Vietnam Quarterly Knowledge Report Q3 2019 en PDF

TABLE OF CONTENTS Page
VIETNAM ECONOMIC OVERVIEW ................................................................................................................ 6
HO CHI MINH CITY MARKET OVERVIEW .................................................................................................. 7-19

OFFICE .................................................................................................................................................................. 7
RETAIL .................................................................................................................................................................. 10
CONDOMINIUM ................................................................................................................................................... 12
LANDED PROPERTIES ........................................................................................................................................... 14
SERVICED APARTMENT ........................................................................................................................................ 16
INDUSTRIAL .......................................................................................................................................................... 18
HANOI MARKET OVERVIEW ............................................................................................................................. 20-31

OFFICE .................................................................................................................................................................. 20
RETAIL .................................................................................................................................................................. 22
CONDOMINIUM ................................................................................................................................................... 24
LANDED PROPERTIES ........................................................................................................................................... 26
SERVICED APARTMENT ........................................................................................................................................ 28
INDUSTRIAL .......................................................................................................................................................... 30
DANANG MARKET OVERVIEW ........................................................................................................................ 32-39

OFFICE .................................................................................................................................................................. 32
RETAIL .................................................................................................................................................................. 34
CONDOTEL ........................................................................................................................................................... 36
VILLA .................................................................................................................................................................... 38
LIST OF FIGURES Page
Figure 1. Vietnam Export-Import, 2010-2020F .................................................................................................... 6

Figure 2. Vietnam International Arrivals, 2010-2020F ......................................................................................... 6
HO CHI MINH CITY MARKET OVERVIEW
LIST OF FIGURES
Figure 3: HCMC Office, Average Asking Rent ...................................................................................................... 7
Figure 4: HCMC Office, Occupancy Rate .............................................................................................................. 7
Figure 5: HCMC Retail, Average Asking Rent & Occupancy ................................................................................. 10
Figure 6: HCMC Retail, Supply by Year ................................................................................................................. 10
Figure 7: HCMC Condominium, Sold Units........................................................................................................... 12
Figure 8: HCMC Condominium, Primary Asking Price .......................................................................................... 12
Figure 9: HCMC Condominium, New Launches ................................................................................................... 12
Figure 10: HCMC Landed Properties, Average Asking Price ................................................................................. 14
Figure 11: HCMC Landed Properties, Transaction Volume ................................................................................. 14
Figure 12: HCMC Landed Properties, New Launches ........................................................................................... 14
Figure 13: HCMC Serviced Apartment, Avg. Ask. Rent by Grade ......................................................................... 16
Figure 14: HCMC Serviced Apartment, Occupancy Rate by Grade ...................................................................... 16
Figure 15: HCMC Industrial, Market Performance .............................................................................................. 18
Figure 16: HCMC Industrial, Supply by District .................................................................................................... 18
LIST OF TABLES
Table 1: HCMC Office, Upcoming (2019) ............................................................................................................. 7
Table 2: HCMC Office, Notable Properties .......................................................................................................... 8
Table 3: HCMC Retail, Upcoming ......................................................................................................................... 10
Table 4: HCMC Retail, Notable Properties ........................................................................................................... 11
Table 5: HCMC Condominium, Upcoming............................................................................................................ 13
Table 6: HCMC Landed Properties, Upcoming ..................................................................................................... 15
Table 7: HCMC Serviced Apartment, Upcoming (2019) ....................................................................................... 16
Table 8: HCMC Serviced Apartment, Notable Properties .................................................................................... 17
Table 9: HCMC Industrial, Future Supply ............................................................................................................. 18
Table 10: HCMC Industrial Market ....................................................................................................................... 19
HANOI MARKET OVERVIEW Page
LIST OF FIGURES
Figure 17: Hanoi Office, Average Asking Rent ..................................................................................................... 20
Figure 18: Hanoi Office, Occupancy Rate ............................................................................................................. 20
Figure 19: Hanoi Retail, Average Asking Rent ...................................................................................................... 22
Figure 20: Hanoi Retail, Occupancy Rate ............................................................................................................. 22
Figure 21: Hanoi Condominium, Units sold & Absorption .................................................................................. 24
Figure 22: Hanoi Condominium, Average Asking Price ....................................................................................... 24
Figure 23: Hanoi Condominium, New Launches .................................................................................................. 24
Figure 24: Hanoi Landed Properties, Accumulated Supply ................................................................................. 26
Figure 25: Hanoi Landed Properties, Secondary Prices ....................................................................................... 26
Figure 26: Hanoi Landed Properties, Market Performance ................................................................................. 26
Figure 27: Hanoi Serviced Apartment, Avg. Ask. Rent by Grade .......................................................................... 28
Figure 28: Hanoi Serviced Apartment, Occupancy Rate by Grade ....................................................................... 28
Figure 29: Hanoi Industrial, Market Performance ............................................................................................... 30
Figure 30: Hanoi Industrial, Supply by District ..................................................................................................... 30
LIST OF TABLES
Table 11: Hanoi Office, Upcoming ....................................................................................................................... 20
Table 12: Hanoi Office, Notable Properties ......................................................................................................... 21
Table 13: Hanoi Retail, Upcoming ........................................................................................................................ 22
Table 14: Hanoi Retail, Notable Properties .......................................................................................................... 23
Table 15: Hanoi Condominium, Upcoming Supply ............................................................................................... 25
Table 16: Hanoi Landed Properties, Upcoming Supply ....................................................................................... 27
Table 17: Hanoi Serviced Apartment, Future Supply (2019) ................................................................................ 28
Table 18: Hanoi Serviced Apartment, Notable Properties ................................................................................... 29
Table 19: Hanoi Industrial, Future Supply ............................................................................................................ 30
Table 20: Hanoi Industrial Market ....................................................................................................................... 31
DANANG MARKET OVERVIEW Page
LIST OF FIGURES
Figure 31: Danang Office, Market Performance .................................................................................................. 32
Figure 32: Danang Office, Market Performance Trend ........................................................................................ 32
Figure 33: Danang Office, Supply by Grade ......................................................................................................... 32
Figure 34: Danang Retail, Market Performance .................................................................................................. 34
Figure 35: Danang Retail, Market Performance Trend ........................................................................................ 34
Figure 36: Danang Retail, Supply by District ........................................................................................................ 34
Figure 37: Danang Condotel, Absorption Rate by District ................................................................................... 36
Figure 38: Danang Condotel, Supply by District ................................................................................................... 36
Figure 39: Danang Condotel, Guaranteed Return................................................................................................ 36
Figure 40: Danang Villa, Market Performance .................................................................................................... 38
Figure 41: Danang Villa, Primary Supply by District ............................................................................................ 38
Figure 42: Danang Villa, Buyer Profile.................................................................................................................. 38
LIST OF TABLES
Table 21: Danang Office, Notable Properties ...................................................................................................... 33
Table 22: Danang Retail, Notable Properties ....................................................................................................... 35
Table 23: Danang Condotel, Notable Properties ................................................................................................. 37
Table 24: Danang Villa, Notable Properties ......................................................................................................... 39
LIST OF ABBREVIATIONS
ARR: Average Rental Rate CBD: Central Business District
CPI: Consumer Price Index FDI: Foreign Direct Investment
GDP: Gross Domestic Product GFA: Gross Floor Area
GRDP: Gross Regional Domestic Product LUR: Land Use Right
IIP: Index of Industrial Production IP: Industrial Park
NLA: Net Lettable Area Q-o-Q: Quarter on Quarter
Y-o-Y: Year on Year
Exchange rate: USD/VND=23,270

VIETNAM QUARTERLY KNOWLEDGE REPORT
Q3 2019 | VIETNAM ECONOMIC OVERVIEW
GDP: NEWLY-ESTABLISHED ENTERPRISES EXPECTED TO BOOST THE ECONOMY

In quarter 3 of 2019, Vietnam’s GDP growth rate slightly increased by 6.98% in comparison with the same period last
year, which reflects the highest level for the last nine years. It is hopefully expected to surpass the current growth
rate by the end of this year with a number of enterprises which were newly established reaching nearly 102,300.
This sets a new record of registered capital, which even reached at USD 543,700 and represented a year-on-year
growth of 26.6%.
CPI: LOW CPI RATE AND ITS ROLE IN MANAGEMENT OF INFLATION RATE
The CPI rate of the first nine months in 2019 had a modest increase of 2.5% compared to the corresponding period in
2018, which was the lowest rate in the same period over the past 3 years (2017 was 3.79%, 2018 was 3.57%). This
low CPI rate shows how the National Assembly and the Government have attempted to tighten the inflation rate to
under 4% for the whole year as per the inflation targets previously set out. The downgrade is due to the reduction
of 25 basis points by the State Bank with its aim to take control of the interest rate.
FDI: POSITIVE SCENARIOS OF FDI INFLOW

Vietnam’s total capital investment in the first nine months of 2019 increased by 10.3% corresponding to the last
year, of which the non-state investment sector accounted for the largest proportion of the total capital investment
(45.3%) holding the highest capital growth rate (16.9%). Up to September 20, 2019, the inflow of FDI which has been
invested in 2,759 new licensed projects with a registered capital of USD 10,973 million, illustrating an increase of
26.4% regards to the number of projects, but a decrease of registered capital investment of 22.3% as compared to
the corresponding period of 2018. Even though the aggregate registered capital investment in the first nine months
of this year went down approximately 20% compared with 2018, it is positive that the actual implemented FDI inflow
significantly grew up 7.3% equal to USD 14.2 billion. Remarkably, processing and manufacturing industry hugely
attracted FDI with the registered capital of newly licensed projects, accounting for 74.2% as the largest proportion.
The real estate segment represents 10.8% of FDI.
RETAIL SALES: THE RISING OF CONSUMER DEMAND

Total retail sales of consumer goods and services increased by 11.6% to the end of Quarter 3, 2019, reflecting a rise
in consumer demand among the population and increase in supply and variety of consumer goods.
INTERNATIONAL ARRIVALS: KEEP GROWING POSITIVELY

