5-oct-16: hanoi’s air pollution reaches - cbre vietnam · 2016 10 cbre market insights | q3 2016...

1 CBRE MARKET INSIGHTS | Q3 2016


LIMITS TO GROWTHFrom Formosa to West Lake

More than 200 tons of died fish collected in Westlake, Hanoi

5-Oct-16: Hanoi’s air pollution reaches hazardous level – rank 2nd in the world


MEANWHILE IN HCMC…

Thu Thiem Tunnel

On the Street Inside building

For Pokemon hunters, not a problem.

IT NEVER RAINS BUT IT POURS


In first-4 day after opening, Hanoi attracted

207,236 visitors

USD23 mil tourism revenue

WALKING DOWN THE STREET AND CATCH A POKÉMON

… And free Wi-Fi for Pokémon Players

New walking streets for Hanoian and Tourists

IN HANOI

Source: CBRE Vietnam.

Source: Hanoi Tourism Department


VIETNAM IN THE FOREIGN PRESS

Sep 7th, 2016


THE GOOD NEWS


Remittances to VietnamAND… MORE GOOD NEWS

“in the first seven months of 2016, an increase of 4.16 percent compared to the same period last year”“the southern hub is expected to receive

$5.7 billion in overseas remittances this year, climbing 5.6 percent compared to 2015”

“21.6 percent of remittances in 2015 have been spent on real estate projects, equaling a 0.8 percent increase year-on-year.

With the $5.5 billion forecast, we expect to see at least $1.2 billion of overseas money flowing into the property sector”

“Remittances to Vietnam are estimated to have increased by

some 10 percent in 2015, benefiting from improvements in overseas

remittance services and a change in law in 2015 that permits Vietnamese overseas to buy houses in Vietnam”


AND THE NOT SO GOOD

Sep 6th 2016

Sep 1st 2016

FDI into Textile Slows Down

Sep 27th 2016


0

20

40

60

80

100

120

140

160

May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May July Sep

2014 2015 2016

Ind

ex

Government Bond VN-Index Local Gold USD/VND Crude Oil

VIETNAM ECONOMYMajor Asset Classes

Source: HNC, Gold.org, SJC, SBV

2016


Agriculture, forestry and fishing grew at a 6-year lowGDP

Vietnam GDP growth (%)

Source: General Statistics Office

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

GDP Industry andConstruction

Service Agriculture,forestry and

fishing

9M 2015 9M 2016

Vietnam GDP growth by sector 9M 2016 vs 9M 2015

9M 20145.6%

9M 20156.5%

9M 20165.9%

H1 20165.52%


Real Estate FDI Remains ModerateFDI

Vietnam Registered FDI in 9M 2016: USD16.4 billion

25%

75%

Real estate

Others2007

6%

74%

20%

Real estate

Manufacturing

Others

9M 2016

Top FDI Investors, USD million, 9M2016

5,587

1,705

1,849

1,228

1,110

0 1000 2000 3000 4000 5000 6000

South Korea

Japan

Singapore

Taiwan

Hongkong 1. LG Display Co., Ltd invested US$1.5 billion for a OLED project in Hai Phong

2. Long Thanh Amata City in Dong Nai received ~US$309 million from Thai Investor to build a service township

3. Samsung investing US$300 million in a 21-storey building in Hanoi.

4. TNR Holdings and a Russian partner signed the memo regarding implement a US$300 million project in Hanoi.

Major Real Estate Deals, 9M 2016


Strong growth in new companies and registered capital in REREGISTERED COMPANIES

99% increase in Number of newly registered companies

242.5% increase in registered capital

REAL ESTATE

Newly registered companies

81,451 companies9M 2016

68,347 companies9M 2015

Source: General Statistics Office

19% up

Total registered capital of new company

VND 629.1 trillion9M 2016

VND 420.9 trillion9M 2015

49.5% up


DASHBOARD – PRODUCED MONTHLY

(*) Current lending rate is the average lending rate surveyed at ten banks, and only applicable for home loan. However, the back-dated numbers were the average rate announced publicly at that point of time, applied for all sectors and all banks. The average lending rate is for reference only.(**) Deposit rate is the average deposit rate from a sample comprised of ten banks, in which the rates are announced publicly on their websites and can be tracked backwards.

ECONOMICINDICATORS

2Y 1Y 6M 3M 1M Current

CPI (%) y-o-y 4.6 0.7 1.3 1.7 1.9 1.9

Trade balance (US$, bil)

(0.6) (0.2) (0.1) (0.1) 0.2 (0.1)

Retail & services Turnover (VND, tril)

244.5 270.6 275.4 295.8 292.8 294.4

BANKING & FINANCE 2Y 1Y 6M 3M 1M Current

VN-Index 598.8 562.6 561.2 620.8 669.2 688.6

USD/VND (inter-bank) 21,246 21,890 22,300 21,914 21,914 21,949

Local gold (VND mil/tael) 35.8 33.8 33.2 35.1 36.1 36.1

Lending Rate (%)* 13.1% 8.4% 7.6% 7.1% 7.4% 8.2%

Deposit rate (%)**(1-year term)

6.8% 6.3% 6.7% 6.6% 6.7% 6.7%

REAL ESTATE INDEX 2Y 1Y 6M 3M 1M Current

Real Estate Holding & Development Listed Companies

53.32 44.20 46.47 49.67 48.44 46.12

Real Estate Services Listed Companies

53.97 40.3 34.07 28.12 26.82 23.37

Source: Stockbiz October 2016

Source: GSO Sept ember 2016 Source: GSO, SBV, SJC & HSX September 2016

NEW LAUNCHES 2Y 1Y 6M 3M 1M Current

HCMC New launches (unit)

