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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

Cover page: Vinhomes Royal City, Hanoi, Vietnam.

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 ...... 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 ...... 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 ...... 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

Q4 2019 | VIETNAM ECONOMIC OVERVIEW

GDP: In the last quarter of 2019, Vietnam’s GDP growth rate increased by 6.97%, second to only quarter 3 in 2019, the GDP growth rate is 7.02% exceeded the expectation of the Congress which is 6.6 to 6.8%. Even though the growth rate of 2019 is lower than the last year, it is still higher than the growth rate of 2011 to 2017.

CPI: The average CPI of 2019 increased by 2.7% compared to the average of 2018, lower than the rate that the Congress proposed. Also, this was the lowest rate during the last 3 years. The National Assembly and the Government set out the goal for inflation rate control is under 4%. In order to achieve that, the CPI growth rate was lowered. By doing so, the inflation rate of 2019 is remaining at 2.01%.

FDI: In 2019, the total of Vietnam’s capital investment increased by 10.2% compared to 2018, of which the non-state investment sector holding the highest capital growth rate (17.3%), accounted for the largest proportion of the total capital investment (46%). The total amount of FDI in 2019 is USD38 billion, 7.2% higher than last year. USD16.7 billion has been invested in 3,883 new projects, demonstrated a 27.5% increase in the number of projects and a 6.8% decrease in the number of registered capital investment compared to 2018.

RETAIL SALES: 12% is the increased rate of total retail sales of consumer goods and services compared to last year, indicating there is a rise in both consumer demand among the population and in supply.

INTERNATIONAL ARRIVALS: There are 18 million international visitors arrived in Vietnam in 2019, a 16.7% increase compared to last year. 79.9% of the international visitors are Asian, including China, Korea, Japan and many other. For American and European travelers, the number of arrivals has increased by 7-8% compared to last year. However, visitors from Australia witnessed a decrease rate of 1.2%.

TRADE BALANCE: In 2019, the total import and export turnover of goods is estimated at USD516.96 billion. For export, the turnover is USD263.45 billion, went up by 8.1% and the turnover for import is USD253.51 billion, increased by 11%. For conclusion, the trade surplus of Vietnam is USD9.94 billion.

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

International tourist arrivals Growth rate Exports Imports Trade Balance

25.0 90.0% 300

20.0 250 60.0% 200 15.0 150 10.0 30.0% 100 USD billion million arrivals million 5.0 50 0.0 0.0% 0

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HO CHI MINH CITY | OFFICE

PERFORMANCE Figure 3: HCMC Office, Rental Rate In 2019, Ho Chi Minh City’s office market recorded a steady increase in both occupancy rate and rental rate. The average Grade A Grade B occupancy rate of 2019 is more than 97%, both grade A and 60.00 grade B, due to supply is still lower than demand. In term of 50.00 rental rate, grade A offices recorded roughly USD45/sqm/month while grade B offices reached 40.00 approximately USD30/sqm/month. 30.00 USD/sqm/month 20.00 SUPPLY 10.00 There were no new grade A office projects finished in the last quarter of 2019, new supply from grade B and C reached - more than 80,000sqm, mostly located in non-CBD. However, 2012 2013 2014 2015 2016 2017 2018 2019 2020F with Lim Tower 3 (grade A) and Sonatus (grade B) celebrated their opening in 2019, there are more than 61,000sqm of new NLA, result in a total of more than 870,000sqm of total NLA. With more supply, it is inevitable for the occupancy rate Figure 4: HCMC Office, Occupancy Rate to drop in the future.

In term of co-working space, total flexible workspace supply reached more than 45,000sqm at the end of 2019. The existing coworking space operators in Vietnam such as Dreamplex, Toong, Up and Regus are planning to open more workspace to gain market share.

DEMAND The demand for both grade A and B offices was still at a very high rate despite new supply are coming. Grade A office performed well with the occupancy of 97% and a 4.23% y-o-y rent increased. While most of the grade B offices have more than 90% occupancy rate. Table 1: HCMC Office, Upcoming OUTLOOK Thanks to more than 67,000sqm of the leasable area will be NLA Property Grade Location available in 2020 from Crescent Mall, and ICT Tower 2, all of (sqm) them are grade B, the supply is expected to catch up to the Crescent Mall Phase 2 B District 7 30,000 high demand for office. With the high demand for grade A offices and no new grade A office enters the market, Etown 5 B Tan Binh 30,700 customers might shift their intention toward lower-grade offices since there is more supply and they are more ICT Tower 2 B District 12 17,878 affordable. Source: Colliers International Research

