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CBRE MARKET INSIGHT - Q3 2015 29Th September, 2015 WE ARE FACING GROWING DISRUPTION in OUR INDUSTRY

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CBRE MARKET INSIGHT - Q3 2015 29Th September, 2015 WE ARE FACING GROWING DISRUPTION in OUR INDUSTRY CBRE MARKET INSIGHT - Q3 2015 29th September, 2015 WE ARE FACING GROWING DISRUPTION IN OUR INDUSTRY TECHNOLOGY LEGISLATION 17,000 Vietnamese students in the U.S NEW PLAYERS TRADE 2 CBRE | CBRE MARKET INSIGHTS | Q3 2015 HCMC: 15/09/2015 HANOI: 21/09/2015 3 CBRE | CBRE MARKET INSIGHTS | Q3 2015 4 CBRE | CBRE MARKET INSIGHTS | Q3 2015 1 Economy EU IS NO LONGER WORRIED ABOUT GREECE - NOW IT’S ALL ABOUT MIGRANTS AND CHINA 6 CBRE | CBRE MARKET INSIGHTS | Q3 2015 CONNECTING VIETNAM WORLDWIDE Breaking News – Trans Pacific Partnership Agreement – Deal 98 Percent Done! Estimated boost to real GDP from TPP is highest for Vietnam 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% -0.5% US Peru Laos India Chile China Korea Japan Brunei EU_25 Mexico Canada Vietnam Thailand Australia Malaysia Indonesia Singapore Cambodia RoSEAsia Philippines New Zealand Rest of the world the Rest of Source: Vietnam Institute for Economic and Policy Research 7 CBRE | CBRE MARKET INSIGHTS | Q3 2015 ASEAN ECONOMIC COMMUNITY Number of Greenfield Investments in ASEAN Countries 1. ASEAN would be 7th largest economy 2. 600 million people, 3rd largest working population 3. Open economic: 54% of GDP is from Exports 4. 2013, 279 measures (79.7%) of the AEC Blueprint have been implemented. 5. ASEAN FTA: tariff rates on goods among ASEAN is 0% for ASEAN-6 6. Could triple per capita income by 2030, raising its citizens' quality of life to levels enjoyed today by members of the Organisation for Economic Co-operation and Development (OECD) 8 CBRE | CBRE MARKET INSIGHTS | Q3 2015 GOLD, OIL, STOCK, CURRENCY FLUCTUATIONS Vietnam consumes 14.5 tons of gold in Q2 Oil (WTI) 51.19% y-o-y Global gold 0.6% y-o-y SJC Gold 3.45% y-o-y VN Index 5.52% y-o-y VN Index follows when Shanghai Stock Exchange SBV will hold forex rate steady until early 2016 Composite Index Plunges Currency recovers after the plunge in late-Aug along with Fed’s declaration of delaying interest rate hike. 9 CBRE | CBRE MARKET INSIGHTS | Q3 2015 DECREASING BANK INTEREST RATES The lowest inflation in 10 years supports further interest rate cut Vietnam Interest Rates and Inflation 25 Mortgage rate for the first 12 months: Jan. 15 Sep. 15 20 9.87% Techcombank 9.49% First 3 months: 6.99% 9M 2015 Average CPI: 0.4% Vietcombank 7.99% 7.2% (6 months) 15 ACB 8.90% 7.5% (6 months) 9.39% VIB N/A First 6 months: 5.99% 10 Interest (%) rate Interest 5 • Maximum loan tenor: 25 years • Loan to Value ratio: 0 70% - 90% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Average CPI (y-o-y) Lending rate Deposit rate • Lending rate: Average lending rate for enterprises. Source: Vietnamese General Statistical Office, State Bank of Vietnam. 