Tài Liệu Bất Động Sản VN

REDISCOVERING VIETNAM’S REAL ESTATE POTENTIAL

1st March, 2007Renaissance Hotel, Kuala Lumpur, Malaysia

Presented by:Marc Townsend – Managing Director

CB Richard Ellis |

Client Logo Goes Here

WHAT HAS BEEN DRIVING THE PROPERTY MARKET SINCE 2003?

•Limited capital markets

•An emerging condo market in Hanoi and HCMC

• Conspicuous consumption

• Ability to borrow from local banks at 10-11% per annum

• Consistently rising GDP and FDI

• China + 1, APRC, the Stock Market and entry to WTO has put Vietnam on the radar

screen, coupled with the ML report in Feb and the Euro Money Conference in Mar 2006

• Saturation in other South East Asian markets

CB Richard Ellis |


MAP OF VIETNAM

CB Richard Ellis |


HO CHI MINH CITY

CB Richard Ellis |


VIETNAM TODAY

• No Starbucks and No MacDonalds

• World leaders in pepper, coffee, cashew, shoes, fish/prawns, oil & gas exports

• No shortage of land, just good sites

• “If you build it, they will come” still exists but may not last much longer

• Many similarities to China in the early 90s in terms of work ethic, chaos on the

streets, migration of work force and market driven decisions

• Traffic, complete absence of infrastructure, MRT/MTR, bridges and tunnels

CB Richard Ellis |


HCMC OFFICE MARKET

HCMC Prime Office Stock End of Q1.2007

200,000

250,000

300,000

350,000

Q1/

04

Q2/

04

Q3/

04

Q4/

04

Q1/

05

Q2/

05

Q3/

05

Q4/

05

Q1/

06

Q2/

06

Q3/

06

Q4/

06

Q1/

07

sqm

Office Stock at the beginning of the quarter New supply during the quarter

CB Richard Ellis |


HCMC OFFICE MARKET

Prime Office Rental Index

0

20

40

60

80

100

120

140

160Q

1 98

Q2

98Q

3 98

Q4

98Q

1 99

Q2

99Q

3 99

Q4

99Q

1 00

Q2

00Q

3 00

Q4

00Q

1 01

Q2

01Q

3 01

Q4

01Q

1 02

Q2

02Q

3 02

Q4

02Q

1 03

Q2

03Q

3 03

Q4

03Q

1 04

Q2

04Q

3 04

Q4

04Q

1 05

Q2

05Q

3 05

Q4

05Q

1 06

Q2

06Q

3 06

Q4

06Q

1.07

Inde

x (Q

1 1

99

8 =

10

0)

And the upward trend will continue due to:• Growing demand• Delays in new supply

US-VN Bilateral Trade Agreement

CB Richard Ellis |


Major BuildingsExisting - Future

Centec

EVN

Vietcombank

Times Square

M&C Tower

Financial Tower

VPBank

Sailing Tower

Pacific Place Asiana Plaza

Metropolitan

Saigon Tower

Sun Wah

Saigon Center

Diamond Plaza

Gemadept

Saigon Trade Center

Me Linh Point

PetroVietnam9 DTH

Vimedimex

Sacombank

Bao Viet

Golden Tower

CB Richard Ellis |


HCMC OFFICE MARKET

SOME OF THE NEW OFFICE BUILDINGS COMPLETED IN Q1. 2007

Opera View, Dist. 1 Lancaster, Dist. 1 Rosaco, Dist. 1

Petro Vietnam, Dist. 1 E – Town 2, Tan Binh District

Estimated Total Supply in Q1. 2007: 47,843 sqm

CB Richard Ellis |


HCMC OFFICE MARKET

Take up and vacancy rate of HCMC office buildings

-2,000

4,0006,0008,000

10,00012,00014,000

16,00018,000

Q1.04 Q2.04 Q3.04 Q4.04 Q1.05 Q2.05 Q3.05 Q4.05 Q1.06 Q2.06 Q3.06 Q4.06

sqm

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

%

Take-up (Sqm) Vacancy Rate (%)

CB Richard Ellis |


HCMC OFFICE MARKET – Rental Rates

Rental growth of Grade A2006 - 2007

2329.5

Q1/2006 Q1/2007

*Note : Rents excluding S . C and VAT

uni t : US$growth rate 28%

Q1 - 2006 $23.00

Q1 - 2007 $29.50

Increase of 28%

Occupancy 100%

CB Richard Ellis |



Rental Growth of Grade B2006 - 2007

2126.5

Q1/2006 Q1/2007

* Note : rents e xcluding S .C and VAT

uni t :US$ growth rate 26%

Q1 - 2006 $21.00

Q1 - 2007 $26.50

Increase of 26%

Occupancy 99%

CB Richard Ellis |



Rental Growth of Grade C2006 - 2007

17.5 20.5

Q1/2006 Q1/2007

* Note : rents excluding S .C and VAT

uni t : US$ growth rate 17%

Q1 - 2006 $17.50

Q1 - 2007 $20.50

Increase of 17%

Occupancy 95%

CB Richard Ellis |


HCMC OFFICE MARKET

Market Outlook in 2007:

Limited grade A office space still remains.

Some new supply of Grade B office space expected to come on line during 2007.

