(Dan Tri) - The rental price of premises on Dong Khoi Street is about 8 million VND/m2 per month, ranked 14th globally.
Cushman & Wakefield's report continues to put Dong Khoi Street (District 1, Ho Chi Minh City) in the group with the highest rental prices in Vietnam and ranked 14th globally.
According to this unit, the rental price at Dong Khoi reached 330 USD/m2/month (equivalent to about 8 million VND/m2/month), an increase of 32% compared to before the pandemic but a decrease of 6% compared to the same period last year, mainly due to the fluctuation of the local currency compared to the USD.
Dong Khoi Street, Ho Chi Minh City is in the group with the most expensive rental prices in the world (Photo: Quang Anh).
According to a survey by Dan Tri reporters on several real estate sales and rental websites, the rental price of premises on Dong Khoi Street is at several hundred million VND per month, depending on the area.
A corner house, 2 frontages, 1 ground floor, 1 upper floor, area 236m2 is advertised for rent at 550 million VND/month. Or another corner house with an area of 250m2, is advertised for 400 million VND/month. General information shows that the common rental price on Dong Khoi Street recently is about 300 million VND/month, the highest is up to 600 million VND/month.
On Dong Khoi Street, tenants are mostly luxury brands or high-end hotels. Ms. Trang Bui, General Director of Cushman & Wakefield, said that Dong Khoi is one of the busiest and most famous streets in the center of Ho Chi Minh City, close to many high-end hotels and famous tourist attractions, helping to attract a large number of potential high-end consumers.
Many luxury brands have chosen Dong Khoi as a location to open stores and position their brands in Vietnam. Being present on this street helps luxury brands not only reach their target customers but also maintain and enhance their image.
In the Asia Pacific region, Trang Tien is recorded as the street with the 18th highest retail rental price in the region. The rental price of Trang Tien Street is 300 USD/m2/month, equivalent to about 7.8 million VND.
Since the opening of Vietnam’s first shopping malls, including Trang Tien Plaza in Hanoi and Tax Trade Center in Ho Chi Minh City, total retail supply has started at around 30,000 square meters. According to the report, the market welcomed an average of 97,000 square meters of retail space each year from 1996 to 2019.
However, in the past 5 years, the retail market has shown signs of slowing down in supply, especially in the central core area, which has pushed up rental prices. By the third quarter of this year, the total retail supply in both cities reached about 2.56 million square meters.
Ms. Pham Ngoc Thien Thanh - Head of Research and Consulting Department of CBRE in Ho Chi Minh City - said that after a long period of silence and being affected by the pandemic, brands have gradually regained confidence and become more confident in expanding their chain of stores.
CBRE statistics on the total number of transactions in the market in the past 3 years recorded expansion mainly coming from F&B brands (food and beverage, accounting for 35%), followed by fashion & accessories brands (33%).
The Lifestyle industry ranked third with 13%, and is also gradually growing. This is an industry that tends to develop quite strongly abroad and is gradually spreading in Vietnam, with the business area of each store also getting larger, up to 1,000m2.
Source: https://dantri.com.vn/bat-dong-san/duong-dong-khoi-o-tphcm-co-gia-thue-mat-bang-trong-nhom-cao-nhat-the-gioi-20241121073612280.htm
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