CBD retail market stable

Accelerating success
www.colliers.com/vietnam
OCTOBER 2015
HCMC CENTRAL BUSINESS DISTRICT
CBD MONTHLY MARKET REPORT
* Vincom CenterAccelerating success
www.colliers.com/vietnam

Table of Contents
HCMC MARKET OVERVIEW
Office
Retail
Hotel
Serviced Apartment

LIST OF FIGURES
Figure 1
Figure 2
Figure 3
Figure 4
Figure 5
Figure 6
Figure 7
Figure 8

LIST OF TABLES
Table 1
Table 2
Table 3
Table 4
Table 5
Table 6
Table 7
Table 8
Page
3-5
6-7
8-9
10-11
3
3
6
6
8
8
10
10
3
4
6
7
8
9
10
11
...........................................................................................................................
...........................................................................................................................
...........................................................................................................................
...............................................................................................................
Office, Net absorption and asking rent by grade..................................................
Office, Overall occupacy.....................................................................................
Retail, Market performance of all grades..........................................................
Retail, Average rental rate by grade...................................................................
Hotel, Average room rate..................................................................................
Hotel, Occupancy rate.......................................................................................
Serviced apartment, Average rental rate..........................................................
Serviced apartment, Occupancy rate...................................................................
Office, Market summary.....................................................................................
Significant office projects..................................................................................
Retail, Market summary.....................................................................................
Significant retail projects...................................................................................
Hotel, Market summary......................................................................................
Significant hotel projects...................................................................................
Serviced apartment, Market summary...............................................................
Significant serviced apartment projects ..........................................................

Figure 2: Office, Overall occupancy
PERFORMANCE
The average net asking rents across all grades remained stable in
the review month. Grade A and Grade B office buildings maintained
their net asking rents at USD40/sqm/mth and USD24/sqm/mth
respectively. Kumho Asiana Plaza, The Metropolitan and Saigon
Centre have the highest rents among all Grade A buildings.
As a result of limited supply and strong floor uptake from
anchored tenants in newly-built Vietcombank and Lim Tower 2,
average occupancy rate of both Grade A and Grade B enjoyed high
percentage over 90%. Grade A improved its occupancy rate at
96% whilst Grade B increased to 94%.
SUPPLY
Currently, there has 11 Grade A and 57 Grade B buildings, providing
286,640 sqm GFA and 937,291 sqm GFA to Ho Chi Minh City office
market. The total stock was relatively stable quarter-on-quarter
(q-o-q) and increased 3% year-on-year (y-o-y).
Q3 2015 witnessed no new supply, which is a good time to absorb
remaining office space in the market. There will be a drought of
premium quality office buildings over the next two years until
Deutsches Haus, The One and Saigon Centre (phase 2) are due
for completion in 2017-18.
DEMAND
Demand for office space remained solid, driven by business growth
and tenant flight to quality.
The total office take-up across all grades significantly increased
to 5,800 sqm in Q3 2015. Grade A and Grade B net absorption
reached 2,000 sqm and 3,800 sqm respectively.
OUTLOOK
Recent free trade agreements and partnership have initiated rising
inquiries from multinational corporations for expansion as well as
relocation. Given the shortage of land in the CBD, decentralisation
is expected in the medium to long term.
Landlords in top-tier office buildings are optimistic about their
tenant retention due to limited new supply. Hence, incentives
might be tightened and rent growth is expected to be slow and
steady over the next quarters.
OCTOBER 2015 | OFFICE
©2015 Colliers International Research
Page 3
Figure 1: Office, Net absorption and asking rent by grade
Source: Colliers International Research
Table 1: Office, Market summary
Grade A Grade B Total
Total Supply (Project) 11 31 44
Total Supply (NLA) 212,655 405,851 618,506
Average Rent Rate
(US$/sqm/month)
39.8 24 32
Q-o-q Change (ppts) 3.2 1 2
Occupancy (%) 95 96 95
Q-o-q Change (ppts) 2.8 1.4 2.1
285000
290000
295000
300000
305000
310000
24
25
26
27
28
29
30
31
32
33
Jan-15 Feb-15 Mar-15 Apr-15May-15Jun-15 Jul-15 Aug-15Sep-15 Oct-15 Nov-15
F
Dec-15
F
sqm
USD/sqm/month
Net absorption Asking rent
88
90
92
94
96
98
100
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15
F
Dec-15
F
%

