Ho Chi Minh City METRO LINE CHANGING THE FACE OF THE PROPERTY MARKET. CBRE Global Research

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1 Ho Chi Minh City METRO LINE CHANGING THE FACE OF THE PROPERTY MARKET CBRE Global Research

2 2 HCMC Metro Lines and its Impacts on the Property Market

3 CONTENTS Executive Summary Introduction Background Master Plan: The Six Metro Lines of HCMC Master Plan: Metro Line No. 1 Impacts on Property Market 18 Positive Impacts 22 Nuisance Effects 23 Developer Corner: How to Grab the Opportunities 24 Line 1 and Property Project Pipeline Case Study Bottom Line References CBRE Ltd

4 CBRE GLOBAL RESEARCH This report was prepared by CBRE Vietnam Research Team, which forms part of CBRE Global Research a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate. CBRE Ltd Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE. 4 HCMC Metro Line: Changing the Face of the Property Market

5 EXECUTIVE SUMMARY METRO LINE: CHANGING THE FACE OF THE PROPERTY MARKET Poor infrastructure and lack of an efficient public transport system has put brakes on HCMC growth The first metro line in HCMC - Metro Line No. 1 - was kicked-off in 2012 and is scheduled to complete in 2019 with the first train to begin running by The introduction of this metro line will see the central districts of HCMC linked immediately with the east of the city such as District 2, District 9 and Thu Duc District. When the metro line comes into operation, the premium for land price on sites located within a ten-minute walk from stations could be up to 10% - 20% compared to sites in other areas. A new cluster of commercial and mixed-use developments is expected to emerge in the metro line area. Suspended developments will be revitalised. CBRE Ltd

6 INTRODUCTION With the first Metro Line in Ho Chi Minh City making good construction progress and set to open in 2020, all of us who live and work in the city are gearing up for some big and exciting changes. For those of us in real estate, the game will be changing even more dramatically. The introduction of a metro system will bring about a number of benefits. In particular, it will improve the ability of the population to access employment, retail and recreation activities. The experience in other countries also suggests that one of the most significant impacts of a metro line project is an 6 HCMC Metro Line: Changing the Face of the Property Market

7 The introduction of metro lines are expected to bring many noticeable changes to areas around transit stations: land prices surge, real estate developments boom and retailers and offices relocate. impact on property values. Rail transit development brings many noticeable changes to areas around transit stations: land prices surge, real estate developments boom and retailers and offices relocate. Of course, as with any infrastructure project, there may also be localised negative impacts that reduce property values for some people. Although the exact impact of nuisance variables such as noise and visual obstruction caused by the above-ground railway has not been extensively reviewed, most studies show that the benefits of a metro system outweigh the nuisance effects. Information on the impact of metro line systems on property values is often incomplete and limited to anecdotal evidence, leaving investors and developers who have developments in the metro line area without a firm basis to assess future changes. This report will review the background and progress of the metro system in addition to discussing its possible impact on the HCMC property market with a focus on the anticipated interaction between supply and demand along the lines. CBRE Ltd

8 BACKGROUND As private ownership of vehicles increased, at one time 98% of households in HCMC owned motorcycles or scooters. Use of private vehicles became the most common means of transport within HCMC which caused severe congestion during peak hours and negatively impacted on the environment in the city with high levels of pollution. The situation is worsening as people switch from motorcycles to cars as average income levels improve and economic growth continues. Vietnam has been one of the fastest-growing economies in Asia in recent years with GDP growth of up to 6.0 percent in 2014 and expected to reach 6.5% in Nevertheless, these terrible infrastructure issues in HCMC have put the brakes on growth. Of these, transport is among the most pressing causes for concern with traffic jams and an oversubscribed and insufficient public transport system making travel a time-consuming grind. The government has noted a direct link between poor public transport and inhibited long-term growth, and since 2001 has been planning a six-line metro system to strengthen sustainable urban transport within HCMC. The introduction of the metro line system will see the central districts of HCMC linked immediately with the east, the west and the south of the city such as District 2, District 9, Thu Duc District and District 7. The urban rail network comprises six Metro Rail Transit (MRT) lines with a total length of 109km, as well as two monorail routes and a tramway. Four priority MRT lines have been identified, and it is planned that these will be implemented by Line 1: Ben Thanh Suoi Tien, 19.7 km Line 2: An Suong Thu Thiem, 19 km Line 3: Tan Kien Hiep Binh Phuoc, 28.3 km Line 4: Ben Cat Bridge Nguyen Van Linh, 24 km 8 HCMC Metro Line: Changing the Face of the Property Market