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HO CHI MINH CITY | OFFICE

Table 2: HCMC Office, Notable Properties Service Average Completion NLA Occupancy No Name Address Charges Asking rent Year (sqm) rate (USD) (USD/sqm) 1 Saigon Centre Tower 1 65 Le Loi 1996 51,650 6.5 99.0% 45.0 2 Saigon Tower 29 Le Duan 1997 13,950 6.0 100.0% 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 6.0 100.0% 40.0 5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 97.9% 45.0 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 12.0 93.0% 39.0 8 President Place 93 Nguyen Du 2012 8,330 7.0 95.9% 40.0 9 Le Meridien 3C Ton Duc Thang 2013 9,125 6.0 100.0% 38.0 10 Times Square 22-36 Nguyen Hue 2013 12,704 7.0 95.0% 62.0 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 98.0% 46.0 14 Lim Tower 3 29A Nguyen Dinh Chieu 2019 29,357 6.0 95.0% 40.0 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% 29.0 3 Harbour View Tower 35 Nguyen Hue 1996 8,000 5.0 100.0% 26.0 4 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 7.0 73.0% 30.0 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 95.0% 45.0 7 Zen Plaza 54-56 Nguyen Trai 2001 11,037 6.0 97.0% 27.1 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 98.0% 40.0 10 Royal Tower 235 Nguyen Van Cu 2008 14,320 6.0 100.0% 24.5 11 Continental Tower 81-85 Ham Nghi 2008 15,000 6.5 100.0% 25.0 12 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 100.0% 30.8 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 97.5% 30.0 15 Vincom Center 68-70-72 Le Thanh Ton 2010 56,600 5.0 94.8% 32.0 16 Havana Tower 132 Ham Nghi 2010 7,326 6.0 100.0% 26.0 17 Central Plaza 17 Le Duan 2010 7,405 6.0 99.0% 32.0 18 Petro Vietnam Tower 1-5 Le Duan 2010 13,304 7.1 92.1% 32.0 19 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.0 99.6% 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 90.0% 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 97.4% 24.0 26 Empress Tower 138-142 Hai Ba Trung 2012 19,400 6.6 98.5% 33.0 27 Mapletree Business Center 1060 Nguyen Van Linh 2015 23,010 6.0 99.0% 25.0 28 Etown Central 11 Doan Van Bo 2017 33,258 6.0 98.9% 25.0 29 Viettel Complex Building 285 Cach Mang Thang Tam 2017 47,000 5.5 94.0% 26.0 30 Sonatus 15 Le Thanh Ton 2019 32,000 6.0 90.0% 40.0 Grade B

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HO CHI MINH CITY | OFFICE

Q4 2019

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HO CHI MINH CITY | RETAIL

PERFORMANCE Figure 5: HCMC Retail, Average Asking Rent & Occupancy The average rent for retail in the last quarter of 2019 is USD61/sqm/month, result in an increase of 6.1% over the Average asking rent Occupancy rate same period last year. The opening of Crescent Mall phase 2 70.0 100.0% in December lowered the occupancy rate of this quarter by 3% Q-O-Q. 60.0 50.0 80.0% SUPPLY 40.0 In the final quarter of 2019, Crescent Mall phase 2 was the USD/sqm/month 60.0% 30.0 only new project went into business, added 18,000 sqm of net leasable area. While new supply entered the market as a 20.0 40.0% positive sign, Superbowl Truong Son is going into renovation, 10.0 result in 5,500 sqm of NLA is temporary unavailable. 0.0 20.0% Furthermore, some retail centers such as Zen plaza and Pico 2014 2015 2016 2017 2018 2019 2020F Plaza are planning to expand the size of their office leasable area, which may cause the descending in retail space. Figure 6: HCMC Retail, Supply by Year In 2020, over 200,000 sqm of new retail space from 5

shopping malls are expected to get into operation. Most of Retail podium Department stores Shopping centers these malls are located in district 9, accounted for three out 1,600 of total five. 1,400

1,200 DEMAND 1,000 With the success of foreign brands in Vietnam such as H&M, Zara, Starbucks and recently Uniqlo is the newest brand set Thousands sqm 800 foot in Ho Chi Minh City and drew more than 3,000 people 600 in line on its opening day. In recent year, no less than foreign 400 brands, local brands like PNJ, Trung Nguyen Legend, 200 Ninomax, Biti’s, etc. have built a firm position to customer - leisure routine. Getting acceptance from customer creating 2014 2015 2016 2017 2018 2019 2020F an effort to expand their market share and certainly raise the demand of retail centers.

Table 3: HCMC Retail, Upcoming OUTLOOK Not as expected that both Crescent Mall Phase 2 and Socar Expected Name of Project District NLA (sqm) Sala will be opened in this quarter, the opening day of the Completion one in District 2 is predicted to occur in Q2 2020. Socar Sala 2 60,000 Q2 2019 The growth rate of rental rate and occupancy rate are expected to take slower in 2020 thanks to the completion of Elite Mall 8 42,000 2020 five new shopping malls, and at the same time provide more than 200,000 sqm of retail space. District 9, where owing 3/5 Central Mall West 9 39,000 2020 future projects is proving that developers are starting the Saigon trend of centrifugal to the suburban area. Sense City East Saigon 9 50,000 2020

Vincom Megamall . 9 45,000 2020 = Grand Park

Source: Colliers International Research

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 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 The Garden Mall 190 Hong Bang District 5 2017 24,000 35.0 85% 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% 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 40.0 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% Vincom Mega Mall Thao 2 161 Ha Noi Highway District 2 2015 90,000 68.0 98% Dien 3 Saigon Center 35 Nam Ky Khoi Nghia District 1 1996 55,000 180.0 99% 4 Zen Plaza 54-56 Nguyen Trai District 1 2001 11,528 40.0 100% 6 Lotte Mart Saigon South 469 Nguyen Huu Tho District 7 2008 24,000 40.0 99% 7 Vincom Center Dong Khoi 72 Le Thanh Ton District 1 2010 45,000 150.0 93% 8 Vincom Plaza 3/2 3C Ba Thang Hai District 10 2010 25,000 42.0 95% 9 Lotte Mart Phu Tho 968 Ba Thang Hai District 11 2010 24,500 40.0 99% 10 Crescent Mall 101 Ton Dat Tien District 7 2011 45,000 44.0 100% 11 Satra Pham Hung C6/27 Pham Hung District 8 2011 11,528 19.0 87% 12 Van Hanh Mall 11 Su Van Hanh District 10 2018 55,000 45.0 90% 13 GigaMall 242 Pham Van Dong Thu Duc 2019 110,000 30.0 95% 14 TNLPlaza 346 Ben Van Don District 4 2019 15,000 40.0 90% 15 Crescent Mall Phase 2 101 Ton Dat Tien District 7 2019 18,000 48.0 78% Shopping Centre This information is updated as of 4Q2019. (*): USD/sqm/month