(*) US$/sqm/month (NLA)
Table 2: Significant Office Projects
No Name Address
Completion
Year
NLA
(sqm)
Service
Charges (*)
Occupancy
rate
Average
asking rent
(**)
1 Saigon Centre 65 Le Loi 1996 11,650 6.0 99% 40.0
2 Saigon Tower 29 Le Duan 1997 13,950 6.0 96% 40.0
3 Sunwah Tower 115 Nguyen Hue 1997 20,800 6.0 98% 38.0
4 The Metropolitan 235 Dong Khoi 1997 15,200 6.0 86% 43.0
5 Diamond Plaza 34 Le Duan 1999 15,936 8.0 99% 37.0
6 Kumho Asiana Plaza 39 Le Duan 2009 26,000 7.5 92% 44.0
7 Bitexco Financial Tower 2 Hai Trieu 2010 37,710 8.0 94% 37.0
8 President Place 93 Nguyen Du 2012 8,330 6.0 97% 33.0
9 Times Square 22-36 Nguyen Hue 2012 12,704 7.0 85% 40.0
10 Le Meridien 3C Ton Duc Thang 2013 9,125 4.8 100% 35.0
11 Vietcombank Tower 5 Me Linh Square 2015 41,250 7.0 96% 33.0
Grade A 212,655 6.9 95% 37.9
1 OSIC 8 Nguyen Hue 1993 6,500 6.0 90% 26.0
2 Yo Co Building 41 Nguyen Thi Minh Khai 1995 5,000 3.0 99% 23.0
3 Somerset Chancellor Court 21-23 NguyenThi Minh Khai 1996 3,200 5.0 95% 24.0
4 Central Plaza 17 Le Duan 1997 6,094 5.0 100% 26.0
5 Harbour View Tower 35 Nguyen Hue 1997 8,000 5.0 90% 20.0
6 Saigon Riverside Office 2A-4A Ton Duc Thang 1997 10,000 5.0 99% 21.0
7 Saigon Trade Center 37 Ton Duc Thang 1997 31,416 6.0 92% 21.0
8 MeLinh Point Tower 2 Ngo Duc Ke 1999 17,600 6.0 100% 24.0
9 Zen Plaza 54-56 Nguyen Trai 2001 11,037 5.0 88% 21.0
10 Bitexco Building 19-25 Nguyen Hue 2003 6,000 5.0 98% 24.0
11 The Landmark 5B Ton Duc Thang 2005 8,000 6.0 99% 22.0
12 Opera View 161-167 Dong Khoi 2006 3,100 7.0 100% 27.0
13 City Light 45 Vo Thi Sau 2007 10,000 5.0 95% 18.0
14 Petro Tower 1-5 Le Duan 2007 13,304 6.5 99% 27.0
15 The Lancaster 22 – 22 Bis Le Thanh Ton 2007 7,000 5.0 88% 25.0
16 CJ Building 5 Le Thanh Ton 2008 14,000 5.0 100% 23.0
17 Continential Tower 81-85 Ham Nghi 2008 15,000 6.0 100% 24.0
18 Havana Tower 132 Ham Nghi 2008 7,326 6.0 97% 28.0
19 Royal Center 235 Nguyen Van Cu 2008 14,320 5.0 100% 25.0
20 Sailing Tower 51 Nguyen Thi Minh Khai 2008 16,910 6.0 100% 26.0
21 TMS 172 Hai Ba Trung 2009 4,000 3.5 100% 25.0
22 A&B Tower 76 Le Lai 2010 17,120 6.0 97% 27.0
23 Bao Viet Tower 233 Dong Khoi 2010 10,650 5.5 98% 21.0
24 Green Power Tower 35 Ton Duc Thang 2010 15,600 6.0 100% 24.0
25 Maritime Bank Tower 192 Nguyen Cong Tru 2010 19,596 5.0 90% 22.0
26 Saigon Royal 91 Pasteur 2010 5,340 6.0 100% 27.0
27 Vincom Center 68 -70 -72 Le Thanh Ton 2010 56,600 5.0 92% 24.0
28 Empress Tower 138 Hai Ba Trung 2012 19,538 6.0 98% 25.0
29 Lim Tower 9-11 Ton Duc Thang 2013 22,000 6.0 98% 28.0
30 MB Sunny Tower 259 Tran Hung Dao, Co Giang 2013 13,200 5.5 92% 25.0
31 Lim Tower 2 Vo Van Tan 2015 8,400 5.0 93% 23.0
Grade B 405,851 5.5 96% 24.0
OCTOBER 2015 | OFFICE
Page 4

