Weekly Newsletter

A72
Vietnam Real Estate Week 1, March

The first weekly electronic newsletter issued to registered members, approximately 100,000 reads per month
joining to develop the newsletter VietRees, a member of

Market situation (p.2)

Real estate foreign investment (p.3)

Real estate agents (p.3)

Vietnam in the world (p.3)

Properties on the world (p.4)

Real estate legislation (p.4)

Websites of real estate companies in Vietnam (p.5)

Real estate projects and prices (p.6)

Real estate supply for customer groups (p.8)

Construction material market last week (p.9)

Stock market last week (p.9)

Market forecast, statistics expert opinions (p.10)

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 VietRees – Vietnam Real Estate
MARKET SITUATION
The contrast in predictions
Thoi bao Kinh te Sai Gon – 28 Feb, 2009
Hanoi: The real estate market
is taking a run-up to start!
Ha Noi Moi – 02 March, 2009
How hot is the real estate market?
Sai Gon Tiep Thi – 02 March, 2009
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A72 Page 2
The market of offices for lease in Ho Chi Minh City in general has been sluggish under the impacts of the
economic difficulties. Some grade-A office buildings have lost the customers within the past 3 months
although the rents have decreased day by day. Currently, the rents of grade-A offices in CBDs of Ho Chi
Minh City have dropped by below 50 - 60 USD/m2 and they may be lower if the customers want to lease
the large areas.
The economic crisis in 2008 has proven the previous predictions about the market of offices for lease to
be wrong. The demands for leasing offices have plummeted and the main reasons are the situation of
limited production, sluggish trading and the financial difficulties. Meanwhile, the supply of offices has
become plentiful. Currently, HCMC has over 900,000m2 office floor areas of all types, increasing by 21%
as compared to the end of 2007. However, at the high-rise buildings operating, the unoccupied floor
areas have been considerable, accounting for about 10 - 30% (grade-A), 40 - 70% (grade-B and C). At
many newly completed projects, many of the customers who made reservations have withdrawn, even
some places cannot be put into operation because there are no customers. The prices of grade-B offices
offered for lease have ranged from 25 to 35 USD/m2, depending on location and service quality. The
prices of grade-C buildings have ranged from 14 to 22 USD/m2.
According to the consultants, HCMC will have over 1.2 million m2 office floor area of all types for lease
until the end of 2009, increasing by 66% as compared to the present. This will pull the office rent down to
30 USD/m2 (for grade-A offices), 20 USD (for grade-B offices) and 10 USD (for grade-C offices). For
tenants, it is hard for enterprises that have moved their offices to the premises of private ownership to
come back to the buildings due to the following reasons: (1) lease the contracts with the longer term to
stabilize their works, (2) the enterprises had to spend the considerable costs on renovating and fitting out
their new offices for long-term demands, (3) although the rents of the buildings have decreased, they
have still been high. Therefore, investors need to grasp the reality and understand their customers’
requirements; then the amount of unoccupied office areas will become less.
Like the prediction of the economists, the Vietnamese real estate market from the middle of 2008 to the
beginning of 2009 has been almost frozen. The transactions have happened perfunctorily and very few
transactions are successful. However, until the last half of the first quarter 2009, although the
transactions have not really yet happened boisterously, the number of the people who have real housing
demands or inactive money has begun to show their interest in the information about real estate
projects. The old projects belonging to the districts in the city continue to draw the attention of high-
income people. The low-price housing projects that are being implemented in Hanoi and Ho Chi Minh
City have also been paid a lot of attention by investors as well as those who have real demands. In
addition, recently the warming up of the HCM City real estate market has also spreaded over to the
Hanoi market. The Hanoi real estate market has warmed up due to many reasons, but the most
important one is that the housing demand of the people has been great.
According to an expert, the Vietnamese real estate market in 2009 and the following years will gradually
return to the real value, the investors need to calculate the investment costs reasonably and ensure the
effectiveness and the consumers also want to buy the properties with the right values. In addition, the
fluctuation of gold, dollar, saving interest and stock has made the investors consider whether they should
make investment for the profit at this time or not. Another important problem is that the policies and
solutions of the government have a large impact on the real estate market. However, whether the Hanoi
real estate market may develop sustainably or not will also depend on the situation of preventing the
economic recession from affecting Vietnam in the next months. The reciprocal influence between the
real estate market and the other markets will follow the positive directions that are profitable for the
investors when the economy starts growing.
According to many experts, currently the market has become "hot", not in terms of prices or profits but in
the level of transactions. However, this hot level has partially happened, in the projects whose prices fit
the scale and location. The price reduction will not have considerable impact if the deposit rate is not low
as present. This has caused some investors to switch to the projects with more reasonable prices and
less risks. In addition, the money from compensation and the additional support for the resettlement of
Thu Thiem residents has also been the new demand. The urbanization process is taking place
vigorously, which has made the process of moving the people to the environs increase and they are the
potential customers. These people not only want to think of a peaceful life but also contribute the capital
into the investment.
The above factors have stimulated the market, but certainly, this stimulation has made the market heat
up in the transactions because the housing demands are real, not focusing on the investment purposes
like before. Therefore, the market will quickly cool down when the demands are met. Minimizing or
