 Grade B buildings: North Asia Tower & Viglacera
Tower (to be completed in Q1/2007) - Low vacancy rate remains on Grade A &B office space
- High commitment rate

HANOI OFFICE MARKET
Rental
Ave r age Re ntal of Hanoi G r ade A Office P r ope r tie s Ave r age Re ntal of Hanoi G r ade B Office P r ope r tie s
32.00 30.00
28.00
30.00
26.00
28.00
US $ P S Q MP M
US $ P S Q MP M
24.00
26.00
22.00
24.00
20.00
22.00
18.00
20.00 16.00
2004 Q1
2004 Q2
2004 Q3
2004 Q4
2005 Q1
2005 Q2
2005 Q3
2005 Q4
2006 Q1
2006 Q2
2006 Q3
2006 Q4
2004 Q1
2004 Q2
2004 Q3
2004 Q4
2005 Q1
2005 Q2
2005 Q3
2005 Q4
2006 Q1
2006 Q2
2006 Q3
2006 Q4
Q3-Q4/2006: Sharp increase in Grade A & Grade B office rentals
- Grade A Office: 9.5% and 7.5% increase q-o-q, respectively in Q3 and Q4
- Grade B Office: 10.7% and 7.9% increase q-o-q, respectively in Q3 and Q4

HANOI OFFICE MARKET
Future Supply
Estimate d ne w stock of G r ade A,B& C Office Estimated new stock of Hanoi G r ade A Of fice
S qm
S qm
250,000 239,022 100,000
200,000 80,000
71,000
58,000
150,000 60,000
92,900 87,500
100,000 40,000 33,000
58,000 22,350
50,000 20,000
0 0
2007 2008 2009 2010 2007 2008 2009 2010
- 22,350sqm GFA of Grade A Office space will come on stream in Q1/2007
- Significant amount of Grade B office space will be launched during 2007

HANOI OFFICE MARKET
OPERA BUSINESS CENTRE
Location:
6B Trang Tien Str., Hoan Kiem Dist., Hanoi
Developer:
Opera Business Centre JVC
Project:
3 level retail podium attached to 10 level office building
Grade A Mixed-used of Retail / Office
Completion Date & Opening Date:
Q1/2007
Leasable Area:
Land Area – 888sqm
Office GFA – 3,550sqm
Retail NLA – 1,070sqm
Opening date
CB Richard Ellis | Page 56 Q1/2007
HANOI OFFICE MARKET
PACIFIC PLACE
Location:
83B Ly Thuong Kiet St., Hoan Kiem Dist., Hanoi
Developer:
Ever Fortune Co., Ltd
Project:
18 storey Grade A Mixed-use development with 5
basements
Leasable Area:
Office: 18,500sqm GFA
Retail: Approx 8,000sqm
Condos: 22,000sqm (185 units)
Q1/2007
Opening date
HANOI SERVICED APARTMENT MARKET
Supply
Hanoi Cumulative Stock of G r ade A& B S e r viced Apar tme nts
1,400
1,200 34
31 39
84
1,000 146
800
Uni t s
519
600
400
347
200
61
0
Q1 2006
Q2 2006
Q3 2006
Q4 2006
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Stock as at begining of the period New supply as at end of the period
- 61 units of Somerset Westlake Hanoi has been closed for

renovation for Q2-Q4/2006
- 39 units of Elegant Suites come on stream in Q3/2006

Demand Rentals
T ake-up & V acancy Rate Q4 /20 06 Aver age Asking Re nt per sqm per month (US $ )
30 3.00% $60.00
Take-up
Vacancy Rate $50.00
20 2.00%
$40.00
Vacanc y Rat e (%)

10 1.00%
$30.00
U ni t s
$20.00
0 0.00%
$10.00
-10 -1.00%
$0.00
Rose Garden
Sedona Suites
Elegant Suites
Sofitel Plaza
Pan Horizon
Mayfair
Sun Red River
V- Tower
Daeha Complex
Co Co Village
Oriental Palace
Golden Lodge
Jana Garden Terrace
Hanoi Lake View

