OVERVIEW OFFICE RETAIL - images.cbre.com.kh€¦ · OFFICE RETAIL. CBRE CAMBODIA | Q1 2020...

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Transcript of OVERVIEW OFFICE RETAIL - images.cbre.com.kh€¦ · OFFICE RETAIL. CBRE CAMBODIA | Q1 2020...

Page 1: OVERVIEW OFFICE RETAIL - images.cbre.com.kh€¦ · OFFICE RETAIL. CBRE CAMBODIA | Q1 2020 MARKETVIEW 3 CONSTRUCTION INVESTMENT OVERVIEW 0 200 400 600 800 1000 1200 1400 1600 0 1,000
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OVERVIEW

CONDOMINIUM

LANDED PROPERTY

OFFICE

RETAIL

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 3

CONSTRUCTION INVESTMENT OVERVIEW

0

200

400

600

800

1000

1200

1400

1600

0

1,000

2,000

3,000

4,000

5,000

6,000

20

16

Q2

20

16

Q3

20

16

Q4

20

17

Q1

20

17

Q2

20

17

Q3

20

17

Q4

20

18

Q1

20

18

Q2

20

18

Q3

20

18

Q4

20

19

Q1

20

19

Q2

20

19

Q3

20

19

Q4

20

20

YT F

eb

No. of Pro

jects

Million U

SD

Construction Investment Value No. of Projects

APPROVED INVESTMENT INTO CONSTRUCTION | Q2 2016 – FEBRUARY 2020

US $1.99 BILLION

OF INVESTMENT VALUE

FROM JAN – FEB 2020

728 PROJECTS

PROJECTS APPROVED

FROM JAN – FEB 2020

Source: Ministry of Land Management, Urban Planning and Construction

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 4

CONDOMINIUM

M A R K E T U P D A T E | Q 1 2 0 2 0

4

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5

CONDOMINIUM SUPPLY

Q1 2020

SUPPLY GROWTH

15.8% GROWTH Q-O-Q

36.6% GROWTH

Q1 2019 – Q1 2020

25%

47%

28%

Affordable Mid-Range High-End

CONDOMINIUM SUPPLY COMPLETIONS NEW LAUNCHES

20,850

UNITS

8 NEW LAUNCHES

OVER 4,521 UNITS

INTRODUCED TO THE MARKET

OVER THE COURSE OF Q1 2020

5 COMPLETIONS

EQUIVALENT TO 2,843 UNITS

COMPLETED OVER THE COURSE

OF Q1 2020

+

5CBRE CAMBODIA | Q1 2020 MARKETVIEW

5

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6Add a Footer 6

QUICK FACT!

OVER 3,800 UNITS

COMPLETED

OVER THE COURSE OF 2019

THE NUMBER OF UNITS COMPLETED

IN Q1 2020 ALONE EQUALS TO 74%

OF THE TOTAL UNITS COMPLETED

OVER THE COURSE OF 2019

OVER 2,800 UNITS

COMPLETED

OVER THE COURSE OF Q1 2020

6

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 7

THE MAJORITY OF NEW LAUNCHES ARE LOCATED IN SECONDARY DISTRICTS

KEY NEW CONDOMINIUM LAUNCHES

» Q1 2020 «

THE GARDEN RESIDENCY 2 PHNOM PENH GALAXY GARDEN PARC 21 RESIDENCE THE HEXA

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 8

THE MAJORITY OF NEW LAUNCHES ARE LOCATED IN SECONDARY DISTRICTS

KEY NEW CONDOMINIUM LAUNCHES

» Q1 2020 «

AKJ BRIGHT PEARL GRAND CENTRALURBAN VILLAGE II – TOWER G GOLDEN WORLD INTERNATIONAL

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9

Developer adapting to social-distancing

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 10

CONDOMINIUM SALE PRICES

Q-O-Q CHANGES

0.53% DROP

HIGH-END

SALE PRICE TRENDS | Q2 2016 –Q1 2020

$1,250

$1,750

$2,250

$2,750

$3,250

$3,750

Q1

2016

Q2

2016

Q3

2016

Q4

2016

Q1

2017

Q2

2017

Q3

2017

Q4

2017

Q1

2018

Q2

2018

Q3

2018

Q4

2018

Q1

2019

Q2

2019

Q3

2019

Q4

2019

Q1

2020

Affordable Mid-Range High-End

1.39% DROP

MID-RANGE

0.32% UPLIFT

AFFORDABLE

Source: CBRE Research Q1 2020

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 11

CONDOMINIUM RENTS

Q-O-Q CHANGES

0.4% DROP

HIGH-END

$14.21/SQM

RENTS TRENDS

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$0

$4

$8

$12

$16

$20

3BR 2BR 1BR Studio

$0

$5

$10

$15

$20

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Studio 1BR 2BR 3BR

Rental Range Per Month (High-End)

Average Rent Per Sqm

High-End Mid-Range

Rental Range Per Month (Mid-Range)

0.6% DROP

MID-RANGE

$11.79/SQM

Source: CBRE Research Q1 2020

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 12

LANDED PROPERTY

(BOREY)

M A R K E T U P D A T E | Q 1 2 0 2 0

12

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 13

Rising Quoting Prices Across 5 Subsectors

5 Projects LaunchedBy 3 Developers

3 Projects Completed In 2 Districts

LANDED PROPERTY Q1 2020 OVERVIEW

13

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 14

Sen Sok remains the leading district

of landed property supply.

Source: CBRE Research, Q1 2020

3 Projects Completed

in Mean Chey & Chbar Ampov District.