Factors driving demand: Strong economic growth, FDI growth, WTO access, new multi-national companies, expansion of existing multi-national companies, Vietnam companies upgrading, safety & quality Issues

Grade A office rental rates reflects upward momentum and growing demand vis-à-vis tight supply

Vacancy rate remains low, grade A (0%)and B (<1%)

180,657182008

187,824152009

273,146122010

800,42572TOTAL

158,798272007

Expected supply (sqm)

Supply of new grade A, B & C buildings

Expected year of

completion

CB Richard Ellis |


HCMC OFFICE MARKET

HCMC MAJOR UNDER CONSTRUCTION OFFICE DEVELOPMENTS IN Q1&Q2/07

3,100

8,000

27,000

1,600

10,143

10,780

3,960

7,600

6,000

11,945

6,000

0 5,000 10,000 15,000 20,000 25,000 30,000

Opera View - Dist. 1

Rosaco Tower - Dist. 1

E-Town 2 - Tan Binh

Lancaster

Petro VN, Dist. 1

Vimedimex - Dist. 1

E-Star, Dist. 3

ITAXA, Dist. 3

N'Orch - Dist. 1

Cetpa - Tan Binh

Manulife - Dist. 7Q

1.2

007

Q2.

200

7

(Source: CBRE)

sqm

CB Richard Ellis |


HCMC OFFICE MARKETEXPECTED FUTURE SUPPLY OFFICE SPACE

(2007 - 2010)

273,146

187,824180,657158,798

Expected completion in2007




(unit sqm)

Rosaco Tower Petro VN VP Bank Tower Sacom Bank Centec Asiana Plaza

Financial Tower Vietcombank

Tower

2007 2008 2009 2010

CB Richard Ellis |


THE MARKET’S TIMING – LARGER BUILDINGS

Bao Viet 20,000 sqm(owner occupied)

VPBank20,000 sqm(12,000 sqm for lease)

Times Square31,000 sqm

HCMC Power Head Office20,000 sqm(10,000 sqm for lease)

Centec25,000 sqm

Asiana Plaza32,000 sqm

Vietcombank77,000 sqm

Financial Tower100,000 sqm

M&C Tower35,000 sqm

2008 2009 2010

113,000 sqm 212,000 sqm

2010

2011Gemadept16,500 sqm(10,000 sqm for lease)

A & B25,000 sqm

2010

76,500 sqm(32,000 sqm for lease)

CB Richard Ellis |


RESIDENTIAL CONDO HCMC

Number of Condos and Projects launched year-by-year

0

3,000

6,000

9,000

12,000

Co

nd

os

0

10

20

30

40

50

Pro

ject

s

Uni ts 648 0 0 0 150 0 0 124 1,234 3,418 7,644 10,37 11,47 7,270

Projects 1 0 0 0 1 0 0 1 3 16 27 42 33 9

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

CB Richard Ellis |


MAP OF CONDO PROJECTS IN HCMC

CB Richard Ellis |



Completed Condominium Units year-by-year

0

500

1000

1500

2000

2500

Over US$2,000 141 252

US$1,501 - US$2,000 526

US$1,001 - US$1,500 97 66 270 405

US$600 - US$1,000 798 124 1,110 1,965 1,330

Less US$600 552 1,594 881

1999 2003 2004 2005 2006 Q1/07

CB Richard Ellis |



Average Se l l ing P r i ce Change of T ypical High-end Condo P rojects in Dist r i c t 1

Indo china P ark T o wer

US$ 1800Indo china P ark

T o werUS$ 1,500

T he Lancaster US$ 3,450

T he Lancaster US$ 2,050

A valo n US$ 2,800

A valo n US$ 2,089

H o rizo n US$ 1,300H o rizo n

US 850

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2003 2004 2005 Q1/ 06 Q2/ 06 Q3/ 06 Q4/ 06 Q1/ 07

CB Richard Ellis |



Average Se l l ing P r i ce Change of Typical High-end Condo P rojects in Di str i ct 2 and Binh Thanh

R iver Garden US$ 900

R iver Garden US$ 1,400

Saigo n P earl US$ 1,100

Saigo n P earl US$ 1,500

T he M ano r US$ 2,200

T he M ano r US$ 1,000

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2003 2004 2005 Q1/ 06 Q2/ 06 Q3/ 06 Q4/ 06 Q1/ 07

CB Richard Ellis |



Ratio between launched and sold units year-by-year

0

9000

18000

27000

36000

45000

0%

20%

40%

60%

80%

100%

Accumulation ofremaining units

648 798 922 3226 6284 12082 22755 36909

Acummulation of soldunits

0 72 100 708 2,609 6,913 12,810 19,517

Average ratio betweensold and available

0% 9% 11% 22% 42% 57% 56% 53%

1994 1998 2001 2002 2003 2004 2005 2006

CB Richard Ellis |


RESIDENTIAL CONDO HCMC – FUTURE SUPPLY

Projects will be completed in 2007 – 2009

Central Garden-D.1 Hung Vuong Plaza-D.5 Cantavil-D.2 River Garden-D.2 Capitaland Vista-D.2 Ben Thanh Orient

Plaza-D.1

New Development year-by-year

0

3,000

6,000

9,000

12,000

0

10

20

30

40

50

Condo uni ts 10,152 11,081 10,995

Projects 44 33 12

2007 2008 2009

CB Richard Ellis |



TRENDS:

New money flow from stock market into property.

