realestate market report in 2011_cafefland
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Real Estate Market
Report in 2011
Main Contents
Macro Economy 1
CPI in 2011 rose 18.58% on year Trade deficit declined sharply thanks to exports State inspected many ministries, departments and large economic
groups.
Total social capital sources will be restructured
Infrastructure News 2
Construction on overhead ring road No 3 Basic completion of National Highway No 32 crossing DienNhon
section Thu Thiem tunnel was officially opened to traffic and East-West
Boulevard completed
Construction on Long Thanh International Airport
News, Highlights 3
Real estate prices in Hanoi dropped sharply
Real Estate Information
Portal- CafeF Land
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Real estate prices in Hanoi dropped sharply
REAL ESTATE MARKET REPORT IN 2011
MACRO ECONOMY
CPI (Consumer price index) in 2011 surged 18.58%
on year
Electricity price saw two increases and gasoline price
increased twice while posting only one slight fall, which
caused pressures on CPI, leading to a year on year CPI rise
of 18.58% in 2011, higher than the inflation ceiling in early
2011 but ranging around the 18% ratio adjusted by the
National Assembly.
Trade deficit eased sharply thanks to exportsThe countrys export turnover in 2011 was estimated at over
$96.3 billion, rising 33.3% year on year.
Export turnover structure of commodities in 2011 saw some
changes from 2010: the proportion of heavy industrial
products and minerals increased 4% on year whereas the
group of light industrial products, agro-forestry and fisheries
State carried out inspections in many ministries,
departments and large economic group
Ministries of finance and industry and trade were audited,
27 economic groups and corporations and commercial
banks were under the list to audit in 2011 such as Vinashin,
EVN, TKV, Vinalines
States inspections in operations of many large economic
groups have gained initial results such as EVNs long term
financial investments were up to nearly 50 trillion VND and
its accumulated loss as of the end of 2011 was up to over 35
trillion VND; petroleum companies made ineffective non-
core investments and auditing agency concluded the
auditing result of petroleum price stabilization fund
Total social capital sources to be restructured
Decree No 59/2011/N-CP dated on July 8, 2011 on
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INFRASTRUCTURE NEWS
Overhead ring road No 3 to be
built: project has total length of
8.5km, from Mai Dich to North Linh
Dam. Project is now underconstruction.
Basic completion for National
Highway No 32 crossing Dien
Nhon section: So far, project has
been completed basically to traffic
and expected to fully complete prior
to Lunar New Year.
Overhead urban railway to be
built: Nhon Hanoi Railway Station,
Cat LinhHa Dong
Hanoi
HCM City
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NEWS, HIGHLIGHTS
FDI in real estate in 2011 declined seriously: 2011
saw a serious fall of FDI capital in real estate sector,
marking the lowest figure in the past five years.
Particularly, in 2008, FDI capital in real estate sector
reached about $23.6 billion, in 2009 at $7.6 billion, in
2010 at $6.8 billion while till the end of November
2011, the figure was only $464 million, marking the
record low level over previous years.
"Unmarketable" low income houses: realty
investors are tired of housing projects for low-income
earners while buyers do not have enough money.
Presently, Hanoi has some low income house projectsunder process of receiving house purchase dossier
such as Dang Xa, Dai Mo and Sai Dong. However,
there were not many buyers.
The reason was due to the price of low income houses
still remained high (about 13 million VND/m2),
together with intense payment schedule and
Market News
Hanoi real estate price dropped sharply: the
biggest impact from the tightening credit policy in
real estate sector was the collapse spiral when
liquidity declined, both supply and demand decreased
while bad debts increased. Within only two monthsfrom April to June 2011, land plot price in 70% of
new urban zones in outskirts of Hanoi declined.
Notably, projects in the west saw decline of up to 20-
30% in price such as Kim Chung Di Trach, Gelexinco
Le Trong Tan, Van Phu and Van Canh
So far, with policy to bring property loan ratio down
to 16%, banks are tightening debts. A round of sell-
off of real estate made prices go down. The wave of
sell-off started from the discount of up to 35% of
PetroVietnam Power Land JSC (PVL) and then in
Hanoi, Private Construction Company No 1 also
decided to reduce 5-7 million VND/m2 for apartments
at VP3 Linh Dam project and CT6 Xa La under
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Policy News
Resolution No11 on real estate credit crunch:
facing pressure to control inflation and stabilize
macro economy, on February 24, 2011, government
issued Resolution No11 and on March 1, 2011, the
State Bank of Vietnam (SBV)s governor issued
Directive No01. Accordingly, banks will tight credit
and reduce loans for non-production sectors,
especially real estate sector, in comparison with 2010
(the non-production loan ratio in total loans at
maximum 16% as of December 31, 2011). This
measure has great impacts on the realty market,
leading to big gap between supply and demand,
strong decline of realty prices while buyers are
waiting for further falls in prices.