The level of international visitors to Vietnam steadily increased with nearly 4.5 million arrivals in Quarter 3, 2019,
equal to an increase of around 18% compared with the same period last year. Vietnam is an attractive destination
for Asian travelers (78.9%), mainly from China, Korea and Japan. Both the European and American travelers coming
to Vietnam raised by around 5-6% during the quarter, whilst visitors from Australia and New Zealand showed a slight
decline.
TRADE BALANCE: VIETNAM ENJOYED A TRADE SURPLUS

Total turnover of imported and exported goods in nine months of 2019 reached USD 382.72 billion; in which, export
turnover was about USD 194.3 billion, up by 8.2%, and import turnover was about USD 188.42 billion, up by 8.9%.
It means Vietnam had a trade surplus of over USD 5.8 billion.
Figure 1. Vietnam Export-Import, 2010-2020F Figure 2. Vietnam International Arrivals, 2010-2020F
© 2019 Colliers International Research Page 6

Q3 2019 | HO CHI MINH CITY | OFFICE
PERFORMANCE Figure 3: HCMC Office, Average Asking Rent

The office market in Ho Chi Minh City still has limited supply
which means occupancy rates are high and incentives
offered by landlords are small. Grade-B offices also maintain
high occupancy rates at 93-97%. Average prices of Grade B
office space slightly increased last quarter with prices
ranging between 25-30 USD/sqm/month.
SUPPLY
The completion of Lim Tower III and Sonatus will bring
43,000 and 33,000 sqm into the grade A market in 3Q2019.
This expectedly brings more choices to the market,
especially in the premium office space in the CBD.
DEMAND
The demand for premium offices noticeably gets higher than
ever. For example, Deutches Haus, Grade A+ commercial Figure 4: HCMC Office, Occupancy Rate
building with 40,000sqm (GFA) in Ho Chi Minh, has been
stably rented more than 95% of leasable areas in 3Q2019.
Besides, co-working space segment is projected to have a
grow and expand due to the expansion of proptech in
Vietnam. In which notable proptech companies can be
referred to as Wework, Dreamplex, Toong and Regus.
OUTLOOK
Nearly 80,000 sqm of Grade-B building will enter the office
market in Ho Chi Minh by the end of 2019, which are Cresent
Mall Phase 2 (District 7), Etown 5 (Tan Binh District) and ICT
Tower 2 (District 12). Promisingly is more than 30,000 sqm
of Grade-B in District 1 coming in the next 2020, namely
Friendship Tower (13,700 sqm) and The Vertex (18,704
sqm). Table 1: HCMC Office, Upcoming (2019)
No grade A enters the market in 2020. Moreover, it is likely NLA

Property Grade Location
that enterprises gradually shift to using flexible workspace (sqm)
and co-working space to improve its working efficiency and CrescentMallPhase2 B District 7 30,000
cost savings.
Etown 5 B Tan Binh 30,700
ICT Tower 2 B District 12 17,878
Source: Colliers International Research

Table 2: HCMC Office, Notable Properties
Completion NLA Service Occupancy Asking rent

No Name Address
Year (sqm) Charges (*) rate (*)
1 Saigon Centre Tower 1 65 Le Loi 1996 51,650 6.5 99% 45.0
2 Saigon Tower 29 Le Duan 1997 13,950 6.0 100% 35.0
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.5 99.7% 43.0
4 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 100% 49.0
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 97.9% 37.0
6 mPlaza Saigon 39 Le Duan 2009 26,000 6.5 93.4% 50.0
7 Bitexco Financial Tower 2 Hai Trieu 2010 37,710 7.0 93.0% 43.0
8 President Place 93 Nguyen Du 2012 8,330 7.0 95.9% 42.0
9 Le Meridien 3C Ton Duc Thang 2013 9,125 6.0 100% 38.0
10 Times Square 22-36 Nguyen Hue 2013 12,704 7.0 95.0% 65.0
11 Vietcombank Tower 5 Me Linh Square 2015 41,250 7.0 97.3% 45.0
12 Deutsches Haus 33 Le Duan 2017 25,062 7.0 95.0% 65.0
13 Saigon Centre Tower 2 67 Le Loi 2017 44,000 7.0 100% 55.0
14 Lim 3 29A Nguyen Dinh Chieu 2019 43,000 6.0 35.0% 40.0
15 Sonatus 15 Le Thanh Ton 2019 32,000 6.0 N/A 55.0
Grade A
1 VTP-OSIC 8 Nguyen Hue 1993 6,500 6.0 100.0% 25.0
2 The Landmark Tower 5B Ton Duc Thang 1995 8,000 6.0 100.0% 31.0
3 Harbour View Tower 35 Nguyen Hue 1996 8,000 5.0 100.0% 28.0
4 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 7.0 74.0% 32.0
5 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 Inc. 100.0% 33.0
6 Me Linh Point Tower 2 Ngo Duc Ke 1999 17,600 6.0 84.9% 43.0
7 Zen Plaza 54-56 Nguyen Trai 2001 11,037 6.0 94.8% 28.0
8 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai 2005 3,200 5.0 100.0% 33.0
9 Opera View 161-167 Dong Khoi 2006 3,100 7.0 100.0% 27.0
10 Royal Centre Tower 235 Nguyen Van Cu 2008 14,320 6.0 98.5% 25.0
11 Ruby Tower 81-85 Ham Nghi 2008 15,000 6.5 99.0% 25.0
12 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 100.0% 29.0
13 CJ Building 5 Le Thanh Ton 2008 14,000 6.5 99.3% 30.0
14 TMS 172 Hai Ba Trung 2009 4,000 5.0 100.0% 30.0
15 Vincom Center 68-70-72 Le Thanh Ton 2010 56,600 5.0 92.7% 35.0
16 Havana Tower 132 Ham Nghi 2010 7,326 6.0 92.5% 29.0
17 Central Plaza 17 Le Duan 2010 7,405 6.0 100.0% 35.7
18 Petro Tower 1-5 Le Duan 2010 13,304 7.1 98.5% 32.0
19 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.0 100.0% 28.0
20 The Lancaster 22-22Bis Le Thanh Ton 2010 7,000 5.0 100.0% 25.0
21 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19,596 5.0 100.0% 25.0
22 A&B Tower 76 Le Lai 2010 17,120 6.4 98.3% 40.0
23 Saigon Royal 91 Pasteur 2010 5,340 6.0 100.0% 23.0
24 Lim Tower 9-11 Ton Duc Thang 2013 22,000 6.0 100.0% 38.0
25 MB Sunny Tower 259 Tran Hung Dao 2014 13,200 5.5 100.0% 24.0
26 Empress Tower 138-142 Hai Ba Trung 2012 19,400 6.6 100.0% 30.0
27 Mapletree Business Center 1060 Nguyen Van Linh 2015 23,010 6.0 90.1% 25.0
28 Etown Central 11 Doan Van Bo 2017 33,258 6.0 70.0% 25.0
29 Viettel Complex Building 285 Cach Mang Thang Tam 2017 47,000 5.5 92.9% 26.0
30 The Waterfront Saigon 29B Nguyen Dinh Chieu 2017 8,800 6.0 93.0% 30.0
Grade B
Q3
2019

Q3 2019 | HO CHI MINH CITY | RETAIL
PERFORMANCE Figure 5: HCMC Retail, Average Asking Rent & Occupancy

Compared to the same period last year, the third quarter of
2019 recorded the average rent for the retail is
58.5/sqm/month, slightly grew 7.1%. With the emergence
of many new retail centers in the year, average occupancy
rate within the quarter decreased slightly by 2 percentage
points over the same period. While the operation of long
standing retailers such as Vincom, Aeon Mall, Lotte Mart,
etc. attracting many domestic and foreign brands, small and
new retailers still having some difficulties adjusting to the
changing day by day.
SUPPLY
The two new shopping malls, Giga Mall and TNL Plaza
opened in the first and two quarter are receiving many
attentions, contributed to maintain the maturing of the
retail market even though new supply was not recorded in
3Q2019.
This quarter continues to be a tough period for department

Figure 6: HCMC Retail, Supply by Year
store segment when Parkson continues to close one of its
retail centers in Tan Binh district, and also announced the
restructuring in operating model of Parkson Saigontourist
Plaza to life style mall. Besides, Zen Plaza in District 1 was
acquired by Nomura Group in August.
If finalized on schedule, 18,000 sqm and 60,000 sqm from

two new projects are expecting to up retail space to more
than 900,000 sqm.
DEMAND
By the end of the third quarter, the average occupancy rate
was approximately 91% with the lead of the shopping mall
sector (94%), followed by is retail podium (91%).
Foreign brands plan to enter Vietnam with Uniqlo are

typical, along with H&M, Zara, Topshop, Starbucks,
Decathlon etc. have their needs to expand market share, are
Table 3: HCMC Retail, Upcoming
generating a motivation for developers to actively launch
new retail centers in the future.
Expected
Name of Project District NLA (sqm)
Completion
OUTLOOK
Despite difficulties in the first steps, Menas Plaza, newest Sala Shopping Center 2 60,000 4Q2019
name replaced for Parkson CT, may quickly fill up retail
space in the near future because of its favorable location. Crescent Mall Phase 2 7 18,000 4Q2019
Also, the advent of e-commerce is pushing traditional
shopping malls to think outside the box. Currently, Elite Mall 8 42,000 2020
numerous of retail centers are becoming "F&B and Central Mall West
9 39,000 2020
entertainment complex", with shopping as an Saigon
accompanying service, not necessarily a reason for
customers to call on. Source: Colliers International Research