Strong investment wave from Asia: Korea, Japan, Singapore. Keen on buying projects already licensed and under construction instead of leasing land, developing from the beginning.

Hot market with more money from foreign institutional and individual investors activated by Land Law effective from 1 Jul 06 and Property Trading Law from 1 Jan 07.

With encouraging Government policies, more developers investing in low income projects.

CB Richard Ellis |



TRENDS:

Price of low to mid end projects expected to be stable.

Price of high end projects with good zoning and infrastructure remain high.

More buyers have real needs and there will not be as many as speculators as previously.

Demand forecasted to be increased 6-7% in a few years to come partly thanks to loan flexibility of banks.

Buyers become more and more savvy, so developer’s brand plays a more and more important role.

CB Richard Ellis |


RESIDENTIAL VILLA HCMC

Phu GIa – PMH town Thao Nguyen SG-D.9 Thu Duc Garden Home-TD Villa Riviera – D.2 An Phu Dong Villa – D.12

Price Trend of Phu Gia, Villa Riviera and Thu Duc Garden Home (from launch to Q4/06)

US$1,000

30%

US$2,000210%

90%70%

50%

US$1,500

US$2,40033%

20%

US$680U$S700

3%0%

50%

100%

150%

200%

250%

2001 2002 2003 2004 2005 2006

Phu Gia - PMH town(launched in 2001)

Villa Riviera - D.2(launched in 2004)

Thu Duc Garden Home (launched in 2005)

CB Richard Ellis |


HCMC RESIDENTIAL FOR LEASE MARKET OVERVIEW

Ho Chi Minh City Serviced Apartments

Positives:

No Maintenance

Facilities – Gym, Pool

Security

Fully Furnished

Negatives:

Difficult Termination

Higher Rental Cost

Generic Appearance

Less Usable Area

Current Serviced Apar tments

0

40

80

120

160

200

Diamon

d Plaz

a

Shera

ton (O

cean

Place

)

Norfol

k Mans

ionSe

dona Su

ites

Somers

et Cha

ncell

or C

ourt

Somers

et HCMC

Landm

ark

LTT C

ourtHBT C

ourt

City Vi

ew

Units

0

10

20

30

40

50

Supply Average Rent ($US/sqm/mth)

CB Richard Ellis |


District 1 & 3Highest demand for serviced apartmentsVery limited supply, especially for International quality projects. There are 7 grade A serviced apartment projects provide over 500 units from 1 to 4 bedrooms. Average occupancy rate is now 96% (both grade A and B) with most marketable size of 1 & 2 bedrooms, from 50 – 80 sqmThe rent for most of the serviced apartments are up by 10 –20%, from US$22 to US$31 per sqm per month in January 2006 to US$25 to US$35 in December 2006Due to the limited supply and growing demand, rent are expected to keep rising during 2007.

RESIDENTIAL FOR LEASE HCMC

CB Richard Ellis |


RESIDENTIAL FOR LEASE HCMC

An Phu, An Khanh, District 2 Still an attractive area for tenants with family

Limited good quality villas and serviced apartments

Few new developing projects in apartments and gated compound (River View and River Garden)

Average rent of US$2,500 to 3,500 per month. With a 15% - 20% increase in rental prices within the past year.

CB Richard Ellis |


RESIDENTIAL FOR LEASE HCMC – IN DISTRICT 2

$11$5,0004504Nguyen U

Di

$4.50$9002002Thao Dien

Villa

$6.25$2,5004004Thao Dien Compound

$9$3,3003503Le Van Mien

$12$7,0006005Nguyen Van

Huong

Rent/SQMAsking Rent/Month

SQMBedroomsPictureLocation

CB Richard Ellis |


RESIDENTIAL FOR LEASE HCMC - 2007 NEW SUPPLY

1,160

11,300

3,300

27,531

Total sqm

10 – 12

11 - 20

30 - 38

21 - 32

Target Rent$/sqm/mth

Unit types

No of Units

CompletionLocationProject

4-5 bdrs11January 2007

Saigon Queen VillaNguyen Van

Huong, An Phu, District 2,

15 minutes to CBD

1-4 bdrs100February 2007

Green HillsLot 25, Quang Trung Software

Park, District 12, 40 minutes to CBD

1-3 bdrs40 - 50February/ March 2007

The LancasterLe Thanh Ton

Street, District 1, CBD

2-4 bdrs228February/March

2007

Pasteur CourtPasteur Street,

District 3, 5 minutes to CBD

CB Richard Ellis |


An Phu Small SA

The Manor 2

Kumho Asiana Plaza Times Square

Saigon Riverview Apartments Saigon Pearl

RESIDENTIAL FOR LEASE HCMC - FUTURE PROJECTS

CB Richard Ellis |


VN STOCK MARKET

VN Index from 18 July 2000 to 27 February 2007

CB Richard Ellis |


VN STOCK MARKET

0

200

400

600

800

1000

2000 2007

VN index

28/7/2000:2 listed companies - VN Index: 100 – Daily turnover Avg. $45m

27/2/2007:107 listed companies & 2 funds- VN Index: 1167.36 - Market capitalisation:$15b

VN Index: increased by 9.5 times

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2000 2007

Market cap

Market cap: increased by 300 times

CB Richard Ellis |


100 RICHEST PEOPLE IN VIETNAM (Till 3rd Jan 2007)

71,625,500MPCDeputy DirectorChu Thị Bình - Deputy Director5

71,625,500MPCMinh Phú FisheriesLê Văn Quang - Chairman & General

Director4

74,562,500FPTFPT- Technology Investment and Development Co.

