Savills World Research Asia Pacifi c Survey Prime Benchmark 1 July 2017 savills.com.hk/research
SURVEY PRIME BENCHMARK An introduction to Savills Savills is a leading global real estate service provider listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth. The company now has over 700 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East. In Asia Pacific, Savills has 66 regional offices comprising over 25,000 staff. Asia Pacific markets include Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Macau, Malaysia, Myanmar, New Zealand, Taiwan, Thailand, Singapore and Viet Nam, with associate offices in Cambodia and the Philippines. Savills provides a comprehensive range of advisory and professional property services to developers, owners, tenants and investors. These include consultancy services, facilities management, space planning, corporate real estate services, property management, leasing, valuation and sales in all key segments of commercial, residential, industrial, retail, investment and hotel property. A unique combination of sector knowledge and entrepreneurial flair gives clients access to real estate expertise of the highest calibre. We are regarded as an innovativethinking organisation supported by excellent negotiating skills. Savills chooses to focus on a defined set of clients, offering a premium service to organisations and individuals with whom we share a common goal. Savills is synonymous with a highquality service offering and a premium brand, taking a long-term view of real estate and investing in strategic relationships. savills asia pacific services Asset Management Facilities Management Hotels Industrial Services International Residential Investment & Sales Occupier Services Office Services Project Management Property Management Research & Consultancy Residential Services Retail Services Serviced Apartment Services Valuation & Professional Services Assumptions: 1) 1 sq m = 10.7639 sq ft/0.3025 ping/0.3025 tsubo 2) As of 30 June 2017, USD/RMB = 6.7744; USD/HKD = 7.8060; USD/NTD = 30.265; USD/JPY = 112.015; USD/KRW = 1,139.6; USD/SGD = 1.3773; USD/MYR = 4.2940; USD/VND = 22,800; USD/AUD = 0.7692; USD/PHP = 50.466; USD/IDR = 13,319 This report has been prepared to provide a benchmark of occupancy costs of selective prime properties in various cities in Asia, inclusive of rents, management fees and government taxes/rates. Except for the hotel sector, all the costs are quoted on a net floor area basis per month, which is defined as the floor area exclusively allocated to a unit, excluding common areas. As only a small basket of 5 to 10 prime buildings are monitored in each sector, the rental data and occupancy costs reported in this publication might be higher than the average market figures being reported elsewhere. Given varying local market practices, necessary assumptions and judgments are made by our real estate professionals in local offices to achieve comparable results among the different cities.