9 The other urban rail lines in the master plan are understood to have secondary priority, but are intended to be in place by 2025: Line 5 a northern inner semi-loop line Line 6 a north-south section in the western suburbs Southern Monorail through Districts 7 and 2 along Van Linh Parkway Northern Monorail feeder service to Line 4 Poor infrastructure and lack of an efficient public transport system has traditionally put the brakes on HCMC growth Metro Line No. 1 is the first one to be kicked-off in 2012 which has 2.6 km underground and 17.1 km above ground with total 14 stations. The line starts from Ben Thanh Central Station, heading to Saigon Bridge then following Hanoi Highway before ending at Suoi Tien Cultural Park. Although construction only began on Saigon Bridge on December 12, 2013, its progress has been accelerated for the last fifteen months with many construction activities on site from Ben Thanh, Ba Son Station to Hanoi Highway. According to HCMC Management Authority for Urban Railways (MAUR), the project is scheduled to complete in 2019 with the first trains to begin running by As work on HCMC's first metro line steadily moves along, construction on Metro Line 2 also broke ground in January 2015 and is expected to be operational by CBRE Ltd

10 THE SIX METRO LINES OF HCMC 10 HCMC Metro Line: Changing the Face of the Property Market

11 Tan Kien Hiep Binh Phuoc 28.3km 3 5 Can Giuoc Sai Gon Bridge 22 Stations 26 km Ben Cat Bridge - Nguyen Van Linh 24 km 4 1 Ben Thanh Suoi Tien 14 Stations 19.7 km An Suong -Thu Thiem 19 km 2 6 Ba Queo Phu Lam 7 Stations 6.7km Highest use Normal use Least use Under construction Signed memorandum of funding Under planning CBRE Ltd

12 THE SIX METRO LINES Go Vap District OF HCMC Tan Binh District Tan Son Nhat International Airport 4 Tan Phu District Binh Tan District 6 2 Phu Nhuan District District 3 District 10 3 District 5 District 6 District HCMC Metro Line: Changing the Face of the Property Market Binh Chanh District

13 Thu Duc District District 9 Binh Thanh District 1 District 1 District 2 HCMC CBD District 4 District 7 Scale 2km CBRE Ltd

14 LINE 1 MASTER PLAN Opening date 2020 Operating hours 20 (5:00-24:00 hrs) Number of Stations 14 Estimated cost US$2.49 billion Average distance between two station Expected daily ridership City-Centre m Non-CBD 1,000-2,000 m 186,000 Network length 19.7 km 17.1 km aboveground with 11 terminals 2.6 km underground with three stations Source: Management Authority for Urban Railways, HCMC Government 1A PARCEL 1A Expect to start in 2015 Construction of Ben Thanh and Opera House Stations 1B PARCEL 1B Started 7/2014 Construction of Ba Son Station and tracks connecting to the Opera House 2 PARCEL 2 Started 8/2012 Construction of 17.1 km above ground track between Ba Son and Suoi Tien 14 HCMC Metro Line: Changing the Face of the Property Market

15 COMPLETED AND OPERATING IN PARCEL 3 Open for bidding Construction and installation of locomotives 4 PARCEL 4 Expect to start in 2017 Construction of metro operations center Source: CBRE Research, Q CBRE Ltd

16 16 HCMC Metro Line: Changing the Face of the Property Market

17 Impacts on Property Market Positive Impacts Nuisance Effects Developer Corner Line 1 and Property Project Pipeline CBRE Ltd

18 Higher property values In theory, a home located near a public mass transit system should command a higher rent or sales price than one that is further away because good public transport allows those living nearby to more easily travel to and from destinations that are important to them. One review of the literature identifies studies in which the premium for home prices in locations close to public transport ranges from 6 percent to 45 percent (Cervero et al. 2004). Another sets the range between 3 percent and 40 percent (Diaz 1999). However, the impact of a new public transport system on housing prices depends on a number of mediating factors including housing tenure and type, the extent and reliability of the public system, the strength of the housing market, the nature of the surrounding developments and so on. In a metro area with a strong housing market and a reliable public transport system that effectively connects residents with jobs and other destinations, the price premium may well be much higher than the average. So, what have the residential market trends been over the past three years in HCMC? One might safely generalize that properties located in metro line areas including Binh Thanh District, District 2, District 9 and Thu Duc District currently sell at small to modest premiums, somewhere between 18 HCMC Metro Line: Changing the Face of the Property Market

