2Q 2014 VIETNAM OVERVIEW VIETNAM KNOWLEDGE REPORT. The Vista, District 2, HCMC.
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1 2Q 2014 VIETNAM OVERVIEW VIETNAM KNOWLEDGE REPORT The Vista, District 2, HCMC
2 VIETNAM PROPERTY MARKET AT A GLANCE TABLE OF CONTENTS VIETNAM ECONOMIC UPDATE Vietnam s macroeconomic improving thanks to stable FDI inflows HO CHI MINH CITY & HANOI S ECONOMIC UPDATE HO CHI MINH CITY PROPERTY MARKET Office Market Overview Market Insight Forecast Retail Market Overview Market Insight Forecast Condominium Market Overview Market Insight Forecast Serviced Apartment Market Overview Market Insight Forecast HCMC INDUSTRIAL MARKET HANOI PROPERTY MARKET Office Market Overview Market Insight Forecast Retail Market Overview Market Insight Forecast Residential Market Overview Market Insight Forecast
3 VIETNAM 2Q 2014 ECONOMIC UPDATE Vietnam s macroeconomic improving thanks to stable FDI inflows VIETNAM 2 Q14 Y-O-Y 3 Q14F GDP Growth 5.25% 0.3% Total Registered FDI (US$ billion) % Exports (US$ billion) % Imports (US$ billion) % CPI 4.7% - 1.8% Total retail sales (VND billion) % International Visitors (million) % Base Rate 9% 0.0% Exchange Rate (US$) 21, % VN-Index % Gold Price (VND million/ tael) % FDI OF VIETNAM, 2Q 2014 In 2Q14, GDP growth rate achieved 5.25%, bringing the six-month rate to 5.18%, according to the General Statistical Office. Vietnam s macroeconomic continues to improve thanks to stable FDI inflows and strong manufacturing export though the domestic demand remains weak given low sentiment from private sector and risky bad debts of commercial banks. The incidents of China oil rig dispute put some challenges to the economy growth yet impacts were limited. Japanese, Korean, American and Taiwanese are currently major FDI stocks in Vietnam. The total registered FDI from China into Vietnam remains small although it has been risen in recent years. Moreover, trade activities between two countries well improved in the first half of 2014 when both export and import turnovers increased steadily 20.8% and 21.1% alternately compared to the similar period last year. However, tourism industry has been hurted because of dramatical fall from Chinese holidaymakers after big surge of 30% in the first four months of International visitors Source: GSO, Colliers International VIETNAM S IMPORT - EXPORT FIGURES, 2Q 2014 to Vietnam through the border gates with China in June slowed down 50% against May. Forecast > > The expected Free Trade Agreements (FTA) between European Union (EU) and Vietnam by the end of this year will strongly increase the country s export turnover because most of applied taxes to Vietnamese products trade to EU will gradually reduce to 0%. > > The FTA signing will also provide many opportunities for local firms to gain significant flow of quality investment Source: GSO, Colliers International from Europe nations, acceleration of shared expertise and transfer of advanced technology. > > It is noticed that local authorities have implemented strategic progress to minimise economic dependence on China market as well as meeting the Trans-Pacific Partnership requirements. > > In the near future, Vietnamese manufactures have to utilise local resources and seek for alternative exporting markets. > > Meanwhile, there are also other segments required urgent improvement including logistics infrastructure, shortage of skilled labor, supply chain management capability and facilitate linkages with foreign firms. P.1 Colliers International