increasing the risks in the current market has been completely based on the exact calculation of the
investors, not based on the movement any longer.
 VietRees – Vietnam Real Estate
REAL ESTATE FOREIGN INVETSMENT
Vietnam enterprises builds golf
course at Laos
Thoi Bao Kinh Te Sai Gon – 01 March, 2009
Ha Noi: Grant investment license
to Satin Residence
VietRees – 04 March, 2009
The number of the projects
registering for licenses in
the first 2 months of 2009
Source: The Foreign Investment Bureau
The total projects including the newly-registered
and capital-increasing ones in the first two months
of 2009 has reached just over 1/3 as compared to
the same period of the last year.
REAL ESTATE AGENTS
Sacoreal sold out Hoa Binh
Sacomreal apartments
BDS & TS – 02 March, 2009
DIA starts works on The Phoenix
Garden project
Ha Noi Moi – 02 March, 2009
Petrowaco prepares to start works
on the high-grade apartments
VietRees – 03 March, 2009
Hue city: Works start on Apec new
urban area
VietRees – 05 March, 2009
VIETNAM IN THE WORLD
HCMC ranked 5th in Asia in terms
of office rent
Edited by VietRees – March, 2009
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A72 Page 3
Long Thanh Trade and Investment JSC will start the construction of the 5-star golf course and hotel in
the Dongphosy village, Hatsaifong suburban district in Vientiane capital, Laos in the first quarter of 2009.
The project is located on the site of 557 hectares with the total investment of 1 billion USD, divided into 4
construction stages. It is expected to be completed in 2020.
CapitalLand Co., Ltd - Hoang Thanh has just received the investment license for the project of high-
grade apartments, trade and services Satin Residence (Ha Noi).
Satin Residence is a joint venture project between the Hoang Thanh Investment and Infrastructure
Development JSC and CapitaLand - Singapore corporation including 5 high-rise buildings that will
provide about 1,100 apartments with the investment of 120 million USD.
The Foreign Investment Bureau
forecasts in 2009 and 2010 will be a
difficult year for attracting FDI in
Vietnam due to the impacts of the
global financial crisis.
However, the prospects for midterm
and long-term investment in Vietnam
still are considered to be good by
investors.
Saigon Thuong Tin Real Estate JSC (Sacomreal) has shown that the remaining 30 apartments of
Sacomreal Hoa Binh apartment building has been sold out within two days after being offered for sale in
the second phase.
Sacomreal Hoa Binh building is located at 47 Hoa Binh Street, Tan Thoi Hoa Ward, Tan Phu District, Ho
Chi Minh City including the functions such as: trading center, offices for lease and the apartments with
the scale of 1 basement, 1 ground floor, 11 floors, 1 mezzanine and 1 terrace. The project will be
completed in the second quarter of 2010.
Dan Phuong suburban district People's Committee and DIA Investment and Development Co.,Ltd. have
just organized a groundbreaking ceremony for the construction of the high-grade ecological urban area
The Phoenix Garden in Phung town and Dan Phuong commune, 20m from the heart of Hanoi.
The project is 43 hectares with the total investment of over 1,100 billion that is designed with the
elegance of French architecture and the Asian traditional style, including the villas with the areas of from
400 to 800m2 and the amenities such as commercial centers, restaurants, entertainment areas...
According to Oil&Gas Real Estate JSC (Petrowaco), in the second quarter of 2009, the company will
start the construction of the complex project of offices and houses at 59 - 63 Huynh Thuc Khang street
and the collective zone 97 Lang Ha Street in Dong Da District, Hanoi City.
The complex project of offices, houses and commercial buildings at 59 - 63 Huynh Thuc Khang includes
25 storeys and 3 basements with the area of 2.315m2. The collective zone 97 Lang Ha includes 27
storeys with 172 high-grade apartments and 8 penthouse apartments on a site of 4.233m2. Petrowaco
expects to complete these two projects in the first quarter, 2012.
Hue City People's Committee has just approved the report on the construction and investment situation
of the new urban area APEC invested by Asian-Pacific Investment SJC.
The project is located in Zone B - An Van Duong new urban area, Hue district. In the phase 1 of the
project lasting from 2009 to 2014, the investment is expected to be 132 billion and 30 hectares will be
executed. In the phase 2 of from 2015 to 2018, the investment is expected to be 75 billion and 16.5
hectares will be built.
According to Cushman and Wakefield Real Estate Brokerage Company (America), when comparing to
the rents of the offices at 202 locations in 57 countries in the world, Hong Kong is the place where the
rent is most expensive in the world with $2,214 USD/m2/year. The followings include Tokyo (Japan),
London (England), Moscow (Russia), Dubai (UAE), Mumbai (India), Paris (France), Damas (Xyri), Abu
Dhabi (UAE), Singapore (Singapore) and New York (USA).
Ho Chi Minh City (Vietnam) is ranked 16th in the world (increasing by one rank as compared to the year
2008) and ranked 5th in Asia with the average rent of about 764.5 USD/m2/year. According to the
reports, HCMC is the city where the speed of increasing the rents is fastest in Asia and the average
increase is 46%/year.
Cushman and Wakefield has also shown that the average rents of offices in the big cities in the world
have decreased by 16% due to the significant impacts of the global financial crisis. Among them, London
is the city that has suffered the greatest impact on the office market that has plummeted by
approximately 23% as compared to 2007.
 VietRees – Vietnam Real Estate
PROPERTIES ON THE WORLD
Hong Kong real estate market
begins to prosper
Property-Report
REAL ESTATE LEGISLATION
Strictly impose the laws in the
construction field
Lao Dong – 01 March, 2009
HCMC: propose the management
and vehicle keeping fees at
apartment buildings
Tuoi Tre – 05 March, 2009
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A72 Page 4
From the beginning of the year up to now, the segment of the high-grade houses at Hong Kong real
estate market has been seeing positive changes. The liquidity of the market has become higher in the
first months of the year and reached the peak for over half of the last year.
According to Centaline Property Agency Ltd, the enterprises specializing in the high-grade residential
area in Hong Kong, the number of successful transactions has increased by about 31% as compared to