66,068 36,395 22,276 11,943 3,521 2,781

HN New launches (unit) 42,039 22,757 12,946 8,460 3,739 1,409

Source: CBRE October 2016


FORTUNE GLOBAL 500Fortune Companies in Vietnam

0

5

10

15

20

25

30

35

40

45

Foo

d &

Dru

g S

tore

s

Tel

ecom

mun

icat

ions

App

arel

Tra

nspo

rtat

ion

Ch

emic

al

Tec

hnol

ogy

Ene

rgy

Eng

inee

ring

& C

onst

ruct

ion

Hou

seho

ld p

rodu

cts

Bus

ines

s S

ervi

ce

Mot

or V

ehic

les

& P

arts

Re

taili

ng

Who

lesa

lers

Fin

ance

He

alth

Car

e

Indu

stria

ls

Foo

d, B

ever

ages

& T

obac

co

Ho

tels

, Res

taur

ant

s &

…

Aeo

rosp

aces

& D

efen

se

Mat

eria

ls

Med

ia

No.

of c

ompa

nies 2015

2016

218 companies in 2015 230 companies in 2016

Source: CBRE Vietnam


BCI NUMBERS

All Future Projects

(2015-2030) HCMC Hanoi

Da Nang

Can Tho

Nha Trang

Vung Tau

Hai Phong

Office 250 244 54 29 16 29 39

Retail 80 106 43 5 12 12 7

Hospitality and SA

37 23 43 3 33 16 3

Residential 380 164 29 11 25 18 9

Total 747 537 169 48 86 75 58

Projects Under

ConstructionHCMC Hanoi

Da Nang

Can Tho

Nha Trang

Vung Tau

Hai Phong

Office 147 152 26 15 9 22 23

Retail 90 62 29 3 6 8 3

Hospitality and SA

21 15 34 3 18 9 2

Residential 282 100 16 5 14 11 7

Total 540 329 105 26 47 50 35

Source: www.bciasia.com; CBRE Vietnam September 2016Source: www.bciasia.com; CBRE Vietnam September 2016

Projects under construction, y-o-y change All future projects (2016 – 2030), y-o-y change

-100%

0%

100%

200%

300%

HCMC Hanoi DaNang

CanTho

NhaTrang

(KhanhHoa)

VungTau

HaiPhong

Per

cen

tag

e ch

ang

e

2016 YTD vs 2015 2015 vs 2014

-100%

0%

100%

200%

300%

HCMC Hanoi DaNang

CanTho

NhaTrang

(KhanhHoa)

VungTau

HaiPhong

Per

cen

tag

e ch

ang

e

2016 YTD vs 2015 2015 vs 2014


WALKABOUT IN HCMC Busy Construction Activities in District 1

15 Cleared Sites 5 Public Projects

7 Hotel Projects 6 Residential Projects 2 Retail Projects 33 Office Projects

95 projects found on 132 streets in District 1


WALKABOUT IN HANOI The West and South West: Big construction sites

CBD14 projects

East5 projects

South22 projects

South West37 Projects

West47 Projects

North13 Projects

Midtown30 projects

CBD Fringe10 projects

179 projects found in 12 DistrictsCBD: 24 projects, New-CBD: 47 projects

133residential & mixed-used projects

HD Mon City, Tu Liem

Vincom Starbowl, Dong Da

137commercial & mixed-used projects


INFRASTRUCTURE


Airport – TSN seeking for solutions HCMC INFRASTRUCTURE

Source: tuoitre.vn

21 ha Military land for new hangar

7.6 ha hangar Under construction International Terminal

ExpansionUnder construction

Domestic Terminal ExpansionUnder Planning Parallel road project to

Truong ChinhUnder Planning

Tan Son Nhat Airport Terminal 3

GFA: 45,000 sqmUnder planning

Flooding, traffic jam, overloaded capacity


Metro Line No. 1HCMC INFRASTRUCTURE

Saigon Bridge Section3

3

6

4

An Phu Section46 Suoi Tien Station

Source: Retrieve on internet

5 Thu Duc Station

5

22

Van Thanh Station

1

1 Ba Son Station


Thu Thiem - Four major roads are taking shapeHCMC INFRASTRUCTURE

Thu Thiem OLD DAYS

Thu Thiem New Area TODAY

Land cleared, brushes and old houses removed

Thu Thiem TODAY (as of Oct 2016)


HCMC INFRASTRUCTURE

Connecting Vietnam, Laos, Thailand3 routes

1. Bangkok – Nakhon Phanom (Thailand) – Thakhek(Laos) – National Highway (NH) No. 12A – Ho Chi Minh Highway – NH No.15 – Ha Tinh Province (Vietnam).

2. Bangkok – Nakhon Phanom (Thailand) – Thakhek(Laos) – NH No.13 – NH No.18 – NH No.1 – Ha Tinh Province (Vietnam).

3. Mukdahan (Thailand) – Savannakhet (Laos) – NH No.9 – Dong Ha – NH No.1 – Hue – Da Nang (Vietnam).


Metro lines: step by step progressHANOI INFRASTRUCTURE

Source: Retrieve on internet, CBRE Vietnam

Line No. 3 – Nhon - Hanoi Railway station: 45% completed. Expected operation: 2020

Cau Giay Road Cau Giay – Pham Hung Intersection Depot on Cau Dien Road

Line No. 2A - Ha Dong- Cat Linh: 80% completed (Q2/16: 74%). Expected operation: Q3/2017

Depot on La Khe (Ha Dong) Depot on Thanh Xuan 3 Depot on Cat Linh


Metro Line No. 2A (Cat Linh – Ha Dong) – Q3/2016HANOI INFRASTRUCTURE

Source: Retrieve on internet, CBRE Vietnam.

Khuat Duy Tien – Nguyen Xien3

5

4

6

La Khe Station 6

1 Cat Linh Station

2 Hoang Cau Station

7

2

Yen Nghia Station

1

5 Van Khe Station

7

3

4 Nguyen Trai Section

Under-construction


Metro Line No. 3 (Nhon - Hanoi Railway station) – Q3/2016HANOI INFRASTRUCTURE

Source: Retrieve on internet, CBRE Vietnam.

