ll Investment Investment Plans Plans

ffor or Holidays Holidays ff H l ys H l ys

Presented Presented by by
Richard Richard Leech Leech || Executive Executive Director Director || CBRE CBRE Richard Richard Leech Leech || Executive Executive Director Director || CBRE CBRE
Vu Vu Nguyen Nguyen || Vice Vice Director Director || NVB NVB Holiday Holiday Club Club
Giang Giang Ngo Ngo || Research Research Manager Manager || CBRE CBRE
Nam Nam Tran Tran || Head Head of of Investment Investment | | Archi Archi Group Group
12 12 May 2011 May 2011
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INTRODUCTION INTRODUCTION
You Are About To You Are About To
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Understand products offered
You Are About To You Are About To
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Second home (vacation property ownership)
Timeshare (vacation ownership)
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Identify good products among those being offered
Make decision
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DECISION DECISION DECISION DECISION
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Introduction Introduction
Types of Resorts Types of Resorts
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Proximity to Primary Market
Types of Resorts Types of Resorts
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Destination resorts
Located several hundred kilometres from primary market
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Visitors tend to fly there & visit once a year for 1-2 weeks
Non-destination resorts
Within a 2-3 hour drive of the primary market
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Within a 2-3 hour drive of the primary market
Guests arrive by car, visit more frequently, and stay 3-4 days each time
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Six Senses Ninh Van Bay (Nha Trang)
Ngoc Vien Islands (Hanoi)
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Introduction Introduction
Types of Resorts Types of Resorts
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Location & Primary Amenities
Types of Resorts Types of Resorts
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Ocean resorts Lake/river resorts
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The Nam Hai (Da Nang)
Hyatt Regency (Da Nang)
Ngoc Vien Islands Six Senses Sai Gon River
Mountain/ ski resorts Golf course resorts
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Hoang Dong (Lang Son) Flamingo Dai Lai (Vinh Phuc)
Tan Vien Villas & Resorts (Hanoi)
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Spectrum of Vacation Ownership Spectrum of Vacation Ownership
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TIMESHARE TIMESHARE
Agenda Agenda
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Overview
Buying
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Case
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OVERVIEW OVERVIEW
Timeshare (Vacation Ownership) Timeshare (Vacation Ownership)
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Concept
Timeshare (Vacation Ownership) Timeshare (Vacation Ownership)
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Concept
The right to accommodations at a vacation development for a
specified period each year, for a specified number of years or for
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perpetuity
Source: The United States Timeshare Industry
The ownership of a particular piece of real estate for a particular time The ownership of a particular piece of real estate for a particular time
interval
Instead of buying the whole condo, you buy that condo for a specific week of the
year This makes ownership much more affordable and available to a wider group year. This makes ownership much more affordable and available to a wider group
of people.
Source: The Real Estate Investment Handbook
A form of ownership or right to the use of a property or to describe A form of ownership or right to the use of a property, or to describe
such properties.
Multiple parties hold rights to use the property, and each sharer is allotted a period
f ti i hi h th th t of time in which they may use the property.
The share holder has no claim of ownership of the property.
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Overview Overview
Nature of Product Nature of Product
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Timeshare is not about making money, but about:
Nature of Product Nature of Product
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Timeshare is not about making money, but about:
Pride of ownership
Getting away from it all to a place of beauty, relaxation, and pleasure
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A sense of predictability & permanence in an uncertain world
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Overview Overview
Nature of Product Nature of Product
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Timeshare
Purchase weekly increments
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Villas can be deeded, right-to-use or a points-based program
Many affiliated with resort/hotel companies
Most associated with exchange company
Nightly rentals typically available
Annual fees
Pricing varies by program
G ll d l d b ld Generally treated as real property and can be resold
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Overview Overview
Timeshare Development Timeshare Development
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Timeshares began in France in the late 1960s and were first seen in
Timeshare Development Timeshare Development
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the US in the 1970s.
The primary idea was to trade the vacation on one property for a vacation
on another property in a different location The motivation was to be able to
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on another property in a different location. The motivation was to be able to
vacation in different parts of the world.
Nearly 4,500 timeshare resorts owned by almost 10 million
households are located in 81 countries
North America: over 2 000 resorts ( 50% of the total) North America: over 2,000 resorts ( 50% of the total)
Europe: over 1,000 resorts ( 20% of the total)
Entry into the field
Prominent resort developers & hoteliers: Starwood, Marriott, Hyatt, Hilton,
Thomas Cook, Wyndham, Accor and Disney Thomas Cook, Wyndham, Accor and Disney
40% of potential buyers prefer a branded product while 21% rate it as
very/extremely unimportant in their decision making
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Overview Overview
The Shared Ownership Triangle The Shared Ownership Triangle
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The Shared Ownership Triangle
The Shared Ownership Triangle The Shared Ownership Triangle
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The Shared Ownership Triangle
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TIMESHARE TIMESHARE
Agenda Agenda
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BUYING TIMESHARE BUYING TIMESHARE
Why would you buy? Why would you buy?