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HO CHI MINH CITY | CONDOMINIUM

PERFORMANCE Figure 7: HCMC Condominium, Sold Units The condominium market in HCMC moved slowly in 4Q2019. 2019 ends with more than 40,000 units newly Luxury High-end Mid-end Affordable launched. Mid-end segment remained the most absorption 50,000 rate, this segment covered both new supply and sold unit. The number of newly launched projects decreased; 40,000 however, the market still recorded a positive signal from the 30,000 demand. Total sales in a quarter was higher than the new supply. Due to high demand and limited supply, the average Units 20,000 asking price increased significantly. 10,000

- SUPPLY 2014 2015 2016 2017 2018 2019 2020F In Q4 2019, number of newly launched units in HCMC reached more than 3,500 units, decreased 23.5% Y-o-Y. New Figure 8: HCMC Condominium, Primary Asking Price launch supply mostly came from mid-end segment.

Meanwhile, affordable segment still had a lack of stocks Luxury High-end eventhough demand of this segment is still high. More than Mid-end Affordable 6,000 40,000 units officially launched in whole 2019, decreased 40% compare to 2018. 5,000

4,000 DEMAND Sale momentum continued to be positive with more than 3,000 85% of new launched units having been absorpted. District USD/ sqm 2,000 2 and district 9 recorded the highest price escalation of 4% - 7%. More than 40,000 units sold in this quarter, a decrease 1,000 of 65% Q-o-Q. - 2014 2015 2016 2017 2018 2019 2020F 2021F 2022F OUTLOOK New supply in 2020 is forecasted to be less than 2019 in the context of inventory still, credit in real estate is controlled. Figure 9: HCMC Condominium, New Launches 2019 recorded the highest selling price in the decace. However, the selling price of condominium in HCMC in 2020 Luxury High-end Mid-end Affordable is expected to still increase. More than 40,000 units are 80,000 expected to enter in 2020. Most of future supply will be 70,000 from east and south of HCMC. 60,000

50,000 40,000 Units 30,000

20,000

10,000 - 2014 2015 2016 2017 2018 2019 2020F

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HO CHI MINH CITY | CONDOMINIUM

Table 5: HCMC Condominium, Upcoming Supply Asking Completion No Name of Project/Building Developer Location Number of units Price Year (USD/sqm) 1 Hung Phuc Premier Phu My Hung District 7 2020 192 2,570 2 Eco Green Xuan Mai Corp. District 7 2020 4,000 2,423 3 Flora Novia Nam Long Thu Duc District 2020 518 1,199 4 Saigon Riverside City Hiep Phuc Corp. Thu Duc District 2020 1,729 1,030 5 Lavita Charm Hung Thinh Corp. Thu Duc District 2020 939 1,146 6 Masteri Parkland Thao Dien Investment District 2 2020 800 2,379 7 Sunshine City Sài Gòn Sunshine Group District 7 2021 3,748 2,250 8 Laimian City HDTC District 2 2021 13,092 2,812 9 Vinhomes Grand Park Vingroup District 9 2021 10,000 (phase 1) 1,428 10 Q7 Saigon Riverside Hung Thinh Corp. District 7 2021 3,580 1,461 11 Grand Manhattan Novaland District 1 2021 967 6,489 12 Cove Residence (Empire City) Keppel Land District 2 2022 136 6,000 This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HO CHI MINH CITY | LANDED PROPERTIES

PERFORMANCE Figure 10: HCMC Landed Properties, Average Asking Price The supply was still limited, especially affordable segment. The demand had many improvements compared to the previous period. The average price of ready-built townhouse District 7 District 9 District 2 Others 5,000 increased 2.2% q-o-q and 3.5% y-o-y. 4,000

SUPPLY 3,000 Q4 recorded more than 700 newly launched units, mostly came from the east of HCMC such as Sai Gon Garden 2,000 USD/sqm Riverside Village with 168 units, Verosa Park with 290 units, etc. Besides, Thu Duc district and District 7 also welcomed 1,000 an amount of product, mostly came from subsequent phase - of projects. 2013 2014 2015 2016 2017 2018 2019 2020F 2021F 2022F

DEMAND Figure 11: HCMC Landed Properties, Transaction Volume Demand for affordable segment remained strong, priced between USD150,000 - USD250,000. Demand in this 4,000 segment mainly came from owners-occupiers and capital 3,500 gain investor. Projects which had clear legal having high 3,000 absorption rate. 2,500 2,000

OUTLOOK Dwelling 1,500 In 2020, the market expected to welcome large number of 1,000 products from Vinhome grand park in district 9 and GS 500 Metro City in Nha Be District. Affordable segment is - forecasted to still lack of supply. Given the prevailing strong 2014 2015 2016 2017 2018 2019 2020F market, most existing projects are expected to improve their prices, especially low-end projects. Figure 12: HCMC Landed Properties, New Launches

District 9 District 2 District 7 Binh Chanh District 12

16%

42%

10%

24%

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 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 Venica Garden Khuong Phat District 7 2020 118 2,402 2 Simcity Anpha Holding District 9 2020 485 643