Cau Giay – Voi Phuc6Ho Tung Mau-Le Duc Tho4 5 Cau Giay Section

3 Cau Dien Station

1

1 Nhon Station

3

4

2 2 Cau Dien Section

5

6

Under-construction

Under planning


CONDOMINIUM


CONDOMINIUMNew launches: Decrease in HCMC, but Increase in Hanoi

CBD

East3%

South12%South West

19%

West36%

North

Midtown19%

CBD Fringe6%

Source: CBRE Vietnam Q3 2016.

14% q-o-q -38% y-o-y

Hanoi

6,842 unitsfrom 16 projects

North6%

East24%

West21%

Central5%

HCMC

8,016 unitsfrom 23 projects

-17% q-o-q -27% y-o-y

South44%


CONDOMINIUM

Luxury: >US$3,500 per smHigh-end: US$1,500 to US$3,500 per sm

Mid-end: US$800 to $1,500 per smAffordable: US$800 per sm

Source: CBRE Vietnam, Q3 2016

Affordable

HCMC

Q-o-Q increase in launches from high-end and luxury segments

New Launches: Mid-end Segment Dominated

Mid-end Apartments continue to dominate new launches

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2015 2016

Uni

ts

Luxury High-end Mid-end Low-end

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2015 2016

Uni

ts

Luxury High-end Mid-end Affordable Affordable

Hanoi


New entryHCMC CONDOMINIUM

Well-known as Metro line no. 1 constructor

Developing their first Residential project in District 2 with Thien Duc Co.


HANOI: RETURN OF ONCE ABANDONED PROJECTS… and reviving of some redevelopment projects

16 Pham HungSunshine TowerExpected Completion: 2018

Giang Vo Exhibition Center Hanoi giving ground to a redevelopment


CONDOMINIUMSales momentum remains upbeat

Sales in Q3 surged to the highest level since the start of 2016

5,279 units sold

9% q-o-q

52% in mid-end segment

HanoiHCMC

0

2,000

4,000

6,000

8,000

10,000

12,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2015 2016

No.

of S

old

Uni

ts

Affordable Mid-end High-end Luxury

0

2,000

4,000

6,000

8,000

10,000

12,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2015 2016

No.

of S

old

Uni

ts

Luxury High-end Mid-end Affordable

7,811 units sold

32% q-o-q

50% in mid-end segment

Increase in Sold Units Given the Drop in New Launches

Source: CBRE Vietnam, Q3 2016.


Primary pricingHCMC CONDOMINIUM

Source: CBRE Vietnam Q3 2016

Asking Selling Price on Primary Market

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2015 2016

Prim

ary

pric

e (U

S$

psm

)

Luxury High-end Mid-end Affordable

Improvement in Mid-end market

7% q-o-q


HANOI CONDOMINIUM Primary Pricing

$0$500

$1,000$1,500$2,000$2,500$3,000$3,500$4,000$4,500$5,000

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2015 2016

Prim

ary

pric

e (U

S$

per

sqm

)

Luxury High-end Mid-end Low-endSource: CBRE Vietnam Q3 2016

• Average primary price increased q-o-q : • +6% in Mid-end • +8% High-end

Affordable

Asking Selling Price on Primary Market


Secondary Market Active in Well-Located and High-End Projects HCMC CONDOMINIUM

GATEWAY THAO DIEN• Launched price: US$1,800 (fully fitted)• Secondary price Q3/16: US$2,006• Unit size: 45 – 136 sqm• Total unit: 439

MASTERI• Launched price: US$1,412 (basic fitted)• Secondary price Q3/16: US$1,543• Unit size: 45 – 87 sqm• Total unit: 3,025

VINHOMES CENTRAL PARK• Launched price: US$1,890 (fully fitted)• Secondary price Q3/16: US$1,910• Unit size: 50 – 108 sqm• Total unit: 9,742

CITY GARDEN • Launched price: US$2,120 (fully fitted)• Secondary price Q3/16: US$2,293• Unit size: 59 – 139 sqm• Total unit: 478

NASSIM THAO DIEN• Launched price: US$2,500 (fully fitted)• Secondary price Q3/16: US$2,645• Unit size: 108-142 sqm• Total unit: 238


Active projects in secondary marketHANOI CONDOMINIUM

PARK HILL TIMES CITY (PHASE 2)• Launched price: US$1,627/sqm• Secondary price Q3/16: US$1,709/sqm• Total units launched: 3,868

HOA BINH GREEN CITY (TOWER A)• Launched price: US$1,180/sqm• Secondary price Q3/16: US$1,302/qsm• Total units launched: 546

ECO GREEN CITY • Launched price: US$997/sqm• Secondary price Q3/16:

US$1,058/sqm• Total units launched: 1,200

FLC COMPLEX TOWER• Launched price: US$1,139/qsm• Secondary price Q3/16: US$1,221/sqm• Total units launched: 483

ARTEMIS• Launched price: US$1,912/sqm (fully

furnished)• Secondary price Q3/16: US$1,953/sqm• Total units launched: 336


Notable New Supply in Q4 2016HCMC CONDOMINIUM

by Keppel Land, 816 units

by Phu My Hung, 1,840 units by CapitaLand, 960 units

by JV Keppel Land, Gaw Capital, Tran Thai and Tien Phuoc,~3,000 units

by Sunwah Group, ~500 units

Empire City

Saigon South Residence

Palm Heights

Feliz en Vista

Sunwah Pearl


HANOI CONDOMINIUMUpcoming launches scattered over different areas

Aqua Bay Sky Residences

Sky Park Residences

Green Pearl

Petrowaco

Skyline Hoang Cau

Xuan Mai Riverside


Foreign developers expand beyond their core areaHCMC CONDOMINIUM

Saigon South Residence

PMH


Stronger TogetherHANOI CONDOMINIUM

Tan Hoang Minh Group, Vingroup and Techcombankcooperate to promote ‘D. Capitale


More Large-Scale/Township ProjectsHCMC CONDOMINIUM

Vingroup43.9 ha

Under construction

Dai Quang Minh257 ha

Under construction

Vingroup25.29 ha

Under construction

Keppel Land + Tran Thai + Tien Phuoc

30.2 haUnder construction

Van Thinh Phat117.8 ha

Under construction

Vingroup1,080 haPlanning

Vinhomes Central Park Sala Thu Thiem VHGR

South Can GioSaigon PeninsulaPalm City


33%

60%

North-based

9%

43%

49%

7%

9M 2016

South-based

Offshore Buyers

9M 2015

CBRE Sales: More Foreign Buyers, for Investment Purpose in HCMCCONDOMINIUM

* The analysis above is based on CBRE Vietnam’s residential closed deals and should not be used as a marketwise benchmark.Source: CBRE Vietnam Q3 2016