OCTOBER 2015 | GRADE A OFFICE SKYLINE REVIEW
Page 5
KUMHO ASIANA PLAZA
39 Le Duan, District 1
26,000/1,402
$ 44.00
$ 7.50
DIAMOND PLAZA SAIGON
15,936/2,200
$ 37.00
$ 8.00
LE MERIDIEN HOTEL
3C Ton Duc Thang, District 1
9,125/NA
$ 35.00
$ 4.80
SAIGON TOWER
13,950/NA
$ 40.00
$ 6.00
DEUTSCHES HAUS
3-5 Le Van Huu, District 1
THE METROPOLITAN
235 Dong Khoi, District 1
15,200/1,000
$ 43.00
$ 6.00
PRESIDENT PLACE
93 Nguyen Du, District 1
8,330/1,000
$ 33.00
$ 6.00
BITEXCO FINANCIAL TOWER
2 Hai Trieu, District 1
37,710/900-1,300
$ 37.00
$ 8.00
VIETCOMBANK TOWER
5 Me Linh Square, District 1
41,250/NA
$ 33.00
$ 7.00
TIMES SQUARE SAIGON
22-36 Nguyen Hue, District 1
12,704/1,450
$ 40.00
$ 7.00
SAIGON CENTRE
65 Le Loi, District 1
11,650/ 1,073
$ 40.00
$ 6.00
SUNWAH TOWER
115 Nguyen Hue, District 1
20,800/ 1,166
$ 38.00
$ 6.00

OCTOBER 2015 | RETAIL
PERFORMANCE
In the review month, the average net asking rents recorded no
significant change, maintaining at US$79/sqm/mth. Rents in the
CBD are approximately two times higher than those in non-CBD
area.
As retail centres in the CBD are located high retail catchment area,
their occupancy rate reached 95%. Non-CBD area also enjoyed
high occupancy rate of 93% due to strong leasing activity in two
newly completed shopping centres.
SUPPLY
Year to date, Vietnam has approximately 700 supermarkets, 132
shopping centres, and hundreds of convenience stores. According
to the master planning of Ministry of Industry and Trade to the
year 2020, the country will have 1,200-1,500 supermarkets, 180
shopping centres and 157 other retail formats. Hence, the retail
stock has high potential for growth in the future.
There has been a trend of developing large shopping centres in
suburban area due to limited land availability in the city centre. In
Q3 2015, the CBD stock decreased 2% q-o-q while the non-CBD
welcomed two new retail centres. Lotte, Aeon, Vingroup are big
names not only in retail developments but also in recent M&A retail
transactions.
DEMAND
By end of 2015, the vision of ASEAN Economic Community (AEC)
to establish ASEAN as a single market and production hub so as
to make the region more dynamic and competitive in the global
economy will be reached.
The development of AEC helps to boost Vietnam’s appeal to foreign
retailers. Household disposable income will increase on the back of
positive economic fundamentals and demand for consumer goods
and services is expected to grow exponentially. To meet the rising
retail demand, more shopping centres and outlets are anticipated to
complete in Vietnam in general and in Ho Chi Minh City in particular.
OUTLOOK
The potential benefits in ASEAN will promote international
retailers to venture into Vietnam to increase their brand exposure
and tap on the growing local purchasing power.
In the short-to-medium term, retail supply and rents will be stable,
with shopping malls being built in both urban and suburban areas.
Supply is anticipated to grow stronger in the long term. By 2020,
retail space in HCMC will be double from what exists today.
Page 6
Figure 3: Retail, Market performance of all grade
Table 3: Retail, Market summary
Shopping
Centre
Retail
Podium
Department
Store
Total
Total Supply (Project) 5 12 4 21
Total Supply (sqm NLA) 114,250 34,040 12,300 160,590
Average Rent Rate
(USD/sq m/month)
69.9 66.4 100.6
Q-o-q change (ppts) 4 3 -2.15 1.6
Occupancy (%) 88 98.3 100
Q-o-q change (ppts) 1 2.6 1.8
Figure 4: Retail, Average rental rate by grade
82
84
86
88
90
92
94
96
98
100
102
0
20
40
60
80
100
120
Retail Podium Shopping Centre Department Store
%
USD/sqm/month
Occupancy rate Average asking rent
50
60
70
80
90
100
110
120
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15
F
Dec-15
F
USC/sqm/month
Retail Podium Shopping Centre Department Store