Somerset Grand Hanoi
-20 -2.00%
Q3/2004
Q4/2004
Q1/2005
Q2/2005
Q3/2005
Q4/2005
Q1/2006
Q2/2006
Q3/2006
Q4/2006
- Low vacancy rate - Rental rate: US$18 - US$45/sqm/month

- High demand

Future Supply Outlook
S e r vice d Apar tme nts - F utur e S upply (2 0 0 7 -2 0 1 0 )
Uni t s - Strong growth

600
- Increasing demand
- Limited supply
500
- Vacancy rate still remains low
400 - Rental will increase slightly
- Increasing number of expatriates in Hanoi
300
559
200 386
352
100
0
2007 2008 2010
DMC Tan Long

Skyline
Atlanta
Somerset Hoa Binh
Syrena

ATLANTA
Location:
49 Hang Chuoi St., Hai Ba Trung Dist., Hanoi
Developer:
Green Globe Co., Ltd.
Marketing:
CB Richard Ellis Vietnam- Exclusive Marketing
Agent
Project:
Serviced Apartment Building
15 storey building with 2 basements for parking
Q1/2007
Leasable Area:
NLA: 5,000sqm
52 Apartments
Opening date
SKYLINE
Location:
4 Dang Dung St., Ba Dinh Dist., Hanoi
Developer:
Nam Hung Corporation (Nahuco)
Marketing:
CB Richard Ellis Vietnam- Exclusive Marketing
Agent
Project:
Serviced Apartment Building
23 storey building with 1 basement
Q1/2007
Leasable Area:
NLA: 8,714sqm
88 Apartments
Opening date
HOTEL & TOURISM MARKET
Y-o-Y Visitor Arrivals to Vietnam
Nu mber of Fo reign Visitor A rriva ls to Vietn am
4,000,000 60.0%
3,500,000 50.0%
3,000,000 40.0%
2,500,000 30.0%
ar r i val s
2,000,000 20.0%
1,500,000 10.0%
1,000,000 0.0%
500,000 -10.0%
0 -20.0%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Number of foreign tourist arrivals y-o-y change
- Low fair airlines: AsiaAir, Jetstar & Tiger Airlines
- 20% of 3.6 million int’l visitors was MICE tourists

HANOI HOTEL & TOURISM MARKET
Tourist Profile
I nt e r nat i onal Vi si t or A r r i val s t o Vi e t nam I nt e r nat i onal Vi si t or A r r i val s by P ur pose s
800 2,200
Taiwanese Japanese Tourism Business
2,000
700 French American Visitting Other
British Chinese 1,800
600
1,600
Thous.Arrivals
Thous.Arrivals
500 1,400
1,200
400
1,000
300 800
200 600
400
100
200
0 0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Room Supply: 4,924 (5, 4 and 3 star hotels)
Number of Hotels
NU MB ER OF FOREIG N VISITOR A RRIVA LS 5-star
23.53%
4,000,000
To Vietnam To Hanoi
3,500,000
3,000,000
3-star 4-star
2,500,000
ar r i val s
61.76% 14.71%
2,000,000
1,500,000
1,000,000 Number of Hotels' rooms

500,000
3-star
0
34.24% 5-star
1990
1992
1994
1996
1998
2000
2002
2004
2006
48.01%
- 1.15 million int’l visitor arrivals to Hanoi in 2006 4-star

17.75%
- 4,924 rooms, including 5, 4 and 3 star

hotel rooms
- 5 star hotels: 2,364 rooms/ 8 hotels
- 4 star hotels: 874 rooms/ 5 hotels
- 3 star hotels: 1,686 rooms/ 21 hotels
Room Supply: 3,238 rooms (5 and 4 star)
Cumulative S tock & Ne w S upply of 5 & 4 star Hotel r ooms
3,500 New supply as at year-end

Stock as at beginning of the year
299
3,000
1,131
2,500
- Most of 5 and 4 star hotels
came on stream in 1990s
2,000
- No new supply over last few
R ooms
1,131
years
1,500
- Lack of quality hotel rooms
250
1,000
102
500 102
218
0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