10 CBRE | CBRE MARKET INSIGHTS | Q3 2015 DASHBOARD – PRODUCED MONTHLY ECONOMIC 2Y 1Y 6M 3M 1M Current BANKING & FINANCE 2Y 1Y 6M 3M 1M Current INDICATORS VN-Index 473.3 640.6 592.6 569.6 621.1 564.13 CPI (%) y-o-y 7.5 5.2 0.3 1.0 0.9 0.6 USD/VND (inter-bank) 21,036 21,246 21,458 21,673 21,673 21,890 Trade balance (0.3) 0.9 (1.0) (1.2) (0.5) (0.1) Local gold (VND mil/tael) 38.2 36.3 35.6 34.9 33.0 34.0 (US$, bil) Lending Rate (%)* 13.3% 13.1% 8.8% 8.1% 8.3% 8.4% Retail & services Deposit rate (%)** 217.2 242.3 276.2 199.1 204.8 271.7 8.4% 7.1% 6.4% 6.4% 6.3% 6.2% Turnover (VND, tril) (1-year term) Source: GSO, September 2015 Source: GSO, SBV, SJC & HSX, September 2015 REAL ESTATE INDEX 2Y 1Y 6M 3M 1M Current NEW LAUNCHES 2Y 1Y 6M 3M 1M Current Real Estate Holding & HCMC New launches Development Listed 41.49 55.89 48.90 45.20 48.30 48.25 37,804 30,029 21,046 12,456 9,113 3,613 (unit) Companies Real Estate Services 21.11 61.06 57.1 54.8 46.9 46.40 HN New launches (unit) 27,318 19,746 11,280 6,503 3,308 1,181 Listed Companies Source: Stockbiz, September 2015 Source: CBRE, September 2015 (*) Current lending rate is the average lending rate surveyed at ten banks, applied for home loan only, However, the back-dated numbers are the average rate which was announced publicly at that point of time, applied for all sectors and all banks , The average lending rate is for reference only, (**) Deposit rate is the average deposit rate of a sample of ten banks in which the rates are announced publicly on their websites and can be tracked backwards, 11 CBRE | CBRE MARKET INSIGHTS | Q3 2015 INVESTMENT IN REAL ESTATE Vietnam 2nd place in Greenfield FDI in 2014 HCMC FDI in Percentage of Vietnam’s Investment Share 100% China $75bn 30% 80% Vietnam $24bn 9% India $23bn 9% 60% Malaysia $19bn 7% 40% Indonesia $17bn 7% 20% Australia $14bn 6% 0% Singapore $11bn 5% 2007 2008 2009 2010 2011 2012 2013 2014 8M South Korea $10bn 4% 2015 Thailand $8bn 3% HCMC Others FDI by Sector, 8M 2015, HCMC Significant FDI Real Estate Projects, 8M 2015, HCMC Real Estate Name of FDI Amounts Investors Where Projects Manufacturing Empire City US $ 1.2 billion Empire City Thu Thiem Complex Limited Liability New Urban 2011 2014 8M 2015 Company Area Real Estate 31.2% 22.3% 61.6% Commercial Manufacturing 45.9% 57.9% 25.3% US $2 billion VND 2,000 Lotte Group Thu Thiem 25.3% Thu Thiem Eco billion New Urban Commercial 13.1% 11.0% 5.0% Education Smart Complex Area 61.6% Worldon US $ 300 BVI HCMC Science & Vietnam million Technology Other Source: World Bank, Oxford Economics, CBRE Research, FTNews12 CBRE | CBRE MARKET INSIGHTS | Q3 2015 BCI NUMBERS Projects under construction, y-o-y change All future projects (2015 – 2030), y-o-y change 2015 YTD vs 2014 2014 vs 2013 2015 YTD vs 2014 2014 vs 2013 600% 300% 400% 200% 200% 100% 0% 0% -200% Percentage Percentage change -100% HCMC Hanoi Da Can Khanh Vung Hai Percentage change HCMC Hanoi Da Can Khanh Vung Hai Nang Tho Hoa Tau Phong Nang Tho Hoa Tau Phong Projects All Future Da Can Nha Vung Hai Da Can Nha Vung Hai Under HCMC Hanoi Projects HCMC Hanoi Nang Tho Trang Tau Phong Nang Tho Trang Tau Phong Construction (2015-2030) Office 124 84 18 20 8 14 11 Office 199 198 46 25 11 30 22 Retail 72 43 15 4 5 10 6 Retail 100 112 30 4 13 16 9 Hospitality Hospitality 24 10 13 2 10 8 2 34 29 21 4 22 15 5 and SA and SA Residential 181 68 13 4 1 12 5 Residential 255 208 37 6 11 17 12 Total 401 205 59 30 24 44 24 Total 588 547 134 39 57 78 48 Source: www.bciasia.com; CBRE Vietnam, September 