Government approved master plan for Hanoi: onJuly 26, 2011, prime minister approved the master
plan to build Hanoi to 203 and vision till 2050.
Accordingly, national political and administrative
centre will be still located in Ba Dinh. However,
some ministries and departments will move
headquarters to My Dinh area and the west of West
L k G t l i tit ti ill t b l t d
Business News
Vincom transferred Tower B Vincom CentreHanoi for Techcombank: Vincom sold entire office
area from the seventh floor upwards, lobby area on the
first floor, partly area on first and second floors of
trade centre and some areas and other assets at No191
Ba Trieu, Hanoi for Techcombank. The transfer is
estimated to finished on March 1, 2012.
Vinaconex will merge subsidiaries in real estate
sector: Vinaconex planned to set up a core company
in real estate sector, including investments in urban
zones, housing areas, residential areas, entertainment
areas, real estate management and realty services.
CBRE acquired real estate investment
management division of ING Group: CBRE hasacquired real estate investment management division
(ING REIM) of ING Group NV in Asia, and merged
operations with counterpart department of CBRE.
The payment is part cash and part of loans under
guaranteed credit line, including $800 million of bank
loan raised in March 2011.
Vi l d i t Vi O t b 4
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In 2011, Vietnams economy entered into an
extremely difficult period, GDP growth rate
declined while inflation accelerated, input basic
raw materials prices for productions surged and
labour costs also soared,Therefore, in a bid to tame inflation and stabilise
the macro economy, government issued a
Resolution No11/NQ-CP by late February 2011
and the central bank issued Directive No01/CT-
NHNN in early March 2011. This has had a strong
impact on the entire economy, including finance,stock market and real estate sector.
Limited money supply have caused considerable
difficulties for realty firms in capital mobilisation
while this field always requires a huge amount of
medium and long term capital. Hence, a series of
l t t j t h d t h lt d l t k t
Preliminary statistics showed that in 2011, there
were up to 48,000 enterprises going bankrupt,
including many real estate companies.
For real estate market, the central banks
Directive No01/CT-NHNN ruled commercial
banks to reduce non-production loan ratio
(mainly in real estate and stock market) to 16% of
total loans as of December 31, 2011. This
measure has caused great impact on the real
estate market, leading to more gloomy situation
of real estate market, decreasing supply, lowliquidity and decline of real estate prices.
Housing prices (including apartments, adjacent
houses and villas) in 2011 tended to go down by
averagely 30%-40% from early 2011 in Hanoi
and 5-10% in HCM City.
MARKET OVERVIEW
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Mr. Nguyen Tran NamDeputy minister ofconstruction
Mr. Cao Sy Kiemformer governor of State
Bank of Vietnam (SBV)
Viewpoints from state management agencies
Viewpoint from project developers
Mr. Nguyen Van Ducdeputy director of DatLanh Co
Mr. Tran Minh HoangChairman of Vinaland
In 2012, market thrives or
freezes depending onIn 2012, market is
f t d t t l
If tight credit policy continues
to prolong for long time and
property loans keep falling
like currently, the real estate
market will continue tofreeze, products will be hard
to be completed and sold
below costs and enterprises
may fall into insolvency for
bank loans.
2012 is said to continue a
difficult year, not only for
real estate market. Theunsolved capital problem
and economic restructuring
effort, including banking
system, will cause great
impacts on the market.
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Cn hchung c trong giai on gim gi
In Hanoi
Within one year from early 2009 to early 2010, apartment
price had increased rapidly by 40%, then stood at high level
in 2010. Till the end of 2011, apartment price decreased 10-
30% from early 2011, but falling slightly over early 2010.
Currently, apartment average price in Ha Dong district is
ranging around 17 22 million VND/m2, in Tu Liem
district (My Dinh) ranging 25 32 million VND/m2, in
Dong Da at 30 -40 million VND/m2, Hai Ba Trung (Minh
Khai) at 2433 million VND/m2,
In HCM City
There were no strong discounts and sells-off in the past
time but the market is still witnessing downward tendency,
discounts and payment reschedules. These forms aimed at
supporting customers to stipulate the real demands. In
addition, businesses are accelerating the recovery of cash
fl d l f t t di j t I D b th
Source: Apartment price in Hanoi in Q4/2011 (CBRE
Vietnam)
Apartment market
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Office for lease market and retail space
Office
Office market in HCM City still saw difference
between old and new buildings. New projects such
as Bitexco and Vincom still posted high vacancy
ratio while old buildings in the central area reached
the fulfillment of over 90%. Regarding the office
rental price, this is the third year, office rental
charges have continued to fall and posted the
strongest decline in the fourth quarter of 2011.
