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Tony Milton MRICS

BSc (Hons) Est Man

Fast Facts

Date : Sunday, 04 October 2009
Category : Realty - Hanoi Retail

CHRONOLOGICAL ORDER : Scroll to bottom for latest info


050809-Lotte Vietnam Co Ltd is planning to open a supermarket on the site of the current My Dinh – Giap Bat coach station, the GD said in a working session with the government. SGT

080809-Hanoi will have about 490 markets, 160 trade centres and 180 supermarkets under a plan for the development of wholesale and retail networks until 2020 with vision on 2030. The plan, which included upgrading large-sized markets into shopping centres, was created to meet consumption and production demand in Ha Noi and surrounding areas. VNN

171009-In Ha Noi retail showed stable demand in the 3rd Quarter with in¬creasing numbers of international retailers and mid-end and high-end brands entering the capital city market. VNN

201009-The demand for retail spaces will increase slightly as the economy got back on track with sales growth rates of 18¬-20% annually. The trend hit home last week when the Hanoi City Complex project, which has been delayed for years, restarted construction. Developed by South Kore¬an retailer Lotte, the complex was predicted to offer a high¬ end space in Hanoi's central business district (CBD). With capital investment of $400 million, Lotte planned to take the valuable site opposite the Hanoi Daewoo hotel to become a multi-functional complex complete with hotel, residential spaces, offices and a trading centre. The CBD area has stable rents and full occupancies most the time, while inappropriate market positioning of projects had made it difficult for suburban and secondary areas to operate effectively. The CBD was still on top in terms of rents, from approximately $40-$90/sqm with occupancy rates of around 90%. Right behind the CBD was the secondary area, with average rents varying from $20/sqm to $120/sqm. Rents in suburban areas were relatively low, from $7-$50/sqm. Many mid and high-end brands have recently entered the Hanoi market including Mphosis, Paris Hilton and Vanlaack. The latest major new supply in 3rd Quarter was the Vincom Gal¬leries, with 8,500sqm which launched with an under 20% vacancy rate. There will be about 11,200sqm possibly coming on line in the 4th Quarter and another of 82,000sqm in 2010. By 2011, Hanoi was expected to have a total new supply of retail area of about 425,000sqm. Up to the end of 2009, the total retail space was about 360,000sqm, contributed to by 10 shopping centres and shopping malls, department stores and hyper-markets, 78 supermarkets and electronics marts, 2 wholesale centres and 12 retail podiums. The next major retail centre will be the 27,000sqm Grand Plaza Department Store at Char-mvit Plaza, located on Tran Duy Hung. This pro¬ject is located next to the Big C Thang Long and adjacent to Trung Hoa-Nhan Chinh, an affluent residential commu¬nity in Cau Giay. The Savico Plaza is another major fringe urban retail complex of more than 50,000sqm under construction in Long Bien district. VIR

150110-Average rents in the CBD are US$80sqm per month with the highest rents US$146/sqm. Aver¬age rents in retail spaces in non-CBD are around US$35sqm per month. SGT

180110-In Ha Noi, the vacancy rate at malls in the CBD is only 0.38% compared to 37% in other areas. The rent ranges from $80-$146sqm. No major new supply is planned this year in the Ha Noi CBD area. VNN

250110-In the next 2 years retail space in Hanoi will reach some 510,000sqm or 5 times more than the current sup¬ply from 13 shopping centres and department stores. In Hanoi, average prime rents in the CBD stood at $80sqm and the average prime rents outside the CBD was $35, with the highest rents in the CBD reaching around $146. The capital city's coming retail projects include Savico Plaza Hanoi (52,000sqm), Grand Plaza Hanoi (27,461sqm), Hanoi City Complex (34,682sqm), Keangnam Hanoi Landmark Tower (82,875sqm), Times Square Hanoi (30,000sqm), Yen So Park Shopping Mall (49,250sqm), Ciputra Hanoi Mall (114,000sqm) and Royal City (200,000sqm). VIR

280210-In recent months, interna¬tional brands have scrambled to secure scarce retail space in down¬town commercial centres while restaurant chains are being opened on major streets nationwide. Average occu¬pancy rates in Ha Noi's retail spaces now stood at 83%. With the rising demand for retail space, prices have been forecast to continue climbing in 2010. Average rental prices for retail space in Ha Noi and HCM City currently stand between US$60-100/sqm. In central business dis¬tricts, rents have even risen to $250 per square metre per month. Ha N6i's retail space will grow to reach 1m sqm over the next 2 years, more than double its current supply. The pro¬jected growth has been attributed to completion of major projects such as the Hang Da, Mo and Nga Tu So markets, and the Grand Plaza and Sky City Tower. VNN