Q3 2019 | HO CHI MINH CITY | RETAIL
Table 4: HCMC Retail, Notable Properties

Completion NLA Occupancy
No Name of Project/Building Address Location ARR (*)
Year (sqm) Rate
1 Sheraton Saigon 88 Dong Khoi District 1 2003 750 125.0 100%
2 The Manor 1 91 Nguyen Huu Canh Binh Thanh 2006 2,000 22.0 100%
3 Opera View Lam Son Square District 1 2006 1,260 54.0 100%
4 Caravelle Hotel 19 Lam Son Square District 1 2007 150 105.0 100%
5 New World Hotel 76 Le Lai Street District 1 2009 1,000 92.0 100%
6 Hotel Continental Sai Gon 132-134 Dong Khoi District 1 2009 200 90.0 100%
7 Centre Point 106 Nguyen Van Troi Phu Nhuan 2009 2,000 22.0 93%
8 mPlaza Saigon 35 Le Duan District 1 2009 6,830 60.0 98%
9 Saigon Pearl 92 Nguyen Huu Canh Binh Thanh 2011 5,000 27.0 88%
10 The Manor 2 91 Nguyen Huu Canh Binh Thanh 2011 2,500 22.0 100%
11 The Oxygen Mall An Phu Ward District 2 2011 5,000 30.0 90%
12 Rex Arcade 141 Nguyen Hue District 1 2011 2,000 130.0 100%
13 ICON 68 @ BFT 45 Ngo Duc Ke District 1 2011 8,000 90.0 95%
14 Saigon Airport Plaza 1 Bach Dang, Ward 2 Tan Binh 2013 7,623 22.0 92%
15 Imperia An Phu An Phu Ward District 2 2013 2,940 15.0 100%
16 President Place 93 Nguyen Du District 1 2013 800 42.0 98%
17 Times Square 22-36 Nguyen Hue District 1 2013 9,000 300.0 100%
23-25-27 Nguyen Huu
18 Sunrise City - phase 1 District 7 2014 3,500 35.0 100%
Tho
19 Pearl Center 12 Quoc Huong District 2 2015 24,000 32.0 81%
20 Thuan Kieu Plaza 190 Hong Bang District 5 2017 24,000 35.0 90%
Retail Podium
1 Diamond Plaza 34 Le Duan District 1 1999 9,000 166.0 100%
2 Parkson Saigontourist Plaza 35 Le Thanh Ton Street District 1 2002 17,000 90.0 98%
3 Parkson Hung Vuong Plaza 126 Hung Vuong Street District 5 2007 24,000 62.0 98%
4 Menas Plaza Tan Son Nhat, Truong Son Tan Binh 2008 12,235 41.0 65%
5 RomeA 117 Nguyen Dinh Chieu District 3 2017 12,000 80.0 80%
Department Store
1 Vincom Center Landmark 81 772 Dien Bien Phu Binh Thanh 2018 50,000 100.0 100%
2 Vincom Mega Mall 161 Ha Noi Highway District 2 2015 90,000 75.0 98%
3 Saigon Center 2 65 Le Loi District 1 2016 50,000 147.0 99%
4 Saigon Center 35 Nam Ky Khoi Nghia District 1 1996 47,000 120.0 99%
5 Zen Plaza 54-56 Nguyen Trai District 1 2001 11,528 19.0 87%
6 E-Mart 366 Phan Van Tri Go Vap 2015 6,000 19.0 93%
7 Lotte Mart Saigon South 469 Nguyen Huu Tho District 7 2008 24,000 40.0 99%
8 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 102.0 93%
9 Vincom Plaza 3/2 3C Ba Thang Hai District 10 2010 25,000 42.0 95%
10 Lotte Mart Phu Tho 968 Ba Thang Hai District 11 2010 24,500 40.0 99%
11 Crescent Mall 101 Ton Dat Tien District 7 2011 45,000 44.0 85%
12 Satra Pham Hung C6/27 Pham Hung District 8 2011 11,528 19.0 87%
13 Van Hanh Mall 11 Su Van Hanh District 10 2018 55,000 40.0 90%
14 GigaMall 242 Pham Van Dong Thu Duc 2019 110,000 25 95%
15 TNLPlaza 346 Ben Van Don District4 2019 15,000 25 90%
Shopping Centre
This information is updated as of 3Q2019.

Q3 2019 | HO CHI MINH CITY | CONDOMINIUM
PERFORMANCE Figure 7: HCMC Condominium, Sold Units

The number of newly launched projects of mid-end segment
reach the highest proportion, and high-end segment is
behind. Thanks to the significant amount of supply from the
mid-end segment, the market average price remained
stable compared to the previous quarter.
SUPPLY
Facing changes in real estate policies, the condominium
market tends to narrow down the number of new
properties. In fact, tightening of real estate loans and credit
limit the unqualified supplies, yet facilitate the consumption
of inventories in the condominium market.
In this quarter, more than 13,000 units from 13 projects

were launched, remarkably including 10,000 units from
Vinhomes Grand Park. Most of these projects were Figure 8: HCMC Condominium, Primary Asking Price
concentrated in the east and south of HCMC. While the
Vinhomes projects from the east, other projects from the
south such as Lovera Vista with 1,500 units, Sunshine
Diamond River with 3,000 units and Zeitgeist Nha Be are also
notable.
DEMAND
Housing demand in HCMC is quite high due to the large
number of immigrants and workers, mainly concentrating in
affordable and mid-end segment. Besides, the
condominium market experienced a slower transactional
period in the third quarter of 2019 due to the lack of new
approved projects from the middle of 2018. In 3Q2019, it
was recorded with nearly 13,000 successful transactions, an
increase of 20% Y-o-Y.
OUTLOOK Figure 9: HCMC Condominium, New Launches

In the last quarter of the year, the market is expected to
welcome more than 10,000 units from the East and the
South of HCMC. Unexpectedly, several luxury condominium
units at Thi Sach street, in a prime location in HCMC, cannot
be handed over on schedule. This might take the buyers
longer to reach a decision on buying new luxury properties
in the future.
In term of selling price, the luxury segment will hold prices

steady at the end of the year and raise it by 10% Y-o-Y at the
beginning of next year. The prices of high-end and mid-end
segments are forecast to be stable with the aim of attracting
more customers.

Q3 2019 | HO CHI MINH CITY | CONDOMINIUM
Table 5: HCMC Condominium, Upcoming Supply
Completion Number of Asking Price

No Name of Project/Building Developer Location
Year units (USD/sqm)
1 Charmington Iris Sacomreal District 4 2020 1,438 2,375
2 Sky89 An Gia & Creed Group District 7 2021 430 1,927
3 Hung Phuc Premier Phu My Hung District 7 2020 192 2,570
4 Eco Green Xuan Mai Corp. District 7 2020 4,000 2,423
5 Flora Novia Nam Long Thu Duc District 2020 518 1,199
6 Q7 Saigon Riverside Hung Thinh Corp. District 7 2021 3,580 1,461
7 Phu My Hung Urban Hill Phu My Hung District 7 2020 164 2,940
8 Saigon South Residences Phu My Hung District 7 2019 1,840 1,566
9 Saigon Riverside City Hiep Phuc Corp. Thu Duc District 2020 1,729 1,030
10 Flora Mizuki Nam Long Corp. Binh Chanh District 2019 576 1,100
11 Lavita Charm Hung Thinh Corp. Thu Duc District 2020 939 1,146

Q3 2019 | HO CHI MINH CITY | LANDED PROPERTIES
PERFORMANCE Figure 10: HCMC Landed Properties, Average Asking Price

Prices of ready-build landed properties have skyrocketed,
influenced in part by the attractiveness of shophouses,
which have attracted great interest from buyers who are
looking for alternative channels of investment. By type of
property, townhouses with the area less than 100sqm
dominated sales activities, accounting for 70% of total
transactions. Secondary asking price maintained the upward
trend, indicating continued improvements in the market
sentiment.
SUPPLY
Vinhomes Grand Park (formerly known as Vincity Grand
Park) was the main source of new landed properties for
HCMC in 3Q2019. The Eastern part of the city has been
capturing much attention of developers thanks to its
improved infrastructure and a long-term vision of urban
planning.
DEMAND Figure 11: HCMC Landed Properties, Transaction Volume

While end-users are the main target customers for the
condominium projects, investors are more potential buyers
of villa and townhouse products. In addition, due to the fact
that the price hike of apartments has led to less profit-
making opportunity, villa and townhouse segment has
become the best alternative investment channel for affluent
class. High absorption rates in many recent projects have
indicated healthy demand for this market in coming years.
OUTLOOK
With impressive design and a prime location with 3 street
fronts, shophouse is one of the highlights of the Thu Thiem
projects in District 2 in the upcoming year, 2020. It will
vividly attract a great deal of attention towards the eastern
suburbs of HCMC. Simultaneously, the price of other landed
properties in this area, i.e. villa and townhouse, are
expected to substantially boost up.
Figure 12: HCMC Landed Properties, New Launches
Villa and townhouse segments in other districts are
expected to have a positive outlook with conditions
enhanced by a combination of increased investor
sentiment, developments in international trade and
significant government infrastructure investment. Besides,
people tend to expand their business and make investments
in landed properties in areas outside the central district,
which generates higher profits.