4 HO CHI MINH & HA NOI 2Q 2014 ECONOMIC UPDATE Export turnover of HCMC expects strong growth in 2014 HO CHI MINH CITY 2Q14 Y-O-Y 3Q14F GDP Growth 8.7% 0.6% Registered FDI (US$ million) % Exports (US$ billion) % Imports (US$ billion) % CPI 5.02% 2.54% Total retail sales (VND billion) % International Visitors (million) % Source: GSO, Colliers International > > The impact of tax incentives and other preferential policies encourage an enormous capital inflow from foreign investment, contributed around 23.3% to the city budget in 2Q14. > > HCMC, being an export-oriented economy, recorded export turnover of approximately US$14,182 million in the first six months of 2014, growing approximately 5.7% year-on-year. > > In June, income from exporting was 4.3% lower than experienced figure in May, reflecting temporary market disruptions. > > However, with recently adjusted the VND/USD exchange rate up by one percent and external demand picking up in the second half of the year, exports are forecast to bounce back and accelerate in the upcoming months. Ha Noi saw growth of implementing FDI HA NOI 2Q14 Y-O-Y 3Q14F GDP Growth 7.4% -0.3% Registered FDI (US$ million) % Exports (US$ billion) % Imports (US$ billion) % CPI 6.43% 1.0 % International Visitors (million) % Source: GSO, Colliers International > > In the first half of 2014, Hanoi s GDP increased by 7.4% (y-o-y). > > The service sector contributed 4.1 percentage points and another 3.2 percentage points was added by the Construction and Industry. > > Generally, the CPI of June saw a y-o-y gain of approx. 6.43%. > > Regarding to foreign investment, the accumulating registered FDI of Hanoi in the first two quarters of this year reached US$560 million, a 13.7% y-o-y growth. > > The implementing FDI was estimated about US$405 million, increasing by 6.5% y-o-y. > > The predicted total number of international visitors to Hanoi in the first six-month of this year reached approx. 1.1 million, equaling to 28.2% y-o-y increase. The forecasted number of local visitors rose by only 3.2% (y-o-y). HCMC - HANOI FDI GROWTH BY MONTH HCMC - HANOI GDP GROWTH RATE, 2Q 2014 Source: GSO, Colliers International Source: GSO, Colliers International P.2 Colliers International
5 HO CHI MINH CITY 2Q 2014 PROPERTY MARKET HCMC Property Market Overview View of HCMC CBD
6 HO CHI MINH CITY 2Q 2014 OFFICE MARKET 2Q14 3Q14F* Office market retains upward movement Average asking rent Occupancy rate Supply > > In 2Q14, Grade A buildings saw a lift of occupancy rate, whilst asking rent slightly declined by 0.74% q-o-q, yet growing 5% in comparison to the same period of > > Vacancy rate of Grade B continued its noticed improvement dropping to 8.6% from 9.2% in previous quarter. > > The average asking rent of CBD Grade B towers went up to US$19.48/ sq m/ month while non-cbd buildings witnessed a GRADE A OFFICE PERFORMANCE, 2Q 2014 difficult period when both asking rents and occupancy rate fell moderately in reviewed quarter. Market Insight > > Currently, there are few options for tenants who require adequate office spaces in CBD Grade A and B buildings. > > This provides opportunities for office developments in CBD GRADE B OFFICE PERFORMANCE, 2Q 2014 fringe and outer districts including District 3, 2 and 7 with competitive rental rate and incentives. > > In particular, District 2 will be a promising office area as a new CBD of the city connecting directly to District 1 and surrounding zones. > > We predict a trend of moving out of downtown early next year with completion of buildings with high quality specifications covering VIETTEL COMPLEX UNDER CONSTRUCTION Lim 2 Tower, SSG Tower and Viettel Office and Trade Center. > > As a result of stable demand and steady occupied space, sublease activities at top graded office developments has been more popular in second quarter of this year. Forecast > > We foresee a moderate growth from both average asking rents and occupancy rate during the latter half of 2014 given improving economic scenes though at low pace compared to the previous year. > > During the next quarters, retaining existing tenants will be top priority of landlords to secure constant income as well as pricing strategy. P.3 Colliers International