160310-The occupancy rate across the whole sector is about 90%, with the highest rent up to $150sqm in Hanoi and around $250sqm in HCMC. However, there will be a lot of work to be done in the coming three to four years, when the total potential retail area of all types in Hanoi will rise by about 3 times the current amount, and 1.5 to two times in Ho Chi Minh City. The average ask¬ing rents of retail spaces at about $54sqm in the CBD and $36sqm in non-CBD areas in Hanoi. The improved occupancy rates were approximately 100% in the CBD and 69% in non-CBD areas. The Hanoi market saw a posi¬tive announcement from Grand Plaza, which saw roughly a 75% occupancy rate. Meanwhile, Vincom Galleries was fully occu¬pied after 4 months in operation and the Hanoi City Complex, which was delayed for a long time, will be re-launched in the near future. However, by 2012, a significant volume of additional retail areas would be added, pushing up the total retail spaces to more than 510,000sqm in Hanoi and 740,000sqm in Ho Chi Minh City. The Garden, located in My Dinh ward, Cau Giay district in Hanoi, had only a few customers in the last half of a year, but recently became more attractive after the 3,000sqm Big C super mark opened in the basement. VIR

060410-In Q1 2010, the average occupancy rate of the entire retail market was 92% - the same as Q4 2009, but down slightly compared to Q1 2009 at 95%. There is an estimated 67,000sqm entering the market in 2010. SGT

250410- Co.opMart Saigon in Hanoi will cover 7;500 square meters and include_a bookstore, game area, en¬tertainment center and restaurant. The VND74bn / $3.9m store is located at Km 10 Nguyen Trai Street, Mo Lao Ward, Ha Dong District in the capital. This is also the 1ST supermarket of Saigon Co.op in Hanoi. SGT

270410-The average vacancy rate dropped by 3.4% quar¬ter-on-quarter inside the CBD and retail sales increased considerably in the 1st Quarter, by 26.5% showing the strength of consumer demand. Despite little change in the overall rental levels, ground floor rents in prime locations increased by 1.37% in the 1st Quarter to $55/sqm however it is a dif¬ferent story outside of the CBD where supply continues to grow so rents declined 2.25% from last quarter of 2009 to roughly $35/sqm. In line with this drop in rents, the vacancy rate in the non ¬CBD regions fell to 25% from 31% last quarter as more tenants moved in to the Garden and Syrena build¬ings. Parkson and Big C re¬mained at full occupancy lev¬els, showing their strength. The next few quarters would see the emer¬gence of many non-CBD retail projects such as Bac Ha Plaza, Grand Plaza, Xuan Thuy Tower and Sky City Towers with the Pico Mall (Mipec Building) coming at the end of this year. Only the Grand Plaza, Bac Ha Plaza and Pico Mall are true shopping centres with the rest providing just basic re¬tail platforms. Over the next 2 years a series of major projects includ¬ing the Indochina Plaza Ha Noi, Savico Plaza, Ciputra Ha Noi Mall, Keangnam Ha Noi Land¬mark Tower and Mo Market Shopping Centre will be com¬pleted. VNN

080510-Average occupancy rates are more than 92% and although rents in the CBD of Hanoi saw a small increase there was no change in sub¬urban area rents. Rents at the CBD linger from $40-150sqm. Average rents in the non-CBD areas vary from $20sqm to a notable $120sqm while rents in the suburban area are relatively low, from approximately $7-70sqm, Hanoi is now home to 10 shopping cen¬tres, combining with department stores and hypermarket, 83 supermarkets and electron¬ic marts, two wholesale centres and 11 retail podium totaling 374,000sqm. There is an estimated 67,000sqm enter¬ing the market in 2010, of which nine out of the 11 known future projects are located in the non-CBD areas. In 2011, more than 190,000sqm is expected to come online and total stock of retail space in Hanoi will reach 1.2m sqm in 2013. VIR

100710-In the 2nd Quarter the average occu¬pancy rate increased to approximately 95%, up 3% against the 1st Quarter with rents in the CBD from US$40 to US$150sqm. There are some 62,100sqm of retail area from 9 projects to be launched onto the market in the 2nd Half and ap¬proximately 1.1m sqm of retail space from 81 projects supplied to Hanoi's retail market by 2013. SGT

300710-The Pico Mall Centre project in Ha Noi's Dong Da District, has begun construction. The centre covers 150,000sqm and will have 5 floors for shopping, restaurants, exhibitions and advertising. The centre is a part of the Mipec Building Complex. VNN