3 Lavida Kien A Nha Be 2020 20 1,020 4 Senturia Nam Sai Gon Tien Phuoc Binh Chanh 2020 107 (phase 1) 3,000 5 Vinhomes Grand Park Vingroup District 9 2021 1600 3,245 6 Zeit Geist GS E&C Nha Be 2022 120 2,812 *Excluding all kinds of tax and promotions This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HO CHI MINH CITY | SERVICED APARTMENT

PERFORMANCE Figure 13: HCMC Serviced Apartment, Avg. Ask. Rent by Grade In the last quarter of 2019, both occupancy rate and average rental rate of HCMC’s serviced apartment recorded positive increase in all grades. Specifically, for grade A, there are 12 projects in Ho Chi Minh city with the increase rate of occupancy rate (92%) is 5% and average asking rent (USD41/sqm/month) is 3% compared to the first half of 2019. Besides that, the remaining 26 projects from grade B reached 90% is the occupancy rate, raised 5% and USD33/sqm/month is the average asking rent rate, raised 4% from earlier this year.

SUPPLY Mai House Saigon finally participated in the HCMC 225 units of grade A serviced apartment will be added into the list of more than 1,300 units. 4 new projects are expected to go into business in early 2020 which will provide even more Figure 14: HCMC Serviced Apartment, Occupancy Rate by Grade supply for the serviced apartment category.

DEMAND With the growth rate of tourism in Vietnam always on the rise, the demand for luxurious apartment will also rise. Furthermore, with the China – USA trade war, more foreign investments are coming into Vietnam. Drag along more foreign experts moving to Vietnam for work, increase the demand for serviced apartment even higher.

OUTLOOK There will be 4 more serviced apartment projects scheduled to be open in 2020. Also, the growth rate of Vietnam in tourism and FDI have no sign of slowing down, the demand will also likely to rise. With both supply and demand are expecting to be increased in the following year, the serviced Table 7: HCMC Serviced Apartment, Upcoming apartment industry will likely to be very excited. Property Location No. of Keys

Mai House Saigon District 1 224

Sonata Residence District 7 250

Terra Royal District 3 366

Berkley Serviced Residence District 2 85

Marie Curie Hotels and Suites District 3 250

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 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 This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HO CHI MINH CITY | INDUSTRIAL

PERFORMANCE Figure 15: HCMC Industrial, Market Performance by District In the Southern industrial market, Ho Chi Minh city recorded Asking rent Occupancy Rate the highest rental rate of all. In the last quarter of 2019, the rental rate is approximately USD123/sqm/term for 300 100% industrial land. For factory, USD4.5/sqm/month is the rental 250 75% rate. 200 150 50% SUPPLY 100 25% There are 18 industrial parks in Ho Chi Minh city, provide USD/sq m/term 50 nearly 3,700 ha of industrial land available for lease. Only 0 0% 800 ha left for leash up until now. In May 2019, Ho Chi Minh city had inquired the government for the approval of the project for building a new industrial park in Binh Chanh district that will supply more than 380 ha to the market. However, the project has not been approved yet.

Figure 16: HCMC Industrial, Supply by District DEMAND Presently, most industrial parks are already having their tenants from numerous years earlier. Hence the lower rental rate and smaller increase rate is their benefit. With high rental rate cause by limited number of industrial lands, companies now moving out of the city to nearby areas for lower price.

OUTLOOK With new industrial park projects are in pending, the industrial market in Ho Chi Minh city will continue to grow. Phase 3 of Hiep Phuoc Industrial Park and the expansion of Northwest Cu Chi industrial park are 2 of the pending projects. There are only a few rumors about their completion date is in the first quarter of 2020.

Table 9: HCMC Industrial, Future Supply

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

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 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 Linh Trung 1 Export Processing 2 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 Linh Trung 2 Export Processing 11 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 Automotive-Mechanical (Hoa Phu) 15 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

This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HANOI | OFFICE

PERFORMANCE Figure 17: Hanoi Office, Average Asking Rent Hanoi office market observes a great height in both rental rate and occupancy rate. For the rental rate, it will cost USD34/sqm/month for grade A office and USD26.7/sqm/month for grade B. The average rental rate for all 2019 is calculated at USD31.1/sqm/month for grade A and USD21.6/sqm/month. The occupancy rate of grade A office is 97% and for grade B it is 96.7%, help boosting the total occupancy rate of 2019 up to 93.5%.

SUPPLY In the last quarter of 2019, Pax Sky Pham Van Dong and Coninco Tower launched, adding more than 31,000sqm of leasable area to grade B office market. With regards to development direction, the west of Ha Noi is the up-and- coming office destination in the city thanks to large supply of Figure 18: Hanoi Office, Occupancy Rate land, well-established infrastructure, and plentiful supply of residential projects. Grade A Grade B

100% DEMAND With the high occupancy rate, demand for both grade A and 90% grade B office are also high, pushing the rental rate reached 80% an increase of 6% Y-o-Y. CBD such as Dong Da District or Cau Giay District attracted mainly office demand. The average 70% occupancy of the market rate reached more than 92%, grade 60% A was still lack of supply, with the occupancy rate was more than 96%. 50% 40% OUTLOOK 2013 2014 2015 2016 2017 2018 2019 2020F With Hanoi’s FDI continues to rise, the demand for high- grade offices will also on the rise, especially grade B since the Table 11: Hanoi Office, Upcoming occupancy rate has increased by more than 7% compared to NLA 2018. The supply of office will also continue to rise with 2 Property Grade grade A projects (Capital Place and Oriental Sun Tower) and (sqm) 1 grade B project (MB Grand Tower) scheduled to be Capital Place A 93,550 available in 2020. Oriental Sun Tower A 19,200

MB Grand Tower B 45,402

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 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 This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HANOI | RETAIL