ADR & Occupancy rate of 5 star hotels
Ave r age Occupancy Rate & ADR of 5 -star Hote ls Monthly Occupancy Rate of Hanoi's 5 -star Hotels
$140.00 100.00%
100%
$130.00
90%
$120.00 90.00%
80%
$110.00 70%
80.00%
$100.00 60%
50%
$90.00
70.00%
40%
$80.00
30%
$70.00 60.00% 20%
$60.00
10%
$50.00 50.00% 0%
Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006 Q4/2006 Jan- Feb- Mar- Apr- May- Jun- Jul-06 Aug- Sep- Oct- Nov- Dec-
06 06 06 06 06 06 06 06 06 06 06
Ave. Room rate Ave. Occupancy rate
- Stably high occupancy rate over years

- High demand
- Occupancy rate as at end Q4/2006:
- Limited supply
•5 star hotels: approx 84.28%
- High occupancy rate, approximately 84% in Q4/2006
•4 star hotels: approx 90.00%
- 5 star hotels: ADR of US$128.26 as at end of Q4/2006
•3 star hotels: approx 80%

Hote l - F utur e S upply Requir eme nt for Hotel Rooms (2 00 5 - 2 0 2 0)
30,000
2008 Inter-Continental
25,000
2007 Dan Chu Hotel
20,000
Hanoi Sofitel 20,715
R ooms
2007
Metropole 15,000
10,000 11,076
2007 Dong Loi Hotel
5,530
5,000
4,924 6,285
2007 Hoan Kiem Hotel 4,170
0
3- to 5-star 1- to 2-star Others
0 50 100 150 200 250 300 350
Rooms
Actual Hotel Rooms as at 2005 Hotel Rooms Requirement as at 2020-2005
Market Highlights: Hotel Market Outlook:

- High occupancy rate - Hot market for investors, foreign investment funds …
- 390 new 3 to 5 star hotel rooms in 2007 - High occupancy rate
- 2 licenses were granted in early Q1/2007 to build 2 - Limited supply
5-star hotels in My Dinh area - High demand
- Increasing number of int’l visitor arrivals
- More high quality hotels required
- Tourism industry has significant impacts on property
sector (hotel, retail & second-home projects)

HANOI RETAIL MARKET
Numbe r of supe r mar ke ts by distr icts
HANOI SUPERMARKETS
Number of Trading area
2.17% 2.17%
No. District Supermarkets GFA (sqm) (sqm) 6.52%
23.91%
6.52%
1 Dong Da 11 17,140 11,533
2 Hai Ba Trung 6 8,480 5,580
3 Cau Giay 4 24,027 9,310
4 Hoan Kiem 5 10,280 5,870 17.39%
13.04%
5 Hoang Mai 4 2,554 1,004
6 Ba Dinh 8 7,865 3,520 8.70% 8.70%
10.87%
7 Thanh Xuan 3 1,702 1,702
8 Tu Liem 3 63,585 11,725
Dong Da Hai Ba Trung Cau Giay Hoan Kiem Hoang Mai
9 Dong Anh 1 440 300
Ba Dinh Thanh Xuan Tu Liem Dong Anh Thanh Tri
10 Thanh Tri 1 250 250
Total 46 136,323 50,794 T otal tr ading ar eas of S upe r mar ke ts in Hanoi (by distr ict)
Thanh Tri 250
Major players: Dong Anh 300
-Intimex Tu Liem 11,725
-Fivimart Thanh Xuan 1,702
Ba Dinh 3,520
-Citimart
Hoang Mai 1,004
-Hapro Mart
Hoan Kiem 5,870
Cau Giay 9,310
Hai Ba Trung 5,580
Dong Da 11,533
sqm
CB Richard Ellis | Page 69 0 3,000 6,000 9,000 12,000 15,000
HANOI RETAIL MARKET
SHOPPING CENTRES
Net Ar ea and Aver age Rent of Hanoi Shopping Centr es F utur e Supply of Hanoi Shopping Centr es
Ciputra Mall
sqm sqm
80,000 $100.00 140,000

