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Hanoi, HCM City has sharp increase in retail space in coming two-years |
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10/Mar/2010 Intellasia | 09/Mar/2010 CafeF |
10 Mar, 2010 - 9:10:52 AM |
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Savills Vietnam Co forecasts that in the coming two-years, retail space in Hanoi would increase by 1.2 million square metres, three times higher than now and HCM City would have additional 740,000 square metres in the next three-years.
At present, Hanoi has 10 trade centres and shopping malls, 81 supermarkets and electronic supermarkets, two wholesale centres, and so on, providing the total area of 372,602 square metres of retail space.
In Q4 of 2009, there are two additional supermarkets and electronic supermarkets to be opened, increasing the total retail space by 15,000 square metres.
However, Luxury Mall has changed the total retail area into offices for lease, causing a reduction of 5,000 square metres in retail space supplies.
The average rental price in the trade centres has stayed stable at about US$20-150 per month.
Up to 2012, there will be additional 500,000 square metres of retail space to be supplied in the market. Hanoi is expected to have about 1.2 million square metres of retail space.
According to CBRE Vietnam’s market survey, the retail market in 2010 would remain stable with increasing demands. This year, there will be nearly 40,000 square metres of retail space and in 2013 of additional 500,000 square metres.
In the coming two-years, HCM and Hanoi would supply to the markets about 2 million square metres of retail space. In HCM City, there would be additional 740,000 square metres of retail space in the coming three-years. The average rental will increase by US$60-100/square metre/month and in the centre of the city, the rental will accelerate to US$250/square metre/month.
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