According to CBRE, average rental price for Grade
A is currently at $32, Grade B at $18 and Grade C
at $14. New supply is constantly increasing.
In Hanoi, after three quarters of relative stability,the rental price tended to increase slightly and
market performance was quite good. In the fourth
quarter of 2011, office market saw clear
downtrend. New supply continued to increase at
approximately 40% from Q4 previous year (figures
from Savills). Average rental price decreased by
2% f th i t d 3 4%
Source: Office rental price in HCM City in Q4/2011CBRE
Vietnam
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OUTSTANDING PROJECT
The investor said: Currently, all items of project are
being deployed by over 20,000 workers of contractors.
In addition, hundreds of officials and technical experts
are also regularly examining and available for
inspection to monitor the progress and quality of
construction. All are for ensuring for the operation with
the best quality.
Overall perspective of project
Project: Vincom Village
Vincom Village ecology urban zone located on a
total area of more than 183ha is the most modern,
luxurious and high-end urban zone in Vietnam.
With the idea of an urban zone development of not
only beauty, modern and high-class special
standards in facilities but also a perfect habitat,
Vincom Village is organized and planned on
inward basis, focusing on green walking garden,
curving lake with large area.
Designed in the neoclassical style by a team of
talented architects, each villa at Vincom Village is
a work of architecture that is the luxury, elegance,
sophistication and class claims of the employer.
Villas at Vincom Village are the convergence of
quintessence with French architectural style as we
see in tourism areas such as Da Lat, Tam Dao, Sapa
or centre of Hanoi streets
Vi Vill j t d it b i d
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LAND PRICE TABLE OF TYPICAL PROJECTS
Project land price table in Hanoi December 2011
Project Road >10m Road >17m Road >30m
Adjacent Villa Adjacent Villa Adjacent Villa
Ha Dong
Thanh Ha (A, B) 31-35 28-29 30
Duong Noi Zone D 40-45 52-57 70-80
Tay Do Villas 55-60 60-70 70-95
Van Phu 46-63 65-70
Van Khe 90-120
An Hung 63-70 100-115
Park City 92-93
Thang Long Boulevard
Le Trong Tan Geleximco
(A, B, C, D)
A:45-47
C:45-47
D:39-43
A:52-53
C: 40-45
90-100
B A Kh h 63 76 70
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LAND PRICE TABLE OF TYPICAL PROJECTS
Condominium price table in Hanoi December 2011
Location Project/Zone Area (m2) Reference price
Cau Giay Discovery Complex 119.16 52.5-45.5
Indochina Plaza 112 57.2-62.7
Madarin Garden 130.1 45-47.5
Dolphin Plaza 112 45-55
No5 - Vinaconex 146 42-44.6
Dong Da 170 De La Thanh 125 36-37.5
Sky city Tower 112 57-58
Ha Dong Usilk City 79-146 22.5 -26
Van Phu Victoria 96.1 -120 17.8
Xala 77-84 20-27
Mekong Plaza 78 18-20
Sails Tower 14-18
Hai Ba Trung TimesCity 75-108 29.8-34.2
H Bi h G Cit 24 1 27
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Reference land price table in end-2011
Project/Zone Internal Road > 10.5m Internal Road >17.5m Main Road >30m +/-%
HCM City S3.3
Hi L 46 5 70 0
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Reference land price table in end-2011
Project/Zone Internal Road > 10.5m Internal Road >17.5m Main Road >30m +/-%
HCM City S
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Real estate market report in 2011
Reference land price table of condominium in end -2011
Location Project/Zone Area (m2) Reference
price/m2
+/- %
District 2 Thinh Vuong 76-183 19.8-23.2 2.5 -> 4.8
An PhuAn Khanh 141.6 24.5-25.6 2.1->2.4
An Hoa 75-95-100 19- 21 0.5 -> 4
An Cu 98105 24.325.6 1.35 -> 1.6
Binh Minh 95108 1922.3 0 -> 4.2
Cantavil 98140 31.136.9 -1.3 ->0.27
Thu Thiem Xanh 60120 15.216.5 0
Thao Dien River View 105 - 120 29-31.2 2.4 -> 2.63
Xi RiverView Palace 145 - 202 29.131.2 -5 -> -3
District 7 Phu My 77 - 177 2023.5 -9 -> 0
Hoang Anh Gia Lai 1 77 - 114 19 - 20 0
Hoang Anh Gia Lai 2 118
187.6
1619.5 0
Nam Khang 120 - 121 32 - 34 0
An Vien 73 - 76 19.5 - 21 0
Di t i t 8 Ph L i 74 9 5 10 6 0
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UPDATED PHOTO GALLERY ON PACE OF PROJECTS IN HANOI
Hapulico Complex completed crude
construction
Van Phu Victoria under constructioin for eighth
floor
B41 Building-Head Department V 28-storey condominium in Thang Long
international village
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Splendora condominium under completion AZ Lam Vien Complex under crude construction
for second floor
Geleximco urban zone under completion foradjacent houses
Hong River Parkview
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GOLD SPONSOR
Page 17
No Project
NameInvestor Total
Investment
Area Location Progress Description
1 Times City Vingroup 5.8 trillion
VND
364.500
m2
458 Minh Khai -
Hai Ba Trung -
Hanoi
Under
construction for
infrastructure
and crude work
for some
buildings
Project includes 9 land plots, including 7 land plots to build
house for living and ancillary works and 2 remaining land
plots to build Vinmedicare international general hospital.