7 HO CHI MINH CITY 2Q 2014 OFFICE MARKET HCMC Office Market Overview No Name Address * US$/ sq. m/ month (on net area) Completion Year NLA (sq m) Service Charges (*) Occupancy rate NFA asking rent (*) 1 Saigon Centre 65 Le Loi , % Saigon Tower 29 Le Duan , % Sunwah Tower 115 Nguyen Hue , % The Metropolitan 235 Dong Khoi , % Diamond Plaza 34 Le Duan , % Kumho Asiana Plaza 39 Le Duan , % Bitexco Financial Tower 45 Ngo Duc Ke , % President Place 93 Nguyen Du , % Times Square Nguyen Hue , % 50.0 Grade A 158, % OSIC 8 Nguyen Hue , % Yoco Building 41 Nguyen Thi Minh Khai , % Somerset Chancellor Court Nguyen Thi Minh Khai , % Central Plaza 17 Le Duan , % Saigon Riverside Office 2A-4A Ton Duc Thang , % Saigon Trade Center 37 Ton Duc Thang , % Harbour View Tower 35 Nguyen Hue , % MeLinh Point Tower 02 Ngo Duc Ke , % Zen Plaza Nguyen Trai , % Bitexco Office Building Nguyen Hue , % The Landmark 5B Ton Duc Thang , % Opera View Dong Khoi , % Indochina Park Tower 4Bis Nguyen Dinh Chieu , % Petro Tower 1-5 Le Duan , % City Light 45 Vo Thi Sau , % The Landcaster 22Bis Le Thanh Ton , % Gemadept Tower 5 Le Thanh Ton , % Fideco Tower Ham Nghi , % Havana Tower 132 Ham Nghi , % Sailing Tower 51 Nguyen Thi Minh Khai , % Royal Center 235 Nguyen Van Cu , % TMS 172 Hai Ba Trung , % Bao Viet Tower 233 Dong Khoi , % Green Power Tower 35 Ton Duc Thang , % Vincom Center Le Thanh Ton , % Saigon Royal 91 Pasteur , % A&B Tower 76 Le Lai , % Maritime Bank Tower 192 Nguyen Cong Tru % Empress Tower 138 Hai Ba Trung , % Lim Tower 9-11 Ton Duc Thang , % Sunny MB Tower 259 Tran Hung Dao , % 22.0 Grade B 399, % 23.1 P.4 Colliers International
8 HO CHI MINH CITY 2Q 2014 RETAIL MARKET 2Q14 3Q14F* Average asking rent Occupancy rate Reverse movements between retail malls and high street shops HCMC retail market witnessed a downturn tendency with fall in both occupancy rate and rental from retail centers during 1H The retail podium experienced slight drop in both figures with notable Supply MARKET PERFORMANCE, 2Q 2014 vacant spaces within CBD area after prolonged fully-occupied condition. Regardless weaken adjustment in rents, both department store and shopping centre segments still recorded 3% and 2% increase in vacancy rate respectively, mostly contributed by suburban malls. In contrast, we saw accelaration of expansion activities from international F&B brands with open of the 2 nd McDonald s restaurant, the 3 rd Starbuck and the 17 th Baskin Robbins stores in HCMC. Market Insight MARKET PERFORMANCE BY SECTOR, 2Q 2014 Central shopping centers struggling in retain tenants > > We noticed significant empty spaces in both CBD and suburban retail centres during last quarter disregard moderate decline in rental from operators. > > A lengthen pull back period of consumer s expenses forced retailers, especially local brands, to review business plan while top brands took the opportunities to obtain prime locations in order to seize the market shares. > > However, either move-out or relocation trend still excess expansion movement. SC SAIGON SOUTH > > Medium-sized sites ranging from sm. q in city downtown are current market hot spots. Forecast > > We expect increasing competition in retail sector given a pipeline of new projects coming in next year including SC Vivocity (District 7), Vietttel Complex (District 10), Lim Tower 2 (District 3) and SSG Tower (Binh Thanh). > > Nevertheless, recent acquisitions of Pico Plaza (Tan Binh) by Lotte and Hi-tech Healthcare Park (Binh Tan) by Aeon Mall show prospective outlook of local market to foreign investors. P.5 Colliers International
