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Weekly Newsletter
Vietnam
Real Estate
A62
Week 3, December
The first weekly electronic newsletter issued to registered members, approximately 100,000 reads per month
joining to develop the newsletter VietRees, a member of
Free register for weekly newsletter: Please send your email to marketnews@VietRees.comSponsor and advestising: T: (84 8) 3948 5574 - E: properties@VietRees.com
Market situation (p.2)Real estate foreign investment (p.2)Vietnam in the world (p.3)Real estate agents (p.3)Websites of real estate companies in Vietnam (p.4)Real estate projects and prices (p.5)Real estate supply for customer groups (p.7)Real estate Legislation (p.8)Research Report (p.9)Real estate market forecast (p.10)Construction material market last week (p.10)Stock market last week (p.10)
This weekly newsletter is shared with partners, clients, members (registered) and internal VietRees together with those who are concerning or interested in Vietnam real estate market changes.Although the information is selected, synthesized from all reliable sources, this newsletter is only for reference and VietRees is not responsible for the occurring damage. Please visit thewebsite www.VietRees.com for further Vietnam Real Estate information. When individuals and organizations quote or publish the information from our newsletter, please cite the sourceVietRees.According to the statistics on registration for the newsletter, the subjects making reference to the newsletter includes real estate investors; companies or units of government performingmanagement tasks, business marketing, consulting, broking, assessment, real estate finance, construction, banking, architecture, interior decoration; domestic and foreign press agencies; andfull of professional investors or individuals who have demand for real estate throughout provinces and cities nationwide; typically Ho Chi Minh, Ha Noi, Da Nang, Can Tho, Hue, Nha Trang,BRVT, Binh Duong, Dong Nai, Ha Tay…We would like to say thanks to the sponsors and all of the readers. We expect to continue to receive your support as well as your comments to improve our newsletter.Readers can print or save this newsletter on your computers to review when needed or transfer it to others. However, think of environment when you want to print it out.
VietRees – Vietnam Real Estate www.VietRees.com
Viet Nam Real Estate Newsletter A62 Page 2
Sponsor:
MARKET SITUATIONCollecting ground bases onthe time of price decreases
Thanh Nien – 15 Dec, 2008 Although the market continues to be frozen, the ground base prices have significantly dropped, close tothe bottom. the projects that have good locations in District 2, 9, South Saigon area and the neighboringprovinces have been sought and bought by some investors with their dormant capital. In the past month,the transaction situation at the brokerage centers and transaction offices has also been less gloomy.According to one expert, the price decreases of the real estate market have created opportunities for potential investors. Many projects with good locations and more attractive liquidity have prices that havefallen down to 30% -40% compared to one year ago when these projects drew great attention of the realestate investors. Buying land at the time of the lowest prices is the strategic investment.In addition, according to the opinions of the finance industry, the people’s amount of money has stillbeen great. The numbers of overseas national currency exchanges received at the end of the year areusually used to invest in the real estate by the domestic market. Additionally, the fact that interest rateloans are decreasing has also stimulated the growth of the real estate market. Therefore, the purchaseof low-price properties at this time is also an effective investment channel and will earn the higher profitswhen the real estate market prospers.
Few customers but the rentof hotel rooms still high
TheSaiGonTimes – 16 Dec, 2008According to the report of Hotel Department belonging to General Department of Tourism, the averagerents of the hotel rooms in Viet Nam have been 20 - 30% higher than the rents in the regional countriesin the first months of year 2008. Currently, many hotels have reduced their prices because there havebeen few customers but the average rents have still been 10% - 15% higher.Some travel enterprises have shown that only hotels in the big cities such as Hanoi or Ho Chi Minh Cityhave now reduced their rents. Some other tourism centers have not yet had any changes or just reducedtheir rents a little bit. According to the above report, the average occupancy rates of the hotels inVietnam are decreasing. Especially in Ho Chi Minh City and Hanoi, the current occupancy rates havedeclined by 10% - 20% over the same period last year. While the amount of booking rooms for thecoming months has continued to go down. The average occupancy rate of hotels in Viet Nam this year has reached about 49%, decreasing by 2% as compared to year 2007.According to the Hotel Department, the whole country has about 10,400 accommodations for touristswith over 207,000 rooms. Among them, there are 31 five-star hotels with nearly 8,200 rooms, 90 four-star hotels with nearly 11,000 rooms, 175 three-star hotels with over 12,500 rooms and 710 two-star hotels with 27,000 rooms and the other kinds of hotels.
HCMC: Have the real estatetransactions dramaticallyincreased?
Tien Phong – 18 Dec, 2008The information about the real estate transactions in Ho Chi Minh City having dramatically increased ascompared to November 2008 has made many people eagerly hope that this market will "heat up" again.However, the transactions have only increased slightly in the segments of townhouses and projectground bases with low prices. The high-level apartments and the high-price projectground bases havestill dropped. According to many opinions, the real estate market in the city would have chances of recovery until the end of 2009. Only high-grade apartments and the project ground bases with highprices will have slower levels of recovery.According to the experts, we should not have great expectations of the overseas national currencyexchanges or bank interest rates or even when the stocks drop, etc because there are many barriers.Due to the fact that the world has suffered the impacts of the economic recession, the real estate pricesin many countries have also plummeted as in Viet Nam. Many overseas Vietnamese have been facingunemployment risks and the income decrease. Therefore, there are fewer possibilities for them to buyhigh-grade properties in Viet Nam as compared to the previous years. In addition, the stocks decreaseshave made many investors suffer losses which have made the amount of money from this marketinsufficient to switch to the real estate field.Currently, customers have bought more townhouses than high-grade apartments and project landbecause their psychology as well as the reality has shown that that real estate prices will see further decreases. According to an analysis of the experts, many projects have been only 30% -40% ascompared to the time of the price fever. Their prices are hard to decrease more but the customers arestill afraid to buy them because they do not identify the outputs. Everyone also knows that buyinghouses at present will get greater profits when the market becomes "hot”. However, no one is sure whenthe market will heat up.