December 2008 and the value of the signed contracts has risen by around 9%, reaching 2.7 billion Hong
Kong dollars (or about 348 million USD). This has been the highest earnings from July, 2008. The price
of a high-class is priced at 10 million Hong Kong dollars.
The analysis specialist at Jones Lang LaSalle consulting company has said that the shortage of supply
and the low prices are the basic reasons behind the positive changes in the segment of high-grade
apartment in Hong Kong. However, it is still too early to determine whether the luxury home segment has
become stable or not.
In order to prevent the situation of illegal construction, the lack of the law compliance of many investors
in the past, the Government has promulgated the Decree 23/2009-ND-CP on "Imposing the fines on the
administrative breaches in the construction activities; real estate business; construction material
production, business & exploration, managing the technology infrastructure; managing the development
of houses and government offices“. It wil take effect on 1st May, 2009. Accordingly, if the investors who
breached the construction order including organizing the construction of the works without construction
permits, not following the authorized designs; the detailed construction planning, etc still repeat the
breaches after receiving the decision of the authorized officials on suspending the construction, then
they shall be fined from 300 - 500 million VND and taken away the right of using the construction
permits.
In construction activities, the investors who have the behaviors such as conducting the construction
surveys on their own when they do not have enough abilities; not executing the construction supervision
and survey or not organizing the checking-and-taking over the result of construction surveys... will be
fined from 30 - 40 million VND. If the contractors commit the breaches such as checking-and-taking over
for nothing, organizing the hand over of the works to the owners, using the works when not organizing
the checking-and-taking over in accordance with the regulations, making the wrong reports which leads
to adjusting the designs twice and over ...will be fined 80 - 100 million VND.
Additionally, selling, leasing-for-purchasing the properties that are obligated to be traded through
transaction centers without passing through the transaction centers; trading in the properties that do not
have enough standards or are not allowed to be put into trade, etc will be fined 60 - 70 million VND. The
investors managing the development of dwelling houses and government offices do no save a portion of
the land fund in the projects of developing the commercial dwelling housing for building the welfare
houses following the regulations or not invest in the synchronous construction of the social infrastructure
and technology infrastructure following the ratified projects, etc will be fined 40 - 50 million VND. The
Decree also pays attention to technology infrastructure, the work quality and the consumers of the
construction products. Additionally, the organizations and individuals constructing works ashore, on the
water, under the water in the areas for protecting the safety of the surface water source will be fined 30 -
50 million VND. If they chisel the pipe route of raw water or the pipe of transmitting water without
permission, they will be fined 40 - 50 million VND.
In addition, the Decree 23 also publicizes the breaches of the objects who are imposed the fines.
Besides the forms of fines, additional fines and the solutions to repairing the consequences according to
the regulations. Some breaches must be publicized on the website of the Ministry of Construction and
the Provincial People’s Committee, the city under Central Government, where the decision of levying the
fines on the administrative breaches is promulgated.
The Department of Construction has offered the draft stipulating the ceiling level for the management
and the operation costs of the apartment buildings and has been collecting the opinions from the
relevant agencies.
According to the draft, the maximum management and operation cost for the grade-1 apartment
buildings is 9,000 VND/m2/month; 7,000 VND/m2/month (for grade-2 apartment buildings); 5,000
VND/m2/month (for grade-3 apartment buildings); 4,000 VND/m2/month (for grade-4 ones) and 3,000
VND/m2/month (for old apartment buildings). The apartment owners are responsible for contributing to
the operation costs for their private usable areas, even including the areas that are not used. As for the
apartment areas that have not been yet sold, the investors are in charge of paying the management
cost.
The draft also stipulates the costs of keeping cars at the apartment buildings. For instance, the car
keeping cost for the grade-1 apartment building is 1 million VND/car/month. The costs have also
decreased following the grades of the apartment buildings: 800,000 VND/car/month (for grade-2
buildings), is 600,000 VND/car/month (for grade-3 buildings), 500,000 VND/car/month (for grade-4
building), 400,000 VND/car/month (for old apartment buildings). The highest cost for keeping motorbikes
is 180,000 VND and the lowest cost is 30,000 VND/motorbike/month
VietRees – Vietnam Real Estate
Websites of real estate companies in Vietnam
Property developers
Ho Chi Minh
Company 585 - www.585.com.vn
Company 584 - www.congty584.com.vn
An Phu - www.anphugroup.vn
BCCI - www.bcci.com.vn
Daewon - www.daewon.vn
Him Lam - www.himlam.com
Hoang Anh Gia Lai - www.hagl.com.vn
Linh Phong Conic - www.conic.com.vn
Nam Long - www.namlongvn.com
Phu Long - www.phu-long.com.vn
Phu Quoc Land - www.phuquocland.net
SacomReal - www.sacomreal.com
Sadeco - www.sadeco.com.vn
Resco - www.rescovn.com
Thai Thinh Capital - www.richlandhill.com.vn
Thu Duc House - www.thuduchouse.com
Phu My Hưng - www.phumyhung.com.vn
Van Phat Hưng - www.vanphathung.com.vn
Vietnam Land SSG - www.saigonpearl.com.vn
Ha Noi
FPT Land - www.fpt-land.com
C.E.O - www.ceoholdings.com.vn
Gia Tue - www.giatue.com.vn
HUD - www.hud.com.vn
HDB Viet Nam - www.hdbgroup.com.vn
Keangnam - www.eng.kne.co.kr
Nam Cuong - www.namcuong.com.vn
Song Hong Land - www.songhongland.com.vn
Vinaconex - www.vinaconex.com.vn
Vincom - www.vincom.com.vn
Viet Hung - www.ecopark.com.vn
Other cities
Becamex IDC - www.becamex.com.vn
Biconsi - www.biconsi.com.vn
Tuan Chau - www.tuanchau-halong.com.vn
GNSVINA - www.cozyvill.com
Company 579 - www.cecico579.com.vn
Duc Manh - www.ducmanhco.com
Sponsor:
www.VietRees.com
Brokerage
Ho Chi Minh
An Gia - www.angia.com.vn
ACBR - www.acbr.com.vn
