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Time for Thu Thiem the Largest Mixed-Use Inner City Development in Southeast Asia Key Takeaways from This Report

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Time for Thu Thiem the Largest Mixed-Use Inner City Development in Southeast Asia Key Takeaways from This Report Vietnam | November 2017 JLL Research Report Time for Thu Thiem The largest mixed-use inner city development in Southeast Asia Key takeaways from this report 1. Time to buy residential units A. Acquire land from an existing owner that has Figure 1: Old CBD v.s. new CBD prime apartment selling price been allocated land. Residential prices in Thu Thiem are currently trading at US$/sqm 30-35 percent discount below District 1 levels. In Shanghai, B. Form a joint venture (JV) with a local partner who 30,000 apartment prices in Pudong are 43 percent above Puxi, the has been allocated land. old CBD and Bonifacio prices are the same as Makati. Over C. Enter bidding process for the land that has yet to 25,000 time, we expect Thu Thiem to follow a similar trend. be allocated. 43% 2. “Tipping point” for office development 5. Phasing 20,000 With lack of supply and increasing rents in the existing CBD, It is important to note that Thu Thiem is 657 hectares, with and the completion of a major infrastructure within Thu 20,426 residential units and 3.4 million square metres of 15,000 Thiem, we anticipate large head office requirements will commercial space. It is critically important that developers start to consider Thu Thiem as a viable alternative to the pay careful attention to market conditions and supply and 10,000 existing CBD. demand dynamics to limit the risk of oversupply in the future. 3. Lack of government funding and incentives 6. Long term construction site 5,000 0% -34% Unlike other new urban development area in other countries, It is inevitable on a large mixed-use development site that the lack of preferential policies/incentives are the biggest the area will be a construction site for a number of years. 0 impediments to the development of Thu Thiem. Developers/ Developers and purchasers of residential property will need Puxi Pudong Makati Bonifacio District 1 Thu Thiem investors will need strong support from the government on to be mindful of this fact when investing in Thu Thiem. Shanghai Philippines Vietnam legal and tax-related matters. Creating a more favourable and Source: JLL Research more transparent business environment will act as a catalyst, 7. Time for school operators to enter the market speeding up Thu Thiem’s development progress. According to the master plan, 10 land parcels are set aside for school developments to serve the educational needs 4. Difficulty in acquiring land of Thu Thiem residents and surrounding areas. Due to lack While the majority of land has been allocated, many sites of infrastructure and residential community this sector has have not been developed. In our opinion, there are three attracted less attention thus far. However, there are a number potential ways to acquire land in Thu Thiem. of opportunities for school operators wanting to expand their footprint in this attractive market. 2 | JLL Time for Thu Thiem 3 Time to invest in Thu Thiem Thu Thiem, Ho Chi Minh’s proposed according to Vietnam Automobile will become a vibrant destination financial district and mixed-use urban Manufacturers’ Association (VAMA) combining residences, offices, area, is set to become the largest inner figures. shopping centres, hotels and serviced city development in Southeast Asia apartments. in the coming years. Once complete, The master plan for Thu Thiem will Ho Chi Minh City will transform into a alleviate the pressures faced in the It is fair to say Thu Thiem has suffered District existing CBD, with the possibility of a chequered history, with many false modern megacity, following a similar 12 1A path to Shanghai, Manila, Bangkok and saving some of the historic urban centre starts because of complicated land Jakarta. of the “Pearl of Asia” from demolition compensation issues, turbulent y and redevelopment. economic conditions and lack of wa 1A Thu Duc igh Over the past 30 years, Ho Chi Minh City favourable government policies. i H The 657-hectare site is located on the o has witnessed a meteoric rise. However, However, with pressure mounting N a rapid growth comes with growing pains. Saigon River’s opposite side, facing on the existing CBD and renewed H Go Vap Infrastructure within the existing CBD is the existing CBD. Comprising 176 impetus on the completion of major starting to buckle under the pressure of land parcels with approximately 3.2 infrastructure, we believe that now Tan Son million square metres (GFA) residential Nhat Airport District rapid expansion, vacant land is difficult more than any other time since its 9 to find, land values have reached levels space and 3.4 million square metres inception 12 years ago, Thu Thiem has (GFA) of