1 July 2017 EMPLOYEES 25,386 OFFICES 66 COUNTRIES 16 Asia 47 Offices Savills Asia Pacific Network Australia Adelaide Brisbane Canberra Double Bay Gold Coast Gordon Lindfield Melbourne Notting Hill Parramatta Perth Roseville St Ives Sunshine Coast Sydney Turramurra Cambodia Phnom Penh China Beijing Chengdu Chongqing Dalian Guangzhou Hangzhou Nanjing Qingdao Shanghai Shenyang Shenzhen Tianjin Xiamen Xi an Zhuhai Hong Kong Central Taikoo Shing Tsim Sha Tsui India Bangalore Mumbai Indonesia Jakarta Japan Tokyo Macau Macau Malaysia Johor Bahru Kuala Lumpur Penang New Zealand Auckland Christchurch Philippines Makati City Bonifacio Global City Singapore Singapore South Korea Seoul Taiwan Taichung Taipei Thailand Bangkok Pattaya Vietnam Da Nang Hanoi Ho Chi Minh City 19 Australia & New Zealand Offices savills.com.hk/research 03
OFFICES 1 July 2017 MARKET CYCLE HO CHI MINH CITY JAKARTA MELBOURNE TOTAL OCCUPANCY COST (TOP 5 AVERAGE) HO HO CHI CHI MINH CITY MELBOURNE JAKARTA 0 50 100 150 200 250 300 CITY TOTAL COST RENT (US$ psm net eff. pm) MANAGEMENT FEE GOV T RATES/TAX 271.9 143.3 110.7 93.0 88.0 242.9 I 16.9 I 12.1 133.4 I inclusive I 9.8 103.5 I 7.2 I Inclusive 70.3 I 22.7 I Inclusive 88.0 I Inclusive I Inclusive 87.9 75.8 70.4 64.9 64.3 78.8 I 9.1 I Inclusive 70.2 I Inclusive I 5.6 65.0 I 5.5 I Inclusive 57.7 I 4.3 I 2.9 61.4 I 0.6 I 2.3 HO CHI MINH CITY MELBOURNE JAKARTA 52.2 49.9 45.1 40.2 38.8 41.5 I 6.5 I 4.2 43.6 I 6.3 I Inclusive 40.4 I 0.8 I 3.8 29.0 I 7.5 I 3.7 35.2 I Inclusive I 3.6 32.6 25.1 26.8 I 4.0 I 1.9 25.1 I Inclusive I Inclusive 04 Survey Prime Benchmark
OFFICES 1 July 2017 COST CHANGES JAN-JUN 2017 Rental changes in US$ Rental changes in local currency (HKD) (JPY) (CNY) (KRW) (SGD) (CNY) (JPY) (CNY) (TWD) (AUD) HO CHI MINH MINH CITY CITY (VND) (CNY) MELBOURNE MELBOURNE (AUD) JAKARTA (IDR) (VND) (PHP) JAKARTA (MYR) -10% -5% 0% 5% 10% 15% 20% 3.5% 4.2% 4.5% 2.1% -0.4% 6.9% 0.8% 3.5% -1.5% 4.8% 2.2% 6.1% 1.6% 1.2% -0.5% 6.8% 0.3% 2.9% 0.4% -0.4% -0.4% 2.6% 0.2% 2.6% -4.6% -5.4% -0.4% -0.4% 1.3% 4.8% 1.0% TOTAL OCCUPANCY COST 2H/2007-1H/2017 Beijing Hong Shanghai Kong Taipei Kong Tokyo Seoul Singapore Sydney 300 250 US$ per sqm per mth net 200 150 100 50 0 savills.com.hk/research 05
RETAIL MALLS 1 July 2017 MARKET CYCLE HO CHI MINH CITY MELBOURNE JAKARTA TOTAL OCCUPANCY COST (TOP 5 AVERAGE) # # MELBOURNE JAKARTA HO HO CHI CHI MINH CITY 0 200 400 600 800 1,000 1,200 1,400 CITY TOTAL COST RENT (US$ psm net eff. pm) MANAGEMENT FEE GOV T RATES/TAX # 1,242.2 525.0 449.4 367.9 340.8 1,153.1 I 31.4 I 57.7 486.1 I inclusive I 38.9 449.4 I Inclusive I Inclusive 355.5 I 12.5 I Inclusive 327.7 I 13.1 I Inclusive MELBOURNE 264.8 250.8 222.1 211.2 192.8 264.8 I Inclusive I Inclusive 227.3 I 12.2 I 11.4 216.0 I 1.7 I 4.4 202.5 I 8.7 I Inclusive 186.0 I 6.8 I Inclusive JAKARTA HO CHI MINH CITY 189.6 164.4 161.5 126.4 113.7 175.5 I Inclusive I 14.0 147.0 I 17.4 I Inclusive 161.5 I Inclusive I Inclusive 101.0 I 13.9 I 11.5 95.4 I 8.8 I 9.5 80.7 46.0 73.4 I Inclusive I 7.3 38.0 I 5.3 I 2.7 # As prime retail mall rental figures are not available for Tokyo, average prime high street retail rents are used instead. 06 Survey Prime Benchmark