Buyers by Origin

Buyers by Age

Under 30 30 - 40 41-50 Above 50

2%16% 45%22%

43%

22%17%20%

Owner-occupier

Buy-to-let Investors

Buy-to-gain Investors

29%

38%

21%60%

18%

3%


LANDED PROPERTY


New SupplyLANDED PROPERTY

Palm Residence Senturia Vuon Lai Valora Fuji The Victoria

• District 2• 136 units• 30.2 ha• US$2,800- 3,000/sm

• District 9• 84 units• 5.4 ha• US$1,500- 1,700 /sm

• District 1• 63 Villas• 25.3 ha• US$20,000++ /sm

• District 12• 194 units• 9.8 ha• ~ US$900 -1,000/sm

HCMC

HANOI

Imperia Garden An Phu Shop Villa

• Thanh Xuan District• 42 villas• Scale: 4.2 ha• US$8,200 – 8,500 /sm

• Ha Dong District• 246 shop houses• Scale: 47.3 ha• ~ US$1,900- 2,400/sm

• Hoang Mai District• 133 terraced units• Scale: 500 ha• US$1,800 – 3,400/sm

Gamuda ST4 La Casa Villa

• Dong Da• 16 villas and 9 shop houses• Scale: 7019 sm• ~ US$8,437/sm


HCMC Selling PriceLANDED PROPERTY

HCMC Villa and Townhouse, Selling Price by Quarter


0

1,000

2,000

3,000

4,000

5,000

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

2014 2015 2016

US

$/sq

m,

on la

nd a

rea)

District 2 District 9 District 7 Others

District 7: Stable secondary market

District 2: 2016 hot spot

District 9: >10% y-o-y


HanoiLANDED PROPERTY

Hanoi Villa and Townhouse, Selling Price by Quarter


+1.3%y-o-y

-1.9%q-o-q

$0

$2,000

$4,000

$6,000

$8,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2015 2016

US

$/sq

m,

on la

nd a

rea

Cau Giay Hoang Mai Long Bien Tu Liem Others

Cau Giay: highest average price of active projects, increase 1.39% q-o-q

Long Bien, Tu Liem and others: on the rise


HCMC Sales RateLANDED PROPERTY

0

1,000

2,000

3,000

4,000

District 2 District 9 District 7 Others

Num

ber

of u

nits

Sold Units Unsold units

Sold Rate by District

Palm ResidenceKeppel Land, Tien Phuoc, Tran Thai

Lakeview CityNovaland, D2

Cityland Park HillsCityland, Go Vap

2016 2016 2016

Sold >500 units Sold 136 units of phase 1 Sold >150 units

Mega VillageKhang Dien, D9

Melosa GardenKhang Dien, D9

Sold out Sold >250 units

2015 2015

Good Sales Rate Recorded for Townships with sufficient amenities/facilities.


Hanoi Sales RateLANDED PROPERTY

Sold out (92 units) Sold out (143 units) Sold out (53 units)

Sold 79% (246 units) Sold out (61 units)Sold ~85% (147 units)

FLC Garden CityTu Liem District

Park Hill ShophouseHai Ba Trung District

Five Star My Dinh

Tu Liem DistrictQ2/2016 Q1/2016 Q1/2016

Gamuda Phase 2Hoang Mai District

Green PearlHai Ba Trung DistrictQ3/2015 Q4/2015

Mon CityTu Liem DistrictQ4/2015


OFFICE


HCMC OFFICE

Total Supply by Year, HCMC Office


0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2013 2014 2015 2016

NLA

(sq

m)

Grade A Grade B

No New Supply in Q3/2016


HANOI OFFICE

Total Supply, Hanoi Office (NLA, sqm)

Hanoi Office supply64% Grade B44% from the West


New supply came on stream

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

2012 2013 2014 2015 Q3/16

Grade A Grade B

VP Bank Tower

Q3 2016MidtownGFA: 44,000 sqm

NEW SUPPLY IN Q3/2016


HCMC OFFICE

Net Absorption, Office


-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2013 2014 2015 2016

NLA

(sm

)

Grade A Grade B

Negative net absorption in Grade A buildings


HANOI OFFICEAbsorption improves q-o-q; still lags behind 2015

Net Absorption, Hanoi Office (sqm)

-10 000

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2013 2014 2015 2016

NL

A (

sqm

)

Grade A Grade B



Rents (*): Slight increase in HCMC – Drop in Hanoi OFFICE

HANOIHCMC

0 5 10 15 20 25 30 35 40 45051015202530354045

2016

Q3

Q2

Q1

2015

Q4

Q3

Q2

Q1

2014

Q4

Q3

Q2

Q1

2013Q4

Q3

05101520253035 0 5 10 15 20 25 30 35


(*) Average asking rents (US$/sm/month)