PERFORMANCE Figure 19: Hanoi Retail, Average Asking Rent In the final quarter, USD34/sqm/month is the average rental rate of retail in Hanoi, slightly increase from 2018 with 40.00 USD33.63/sqm/month. The trend of the occupancy rate of 35.00 Hanoi retail tends to decrease in 2019. The reason for this 30.00 fall in occupancy increase rate despite the demand still high 25.00 is because there were many retail malls from big 20.00 corporations such as Vingroup and Sungroup opened. USD/sqm/month 15.00

10.00 SUPPLY 5.00 Opened in the last quarter of 2019, AEON Mall Ha Dong has - provided over 74,000 sqm of leasing area. This year, the 2015 2016 2017 2018 2019 2020F number of new retail centers increased by six, a fairly large Rental rate 38.45 35.03 33.01 33.63 38.00 40.00 number compared to the past years, adding nearly 200,000 sqm to the total leasing area. Notably, four of the six centers are of two major brands, Vingroup and Sungroup. Figure 20: Hanoi Retail, Occupancy Rate

DEMAND 100% The occupancy rate only dropped by a minor amount throughout the year although six new shopping malls were 90% opened this year. The level of over 90% has proved that the retail market in Hanoi still maintains a stable development. 80% Many famous F&B brands such as Phuc Long and Koi Thé have started opening their first stores in Hanoi, predicting 70% that other brands will be exploiting this Capital market and that will be the driving force for the construction of new 60% retail center. 50% OUTLOOK 2015 2016 2017 2018 2019 2020F After success in Ho Chi Minh City, Uniqlo; a massive Japanese brand planned to open its next store in Hanoi and will create a need of large-scale retail space. Table 13: Hanoi Retail, Upcoming

GFA Completion In the future, two new centers will be opened including Property District Lotte Mall Ciputra and Sunshine Center. Takashimaya also (sqm) year Lotte Ciputra announced that they will soon plan to open a new retail Tay Ho 200,000 4Q2020 center in Hanoi. Both supply and demand are highly to grow, Mall opening up an energetic retail market in the future. Sunshine Center Nam Tu Liem 22,102 TBC

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HANOI | RETAIL

Table 14: Hanoi Retail, Notable Properties ARR Completion NLA Occupancy No Name of Project / Building Address Location (USD/sq Year (sqm) Rate m) 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 17,700 150.0 80% A&B 2 Vincom Center Ba Trieu - Tower C 191 Ba Trieu Hai Ba Trung 2004 10,974 130.0 99% 4 Syrena 51B Xuan Dieu Tay Ho 2008 4,153 33.0 99% 5 Trang Tien Plaza 24 Hai Ba Trung Hoan Kiem l2008 12,000 160.0 70% 6 Savico MegaMall 7-9 Nguyen Van Linh Long Bien 2011 43,500 34.0 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 32.0 93% 11 Aeon Mall Long Bien 2 Co Linh Long Bien 2015 72,000 20.0 100% 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 60.0 99% 14 Artemis 3 Le Trong Tan Thanh Xuan 2017 27,000 60.0 86% 15 Vincom Center Metropolis 29 Lieu Giai Ba Dinh 2018 38,000 38.0 95% 16 Sun Plaza Ancora 3 Luong Yen Hai Ba Trung 2019 27,253 86.0 89% 17 Vincom Center Tran Duy Hung 119 Tran Duy Hung Dong Da 2019 45,000 50.0 90% 18 Aeon Mall Ha Dong Hoang Van Thu Ha Dong 2019 74,000 18.0 87% 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

This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HANOI | CONDOMINIUM

PERFORMANCE Figure 21: Hanoi Condominium, Units sold & Absorption In the last quarter of 2019, the condominium market in Hanoi was positive in both supply and number of transactions. If in the third quarter of 2019, the whole Hanoi Sold Units Absorption rate 5,000 market, the number of transactions reached only 4,500 90% approximately 58% of total launched units, the absorption 4,000 rate in the last quarter improved sharply. 3,500 70% 3,000 2,500 SUPPLY units 50% 2,000 More than 8,000 units from 10 projects was launched in this 1,500 quarter, increased 55% y-o-y, mostly came from Gia Lam 1,000 30% district and Long Bien district. Vinhomes Smart City and 500 Vinhomes Ocean Park covered the market with total more 0 10% than 4,000 units launched in this quarter. High-end Mid-end Affordable

DEMAND Figure 22: Hanoi Condominium, Average Asking Price The average price increased 0.54% q-o-q and 2.83% y-o-y. Most of sold units came from the east of Hanoi. In terms of Luxury High-end Mid-end Affordable absorption rate, in the last quarter, more than 9,000 units 6,000 were absorbed. The sold units of new launch were on par with the previous quarters showing stable market 5,000 conditions. 4,000

OUTLOOK 3,000 In 2020, projects from foreign developers such as 2,000 USD/sqm/month Sumitomo, Capitaland, Mitsubishi Corporation are expected to be launched. The subsequent phase of projects such as 1,000

Vinhomes Ocean Park, Vinhomes Grand Park, etc. are - forecasted to continue to cover the market with a large 2014 2015 2016 2017 2018 2018 2019 2020F 2021F 2022F number of products.

