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HCMC property market grows slightly in Q1
The Ho Chi Minh City property market saw modest growth in the first quarter, with both demand and supply increasing in two out of five segments, property consultants Savills Vietnam and CB Richard Ellis Vietnam said in separate reports.
The office for lease segment saw 39,400 square meters added to supply, taking total supply to 838,000 sq.m. Demand for office space remained high with total leased area increased by about 39,400 sq.m. compared to Q4 2009.
The apartments for sale segment added 2,900 units, a decrease of 6 percent from the previous quarter. Some 1,800 apartments were absorbed, a decrease of 48 percent compared to the previous quarter.
There was an 8 percent increase in the serviced apartment segment that received 167 new units from the District 7-based Crescent Residence 1 this quarter.
But the supply of retail space and hotel rooms remained unchanged.
The average rentals for office space and serviced apartments fell slightly.
The former declined by 3 percent to around US$30 per square meter and the latter by 2 percent to $22.
Room rates at five- and three-star hotels slipped by 5.6 percent and 3.4 percent respectively, while the four-star segment bucked the trend by increasing by 4 percent.
Average hotel rates went up slightly to $90 from the previous quarter while retail rent remained stable at $85 per square meter per month.
Supply in all segments would be abundant with many new projects in the pipeline, both Savills and CBRE remarked.
Some 315,000 square meters of office space are likely to hit the market by the end of this year, half of it at just three projects - Vincom Tower, Bitexco Financial Tower, and A&B Tower.
The primary housing market could see 6,900 units added by the end of this year.
Project developers and investors, who have realized the potential of the mid-priced and affordable segments, would focus on them, the reports said.
The serviced apartments segment will add around 1,400 units in the near future, with six projects that are under construction adding 500 units in District 1 and 280 units in District 7.
More than 2,800 hotel rooms will be added, 77 percent of them in District 1. Hotels will also come up in non-central business district areas, including a four- and five-star hotel respectively in Phu My Hung and Thu Thiem townships.
The retail segment is expected to add some 100,000 square meters this year, with a further four-fold increase in the next two years when some major projects are completed.
Suburban districts are expected to account for most of it, including more than 30 percent by District 7 alone.
Cong Thoai
vietnews
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