RETAIL MALLS 1 July 2017 COST CHANGES JAN-JUN 2017 Rental changes in US$ Rental changes in local currency (HKD) # (JPY) # (SGD) (CNY) (CNY) (AUD) (TWD) MELBOURNE MELBOURNE (AUD) (CNY) (CNY) (JPY) (KRW) (MYR) JAKARTA (IDR) JAKARTA HO CHI MINH CITY CITY (VND) (VND) (PHP) -20% -10% 0% 10% 20% 0.1% 0.8% 12.6% 7.8% -9.3% -13.7% 3.0% 0.5% 3.6% 1.1% 4.5% 2.0% 6.9% 0.3% 2.6% 4.7% 2.2% 3.4% 1.6% 13.2% 8.3% 10.5% 4.3% -3.6% 2.2% 1.3% -1.6% -1.6% -1.3% TOTAL OCCUPANCY COST 2H/2007-1H/2017 Hong Beijing Shanghai Kong Taipei Tokyo Seoul Singapore Sydney 1,400 1,200 US$ per sqm per mth net 1,000 800 600 400 200 0 # As prime retail mall rental figures are not available for Tokyo, average prime high street retail rents are used instead. savills.com.hk/research 07
LUXURY APARTMENTS 1 July 2017 MARKET CYCLE TOTAL OCCUPANCY COST (TOP 10 AVERAGE) 0 20 40 60 80 100 * CITY TOTAL COST RENT (US$ psm net eff. pm) MANAGEMENT FEE GOV T RATES/TAX * 91.8 75.8 55.9 39.2 38.5 79.1 I 8.7 I 4.0 75.8 I Inclusive I Inclusive 55.9 I Inclusive I Inclusive 39.2 I Inclusive I Inclusive 38.5 I Inclusive I Inclusive 33.3 32.8 30.1 25.1 24.3 33.3 I Inclusive I Inclusive 28.8 I 2.6 I 1.4 30.1 I Inclusive I Inclusive 25.1 I Inclusive I Inclusive 24.3 I Inclusive I Inclusive 24.2 20.9 8.4 23.4 I 0.8 I Inclusive 20.9 I Inclusive I Inclusive 8.4 I Inclusive I Inclusive * Seoul s rent = (Security deposit x Interest rate) / 12 + Monthly payment 08 Survey Prime Benchmark
LUXURY APARTMENTS 1 July 2017 COST CHANGES JAN-JUN 2017 Rental changes in US$ Rental changes in local currency (HKD) (JPY) * (KRW) * (CNY) (SGD) (CNY) (TWD) (JPY) (AUD) (CNY) (CNY) (PHP) (MYR) -6% -4% -2% 0% 2% 4% 6% 8% 10% 2.1% 2.8% 5.2% 0.7% 6.1% 0.1% 6.6% 3.9% 1.7% -3.2% 3.6% 1.0% 4.8% -1.7% 5.3% 0.8% 2.5% 0.6% -1.2% 2.2% -0.2% 0.7% 2.0% 0.3% -3.3% TOTAL OCCUPANCY COST 2H/2007-1H/2017 Hong Beijing Shanghai Kong Tokyo Seoul Singapore 140 120 US$ per sqm per mth net 100 80 60 40 20 0 * Seoul s rent = (Security deposit x Interest rate) / 12 + Monthly payment savills.com.hk/research 09
VILLAS/TOWNHOUSES 1 July 2017 MARKET CYCLE TOTAL OCCUPANCY COST (TOP 5 AVERAGE) 0 20 40 60 80 100 CITY TOTAL COST RENT (US$ psm net eff. pm) MANAGEMENT FEE GOV T RATES/TAX 99.2 55.7 36.5 32.8 84.7 I 10.3 I 4.2 55.7 I Inclusive I Inclusive 36.5 I Inclusive I Inclusive 32.8 I Inclusive I Inclusive 30.7 30.0 24.2 30.7 I Inclusive I Inclusive 30.0 I Inclusive I Inclusive 24.2 I Inclusive I Inclusive 010 Survey Prime Benchmark
VILLAS/TOWNHOUSES 1 July 2017 COST CHANGES JAN-JUN 2017 Rental changes in US$ Rental changes in local currency (HKD) (AUD) -10% -5% 0% 5% 10% -2.9% -2.3% 2.5% (CNY) -4.2% -5.9% (CNY) 3.8% 1.2% (SGD) 5.1% 0.1% (CNY) 3.5% 0.9% (CNY) 5.5% 2.9% REAL GDP GROWTH FORECASTS 2017-2018 0% 2% 4% 6% 8% 2017 2018 AUSTRALIA VIETNAM Australia Vietnam INDONESIA Indonesia PHILIPPINESPhilippines MALAYSIA Malaysia Singapore KOREA JAPAN TAIWAN Korea Japan Taiwan Hong Kong CHINA China Source: FocusEconomics savills.com.hk/research 011