Figure 23: Hanoi Condominium, New Launches

Luxury High-end Mid-end Affordable

70,000

60,000

50,000

40,000 Units 30,000

20,000

10,000 - 2014 2015 2016 2017 2018 2019 2020F

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 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 Anland Premium Nam Cuong Group Ha Dong 2020 575 1,113 2 Hinode City Vietracimex Hai Ba Trung 1Q2020 1,099 1,876 3 Vinhome Smart City Tay Mo Vingroup Nam Tu Liem 1Q2021 40,000 1,923 4 The Zei HD Mon Holdings Nam Tu Liem 1Q2021 891 1,947 5 Vinhomes Ocean Park Gia Lam Vingroup Gia Lam 2020 66 blocks 3,500 This information is updated as of 4Q2019 .

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HANOI | LANDED PROPERTIES

PERFORMANCE Figure 24: Hanoi Landed Properties, Accumulated Supply Sale performance continued to reveal positive market sentiments for landed properties in Hanoi. Accumulated No. of Projects Dwellings supply in 2019 arrived at 4,900 units, 32% higher comparing 250 60,000 to 2018. 50,000 200 40,000 SUPPLY 150 Units Market supply continue to expand further from established 30,000 residential clusters. While overall market supply remained 100 20,000

predominantly captured by the West, the pipeline is moving Project of No. 50 further to emerging locations in the North West and South 10,000 West, instead of established residential clusters such as 0 - Nam Tu Liem, Cau Giay, etc. In the last quarter, the market 2014 2015 2016 2017 2018 2019 2020F reached more than 800 units, mainly came from the subsequent phase of projects.

Figure 25: Hanoi Landed Properties, Secondary Prices DEMAND More and more construction projects built up are heading Q3-2019 Average Q4-2019 Average Q-o-Q changes towards an ideal green living space to meet the demand of local residents as most of them are aware of high air 10,000 4.0% pollutions rising in Hanoi and want to search for greenery 9,000 3.5% 8,000 residence. In addition, the citizens prefer to own a house 3.0% 7,000 than purchasing for apartments here recently, even the 6,000 2.5% price of landed properties roughly doubled the price of 5,000 2.0% apartments. USD/sqm 4,000 1.5% 3,000 1.0% 2,000 OUTLOOK 1,000 0.5% - 0.0% In 2020, Hanoi expected to welcome a great volume of new Cau Tay Ho Nam Tu Hoang Ha Long supply from large-scale township developments. Supply will Giay Liem Mai Dong Bien expand to the North of Hanoi, with notable projects such as BRG & Sumitomo Smart City or Gamuda Lakes. Figure 26: Hanoi Landed Properties, Market Performance

Ha Dong 25% 28% Long Bien Hoang Mai

8% Nam Tu Liem Hoai Duc 15% 12% Others 13%

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 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 Larissa Athena Fulland Vimefulland Villas 119 4Q2020 3 Athens Athena Fulland Vimefulland Shophouse 114 4Q2020 4 Athens Athena Fulland Vimefulland Villas 414 4Q2020 5 The Manor Central Park Bitexco Group Villas 73 2Q2020 6 The Manor Central Park Bitexco Group Shophouse 312 2Q2020 7 The Manor Central Park Bitexco Group Townhouse 126 2Q2020 This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HANOI | SERVICED APARTMENT

PERFORMANCE Figure 27: Hanoi Serviced Apartment, Avg. Ask. Rent by Grade By the of 2019, the performance of grade A serviced apartment perceived a decreased of 4.2% in average asking rental rate compared to the first half of 2019 (USD35.9/sqm/month down to USD34.4/sqm/month). Meanwhile, this number of grade B serviced apartment recorded a slight increase- from USD22.49/sqm/month to USD21.29/sqm/month (5.5% difference). Both the occupancy rate of grade A (93%) and grade B (84%) also have observed a minor decrease rate of 1% and 2% correspondingly from the earlier half of the year.

SUPPLY Overall, there is no new supply in Hanoi serviced apartment market with the current remaining number is staying at 44 projects- offering more than 4,500 units. Currently, it is recorded that Tay Ho and Ba Dinh district are having more than 50% of serviced apartments in Hanoi. Figure 28: Hanoi Serviced Apartment, Occupancy Rate by Grade

DEMAND In fact, customers of serviced apartment are almost foreigners, hence, in December and early January, many of them travel back to their home country to celebrate with their family. As the result, the demand for serviced apartment by the end of 2019 slightly went down.

OUTLOOK In 2020, foreign corporations such as Sumitomo, Mitsubishi Corporation and CapitaLand are aiming to invest in Hanoi serviced apartments. Therefore, the market is expected to be more dynamic in the future with several supplied that will be provided. Moreover, the number of foreign experts coming to Vietnam for work and foreign travelers to Vietnam are always increasing, demand would very likely to Table 17: Hanoi Serviced Apartment, Future Supply be improved. Completion Project District Total supply year

Oakwood Residence Tay Ho 190 2020

Pent Studio Tay Ho 327 2020

Hanoi Aqua Central Ba Dinh 238 2020

345 Doi Can Ba Dinh 90 2020

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HANOI | SERVICED APARTMENT

Table 18: Hanoi Serviced Apartment, Notable Properties Average No. Project Name Address Location Total 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

This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | HANOI | INDUSTRIAL

PERFORMANCE Figure 29: Hanoi Industrial, Market Performance Hanoi ends the year of 2019 with a remarkable increase in rental and occupancy rates. With USD121.5/sqm/term, the rental price rate increased by 8% compared to last quarter. The demand remains steady while the new supply is limited is describes the reason why the rental price rate increased. Along with that is the occupancy rate also gave positive feedback, increased by 5.5% result in a total of 95.5% occupancy rate. All industrial projects are located in Bac Tu Liem and Long Bien district, making them the most attractive area for industrial investors.