9 HO CHI MINH CITY 2Q 2014 RETAIL MARKET HCMC Retail Market Overview No Name of Project / Building Address Location Completion Year NLA (sq m) Average Rental (US$/sq m/month) Occupancy Rate 1 Hotel Continental Saigon Dong Khoi District % 2 Caravelle Hotel 19 Lam Son Square District % 3 New World Hotel 79 Le Lai District , % 4 Sheraton Saigon 88 Dong Khoi District % 5 Opera View Lam Son Square District , % 6 The Manor 1 91 Nguyen Huu Canh Binh Thanh , % 7 Saigon Pearl 92 Nguyen Huu Canh Binh Thanh , % 8 Rex Arcade 141 Nguyen Hue District , % 9 The Manor 2 91 Nguyen Huu Canh Binh Thanh , % 10 Bitexco Financial Tower 45 Ngo Duc Ke District , % 11 The Vista Walk Ha Noi Highway District , % 12 President Place 93 Nguyen Du District % 13 Times Square Nguyen Hue District , % 14 Saigon Airport Plaza 1 Bach Dang Tan Binh , % Retail Podium 50, % 1 Diamond Plaza 34 Le Duan District , % 2 Zen Plaza Nguyen Trai District , % 3 Parkson Saigon Tourist 35 Le Thanh Ton District , % 4 Parkson Hung Vuong 126 Hung Vuong District , % 5 Kumho Asiana Plaza 35 Le Duan District , % 6 Parkson Flemington Le Dai Hanh District , % 7 Parkson Paragon Nguyen Luong Bang District , % 8 Parkson C.T Plaza Truong Son Tan Binh , % 9 Parkson Cantavil Premier Ha Noi Highway District , % Department Store 127, % 1 Saigon Center 65 Le Loi District , % 2 City Plaza 230 Nguyen Trai District , % 3 Superbowl Vietnam - TSN Truong Son Tan Binh , % 4 Tax Center 135 Nguyen Hue District , % 5 An Dong Plaza 18 An Duong Vuong District , % 6 Saigon Square Nam Ky Khoi Nghia District , % 7 Nowzone Nguyen Van Cu District , % 8 Lotte Mart Saigon South Nguyen Huu Tho District , % 9 Saigon Square Ton Duc Thang District , % 10 Vincom Center B 72 Le Thanh Ton District , % 11 Maximark 3/2 Extension 3/2 Street District , % 12 Lotte Mart Phu Tho Le Dai Hanh District , % 13 Crescent Mall Nguyen Van Linh District , % 14 Satra Pham Hung Pham Hung District , % 15 CMC Plaza 79B Ly Thuong Kiet Tan Binh , % 16 Taka Plaza 102 Nam Ky Khoi Nghia District , % 17 Union Square Dong Khoi District , % Shopping Centre 349, % P.6 Colliers International
10 HO CHI MINH CITY 2Q 2014 CONDOMINIUM MARKET Local developers endeavour to gain trust from buyers 2Q14 3Q14F* Primary market Secondary market Supply > > The Secondary market recorded a minor q-o-q drop in price though it is still a considerable decline to 2Q12. > > During second quarter of 2014, the Primary Condominium market saw a q-o-q gain of almost 7% in average asking price while it is almost equivalent to same period of > > High-end apartments experienced a slight decrease in price while that of both Mid-end and Affordable segments notably gained 15% and 9% Sold rate respectively in reviewed quarter. CHANGE OF UNIT TYPES OVER 2010 PERIOD The first half of this year noted surge in absorption rate of residential sector, mostly from affordable condominiums located in suburban areas. As a result of that, there was a strong growth in supply of residential for sale market from both newly-launched and re-launched projects. Followed a large stream of new developments in 1Q, last quarter witnessed release of next phases and relaunch of delayed condominiums. Docklands Saigon (District 7) was relaunched by Pau Jar Group after nearly 2 mute years while Hung Thinh Group introduced 8x Thai An (formerly named Thai An 6) at Go Vap District given the SECONDARY MARKET PERFORMANCE BY DISTRICT success of 8x Dam Sen in Tan Phu District. The Primary market also welcomed 727 new apartments from mid-scale residential developments including Topaz Garden, An Gia Garden (Tan Phu) and SSG Tower (Binh Thanh). Market Insight > > Positive performance during 1H14 showed sign of recover for residential market, especially from affordable and mid-end segments. > > That reflects an increase of market confidence after a long period of wait-and-see attitude. P.7 Colliers International
