QUARTERLY MARKET REVIEW

HCMC Q3/2017

Savills Vietnam

October 2017

OVERVIEW

Mortgages

11% stable YoY

Retail Sales

~$96 bil 11% YoY

Arrivals

>9.4 mil 28% YoY

Trade Deficit

$0.4 bil

Credit Growth

11% 0.5ppts

CPI

~3.8% 1.7ppts

2

FDI

34% YoY registered

GDP

6.4% 0.4% YoY

13% YoY disbursed

RETAIL

3

Supply Five new projects

One supermarket closed

~1.2 million m2 1% QoQ 4% YoY

Performance

Occupancy 93% (1)ppts QoQ 0ppts YoY

Gross rent US$52/m2/mth 0% QoQ (2%) YoY

o Shopping Centre:US$50/m2/mth 0% QoQ & YoY

o Dept. Store: US$61/m2/mth 0% QoQ & YoY

o Podium: US$38/m2/mth 3% QoQ 5% YoY

Outlook

Q4/2017 ~100,000 m2

2018-2020 ~650,000 m2

Crescent Mall

Aeon Mall Binh Tan

RETAIL

OFFICE

4

Supply

New 1 Grade A 2 Grade B 2 Grade C

Closed 4 Grade C

Stock ~1.7 mil m2 4% QoQ 8% YoY

Performance

Occupancy 95% (1)ppts QoQ (3)ppts YoY

Gross rent US$28/m2/mth 2% QoQ 7% YoY

o Grade A: US$52/m2/mth 1% QoQ 8% YoY

o Grade B: US$29/m2/mth 1% QoQ 3% YoY

o Grade C: US$19/m2/mth 1% QoQ 2% YoY

Outlook

Q4/2017 ~22,000 m2

2018-2020 ~585,000 m2

Deutsches Haus - district 1

HOTEL

5

Supply

Three-star 1 opened 1 closed

Stock >16,400 rooms 0% QoQ 6% YoY

20 five-star 25 four-star 88 three-star

Performance

Avg occupancy 66% 1ppts QoQ & YoY

ARRs

o Five US$118/room/night 0% QoQ (4%) YoY

o Four US$67/room/night 2% QoQ (2%) YoY

o Three US$43/room/night (4%) QoQ (3%) YoY

Outlook

Q4/2017 >300 rooms

Q4/2017-2020 ~3,670 rooms

Pullman Hotel – district 1

Supply

Stock >4,900 units 5% QoQ 9% YoY

Opened one Grade B one Grade C

Closed two Grade C

Performance

Avg occupancy 84% (1)ppts QoQ 0% YoY

Avg gross rent

o Grade A US$32/m2/mth 0% QoQ & YoY

o Grade B US$27/m2/mth 2% QoQ 5% YoY

o Grade C US$16/m2/mth (4%) QoQ (1%) YoY

Outlook

Q4/2017 ~200 units

2018-2019 ~1,500 units

SERVICED APARTMENT

6

Amena Residences & Suites

APARTMENT

7

Supply

13 new & 16 next phases

Primary ~35,000 units (2%) QoQ (11%) YoY

Performance

Transactions >11,500 units (2%) QoQ 48% YoY

Absorption 32% 0ppt QoQ 13ppts YoY

Sales:

o Grade A: 149% QoQ (29%) YoY

o Grade B: 10% QoQ 52% YoY

o Grade C: (13%) QoQ 60% YoY

Outlook

Q4/2017-2018 ~70,000 units

d’Edge

8

Supply

5 new & 1 phase ~750 dwellings

Primary 2,000 units 3% QoQ (48%) YoY

55% absorption 13ppts QoQ 23ppts YoY

Transactions 34% QoQ (9%) YoY

Land Plot

10 new & 1 next launch ~650 plots

Primary 1,300 plots (20%) QoQ (52%) YoY

50% absorption (6)ppts QoQ 13ppts YoY

Sales (29%) QoQ (29%) YoY

Outlook

Q4/2017-2019 >12,600 units

Crescent MallSimcity

Park Riverside

VILLA | TOWNHOUSE

9