19 POSITIVE IMPACTS 2% and 5%, compared to properties having similar finishing and level of facilities but not located in the metro line area. In the future, when the metro line comes into operation, the premium for land price on sites located within a ten-minute walk from stations could be up to 10% - 20% compared to sites in other areas. Our research found that asking prices of high-end residential projects in District 2 increased from an average of $1,490 per square metre in 2012 to $1,650 today, up 11%, compared to just 3% citywide (Figure 1). Interestingly, the number of successful transactions has also gone up. According to our research, the number of units sold in District 2 was as low as 329 units in 2012 and is now 3,710 (Figure 2). Although no concrete conclusion on the impact of metro line can be drawn from the increase in selling prices as well as transaction numbers, it would make sense that developers have raised their prices in anticipation of significant demand once the metro line starts running. Figure 1. High-end Condominium, Average Primary Asking Price (US$/sm) $1,800 $1,700 $1,600 $1,500 $1,400 $1,300 $1,200 Metro Line No. 1 groundbreaking Q HCMC District 2 Price exclusive of VAT and maintenance fee Source: CBRE Vietnam, Q Start of Line No. 1 Construction on Saigon Bridge Figure 2. Condominium Transactions (No. of Unit Sold) in District 2, District 9, Thu Duc District...asking prices of high-end residential projects in District 2 increased from an average of $1,490 per square metre in 2012 to $1,650 as of today... 4,000 3,500 3,000 2,500 2,000 1,500 1, Start of Line No. 1 Construction on Saigon Bridge Metro Line No. 1 groundbreaking District 2 District 9 Thu Duc District Source: CBRE Vietnam, Q CBRE Ltd

20 Land-use impact: A new cluster of commercial and mixed-use developments Better connectivity will allow commercial activities to be decentralised away from the congested Commercial Business District (CBD). This will also allow occupancy costs for the city to be controlled and managed by being able to offer alternative locations away from the CBD but yet still being well connected. It is expected that new clusters of commercial properties will arise along the metro lines, especially for mid-end properties. With 186,000 riders per day expected for the first line in HCMC, obvious opportunities will be seen in the retail sector where a retail mall is usually incorporated in a community to benefit from commuter traffic. On the other hand, the metro line will also help in expanding the retail catchment area by providing vehicle cost savings to remote shoppers, encouraging them to come to the city centre for shopping. Improved accessibility and shorter travelling times on the metro will provide a transit option for office staff from suburban areas and allow them to look at job opportunities in the CBD, which will serve as a demand catalyst for the office market. Planners like to use the term Transit Oriented Development (TOD), which means we can expect mixed-use developments that will include condos, apartments, offices, hotels, restaurants, shops, outdoor activities, educational institutions and cultural and other attractions much as can be seen today in cities such as Hongkong, Bangkok or Singapore. The suburban projects that are currently within this area will likely be transformed or torn down to make way for such mixed-use developments. 20 HCMC Metro Line: Changing the Face of the Property Market

21 0% POSITIVE IMPACTS Revitalising suspended developments One of the things that has traditionally held HCMC back has been its poor infrastructure and lack of an efficient public transport system. For property investors, especially foreign ones, anywhere outside a catchment of half an hour drive from the city centre doesn t really come into play as a serious investment opportunity. Commuting times are just too long and it can be a struggle to get into the city or to the airport at the best of times. However, the introduction of Metro Line no. 1 in 2020 will cut journey times by at least half meaning that anywhere with decent access to this line will really benefit. An analysis from CBRE Research found that the number of condominium units surged in areas close to stations in the last three years. The average growth in supply in District 2 is 36%, compared to just 24% in District 4 or 10% in District 7. It is expected that condominium supply in District 2 and District 9 will surge by 58% and 200% in 2017 respectively (Figure 3). Similarly, a 10% increase in retail podium GFA is reported in District 2 in the next three years, including but not limited to Estella Heights (37,290 sm GFA), Vincom Megamall Thao Dien (120,000 sm GFA), Thao Dien Pearl (20,400 sm GFA), Lexington Residence and The Sun Avenue. It is certainly notable that new developments at the extremities of the metro line are attracting huge interest. These include the 90-year-old Tax Center building which was demolished at the end of 2014 and is set to be replaced by a 40-story tower that will have a direct underground connection to the adjacent deep metro station; Masteri Thao Dien, a mixed-use project developed by Thao Dien Investment JSC in Thao Dien area that will be connected directly to An Phu Station; Thao Dien Pearl by SSG Group connected to Thao Dien Station and Vinhomes Central Parks by VinGroup that sits close to Tan Cang Station. 100% 90% Figure 3. Y-o-Y Growth in Condominium Supply by District, HCMC 80% 70% 60% 50% 40% 30% 20% 10% District 2 District 7 District 9 CBRE Ltd

