CB Richard Ellis HCMC Tenants Evening Q2 2011

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1 CB Richard Ellis HCMC Tenants Evening Q th June 2011 Presented by Chris Currie

2 CB Richard Ellis Page 2 Recent Headlines

3 HCMC Office Market Overview Q Flight to quality Existing Grade A all over 95% occupied New demand but also existing companies expanding CBRE Enquiries have slowed: Q vs. Q Absorption 1H ,315m2 vs. 1H ,743m2 Demand in the market from Education / Insurance / Banks (local) / Call Centre s / BPO / Industrial offshoot Incentives in SELECTIVE buildings are back on the table 2012 supply under construction but what s after this? Decentralised market opening up Industrial Parks Management Charges expected to rise in 2H 2011 Serviced Offices are in Demand! cautious entrance CB Richard Ellis Page 3

4 CB Richard Ellis Page 4 Q Asian Rental Cycle

5 Office Rents by Grade CB Richard Ellis Page 5 June 2011

6 HCMC Office Stock Q Q Grade A 304,380 m Grade B 697,461 m Grade C 745,887 m2 TOTAL 1,747,728 m2 CB Richard Ellis Page 6

7 Absorption 2007 Total 148,542 m Total 151,235 m Total 154,459 m Total 226,971 m2 1H ,742 m2 CB Richard Ellis Page 7

8 CBRE Monthly Enquiries From a peak in March, 2011 enquiries have since been in decline Sectors in Demand Banking (local) Insurance Education Call Centre s BPO Offshoot from Industrial / Manufacturing Serviced Offices CB Richard Ellis Page 8

9 Vacancy Rate 17.6% CB Richard Ellis Page 9

10 What is available today? CB Richard Ellis Page 10 Building Location Occupancy / Commitment Approximate Available Leasable Space 1 Bitexco Financial Tower D1 30%* 15,000 m2 2 Kumho D1 96% 1,300 m2 3 Metropolitan D1 97% 600 m2 4 Sun Wah Tower D1 98% 504 m2 5 Diamond Plaza D1 100% 0 m2 6 Saigon Centre D1 95% 750 m2 7 Saigon Tower D1 94% 250 m2 8 Me Linh Point Tower D1 100% 0 m2 9 A&B Tower D1 98% 1,626 m2 10 Green Power D1 51% 6,478 m2 11 Vincom D1 51% 34,790 m2 12 CENTEC D3 95% 326 m2 13 Saigon Trade Center D1 88% 5,000 m2 14 Maritime Bank Tower D1 40% 14,199 m2 15 CentrePoint PN 98% 682 m2 16 e town TB 98% 800 m2 17 REE Tower D4 8% 15,900 m2 18 Flemington D11 75% 5,800 m2 *Based on area currently being marketed TOTAL 104,005 m2

11 Incentives / Flexibility on Offer Rent Free Periods to offset fit out costs Stepped Rents Longer fit out periods Free or reduced parking Free or reduced signage Termination options Expansion options first rights of refusal Contraction options Payment terms Security Deposits Periodic rent reviews CB Richard Ellis Page 11

12 Flexibility / Incentives - Live Example In this offer the Landlord offset 68.42% of the fit out cost from year 1 rent Stepped Rent 4 months up front rent free CB Richard Ellis Page 12

13 How Incentives Offset CAPEX Live Examples Area 180 m2 1,000 m2 Rent $40.00 m2 / month $37.00 m2 / month 1st year rent $35.00 m2 / month $30.00 m2 / month Monthly Rent $7,200 / month $37,000 / month Fit Out Cost $380 m2 $380 m2 Approximate Fit Out $68, $380, Rent Free Period 2 month(s) 4 month(s) Rent Free Amount $14, $148, Stepped Rent Saving $9, $56, Total Incentive $23, $204, Rent free as % of fit out 34.21% 53.68% CB Richard Ellis Page 13

14 The GIVE and The TAKE The Give The Take Covenant Strength Payment terms Deposits Longer Leases Forego penalty-free termination clauses Acquired space & Rent Free Stepped Rents Free / Reduced Parking Attractive signage CB Richard Ellis Page 14

15 Tenants Demands Signage critical for Financials and Banks Space Efficient and well planned Net Floor measurements tenants want to know what they re leasing Flexible Lease terms expansion, first rights of refusal, termination Longer Leases 5 years + Property Management Security Tenants want to know who is in their building Fire and Safety Parking now being negotiated before the rent! IT / Telecoms - choice of providers Air con we don t live in a 9-5 world Back-up Power modern business continuity demands this CB Richard Ellis Page 15

16 Decentralised Limited quality options in the traditional northern areas Tenants still reluctant on D7 / PMH Gone west - Flemington now 75% occupied Use of Industrial Parks Tan Thuan E-office Park New areas District 4 REE Tower and COPAC Square District 2 The Vista CB Richard Ellis Page 16

17 Supply The Forecast As of Q FORECAST OFFICE SUPPLY IN HCMC ALL Grade A 0 77, ,097 Grade B 188, , ,655 Total 188, , ,752 CB Richard Ellis Page 17

18 Supply The Reality Times Square 8,866m2 NFA of Office Q completion Topping off 22 nd June 2011 CB Richard Ellis Page 18

19 Supply The Reality M&C Tower Construction Level 34 Topping Off August 2011 Completion Q Approximately 50,000m2 GFA of Office CB Richard Ellis Page 19

20 What s After ? Vietcombank Tower Basements in Progress Approximately 42,000 m2 CB Richard Ellis Page 20

21 What s After 2012? BIDV Tower Nguyen Hue No Construction on Site CB Richard Ellis Page 21

22 What s after 2012? SJC Tower No construction on site CB Richard Ellis Page 22

23 What s after 2012? Saigon Centre Phase II ~40,000m2 GFA Expected Completion 2015 Test Piling CB Richard Ellis Page 23

24 Summary Flight to quality existing Grade A over 95% occupied New Landlords being much more flexible with regards to incentives As a result of the tight economic picture 2012 supply is coming but then there are delays! Decentralised finding new areas Higher Management Charges Flexibility is the KEY CB Richard Ellis Page 24

25 Over 300 markets in more than 50 countries 49 Thank You 33 We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. CB Richard Ellis Page 25

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