Dat Xanh - www.datxanh.com.vn
Dia Loi - www.nhadatdialoi.com.vn
Dat Cat - www.datcat.com.vn
FICO - www.ficohome.com.vn
Kim Son - www.kimson.com.vn
Phuc Duc - www.phucduc.com
Hung Phu - www.hungphunhadat.com
Hung Thinh 2 - www.diaochungthinh.com.vn
Hoang Quan - www.hoangquan.com.vn
Intresco - www.intresco.com.vn
Loc Dien - www.nhadatld.com
Nova - www.novahomes.com.vn
Phat Hung - www.phathung.com.vn
SacomReal - www.sacomreal.com
Tan Dien - www.tandien.com.vn
Ha Noi
Cland - www.cland.com.vn
Dong Do - www.dongdobds.com
Phu Thai Group - www.phuthaigroup.com
Petrowaco - www.petrowaco.vn
Petrolimex – www.pland.com.vn
Other cities
Dieu Hien - www.dieuhien.com.vn
Thien Loc - www.thienlocnhadat.com.vn
Research
CBRE - www.cbrevietnam.com
Savills Viet Nam - www.savills.com.vn
VietRees - www.VietRees.com
Consulting
CBRE - www.cbrevietnam.com
Dong Duong - www.indochina-consulting.com
Eden Real - www.edenreal.com
Hop Nhat - www.uniland.com.vn
Indochina Land - www.indochinacapital.com
Long Gia Khang - www.longgiakhang.com
Savills Viet Nam - www.savills.com.vn
Vina Capital - www.vinacapital.com
Viet Nam Real Estate Newsletter A72 Page 5
Evaluation
AREV - www.arev.com.vn
Hoang Quan - www.thamdinhgia.com
Vietland - www.thamdinhgia.com.vn
VVFC - www.valuation.vn
Construction
Ho Chi Minh
CIC8 - www.cic8.com
Coteccons - www.coteccons.com.vn
Cosaco - www.cosaco.com.vn
Hoa Binh - www.hoabinhcorporation.com
Hai Thanh - www.haithanh.com.vn
Toan Thinh Phat - www.toanthinhphat.com.vn
Ha Noi
Constrexim - www.constrexim.com.vn
Cavico - www.cavicovn.com
HANCIC - www.hancic.com.vn
HUD - www.hud.com.vn
Incomex - www.incomex.vn
Architect and Interior Decoration
Ho Chi Minh
A2 Visualization - www.a2viz.com.vn
Cat Moc - www.catmoc.com.vn
Nha Vui - www.nhavui.com
Nha Viet - www.nhavietdecor.com
Nha Dep - www.nhadep.com.vn
Pho Xinh - www.phoxinh.com.vn
Ha Noi
ACT - www.act.com.vn
ADKientruc - www.adkientruc.com
Ashui – www.ashui.com
Kien Truc Ha Noi - www.kientruchn.com
Other Countries
Architects 61, Sing - www.a61.com.sg
DP Architects, Sing - www.dpa.com.sg
SWA, USA - www.swavietnam.com
Ong&Ong, Sing - www.ong-ong.com
RSP Vietnam, Sing - www.resp.com.sg
Surbana Vietnam, Sing - www.surbana.com
 VietRees – Vietnam Real Estate
REAL ESTATE PROJECT AND PRICES
BCCI opens Dam Sen complex
project in District 11
Vietrees – 03 March, 2009
Ha Noi: One more trade center
in Hoang Mai District
Xay dung – 04 March, 2009
HCM City: Prepare to start works
on high-rise complex at Phu Nhuan
District
Vietrees – 04 March, 2009
Ha Noi: Nam Cuong starts 25-storey
apartment complex
Ha Noi Moi – 05 March, 2009
In Feb 2009, the prices of the high-
grade apartments in HCM City
to slightly increase
VietRees – Mar, 2008
Announced prominent real estate developments during the last 2 weeks*
Ho Chi Minh City
Other cities
* Note: RA=Residential Area, AP=Apartment Building, HA=Housing Area, RuA=Reurban Area, TA=Tourism Area, IA=Investment Area, UA=Urban Area, ReA=Resettlement area
Websites of properties in Vietnam
Ho Chi Minh
Blooming Park - www.bloomingpark.com
Saigon Paragon - www.saigonparagon.com
Dragon City - www.dragonland.com.vn
Preche - www.preche.com
SaigonPearl - www.saigonpearl.com.vn
V-Star - www.v-star.com.vn
Time Square - www.timessquare.com.vn
The Everrich - www.theeverrich.com
Tan Da Court - www.tandacourt.com
Lancaster - www.lancaster.com.vn
The Vista - www.thevista.com.vn
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A72 Page 6
Binh Chanh Construction and Investment JSC is implementing the measurement and compensation;
setting up the records of the site clearance and resettlement for Dam Sen complex project.
The project is built on a site of over 5.9 hectares in Ward 3, District 11, Ho Chi Minh City including the
functions such as: trade centers, hotels, office buildings and apartments for rent.
Lilama Hanoi has just started the construction of the high-grade complex project at 52 Linh Nam, Mai
Dong Ward, Hoang Mai, Ha Noi city with the total investment of 452 billion VND.
The project consists of two 21-storey buildings and the terraced villas on a site of 7,756 m2. In addition,
there are public works such as: kindergartens, medical stations, libraries, trade centers that fully meet all
the needs of the residents. The project is expected to be completed in February 2011.
Satra - Dat Thanh JSC has shown that it would hold a groundbreaking ceremony for the high-rise project
Satra - PN at 163 Phan Dang Luu Street, Phu Nhuan District, Ho Chi Minh City on 7th March, 2009.
With the total investment of 500 billion VND, the building is built on a site of 3,247 m2, including 18
storeys and 2 basements. The 5-storey bottom block is dedicated as a commercial area, while from
storeys 6 to 18 are separated into 2 blocks of high-grade apartments. This project is expected to be
completed in middle of 2011.
On 5th March 2009, Nam Cuong Group has started the first 2 bays of the 25-storey apartment complex
NCG Residentials on Le Van Luong Street (prolonged), Ha Dong, Ha Noi.
The apartment complex CT8 includes four 25-storey bays (780 apartments), located on 16,484 m2
precinct and the attached infrastructures of the area include the health care center, sport area,
entertainment area and the complex of the shopping services located on the ground floor of the building.
The complex is expected to operate in 2012.
The price change level of high-grade apartments in HCMC
Week 4 February, 2009 Week 1 March, 2009
Satra Dat Thanh AP (Phu Nhuan Dist.)
Dam Sen complex (Dist.11)
The trade center & apartments with 25 storeys (Ha Noi) Complex at Mai Dong ward, Hoang Mai Dist. (Ha Noi)
The complex in Trung Van Commune (Ha Noi) Satin Residence apartment building (Ha Noi)
HA in the urban area Bac Linh Dam (Ha Noi) NCG Residentials apartment (Ha Noi)
Ha Noi Other cities
Viglacera Tower - www.viglaceraland.vn Cozyvill - www.cozyvill.com
My Dinh – Me Tri RA - www.sudicosd.com Flamingo Dai Lai - www.flamingodailai.com
Bac An Khanh RA - www.vinaconex.com.vn Van Phu township - www.dothivanphu.com
Ha Noi Plaza Hotel - www.charmvit.co.kr Dam Vac Golf - www.damvacgolf.com
Phap Van – Tu Hiep RA - www.hud.com.vn Sanctuary - http://sanctuary.com.vn
Ho Tram Strip - www.hotramstrip.com
Sai Gon Sunbay - www.ctc-corp.vn
Other cities
Eden Lagi Resort - www.edenreal.com
Furama Resort - www.furamavietnam.com Van Quan – Yen Phuc township - www.hud.com.vn
Sai Gon – Mui Ne Resort - www.saigonmuineresort.com Quoc Te Do Son - www.vietlandgroup.com
Sunspa ResortVietnam - www.sunsparesortvietnam.com
 VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A72 Page 7