SUPPLY Now there are 10 IPs are offering more than 2,000 hectares, this number will increase to 3,500 hectares in the future with expansion projects on pending. 68% of the total acreage located in Chuong My, Thach That and Dong Anh. 11 new IPs will be available next year, providing nearly 2,856 hectares to the market. 5 of them are expected to be open Figure 30: Hanoi Industrial, Supply by District by the end of next year. For industrial clusters, Hanoi has 70 of them with a total acreage of 1,337 hectares, allowing 3,100 factories to work. By the first quarter of 2020, 9 new clusters might join the market.

DEMAND More than 50% of the IPs have an occupancy rate of 100%, proving the demand is relatively high. In Vietnam, Hanoi is the city that received USD4.87 billion, highest among all the cities, 26.4% of the total FDI of Vietnam. With such high investment, it is understandable why the demand is going upward.

OUTLOOK In the next 2 years, Hanoi is expected to increase the number of IPs twice, bringing the total number of IPs to 19 units. With the Trade war between China and the US, Table 19: Hanoi Industrial, Future Supply companies such as Geotek and Warren Buffet are proved that they will move their factories to Vietnam. Therefore, the demand for IPs will increase and it will be a huge Project Location Area (ha) opportunity for the industrial park market in Vietnam to develop. Quang Minh II Industrial Park Me Linh 266 Thanh My - Xuan Son Son Tay 108 Industrial Park

Soc Son Industrial Park Soc Son 340

Soc Son II Industrial Park Soc Son 204

Phuc Tho Industrial Park Phuc Tho 74

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 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 This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | DANANG | OFFICE

PERFORMANCE Figure 31: Danang Office, Market Performance In Q4 2019, Danang welcomed 3 new projects in the market with 1 Grade A office (Hilton Bach Dang) and 2 Grade B Average Rent Occupancy Rate supplies (DITP Tower and Thanh Loi 2). It’s the reason why occupancy rate dropped remarkably to 84.4%. Along with 35 100% that, market witnesses a sharp increase in rental rate of 30 95% grade A, USD30/sqm/month. Meanwhile, the asking rents 25 of both Grade B & Grade C continued to increase but at a 90% moderate pace, only USD14.1/sqm and USD8.2/sqm, 20 85% respectively. 15 80% 10 USD/sqm/month SUPPLY 5 75% Thanks to the new supply, office market’s total supply 0 70% achieved over 224.000 sqm. Among of them, the Grade B Grade A Grade B Grade C offices are still the major supplies of the market. Hai Chau is the area including the numerous offices in Danang, accounting for 67% of the total supply, followed by Thanh Khe and Thach Thang. Figure 32: Danang Office, Market Performance Trend

DEMAND Average Rent Occupancy Rate Danang is considered as an attractive investment magnet. 16.0 100% Therefore, it has appealed lots of attractions especially from foreign investors, such as from Japan, USA, Korea. Thus, 15.0 80% demand of office space stills keeps in high level. Grade-B 14.0 office is still the focus of the market. It is attributed to its 60% favorable prices. Besides, software, information technology 13.0 and financial service sectors are the main leasing sectors to 40% sustain the development of Danang office market. 12.0

11.0 20% OUTLOOK 10.0 0% In 2020, the office market eagerly welcomes 2 new 2017 2018 2019 2020F buildings: Crystal Tower (Grade A - Hai Chau) and Summit Building Tower (Grade B - Thanh Khe). It can add over 15,600 sqm to the existing total supply. With its strengths and potentials, Danang is promising to attract more and Figure 33: Danang Office, Supply by Grade more businesses. This makes sure that office market will be more vigorous and vibrant in the future.

8.6%9% 10%9.7%

81.7%82%

GradeGrade A A GradeGrade BB GradeGrade C C

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | DANANG| RETAIL

Table 21: Danang Office, Notable Properties

Average Completion NLA Service Occupancy No Name Address asking rent Year (sqm) Charges rate (USD/sqm)

1 Indochina Riverside Tower 74 Bach Dang, Hai Chau 2008 6,219 Inc. 90% 20.0

2 Hilton Bach Dang 50 Bach Dang 2018 15,623 Inc. 65% 40.0

Grade A 115 Nguyen Van Linh, Hai 1 One Opera 2013 4,234 Inc. 87% 15.0 Chau 253-255-257 Hung 2 Vinh Trung Plaza 2008 5,200 Inc. 97% 13.5 Vuong, Hai Chau

3 Softech Tower 02 Quang Trung 2009 20,000 Inc. 85% 14.2

Lot A2.1, 30/4 Street, Hai 4 PVFC Building 2010 11,162 Inc. 100% 11.5 Chau 5 Green Plaza 238 Bach Dang, Hai Chau 2010 4,400 Inc. 82% 21.0 135 Nguyen Van Linh, 6 Thanh Loi Building 2011 5,100 Inc. 93% 13.5 Thanh Khe 155 Nguyen Van Linh, 7 Post Office 2014 8,500 Inc. 100% 13.5 Thanh Khe 8 Petrolimex Tower 122, 2/9 Street, Hai Chau 2013 6,000 Inc. 86% 13.0

Grade B 1 DanaBook 78 Bach Dang, Hai Chau 2008 3,500 Inc. 73% 8.4

2 SPT Z85 Tran Hung Dao, Son Tra 2009 15,863 Inc. 90% 8

Grade C

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | DANANG| RETAIL PERFORMANCE Figure 34: Danang Retail, Market Performance Q4 2019 recorded the average rent of USD20.55/sqm/month, with a minor growth rate of 5.2% compared to the same period last year. The occupancy rate of retail mall increase by 2% contrasted to the 4th quarter of 2018 (from 99% to 97%), because new foreign brands, both fashion and F&B, joined Da Nang market such as H&M and Koi Thé, while there was no new source for retail supply in 2019.