11 HO CHI MINH CITY 2Q 2014 CONDOMINIUM MARKET > > We saw significant efforts from local developers in building reputation and gaining buyer s trust via good construction progress from many projects. > > Instead of totally rely on traditional sources from bank loan and customer s cashflow, the developers now seek for alternative financial supports including partners, construction vendors and even brokerage firms. > > Multiple partners can share development risks whilst construction companies are willing to obtain en bloc of units for trading as part of their business strategy. Forecast Steady take-up of new launchs given gain of market confidence > > We expect constant absorption rate from new market supply till the end of this year given growth in market confidence. > > Efficient-sized flats selling at US$700 per sq. m will remain the most sought-after products because of acceptable expenses and eligible elements for financial support from 30 Trillion Package. > > Existing developments face competitive pressure leading to strategic changes of (1) rebrand project with new pricing approach and marketing strategy or (2) transfer project, mostly via loan acquisition. HCMC Condominium Market Overview No Name of Project Address Location Launched Year Grade Total units Average asking price (*) 1 Xi Riverview Palace 190 Nguyen Van Huong District High-end 270 2,100 2 Cantavil Premier Ha Noi Highway District High-end 200 1,720 3 Canh Vien 3 Nam Vien Area, PMH District High-end 116 1,990 4 C.T Leman Plaza 117 Nguyen Dinh Chieu District High-end 200 4,200 5 Star Hill Commercial Area, PMH District High-end 351 2,000 6 The Vista (Tower 4) Ha Noi Highway District High-end 141 1,470 7 The Prince Residence Nguyen Van Troi Phu Nhuan 2013 High-end 282 2,190 High-end developments 1 Everrich Dao Tri District Mid-end 3,125 1,350 2 Thao Dien Pearl 12 Quoc Huong District Mid-end 450 1,670 3 Saigon Airport Plaza 1 Bach Dang Tan Binh 2011 Mid-end 242 1,800 4 Tropic Garden Nguyen Van Huong District Mid-end 388 1,200 5 Happy Valley Nguyen Van Linh, PMH District Mid-end 818 1,670 6 Sunrise City (Central + North) Nguyen Huu Tho District Mid-end 1,500 1,550 Mid-end developments 1 Topaz Garden Trinh DInh Thao Tan Phu 2014 Affordable Ngoc Khanh Tower Nguyen Bieu District Mid-end 99 1, x Thai An Phan Huy Ich Go Va[ 2014 Affordable The Park Residence Nguyen Huu Tho District Mid-end Parc Spring Nguyen Duy Trinh District Affordable New launches in 2Q 2014 * US$/ sq. m P.8 Colliers International
12 HO CHI MINH CITY 2Q 2014 SERVICED APARTMENT MARKET Noticed new market supply from refunctioned condominium developments 2Q14 3Q14F* > > Top-tier serviced apartments in HCMC experienced fall in occupancy Average asking rent rate during last quarter. > > Grade A buildings slightly increase average asking rent given stable vacancy rate approximately 10%. Occupancy rate > > Last month, Grade B buildings recorded a drop of 6% in rental. The first half of 2014 saw a notable new supply being refunctioned from Supply GRADE A PERFORMANCE, 2Q 2014 condominium projects in CBD areas. The New Pearl condominium project in District 3 is informed to be completed by 3Q 2015 with 160 serviced flats after a prolonged delay in construction. The Waterfront Luxury Apartment (formerly known as Delta River Tower) in District 1 with over 180 units is expected to operate by early of Market Insight > > Continous stagnant condition of luxury residential market and solid performance of serviced apartment lead to temporary refunctional decisions. > > The developers will be able to get cashflow from leasing activities in short to mid-term while the buildings are