Table 4: Significant Retail Projects
No
Name of Project /
Building
Address Location
Completion
Year
NLA
(sq m)
ARR (*) Occupancy Rate
1 Saigon Center Le Loi District 1 1996 Renovation Renovation Renovation
2 Diamond Plaza 34 Le Duan District 1 1999 9,000 90 98.0%
3 Caravelle Hotel 19 Lam Son Square District 1 2000 Renovation Renovation Renovation
4 Continential Saigon 132-134 Dong Khoi District 1 2000 200 90 100.0%
5 New World Hotel 76 Le Lai Street District 1 2000 1,000 60 100.0%
6 Zen Plaza 54-56 Nguyen Trai District 1 2001 6,817 50 100.0%
7 Sheraton Saigon 88 Dong Khoi District 1 2002 750 125 69.0%
8 Opera View Lam Son Square District 1 2006 1,260 85 100.0%
9 Kumho Asiana 35 Le Duan District 1 2009 6,830 45 98.0%
10 Rex Arcade 141 Nguyen Hue District 1 2010 2,000 120 100.0%
11 ICON 68 45 Ngo Duc Ke District 1 2011 8,000 50 99.0%
12 President Place 93 Nguyen Du District 1 2012 800 70 100.0%
Retail Podium 36,657 66.4 98.3%
1 City Plaza 230 Nguyen Trai District 1 2000 5,250 25 100.0%
2 Parkson Saigontourist 35 Le Thanh Ton Street District 1 2002 17,000 90 100.0%
3 Nowzone Nguyen Van Cu Street District 1 2008 9,000 55 100.0%
4 Vincom Center B 72 Le Thanh Ton District 1 2010 45,000 68 99.0%
5 Union Square 171 Dong Khoi District 1 2012 38,000 73 65.0%
Shopping Centre 114,250 69.9 88%
1 Saigon Square 1 77 - 89 Nam Ky Khoi Nghia District 1 2006 1,300 77 100.0%
2 Taka Plaza 102 Nam Ky Khoi Nghia District 1 2011 1,000 167 100.00%
3 Lucky Plaza 38 Nguyen Hue District 1 2013 1,000 160 98.0%
4 Times Square 22-36 Nguyen Hue District 1 2013 9,000 90 100.0%
Department Store 12,300 100.6 99.8%
OCTOBER 2015 | RETAIL
Page 7
(*) ARR (Average Rental Rate): All rents are stated in net rents per sqm, inclusive service charge but exculding VAT