Property Retail Price

Updated on information from ACBR, Van Phat Hung, Hung Thinh, Phuc Duc, Tuoi Tre Newspaper and developers (VietRees gathered by direct surveys), listed prices can be
original prices or transfer prices at current or at one week prior from the date this newsletter is issued.

Typical apartments in HCM city Other apartments and land lots

Area Price (million
Dist.
(m2) VND/m2)
+/-
Apartment building – HCMC
Central Garden 1 73 28.7 -
Landcaster 1 120 68 +
An Khang 2 90.2 24
Binh Minh 2 108 16 +
Cantavil, Dist.2 Riverside Residences Sky Garden , Dist.7 Constrexim 4 81.5 21.5 +
* 98m2 – 1,750 USD/m2 Area: 81 – 477 m2 * 71m2 – 29.6 million VND/m2
Orient Apartment 4 71.7 22.1 +
* 150m2 – 1,485 USD/m2 Price: 37 million VND/m2 * 88m2 – 28.8 million VND/m2
Hung Vuong Plaza 5 129.6 28 -
Tan Thinh Loi 6 64 14.3
Carina Plaza 8 98.8 15.7
Dat Phuong Nam BTH 105 21.7 -
Botanic PN 93 31 +
4S Riverside Garden TD 73.44 18 +
Sunview TD 71 12.9 +
Development land lots – HCMC
Blooming Park, Dist.2 Phu My, Dist.7 The Everich, Dist.11 Binh Trung Dong – Cat Lai 2 190 10
Area: 95 – 398m2 * 83.6m2 – 21.2 million VND/m2 * 115m2 – 1,720 USD/m2 ADC Phu My 7 100 17 -
Price: 1,800 – 2,400 USD/m2 * 114m2 – 24 million VND/m2 Phu My - Cho Lon 7 125 15.6
Direct contact with the investor1 Gia HoA 9 200 9.7
Nam Long 9 90 11.5 -
Khang An 9 144 7.4 +
Ho Ngoc Lam BC 76 12
Cotec – Phu Xuan NB 100 7.3
Thai Son 1 NB 250 13.9
Apartment building – Ha Noi
Chelsea Park CG 98 25.5
Preche, Dist.2 Panorama, Dist.7 Saigon Pearl, B.Thanh CT3 Vimexco CG 94 27.5
* 147m2 – 2,222 USD/m2 * 147m2 – 38.8 million VND/m2 * 84m2 – 2,400 USD/m2 Ha Thanh Plaza DD 114 25.8 +
* 135m2 – 2,390 USD/m2 Hoa Lu HBT 94 33
Xa La HD 64 11.8 +
Linh Dam HM 75 15.3 +
Vuon Dao TH 120 22
Development land lots – Other provinces
Green Square BD 199.5 9
My Phuoc 3 BD 150 1.7 +
Long Kim 2 LA 110 4.7
Wind Hill BR-VT 180 3.8
The Vista, Dist.2 New SaiGon, Nha Be The Manor, B.Thanh
Thien Loc CT 100 2 -
* 139.8m2 – 1,600 USD/m2 * 121.4m2 - 18.9 million VND/m2 * 80m2 – 1,925 USD/m2
HUD DNI 105 2.7
* 118m2 – 2,000 USD/m2
TCT XD Ha Noi DNI 100 2.4 +

1
Kien A Investment & Services Co., Ltd. - An Phu Ward, District 2, HCMC - Tel: (84.8) 3740 6688, Fax: (84.8) 3740 6949

Danang: 225 Huyen Tran Cong Chua - T: (84) 511 836 216 * HCMC: 390 Nguyen Cong Tru, D.1 - T: 8 821 7509 * Hanoi: No.6-1D Trung Yen New Town, Caugiay - T: 4 783 1598