commercial space, the total Binh that make office development unviable, reached a “tipping point”. It’s time Thanh and office rents have reached levels site will eventually accommodate a for investors to set their sights on Thu Tan Binh District 3 not seen since 2008. Traffic congestion residential population of 145,000 and Thiem for the investment opportunities Nguyen Duy Trinh has increased over the past five years, employee population of 217,000. The it offers. new financial district will be home to East-West with the number of cars increasing 35 Boulevard District a number of major head offices and 1A 2 percent per annum from 2012-2016, District THU 10 CBD District THIEM 11 District 5 District 657 Landha area District District 7 6 4 District 8 nh Li n Va n ye 9,784,129 sqm gu N Total GFA* Nguyen Huu Tho 362,563 people Total estimated population** 1A *Including basement area **As per master plan, total population included 145,393 residents and 217,170 employees 4 | JLL Time for Thu Thiem 5 Strategically located to benefit from the future growth of the City Sitting at the heart of Ho Chi Minh From Thu Thiem, people can reach the City, the Thu Thiem peninsula is the National Highway 1A and 51, and also most significant development area in the Long Thanh-Dau Giay Expressway the city. Thu Thiem is bordered by the via the East-West Boulevard. The Suoi Tien Saigon River and is only five-minute future international airport will also be District 12 Hiep Binh Phuoc M1 drive away from the central business accessible from Thu Thiem. M3 district via the Thu Thiem Tunnel. Alternatively, one can easily reach the Thu Thiem will benefit from the future Vuon Lai CBD and other parts of Ho Chi Minh City Metro Line No. 2, which stretches from via the Thu Thiem Bridge 1, which links Thu Thiem (District 2) and ends in An the peninsula to Binh Thanh District. Suong (District 12) with the total length of approximately 19 kilometers. It is Located only 10 kilometers away from Go Vap the Tan Son Nhat International Airport, forecasted that once complete, the Thu Thiem is within convenient reach. metro line will handle approximately District 9 480,000 passengers per day. Tan Son Nhat Thu Thiem is a strategic gateway from International Ho Chi Minh City to future development The construction of the Metro Line Airport No. 2 and the four bridges is seen as areas to the east, including the new Binh proposed Long Thanh International the government’s determination and Thanh Airport. With the Thu Thiem Bridge 1 commitment to turn Thu Thiem into Ho Chi Minh City’s new financial and Proposed and Thu Thiem Tunnel in operation, Thu Thiem Proposed and once the other four bridges that residential district. By improving the Long Thanh Tan Phu train station are either in construction or planning infrastructure and accessibility to the International Airport stages are completed, residents in area, the authority hopes to encourage CBD and neighbouring district will more developers to invest in large-scale have direct connection to Thu Thiem. real estate projects here. Thu District 11 Thiem District 4 M2 Thu Thiem is designated as Ho Chi Minh District 5 City’s new central business district. Ten Lua Cat Lai Port “ After the completion and operation of the infrastructure - including Metro Line District 8 No. 2 and Bridge No. 2,3,4 connecting to District 7 the District 1 and 7 – Thu Thiem will be operated properly as planned. Mr. Yong-Beom(Kevin) Kim Functional Manager, Vietnam business team,” GS Engineering & Construction Corp 6 | JLL Time for Thu Thiem 7 Thu Thiem key development parameters The Thu Thiem new urban area is divided into eight Land-use master plan Site Area (ha) % Components of development sites Site area (ha) % No. Key feature Key landmark/public building main functional areas, so-called “neighbourhood”. Each 1 • High density mixed- Convention & exhibition centre, Development Site 215.8 32.9% Residential 88.5 41.0% use central business Central square, Opera house, as landscaping and landmark buildings. district Planning information centre, Public parks 113.9 17.3% Commercial 72.8 33.7% The river park Wetland 103.9 15.8% Other facilities 54.5 25.3% 2 • High density mixed-use Observation tower complex, development Sport complex, Local Road surface 159.5 24.3% Total land area 215.8 100% administration centre #7 Water surface 63.8 9.7% Source: Sasaki Master Plan 2012 & Thu Thiem I.C.A #4 3 • Mixed-use residential Thu Thiem museum Total land area 657 100% #3 4 • Mixed-use residential Central community hub, Source: Sasaki Master Plan 2012 & Thu Thiem I.C.A #1 • High-density Local administration centre, commercial buildings Fire station #6 • Low-density residential Development Summary Size Unit #2a and public buildings 5 • Public facilities Children’s palace, The “city Total parcel 176 Parcels #5 • Low-density residential hall”, Central community hub, #2b Total GFA (above ground) 7,563,750
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