revertable to apartment for sales given similar specifications. No Project Name Address Location Completion Year Total Room Average Occupancy ARR(*) 1 The Landmark 5B Ton Duc Thang District % 31 2 Somerset Chancellor Court Nguyen Thi Minh Khai District % 34 3 Sedona Suites 65 Le Loi District % 30 4 Nguyen Du Park Villas 111 Nguyen Du District % 30 5 The Landcaster 22 Bis Le Thanh Ton District % 37 6 InterContinental Asiana Saigon 39 Le Duan District % 36 Grade A % 34 1 Somerset HCM 8A Nguyen Binh Khiem District % 26 2 Saigon Sky Garden 20 Le Thanh Ton District % 26 3 Norfolk Mansion Ly Tu Trong District % 33 4 Diamond Plaza 34 Le Duan District % 29 5 Garden View Court 101 Nguyen Du District % 31 6 Nikko Saigon 235 Nguyen Van Cu District % 28 Grade B % 27 P.9 Colliers International
13 HO CHI MINH CITY 2Q 2014 INDUSTRIAL MARKET Foreign 3PLs show increasing interests in RBF and warehouse segment HCMC MASTER PLAN OF INDUSTRIAL ESTATES > > There is no new industrial supply during last quarter. > > There are 13 industrial parks, 3 export processing zones and Saigon Hitech Park with a total area of approximately 4,600 hectares operating in HCMC > > According to the master plan, by 2020, the city will have 22 industrial areas with 7,000 hectares of new and expanded land area. > > Current average vacancy rate of industrial properties in HCMC in reviewed quarter is 33% and expected to be flat throughout this year given moderate economic growth forecast. > > The average asking rent of HCMC industrial parks was almost flat in the last three months and is predicted to gain slightly 2% next year due to increasing demand at a constant market supply. Source: Public Domain, Colliers International Market Insight > > The Northern and Western zones are projected as major manufacturing and industrial hubs of the city taking advantage of Ring Road System and East-West Highway. > > The Southern zone with Hiep Phuoc IP as a core development will become a logistics and supply chain management center given the cluster of main seaports in the surrounding areas. > > Foreign third-party logistics (3PL) service providers show increasing interests in Ready-Built-Factory (RBF) and warehouse segment. The typical size of these workshops is 1,000-2,000sq. m. HCMC Industrial Market Overview No Name of Development Location Area (hecta) Warehouse Rental Occupancy Rate 1 Tan Binh Tan Binh + Tan Phu District % 2 Linh Trung 1 Thu Duc District % 3 Tan Tao Binh Chanh District % 4 Tan Thuan District % 5 Le Minh Xuan Binh Chanh District % 6 Vinh Loc Binh Chanh District % 7 Cu Chi Western North Cu Chi District % 8 Hien Phuoc 1 Nha Be District % 9 Cat Lai 2 District % 10 Dong Nam Cu Chi District % * US$/ sq. m P.10 Colliers International
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15 HANOI 2Q 2014 PROPERTY MARKET Hanoi Property Market Overview Keangnam Hanoi Landmark Tower
16 HANOI 2Q 2014 OFFICE MARKET Office market experienced downward tendency in last quarter 2Q14 3Q14F* > > The down trend in office market has continued in reviewed quarter with decline in both occupancy rate and asking rent. Average asking rent Occupancy rate Supply GRADE A OFFICE PERFORMANCE > > In 2Q 2014, Grade A asking rents experienced downward tendency. > > Rent was recorded on average as US$31.6 per sq. m per month as landlord of office buildings are offering incentives to ease up situation for tenants. > > The average occupancy of the Grade A offices was about 73%, a bit lower than the previous quarter. EVN Tower (Cua Bac Street, Ba Dinh District) has been launched in this quarter, adding approx. 