OCTOBER 2015 | HOTEL
PERFORMANCE
As of October 2015, the five star hotels remained its high average
room rate at USD226/room/night but saw a drop of 3.3ppt m-o-m
in occupancy, down to 89%.
The four star segment lowered its room rate to USD107/room/
night, down 8.5ppt m-o-m which helped to increased the
occupancy rate to 87%, up 1ppt m-o-m.
SUPPLY
The supply pipeline of Ho Chi Minh City consists of 112 hotels,
providing more than 14,000 rooms.
The CBD is perceived as the most favourable location for upscale
and luxury hotels. Accounting for nearly 70% of the city’s high-
end hotels, the area is home of 14 five star-hotels and 13 four-star
hotels, with a total of approximately 6,300 rooms. 5-star Des Arts
Saigon is the most recent hotel development in the CBD.
DEMAND
Despite declines in the number of international arrivals to Viet
Nam this year, Ho Chi Minh City tourism industry has maintained
its positive growth. In the first ten months of 2015, revenue from
this industry estimated more than VND15 trillion, up 7% y-o-y.
To promote the local tourism, the city authorities have hold a
number of special activities this year, including an Ao Dai festival
in March, a southern food festival in May, a southern fruits
festival in June, an international travel expo in September and an
international delicious food festival in December. As more tourists
are attracted to the city, demand for short stay accommodation
will grow steadily.
OUTLOOK
It is expected that the average room rates and occupancies will
pick up in last months of the year when the high tourist season
started.
In a short to medium term, the CBD stock will add more rooms
from both new hotel developments and refurbishment projects.
Union Square Hotel, formerly known as Vincom A is set for
opening next year before The One, The Landmark 81, Ritz-Carlton
Saigon and Lavenue Crown projects join the market in 2017 and
2018. Moreover, the expansion of the Majestic hotel and the
redevelopment of Satra Tax Center are also expected to complete
in the next four years.
Page 8
Table 5: Hotel, Market summary
Figure 5: Hotel, Average room rate
Figure 6: Hotel, Occupancy rate
5 star 4 star Total
Total Supply (Project) 14 13 27
Total Supply (rooms) 4,568 1,751 6,319
Average Room Rate
(USD/room/night)
226 106.5 166
M-o-m Change (ppts) 12.3
Occupancy (%) 89 87 88
M-o-m Change (ppts) 8.3 4.4
150 100 50 0 50 100 150 200 250
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov. F
Dec. F
2015
USD/room/night
4 star 5 star
0
10
20
30
40
50
60
70
80
90
100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov. F Dec. F
2015
%
5 star 4 star

Table 6: Significant Hotel Projects
No Name of Project Address Location
Launched
Year
Room Occupancy Rate ARR (*)
1 Caravelle 19 Lam Son Square District 1 2000 335 85% 231
2 New World Saigon 76 Le Lai District 1 2000 533 93% 180
3 Rex 141 Nguyen Hue District 1 2000 286 93% 203
4 Sofitel Plaza Saigon 17 Le Duan District 1 2000 286 90% 237
5 Lotte Legend Hotel Saigon 2A - 4A Ton Duc Thang District 1 2001 283 73% 157
6 Renaissance Riverside 8 - 15 Ton Duc Thang District 1 2001 350 85% 233
7 Sheraton 88 Dong Khoi District 1 2002 485 94% 233
8 Park Hyatt Saigon 02 Lam Son Square District 1 2005 259 98% 257
9 Majestic Saigon 1 Dong Khoi District 1 2007 175 63% 160
10 InterContinental Asiana 39 Le Duan District 1 2009 305 93% 293
11 Nikko Saigon 235 Nguyen Van Cu District 1 2011 334 100% 174
12 Le Meridien 3C Ton Duc Thang District 1 2013 345 86% 220
13 Pullman Saigon Centre 146 Tran Hung Dao District 1 2013 306 84% 161
14 The Reverie Times Square 22 - 36 Nguyen Hue District 1 2015 286 96% 452
5-star Hotels 4,568 89% 226
1 Continental 132-134 Dong Khoi District 1 1990 83 100% 120
2 Norfolk Hotel 117-119 Le Thanh Ton District 1 1992 104 52% 115
3 Duxton 63 Nguyen Hue District 1 1996 191 88% 109
4 Oscar 68A Nguyen Hue District 1 2000 108 98% 50
5 Palace Saigon 56-66 Nguyen Hue District 1 2000 144 100% 81
6 Royal City 133 Nguyen Hue District 1 2000 135 74% 69
7 Paragon Saigon Hotel 22-24 Thi Sach District 1 2009 173 100% 87
8 Liberty Central 179 Le Thanh Ton District 1 2010 140 88% 136
9 Golden Central Saigon 140 Ly Tu Trong District 1 2011 120 83% 80
10 Grand Silverland Hotel & Spa 125-133 Ly Tu Trong District 1 2011 89 97% 100
11 Liberty Central Saigon Riverside 17 Ton Duc Thang District 1 2013 170 78% 161
12 Liberty Saigon City Point Hotel 59-61 Pasteur District 1 2014 171 88% 150
13 Eden Saigon Hotel 38 Bui Thi Xuan District 1 2013 123 86% 96
4-star Hotels 1,751 87.1% 106.5
* US$/ sq. m
OCTOBER 2015 | HOTEL
Page 9
*Price excludes VAT