Bùi Quang Ngọc - Vice Chairman & Deputy Director

3

106,625,000FPTFPT- Technology Investment and Development Co.

Lê Quang Tiến – Vice Chairman & Deputy Director2

147,125,000 FPTFPT- Technology Investment and Development Co.

Trương Gia Bình – Chairman & General Director

1

Value (US$)CodeListed companiesName Rank

CB Richard Ellis |


HCMC RETAIL MARKET

2004 RANK2005 RANK2006 RANKCOUNTRY

8910TURKEY

579CROATIA

458SLOVENIA

667LATVIA

--6CHILE

345CHINA

1134UKRAINE

783VIETNAM

122RUSSIA

211INDIA

Source: AT Kearny

Top 10 Countries for Retail Investment

CB Richard Ellis |


HCMC RETAIL MARKET

HCMC Shopping Centre Existing Supply

6,252

5,700

8,000

1,366

6,810

21,797

17,000

14,670

18,000

5,000

5,000

Saigon CentreDist. 1

Saigon SuperbowlTan Binh

Diamond PlazaDist. 1

Lucky PlazaDist. 1

Zen PlazaDist. 1

Thuan Kieu PlazaDist. 5

ParksonDist. 1

Tax PlazaDist. 1

An Dong PlazaDist. 5

Saigon Square

Eden MallDist. 1

19

96

19

99

20

00

20

02

20

03

20

04

20

06

(Source: CB Richard Ellis)

CB Richard Ellis |


HCMC RETAIL MARKET

AVERAGE OCCUPANCY & RENTAL RATESOF HCMC CBD RETAIL CENTRES

0%

20%

40%

60%

80%

100%

%

$0

$30

$60

$90

$120

$150

CBD prime occupancy rate 100% 100% 100% 100% 98% 95% 95% 95% 94% 100% 100%

CBD prime average rents $32.40 $32.40 $32.40 $35.33 $36.67 $39.95 $43.03 $45.11 $49.21 $59.68 $80.00

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

CB Richard Ellis |


HCMC RETAIL MARKET

unit: US$/sqm/month

COMP AR IS ON OF R ET AIL R ENT S IN CIT IE S IN S OUT H E AS T AS IA

727

560

290

191

185

133

70

80

48

20

Hong Kong

Bangkok

S ingapore

Taipei

Shanghai

Beijing

Jakarta

Ho Chi Minh City

New Delhi

Manila

(Source: CBR E)

CB Richard Ellis |


HCMC RETAIL MARKET

Source: CB Richard Ellis

Growth in prime retail rates in HCMCfrom 2006 to 2007

140170

Q1/2006 Q1/2007

*Note: Rents excluding S. C and VAT

unit: US$/sqm/month

growth rate 21%

CB Richard Ellis |


Eden Mall

106 Nguyen Hue St, Dist.1Size: 5,000 sqm

Launch December 2006

Rents: $30 - $70 per sqm

Occupancy 90%

HCMC RETAIL MARKET – NEW RETAIL CENTRES

CB Richard Ellis |


HCMC RETAIL MARKET – NEW RETAIL CENTRES

SAIGON SQUARE

3 Le Van Huu, Dist. 1

Launch January 2007

Size: 5,000 sqm

Rents: 66 - $100 per sqm

Occupancy 100%

CB Richard Ellis |


HCMC RETAIL MARKET – FUTURE SUPPLY

HCMC Future Supply

1,280

4,300

15,000

33,000

2,560

12,367

11,882

6,880

8,292

30,000

Opera ViewDist. 1

Tan Da CourtDist. 5

Saigon ParagonDist. 7

Hung Vuong PlazaDist. 5

Sailing TowerDist. 1

Times SquareDist. 1

Happiness SquareDist. 5

Kumho AsianaDist. 1

SJC TowerDist. 1

Saigon PearlBinh Thanh

20

07

20

08

20

09

20

10

(Sou rce : CBRE)

sqm

CB Richard Ellis |


HCMC RETAIL MARKET – FUTURE SUPPLYCOMING NEXT IN EARLY 2007

OPERA VIEW – 161 – 167 Dong Khoi, Dist. 1

Retail GFA: 1,280 sqm

Rents: US$80 to US$130 per sqm

Occupancy: 100%

Major tenant: Louis Vuitton

CB Richard Ellis |



COMING IN 2008

SAIGON PARAGONNguyen Luong Bang, Dist.7Retail area: 7,984 sqmEntertainment area: 7,016 sqm

CB Richard Ellis |



HUNG VUONG PLAZALocation: 126 Hung Vuong St. Dist 5.Developer : M&C and Kinh Do

Mixed use development with 6 levels of retail inc. cinema and 2 basement parking.