Grade A Grade B


Vacancy rate: Slight increase with Grade A, while Grade B decrease slightly

OFFICE

HANOIHCMC

2016

Q3

Q2

Q1

2015

Q4

Q3

Q2

Q1

2014

Q4

Q3

Q2

Q1

2013Q4

Q3


Grade A Grade B

0%20%40% 0% 20% 40%0% 5% 10% 15%0%5%10%15%


Tenants DemandOFFICE

New letting

Relocation & Expansion

16%

84%

Q3 20161H 2016

HC

MC 46%

53%

BankingPharmaceutical/ManufacturingIT/Software

Source: CBRE 2016 y-t-d

42%

58%

New letting

Relocation & Expansion

HA

NO

I

EducationIT/SoftwareInsurance/banking

39%

61%

Q3 20161H 2016Source: CBRE 2016 y-t-d


Tenants’ Enquiries by SizeOFFICE

20%

39%

16%

10%

16%

HCMC HANOI

Source: CBRE enquiries 2016 y-t-d

27%

45%

18%

2%8%


Landlord OfferingOFFICE

Key terms

Signage

Rent free

Rent review / escalation

Parking / Wet pantry / Server room

Caps and Collars

Expansion / Right of first refusal

Renewal

Termination / Break

Contraction

CPI/Forex adjustment

Sublet / Assignment / Surrender

Reinstatement

Holdover

Security deposit

HCMC HanoiFlexibleInflexible

2016

2015

FlexibleInflexible


OCCUPIERS DASHBOARDOffice Real Estate Index – HCMC and Hanoi

HCMC INDEX

Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16

Total supply (ths. sm)

2,188 2,193 2,225 2,229 2,317 2,327 2,377 2,377 2,377

Rental Grade A(US$/sm/mth)

34.9 35.6 35.4 34.2 34.8 34.8 35.9 35.7 35.7

Rental Grade B(US$/sm/mth)

19.1 19.1 19.0 19.1 19.2 19.7 19.7 19.7 19.8

HANOI INDEX

Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16

Total supply(ths sm)

1,079 1,121 1,131 1,097 1,097 1,097 1,096 1,150 1,161

Rent-Grade A (US$/sm/mth)

31.0 30.7 30.3 29.9 29.0 29.1 29.3 28.0 28.2

Rent-Grade B(US$/sm/mth)

18.4 18.3 18.1 18.0 17.9 17.8 17.7 17.7 18.1

MAJOR DEALS -HANOI

Q3 2016

Building Sector Size smRent +SC(USD/sm)

Gelex Construction 300 $24.5

IPH Education 683 $16.4

PVOil Manufacturing 276 $13.64

MAJOR DEALS -

HCMC Q3 2016

Building SectorSizesm

Rent(US$ psm)

Service Charge

(US$ psm)Metropolitan

(D1)Pharma 300 $30 $6

Diamond Plaza (D1)

Insurance 2,200 $37 $8

LIM II (D3) Technology 700 $28 $6

Central Park (D1)

Transportation 380 $16 $4

Habour View (D1)

Design 499 $19 $5

Metropolitan (Q1)

Sourcing 795 $30 $6

Pearl Plaza (Q.Bình Thạnh)

Sports Clothing

1,200 $18 $6

Vincom Center(Q1)

Logistics 1,800 $21 $5.5


HCMC OFFICE

Central Park Transportation 380 sqm

Centre Point NGO500 sqm

Diamond Plaza Life Insurance

2,200 sqm

Harbour View F&B499 sqm

Lim IITechnology700 sqm

Metropolitan Pharma/Mobile

300/189 sqm

Source: CBRE Vietnam enquiries only Q3 2016

Major Office Leasing Deals


Hanoi Major Lease TransactionsHANOI OFFICE

Source: CBRE 2016 y-t-d

Indochina Plaza HanoiEducation683 sqm

TNR TowerFinance~1,400 sqm

Lotte Center Hanoi Technology950 sqm


HCMC OFFICE HCMC - Accelerating supply

SAIGON CENTRE (P2)Q2 2017Dist. 1 GFA: 40,000 sqm

Grade A

DEUTSCHES HAUSAug 2017Dist. 1GFA: 38,621 sqm

MAPLETREE BUSINESS CENTRE Q4 2016Dist. 7GFA: 30,000 sqm

Decentralized Grade A

Q4 2016 2017

Grade B

ETOWN CENTREQ3 2017Dist. 4GFA: 67,760 sqm

Grade A

HA DO BUILDING Q4 2016Tan Binh Dist. GFA: 32,000 sqm

HQC ROYAL TOWER Q4 2016Dist. 7GFA: 26,726 sqm

Grade B Grade B

Construction status (as of Sep 2016)

VIETTEL OFFICEQ1 2017Dist. 10GFA: 33,000 sqm

Grade B


Supply to increase in Midtown and WestHANOI OFFICE

Q4 2016

HORIZON TOWER 2017Midtown GFA: 32,000 sqm

Grade BGrade B

2017

Construction status (as of Sep 2016)

EUROWINDOW2017Midtown GFA: 16,592 sqm

DSD BUILDING2017Midtown GFA: 20,000 sqm

MD COMPLEXQ4 2016WestGFA: 24,682 sqm

TRUONG THINH 2017West GFA: 5,400 sqm


CO WORKING SPACE Regional Trend CWS Expansion Plan - APAC

Source: Co Working Space, CBRE Research 2016


CO WORKING SPACE Vietnam VS. APAC

Blueprint – Hong Kong

USD 258/ monthly pass

Dreamplex – HCMC

USD 27 - 90/ monthly pass

USD 300 - 450/ monthly pass

Toong – Hanoi

USD 60/ monthly pass

Naked Hub– Shanghai


APAC OFFICE MARKETHCMC becoming more LANDLORD - Driven

HCM City

BangkokManila

Hanoi

Source: CBRE Research, July 2016.