Sponsor:
VietRees – Vietnam Real Estate
PROPERTY SUPPLY FOR DIFFERENT TARGETS OF CUSTOMERS
Social welfare houses for worker
VietRees
Real estate for the low income
VietRees
Sponsor:
www.VietRees.com Viet Nam Real Estate Newsletter A72 Page 8
* Saigon Construction Corporation investor two apartment blocks high 5-storey for workers in Quarter 1,
Linh Trung Ward, Thu Duc Dist, HCMC.
* Hung Vuong JSC has just put a 5-storey apartment building into use for cadres and workers. The
company continues to petition Tien Giang Provincial People’s Committee to grant a 5.000m2 land area to
construct more apartment buildings for workers with an investment of 100 billions VND.
* Saigon Paper JSC has put an apartment building into use for workers at My Xuan Commune, Tan
Thanh suburban district, Ba Ria - Vung Tau province. The stage 2 of the apartment building is about to
be implemented with a scale of 8 storey.
th
* Morning of August 28 , 2008, the Ministry of Construction has signed a memorandum for the
cooperation in the field of welfare housing with Korean Ministry of Land-Traffic and Marine.
* Ha Noi Construction Investment JSC (Hancic) has finished 4/10 units of the 5-storey house which
belongs to the housing project for workers at Kim Chung Commune (Dong Anh).
* Construction and Import-Export JSC (Vinaconex) has transferred and put into use 4 blocks of houses
among the total 16 blocks of the housing project for the workers at Thang Long industrial zone.
* The housing area of 7,000 m2 (380 rooms) for 1,500 workers of Dong Quang Knit Limited Company at
Hai Son industrial cluster (Duc Hoa Ha commune, Duc Hoa suburban dist., Long An province) has just
nd
been put into use. The total investment cost of this housing area is 20 billion VND. (2 Oct,2008)
* The 4-storey apartment building at cluster 5, ward 8, Vinh Long town that serves the cadres,
employees, professional serviceman and etc has been ratified by Vinh Long Provincial People's
rd
Committee with a total investment of over 37 billion VND. (3 Oct,2008)
* Hiep Phuoc accommodation and 1 apartment block in District 9 is reserved for over 1,600 workers in
th
Hiep Phuoc industrial zone and hi-tech zones - Directed by HCMC People’s Committee (22 Jan, 2009).
* 4 three-storey apartment blocks (204 rooms) reserved for nearly 1,000 workers in Ha Quang export
garment factory and Tay Bac Dong Hoi industrial zone with the rent of 100,000 VND/ month/ person have
th
been put into use after Lunar New Year – Quang Binh - Dai Phong Co., Ltd (4 Feb, 2009)
* Sai Gon – Gia Dinh Real Estate Company and Hoa Binh Phu Yen Company build Thoi An Apartment
Building in District 12 with 1,000 apartments.
* Construction Co. No.8 (CIC8) will invest in construction of 10,000 Keppel Land apartments & Tien
Phuoc Co. will build a resettlement area including 1,900 apartments at An Phu, Binh Khanh, District 2.
* HCM City People’s Committee will advance 50.5 billion to carry out the project of Vinh Loc B, Binh
Chanh residential area for resettlement with hundreds of townhouses and 40 apartment blocks.
* Construction Co. No.5 will invest in construction of 500 apartments at Ward 22, Binh Thanh District.
* HCM City Cooperative Alliance has developed its construction investment project of housing area at Le
Minh Xuan Commune, Binh Chanh Suburban District on a site of 67.49 hectares.
* 50% of the house reserve at The Splendor apartment area (Go Vap Dist.) will be intended to serve
resettlement demand in the district.
* Dat Lanh Co. will offer 1,500 apartments to the market with the prices of 500 - 700 millions VND/unit.
* People‘s Committee of HCMC has approved the project of the resettlement area on a site of 55.24
hectares at Dong Nam Cu Chi industrial - residential area in Cu Chi.
* House management of D.1 is assigned to construct the resettlement area at 7/4ª Kha Van Can, TD D.
* In early 2010, Hai Thanh company will complete 352 apartments of Hai Thanh 1 resettlement area
project, Binh Tan District for the civil servants at Binh Tan District.
* People’s Committee of Binh Chanh has just cooperated with Hung Vuong university Investment &
Development JSC to construct resettlement area at Tan Kien commune, Binh Chanh suburban district.
* People’s Committee of HCM City has just licensed Cho Lon Real Estate JSC to invest in the
construction of the apartment building at No. 99 Ben Binh Dong, ward 11, district 8 in order to make the
house reserve at the social welfare housing program.
* People’s Committee of HCM City has promulgated the decision about reclaiming the land areas at
Phuoc Kien, Nhon Duc and Phuoc Loc communes, Nha Be suburban district for the construction of the
resettlement area in order to serve the project of Nhon Duc - Phuoc Kien new urban area.
* The HCM City Union of Housing Co-operatives has prepared to commence the construction of Thanh
Loc apartment building with 238 apartments on a site of 6.600 m2 in District 12. The Union intends to
construct another apartment building with over 200 apartments at Truong Tho ward, Thu Duc district.
* HCMC People’s Committee has ratified the planning of Binh Khanh residential area (Dist.2) which is
built on a site of 384,019 m2 to serve the resettlement of the locals in Thu Thiem new urban area.
* Dat Xanh has cooperated with Truong Son Vanguard Youth General Squad to build apartments for low-
income people at Dist.12
* Go Vap People’s Committee and Go Vap Public Benefit Service Co. have bought back the house
reserve belonging to Phu Gia Hung high-end apartments, Duong Quang Ham Street, Ward 15, Go Vap
Dist. and Dong Hung Thuan 1, 2 apartment buildings, Dist. 12 to serve the resettlement of the locals at
Tham Luong project - Ben Cat - Nuoc Len ditch.
* Approximately 184,000 apartments belonging to the investment program in the construction of the
social welfare houses in the stage of 2009 – 2015 with the total investment of about 49,000 billion VND
th
have been submitted to the government for approval. (30 Sep, 2008)
* 800 social welfare houses for lease - lease to purchase will be built at 19A and 21A plots, Viet Hung
th
urban area in 2009, which have been ratified by The People’s Committee of Ha Noi City. (16 Oct, 2008)
* 462 units of Khang Gia 3 apartment building (Go Vap Dist.) invested by Khang Gia Real Estate
th
Investment – Development JSC will be used for the resettlement demands. (27 Oct, 2008).
* Replacing 0.3 million m2 floor of the old apartment buildings in District 1, 4, 5, 11, Binh Thanh, Tan
Binh, Tan Phu and building 4 apartment buildings: 107 Truong Dinh (Dist. 3), Soai Kinh Lam ( Dist. 5),
Building B (plot Q), Nguyen Kim apartment building, Building B (plot B, C), Ngo Gia Tu apartment building
- Department of Construction (Jan, 2009).
 VietRees – Vietnam Real Estate www.VietRees.com Viet Nam Real Estate Newsletter A72 Page 9