Leasable Area : 17,000sqmOpening : Q1/2008Major tenants: Parkson and Megastar

CB Richard Ellis |


Hotel Market HCMC

416,785 TOTAL

83231,903 3 - star

18181,447 4 - star

344 103,435 5 – star

ROOMSPER

HOTELHOTELSROOMSHOTEL

HOTELS FROM FIVE TO THREE STARS, 2006

(Source: CBRE)

No. of No. of HotelsHotels

No. of No. of RoomsRooms

57.50%17.50%

25.00%

28.05%

21.33%

50.63%

5 – star 4 - star 3 - star

CB Richard Ellis |


Hotel Market HCMC

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

5 star 108.00 128.20

4 star 80.00 94.96

3 star 45.00 53.42

2005 2006(Est.)

AVERAGE ROOM RATE (US$), 2005-2006

Average % Increase from 2005

5 Star - 15.76%4 Star - 15.75%3 Star - 15.79%

D1 5 Star Hotel Rates on average range from: $77 -$165 per night

CB Richard Ellis |


Hotel Market HCMC

68.00%

70.00%

72.00%

74.00%

76.00%

78.00%

80.00%

82.00%

84.00%

5 star

4 star

3 star

5 star 77.00% 73.92%4 star 81.50% 77.43%3 star 82.50% 83.33%

2005 2006(Est.)

AVERAGE OCCUPANCY RATE 2005 -2006Est

Average Occupancy growth rate +/-

5 Star - 3.08% -4 Star - 4.07% -3 Star - 0.83 +

D1 5 Star Hotels are showing an average 8% growth increase overall

CB Richard Ellis |


Hotel Market HCMC

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

VN - Domestic 12.00% 4.46% 11.11% 3.85% 7.41% 11.03% 8.70% 5.71%

VN - International 20.11% 8.91% 12.76% -7.56% 20.51% 18.44% 3.81% 22.22%

HCMC - Domestic -0.12% 73.35% 6.91% 22.00% 30.39% 20.00% 26.67% 18.42%

HCMC - International 72.55% 12.99% 16.85% -9.14% 21.35% 26.58% 17.50% 12.77%

2000 2001 2002 2003 2004 2005 2006 2007P

International Tourist arrivals up 350,000 from 2005

Growth down from 2006 by 9.08 %

CB Richard Ellis |


Hotel Market HCMC

776

692

519

80

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

2007F

2008F

2009F

2010F

Existing Supply New Supply

Times Square, Saigon Happiness

2010F

Asiana Plaza and International Trade Centre (Tax Plaza)

2009F

Grand, Majestic, Continental, Majestic Upgrade. In PMH District 7 of Saigon Tourist

2008F

Rex Upgrade 2007F

DEVELOPMENTYEAR

EXISTING AND FUTURE SUPPLY OF 4 AND 5EXISTING AND FUTURE SUPPLY OF 4 AND 5--STAR ROOMSSTAR ROOMS

CB Richard Ellis |

HANOI OFFICE MARKET

Supply - Demand

Pre-lease in Q4/2006:

- 2 Grade A Buildings: Opera Business Centre & Pacific Place (to be completed in Q1/2007)

- 2 Grade B buildings: North Asia Tower & ViglaceraTower (to be completed in Q1/2007)

- High commitment rate

- Factors driving demand: Economic growth; FDI growth; WTO accession; Newly established MNCs; Expansion of existing MNCs; Local companies upgrading;

- Increasing demand on Grade A & B office space

- Low vacancy rate remains on Grade A &B office space

Take-up and Vacancy of Grade A&B Off ice Proper ties

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

20

04

Q1

20

04

Q2

20

04

Q3

20

04

Q4

20

05

Q1

20

05

Q2

20

05

Q3

20

05

Q4

20

06

Q1

20

06

Q2

20

06

Q3

20

06

Q4

Sq

m

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

Take-up

Vacancy Rate (%)