Jakarta

Singapore

Kuala Lumpur

Source: CBRE, Landlord and Occupier Symposium 2016


APAC OFFICE MARKETNew Supply: tight in core areas but high in decentralized areas

0 5 10 15 20 25 30

ShanghaiMumbai

ShenzhenNew Delhi

JakartaBangalore

TokyoGuangzhou

BeijingHong Kong

Kuala LumpurSeoul

ManilaSingaporeMelbourne

HanoiTaipei

BangkokBrisbane

PerthHo Chi Minh City

AucklandSydney 2016F 2017F 2018F

Million sq. ft. (NFA)Source: CBRE Research, July 2016

Note: Grade A new supply



APAC OFFICE MARKETCurrent vacancies largely near 10-year averages

0

5

10

15

20

25

30

35

40

Manila CBD Ho Chi MinhCity

Singapore Bangkok Jakarta Hanoi Kuala Lumpur

Gra

de A

Vac

ancy

(%)

10-year Average 2016 Q2 2016F



RETAIL


HCMC New SupplyRETAIL

Saigon Centre Phase 2(Takashimaya)

Location: District 1 NLA: 40,000 sqm Occupancy Rate: 100%

Aeon Mall Binh Tan

Location: Binh Tan District NLA: 60,000 sqm Occupancy Rate: 100%

-

6

12

18

24

30

36

42

48

54

60

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2012 2013 2014 2015 2016

No.

of p

rope

rtie

s

NLA

, sm

Total supply (NLA, sm) Total supply (properties)

Total Supply by Year - HCMC


100,000 visitors in the first weekend opening

YTD


Hanoi New supplyRETAIL

Total Supply by Year - Hanoi


+18%y-o-y

+2.3%q-o-q

Mipec Riverside Long Bien

Location: Long Bien District NLA: 24,000 sqm Occupancy Rate: 98%

0

5

10

15

20

25

30

35

40

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

2012 2013 2014 2015 2016

No

. of

pro

ject

s

NL

A, s

qm

Total Supply No. of projectsYTD


HCMC Vacancy RateRETAIL

0

4

8

12

16

20

24

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2014 2015 2016

Vac

ancy

Rat

e (

%)

Net

Abs

orpt

ion

(sqm

)

Net absorption Vacancy rate


Vacancy Rate of HCMC Shopping Centres

ZARA FASHION STORE

• in Vincom Dong Khoi• NLA: 2,400 m2


Hanoi Vacancy RateRETAIL

Source: CBRE Vietnam, Q3 2016

Vacancy Rate of Hanoi Shopping Centres

• Increase in vacancy in certain shopping centers in Mid-town and West locations

0%

5%

10%

15%

20%

25%

-20,000

20,000

60,000

100,000

140,000

180,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2013 2014 2015 2016

Vac

ancy

rat

e (%

)

Net

Abs

orpt

ion

(sqm

)

Net absorption Vacancy rate


$0$50

Average rent stable across citiesRETAIL

CBDNon-CBD


2016Q3Q2Q1

2015

Q4Q3Q2Q1

2014

Q4Q3Q2Q1

2013

Q4Q3Q2Q1

Average Rent of Hanoi Shopping Centres

$0 $50 $100 $150

Average Rent of HCMC Shopping Centres

$0 $50 $100 $150$0$50$100

2016Q3

Q2

2015

Q1

Q4

Q3

2014

Q2

Q1

Q4

Q3

Q2

Q1

2013 Q4

Q3

CBDNon-CBD

CBD: 0.52% q-o-q

Non-CBD: 0.96% q-o-q

CBD: 5.1% q-o-q

Non-CBD: 0.52% q-o-q


HCMC Future supplyRETAIL

Union Square (upgrade)• District 1• 39,454 sqm

Crescent Mall (Phase 2)• District 7• 18,000 sqm

Vincom Center Mall• Binh Thanh District• 59,000 sqm

The Spirit of Saigon• District 1• 48,000 sqm

Berjaya Financial Center• District 10• 156,000 sqm

Peninsula• District 7• 240,000 sqm

Golden Plaza• District 5• 15,000 sqm

2016 - 2017

2018 onward


Hanoi Future SupplyRETAIL

Vincom Exchange City• Tu Liem Dist.• 23,140 sqm GFA Le Parc by Gamuda

• Hoang Mai Dist., 20,809 sqm GFA

Ciputra Hanoi Mall• Tay Ho Dist.• 130,000 sqm GFA

Vincom Starbowl• Dong Da Dist.• 51,234 sqm GFA

Artemis• Thanh Xuan Dist.• 37,000 sqm GFA


HCMC and HanoiRETAILERS EXPANSION

2 stores opened in HCMC and Hanoi6-8 more stores to open this year200 stores to open in next 5 years

1st store to open in 201752 stores by 2020

HCMC3 Auchan’s stores

4 Galaxy cinemas


RETAILERS EXPANSION… AND CONTRACTION

Only one store in Hanoi

Saigon Co.op mart closed down store at Nam Do Complex, Hanoi in Q3/2016, leaving only one left.

December 2008

September 2016

November 2014

September 2016

33 stores in HCMC, 49 stores in other cities/provinces


YOUNGSTERS DEMAND

“a source as reporting that the revenue of the shop on the opening day was VND5.5 billion”

Vietnam Fast Fashion Battle Brews

“After stunning debut for Zara Vietnam…Arch rival H&M plan to open three stores in 2017Japan’s Uniqlo and US-based Forever 21 almost certain to follow


INDUSTRIAL & LOGISTICS


Hai Phong hot spotINDUSTRIAL


Stable supplyINDUSTRIAL

Total Supply by Year, Industrial land – Southern Industrial Zones, ha

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2010 2011 2012 2013 2014 2015 Q3 2016

Indu

stri

al la

nd (

ha)

HCMC Binh Duong Dong Nai Long An



HCMC & Binh Duong – Most attractive INDUSTRIAL


Occupancy rate – Southern Industrial Zones (%)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

1,500

3,000

4,500

6,000

7,500

9,000

10,500

12,000

13,500

15,000

HCMC Binh Duong Dong Nai Long An

Indu

stria

l lan

d (h

a)

Supply Occupancy rate


HCMC & Binh Duong – Highest rent INDUSTRIAL


Average industrial land rents (US$/sm/term 50 years)

HCMC Binh Duong Dong Nai Long AnLowest $52 $38 $35 $45Average $111 $74 $65 $69Highest $270 $160 $150 $120