22 NUISANCE EFFECTS Although there is a clear positive correlation between the metro line and property values, there are still concerns about possible negative effects including noise, traffic, safety and aesthetics. Within the immediate area of stations, nuisance effects such as noise and increased traffic may reduce potential property value of those properties closest to the station area. Nevertheless, most studies show that the benefit of a metro line outweigh the nuisance effects. 22 HCMC Metro Line: Changing the Face of the Property Market

23 DEVELOPER CORNER HOW TO MAXIMISE POSITIVE IMPACTS OF THE METRO LINE ON PROPERTY VALUES? Given that there are proven positive impacts of metro lines on property values due to the improved accessibility and the ability to attract new and more intense developments, how best can property developers maximize the potential for a property value increase? Maximizing accessibility For those properties that are located right next to an above-ground rail station, it is advisable to build direct access to the station. Some developments that are being built on the same side of the metro line have been quick to work with the city s railways authorities to ask for approval to link properties directly to metro stations such as the Thao Dien Pearl project connecting to Thao Dien Station or Tax Center project to connect with Opera House Station. For those properties which are further from stations, it is necessary to improve pedestrian accessibility from the station to the project including pedestrian paths, safety improvements, lighting, and other pedestrian amenities. For example, a flyover is planned to build over the Hanoi Highway to link up residential projects on the other side with the An Phu Station. Early-stage land acquisition Given that housing prices and land prices will definitely increase after the metro line system opens, a proactive locality that implements a land acquisition strategy before land values increase will have a much greater dollar-for-dollar impact than one that reacts after prices have begun to climb. One option is to acquire land for mixed-income residential development as part of the process of acquiring land. Maximising aesthetics aspect For mixed-use developments located along metro line corridors, the additional passenger traffic from the train represents new demand for retail. Developers who wish to take advantage of this demand should pay attention to their building design: convenience and easy access is critical, and also leasing: the retail categories offered should suit the typical purchasing behavior of commuters or travelers. Also to consider is visibility: sight-lines from the train and station exits give people multiple opportunities to see any retail space before they decide to visit; therefore the walls, hoardings, lighting and signage should be visually attractive and oriented to maximize exposure. CBRE Ltd

24 LINE 1 AND PROJECT PIPELINE Thu Duc District Go Vap District Tan Binh District XI Riverview Palace Phu Nhuan District Binh Thanh District Wilton Tower Saigonland Apartment Tropic Garden Pearl Plaza Thao Dien Pearl The Ascent Masteri Thao Dien AN PHU Villa Riviera Gateway Nassim City Garden NEW PORT VAN THANH THAO DIEN Cantavil Premier Imperia An Phu District 10 Scale 2km District 3 BEN THANH District 1 OPERA HOUSE Saigon Center Nexus 24 HCMC Metro Line: Changing the Face of the Property Market BA SON The One Tax Plaza District 4 Ascott Waterfront Saigon Saigon Pearl Vinhomes Bason Vinhomes Central Park Diamond Island

25 University Village SUOI TIEN NEW EASTERN BUS STATION Metro Tower LONG BINH DEPOT Suoi Tien Amusement Park HI-TECH PARK Saigon Hi-Tech Park Thu Duc Golf Club TDH Truong Tho The Emerald First Home Thu Duc THU DUC Co.op Mart Hai Au Intresco Richland Hill District 9 Metro Tower BINH THAI RESIDENTIAL FOR SALE Green Building First Home District 9 Completed PHUOC LONG Under-construction Flora Anh Dao Planning The Vista RACH CHIEC Mega Ruby The Eastern COMMERCIAL Estella Heights Mega Residence Mega Village Under-construction Planning The Estella Lexington Residence Regency Park ParcSpring The Krista The Sun Avenue Vista Verde District 2 CBRE Ltd

