Visitor

Today : 600
Yesterday : 639
This week : 1239
This month : 6379
All : 764843

Advertisment

Contact Us For Pricing

Serviced Offices

Hanoi
Prime Bus Cntr :
Vietnam E-Commerce Bus Cntr :
Bizness Gate – Benchmark Svcd Offices :
Ho Chi Minh City
Imperial Bus Cntr :
City Hub :
G Svcd Offices :

Serviced Apartments

Hanoi

Atlanta Residences :
Thien Thai Exec Residences :
Skyline Twr :
Ho Chi Minh City
Saigon Village :
Saigon Domaine :
Saigon Queen :
 

Apartments for Rent

Hanoi
Ciputra Int’l City :
The Manor :
Ho Chi Minh City
The Lancaster :
The Manor :

Industrial

North
Noi Bai (Hanoi) :
HUAIC :
Viet Hung (Ha Long) :
South
Sotrans :
Khanh Ha Cold Storage :
Bee Logistics :

Retail

Hanoi
Ruby Plaza :
Me Linh Plaza :
Ho Chi Minh City
Thuan Kieu Plaza :
Parkson :
NovaLand :

Contact Us for Pricing

Offices for Rent

Hanoi
Hanoi Toserco Twr :
CFM Bldg :
Mefrimex Bldg :
Ho Chi Minh City
Gemadept Twr :
Coalimex Bldg :
Vina Giay Twr :

Tony Milton MRICS

BSc (Hons) Est Man
MRICS
APREA (CREIF)

HCM Serviced Apartments
Friday, 27 February 2009

Round-Up

 

 

Less than 25% of the 2,850 serviced apartments in HCMC are Grade A and the number of Grade B apartments only slightly higher. Each unit at the @50 apartment buildings is on average about 100sqm and thus the total stock is about 300,000sqm, but another 340,000sqm of accommodation is expected to come on stream by 2013.

 

 

 

Because of the shortage of stock in the CBD rentals at Grade A apartments (typically in central areas) remained high until late 2008 at upto USD$50/sqm on the back of 10 consecutive years of uninterrupted growth of upto 5-10% annually. However, with the credit crunch and a reduction in the number of expats and expat budgets, and increase in stock rentals are on the way down.

 

 

 

New stock in 2009 includes the Crescent with @300 units in District 7 at rentals from USD$1,800 or USD$25/sqm and Kumho Asiana Plaza in the CBD with some 260 units.

 

 

 

Occupancies have fallen from 92% to 97% in 1st Quarter of 2009 with monthly rents @USD30/sqm for Grade A space; USD$25/sqm for Grade B space; and USD$17.5/sqm for Grade C space.

 

 

 

 

SERVICED APARTMENTS                   

 

 

The CBD (Central Business District) of Districts 1 & 3 and the greenery and clean air of the An Phú, Thảo Điền, Bình An Wards of District 2 (just over the Saigon Bridge @15-20 minute drive) are traditionally the most desirable residential areas. However, Phú Mỹ Hưng is becoming increasingly popular (@15-20 minute drive as are the area around the airport in Tân Bình (around the airport @20-30 minute drive), and in Phú Nhuận on the way to the CBD.

 

 

 

Serviced apartment projects in Ho Chi Minh City developed over the past decade have been for the provision of accommodation for rent to expatriates working in the city. Currently, the supply of completed quality accommodation remains limited and, as a result, most centrally located accommodation hits relatively high occupancy rates. There are about 20 Grade A and Grade B projects ranging from 5 to l8 floors, generally with good views of the city or the river. Most projects are located in District l, in the centre of the city, and within close proximity to the commercial centres. Grade C properties consists of about 10 projects with total of 400 units.