Hanoi Cumulative Stock and New Supply of Grade A&B Office Properties

141,

459

141,

459

146,

184

169,

184

199,

184

199,

184

199,

184

199,

184

199,

184

213,

812

226,

681

226,

681

4,72

5 23,0

00

30,0

00 14,6

28 12,8

69 18,8

20

0

50,000

100,000

150,000

200,000

250,000

20

04

Q1

20

04

Q2

20

04

Q3

20

04

Q4

20

05

Q1

20

05

Q2

20

05

Q3

20

05

Q4

20

06

Q1

20

06

Q2

20

06

Q3

20

06

Q4

Sq

m

New supply as at quarter-end

Stock as at begining of the quarter

CB Richard Ellis |

HANOI OFFICE MARKET

Rental

Q3-Q4/2006: Sharp increase in Grade A & Grade B office rentals

- Grade A Office: 9.5% and 7.5% increase q-o-q, respectively in Q3 and Q4

- Grade B Office: 10.7% and 7.9% increase q-o-q, respectively in Q3 and Q4

Average Rental of Hanoi Grade A Off ice Proper ties

20.00

22.00

24.00

26.00

28.00

30.00

32.00

20

04

Q1

20

04

Q2

20

04

Q3

20

04

Q4

20

05

Q1

20

05

Q2

20

05

Q3

20

05

Q4

20

06

Q1

20

06

Q2

20

06

Q3

20

06

Q4

US

$ P

SQ

MP

M

Average Rental of Hanoi Grade B Off ice Proper ties

16.00

18.00

20.00

22.00

24.00

26.00

28.00

30.00

20

04

Q1

20

04

Q2

20

04

Q3

20

04

Q4

20

05

Q1

20

05

Q2

20

05

Q3

20

05

Q4

20

06

Q1

20

06

Q2

20

06

Q3

20

06

Q4

US

$ P

SQ

MP

M

CB Richard Ellis |

HANOI OFFICE MARKET

Future Supply

- 22,350sqm GFA of Grade A Office space will come on stream in Q1/2007

- Significant amount of Grade B office space will be launched during 2007

Estimated new stock of Grade A,B&C Off ice

239,022

92,900 87,500

58,000

0

50,000

100,000

150,000

200,000

250,000

2007 2008 2009 2010

Sqm

Estimated new stock of Hanoi Grade A Off ice

22,350

33,000

71,000

58,000

0

20,000

40,000

60,000

80,000

100,000

2007 2008 2009 2010

Sqm

CB Richard Ellis |

HANOI OFFICE MARKET

Location:6B Trang Tien Str., Hoan Kiem Dist., HanoiDeveloper:Opera Business Centre JVCProject:3 level retail podium attached to 10 level office buildingGrade A Mixed-used of Retail / OfficeCompletion Date & Opening Date:Q1/2007Leasable Area:Land Area – 888sqmOffice GFA – 3,550sqmRetail NLA – 1,070sqm

OPERA BUSINESS CENTRE

Opening date

Q1/2007

CB Richard Ellis |

HANOI OFFICE MARKET

Location:83B Ly Thuong Kiet St., Hoan Kiem Dist., HanoiDeveloper:Ever Fortune Co., LtdProject:18 storey Grade A Mixed-use development with 5 basementsLeasable Area:Office: 18,500sqm GFARetail: Approx 8,000sqmCondos: 22,000sqm (185 units)Completion Date & Opening Date:Q1/2007

Opening date

Q1/2007

PACIFIC PLACE

CB Richard Ellis |

HANOI SERVICED APARTMENT MARKET

Supply

- 61 units of Somerset Westlake Hanoi has been closed for renovation for Q2-Q4/2006- 39 units of Elegant Suites come on stream in Q3/2006

Hanoi Cumulative Stock of Grade A&B Serviced Apar tments

61

347

519

8431 3934

146

0

200

400

600

800

1,000

1,200

1,400

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

Q1

20

06

Q2

20

06

Q3

20

06

Q4

20

06

Un

its

Stock as at begining of the period New supply as at end of the period

CB Richard Ellis |


Demand

- Low vacancy rate- High demand

Rentals

- Rental rate: US$18 - US$45/sqm/month

Average Asking Rent per sqm per month (US$)

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

Co

Co

Villa

ge

Dae

ha C

ompl

ex

Ori

enta

l Pal

ace

Gol

den

Lodg

e

Som

erse

t Gra

nd H

anoi

May

fair

Pan

Hor

izon

Sedo

na S

uite

s

Jana

Gar

den

Terr

ace

Rose

Gar

den

Sun

Red

Rive

r

V- T

ower

Han

oi L

ake

View

Sofit

el P

laza

Eleg

ant S

uite

s

Take-up & Vacancy Rate Q4/2006

-20

-10

0

10

20

30

Q3

/20

04

Q4

/20

04

Q1

/20

05

Q2

/20

05

Q3

/20

05

Q4

/20

05

Q1

/20

06

Q2

/20

06

Q3

/20

06

Q4

/20

06

Un

its

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

Va

can

cy R

ate

(%

)

Take-up

Vacancy Rate

CB Richard Ellis |


Future Supply

- Strong growth- Increasing demand- Limited supply- Vacancy rate still remains low- Rental will increase slightly- Increasing number of expatriates in Hanoi

OutlookServiced Apar tments - Future Supply (2007-2010)

559

386352

0

100

200

300

400

500

600

2007 2008 2010

Uni ts

DMC Tan Long

Skyline

Atlanta

Somerset Hoa Binh

Syrena

CB Richard Ellis |


Location:49 Hang Chuoi St., Hai Ba Trung Dist., HanoiDeveloper:Green Globe Co., Ltd.Marketing:CB Richard Ellis Vietnam- Exclusive Marketing AgentProject:Serviced Apartment Building15 storey building with 2 basements for parkingCompletion Date & Opening Date:Q1/2007Leasable Area:NLA: 5,000sqm52 Apartments

Opening date

Q1/2007

ATLANTA

CB Richard Ellis |


Location:4 Dang Dung St., Ba Dinh Dist., HanoiDeveloper:Nam Hung Corporation (Nahuco)Marketing:CB Richard Ellis Vietnam- Exclusive Marketing AgentProject:Serviced Apartment Building23 storey building with 1 basementCompletion Date & Opening Date:Q1/2007Leasable Area:NLA: 8,714sqm88 Apartments

Opening date

Q1/2007

SKYLINE

CB Richard Ellis |

HOTEL & TOURISM MARKET

Y-o-Y Visitor Arrivals to Vietnam

- Low fair airlines: AsiaAir, Jetstar & Tiger Airlines

- 20% of 3.6 million int’l visitors was MICE tourists

Number of Foreign Visi tor A rrivals to Vietnam

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

arr

iva

ls

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

Number of foreign tourist arrivals y-o-y change

CB Richard Ellis |

HANOI HOTEL & TOURISM MARKET

Tourist Profile Inte rnat ional Vi si tor Arr i val s to Vie tnam

0

100

200

300

400

500

600

700

800

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

Thou

s.A

rriv

als

Taiwanese JapaneseFrench AmericanBritish Chinese

Inte rnat ional Vi si tor Arr i val s by Purposes

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

Thou

s.A

rriv

als

Tourism Business

Visitting Other

CB Richard Ellis |

HANOI HOTEL & TOURISM MARKET Room Supply: 4,924 (5, 4 and 3 star hotels)