Q3 2019 | HO CHI MINH CITY | LANDED PROPERTIES
Table 6: HCMC Landed Properties, Upcoming Supply
Completion Asking Price

No Name of Project Developer Location Number of units
Year (USD/sqm)
1 Sky Linked Villa Gamuda Land Tan Phu District 2019 114 1,285
2 Dai Phuc - Green Stone - Phase 2 Dai Phuc Land District 9 2019 210 643
3 Venica Garden Khuong Phat District 7 2020 118 2,402
4 Simcity Anpha Holding District 9 2020 485 643
5 Lavida Kien A Nha Be District 2020 20 1,020
*Excluding all kinds of tax and promotions

Q3 2019 | HO CHI MINH CITY | SERVICED APARTMENT
PERFORMANCE Figure 13: HCMC Serviced Apartment, Avg. Ask. Rent by Grade
Many foreign customers come to the serviced apartments
in Ho Chi Minh City, instead of staying at hotels for few days.
It has been recorded that the average price of Grade-A
serviced apartment slightly increased by 36
USD/sqm/month. Meanwhile, the Grade B’s average asking
rent got approximately USD32/sqm/month, which grew up
by 2% Q-o-Q.
The average occupancy rate in HCMC’s serviced apartment

market slightly grew up after the decrease in Q2 due to
summertime and the demand from tourists also increased.
In Grade A segment, the average occupancy rate increased
1ppts q-o-q and this number of Grade B did not change
much, stably staying at 80% respectively.
SUPPLY
Counting till the end of September, there is no different Figure 14: HCMC Serviced Apartment, Occupancy Rate by Grade
from the previous quarter when the number of total supply
is still the same with more than 1,000 serviced apartments.
Oakwood Residence is going to go into operation officially
within November and will supply 237 units more to the
market. Other coming supplies is still in progress and
expected to release soon by the first quarter of 2020.
DEMAND
Vietnam travel industry has boomed in the recent past
thanks to the rise of budget airlines and accommodation
options. The latter has expanded into an industry of its own
and along with hotels, villas, bungalows and chalets, now
serviced apartments can also be chosen from the list. In
HCMC, the growing awareness of consumers regarding
serviced apartments has continued to fuel demand for this
sector as they offer a lot more privacy and freedom than
hotels with monetary efficiency and more elaborate options
such as kitchen, pool, laundry room, gym and even house- Table 7: HCMC Serviced Apartment, Upcoming (2019)
keeping services.
Property Location No. of Keys
OUTLOOK
In fact, serviced apartment is currently facing hard time due Mai House Saigon District 1 224
to the appearances of online booking services, namely
Sonata Residence District 7 250
AirBnB, which offers more flexibility and easily gets more
favourable prices of other rental properties. However, at
Terra Royal District 3 366
the moment the demand from market is still very high with
the increase of the international arrivals, serviced Berkley Serviced Residence District 2 85
apartment still can get the positive result. Also, as can be
seen from Oakwood in district 7 or Charm Suite in Binh Marie Curie Hotels and Suites District 3 250
Thanh district, serviced apartment is tending to shift from
city centers to nearby locations in the next following years.

Q3 2019 | HO CHI MINH CITY | SERVICED APARTMENT
Table 8: HCMC Serviced Apartment, Notable Properties

Completion No. of Occupancy
No Name of Project/Building Address Location ARR (*)
Year units Rate
1 The Landmark 5B Ton Duc Thang District 1 1995 65 70% 30.0
2 Sedona Suites Orchid Tower 65 Le Loi District 1 1996 89 90% 35.0
3 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 90% 31.0
4 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 98% 52.0
5 Norfork Mansion 17-21 Ly Tu Trong District 1 1998 126 85% 33.0
6 Diamond Plaza 34 Le Duan District 1 1999 42 92% 32.0
7 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 94% 30.0
8 The Lancaster 22-22 Bis Le Thanh Ton District 1 2007 55 90% 42.0
9 Intercontinental Asiana Saigon 39 Le Duan District 1 2009 260 95% 39.0
10 Lafayette De Saigon 8 Phung Khac Khoan District 1 2010 18 80% 32.0
11 Vincom Center 45A Ly Tu Trong District 1 2010 60 75% 30.0
12 Nikko Saigon 235 Nguyen Van Cu District 1 2011 53 80% 40.0
13 Somerset Vista HCMC 628C Ha Noi Highway District 2 2012 100 99% 125.0
14 Sedona Suites Grand Tower 65 Le Loi District 1 2016 195 90% 184.0
15 Diamond Island Luxury Residence 1 Street No. 104-BTT District 2 2018 68 60% 200.0
Grade A
1 Saigon Domaine 1057 Xo Viet Nghe Tinh District 1 2001 45 62% 17.0
2 Sherwood Residence 127 Pasteur District 3 2007 240 90.0% 35.0
3 Ben Thanh Luxury 172-174 Ky Con District 1 2010 88 95.0% 21.0
4 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 84.0% 45.0
5 Spring Court 8A/3D2 Thai Van Lung District 1 2011 14 75.0% 21.0
6 An Phu Superior Compound 43 Thao Dien District 2 2011 68 100.0% 22.0
7 Poonsa 3 Vo Van Tan District 1 2016 30 85.0% 31.0
8 Ibis Saigon Airport 2 Hong Ha Tan Binh 2016 20 90.0% 22.0
9 Sherwood Suites 192 Nam Ky Khoi Nghia District 3 2017 157 80.0% 105.0
10 Leman Luxury Apartments 117 Nguyen Dinh Chieu District 3 2017 64 68.5% 91.0
11 Citadines Regency 20-22 Pham Ngoc Thach District 3 2018 229 41.5% 62.0
13 Richlane Residences 1056A Nguyen Van Linh District 3 2018 243 41.5% 90.0
14 Somerset D1 Mension 608 Vo Van Kiet District 1 2019 198 45% 25.0
Grade B

Q3 2019 | HO CHI MINH CITY | INDUSTRIAL
PERFORMANCE Figure 15: HCMC Industrial, Market Performance

The rental prices in HCMC industrial increased slightly
compared to the previous quarter due to a strong demand
for this rental. The average occupancy rate of the industrial
parks was totally high over 80%, particularly in Ho Chi Minh
City, Binh Duong and Dong Nai, which have been the most
attractive lands for industrial activities. By the end of
3Q2019, it is recorded that there were approximately
USD 123/sqm/term for industrial land as well as
USD 4.5/sqm/month to lease the factory.
SUPPLY
Till the end of September, there were total 18 industrial
parks with around 3,700 ha industrial land for lease.
However, there were only approximately 900 ha left being
available. There is the fact that in May 2019, the city had
asked the government for approving new industrial parks in
Binh Chanh which is potentially going to supply 380 ha to
the market. So far, this project has been still not approved
yet but may be soon by the end of 4Q2019. Figure 16: HCMC Industrial, Supply by District
DEMAND
Currently, the tenant mix of most industrial parks almost
already set up their operation in the existing parks since
several years ago. Therefore, they got advantages from
much lower rent rates and also smaller increases in rates. In
the other hand, because of the limited number of industrial
lands in the city which had driven costs upward at a high
rate, most companies now are shifting their concentration
to surrounding areas in order to seek for a better price.
OUTLOOK
Overall, industrial in HCMC will continue to develop more
with new projects of IPs are on board. Throwing back to the
previous quarter, the phase three of Hiep Phuoc Industrial
Park and the expansion of Tay Bac Cu Chi Industrial Park are
still awaiting confirmation of their completion dates so far
but there is a rumor that they will be completed by the first
Table 9: HCMC Industrial, Future Supply
quarter of 2020 and the official confirmation will come soon
in the next quarter of 2019.
GFA
Industrial Park Name District
(ha)
Le Minh Xuan Industrial Park - Phase 2 Binh Chanh 338.0
Le Minh Xuan Industrial Park - Phase 3 Binh Chanh 242.0

Vinh Loc I - Phase2 Binh Chanh 56.0
Vinh Loc I - Phase3 Binh Chanh 200.0
Vinh Loc Industrial Park III Binh Chanh 210.3
Tay Bac Cu Chi Industrial Park –
Cu Chi 173.0
Phase 2
Hiep Phuoc Industrial Park – Phase 3 Nha Be 1,000.0
Phong Phu Industrial Park Binh Chanh 148.4

Q3 2019 | HO CHI MINH CITY | INDUSTRIAL
Table 10: HCMC Industrial Market

Total Asking Rent
Distance to Total Area Occupancy
No Name of Industrial Park Location leasable (USD/sqm/ LUR Term
CBD (km) (ha) rate
area (ha) term)
1 Tan Thuan Export Processing Zone District7 6.4 300 204 270 90% 2041
2 Linh Trung 1 Export Processing Thu Duc 18 62 46 65 100% 2042
Zone
3 Binh Chieu Industrial Park Thu Duc 16 27 27 150 100% 2046
4 Tan Binh Industrial Park (P1+2) Tan Phu 11 129 100 235 100% 2047
5 Vinh Loc Industrial Park Binh Chanh 15 203 131 250 100% 2047
6 Le Minh Xuan Industrial Park Binh Chanh 20 100 66 120 100% 2047
7 Tan Tao Industrial Park 1 Binh Tan 17 161 97 240 97% 2047
8 Hiep Phuoc Industrial Park 1 Nha Be 21 311 224 140 100% 2048
9 Tay Bac Cu Chi Industrial Park Cu Chi 36.5 208 150 85 97% 2048
10 Tan Thoi Hiep District 12 16 28 20 144 100% 2049
11 Linh Trung 2 Export Processing Thu Duc 17 62 44 65 100% 2050
Zone
12 Tan Tao Industrial Park 2 Binh Tan 17 183 116 240 78% 2050
13 Saigon Hi-tech Park P1 District 9 15 300 300 180 100% 2052
14 Tan Phu Trung Industrial Park Cu Chi 37 543 359 95 65% 2054
15 Automotive-Mechanical (Hoa Phu) Cu Chi 40 99 67 74 85% 2057
Industrial park
16 Hiep Phuoc Industrial Park 2 Nha Be 22 597 345 140 35% 2058
17 Dong Nam Industrial Park Cu Chi 30 343 287 70 82% 2058
18 An Ha Industrial Park Binh Chanh 23 124 124 71 85% 2058
19 Cat Lai Industrial Park (ClusterII) District 2 21 137 87 90 100% 2061
20 Le MinhXuan III Binh Chanh 26 300 231 140 80% 2064

Q3 2019 | HANOI | OFFICE
PERFORMANCE Figure 17: Hanoi Office, Average Asking Rent