 

 

 

 

Existing Serviced Apartment Projects in the CBD

 

 

Name                           Location                   From    Grade  Units   No.Fl   Size-sq.m

Landmark                     5B Ton Duc Thang, D1 Jun-95    A          65         9        62-225

Somerset Chancellor Ct 11 Mac Dinh Chi, D1   Sep-96    A        145        12       75-110

Sedona Suites               65 Le Loi, D1             Nov-96     A          89        10      70-140

Somerset HCMC   8A Nguyen Binh Khiem, D1 Oct-97      A        165        11      90-200

Indochine Park Tower     1 Le Quy Don, D3       May-98     A         55        17     140-300

Diamond Plaza              34 Le Duan, D 1          Feb-99     A         42         9       83-420

Norfolk Mansion        17-19-21 Ly Tu Trong, D1  May-98    A        124       11      100-280

City View                      12 Mac Dinh Chi, D1    Sep-96     B          54        7       58-120

City View-New Wing       12 Mac Dinh Chi, D1    Sep-96     B         15        5       58-120

Saigon Sky Garden        20 Le Thanh Ton, D1    Jan-98      B        154      15     100-320

Garden View Court         101 Nguyen Du, D1      Mar-00      B         74      12      62-207

Saigon Court,         149 Nguyen Dinh Chieu, D3 Jun-98       B         66      12      66-131

 

 

 

Ownership and Investment Capital of Several Serviced Apartment Projects

 

Name                           Foreign Investor                              Nationality       Investment-$m

Diamond Plaza  Posco E&C Co. Ltd                                        Korean              92*

Somerset Chancelor          Liang Court / DBS / CapitaLand Ltd  Singapore          42*

Somerset (Stamford Court) Stamford Residences Pte Ltd          Singapore           32

Sedona Suites                   Keppel Land Ltd                             Singapore           42*

Indochine Park Tower         Mulpha - AF Investment Ltd             Malaysia            17*

The Landmark                   Hong Kong and Shanghai Hotels      Hong Kong         30

Saigon Sky Garden           ITOCHU Corp - MoriKiyo Co Ltd        Japanese           37

City View                          LCD (Vietnam) Pte Ltd Singapore     Singapore          14

Saigon Court                          Japan Int Dev Org                             Japanese           10

Norfolk Mansion RSC (Vietnam) Inv Pte Ltd                              Singapore           32

Garden View Court           OHKI Corp & Hasegawa Co Ltd &      Japanese           20

                                      Tokyo Kamemono Co Ltd & Exe Design Co   

 

 

* Includes investment cost of office and retail podium.                         

 

 

 

Demand Profile of Serviced Apartments

 

Apartment Name              Principal Nationality of Tenants          

The Landmark                     Japanese, American, English, Australian 

Cityview                             Japanese (majority are single tenants)    

Somerset Chancelor            English, French, German, American        

Sedona Suites                    Asian & Western                                   

Central Point                       Teachers at International Business Schools  

Somerset (Stamford Court)   Japanese, Korean, Malaysian                  

Saigon Sky Garden                   Japanese, Korean, Taiwanese                

Indochine Park Tower           Japanese, Taiwanese                             

Norfolk Mansion                   Japanese, English, Korean, French          

Diamond Plaza                    Australian, Japanese, Korean                  

Garden View Court                    Japanese                                              

Saigon Court                               Japanese, Taiwanese                             

 

 

 

 

 

Unit Sizes and Types - The range of unit sizes varies between projects as follows : -

 

Range of Unit Sizes (sq.m.) by Grade

 

         

                                1 bedroom          2 bedrooms             3 bedrooms          4 bedrooms

Grade A                  60 - 101              80 - 136                   110 - 300                110 - 420

Grade B                   53 - 83                79 - 120                   105 - 283                    250

 

 

Most apartment projects offer a variety of unit types but most of the units have 2 or 3 bedrooms. 

 

Unit Size by Type of Bedroom

 

Apartment               Grade           Studio              1 bed          2 bed          3 bed          4bed

Diamond Plaza                A                     -                  101              109-136            -               240

Somerset Chancellor Ct A                      -                   73                    97                -               110

Somerset HCMC             A                      -                    -                  85-110      136-142         170

Sedona Suites                A                      -                60-68              80-98        110-120           -

Indochina Park Tower    A                      -                     -                      -                 -            140-300

Landmark                       A                  61-91               119                    -                 -                  -

Norfolk Mansion             A                       -                    -                   88-109        130              250

Saigon Sky Garden        B                       -                 68-83              79-98        105-283           -

CityView                        B                    33-45             56-67              90-110           -                  -

Central Point                   B                        -                 62-68              85-120           -                  -

Garden View Court        B                        -                   62                    98             207                -

Saigon Court                   B                        -                   66                    96         131-145         -

 

 

 

Most serviced apartments in the CBD do not have studio units. Among grade A serviced apartments, the largest proportion of units are 2 and 3 bedrooms while the bulk of grade B projects are 2 bedroom units.