Leasable Area (sqm)
$90.00
70,000 Gross Rent per sqm 120,000
$80.00
60,000
$70.00 100,000
Hanoi City Complex

50,000
$60.00
80,000
40,000 $50.00
$40.00 60,000
30,000
Ngoc Khanh Plaza
Cau Giay Comlex

Thai Thinh Plaza
The Garden
$30.00
20,000 40,000
Viet Tower
$20.00
The Manor
Ruby Plaza
Viglacera
10,000 20,000
$10.00
0 $0.00
Opera Business
0
VKO
Trang Tien Plaza
BigC Thang Long
Me Linh Plaza
Hanoi Tower
V - Tower
Vincom City
Hoa Binh Int'l
Pacific Place
Q1/2007
Q1/2007
Q1/2007
Q3/2007
Q4/2007
Q4/2007
Q1/2008
Q1/2008
2009
2010
Towers
Towers
Centre
Market highlights:
- High occupancy
- Strong & increasing demand
- Limited supply
- Increasing rental
HANOI RETAIL MARKET
FUTURE PROJECTS:
9 Opera Business Centre: 6B Trang Tien Str.
GFA: 1,070sqm
Completion date: Q1 2007 CIPUTRA SHOPPING MALL
9 Pacific Place: 83B Ly Thuong Kiet Str.
GFA: 7,500sqm
Completion date: Q1/2007
9 Ruby Plaza: 44 Le Ngoc Han Str.
GFA: 3,300sqm
9 The Manor: My Dinh
GFA: 6,000sqm
9 The Garden: My Dinh
GFA: 20,500sqm
9 Viet Tower: 1 Thai Ha Str. Market Outlook:
GFA: 12,250sqm
Completion date: Q1/2008 9 WTO accession & the entry of foreign retailers
9 Ciputra Mall: Ciputra Hanoi Int’l City 9 New high- quality supply
4 levels 130,000sqm and 1 basement
9 Increasing Demand
Completion date: 2009
9 Hanoi City Complex: Lieu Giai – Dao Tan 9 New international brand-names coming to Vietnam
GFA: 50,000sqm 9 Rental rate increase for high- quality spaces
Completion date: 2010

HANOI RESIDENTIAL MARKET
Housing: % of de tache d, se mi-de tache d & te r r ace
Trend of Apartment Supply 2007-2020
(By current proposed and under-construction NUA projects
in Hanoi & an adjacent region) 100 100
35,000 90 82 82 82 82 82 82 82 82 82 82 82 82 82 82 90
80 80
30,000 70 70
60 60
25,000
No. of apartments
50 50
95
94
94
92
91
91
88
84
83
40 40
75
20,000
72
72
69
30 30
54
15,000 20 20
10 10
10,000 0 0
Hoan Kiem
Tu Liem
Gia Lam
Hai Ba Trung
Dong Da
Tay Ho
Ba Dinh
Thanh Xuan
Long Bien
Soc Son
Cau Giay
Hoang Mai
Thanh Tri
Dong Anh
5,000
-
Districts Hanoi City
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Year
Housing: % of apar tment
Trend of Villa Supply 2007-2020 35 35

(By current proposed and under-construction NUA projects
in Hanoi & an adjacent region) 30 30
25 25
6,000
20 20
5,000
14 14 14 14 14 14 14 14 14 14 14 14 14 14
15 15
29
26
26
4,000
24
24
No. of villas
10 10
15
3,000
11
5 5
6
5
4
2,000
1
0 0
Hoan Kiem
Hai Ba Trung
Dong Da
Tay Ho
Tu Liem
Gia Lam
Ba Dinh
Thanh Xuan
Long Bien
Soc Son
Cau Giay
Hoang Mai
Thanh Tri
Dong Anh
1,000
-
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Districts Hanoi City
Year
(Source: HAIDEP’study)
CB Richard Ellis | Page 72 (Source: CBRE)
S ale P r ice - Condos for sale F utur e S upply of Condos for sale
2,000 1,900
1,800 3,500
1,800
1,600 1,500 3,000
1,400
1,200 2,500
1,200
U S $ / s qm
2,000
1,000
U ni t s
800 800
800
1,500
600
1,000
400
200 500
0
Pacific The Manor Chelsea Hoa Binh Ciputra Golden 0
Place Park Int'l Towers Westlake 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Market Highlights:
- Foreign developers are interested in large projects
- Korean developers are very active and will be key players in future; Japanese developers
are also active
-Local developers dominate small and medium projects

