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Page 4 of 6
Short Term Future
Since the bottom of commercial property market cycle in 1999, when International Standard serviced apartment accommodation rentals were USD$22 per square metre a month, the average occupancy steadily increased to the point was reached since when average occupancies reached around 94%, which in many respects can be regarded as full occupancy given maintenance programmes, group bookings, and periodic voids. Naturally, rentals have and still are increasing to exploit the current demand-supply imbalance.
There are an increasing number of foreigners interested in owning condominiums, especially close to the city centre where many perceive that rentals and values will continue to increase and remain consistently strong. However the unavailability of any legal rights ‘in' condominiums (as opposed to leasehold contractual rights ‘over' property), have sufficiently deterred most such potential foreign buyers from investing.
New Supply : International Standard Serviced Apartment Accommodation
|
HANOI (Units) |
HCMC (Units) |
|
2005 |
1,300 |
3,450 |
|
2006 |
2,100 |
6,675 |
|
2007 |
1,200 |
5,325 (Inc Saigon Pearl ) |
|
2008 |
1,000 |
8,000 (Inc Keppel's Sports' City) |
Ho Chi Minh City
|
Average asking prices
USD$ / sqm |
Developer |
No. Units |
% Pre-Sold |
|
Lancaster |
$2,200 |
Vietnamese |
90 |
|
Pasteur Court |
$2,300 |
Vietnamese |
156 |
75 |
|
Manor |
$1,700 |
Vietnamese |
426 |
70 |
|
Saigon Pearl |
$1,400 (wef June 06) |
Hong Kong JV |
700 Phase 1 |
60 |
|
Horizon Tower |
$1,000 |
Vietnamese |
200 |
70 |
|
My Vinh Tower |
$1,400 |
Vietnamese |
66 |
70 |
|
Grandview PMH |
$1,500 |
Taiwanese JV |
198 |
90 |
|
Avalon |
$2,200 (wef May 05) |
BVI JV |
51 |
50 |
|
Orchard Garden |
$1,460 (wef June 05) |
Vietnamese |
206 |
N/A |
|
Indochina Park Tower |
$1,800 (wef June 05) |
Vietnamese |
100 |
50 |
|
Saigon M&C Tower |
$2,700 (wef 2009) |
Vietnamese |
200+ |
N/A |
Hanoi
|
Average asking prices
USD$ / sqm |
Developer |
No. Units |
% Pre-Sold |
|
Ciputra |
$600 |
Indonesian JV |
316 |
|
Pacific Place |
$1,800 |
Taiwan JV |
185 |
90 |
|
Manor |
$1,500 |
Vietnamese |
450 |
75 |
Central Business District – CBD – Land Prices : -
|
City |
Av Price-$/sqm |
End Value-$/sqm |
Yield |
Remarks |
|
HCMC |
6,700 |
670 |
10 |
Limited number of transactions
|
|
Hanoi |
5,500 |
680 |
8 |
Limited number of transactions |
|
Bangkok |
2,500 |
250 |
10 |
|
|
Manila |
3,000 |
375 |
8 |
|
|
Hong Kong |
49,500 |
4,125 |
12 |
Government land sale |
|
Singapore |
20,250 |
3,800 |
12 |
99yr lease of 1.8 hectare site |
|
Residential Report 