OCTOBER 2015 | SERVICED APARTMENT
PERFORMANCE
Due to their locations, CBD serviced apartments normally have
better performance than those in non CBD areas. The average rent
in the CBD is 37% higher than in the non-CBD area whilst the CBD
occupancy was 4 ppts higher than that of the non-CBD and 5 ppts
than that of the new urban areas.
The overall performance indicators remained unchanged in
October 2015. Grade A recorded its average gross asking rents
at USD31.5/sqm/mth and occupancy rate at 91.5%. Meanwhile,
Grade B asking rents and occupancy rate were USD28.6/sqm/mth
and 87.3% respectively.
SUPPLY
The city total stock was approximately 4,370 units from 80
projects, increasing 2% q-o-q and 6% y-o-y. In terms of supply
by location, District 1 made up 43% of total supply, followed by
District 3, District 7 and District 2.
Two recent completions in the CBD are Ascott Waterfront Saigon
and The Reverie Residence, providing more than 300 serviced
apartments.
DEMAND
According to the recent World Bank’s “Doing Business 2016:
Measuring Quality and Efficiency” report, Vietnam’s business
environment ranking has advanced three notches as a result of
stronger reforms in some sectors.
The country’s improvements have been shown in starting a
business, paying taxes, securing credit and resolving insolvency.
The better business environment will help to boost foreign
investment inflows. As more multi-corporations enter Vietnam,
demand for serviced apartments is anticipated to grow stronger.
OUTLOOK
In the next three years, the supply pipeline will be substantial by
more than 2,000 units entering the market. Nearly half of the
future supply will be located in the CBD.
As the supply pipeline will be limited next year, rents and occupancy
rates in the existing projects are expected to moderately increase.
©2015 Colliers International Research Page 10
Grade A Grade B Total
Total Supply (Projects) 6 11 44
Total units 683 814 1,497
Average Rent Rate
(USD/sq m/month)
31.5 28.6 30.1
Occupancy (%) 91.5 87.3 89.4
Table 7: Serviced apartment, Market summary
Figure 7: Serviced apartment, Average rental rate
Figure 8: Serviced apartment, Occupancy rate
70
75
80
85
90
95
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 F Dec-15 F
%
Grade A Grade B
15
20
25
30
35
40
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov. F Dec. F
2015
USD/sqm/month
Grade A Grade B

Table 8: Significant Serviced Apartment Projects
No. Project Name Address Location
Completion
Year
Total
Room
Average
Occupancy
ARR(*)
(**)
1 The Landmark 5B Ton Duc Thang District 1 1995 66 84.0% 26
2 Sedona Suites 65 Le Loi District 1 1996 89 89.0% 30
3 Somerset Chancellor Court 21-23 Nguyen Thi Minh Khai District 1 1996 172 94.0% 26
4 Nguyen Du Park Villas 111 Nguyen Du District 1 2004 41 98.0% 30
5 The Lancaster 22-22 Bis Le Thanh Ton District 1 2007 55 75.0% 37
6 Intercontinental Asian Saigon 39 Le Duan District 1 2009 260 95.0% 36
Grade A 683 91.5% 31.5
1 Norfork Mansion 17-21 Ly Tu Trong District 1 1998 126 96.0% 33
2 Saigon Sky Garden 20 Le Thanh Ton District 1 1998 154 86.0% 26
3 Somerset HCM 8A Nguyen Binh Khiem District 1 1998 165 95.0% 34
4 Diamond Plaza 34 Le Duan District 1 1999 42 95.0% 29
5 Garden View Court 101 Nguyen Du District 1 2000 76 82.0% 31
6 Ben Thanh Luxury 172-174 Ky Con District 1 2010 88 91.0% 18
7 Lafayette De SaiGon 8 Phung Khac Khoan District 1 2010 18 89.0% 28
8 Vincom Center 45A Ly Tu Trong District 1 2010 60 34.0% 26
9 Nikko Saigon 235 Nguyen Van Cu District 1 2011 54 100.0% 27
10 Saigon City Residence 8A/3D2 Thai Van Lung District 1 2011 17 93.0% 34
11 Spring Court 1Bis Phung Khac Khoan District 1 2011 14 87.0% 19
Grade B 814 87.3% 28.6
OCTOBER 2015 | SERVICED APARTMENT
Page 11
(*) US/sqm/month
(**) ARR (Average Rental Rate): All rents are stated in gross rents per sqm, not including VAT and serviced charge

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