These buildings are planed to have 22 - 35 floors.
2 Vincom
Village
Vingroup 10 trillion
VND
183.5 ha Phuc Loi, Phuc
Dong, Viet Hung,Gia Thuy, Long
Bien, HN
Preparation to
hand overvillas
Project consists of about 1,000 villas ranging an area of
38.2ha, traffic road 50ha, green area and water surface 60ha,Vincom Centre trade centre 45,000m2, 01 Vinmec hospital
and 2 office and condominium areas
3 Mandarin
Garden
Golden Gain
Vietnam
25,886 m2 Southeast Tran
Duy Hung, Hanoi
Under
construction for
seventh floor
Project comprises 4 condominium buildings of from 25-29
floors, and scale of 1,008 high-class apartments and trade
centre
4 Dream City Viet Han 5.8 trillion
VND
2.069,28
ha
Tam Nong, Phu
Tho
Project includes trade complex, office, housing area at 52.31
ha, or 2.53%. Living land area: 341.66 ha, or 16.51 %. Green
area: 1092.54 ha, or 52.97%,
5 Suoi Son Long Dien Real
EstateJS Co
4.575 trillion
VND
117 ha Hoa Binh hamlet,
Giang Dien
commune, Trang
Under
construction for
infrastructure
Construction land area accounts for 56.5ha, including single
villas, adjacent houses and condos. Land area for public
works at 9.89 ha, land area for traffic at 29.2 ha, green park
Appendix: Typical Real Estate Projects
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GOLD SPONSOR
Page 18
Bom, Dong Nai and sport area 15.22 ha and river and lake at 6.19 ha.
6 The Empire Thanh Do Group 10 trillion
VND
51,5 ha Truong Sa street,
Hoa Hai ward,
Ngu Hanh Sondistrict, Da Nang
City
Under
construction for
infrastructure.Fully
completion is
expected in
2018
Project is divided into two zones, zone Q1 is adjacent Truong
Sa street with 30 ha area, including sea view villas, hotel and
apartments, zone Q2 with 21.5 h, villas and hotel,Project was kicked off construction on July 24, 2011. As
expected, in Q2 2013 project will complete walking streets,
townhouses and infrastructure of zone Q2. In Q2 2014,
project will complete villas of zone 1 and complete basically
for villas of zone Q2. In Q4 2016 project will complete hotel
and building complex areas.
7 Phuoc An
urban zone
HUD Group 6 trillion
VND
150 ha Nhon Trach, Dong
Nai
Under
construction
Project is located on two main axises of new city of Nhon
Trach. Urban zone project has the front of road No 1 of 53m,
near administrative centre area, about 25km from HCM Cityon road 25C. Housing area is 66ha, including 512 single
villas, 836 duplex villas and over 1,000 adjacent villas.
Construction density is 44%.
8 IJC
Commercial
Town
Becamex IJC 450 billion
VND
43,923
m2
New City of Binh
Duong
Under
deployment
Project includes 300 townhouses with structure of one ground
floor and two floors and terrace. Land area of each
townhouse is from 125m2 to 145m2, construction floor area is
from 381.5m2 each.
9 Golden Hills Trung NamGroup
$1.67 billion 400ha Hoa Hiep Namcommune; Hoa
Hiep Bac; Hoa
Lien, Hoa Vang,
Lien Chieu
Underconstruction for
traffic
infrastructure
Traffic system at Golden Hills accounts for 25.5% includinginternal road, inter-district road, main road private road of
ecology villa area with width of 7.5m; 11.5m; 13.5m; 15.5m;
30m; 33mCurrently Trung Nam is gearing up construction
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GOLD SPONSOR
Page 19
district, Da Nang of internal road in Zone A.
10 UNI Town Becamex -TDC 1.3 trillion
VND
54,503
m2
Central of Binh
Duog new city
Under
construction
Project comprises 285 townhouses ranging various areas of
105, 108, 110, 131 and 148m2, price is about 4.8 billionVND/unit.
Disclaimer: The information included herein is compiled and edited by CafeF Land Editorial Division on the basis of public sources believed to be reliable and proved to be
valuable for investors. However, we accept no responsibility for any risks or losses of investors when using information in this report.
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