26 CASE STUDY Urban rail transit has long been part of the development of cities around the world. In certain parts of Europe and the United States, the first urban rail transit systems date from as early as the London Underground in 1863 or the New York City Subway in However, many countries in the developing world are still relatively new to the urban rail transit arena. In Asia (with Tyne & Wear Metro, Newcastle, U.K. (Opened 1980, 74.5 km) House prices increased 2% within 200 meters of metro stations. Retail activity or office developments in proximity to stations does not appear to be directly linked to metro lines Vienna S-Bahn, Austria (Opened 1962, 14 km) Districts located along S-Bahn corridor have witnessed increases in numbers of new housing units of 18.7% over a ten-year period, as opposed to 4% and 10% in more remote locations. Price of property located within walking distance of the nearest railway or metro station increased 7.5% over other locations. Impact was most significant at a distance of m, as opposed to adjacent locations, where values dropped. In the best locations, dwelling prices increased by 11%. Source: Claudio A. & Gastón P Hack J Helsinki Metro, Finland (Opened 1982, 21,1 km) 26 HCMC Metro Line: Changing the Face of the Property Market

27 the exception of Japan), the first underground metro systems opened in the 1970s. Even Singapore s mass transit system only started operations in 1987 and Bangkok, Thailand only opened its first Sky train system in Changes in infrastructure including new transport corridors and metro systems in densely populated Asian metropolises like Bangkok, Manila, Jakarta and Hong Kong have proved that they can stimulate and open up parts of a city, attract investment, stimulate extra demand for housing and bring a new energy to areas. Given that the number of residential property owners or residential renters is greater that the number of consumers of other types of real estate, the effects of the metro lines on the property market is most notable in the residential sector. Dallas Area Rapid Transit (DART) (Opened 2002, km) The value of property near the DART lines is 25% higher than similar real estate elsewhere in the area. Between 1985 and 1995, 25% of new offices, 13% of new commercial premises and 25% of new residential dwellings were built adjacent to the metro system. Nantes, France (Opened 1985, 43 km) The average price of apartments rose between 4.1% and 7.9% after construction was announced and between 3.9% and 5.4% after the basic engineering project showing the location of the stations was unveiled. For an apartment located within 200 metres of a station, the average price increase was 7.4% after the announcement of construction and 5.3% after the unveiling of the basic engineering project, For a flat located between 600 and 800 metres away, the average price rise is 5% and 3.8%, respectively. Santiago, Chile, Line 4 (Opened 2005, 23.9 km) CBRE Ltd

28 CASE STUDY MANILA, PHILIPPINES In the 1970s, transport in Manila was exclusively road-based, made up of jeepneys (a form of small public utility vehicle), mini-buses, standard buses, taxis, motorbike tricycles and bike-powered pedicabs. While large buses operated on arterial or primary roads, jeepneys served trunk and secondary ways. By feeding these two modes, motorized tricycles and pedicabs provided a complementary transport service, mainly from established terminals near the most important centres. LRT Station LRT Line Figure 4: Distances to LRT1 and residential land values and correspondence with other observed effects. Positive values IMPROVEMENTS NUISANCE Negative values Positive values Distance INDIVIDUAL EFFECT The Manila Light Rail Transit System Line 1 (LRT1) was the first metro line of the Manila Light Rail Transit System and was introduced in Presently, the line contains twenty stations and runs on kilometers of fully elevated route. LRT Station LRT Line IMPROVEMENTS NUISANCE Distance A study by Javier F. Pacheco-Raguz in 2010 indicated that the introduction of LRT1 may have had two different and opposing effects on residential land values. First, closer proximity to the line may increase property values, implying a declining price gradient on incremental distance from its stations. Second, it is widely known that noise, vibration, congestion, visual impact and increasing commercial activity (among other factors) may have some negative impacts on residential land values. Properties adjacent to the line may experience nuisances that lower their value, evidenced in the correlations between distance to the LRT1 line and residential land values. As shown in Figure 4, the analysis of the scattergrams of distance to LRT1 and land values supports these observations. Changes in land values are negative immediately adjacent to the line; the negative effect weakens with distance from the LRT1, until it disappears by the 900 m range. Changes in residential land-value (US$/m2) Negative values COMBINE EFFECT Distance to LRT1 (meters to the line) 28 HCMC Metro Line: Changing the Face of the Property Market Source: Javier F