Ho Chi Minh City * The lowest price is 300,000 VND/m2

Land prices in 2009 stipulated
according to price list by the
state
Used as the basis to calculate the tax for
using land; transferring land use right;
calculating the money for land use and lease
when handing over the land; leasing land
without via auctioning land use right or inviting
bids for projects using land; calculating the
value of land use right when handing over the
land without collecting land-use money of the
organizations, individuals; determining the
value of land use right and adding it to the
asset value of the state-owned enterprises
when they are equitized; calculating land-use
value for compensation when the government
reclaims land, etc.
Edited by VietRees
February, 2009
* Urban land: not exceeding 81 million VND/m2
* 2,700 road stretches/ routes have new prices,
675 sections/ routes keep the prices unchanged
and 1,899 stretches/ routes have the prices
adjusted. The land price can be adjusted not to
exceed 20% as compared to the maximum price
and the minimum price.
Can Tho
* The highest price of 17.5 million VND/ m2 is
for land on Hai Ba Trung street.
* The highest land price is 6.5 million VND in
Binh Thuy District.
Dong Thap
* Urban land: the The highest price is 15 million
VND/m2 in Sa Dec town and 14.4 million
VND/m2 in Cao Lanh City.
* The price list of urban land in 2009 has
supplemented 46 new road routes and adjusted
147 road routes with the popular increase of
200,000 – 1 million VND/m2.
Nha Trang
* The highest price is 18 million VND/ m2 (equal
to 2008’s prices) – the stretch from the South of
Tran Phu bridge to Ana Madra hotel (position 1,
road No.1, coefficient 1).
(position 5, road No.8, coeffient 1)
Ha Noi
* Price of land within the city: 2.5 - 67.5 million
VND/m2.
* Price of land in the towns: 1.5 - 16 million
VND/m2.
* Price of land in the rural area: 150,000 VND -
2.25 million VND/m2.
Hai Phong
* Urban land: the highest price is over 30
million VND/m2.
* As compared to 2008, the land price has had
an average increase of 30%. Especially, some
areas such as Do Son, Duong Kinh, Cat Hai
districts have the increases of 100 - 225%.
Thua Thien Hue
* The highest price is 26 million VND/m2.
* The lowest price is 320,000 VND/m2.
Nghe An
* Cua Lo and Thai Hoa towns: the highest
price is 6.2 million VND/m2 and the lowest
price is 50,000 VND/m2.
* Vinh City: the highest price is 30 million VND/
m2 & the lowest price is 320,000 VND/m2.

CONSTRUCTION MATERIAL MARKET

Construction material prices Many stores and agencies selling construction materials have shown that currently, although the
construction season has begun, the purchasing power has been very sluggish. The main reason is the
continue to go down in impacts of the economic difficulties. As a result, the construction material market this year has not
construction season complied with the law. The production factories have reduced both the capacity and the prices.
Edited by VietRees The construction pipe brick has also decreased by 650 - 800 VND/brick, the normal type of brick has
been only 450 VND/brick. The decoration brick, tiles, sanitation equipments have also fallen by 5 - 15%.
The cement prices have constantly going down after the price fever and scarcity of goods. Currently, the
price of Ha Tien 1 cement has been only 67,000 VND/sack, Holcim has been 66,000 VND/sack, Fico
has been 64,000 VND/sack, etc and the promotions of offering the extra products have also been
launched. In the meanwhile, Vietnam Steel Corporation (VNSteel) based in the South has just continued
to reduce the steel prices by 300,000 VND/ton as compared to the middle of February, 2009. Currently,
the rolled steel price at the factories has been only 10.65 million VND/ton, the bar steel has been around
11.19 million VND/ton. This is the second price decrease in the same month of VNSteel based in the
South. The retail prices have ranged from 11.5 to 1.7 million VND/ton. According to VNSteel, the rolled
steel imported from Malaysia, Indonesia and Thailand to Vietnam has been 100,000 - 200,000 VND/ton
lower than the domestic prices. The construction material price has dramatically decreased , which has
made the construction price go down with the average reduction of 30 - 50%. The all-in price for
executing the construction (including materials) has been 3.5 million VND/m2.
According to the specialists, this is a good time for the families to implement construction and repair their
houses because the construction material prices have now plunged, many products and the construction
costs have also declined.