040910-Hanoi's retail market revenue expanded some 28% in the 1st Half from the same period of last year with total retail sales were recorded at US$5 billion. There is more than 400,000sqm of retail space in the major cities of HCMC and Hanoi. Although Hanoi's retail supply is 3 times lower than HCMC's, it will improve remarkably over the next 3 years given a host of projects underway. the market is expected to see some 1.3m sqm more retail space up and running in HCMC and an additional 1m sqm of retail space in Hanoi by 2013, particularly in the capital city's southwestern areas like Cau Giay, Tu Liem and My Dinh-Me Tri. Apart from Bitexco's The Garden, it is expected to see some projects such as Keangnam Landmark Tower and Nam Dan Plaza to join the retail market in the coming years. SGT

090910-Most buildings have main¬tained high rents and more than 90% occupancy rates, with local demand for retail space continuing to grow. Retail turnover of Hanoi in the first 6 months of this year had increased 28.2% compared to the same period of last year. Trading centres were dominating most spaces with vacancies of only 1.75%, followed by retail lobbies with 11.64% and depart¬ment stores with 25%. In the next 5 years, it is estimated that Hanoi will have around 665,000sqm of retail space, some 6 ¬times more than the current figure. However, these future projects would be mostly located in non¬ CBD areas such as in Tu Liem, Hoang Mai and Can Giay districts. Among those, Tu Liem district's My Dinh area, around only 8 kilometres from the capital's downtown, has been becoming one of the most hunted investment destinations by domestic and for¬eign investors. VIR

140910-Hanoi's retail sector at the middle of this year had no vacancies in the city centre and roughly 20% vacancies in non-CBD areas. Except in the central area, leasing prices had increased by about 1.59% com¬pared to the beginning of this year. Offered prices for retail spaces fluctuated from $55.5/sqm in the city centre to $35.68/sqm in non-CBD areas. In the next 5 years Hanoi will have around 665,000sqm of retail space, 6 times more than the cur-rent figure. However, those future projects will be mostly located in non-CBD areas such as Long Bien, Tu Liem, Hoang Mai and Can Giay districts. VIR

051009-The Hanoi Department of Industry and Trade will suspend construc¬tion of traditional markets till 2020 in its retail system planning project. The city has plans to build 130 more shopping centers and 30 supermarkets by 2030. SGT

061010-The average occupancy rate in Hanoi's shopping centres remained high at 94% and many new shop¬ping centres opened in the 3rd Quarter. SGT

251010-The average per capi¬ta income of Hanoians stands at roughly $1,900, an increase of 23% year-on-year. Residents between the ages of 20-40 account for 40% of the capital's pop¬ulation. This age bracket is embrac¬ing a "shop till you drop" mantra. Retail rents in Hanoi are high, at an average of $55sqm. This rent is even higher in some trading centres, up to $150sqm and demand is exceeding supply in those centres. Rents are roughly $35sqm in non -central business districts. There was still insufficient retail space in inner Hanoi, with 0% vacancies. The vacan¬cy rate at ring roads or outskirts of Hanoi was higher at 10%. Trading centres are mostly located in golden land areas. In Hanoi, Trang Tien Plaza and Vin¬com City Towers were built some years ago. Recently, Hang Da Trading Centre was put into opera¬tion while a range of others such as Cho Mo, Nga Tu So trading centres will come online in the coming time. With the expanding urbanisa¬tion, trading centres have been expanded to new residential areas, especially underground levels of multi-function complexes. This trend exists at Savico Plaza, Royal City and the Garden. However, Trang Tien Plaza is one example of a shopping venue failing to grab shoppers despite its golden location. One of the reasons is Trang Tien Plaza lacks support facilities for a modern trading cen¬tre, such as entertainment facilities like cinemas, supermarkets, or food and beverage courts. Trang Tien Plaza has also failed in attracting famous retail brands. The modern trading centre segment will increase by 6 ¬fold in the next 3 years, with an estimated 660,000sqm coming from new projects such as Pico Mall, Keangnam Hanoi Landmark Tower, Ciputra Mall Hanoi and Usilk City. Song Da Thang Long's Usilk City trading centre as an example stretching nearly one kilometre along extended Le Van Luong road, a potential lucrative road through key Hanoi urban development areas, it will offer 70,000sqm of retail space and 2 floors for car parking. Usilk City will make Ha Dong new urban district and the Hanoi's south-west gate an important commercial hub. Citra Westlake City Development is building a 120,000sqm shopping mall within Ciputra International City on Lac Long Quan street while Royal Trading and Real Estate JSC is developing a 200,000sqm shopping centre with¬in Royal City complex on Nguyen Trai street. VIR

221110-Customers have registered to hire 140,000sqm or 60%, of retail space of Vincom Mega Mall in Hanoi in the last month. The investor, Hoang Gia Real Estate Inv and Dev JSC has plans to inaugurate the mall in 2013. SGT
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