tailieunhanh - REDISCOVERING VIETNAM’S REAL ESTATE POTENTIAL
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. | REDISCOVERING VIETNAM’S REAL ESTATE POTENTIAL Presented by: Marc Townsend – Managing Director 1st March, 2007 Renaissance Hotel, Kuala Lumpur, Malaysia 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 Client Logo Goes Here CB Richard Ellis | Page 2 MAP OF VIETNAM Client Logo Goes Here CB Richard Ellis | Page 3 HO CHI MINH CITY Client Logo Goes Here CB Richard Ellis | Page 4 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 Client Logo Goes Here CB Richard Ellis | Page 5 350,000 HCMC OFFICE MARKET s q m HCMC Prime Office Stock End of 300,000 250,000 200,000 CB Richard Ellis | Page 6 Q1/04 Q2/04 Office Stock at the beginning of the quarter Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 New supply during the quarter Q3/06 Q4/06 Q1/07 Client Logo Goes Here CB Richard Ellis | Page7 | Ellis Richard CB Index (Q1 1998 = 100) 100 120 140 160 20 40 60 80 0 Q1 98 Q2 98 Q3 98 Q4 98 Q1 99 Q2 99 HCMC OFFICEMARKET Q3 99 Q4 99 Trade Agreement Q1 00 US-VN Bilateral Q2 00 Prime Office Rental Index Q3 00 Q4 00 Q1 01 Q2 01 Q3 01 Q4 01 Q1 02 And theupwardtrend willcontinuedueto: Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 • • Q3 03 Delays innewsupply demand Growing Q4 03 Q1 04 Q2 04 Q3 .
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