The office market in Hanoi was becoming very active in
3Q2019. It can be seen the occupancy rates in Grade A and
B offices took an upturn, in which Grade A got over 94% and
Grade B got approximately 86.8%. The price of premium
office has soared by USD 30-33, while the price of Grade B
office was average at USD 22, a bit of increase of around
USD 3 compared to the previous quarter.
SUPPLY
In 3Q2019, with the completion of two properties in Bac Tu
Liem District, leasable areas for Grade-B offices were
upgraded to an additional 40,000 sqm. This site supply is
expected to expand the office market to the West of Hanoi.
DEMAND
As part of the Hanoi urban expansion planning, new office
plans are projected to spread outside the CBD (Hoan Kiem),
namely Ba Dinh District, Cau Giay District and Bac Tu Liem
Figure 18: Hanoi Office, Occupancy Rate
District. Recently, the non-CBD premium offices have been
launched with very attracted prices, which shall hold the
average rental market price stable. Besides, there was no
record of new presence of co-working space projects in
Hanoi, even though the information technology industry
sees robust growth, which strongly promotes the proptech.
OUTLOOK
Grade-B offices will come up with roughly 45,500 sqm
leasable areas by the end of 2019, whereas there will be no
supply of premium office space in Hanoi. As a number of
leasable areas was provided in 3Q2019, it tends to have a
rapid downward trend of occupancy rate of Grade-A offices
and Grade-B offices can keep moving forward to fill up its
vacancy.
Astonishingly, it does not mean the price of office properties

in the central area will slash, in contrast, Grade A can rise in
price a bit in the next year. Indeed, foreign tenants, mainly
from industry sectors: finance, insurance, information
Table 11: Hanoi Office, Upcoming
technology, telecommunications and real estate, are
eagerly seeking for prime locations in Hanoi. Thus, more NLA
Property Location
than 112,000 sqm of leasable office space will be supplied (sqm)
for Grade-A offices in 2020, equivalent to 21% of additional Capital Place A 93,550
leasable areas in the market.
Oriental Sun Tower A 19,200
MB Grand Tower B 45,402

Q3 2019 | HANOI | OFFICE
Table 12: Hanoi Office, Notable Properties

Average net
Completion NLA Service Occupancy
No Name Address asking
Year (sqm) Charges (*) rate
rent (**)
1 Central Building 31 Hai Ba Trung 1995 3,653 9.0 100% 35.0
2 International Centre 17 Ngo Quyen 1995 6,500 - 95% 24.6
3 Ha Noi Tower 49 Hai Ba Trung 1997 9,000 7.0 99% 29.0
4 63 Ly Thai To Building 63 Ly Thai To 1998 6,753 Included 100% 47.0
5 Sun Red River Building 23 Phan Chu Trinh 1999 13,459 7.0 100% 30.0
6 Vietcombank Tower 198 Tran Quang Khai 2000 19,563 Included 100% 30.0
7 Opera Business Centre 60 Ly Thai To 2007 3,787 Included 97% 24.0
8 Pacific Palace 83B Ly Thuong Kiet 2007 16,600 7.0 96% 37.0
9 Asia Tower 2 Nha Tho 2007 3,100 7.7 82% 35.0
10 Sun City Building 13 Hai Ba Trung 2007 6,400 - 100% 45.0
11 BIDV Tower 194 Tran Quang Khai 2010 10,120 7.0 100% 32.0
12 Sentinel Place Hang Da 2010 8,000 8.5 98% 45.0
13 AON Landmark 72 Pham Hung-Me Tri 2011 95,000 9.0 96% 38.0
14 Corner Stone 16 Phan Chu Trinh 2013 26,500 7.0 99% 42.0
15 Hong Ha Center 25 Ly Thuong Kiet 2013 11,000 5.0 90% 25.0
16 Lotte Center 54 Lieu Giai 2014 48,880 7.0 100% 31.0
17 TNR Nguyen Chi Thanh 54A Nguyen Chi Thanh 2015 37,411 6.0 94% 30.0
18 Thaiholdings Tower 210 Tran Quang Khai 2018 34,458 8.0 95% 34.0
Grade A
1 Tungshing Square 2 Ngo Quyen 1996 8,306 5.7 89% 23
2 Melia Hotel 44B Ly Thuong Kiet 1997 8,500 - 99% 40.0
3 Prime Centre 53 Quang Trung 1998 7,600 - 100% 27.0
4 VIB Hai Ba Trung 59 Quang Trung 2006 3,000 - 68% 16.0
5 Capital Tower 109 Tran Hung Dao 2010 21,089 7.0 97% 33.0
6 Hanoi Tourist Building 18 Ly Thuong Kiet 2010 7,600 - 100% 24.0
7 Capital Building 72 Tran Hung Dao 2013 5,800 - 100% 25.0
8 Coalimex Building 33 Trang Thi 2013 5,071 5.0 95% 26.0
9 VID Building 115 Tran Hung Dao 2013 4,930 - 89% 23.0
10 Artex Port 31-33 Ngo Quyen 2014 4,725 - 100% 23.0
Grade B

Q3 2019 | HANOI | RETAIL
PERFORMANCE Figure 19: Hanoi Retail, Average Asking Rent

Hanoi represented a good performance of retail sales
recently. Following that, average occupancy rate got a highly
positive rate of 88% in 3Q2019, an increase of 3% Q-o-Q. In
the forecast by the end of 2019, the occupancy rate can go
up by 90%.
Overall, the average net asking rent has increased slightly

since 2018 due to the inflows of new investors in the retail
market after witnessing the fall in price in 2015-2017. In this
quarter, shopping malls got the highest price over three
types of retail properties, reaching at USD 36.5/sqm/month.
As well, the retail podiums and department stores improved
its average prices with an amount of around USD
25/sqm/month and USD 35.5/sqm/month respectively. It is
anticipated that the average prices can rapidly reach at
USD 38/sqm/month by the end of 2019.
SUPPLY Figure 20: Hanoi Retail, Occupancy Rate

In the third quarter of 2019, there is no new supply in the
market. Additionally, shopping malls are still dominating the
supply, accounting for 77% of total stock, and followed by
retail podiums and department stores with 13% and 10%
respectively. Meanwhile, new foreign investors have
changed their appetites into new areas recently, quite far
away from CBD. Nevertheless, it draws high attention due
to its promotions with luxury fashion brands, diverse food
courts and exciting entertainment services.
DEMAND
With the positive trends and macro forces, the government
also has made efforts to liberalize the legal landscape to
further facilitate ease of doing business in Vietnam. The
increase in brands entering the market and the alteration
from shopping centers to entertainment centers will partly
reform the market in the next few years.
OUTLOOK Table 13: Hanoi Retail, Upcoming

In the next following years, large shopping malls will be
allocated in non-CBD areas, most of which come from large Completion
Property District GFA (sqm)
retailers such as Aeon (Aeon Mall Ha Dong – 74,000 sqm and year
Aeon Mall Giap Bat) and Lotte (Lotte Ciputra Mall – 200,000 Aeon Mall Ha Dong Ha Dong 200,000 4Q2019
sqm). In further, Takashimaya, a Japanese department store
chain, is considering to open the second retail store in Lotte Ciputra Mall Tay Ho 200,000 4Q2020
Vietnam. As the first Takashimaya is located in HCMC, Hanoi
will be an ideal destination for their next coming.

Q3 2019 | HANOI | RETAIL
Table 14: Hanoi Retail, Notable Properties

Completion NLA Occupancy
No Name of Project / Building Address Location ARR (*)
Year (sqm) Rate
1 Central Building 31 Hai Ba Trung Hoan Kiem 1995 550 75.0 100%
2 Hanoi Tower 49 Hai Ba Trung Hoan Kiem 1997 2,515 55.0 100%
3 63 Ly Thai To Building 63 Ly Thai To Hoan Kiem 1998 650 170.0 95%
4 ICC Building 71 Nguyen Chi Thanh Dong Da 2006 2,900 16.0 100%
5 Pacific Place 83b Ly Thuong Kiet Hoan Kiem 2007 2,300 67.0 100%
6 Opera Business Center 6b Trang Tien Hoan Kiem 2007 370 120.0 100%
7 Asia Tower 6 Pho Nha Tho Hoan Kiem 2008 300 107.0 100%
8 Sentinel Place 41A Ly Thai To Hoan Kiem 2010 700 45.0 100%
9 Sky City Tower 88 Lang Ha Dong Da 2010 5,400 65.0 100%
10 The Lancaster Hanoi 20 Nui Truc Ba Dinh 2013 3,123 37.0 93%
11 Madarin Garden Residential 1 Hoang Minh Giam Cau Giay 2013 11,000 25.0 98%
12 Golden Place Me Tri Tu Liem 2015 19,500 30.0 100%
13 Handico Tower Me Tri, Pham Hung Tu Liem 2015 1,500 33.0 100%
14 Hong Kong Tower 243A La Thanh Dong Da 2018 4,500 24.0 90%
Retail Podium
Vincom Center Ba Trieu - Tower
1 191 Ba Trieu Hai Ba Trung 2004 17,700 93.0 80%
A&B
2 Vincom Center Ba Trieu - Tower C 191 Ba Trieu Hai Ba Trung 2004 10,974 80.0 99%
3 Ruby Plaza 44 Le Ngoc Han Hai Ba Trung 2007 2,400 35.0 100%
4 Syrena 51B Xuan Dieu Tay Ho 2008 4,153 33.0 99%
5 Trang Tien Plaza 24 Hai Ba Trung Hoan Kiem 2008 12,000 150.0 70%
6 Savico MegaMall 7-9 Nguyen Van Linh Long Bien 2011 43,500 25.0 96%
7 Vincom Center Long Bien KDT Vincom Long Bien 2012 29,000 25.0 83%
8 Indochina Plaza Hanoi 241 Xuan Thuy Cau Giay 2012 17,000 30.0 71%
9 Vincom Mega Mall - Royal City 72A Nguyen Trai Thanh Xuan 2013 181,317 35.0 70%
10 Vincom Mega Mall - Times City 458 Minh Khai Hai Ba Trung 2014 83,950 30.0 93%
11 Aeon Mall Long Bien 2 Co Linh Long Bien 2015 72,000 - 100%
12 Vincom Nguyen Chi Thanh 54A Nguyen Chi Thanh Dong Da 2015 65,328 65.0 98%
13 Vincom Center Pham Ngoc Thach 2 Pham Ngoc Thach Dong Da 2016 20,250 60 99%
14 Artemis 3 Le Trong Tan Thanh Xuan 2017 27,000 60 86%
15 Vincom Center Metropolis 29 Lieu Giai Ba Dinh 2018 38,000 38 95%
16 Sun Plaza Ancora 3 Luong Yen Hai Ba Trung 2019 27,253 86 89%
Shopping Centre
1 The Garden (Bitexco) Me Tri Tu Liem 2007 24,063 40.0 100%
2 Ho Guom Plaza Ha Dong Ha Dong 2013 23,380 25.0 95%
3 Lotte Department Store 54 Lieu Giai Ba Dinh 2014 21,480 50.0 100%
Department Store