45,621 sq m of NLA to the market. Lotte Centre Hanoi hasn t been ready to use in this quarter as schedule. It is planned to open in September As the supply still outweighed the demand, the market still belonged to tenants. Whereas the Western segment became FUTURE SUPPLY BY DISTRICT strongly competitive, landlords of Grade A building in the old CBD remain confident to their strategic location. However, on another hand, it seems to be right time for the owners of old buildings in the CBD to renovate and upgrade in order to maintain their conditions. The reasonable asking rental also attracted tenants from villa or townhouse offices moving to standard office buildings. No Name of Project Developer Location Source: 1 Colliers Viet Tower International Hoa Binh Trading & Investment JSC Completed Year NLA (sq m.) Average asking price (*) 1 Thai Ha, Dong Da , EVN Tower EVN 11 Cua Bac, Ba Dinh , Star Tower CFTD - VLA 4 Pacific Building NCX 5 VID Tower 30/4 Tourism & Trading JSC 6 63 Le Van Luong 319 Group Lot 32, Duong Dinh Nghe, Cau Giay 2 Dai Co Viet, Hai Ba Trung 115 Tran Hung Dao, Hoan Kiem 63 Le Van Luong, Trung Hoa, Cau Giay , , , , P.11 Colliers International
17 HANOI 2Q 2014 RETAIL MARKET Market expect more supply in latter half of Q14 3Q14F* > > The supply was unchanged as there was no new space adding to the market in this quarter. Average asking rent Occupancy rate Supply MARKET PERFORMANCE, 2Q 2014 > > The average market rent was recorded at approximately US $48.85/ sq m, a decrease of 1.8% q-o-q or approx. 25.9% y-o-y. > > The occupancy rate was about 80.2%, declining by 1.4 percentage point q-o-q. > > Generally, the retail market seems silent as the economic still grey. However, we still see some lighting points. Baskin Robbins, the world s largest chain of ice cream specialty shops, opened its first shop in the old CBD of Hanoi, after a chain of 20 shops had already launched in HCMC. Lotte Center Hanoi is delayed to launch until 3Q Given their MARKET SUPPLY, 2Q 2014 prime location covering a very large area between the Old and New CBDs, its huge supply has been forecasted to strongly affect the market. However, the current silent of other large retail spaces at Times City, Royal City raises a question on the future launching of Lotte Center Hanoi. No Name of Project Developer Location Completed Year NLA (sq m.) Average asking price (*) 1 EVN Tower EVN 11 Cua Bac, Ba Dinh , Hong River Tower Thien Duc Services JSC 3 63 Le Van Luong 319 Group 4 Mo Market Shopping Mall Vinaconex 2 Tran Hung Dao, Hoan Kiem 63 Le Van Luong, Trung Hoa, Cau Giay 459C Bach Mai, Truong Dinh, Hai Ba Trung , , , CTM Building CTM 139 Cau Giay , * US$/ sq m/ month (on net area) P.12 Colliers International
18 HANOI 2Q 2014 RESIDENTIAL MARKET End-users are major demand of Hanoi residential market 2Q14 3Q14F* > > The average asking price of the primary market increased Primary market Secondary market Supply Sold rate PRIMARY MARKET PERFORMANCE, 2Q 2014 slightly about 1% comparing to 1Q14. > > The secondary market marginally dropped 0.8% in asking price from previous quarter with the average asking price of US$1,472 per sqm. It has not yet shown the actually recovery of the market but it leads to increase the demand for apartment. > > The 2-bedroom units with efficient area of 65sq. m to 80sq. m are preferable regarding market liquidity and total price. > > From US$1,000 to US$1,500 per sqm is the asking price of the most number of units in both primary and secondary market. > > Ha Dong and Cau Giay areas with affordable projects pricing at US$857 per sq. m on average are leading in supply number of apartments. The survey of Colliers showed that the number of apartments in the primary market decreased of approximately 6% from previous quarter. The price of apartment has slightly increased in compare with Q1.2014; meanwhile, the transaction volume has notably increased. This escalation trends to continue in