$0

$50

$100

$150

$200

$250

$300


SERVICED APARMENT


HCMC – One new SA came on Stream; Hanoi – No new supplySERVICED APARTMENTS

SILA URBAN LIVING

• District 3• 217 units• Grade B• Rental rate:

• US$1,450 – 2,500/room/month• US$37-41/sqm

Studio (33 – 37 sqm) 1 Bedroom unit (48 – 60 sqm) 2 Bedroom unit (67 sqm)


SERVICED APARTMENTS2017 will be a busy year

Total Supply (units), Serviced Apartment

Source: CBRE Vietnam Q3 2016 Grade A Grade B

Trang An Complex

VietinbankTower

1 000

2 000

3 000

4 000

5 000

6 000

2014 2015 2016F 2017F 2018F

Hanoi

1 000

2 000

3 000

4 000

5 000

6 000

2014 2015 2016F 2017F 2018F

HCMC


SERVICED APARTMENTSFuture Supply in HCMC


SAIGON PLAZA

District 1121 units

OAKWOOD RESIDENCE

District 368 units

SAIGONCENTER P2

District 1200 units

LAVENUECROWN

District 1186 units

THEBERKLEYRESIDENCE

District 285 units

VIETTELCOMPLEX

District 10180 units

SAIGONPLAZA

District 3221 units

SAIGONSOUTHCOMPLEX

District 7450 units

2016

CITADINES REGENCYSAIGON

District 185 units

ASCOTTWATERFRONT

District 1222 units

SOMERSET

District 1200 units

2017-2018

THE SPIRITOF SAIGON

District 1


SERVICED APARTMENTSFuture Supply in Hanoi

DREAM APARTMENT

Dong Da District 61 units

SOMERSET WEST POINT

Tay Ho District247 units

TRANG AN COMPLEX

Cau Giay District40 units

VIETINBANK TOWER

Tay Ho District

VINATA TOWER

Cau Giay District

SOMERSET WEST CENTRAL HANOI

Cau Giay District252 units

2016

2017-2018



Grade A remains strongHCMC SERVICED APARTMENTS


AVERAGE ASKING RENT (US$/sqm/month)

VACANCY RATE(%)

2016

Q3

Q2

Q1

2015

Q4

Q3

Q2

Q1

2014

Q4

Q3

Q2

Q1

2013Q4

Q3

GRADE B GRADE A GRADE B GRADE A

2016

Q3

Q2

Q1

2015

Q4

Q3

Q2

Q1

2014

Q4

Q3

Q2

Q1

2013Q4

Q3$0 $10 $20 $30 $40$0$10$20$30$40 0% 5% 10% 15% 20% 25%0%5%10%15%20%25%


Grade A remains strongHANOI SERVICED APARTMENTS


AVERAGE ASKING RENT (US$/sqm/month)

VACANCY RATE(%)

2016

Q3

Q2

Q1

2015

Q4

Q3

Q2

Q1

2014

Q4

Q3

Q2

Q1

2013Q4

Q3

GRADE B GRADE A GRADE B GRADE A

2016

Q3

Q2

Q1

2015

Q4

Q3

Q2

Q1

2014

Q4

Q3

Q2

Q1

2013Q4

Q3


HOSPITALITY


Hoa Binh Greenby Hoa Binh Ltd.,984 units $1,365/sqm

Da Nang Condo-tel (*): Increasing SupplySECOND HOME MARKET

Coco Skyline Resortby The Empire637 units @ $1450/sqm

Central Coastby Minh Dong Ltd.,~720 units @ ~$1,000/sqm

Ariyana Beach Resort & Suite _NorthTowerDeveloper: Sovico420 units @ $2,500/sqm

2,817 units launched in Q3 2016 up 96% q-o-q & 787% y-o-y

(*) Condo-tel is a condominium project that is operated as a hotel with a registration desk, cleaning service and more. The units are individually owned. Unit owners also have the option to place their unit in the hotels rental program where it is rented out like any other hotel room.

Source: CBRE Vietnam.


Da Nang Condo-tel: New launches cause the down trend of the average price

SECOND HOME MARKET

500

1,000

1,500

2,000

2,500

3,000

3,500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2012 2013 2014 2015 2016

High-end Mid-end Market-wide Price

Ave

rage

ask

ing

pric

e (U

S$/

sqm

)

Average Asking Price by Grade


Booming condo-tel also in Nha Trang SECOND HOME MARKET

Da Nang Nha Trang

Source: CBRE Vietnam Source: CBRE Vietnam

0

2,000

4,000

6,000

8,000

2013 2014 2015 9M2016

Supply Sold units

0

2,000

4,000

6,000

8,000

2013 2014 2015 9M2016

Supply Sold units

~ 5,000 units launched in 9M2016

~ 2,800 units soldin 9M2016

~ 2,900 units launched in 9M2016

~ 3,200 units soldin 9M2016

Condo-tel, Accumulated Supply Condo-tel, Accumulated Supply


90% of Condo-tel projects; Premier Village Danang Resort;

Vinpearl Resort & Villas

3-10 years Guaranteed yield at 8% - 12% per year (VND)

PHU QUOC – Rental Pool Villas

Guaranteed yield – still a main S&M strategy SECOND HOME MARKET

Phu Quoc Emerald Bay, Phu Quoc Premier Village, Vinpearl Paradise Villas

Guaranteed yield 9% - 10% per year Or 85% of revenue after tax in 10 years

DA NANG – Condo-tel/ Villas

NHA TRANG – Condo-tel/ Villas

90% of projects applied guaranteed yield with

8% - 10% per year in 3 - 10 years

Source: Retrieved from the internet September 2016


2018~3,000 units

2017~ 900 units

SECOND HOME MARKETExpected Condotel Completion

NOVALAND CONDOTELHai Chau DistrictUnder-planning

2019> 1,000 units

ANVIE RESORTNgu Hanh Son DistrictUnder-planning

INFINITY FIELDNgu Hanh Son DistrictUnder-planning

TOURANCE CONDOTELNgu Hanh Son Dist.Under-planning

WYNDHAM SOLEILSon Tra DistrictUnder-construction

PREMIER CONDOTEL HERITAGENgu Hanh Son DistrictUnder-planning

ARIYANA (ELITE TOWER)Ngu Hanh Son DistrictUnder-planning

HYATT PLACE Ngu Hanh Son DistrictUnder-planning

D-CITYHai Chau DistrictUnder-planning

LE MERIDIEN RESORTNgu Hanh Son DistrictUnder-planning

OCEAN SUITES (BLOCK C)Ngu Hanh Son DistrictUnder-planning

(*) The number of completion is subject to change due to developer’s plans


Da Nang Second Home Villa - Price DiscoverySECOND HOME MARKET

*Asking prices are quoted in USD, exclusive of VAT and maintenance fee.Source: CBRE Vietnam Q3 2016