STOCK MARKET
Two bourses increase, After two slightly increasing sessions, Vn-Index has returned to
the downturn. The gloomy situation on the stock market in the
VN-Index adds 3.21 points, world has put more pressure on the VN-Index. There is no
HASTC-Index adds 1.86 points support of the stocks with the large capitalized values at HoSe,
Edited by VietRees VN-Index has become powerless in the context of reverse and
lost 1.4 points after the second phase. Along with the decrease
Chart Source: Vietstock in the number of the points, the liquidity has only reached 5.8
Up to date: 06 March, 2009 million units - the lowest level in the past 3 weeks. Ending the
session, VN-Index has decreased by 0.98 points to close at
245.7 points. The total trading volume on the whole market has
reached only 7.89 million units worth 128.4 billion VND.
After one trading week, the VN-Index has almost had no considerable changes when it lost 0.04 points
as compared to the closing price of the last week before seeing 3 upward sessions and 2 downward
sessions.
* The Hanoi bourse has also had a slightly decreasing session when HASTC-Index lost 0.18 points (-
0.21%) to close at 84.59 points level. The trading volume has reached 4.4 million units worth about 79
billion VND.
Thus, despite having only 2 upward sessions and 3 downward sessions, HASTC has increased by 0.63
points as compared to the closing price of the last week (from 83.6 points up to 84.59 points).

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VietRees – Vietnam Real Estate
REAL ESTATE MARKET FORECAST
* Note: Information on market forecast is only updated every 4 periods (after one month) by VietRees – Mar, 2009
General trends on the Ho Chi
Minh City market
Apartment market
Project ground base market
The market will become more
evenful when new supplies
appear with reasonable prices
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www.VietRees.com Viet Nam Real Estate Newsletter A72 Page 10
The transaction situation of the apartments, town houses and project ground bases in February saw the
better signs as compared to January although many companies have still operated perfunctorily. In
general, the market has seen a slight increase in the prices of project ground bases and apartments for
sale. However, this situation may not be stable because it only takes place partially.
According to VietRees, investors have tended to switch to buying low-price real estate such as
apartments, town houses and project ground bases with many reasonable reasons: (1) preserving
capital, (2) high expectation of the ability of price increases in the future when the other investment
channels in stock, currency and gold are considered to be unsafe in the period of the economic
recession, (3) Meanwhile, the bank interest rate is low, as a result, many investors have chosen the low-
price properties as the safest investment channel, (4) the supplies of the low-price property have still
been scarce; (5) for the low-price property at the present - when the market is frozen, there will be a faint
possibility that the prices will be lower in the medium and long-term future.
Some prosperous signs of the market in February include: (1) some investors reduced the selling prices
of apartments together with the attached program of supporting finance; especially according to the
forecast of VietRees, this price decrease will contribute to stimulating the spread of the price decreases
in the future, (2) the State’s policy of kicking the demands is gradually affecting the market, (3) the
market will have many choices, (4) investors and customers have been more careful in transactions, as
a result, the law of supply and demand would also take more effect.
The price of the primary apartments has dramatically declined as compared to before (over 40%). This is
the positive signs to attract customers and ensure the success in trading in projects when there are only
a few projects offered for sale and the market has traded in dribs and drabs in the past time.
While the price of the retransferred high-grade apartments has somewhat increased as compared to the
past, although the successful transactions have been inconsiderable. According to VietRees, the
reasons include: (1) the investors have weekly increased the prices because they hope that the market
will prosper when there are some good signals from the market, (2) the previous prices have
dramatically decreased and when there are good signals, they do not accept the same losses as when
they sold out at the low prices, (3) some projects that are considered to be high-class have the lower
prices as compared to the projects with the prices newly announced by the investors in the recent time
although the prices have dramatically declined.
According to the statistics, the prices of the high-grade apartments transferred in February rose by 1%
as compared to January and the transactions have still been quite slow. The high-grade apartment
prices are expected to remain the old prices or slightly decrease in the next few months, especially when
the market has more supplies at low prices. The general difficulties of the economy has made the
income of the people go down and caused the bank interest rates to decrease. This has contributed to
increasing the demand for the low-price houses in the future.
The supply of the apartments belonging to the medium and low segment is fairly limited and there is
almost no new product, as a result, the market does not show many movements. According to the
statistics, the prices have also slightly increased by 1% - 2% as compared to recently.
Although the project ground base prices have gone down, they have still been very much higher than the
level that the people with the real housing demands expect; as a result, the successful transactions have
been very scarce. This segment has seemed to only attractive to the investors, not those who have the
demands for building houses to live in.
In February, the ground base prices at some local areas in District 2, 9, Binh Chanh, etc have shown the
signs of heating up because the people that receive the support for damages and compensation for the
site clearance in the project of Thu Thiem new urban area have required price increases. The premise
prices of the projects have been pushed up to the fairly high levels by the sellors such as Trung Son
residential area, Thai Son residential area 1 - 2, etc. According to VietRees, this can only be the virtual
phenomenon of kicking the demands at the areas.
It is not a new trend, however, it can be confirmed that not only buying the low-price houses to live in but
also investing in the low-price houses and ground bases has been the trend. The low-price project
ground bases distant from the heart of the city and located in the provinces such as Binh Duong, Dong
Nai and BR-VT have actually attracted buyers. According to VietRees, this is the form of conserving the
capital of the investors and expecting the price increases of the market in the future when the market is
frozen and there is a faint possibility that the prices will become lower in the medium and long-term
future.
The new price premise is gradually being set up after the market has been frozen. According to
VietRees, the market will be more eventful when there are more supplies with the reasonable prices in
all of the market segments (from high-class, middle-class to the common or for low-income people). The
reasonable new price premise will attract the transactions.
The investors need to calculate the interest rates reasonably and develop the projects quickly. The more
reasonable prices will attract the investors when the other investment channels have been considered to
lack the stability and be unsafe in the current situation. In the short, medium and long term, the real
estate demand has been great. Therefore, according to VietRees, with a reasonable interest, the
investors’ prestige, the marketing methods aiming at the right target customers and the good customer
services, the investors will have a lot of chances to succeed.
VietRees - March, 2009