Number of Hotels5-star

23.53%

4-star14.71%

3-star61.76%

Number of Hotels ' rooms

5-star48.01%

4-star17.75%

3-star34.24%

- 1.15 million int’l visitor arrivals to Hanoi in 2006

- 4,924 rooms, including 5, 4 and 3 star hotel rooms

- 5 star hotels: 2,364 rooms/ 8 hotels

- 4 star hotels: 874 rooms/ 5 hotels

- 3 star hotels: 1,686 rooms/ 21 hotels

NUMBER OF FOREIGN VISITOR ARRIVALS

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

19

90

19

92

19

94

19

96

19

98

20

00

20

02

20

04

20

06

arr

iva

ls

To Vietnam To Hanoi

CB Richard Ellis |


Room Supply: 3,238 rooms (5 and 4 star)

- Most of 5 and 4 star hotels came on stream in 1990s

- No new supply over last few years

- Lack of quality hotel rooms

Cumulative Stock & New Supply of 5 & 4 star Hotel rooms

218

102

250

1,131

1,131

102

299

0

500

1,000

1,500

2,000

2,500

3,000

3,500

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

Ro

om

s

New supply as at year-end

Stock as at beginning of the year

CB Richard Ellis |


ADR & Occupancy rate of 5 star hotels

- Stably high occupancy rate over years

- Occupancy rate as at end Q4/2006:

•5 star hotels: approx 84.28%

•4 star hotels: approx 90.00%

•3 star hotels: approx 80%

- High demand

- Limited supply

- High occupancy rate, approximately 84% in Q4/2006

- 5 star hotels: ADR of US$128.26 as at end of Q4/2006

Average Occupancy Rate & ADR of 5-star Hotels

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00

$110.00

$120.00

$130.00

$140.00

Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006 Q4/200650.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Ave. Room rate Ave. Occupancy rate

Monthly Occupancy Rate of Hanoi's 5-star Hotels

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan-06

Feb-06

Mar-06

Apr-06

May-06

Jun-06

Jul-06 Aug-06

Sep-06

Oct-06

Nov-06

Dec-06

CB Richard Ellis |


Requirement for Hotel Rooms (2005 - 2020)

4,924 6,2854,170

11,076

20,715

5,530

0

5,000

10,000

15,000

20,000

25,000

30,000

3- to 5-star 1- to 2-star Others

Ro

om

s

Actual Hotel Rooms as at 2005 Hotel Rooms Requirement as at 2020-2005

Hotel Market Outlook:- Hot market for investors, foreign investment funds …- High occupancy rate- Limited supply- High demand- Increasing number of int’l visitor arrivals- More high quality hotels required- Tourism industry has significant impacts on property sector (hotel, retail & second-home projects)

Market Highlights:- High occupancy rate- 390 new 3 to 5 star hotel rooms in 2007- 2 licenses were granted in early Q1/2007 to build 2 5-star hotels in My Dinh area

Hotel - Future Supply

Dan Chu Hotel

Hoan Kiem Hotel

Dong Loi Hotel

Hanoi Sofitel Metropole

Inter-Continental

0 50 100 150 200 250 300 350

2007

2007

2007

2007

2008

Rooms

CB Richard Ellis |

HANOI RETAIL MARKET Number of supermarkets by distr icts

23.91%

13.04%

8.70%10.87%

8.70%

17.39%

6.52%6.52% 2.17% 2.17%

Dong Da Hai Ba Trung Cau Giay Hoan Kiem Hoang Mai

Ba Dinh Thanh Xuan Tu Liem Dong Anh Thanh Tri

No. DistrictNumber of

Supermarkets GFA (sqm)Trading area

(sqm)

1 Dong Da 11 17,140 11,533

2 Hai Ba Trung 6 8,480 5,580

3 Cau Giay 4 24,027 9,310

4 Hoan Kiem 5 10,280 5,870

5 Hoang Mai 4 2,554 1,004

6 Ba Dinh 8 7,865 3,520

7 Thanh Xuan 3 1,702 1,702

8 Tu Liem 3 63,585 11,725

9 Dong Anh 1 440 300

10 Thanh Tri 1 250 250

Total 46 136,323 50,794

HANOI SUPERMARKETS

Total trading areas of Supermarkets in Hanoi (by distr ict)