Premier VillageAverage price:$2,800/sqmUnit size (GFA): 335-510 sqmTotal units: 118

Nam An ResidenceAverage price: $1,338/sqmUnit size (GFA):245 - 335m2Total units: 18 (1st launch)

Ocean EstateAverage price: $1,673/sqmUnit size (GBA): 570-740 sqmTotal units: 33

Hyatt RegencyAverage price: $4,931/sqmUnit size (GFA): 307 sqmTotal units: 27

Vinpearl PremiumAverage price: $4,851/sqmUnit size (GFA): 348 – 526 sqmTotal units: 39

Furama Pool VillasAverage price: $1,867/sqmUnit size (GFA): 322 – 386 sqmTotal units: 134

Vinpearl Da Nang 2Average price: $2,860/sqmUnit size (GFA): 180 - 330 sqmTotal units: 122 units

Ocean Villas Average price: $1,453/sqmUnit size (GFA): 271 – 373 sqmTotal units: 110

Mercure Son TraAverage price: $2,146 sqmUnit size (GFA): 374 - 543 sqmTotal units: 22

DuneAverage price: $1,236/sqmUnit size (GFA): 377 sqmTotal units: 15

The PointAverage price: $923/sqmUnit size (GFA):257 - 289 sqmTotal units: 40

Olalani Condotel & ResortAverage price: $5,600/sqmUnit size (GFA): 340– 470 sqmTotal units:3The Song

Average price: N/A Unit size (GFA): N/ATotal units: 48


Villa sale shows moderate improvementSECOND HOME MARKET

103 units

2014

481 units

2015

Nha Trang

9M 2016

396 units

Phu Quoc

2014 2015 9M 2016

0 unit

850 units

140 units

7 units

2014

180 units

2015 9M 2016

Da Nang

52 units

Source: CBRE Vietnam Source: CBRE Vietnam Source: CBRE Vietnam


CITY HOTELSHanoi and HCMC pipeline: Up-scale hotel projects in CBD


NEW CABLE CARS ACROSS THE COUNTRYSAPA - The world’s LONGEST triple–wire cable car system

QUANG NINH: World’s BIGGEST REVERSIBLE aerial tramway

Completed year: 2016 Total length: 6,292.5 m No. of cabins: 35 Capacity: 35 persons/cabin

Completed year: 2016 Total length: 2,222 m No. of cabins: 66 Capacity: 230 persons/cabin

DA NANG - The world’s LONGEST one–wire cable car system

PHU QUOC - The world’s LONGEST cable car system when completed

NHA TRANG – ONLY sea-crossing cable car in Vietnam Completed year: 2007 Total length: 3,320 m No. of cabins: 65 Capacity: 8 persons/cabin

Completed year: 2009 Total length: 5,043 m No. of cabins: 94 Capacity: 10 persons/cabin

Expected completed year: 2017 Total length: ~ 8,000 m No. of cabins: 70 Capacity: 30 persons/cabin


INVESTMENT


MAJOR INVESTMENT DEALS IN Q3 2016

International Centre

Source: DealstreetAsia, RCA and other websites September 2016.

Cau Kho SiteRiver View Company Ltd.

►► Capitaland Vietnam

@ US$ 51.9 mil.

Mixed-use property

The Manor Central ParkBitexco Group

►► Mitsubishi

@ Undisclosed.

Mixed-use property

Keppel Land Ltd.

►►VinaCapital

@ US$ 13.8 mil.

Office

Indochina Riverside TowersIndochina Capital

►► Kajima

@ US$ 17.5 mil.

Retail + Office

HCMCHanoi

HanoiDa Nang

Hotel and development sites play key role


No. of transactions up during 2012 - 2016INVESTMENT

0

5

10

15

20

25

30

$0

$400

$800

$1,200

$1,600

$2,000

2011 2012 2013 2014 2015 2016

Mill

ions

Transaction Value No. of transactions

Investment Transactions by Year

Source: RCA

YTD


Domestic players dominate the marketINVESTMENT

Seller Nationality Buyer Nationality

Source: RCA; transactions tracked between 2007 and Q3 2016


DEMANDOCC./SALE RATERENT/PRICESUPPLY

OFFICENew buildings

Mature buildings

RETAILCBD

Non-CBD

CONDOMINIUM

High-end

Mid-end

Affordable

HOTEL 5-Star

SERVICED APARTMENT Grade A

Grade B

INDUSTRIALLand

Factory/ warehouse

DEVELOPMENT SITE FOR SALE

HCMC MARKET OUTLOOK


DEMANDOCC./SALE RATERENT/PRICESUPPLY

OFFICENew buildings

Mature buildings

RETAILCBD

Non-CBD

CONDOMINIUM

High-end

Mid-end

Affordable

HOTEL 5-Star

SERVICED APARTMENT Grade A

Grade B

HANOI MARKET OUTLOOK


5/10/2016

Football: Townsend replaces Sterling (in England Squad)


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All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information containedherein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubtits accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independently assessingthe relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only,exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribefor securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may bealtered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorisedpublication or redistribution of CBRE research reports is prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arisingby reason of any person using or relying on information in this publication.

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