REAL ESTATE FOREIGN INVETSMENTSotheby opens its first officein Vietnam
Nguoi Lao Dong – 16 Dec, 2008On 15th December, 2008, the corporation specializing in high-grade real estate investment & brokerageSotheby's International Realty Affiliates LLC (USA) made an announcement about opening its firstrepresentative office in Viet Nam with the name of "Vietnam Sotheby's International Realty."Indochina Land Company is the owner of this office and also exclusively provides high-grade real estateof Sotheby’s Corporation for the local clients and foreigners in Vietnam for 25 years.
Works start on Times SquareHanoi complex
Ha Noi Moi – 18 Dec, 2008On the morning of 18th December, 2008 VinaCapital Group held a groundbreaking ceremony for theconstruction of Times Square Hanoi Complex in My Dinh, Ha Noi. The project is expected to becompleted in 2011.The complex is built on a site of 4 hectares, including a grade-A office tower, a 5-star hotel with 300rooms and a high-grade retail center. The total investment of the project is 50 million USD, in which,VinaCapital accounts for 65% and the rest belongs to Thang Long GTC Company (a member of HanoiTourist).
VietRees – Vietnam Real Estate www.VietRees.com
Viet Nam Real Estate Newsletter A62 Page 3
Sponsor:
List of countries/territoriesinvesting most in Vietnamuntil November, 2008
Source:
General Statistics Office
Among 44 countries and territoriesinvesting in Vietnam in the lastmonth, Malaysia has taken the leadwith 14.9 billion USD, accounting for 25.3% of the registered capital.Taiwan has been ranked 2nd with8.6 billion USD and this country hasthe highest number of projects.
VIETNAM IN THE WORLDHCMC real estate shows the leadingpotential in Asia
Vnagency – 17 Dec, 2008According to the latest report of PricewaterhouseCoopers Group (PwC) and Urban Land Institute, HoChi Minh City. Ho Chi Minh of Viet Nam is one of the cities that have shown the most prospects for development in Asia - Pacific in the real estate field.Ho Chi Minh city has gained 5.25 points in the assessment of the prospects for the development in 2009,ranked second after Bangalore (India) with 5.27 points and coming before the 17 other Asian cities in theranking board. In the specific real estate fields, Ho Chi Minh City has also reached a very high number of points, ranked 1st in trading offices, retailing real estate and leasing apartments, ranked 3rd in the hoteltransaction, ranked 2nd among the markets showing potential for the industrial works and distribution.Assessing the general situation of Asian real estate market, PwC has shown that most of the real estatemarket in Asia -Pacific until now has not yet been greatly affected by the global financial crisis.According to PwC, the profit in this area at this region is still very high, creating a big attraction toinvestors.
REAL ESTATE AGENTSAdding the biggest-scale realestate transaction center inthe North
Kinh Te Do Thi – 15 Dec, 2008With an area of approximately 1,200 m2, the real estate transaction center (belonging to the Real EstateOffice 2 of the Nam Cuong Group) located on the first floor, Licogi 13 building, Khuat Duy Tien street,Thanh Xuan district, Ha Noi is valued to be the biggest-scale transaction center in the North. It has justofficially been put into operation.The transaction office is equipped with the computer system connected to the Internet, the mock-upsystem, maps, and the price list for ground bases, model houses... introducing the projects invested byNam Cuong Group together with the staff that are professional and highly-experienced in real estateinvestment and business... In addition, transaction center offers the service of leading the customers tothe project location free of charge.
Implementing the 2nd phaseof Saigon Center project
Ha Noi Moi – 18 Dec, 2008On 16th December, 2008, Keppel Land Watco I company (Singapore) received the official permissionfrom the Office of Government to continue the implementation of the phase 2 of Saigon Center projectthat is located at the corner of Le Loi and Nam Ky Khoi Nghia, District 1, Ho Chi Minh City.However, to continue implementing the project, it is necessary to re-structure the company. In the jointventure with Keppel Land, the Vietnamese side should transfer its rights and obligations to the foreignersin accordance with the market principles. The foreign side should switch to lease the land to continueinvesting in the project with its own capital.
Over 300 villas Sealinks Mui Nesold
Thanh Nien – 18 Dec, 2008
Rang Dong Grouphas just held a meeting for the customers including 300 owners of the villas atSealinks Mui Ne, Ham Tien Ward, Phan Thiet City.Each villa (depending on the positions) has the price of $150,000 – $350,000. All of the villas have beenbought before the project has been completed. These villas are close to the sea, on a site of 153hectares including one 5-star hotel, one 18-hole golf course on the sand dune that is valued to be themost beautiful in Asia. On this occasion, Rang Dong Group organized the first golf tournament at the golf course Sealinks with the participation of 144 competitors including the Sealinks members, embassyofficials and the general consuls of the countries in Viet Nam.
Starting to sell the 2nd phase of E.home Saigon East 1 project
VietRees – 19 Dec, 2008Nam Long ADC Company (belonging to Nam Long Real Estate Group) has shown that the 2nd phase of the apartments of Ehome Dong Sai Gon 1 project was officially offered for sale on the opening time of Nam Long real estate transaction center on 20th December, 2008.The customers will receive the credit support from Housing Development Fund in Ho Chi Minh City,Vietnam Asia Commercial Join-Stock Bank and Techcombank with the loan period of 7 -10 years andthe interest rate of 16.5% per year.
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