next quarter. In 2Q14, the Vietnamese government has released series of legal documents related to the real estate market including two significant documents: > > Circular No. 76: the apartment buyer has to pay the land use tax instead of the developer. This policy aims to reduce the financial burden for the investor so the construction progress could be improved. But it also raises the concern in the buyers about the transparency of the calculation and allocation this land use tax. > > In a declaration in July 2014, Vietnamese government stated that they would terminate approving new commercial residential project until It is predicted that this declaration will reduce the supply of apartment to market therefore the transaction price will increase more. No Name of Project Developer Location 1 Thang Long Number One Viglacera 2 My Son Tower My Son 3 HH4 Hop Phu 4 Green Starts An Binh No. 1 Thang Long Highway, South Tu Lam 62 Nguyen Huy Tuong, Thanh Xuan Linh Dam Urban, Hoang Mai 234 Pham Van Dong, North Tu Liem Hand-over Period Total units Average asking price (*) 2Q ,000 1,619 2Q ,071 1Q , Q Discovery Complex Kinh Do 302 Cau Giay, Cau Giay 1Q ,500 P.13 Colliers International
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20 KNOWLEDGE REPORT 2Q 2014 VIETNAM About Colliers International Colliers International is a leader in global real estate services, defined by our spirit of enterprise. Through a culture of service excellence and a shared sense of initiative, we integrate the resources of real estate specialists worldwide to accelerate the success of our partners. We connect through a shared set of values that shape a collaborative environment throughout our organization that is unsurpassed in the industry. With more than 100 professionals in 2 offices in Vietnam, the team is market driven and has proven and successful track record with both international and local experience. From Hanoi to Ho Chi Minh City, we provide a full range of real estate services Research > > Market research across all sectors > > Market analysis, advisory, and strategy Valuation & Advisory Services > > Valuation for land, existing property or development sites > > Feasibility studies to determine NPV, IRR and highest & best use Office Services > > Tenant Representation > > Landlord Representation Residential Sales & Leasing Retail Services Investment Services Real Estate Management Services Corporate Services Industrial Leasing The foundation of our services is the strength and depth of our experience. Please contact, If you would like to recieve our other research reports Publication Coverage Frequency Content Availability Research & Forecast Report Vietnam Cities Quarterly All market sectors Publicly available CBD Report HCMC CBD Monthly Office, Retail, Hotel and Serviced Apartment Asia Pacific Office Report Vietnam Property Market Report Development Recommendation Asia Pacific including Vietnam Publicly available Quarterly Office market Publicly available Vietnam cities Quarterly All market sectors On subscription Vietnam cities At request All market sectors On subscription 485 offices in 63 countries on 6 continents $2 billion in annual revenue 2.5 billion square feet under management COLLIERS INTERNATIONAL HO CHI MINH CITY Bitexco Office Building, 7th Floor Nguyen Hue Street District 1, HCM City, Vietnam Tel: HANOI Capital Tower, 10th Floor 109 Tran Hung Dao Street, Hoan Kiem District, Hanoi, Vietnam Tel: QUANG NGUYEN Research Manager quang.nguyen@colliers.com ,700 professionals and staff LINH PHAM Research Manager linh.pham@colliers.com YEN NGUYEN Research Analyst yen.nguyen@colliers.com This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved. Accelerating success
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