2015 Source: www.bciasia.com; CBRE Vietnam, September 2015 13 CBRE | CBRE MARKET INSIGHTS | Q3 2015 2 Investment NEW INVESTMENT FROM FOREIGN & LOCAL PLAYERS 15 CBRE | CBRE MARKET INSIGHTS | Q3 2015 16 CBRE | CBRE MARKET INSIGHTS | Q3 2015 INVESTMENT HCMC: Land prices go ballistic for CBD sites Accommodation Value: Development Sites in District 1, HCMC Transaction completed Site on sale $3,500 $3,000 $2,500 $2,000 $1,500 (US$ psm GFA) psm (US$ $1,000 Accommodation Value Accommodation $500 $0 6 8 10 12 14 Plot ratio 16 Source: RCA,CBRE Vietnam Accommodation value for Dev. Site in Singapore’s CBD: 7,200 US$ psm (GFA) “Golden site” in Le Duan Street sold to Tan Hoang Minh for US$65 million – bidding at 2.6 times of The site was acquired at an starting price. 17indicative price of US$18,000 CBRE psm | CBRE. MARKET INSIGHTS | Q3 2015 MAJOR INVESTMENT DEALS IN 2015 INDOCHINA PLAZA 265 CAU GIAY 138 GIANG VO STARCITY CENTRE HANOI • Location: Hanoi • Location: Hanoi • Location: Hanoi • Location: Hanoi • Seller: CEMACO • Seller: Ministry of Health • Seller: Indochina Land • Seller: Ocean Group • Buyer: FLC Group • Buyer: Van Phu Invest • Buyer: Gaw Capital • Buyer: Vincom • Property type: Dev. Site • Property type: Dev. Site • Property type: Mixed-use • Property type: Dev. Site • Amount: N/A • Amount: US$29.3 million • Amount: $45.5 million • Amount: US$97.7 million Source: Cafef.vn. Source: Cafef.vn. Source: RCA. Source: Cafef.vn. VRG RIVERVIEW CELADON CITY FLORA ANH DAO 23 LE DUAN APARTMENTS • Location: HCMC • Location: HCMC • Location: HCMC • Location: HCMC • Seller: Vinacon, RCC • Seller: Sacomreal, TTC, • Seller: Nam Long • Seller: Ho Chi Minh City An Phu Gia • Buyer: Adventus, Khua • Buyer: Hankyu Realty JV • Buyer: Tan Hoang Minh Kian Keong • Buyer: Gamuda Nishitetsu • Property type: Dev. Site • Property type: Apartment • Property type: Dev. Site • Property type: Apartment • Amount: $65.6 million • Amount: $43.5million • Amount: $64.2 million • Amount: $23.4 million Source: RCA. Source: RCA. Source: RCA. Source: RCA. 18 CBRE | CBRE MARKET INSIGHTS | Q3 2015 3 Infrastructure INFRASTRUCTURE UPDATE BRT route Vietnam-Taiwan joint venture to build US$115million interchange Nguyen Van Linh – Nguyen Huu Tho (HCMC) HCMC’s first bus rapid transit (BRT) service ready in 2018 US$2.5 billion seaport in Hon Khoai Work started in Phuoc Khanh Island (Ca Mau) Bridge (HCMC) Hon Khoai Island 20 CBRE | CBRE MARKET INSIGHTS | Q3 2015 INFRASTRUCTURE – HCMC Progress of Metro Line No. 1 5 4 Binh Thai section 5 Long Binh depot 4 3 3 Rach Chiec Thao Dien – An Phu 2 2 1 21 CBRE | CBRE MARKET INSIGHTS | Q3 2015 Source: photos by Zing 1 Ba Son station, Opera House and Ben Thanh HANOI METRO LINE Changing face of property market Hanoi’s two metro lines are under construction: • Cat Linh – Ha Dong (2A) (13.5km – 12 stations, Elevated) 7 • Nhon – Hanoi Station (3) (12.5km – 4 underground and 8 elevated stations Positive effects Land PricePrice Premium Premium Land Price Premium 8 New Commercial/mixed- 2 New Commercial/mixed- use cluster 3 Newuse clusterCommercial/mixed- 6 4 useRevitalized cluster suspended 2A 1 developments.Revitalized suspended Revitalizeddevelopments.
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