LUXURY SERVICED APARTMENTS 1 July 2017 MARKET CYCLE HO CHI MINH CITY TOTAL OCCUPANCY COST (TOP 5 AVERAGE) HO HO CHI CHI MINH CITY 0 20 40 60 80 100 120 140 CITY TOTAL COST RENT (US$ psm net eff. pm) MANAGEMENT FEE GOV T RATES/TAX 115.4 103.9 102.0 94.0 86.3 115.4 I Inclusive I Inclusive 94.5 I Inclusive I 9.4 102.0 I Inclusive I Inclusive 94.0 I Inclusive I Inclusive 86.3 I Inclusive I Inclusive 84.0 57.9 57.5 51.2 43.3 84.0 I Inclusive I Inclusive 57.9 I Inclusive I Inclusive 57.5 I Inclusive I Inclusive 51.2 I Inclusive I Inclusive 43.3 I Inclusive I Inclusive HO CHI MINH CITY 41.3 36.9 31.8 10.6 37.5 I Inclusive I 3.8 32.4 I 3.2 I 1.3 28.9 I Inclusive I 2.9 10.6 I Inclusive I Inclusive 012 Survey Prime Benchmark
LUXURY SERVICED APARTMENTS 1 July 2017 COST CHANGES JAN-JUN 2017 Rental changes in US$ Rental changes in local currency Hong Kong (HKD) (KRW) (JPY) Seoul Tokyo Singapore (SGD) (JPY) (PHP) Osaka Manila Shanghai (CNY) Shenzhen (CNY) (CNY) Beijing Guangzhou (CNY) (VND) (TWD) Hanoi Taipei Ho Chi Minh City HO CHI MINH CITY (VND) Kuala Lumpur (MYR) -10% -5% 0% 5% 10% 15% 5.1% 5.8% 11.4% 5.0% 5.5% 1.0% -0.2% -5.0% 4.1% -0.3% 4.5% 5.8% 8.5% 5.9% 9.8% 7.9% 2.5% 0.9% -1.4% -3.5% -3.5% 3.9% -2.4% -0.1% -0.1% 0.8% -2.8% INFLATION FORECASTS 2017-2018 0% 2% 4% 6% 8% 2017 AUSTRALIA Australia 2018 VIETNAM Vietnam INDONESIAIndonesia PHILIPPINES Philippines MALAYSIA Malaysia Singapore KOREA Korea JAPAN Japan TAIWAN Taiwan Hong Kong CHINA China Source: FocusEconomics savills.com.hk/research 013
HOTELS 1 July 2017 MARKET CYCLE HO CHI MINH CITY TOTAL OCCUPANCY COST (TOP 5 AVERAGE) US$ per room per night 0 100 200 300 400 500 600 700 HO HO CHI CHI MINH CITY CITY ROOM RATE US$ per room per night 626.7 602.8 464.1 454.3 421.4 345.1 325.0 300.9 300.0 279.0 HO CHI MINH CITY 270.7 175.9 172.3 143.6 130.1 014 Survey Prime Benchmark
HOTELS 1 July 2017 COST CHANGES Jun 2017 YoY Rental changes in US$ Rental changes in local currency (JPY) (AUD) (HKD) (SGD) (JPY) (KRW) (TWD) (PHP) (CNY) (CNY) HO CHI MINH CITY (CNY) (VND) MELBOURNE (CNY) JAKARTA HO CHI MINH CITY (VND) (MYR) -40% -20% 0% 20% 40% 60% -7.3% 1.2% 0.8% 0.4% -1.7% -1.1% 9.3% 11.6% -5.6% 3.0% 1.4% 0.3% -1.9% -8.0% 1.3% 8.9% -1.3% 0.8% -2.1% -16.9% -15.1% 44.2% 50.3% 2.8% 5.0% -15.0% 0.6% 7.4% CURRENT ACCOUNT FORECASTS (US$ BILLION) 2017-2018 -150-100 -50 0 50 100 150 200 250 2017 AUSTRALIA AUSTRALIA 2018 VIETNAM VIETNAM INDONESIA INDONESIA PHILIPPINES PHILIPPINES MALAYSIA MALAYSIA KOREA KOREA JAPAN JAPAN TAIWAN TAIWAN CHINA CHINA Source: FocusEconomics savills.com.hk/research 015