SUPPLY There is no new supply of retail mall in the last quarter of 2019, which resulting in the leasable area remain at more than 100,000sqm. 94% of retail mall located equally in Hai Chau, Son Tra and Ngu Hanh Son district. Only 6% located in Thanh Khue district. This is expected to remain true in the future since the new projects are also located in Hai Chau, Figure 35: Danang Retail, Market Performance Trend Son Tra and Ngu Hanh Son district.

DEMAND H&M opened their first store in Da Nang on 28th of November. This is the sign of a new wave from foreign brands joining the Da Nang’s retail market. Demand for retail space in the future will raise if the previous forecast be true. Additionally, the occupancy rate trend in Da Nang is incredibly positive, starting as 97% in the first quarter and raised to 99% in the final quarter.

OUTLOOK With more supply, clearly the Asking rent rate and Occupancy rate will decrease. However, if the trend of Figure 36: Danang Retail, Supply by District foreign brand entering Da Nang continue to increase, the previous statement might not be accurate.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | DANANG| RETAIL

Table 22: Danang Retail, Notable Properties Completion NLA Occupancy No Name of Project/Building Address Location ARR (*) Year (sqm) Rate 1 Indochina Riverside Towers 74 Bach Dang Hai Chau 2008 5,251 22.0 100% 2 HAGL-Lake View Residences 72 Ham Nghi Thanh Khe 2012 7,200 13.0 100% 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 Hai Nam Hai Chau 2016 19,200 19.0 93% Shopping Centre This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | DANANG| CONDOTEL

PERFORMANCE Figure 37: Danang Condotel, Absorption Rate by District Although Danang is still an appealing investing environment for investors, some problems related to market liquidity and annual commitment payment ability of condotel developers 100% have caused the market slump. It highly requires the 90% government to enact policies and regulations for this segment as soon as possible. 80%

70% Compared to Q4 2019, there is no significant change in absorption rate in each areas. With small supply and 60% highly priced location, Hai Chau still gets the highest 50% absorption rate, followd by Ngu Hanh Son and Son Tra. 40% Son Tra Hai Chau Ngu Hanh Son SUPPLY Absorption rate Market welcomed no new supply in this quarter. Because of the slumping market, developers and constructors are quite doubtful about the prospect of condotel. So, before they Figure 38: Danang Condotel, Supply by District launch new products, more research and development activities are required to deteremine whether the upcoming Ngu Hanh Son Son Tra Hai Chau buildings meet the market requirements.

8% DEMAND With its current strengths in geography and tourism such as 42% coastal city, advance transportation infrastructures, huge visitor attraction, investment demand in Danang is surely 50% very high. However, buyers and investors feel quite reserved and cautious about the prospect of condotel because of some negative events happened in last quarter.

OUTLOOK Figure 39: Danang Condotel, Guaranteed Return In Q4 2019, legal problems and unsupportive market information prevented condotel from increasing trend and Guaranteed return Number of year stayed at a slumping stage. Currently, developers would take 14% 12 their committed annual payment into account again to see if 12% 10 10% these rates are affordable or not. 8 8% 6 6% Anyway, Danang is still a potential city and attracts lots of 4 4% No. yearof attention from many Asian countries such as Hong Kong, Guaranteed retirn 2% 2 China, Korea. It has lots of chances for expansion and 0% 0 development. If condotel policies are completed by authorities as well as the profits are guaranteed by the developers, the market will recover as it was.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | DANANG| CONDOTEL

Table 23: Danang Condotel, Notable Properties Completion No. of Average Selling Price No Name of Project/Building Address Location Year units (USD/sqm)* 1 F Home 16 Dang Tu Kinh Hai Chau Q1/2016 560 1,600

2 Ariyana Condotel Furama 105–107 Vo Nguyen Giap Ngu Hanh Son Q1/2016 1,320 2,534

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 Q4/2016 706 4,069

7 Hoa Binh Green Danang Le Van Duyet Son Tra Q4/2016 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 This information is updated as of 4Q2019.

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 2019 | DANANG| VILLA

PERFORMANCE Figure 40: Danang Villa, Market Performance The sold percentage of villa in Da Nang is recorded to be 85%, 13% higher than Q-O-Q. The average sale price is Sale Price Absroption nearly USD2,200/sqm, with increased rate of 34% compared 3,000 100% to the same period last years. 2,500 80% 2,000 60% 1,500 40% SUPPLY USD/sqm 1,000 In this quarter, there was no new supply of villa in Da Nang, 500 20% Percentage result in the total project area of more than 150,000sqm is - 0% unchanged. However, there are still available villa from primary market.

DEMAND The majority of the villa demand is from Hanoi (85%), while the rest are from Ho Chi Minh city, local provinces and even Vietnamese residing abroad or foreigner. The demand Figure 41: Danang Villa, Primary Supply by District might continue to raise since Da Nang is still the most worth-living city in Vietnam.

OUTLOOK In the near future, Da Nang villa market should continue to say the same due to the lack of new supplies in this section till the next following years. However, there is a rumor about new villa project in Son Tra is waiting for approval. It is expected that this project will be announced soon in the next quarter of 2020.

Figure 42: Danang Villa, Buyer Profile

5% 5% Ha Noi 5%

HCMC

Vietnamese residing abroad/Foreigners

Local provinces 85%

VIETNAM QUARTERLY KNOWLEDGE REPORT Q4 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

This information is updated as of 4Q2019.

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