Q3 2019 | HANOI | CONDOMINIUM
PERFORMANCE Figure 21: Hanoi Condominium, Units sold & Absorption

In the third quarter of 2019, the condominium market in
Hanoi tended to decrease in both supply and number of
transactions. Citizens expressed their depression on
condominium disputes which sparked off over and over in
Hanoi recently. However, the prestigious developers still
retain their loyal customers and attract more buyers.
Remarkably in contrast, the housing segment recorded a
strong prosperity in the third quarter of 2019.
SUPPLY
In 3Q2019, nearly 8,000 apartments were launched from 15
projects across the city, improved 7% from the previous
quarter. The projects located in the West and the South
accounted for more than 70% of new launches and sales in
the quarter. Notably, the Hanoi housing market shows a
tendency to expand beyond the CBD with new projects in
Thanh Tri and Hoai Duc districts.
Figure 22: Hanoi Condominium, Average Asking Price
DEMAND
In terms of absorption, more than 4,500 apartments were
sold in 3Q2019. In addition, homebuyers are also waiting for
other projects to open for sale at the end of the year, which
attractively give lower prices than previous quarters.
Despite the low volume of transactions in this quarter, the

large number of bookings for pre-sale show a high attention
of buyers towards the market. Projects under pre-
construction phase are fiercely ready to release after a long
time of planning and doing market research.
OUTLOOK
In the last quarter of 2019, the new supply of condominium
is expected to reach at 10,000 units. Mid-end properties
continue to dominate the market, forecasted to upgrade its
new supply with the share up to 55% - 65%. While city
centres and suburbs in Hanoi are getting more crowded, it
is expected that new residential projects will rise up and Figure 23: Hanoi Condominium, New Launches
intend to move far away about 8 – 10 km from the CBD.
Newly, thanks to more investment on infrastructure

developments, new collaboration among large corporation
partners and the positive changes of the economy in 2019,
it is expected that new luxury condominium projects will
soon be offered in the near future. In particular, there is a
big attention towards the smart city development, namely,
Vinhome Smart City Tay Mo and an up-and-coming project
developed by BRG & Sumitomo.

Q3 2019 | HANOI | CONDOMINIUM
Table 15: Hanoi Condominium, Upcoming Supply

Completion Number of Asking Price
No Name of Project/Building Developer Location
Year units (USD/sqm)
1 Sunshine Garden Sunshine Group Hai Ba Trung 4Q2019 1,278 1,199
2 Anland Premium Nam Cuong Group Ha Dong 2020 575 1,113
3 Hateco Laroma Hateco, JSC Dong Da 4Q2019 281 2,784
4 Thang Long City Thang Long Ltd. Nam Tu Liem 4Q2019 156 664
5 Hinode City Vietracimex Hai Ba Trung 1Q2020 1,099 1,876
6 Vinhome Smart City Tay Mo Vingroup Nam Tu Liem 1Q2021 40,000 1,923
7 The Zei HD Mon Holdings Nam Tu Liem 1Q2021 891 1,947

Q3 2019 | HANOI | LANDED PROPERTIES
PERFORMANCE Figure 24: Hanoi Landed Properties, Accumulated Supply

As opposed to the condominium market, market
momentum in landed property sector remained positive as
more than 800 dwellings were launched for sales. Notably,
Ha Dong District has recorded the highest number of ready-
build landed products for sales in the primary and secondary
market. Following that, Long Bien, Hoang Mai, Nam Tu Liem
and Hoai Duc district also have promoted a very active
trading market.
SUPPLY
The ready-build landed properties continues to witness the
movement of supply with new launches in Hoai Duc, Ha
Dong and Dan Phuong districts. The average selling price of
villas and townhouses in the secondary market reached at
more than USD 4,000 per sqm in the third quarter, recorded
an increase of 5% Y-o-Y, especially in new residential areas.
Figure 25: Hanoi Landed Properties, Secondary Prices
DEMAND
More and more construction projects built up are heading
towards an ideal green living space to meet the demand of
local residents as most of them are aware of high air
pollutions rising in Hanoi and want to search for greenery
residence. In addition, the citizens prefer to own a house
than purchasing for apartments here recently, even the
price of landed properties roughly doubled the price of
apartments.
OUTLOOK
Once Cat Linh - Ha Dong railway officially announces its
operation, it will promote a high trading volume of ready-
build landed products in Ha Dong district. Likewise, Aeon
Mall Grand Mall, entering into the district in the last quarter
of 2019, is totally expected to welcome more investors and
residents coming for new trading transactions.
Figure 26: Hanoi Landed Properties, Market Performance
Moreover, about 500 units from the North and the East will
come into the market in 4Q2019. In the next coming year,
The Manor Central Park will be one of the most remarkable
large-scale mixed-use development projects in Hanoi thanks
to the echo of The Manor brand developed by Bitexco,
mainly referring high-class urban areas.

Q3 2019 | HANOI | LANDED PROPERTIES
Table 16: Hanoi Landed Properties, Upcoming Supply
Expected
No Project name Developer Component Total units
Completion
1 Vinhomes Green Villas Vingroup Villas 98 2Q2020
2 Sunshine Wonder Villas Sunshine Group Villas 165 4Q2019
3 The Terra 83 Hao Nam Van Phu Invest Townhouse 25 2019
4 Euro window River Park EurowindowHolding Villas 138 4Q2019
5 Larissa Athena Fulland Vimefulland Villas 119 3Q2020
6 Athens Athena Fulland Vimefulland Shophouse 114 3Q2020
7 Athens Athena Fulland Vimefulland Villas 414 3Q2020
8 The Manor Central Park Bitexco Group Villas 73 2Q2020
9 The Manor Central Park Bitexco Group Shophouse 312 2Q2020
10 The Manor Central Park Bitexco Group Townhouse 126 2Q2020

Q3 2019 | HANOI | SERVICED APARTMENT
PERFORMANCE Figure 27: Hanoi Serviced Apartment, Avg. Ask. Rent by Grade
Over the period, serviced apartment has grown up rapidly
to meet the high demand of expats who are working and
staying temporarily in Vietnam, particularly, by month. It
recently becomes an alternative to hotels thanks to its
advances, i.e. more space, kitchen facilities provided, more
privacy and a good promotion for a long-term budgetary
strategy.
In 3Q2019, serviced apartment market in Hanoi witnessed

improvements in performance across both grades on the
back of solid demand from both domestic and foreign
visitors. While average asking rent for Grade A was stable,
Grade B’s rent rose by 1%, standing at USD22/sqm/month.
The market remained tight with healthy occupancy rates
across all grades. Grade A’s average occupancy rate
recorded 95%, while Grade B’s average occupancy rate
staying at 86.5%
Figure 28: Hanoi Serviced Apartment, Occupancy Rate by Grade
SUPPLY
There is no new supply in the third quarter of 2019.
Currently, there are 44 serviced apartment projects of all
grades, providing more than 4,500 units from studio to four-
bed room units and penthouses in Hanoi. In terms of
location, Ba Dinh and Tay Ho Districts are major suppliers
with more than 50% market share.
DEMAND
As the capital of Vietnam, Hanoi has been a favorable
investment destination for multinational corporations,
embassies and international organizations, bringing a hope
to a promising serviced apartment market over the next few
years. There is a statistical finding that the FDI rate increased
in 3Q2019, facilitating growth of demand for serviced
apartments as normal practice. In terms of tenant profile,
the main sources of demand coming from Japan and Korea
owning to a large amount FDI inflow from these countries
invested in industrial zones in suburban provinces such as Table 17: Hanoi Serviced Apartment, Future Supply (2019)
Bac Ninh, Thai Nguyen, Hai Phong.
Completion
Project District Total supply
year
OUTLOOK Oakwood Residence Tay Ho 190 4Q2019
In the up-coming quarters, Hanoi is expected to welcome 4
projects from Tay Ho District and Ba Dinh District. With the Pent Studio Tay Ho 327 4Q2019
good performance, the serviced apartment market in Hanoi
is expected to run in stable. Additionally, buy-to-let model is Hanoi Aqua Central Ba Dinh 238 4Q2019
becoming a new attractive investment channel, supported
by its small amount of capital, flexibility and diverse options. 345 Doi Can Ba Dinh 90 4Q2019
This trend is forecasted to grow in the coming years, which
is more likely to create more competition to the service
apartment market.