ASIA PACIFIC HEADQUARTERS 23/F Two Exchange Square, Central, Hong Kong Tel: (852) 2842 4400 Fax: (852) 2868 4386 ASIA PACIFIC EXECUTIVE COMMITTEE CEO, Greater China Contact: Raymond Lee E-mail: rlee@savills.com.hk Executive Chairman, Asia Pacific Contact: Robert McKellar E-mail: rmckellar@savills.asia CEO, South East Asia Contact: Christopher Marriott E-mail: cjmarriott@savills.asia CEO, Asia Pacific (Ex Greater China) Contact: Christian Mancini E-mail: cmancini@savills.co.jp COO & CFO, Asia Pacific Contact: Tim Robinson E-mail: tbrobinson@savills.asia CEO, Australia & New Zealand Contact: Paul Craig E-mail: pcraig@savills.com.au SAR Savills (Hong Kong) Limited 23/F Two Exchange Square, Central, Hong Kong Tel: (852) 2842 4534 Fax: (852) 3007 2458 Contact: Raymond Lee E-mail: rlee@savills.com.hk EA Co. 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Licence: C-004089 MACAU SAR Savills - Macau Savills (Macau) Limited Suite 1309-10, 13/F Macau Landmark, 555 Avenida da Amizade, Macau Tel: (853) 8506 6288 Fax: (853) 2878 1805 Contact: Franco Liu E-mail: fliu@savills.com.mo CHINA Savills - Shanghai 25/F Two ICC, 288 South Shaanxi Road, Shanghai 200031, China Tel: (86) 21 6391 6688 Fax: (86) 21 6391 6699 Contact: Siu Wing Chu E-mail: siuwing.chu@savills.com.cn Savills - Beijing 2101 East Tower, Twin Towers, B-12 Jianguomenwai Avenue, Chaoyang District, Beijing 100022, China Tel: (86) 10 5925 2288 Fax: (86) 10 5925 2299 Contact: Billy Chau E-mail: billy.chau@savills.com.cn Offices in Chengdu, Chongqing, Dalian, Guangzhou, Hangzhou, Nanjing, Qingdao, Shenyang, Shenzhen, Tianjin, Xiamen, Xi an and Zhuhai Savills - Japan Savills Japan Co., Ltd 15/F Yurakucho ITOCiA, 2-7-1 Yurakucho, Chiyoda-ku Tokyo 100-0006, Japan Tel: (81) 03 6777 5150 Fax: (81) 3 6777 5105 Contact: Christian Mancini E-mail: cmancini@savills.co.jp Savills - Korea Savills Korea 13/F Seoul Finance Center, 136 Sejong-daero Jung-gu, Seoul 04520, Korea Tel: (82) 2 2124 4201 Fax: (82) 2 2124 4188 Contact: K.D. Jeon E-mail: kdjeon@savills.co.kr Savills - Malaysia Savills (Malaysia) Sdn Bhd Level 9, Menara Milenium, Jalan Damanlela, Bukit Damansara 50490 Kuala Lumpur, Malaysia Tel:+603 2092 5955 Contact: Christopher Boyd Email: chris.boyd@savills.com.my Savills - Singapore Savills (Singapore) Pte Ltd. 30 Cecil Street, #20-03 Prudential Tower, Singapore 049712 Tel: (65) 6836 6888 Fax: (65) 6836 2668 Contact: Christopher Marriott E-mail: cjmarriott@savills.asia Savills - Taiwan Savills (Taiwan) Limited 21/F Cathay Landmark, No.68, Sec. 5, Zhongxiao E. Road Xinyi District, Taipei City 110, Taiwan Tel: (886) 2 8789 5828 Fax: (886) 2 8789 5929 Contact: Cynthia Chu E-mail: cchu@savills.com.tw Office in Taichung Savills - Thailand Savills (Thailand) Limited 26/F Abdulrahim Place, 990 Rama IV Road Silom, Bangrak, Bangkok 10500, Thailand Tel: (66) 2 636 0300 Fax: (66) 2 636 0339 Contact: Robert Collins E-mail: rcollins@savills.co.th Savills - Vietnam Savills Vietnam Ltd. Co. 18/F, Ruby Tower, 81-85 Ham Nghi Street District 1, Ho Chi Minh City, Vietnam Tel: (84) 28 3823 9205 Fax: (84) 28 3823 4571 Contact: Neil MacGregor E-mail: nmacgregor@savills.com.vn Offices in Danang, Hanoi