11,533

5,580

9,310

5,870

1,004

3,520

1,702

11,725

300

250

0 3,000 6,000 9,000 12,000 15,000

Dong Da

Hai Ba Trung

Cau Giay

Hoan Kiem

Hoang Mai

Ba Dinh

Thanh Xuan

Tu Liem

Dong Anh

Thanh Tri

sqm

Major players:-Intimex

-Fivimart

-Citimart

-Hapro Mart

CB Richard Ellis |

HANOI RETAIL MARKET SHOPPING CENTRES

Future Supply of Hanoi Shopping Centres

The

Man

or

Vigl

acer

a

Ruby

Pla

za

Thai

Thi

nh P

laza

Ngo

c K

hanh

Pla

za

Cau

Gia

y C

omle

x

The

Gar

den

Viet

Tow

er

Cip

utra

Mal

l

Han

oi C

ity C

ompl

ex

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q1

/20

07

Q1

/20

07

Q1

/20

07

Q3

/20

07

Q4

/20

07

Q4

/20

07

Q1

/20

08

Q1

/20

08

20

09

20

10

sqm

Market highlights:- High occupancy

- Strong & increasing demand

- Limited supply

- Increasing rental

Net Area and Average Rent of Hanoi Shopping Centres

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Tran

g Ti

en P

laza

Han

oi T

ower

V -

Tow

er

VKO

Vinc

om C

ityTo

wer

s

BigC

Tha

ng L

ong

Me

Linh

Pla

za

Hoa

Bin

h In

t'lTo

wer

s

Ope

ra B

usin

ess

Cen

tre

Paci

fic P

lace

sqm

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

$90.00

$100.00Leasable Area (sqm)

Gross Rent per sqm

CB Richard Ellis |

HANOI RETAIL MARKET

Market Outlook:

WTO accession & the entry of foreign retailers

New high- quality supply

Increasing Demand

New international brand-names coming to Vietnam

Rental rate increase for high- quality spaces

FUTURE PROJECTS:Opera Business Centre: 6B Trang Tien Str.

GFA: 1,070sqmCompletion date: Q1 2007

Pacific Place: 83B Ly Thuong Kiet Str.GFA: 7,500sqmCompletion date: Q1/2007

Ruby Plaza: 44 Le Ngoc Han Str.GFA: 3,300sqmCompletion date: Q1/2007

The Manor: My DinhGFA: 6,000sqmCompletion date: Q1/2007

The Garden: My DinhGFA: 20,500sqmCompletion date: Q1/2008

Viet Tower: 1 Thai Ha Str.GFA: 12,250sqmCompletion date: Q1/2008

Ciputra Mall: Ciputra Hanoi Int’l City4 levels 130,000sqm and 1 basementCompletion date: 2009

Hanoi City Complex: Lieu Giai – Dao TanGFA: 50,000sqmCompletion date: 2010

CIPUTRA SHOPPING MALL

CB Richard Ellis |

HANOI RESIDENTIAL MARKET Trend of Apartment Supply 2007-2020

(By current proposed and under-construction NUA projects in Hanoi & an adjacent region)

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Year

No

. o

f a

pa

rtm

ents

Trend of Villa Supply 2007-2020(By current proposed and under-construction NUA projects

in Hanoi & an adjacent region)

-

1,000

2,000

3,000

4,000

5,000

6,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Year

No

. o

f vi

lla

s

Housing: % of apar tment

26 2

9

24 2

6

5

24

15

11

8

4

6

0 1 1

14 14 14 14 14 14 14 14 14 14 14 14 14 14

0

5

10

15

20

25

30

35

Ba D

inh

Hoa

n K

iem

Hai

Ba

Trun

g

Don

g D

a

Tay

Ho

Than

h Xu

an

Cau

Gia

y

Hoa

ng M

ai

Long

Bie

n

Tu L

iem

Than

h Tr

i

Soc

Son

Don

g A

nh

Gia

Lam

0

5

10

15

20

25

30

35

Districts Hanoi City

(Source: HAIDEP’study)(Source: CBRE)

Housing: % of detached, semi-detached & terrace

69

54

72

72

92

75 8

3 84 88 91

91 95

94

94

82 82 82 82 82 82 82 82 82 82 82 82 82 82

0

10

20

30

40

50

60

70

80

90

100

Ba D

inh

Hoa

n K

iem

Hai

Ba

Trun

g

Don

g D

a

Tay

Ho

Than

h Xu

an

Cau

Gia

y

Hoa

ng M

ai

Long

Bie

n

Tu L

iem

Than

h Tr

i

Soc

Son

Don

g A

nh

Gia

Lam

0

10

20

30

40

50

60

70

80

90

100

Districts Hanoi City

CB Richard Ellis |

HANOI RESIDENTIAL MARKET

Market Highlights:

- Foreign developers are interested in large projects

- Korean developers are very active and will be key players in future; Japanese developers are also active

-Local developers dominate small and medium projects

Future Supply of Condos for sale

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Un

its

Sale Pr ice - Condos for sale

1,800

1,500

800

1,200

800

1,900

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

PacificPlace

The Manor ChelseaPark

Hoa BinhInt'l Towers

Ciputra GoldenWestlake

US

$/s

qm

CB Richard Ellis |

HANOI RESIDENTIAL MARKET

Market outlook:

Strong sales outlook for quality projects

Growing demand

High demand for quality projects in prime location

Purchase finance

Infrastructure improvement

Housing Supply Vs. Actual Demand in Hanoi

-

10,000

20,000

30,000

2006 2007 2008 2009 2010

ho

usi

ng

un

its

Actual demand for housing Supply (housing units)

CB Richard Ellis |

HANOI RETAIL MARKET

CB Richard Ellis |

CBRE GLOBAL OFFICE LOCATIONS

THANK YOU!www.cbrevietnam.com

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