0

10

20

30

40

50

60

Num

ber

of

Pro

jects

Future Existing

LANDED PROPERTY SUPPLY

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 15

ANY IMPACT FROM COVID-19?

31%

21%

21%

10%

6%

6%5%

FUTURE SUPPLY BY

LOCATION

Por Sen Chey Chbar Ampov Dangkor Chroy Changvar

Russey Keo Mean Chey Sen Sok

14 new launches

between Q3 2019 and Q1 2020

Por Sen Chey is showing increasing

potential as the next location for landed

property development.

Strong confidence

from developers

Source: CBRE Research, Q1 2020

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 16

National Road 1,

Chbar Ampov District

Borey Peng Huoth

Street 50M,

Dangkao District

Chip Mong Land

National Road 3,

Por Sen Chey

Borey Chea Ry

SOME NEW LAUNCHES IN Q1 2020

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 17

LANDED PROPERTY QUOTING PRICES (Q3 2019 vs Q1 2020)

$103 $127

$225$272

$899

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Flat Linkhouse Shophouse Twin Villa Villa*

Thousand US$

Price Range Average Price

Source: CBRE Research, Q1 2020

2.1%

2.2%

3.9%

2.8%

4.3%Villa*

Twin Villa

Shophouse

Link-house

Flat

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OFFICE

18

M A R K E T U P D A T E | Q 1 2 0 2 0

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NO NEW completions or launches

19

Source: CBRE Research, Q1 2020

Expecting new supply of

89,000 SQM in 2020

Occupancy rate eased by less than 1%

estimated to keep

descending over the

course of 2020

OCCUPANCY

RATE

CENTRALLY-OWNED OFFICE

SUPPLY & OCCUPANCY

CBRE CAMBODIA | Q1 2020 MARKETVIEW

40%

50%

60%

70%

80%

90%

100%

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

F

Grade C Grade B Grade A Occupancy Rate

SQM (NLA)

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20

Source: CBRE Research, Q1 2020

*Exclusive of service charge

5.00

10.00

15.00

20.00

25.00

30.00

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

Q1

20

20

Grade-B (CBD) Grade-B (NCBD)

Grade-C (CBD) Grade-C (NCBD)

RENTS

currently STABLE

NEGOTIATION

WIDENING

SHORT-TERM

DISCOUNTS

OFFERED

QUOTING

RENTS

to adjust in later quarters2020

CENTRALLY-OWNED OFFICE

QUOTING RENTS

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NO NEW strata-title completions

21

of 24,800sqm

Source: CBRE Research, Q1 2020

-

100,000

200,000

300,000

400,000

500,000

20

18

20

19

20

20

F

20

21

F

20

22

F

Grade B Grade A

SQM (NLA)

1 LAUNCH

2

2

0

0

FORECAST

86,000SQM to join supply

Increasing pressure on RENTS

CBRE CAMBODIA | Q1 2020 MARKETVIEW

STRATA-TITLE OFFICE

SUPPLY

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RETAIL

M A R K E T U P D A T E | Q 1 2 0 2 0

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2 new completions

23

New 6,903 SQM of community malls

Source: CBRE Research, Q1 2020

0

100,000

200,000

300,000

400,000

500,000

600,000

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

F

Shopping Mall Shopping Center Community Mall Retail Podium

SQM (NLA)

TL SKY MALL SAMAI SQUARE

2.1% to total stock

16% to community mall stock

2020 supply forecast: 101,477 SQM

CBRE CAMBODIA | Q1 2020 MARKETVIEW

RETAIL

SUPPLY

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RENTS SHARP DROP

BRAND

EXPANSIONSHOLD

COMMUNITY MALL RENTS

TURN-OVER SHARE

gains popularitySource: CBRE Research, Q1 2020

* Prime quoting rents for ground and 1st floor space, exclusive of service charge

$32.25

$26.69

$20.93

$26.50

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

Prime Shopping

Mall

Prime Retail

Podium

Community Mall Prime High

Street

9.2%

RETAIL PODIUM RENTS

10.5%

RETAIL

QUOTING RENTS

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Vacancy rate fell to

25

Vacancy rate expected to pick up

Source: CBRE Research, Q1 2020

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

Q1

20

20

10.1%

0.5% q-o-q reduction

Before coming back somewhat when

consumer and retailer confidence recovers

CBRE CAMBODIA | Q1 2020 MARKETVIEW

2

2

0

0

FORECAST

RETAIL

VACANCY RATE

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CBRE CAMBODIA | Q1 2020 MARKETVIEW 27

THANK YOU!

© 2020 Advantage Property Services Co., Ltd, trading as CBRE Cambodia, part of the CBRE affiliate network. All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, includingprojections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independentlyassessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only, exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offerto sell or buy or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior expresswritten permission of CBRE. Any unauthorized publication or redistribution of CBRE research reports is prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication.

James HodgeDirectorE: [email protected]: +855 89 333 722

Thida Ann

Managing Director

E: [email protected]

M: +855 89 777 308

Kinkesa Kim

Senior Manager

E: [email protected]

M: +855 95 777 582

Sonic Sovuth

Senior Analyst

E: [email protected]

M: +855 777 982

Kimsea Chea

Analyst

E: [email protected]

M: +855 85 333 662

Kemsokiry Ouch

Analyst

E: [email protected]

M: +855 85 444 284

For more info, please contact:

CBRE Cambodia | +855 23 964 099 | [email protected] | www.cbre.com.kh