and Ho Chi Minh City AUSTRALIA Savills - Sydney Savills (Aust) Pty Ltd. Level 25, 1 Farrer Place, Sydney, Australia NSW 2000 Tel: (61) 2 8215 8830 Fax: (61) 2 8215 8899 Contact: Simon Fenn E-mail: sfenn@savills.com.au Savills - Melbourne Level 48, 80 Collins Street, Melbourne VIC 3000 Tel: (61) 3 8686 8000 Fax: (61) 3 8686 8088 Contact: Stuart Fox E-mail: sfox@savills.com.au Offices in Adelaide, Brisbane, Canberra, Gold Coast, Notting Hill, Parramatta, Perth and Sunshine Coast NEW ZEALAND Savills - New Zealand Level 6, 41 Shortland Street, Auckland NZ 1010 Tel: (64) 9 951 5911 Contact: Paddy Callesen E-mail: pcallesen@savills.co.nz Offices in Auckland and Christchurch THE AMERICAS Savills New York Savills Studley, 399 Park Avenue, 11th Floor, New York, NY 10022 Tel: (1) 212 326 8610 Fax: (1) 212 326 1034 Contact: Mitchell Steir E-mail: msteir@savills-studley.com Offices across Canada, the Caribbean, Colombia, Mexico and the United States UNITED KINGDOM, EUROPE, THE MIDDLE EAST AND AFRICA Savills - Europe Savills, 33 Margaret Street, London W1G 0JD Tel: (44) 207 499 8644 Fax: (44) 207 495 3773 Contact: Mark Ridley E-mail: mridley@savills.com Offices across Austria, Bahrain, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Guernsey, Hungary, Ireland, Italy, Jersey, Luxembourg, Monaco, Netherlands, Norway, Poland, Portugal, Qatar, Russia, South Africa, Spain, Sweden, Switzerland, UAE and the United Kingdom ASIA Savills - Indonesia PT Savills Consultants Indonesia Panin Tower Senayan City, 16th Floor, Unit C JI. Asia Afrika Lot. 19, Jakarta 10270, Indonesia Tel: +62 (21) 293 293 80 Fax: +62 (21) 293 293 81 Contact: Craig Williams Email: craig.williams@savills.co.id INDIA Savills - Bangalore 31/16 Loyola Layout, Victoria Road, Bangalore 560047 India Tel: (91) 95351 29604 Contact: Bryan Kidd Email : bkidd@savills.in Offices in Gurgaon and Mumbai Savills, the international real estate advisor established in the UK since 1855 with a network of over 700 offices and associates globally. This document is prepared by Savills for information only. Whilst reasonable care has been exercised in preparing this document, it is subject to change without prior notice and these particulars do not constitute, nor constitute part of, an offer or contract; interested parties should seek independent professional advice from lawyer, accountant and surveyor and should not rely on the statements or representations herein but must satisfy themselves by inspection or otherwise as to the accuracy, completeness and correctness of the contents hereto. No warranties or representations whatsoever is given by Savills in respect of the contents hereto. Savills cannot be held responsible for any liability whatsoever or for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. This publication may not be reproduced in any form or in any manner, in part or as a whole without written permission of the publisher, Savills. Savills (Hong Kong) Limited. 2017 (IX/17)