29 Land value premium 25% 20% 15% 10% Figure 5. Land value premiums by urban rail transit for every kilometer closer to BTS Skytrain/MRT Blue Line station. 9.47% 6.50% 16.06% 20.55% BANGKOK, THAILAND After the Asian Financial Crisis in 1997, the Thai government focused on building more road and expressway infrastructure in an attempt to ease heavy traffic congestion. In 1999, the BTS Skytrain was first operated with a route covering the central business district and inner city area. According to the Bangkok Metropolitan Administration, more than 500,000 single trips are made daily. The BTS Skytrain and MRT underground systems are used daily by residents living near these mass transit routes to commute to workplaces and avoid heavy road traffic. The BTS and MRT systems have not only helped to combat traffic congestion but have also dramatically lifted the price of real estate properties, especially condominiums located near the BTS and MRT stations. Consumers are willing to pay more for properties which are closer to these stations because such decision can actually save commuting time and costs. 5% 0% BTS Skytrain Non-Residential Source: Chuti T MRT Blue Line Residential A research conducted by Chuti Thamrongsrisook in 2011 claimed that after the Skytrain system was built along Bangkok s Sukhumvit Road, residential and non-residential land parcels were discounted by between approximately 2,100 baht (US$68) and 9,700 baht (US$313) per square metre for every additional kilometer which they were away from the nearest BTS Skytrain network station. After completion of the MRT Blue Line network, residential and non-residential land parcels declined by between approximately 7,000 baht (US$226) and 16,500 baht (US$532) per square metre for every additional kilometer which they were away from the nearest MRT Blue Line Network station. CBRE Ltd

30 30 HCMC Metro Line: Changing the Face of the Property Market

31 BOTTOM LINE: WHO WILL BENEFIT FROM BEING CLOSE TO METRO STATIONS? The construction of the first metro line in HCMC will be a significant event for the city and will provide important opportunities in the real estate market. Proximity to the metro line will be particularly important for: Building owners with property in the metre zone (or closer) will greatly benefit. Owners of properties in these areas will be able to charge a premium to sale/lease and they will be able to develop mixed-use buildings with even more tenants than they currently have. This includes but not limited to developers of office buildings, retail malls, serviced apartments, residential for sale/for lease and hotel properties. If you are one of the above beneficiaries and if you are keen to take advantage of this significant opportunity, now is the time for you to seriously take the potential metro line impacts into consideration. An office tenant might wish to lock a 5 10 year contract, while rates are most likely lower than they will be in five years. A mixed-use developer might wish to secure a large plot of land in the metro area to offer the live, work, and play environment while asking prices are lower than they may eventually be. CBRE will continue to monitor property prices and rental levels in all areas of HCMC which will allow us to confirm whether actual rises in areas close to the Metro Line system match predictions. Retail businesses that serve transit riders. Employment centers that attract many commuters, such as offices, medical centers and educational facilities. Recreational and entertainment activities that attract large crowds. Finally, residents in the metro line area will enjoy a new live-work-play neighborhood, an influx of more jobs and new amenities, higher property values for their homes and less traffic. REFERENCES Cervero, R Effects of light and commuter rail transit on land prices: Experiences in San Diego County, Journal of the Transportation Research Forum. Diaz, Roderick B Impacts of Rail Transit on Property Values. McLean, VA: Booz Allen & Hamilton, Inc Javier F. Pacheco-Raguz Assessing the impacts of Light Rail Transit on urban land in Manila Claudio A. & Gastón P The Anticipated Capitalization Effect of a New Metro Line on Housing Prices Hack, Jonathan, Regeneration and Spatial Development: a Review of Research and Current Practice, IBI Group, Toronto, Chuti T The Influence of Rapid Transit Systems on Condominium Prices in Bangkok, CBRE Ltd

32 For more information about this regional major report, please contact Research Dung Duong, MRICS Head of Vietnam Research An Nguyen Associate Director Ngoc Le Senior Manager For more information regarding global research and activity, please contact: Nick Axford, Ph.D. Global Head of Research Richard Barkham, Ph.D., MRICS Global Chief Economist richard.barkham@cbre.com Henry Chin, Ph.D. Head of Research, Asia Pacific henry.chin@cbre.com.hk Neil Blake, Ph.D. Head of Research, EMEA neil.blake@cbre.com Follow Neil on Spencer Levy Head of Research, Americas spencer.levy@cbre.com Follow CBRE CBRE GLOBAL RESEARCH This report was prepared by CBRE Vietnam Research Team, which forms part of CBRE Global Research a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate investors and occupiers around the globe. All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independently assessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorized publication or redistribution of CBRE research reports is prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication. To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at Printed on recycled paper CBRE Ltd. 2015