Housing Supply Vs. Actual Demand in Hanoi Market outlook:

9 Strong sales outlook for quality projects
30,000
9 Growing demand
9 High demand for quality projects in
prime location
housing units
20,000
9 Purchase finance
9 Infrastructure improvement
10,000
-
2006 2007 2008 2009 2010
Actual demand for housing Supply (housing units)

HANOI RETAIL MARKET

CBRE GLOBAL OFFICE LOCATIONS
THANK YOU!
www.cbrevietnam.com

Bat Dong San VN

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REDISCOVERING VIETNAM’S REAL

1st March, 2007

•Limited capital markets

•An emerging condo market in Hanoi and HCMC

• Ability to borrow from local banks at 10-11% per annum

• Consistently rising GDP and FDI

• Saturation in other South East Asian markets

CB Richard Ellis | Page 2

CB Richard Ellis | Page 3

CB Richard Ellis | Page 4

• No Starbucks and No MacDonalds

• No shortage of land, just good sites

streets, migration of work force and market driven decisions

• Traffic, complete absence of infrastructure, MRT/MTR, bridges and tunnels

CB Richard Ellis | Page 5

CB Richard Ellis | Page 6

120 US-VN Bilateral

CB Richard Ellis | Page 7

Saigon Trade Center

Centec Saigon Tower

Saigon Center Times Square

Sun Wah Financial Tower

CB Richard Ellis | Page 8 VPBank M&C Tower

Opera View, Dist. 1 Lancaster, Dist. 1 Rosaco, Dist. 1

Estimated Total Supply in

CB Richard Ellis | Page 9

Take up and vacancy rate of

Take-up (Sqm) Vacancy Rate (%)

CB Richard Ellis | Page 10

Rental growth of Grade A

growth rate 28% 29.5 Q1 - 2007 $29.50

*Note: Rents excluding S. C and VAT

CB Richard Ellis | Page 11

Rental Growth of Grade B

unit:US$ growth rate 26% Q1 - 2007 $26.50

* Note: rents excluding S.C and VAT

CB Richard Ellis | Page 12

Rental Growth of Grade C

growth rate 17%

* Note: rents excluding S.C and VAT

CB Richard Ellis | Page 13

Market Outlook in 2007:

9 Vacancy rate remains low, grade A (0%) TOTAL 72 800,425

CB Richard Ellis | Page 14

HCMC MAJOR UNDER CONSTRUCTION OFFICE DEVELOPMENTS IN Q1&Q2/07

Manulife - Dist. 7 6,000

Cetpa - Tan Binh 11,945

N'Orch - Dist. 1 6,000

ITAXA, Dist. 3 7,600

E-Star, Dist. 3 3,960

Vimedimex - Dist. 1 10,780

Petro VN, Dist. 1 10,143

E-Town 2 - Tan Binh 27,000

Rosaco Tower - Dist. 1 8,000

0 5,000 10,000 15,000 20,000 25,000 30,000

CB Richard Ellis | Page 15

Exp ect ed co mp l et i o n i n Exp ect ed co mp l et i o n i n Exp ect ed co mp l et i o n i n Exp ect ed co mp l et i o n i n

2007 2008 2009 2010

CB Richard Ellis | Page 16

Bao Viet Centec Vietcombank

VPBank Asiana Plaza

76,500 sqm 113,000 sqm 212,000 sqm