Q3 2019 | HANOI | SERVICED APARTMENT
Table 18: Hanoi Serviced Apartment, Notable Properties
Average
No. Project Name Address Location Total Units ARR(*)
Occupancy
1 Lotte Center Dao Tan Cong Vi Ba Dinh 258 97% 43.0
2 Hanoi Daewoo 360 Kim Ma Ba Dinh 194 88% 28.0
3 Sofitel Plaza 1 Thanh Nien Ba Dinh 56 100% 38.0
4 Hanoi Somerset Grand 49 Hai Ba Trung Hoan Kiem 185 93% 35.0
5 Sun Red River 23 Phan Chu Trinh Hoan Kiem 46 85% 25.0
6 Pacific Place 83B Ly Thuong Kiet Hoan Kiem 35 80% 23.0
7 Sedona Suites 96To Ngoc Van Tay Ho 181 90% 34.0
8 Somerset West Lake 254D Thuy Khue Tay Ho 90 82% 30.0
9 Hanoi Lake View 28 Thanh Nien Tay Ho 26 100% 25.0
10 Intercontinental Ha Noi 13 Nghi Tam Tay Ho 25 88% 35.0
11 Fraser Suites Hanoi 51 Xuan Dieu Tay Ho 184 95% 40.5
12 Somerset West Point 2 Tay Ho Tay Ho 185 95% 36.0
13 Crown Plaza 36 Le Duc Tho Tu Liem 136 99% 35.0
14 Calidas E6, Pham Hung Tu Liem 378 99% 38.0
15 Somerset Hoa Binh 106 Hoang Quoc Viet Cau Giay 206 87% 31.0
Grade A
1 Rose Garden 170 Ngoc Khanh Ba Dinh 96 80% 24.0
2 V-Tower 649 Kim Ma Ba Dinh 36 90% 28.0
3 DMC Lake View 535 Kim Ma Ba Dinh 66 85% 16.0
4 Hoa Binh Green 376 Duong Buoi Ba Dinh 40 92% 22.0
5 Lancaster Hanoi 20 Nui Truc Ba Dinh 31 85% 24.0
6 May Fair 34B Tran Phu Ba Dinh 48 100% 17.0
7 Skyline Tower 4 Dang Dung Ba Dinh 79 80% 31.0
8 Candle Hotel 287-301 Doi Can Ba Dinh 69 74% 27.0
9 Elegant Suites Hahoi 19B Ha Noi Hoan Kiem 39 80% 25.0
10 Palace De Thien Thai 2 Tho Nhuom Hoan Kiem 16 98% 23.0
11 Atlanta 49 Hang Chuoi Hai Ba Trung 50 90% 24.0
12 Times City 485 Minh Khai Hai Ba Trung 150 85% 19.0
13 Rainbow 7TrieuVietVuong Hai Ba Trung 26 88% 14.0
14 Oriental Palace 33 Tay Ho Tay Ho 59 70% 30.0
15 Elegant Suites Westlake 10C Dang Thai Mai Tay Ho 131 94% 27.0
16 Flower Village Hanoi 14 Thuy Khue Tay Ho 131 90% 23.0
17 Swan Lake 3/61/31 Xuan Dieu Tay Ho 6 97% 17.0
18 Lakeside Garden 56 Xuan Dieu Tay Ho 8 62% 14.0
19 Dolphin 28 Tran Binh Tu Liem 70 70% 15.0
20 Jana Garden Terrace 6 Kim Dong Hoang Mai 72 80% 22.0
21 Pan Horizon 157 Xuan Thuy Cau Giay 86 65% 30.0
22 My Way 4, 86 Alley, Duy Tân Cau Giay 39 93% 25.0
23 Royal City 72 Nguyen Trai Thanh Xuan 100 85% 17.0
Grade B

Q3 2019 | HANOI | INDUSTRIAL
PERFORMANCE Figure 29: Hanoi Industrial, Market Performance

According to the Hanoi Department of Industry and Trade,
it was stated Hanoi has kept a relatively stable development
pace, of which the industry development has grown by 8.8%
(as the target around 8.5 - 9%). In the third quarter, this city
amazed the market with an impressive increase in both
rental price and occupancy rate due to the high demand on
industrial properties. The average rental price went up by
USD131.2/sqm/term, an increase of 8% Q-o-Q.
Regarding the average occupancy rate, Hanoi also got

positive result with 95.5%, grew up to 5.5ppts on the
previous corresponding period. Bac Tu Liem and Long Bien
prove as the most attractive industrial points with 100%
occupancy rate.
SUPPLY
In 3Q2019, the Hanoi City People's Committee has approved
11 IPs. If it goes on well, it is expected to get 30 new IPs with
approvals by the end of the year. Currently, Hanoi has 9 Figure 30: Hanoi Industrial, Supply by District
operating industrial parks with a total area of 1,301 hectares
and recorded with 70 industrial clusters with 1,337 hectares
supplying to 3,100 factories.
DEMAND
In spite of many policies on supporting manufacturers, such
as giving 70-year land-use rights, lending from banks, etc.,
investors for industrial sectors in Hanoi are facing the
problem of high costs, primarily, related to the prices of
land. To address the above shortcomings, the government
proposed new industrial projects should concentrate on
high-tech and modern technology, besides, restructure on
using land with density zoning, encouraging the efficient use
of premium urban land.
OUTLOOK
In the coming period of 2019-2020, there is a remarkable
industrial park project covering an area of 139.7 hectares
(included in 3000 hectares Ly Thuong Kiet service and urban Table 19: Hanoi Industrial, Future Supply
industrial zone (IZ)) in Yen My district in Hung Yen. This
represents the cooperation between the Vietnam and Korea
governments in developing the field of real estate and Property Area (ha)
industry. It can be anticipated this will gradually drive the
attention of foreign investors and manufacturing companies Quang Minh II Industrial Park Me Linh 266
from Hanoi to Hung Yen. Thus, not only have many mass
industrial projects aimed to be constructed outside the city Thanh My - Xuan Son Industrial Park Son Tay 108
center, but it also tends to move to the provinces around
Hanoi.
Soc Son Industrial Park Soc Son 340
Soc Son II Industrial Park Soc Son 204
Phuc Tho Industrial Park Phuc Tho 74

Q3 2019 | HANOI | INDUSTRIAL
Table 20: Hanoi Industrial Market

Distance to Total Area Asking Rent
No. Name of Industrial Park Location Occupancy LUR Term
CBD (km) (ha) (USD/sqm)
1 Sai Dong B ( Phase I & II) Long Bien 11 97 125 100% 2046
2 Thang Long Dong Anh 16 302 100 100% 2047
3 Nam Thang Long Tu Liem 15 261 155 100% 2048
5 Hoa Lac Hi-Tech Thach That 39 549 66 50% 2048
6 Quang Minh Me Linh 24 344 160 100% 2052
7 Thach That Thach That 24 150 100 100% 2056
8 Dong Anh Dong Anh 19 470 105 100% 2057
9 Noi Bai Soc Son 31 116 150 100% 2058
10 Phu Nghia 1+2 Chuong My 24 170 98 80% 2058
11 Hanssip (phase1) Phu Xuyen 44 72 140 60% 2060

Q3 2019 | DANANG | OFFICE
PERFORMANCE Figure 31: Danang Office, Market Performance

The office market in Danang presented a stable occupancy
level in 3Q2019, which remained at the average rate of over
90%. Noticeably, the Danang office market holds prices so
attractive. The rental price of Grade-A office retains at USD
27.5/sqm/month, while the average price of Grade B and C
offices are nicely around USD 14 and USD 8 per sqm
respectively.
SUPPLY
Similar as the last quarter, there is no new supply for Grade-
A office market in 3Q2019, reflecting a small scale of the
Danang’s high-end office market. Yet the Grade B office
market has been fairly extended, up to more than 100,000
sqm over the year. These leasable office areas mainly come
from Hai Chau, the central district of Danang, and other area
adjacent to this centre, namely Thanh Khe District.
DEMAND Figure 32: Danang Office, Market Performance Trend

The Danang businesses have been outstripped since its
administered renovation. Thus, there are a number of
companies highly desirable for new office space, particular
in software, information technology and financial service
sectors. Clearly, most of demands were put forward in
regard to Grade-B offices because it offers favourable
prices. It is reasonable to explain the great number of new
Grade-B office will be built up in the next periods.
OUTLOOK
By the end of this year, about 13,000 sqm of leasable areas
are welcome to provide for Grade B office in Thanh Khe
District. Regard the upcoming properties in 2020, there will
be two new projects, i.e. Summit Building Tower and Crystal
Tower, surpassing more 30,000 sqm of additional area for
the Grade B level.
Figure 33: Danang Office, Supply by Grade

Q3 2019 | DANANG | OFFICE
Table 21: Danang Office, Notable Properties
Average
Completion NLA Service Occupancy
No Name Address asking rent
Year (sqm) Charges rate
(USD/sqm)
Indochina Riverside
1 74 Bach Dang, Hai Chau 2008 6,219 Inc. 90% 20.0
Tower
Grade A
1 One Opera 115 Nguyen Van Linh, Hai Chau 2008 4,234 Inc. 100% 15.0
253-255-257 Hung Vuong,
2 Vinh Trung Plaza 2008 5,200 Inc. 97% 12.0
Hai Chau
3 PVFC Building Lot A2.1, 30/4 Street, Hai Chau 2010 11,162 Inc. 100% 10.1
4 Green Plaza 238 Bach Dang, Hai Chau 2010 4,400 Inc. 82% 20.0
5 Thanh Loi Building 135 Nguyen Van Linh, Thanh Khe 2011 5,100 Inc. 93% 12.0
6 Post Office 155 Nguyen Van Linh, Thanh Khe 2014 8,500 Inc. 100% 13.0
7 Petrolimex Tower 122, 2/9 Street, Hai Chau 2013 6,000 Inc. 86% 11.5
Grade B
1 DanaBook 78 Bach Dang, Hai Chau 2008 3,500 Inc. 73% 7.0
2 SPT Z85 Tran Hung Dao, Son Tra 2009 15,863 Inc. 90% 6.0
Grade C

Q3 2019 | DANANG| RETAIL
SUPPLY Figure 34: Danang Retail, Market Performance

In 3Q2019, the retail market recorded no new supply and
remained with more than 76,000 sqm of leasable area.
Shopping centers tend to develop in coastal areas from
many projects in Hai Chau and Ngu Hanh Son districts. Total
net leasable area in Hai Chau and Son Tra districts occupies
more than 90 per cent, while the rest of retail area is
concentrated in Thanh Khe district.
PERFORMANCE AND DEMAND

The retail market in last quarters has been depicted as in a
"hibernation cycle", but now it turns out that retail of
Danang has returned vibrantly by the end of this year. The
area of South Danang - North Hoi An is highly taken into
account when a series of investment policies for regional
development and projects are starting to kick off.
Moreover, Vietnam Airlines opened a direct route from

Danang to Busan (South Korea) to serve the increasing travel
demand of passengers between Vietnam and Korea. Thus, Figure 35: Danang Retail, Market Performance Trend
there are good news and feedbacks from Korean people
who express much favourable with the beauty of Hoi An. So
there is a prospect of new projects topped up along the
route connecting Danang with Hoi An.
OUTLOOK
Coming in the next year, Vvmall, a new retail comer
shopping mall integrated into a luxury complex from JW
Marriott Hotel, is going to supply nearly 40% of retail space
to the market in Danang. Compared to the growth of the
tourism industry with the rapidly increasing number of
tourists, the performance of Danang retailers are relatively
sluggish. Thus, the pre-opening event of the duty-free Lotte
store and the up-and-coming launch of luxurious and
famous fashion brands can rapidly transition Danang to a
new position, likely a world-class shopping destination.
New complex and buildings under construction propose an

Figure 36: Danang Retail, Supply by District
extension of retail podium size in the coming years, namely
Citadines Blue Cove and Wyndham Soleil. Likewise,
department stores may still retain its size due to the change
in consumer shopping behavior of local people in recent
years.