 

 

Number of Units per Type of Bedroom for Selected Serviced Apartment Projects

 

Apartment                    Grade   Studio   1 bed   2 bed   3 bed   4bed

Somerset Chancellor Ct  A             -             36         95          25          -

Somerset HCMC              A             -               -          48          60         57

Indochina Park Tower     A             -               -            -           55          -

Landmark                        A              -             55         10           -            -

Norfolk Mansion              A              -               -          96          24          4

Saigon Sky Garden         B              -             11         104         39          -

CityView                          B            15            30          25           -            -

Saigon Court                    B              -             15          30           8           -

 

 

 

Facilities

 

The following are the facilities found in the serviced apartment projects in the CBD.  All the projects have a fitness centre/ gym and most have a swimming pool and children’s play area.  Additional amenities such as retail and entertainment centre are available to some projects such as Diamond Plaza because of the retail centre within this development.

 

 

 

Range of Facilities Offered

Fitness gymnasium                                                    100%

Swimming pool                                                            92%

Children's playground / playroom                                   92%

Sauna / Steam room                                                    83%

Daily maid service on business days                             75%

Restaurant / bar                                                           75%

Minimart                                                                      75%

Tennis court                                                                 67%

Business service centre                                                67%

100% Power backup                                                     67%

Billiards room / Table tennis                                           42%

Shuttle bus service                                                        33%

Jacuzzi                                                                         33%

Other activities                                                              25%     

Sports membership                                                       17%

Retail and entertainment complex                                    8%      

 

 

Facilities Available per Serviced Apartment Project

 

 

Facility / Service           Diamond Plaza   Somerset CC   Somerset HCMC   Sedona Suites   IPT

Daily maid service                   -                               x                              x                              x                x

Shuttle bus service                 -                               -                               x                              -                 -

Swimming pool                        x                              x                              x                              x                 x

Sauna/Steam room                  x                              x                              x                              x                 x

Jacuzzi                                    -                               x                              x                              -                  -

Children's playground/room    x                              x                              x                              x                 x

Fitness gymnasium                 x                              x                              x                              x                 x

Tennis court                            x                              x                              x                              x                 x

Billiards room/Table tennis      -                               x                              -                               x                 -

Business service centre         -                               x                              x                              x                 -

Restaurant / bar                      x                              x                              x                              x                  x

Minimart                                   x                              x                              x                              x                  x

100% Power backup              -                               -                               x                              x                 x

Sports membership                 -                               -                               -                               -                  -

Retail & Ent Complex               x                              -                               -                               -                   -

Ttheatre, bowling centre         -                               -                               -                               -                  -

Other activities                        -                               -                               -                               x                  -

Basketball, jogging, golf range -                              -                               -                               -                   -

 

 

Significant new luxury serviced apartment projects due to come on-line in Ho Chi Minh City over the next couple of years include : -

 

 

- Times Square (139)

- Kumho Asiana Plaza (260)

- River Garden (210)

- Sailing Tower (59)

- FOSCO Diplomats Building – 40 Phung Khac Khaon

- BB Dai Minh’s USD$14m Luxel Serviced Apartments, Saigon South

 

 

 

Range of Monthly Asking Rents per Unit ($)

 

Monthly Asking Rent / Unit:

                1 bedroom                               2 bedroom                               3 bedroom                               4 bedroom

Grade A  1,500-2,000                             2,000-3,000                             3,000-4,500                             4,000+

Grade B   1,000-1,500                             1,500-2,000                             2,000-3,000                             3,000+

 

Grade A Performance

 

 

 

 

 

 

Last Updated ( Wednesday, 29 April 2009 )
 
< Prev   Next >