Q3 2019 | DANANG| RETAIL
Table 22: Danang Retail, Notable Properties
Name of Completion NLA Occupancy

No Address Location ARR (*)
Project/Building Year (sqm) Rate
Indochina Riverside
1 74 Bach Dang Hai Chau 2008 5,251 22.0 100%
Towers
HAGL-Lake View
2 72 Ham Nghi Thanh Khe 2012 7,200 13.0 100%
Residences
Retail Podium
1 Parkson Vinh Trung Plaza 253-255-257 Hung Vuong Hai Chau 2011 8,000 23.0 100%
Department Store
1 Big C Da Nang 255-257 Hung Vuong Thanh Khe 2007 11,760 17.0 99%
2 Da Nang Square 35 Thai Phien Hai Chau 2011 3,280 6.3 89%
3 Vincom Plaza Ngo Quyen 910A Ngo Quyen Son Tra 2015 36,800 23.0 100%
4 LOTTE Mart 06 Nai Nam Hai Chau 2016 19,200 19.0 93%
Shopping Centre

Q3 2019 | DANANG| CONDOTEL
PERFORMANCE Figure 37: Danang Condotel, Absorption Rate by District

Despite a significant increase in the number of tourists
coming to Danang, the condotel market witnessed a
sluggish sales rate due to government policies on condotel
ownerships. So, investors are urgently needed that the
government can confirm the legality on the current and up-
and-coming condotel projects at soonest.
Condotels in Hai Chau District continued to maintain the

highest absorption rate due to its small supply and
expensive location. While condotel projects in Ngu Hanh
Son District attracted more speculators and tourists thanks
to their location close to the sea and en route to the ancient
town of Hoi An, other projects in Son Tra District have a low
absorption rate due to its relatively large supply of condotel
units.
SUPPLY
There was no new supply coming in this quarter. Besides,
buyers have become more cautious about developers’
promises of lofty returns, and developers themselves also Figure 38: Danang Condotel, Supply by District
take precautions before introducing new products.
DEMAND
The demand for condotels came mostly from investors from
northern Vietnam, particularly Hanoi, who accounted for
more than 80% of total buyers of condotels in Danang. It is
so attractive because Danang is a coastal city with advance
transportation infrastructures, a large increase in the
number of direct international flights to and from Danang
International Airport, and steady rises in the number of
visitors to the city.
OUTLOOK
Although there is a problem in legal basis regarding
condotels in Vietnam, a number of Asian foreigners, namely
Hong Kong, China and Korea, have expressed an interest in
the beauty of Danang and the potential for future returns.
Hence, more than 500 units will come in the next following
Figure 39: Danang Condotel, Guaranteed Return
years.
Moreover, the supply of condotel projects in Danang will

continue to expand, which will lead to fiercer competition
among condotel developments. New projects will have to
differentiate themselves from the rest by unique design and
attractive sales policies.

Q3 2019 | DANANG| CONDOTEL
Table 23: Danang Condotel, Notable Properties
Completion Average Selling Price

No Name of Project/Building Address Location No. of units
Year (USD/sqm)*
1 F Home 16 Dang Tu Kinh Hai Chau Q1/2016 560 1,600

105–107 Vo Nguyen
2 Ariyana Condotel Furama Ngu Hanh Son Q1/2016 1,320 2,534
Giap
3 Cocobay Truong Sa Ngu Hanh Son Q1/2016 1591 1,917
4 Vinpearl Riverfront Ngo Quyen Son Tra Q2/2016 736 2,203
5 Ocean Suites (Block A&B) Truong Sa Ngu Hanh Son Q2/2016 115 2,394
6 Wyndham Soleil Vo Nguyen Giap Son Tra Q3/2016 706 4,069
7 Hoa Binh Green Danang Le Van Duyet Son Tra Q3/2016 1,536 926
8 Naman Garden Truong Sa Ngu Hanh Son Q4/2016 99 2,145
9 Alphanam Luxury A1 - A6 Vo Nguyen Giap Son Tra Q4/2016 234 1,815

Q3 2019 | DANANG| VILLA
PERFORMANCE Figure 40: Danang Villa, Market Performance

Coastal resort villa is one of the most popular investment
properties in Danang. Because both foreign tourists and
local people quite enjoy booking rental villas for their
travelling, in which they feel closer and more enjoyable with
their family. On average, the asking price for second-home
villas in Danang got USD 1,750 per sqm, an increase of 9%
Q-o-Q. Key success drivers for these properties are the
developer’s reputation, attractive sales policies, and
proximity to the beach, which represented approximately
with a 95% sales rate on the total new units supplied.
SUPPLY
Currently, there is no increase in the supply of coastal villas
in 3Q2019. By the end of this year, it is projected the villa
segment can go vibrant with new supply from three main
projects, i.e. Dusit Thani - Anvie Resort, Aria Danang Resort
and Dao Xanh Sky Villas.
Figure 41: Danang Villa, Primary Supply by District
DEMAND
The demand on second-home villa properties mostly came
from the northern of Vietnam, particularly in Hanoi, with
more than 60%, which tripled the demand from Ho Chi Minh
City. Mostly because villa resorts in Danang have made great
impressions on buyers with its extremely unique and very
natural design.
OUTLOOK
The second-home villa supply is extremely limited in Danang
with only 60 projects, all of which are located in Ngu Hanh
Son and Son Tra districts. Announcements for future supply
have not been made, so it is expected that the current lack
of supply will persist in the near future.
Figure 42: Da Nang Villa, Buyer Profile

Q3 2019 | DANANG| VILLA
Table 24: Danang Villa, Notable Properties
Completion Number Asking Price

No Name of Project/Building Developer Location Location
Year of units (USD/sqm)
1 Euro Village 2 Sun Group Hoa Xuan Ngu Hanh Son - 54 1,199
Ariyana
2 Furama Villas Vo Nguyen Giap Ngu Hanh Son 2009 131 3,075
Corporation
3 Vinpearl Luxury Da Nang 1 VinGroup Truong Sa Ngu Hanh Son 2011 39 1,318
4 The Point Residences VinaCapital Truong Sa Ngu Hanh Son 2014 40 1,168
5 The Ocean Estates VinaCapital Truong Sa Ngu Hanh Son 2016 33 1,844
6 Euro Village Sun Group 27 Hoa Hong Son Tra - 175 2,400

36
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© 2019 Colliers International Research

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TABLE OF CONTENTS Page

VIETNAM ECONOMIC OVERVIEW ................................................................................................................ 6

HO CHI MINH CITY MARKET OVERVIEW .................................................................................................. 7-19

HANOI MARKET OVERVIEW ............................................................................................................................. 20-31

DANANG MARKET OVERVIEW ........................................................................................................................ 32-39

Figure 1. Vietnam Export-Import, 2010-2020F .................................................................................................... 6

HO CHI MINH CITY MARKET OVERVIEW

Exchange rate: USD/VND=23,270

GDP: NEWLY-ESTABLISHED ENTERPRISES EXPECTED TO BOOST THE ECONOMY

FDI: POSITIVE SCENARIOS OF FDI INFLOW

RETAIL SALES: THE RISING OF CONSUMER DEMAND

INTERNATIONAL ARRIVALS: KEEP GROWING POSITIVELY

TRADE BALANCE: VIETNAM ENJOYED A TRADE SURPLUS

Figure 1. Vietnam Export-Import, 2010-2020F Figure 2. Vietnam International Arrivals, 2010-2020F

© 2019 Colliers International Research Page 6

PERFORMANCE Figure 3: HCMC Office, Average Asking Rent

No grade A enters the market in 2020. Moreover, it is likely NLA

ICT Tower 2 B District 12 17,878

Source: Colliers International Research

© 2019 Colliers International Research Page 7

Table 2: HCMC Office, Notable Properties

Completion NLA Service Occupancy Asking rent

© 2019 Colliers International Research Page 9

PERFORMANCE Figure 5: HCMC Retail, Average Asking Rent & Occupancy

This quarter continues to be a tough period for department

If finalized on schedule, 18,000 sqm and 60,000 sqm from

Foreign brands plan to enter Vietnam with Uniqlo are

© 2019 Colliers International Research Page 10

Table 4: HCMC Retail, Notable Properties

© 2019 Colliers International Research Page 11

PERFORMANCE Figure 7: HCMC Condominium, Sold Units

In this quarter, more than 13,000 units from 13 projects

OUTLOOK Figure 9: HCMC Condominium, New Launches

In term of selling price, the luxury segment will hold prices

© 2019 Colliers International Research Page 12

Table 5: HCMC Condominium, Upcoming Supply

Completion Number of Asking Price

© 2019 Colliers International Research Page 13

PERFORMANCE Figure 10: HCMC Landed Properties, Average Asking Price

DEMAND Figure 11: HCMC Landed Properties, Transaction Volume

© 2019 Colliers International Research Page 14

Table 6: HCMC Landed Properties, Upcoming Supply

Completion Asking Price

© 2019 Colliers International Research Page 15

The average occupancy rate in HCMC’s serviced apartment

© 2019 Colliers International Research Page 16

Table 8: HCMC Serviced Apartment, Notable Properties

© 2019 Colliers International Research Page 17

PERFORMANCE Figure 15: HCMC Industrial, Market Performance

Le Minh Xuan Industrial Park - Phase 3 Binh Chanh 242.0

© 2019 Colliers International Research Page 18

Table 10: HCMC Industrial Market

This information is updated as of 3Q2019.

© 2019 Colliers International Research Page 19

PERFORMANCE Figure 17: Hanoi Office, Average Asking Rent

Astonishingly, it does not mean the price of office properties

MB Grand Tower B 45,402

© 2019 Colliers International Research Page 20

Table 12: Hanoi Office, Notable Properties

© 2019 Colliers International Research Page 21

PERFORMANCE Figure 19: Hanoi Retail, Average Asking Rent

Overall, the average net asking rent has increased slightly

SUPPLY Figure 20: Hanoi Retail, Occupancy Rate