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Purchase Motivation
Why would you buy? Why would you buy?
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Purchase Motivation
8 out of 10 owners state they are satisfied with their purchase
of all owners recommend timeshares to friends
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Flexibility over when, where, and how they vacation
You can visit your home resort or exchange to others through companies
In some programs you can even exchange for spas, cruises, hotels, and specialty p g y g p p y
tours throughout the world
Economics: Owners report they save money over the long term
Certainty about the availability and quality of popular resorts Certainty about the availability and quality of popular resorts
Safety and secure environments for family vacations
Quality Quality
The quality of accommodations offered at timeshare resorts is typically of a higher
standard than that of normal hotel accommodation.
Many of the top hospitality brands have even developed timeshare resorts that are Many of the top hospitality brands have even developed timeshare resorts that are
of higher quality than their established hotel brand.
Variety for ownership or exchange
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Villas, apartments, lodges, cottages, catamarans, houseboats, canal boats or even
cruise ships.
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Buying Timeshare Buying Timeshare
Why would you buy? Why would you buy?
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Purchase Motivation
Why would you buy? Why would you buy?
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Purchase Motivation
Amenities go beyond traditional hospitality accommodation
Spacious units
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Resort amenities
Swimming pools, tennis courts, Jacuzzi, spa and fitness facilities.
Golf, boating, skiing, water sports, and amusement and theme parks on-site or
nearby, planned childrens activities.
TOP 5 REASONS TO BUY TIMESHARE
42%
44%
Economics (buy future
vacation at current rate)
Exchange vacation
5%
5%
Secured Resort Quality
Reasonable Rate
vacation at current rate)
4%
5%
Favor Resort
Secured Resort Quality
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0% 10% 20% 30% 40% 50%
Source: RCIs Member Survey (2005)
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Buying Timeshare Buying Timeshare
Timeshare Guests/Owner Timeshare Guests/Owner
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Use pattern
Timeshare Guests/Owner Timeshare Guests/Owner
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Use pattern
Only 2% of timeshare owners normally return to the same location at
the same time each year
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Use Pattern of Timeshare Owners
not used at
all, 9%
give away/rent it
out, 7%
exchange
timeshare, 44%
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household use of
timeshare, 40%
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Source: The United States Timeshare Industry: Overview and Economic Impact Analysis, 1997
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Buying Timeshare Buying Timeshare
Why would you NOT buy? Why would you NOT buy?
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Hesitation About Buying
Why would you NOT buy? Why would you NOT buy?
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Hesitation About Buying
High initial purchase & annual maintenance fee
Motivation for purchasing was economic.
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To purchase, the potential owner must feel that the long-term savings will outweigh
the initial and continuing costs.
Not using the timeshare enough to justify the expense of the purchase g g j y p p
The resort experience will not meet the expectations created during
the sales presentation.
Al t 20% i di t d th t hi h l t h i d th t h it t Almost 20% indicated that high-pressure sales techniques caused them to hesitate
before buying.
The key to successfully investing in a timeshare
Purchase the highest quality unit (in terms of geographic location and
time of the year) at the lowest price time of the year) at the lowest price
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TIMESHARE TIMESHARE
Agenda Agenda
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EXCHANGING TIMESHARE EXCHANGING TIMESHARE
Exchange Product Evolution Exchange Product Evolution
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Exchange Product Evolution
Exchange Product Evolution Exchange Product Evolution
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Exchange Product Evolution
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Exchanging Timeshare Exchanging Timeshare
Exchanging Methods Exchanging Methods
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(1) Through exchange agencies
Exchanging Methods Exchanging Methods
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(1) Through exchange agencies
2 largest & most reputable agencies
Resort Condominiums International (RCI)
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Interval International (II)
Most timeshares use one or the other of these firms, while some use
both both
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Exchanging Timeshare Exchanging Timeshare
Exchanging Methods Exchanging Methods
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Exchange Process
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Exchange Process
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Exchanging Timeshare Exchanging Timeshare
Exchanging Methods Exchanging Methods
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RCI International Network
Exchanging Methods Exchanging Methods
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RCI International Network
(6,308 resorts @2011)
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Exchanging Timeshare Exchanging Timeshare
Exchanging Methods Exchanging Methods
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(2) Through independent exchange companies
Exchanging Methods Exchanging Methods
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(2) Through independent exchange companies
Owners can exchange without needing the resort to have a formal affiliation
agreement with the companies
M j t i ( M i tt I t ti l) d l ti h
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Major resort companies (e.g., Marriott International) develop timeshare
resorts & maintain a private internal exchange system
(3) Through direct exchange (bulletin boards)
This requires locating an owner with the location and weeks are mutually
d i d desired.
This form of exchange saves money on exchange fees and is often sought
after.
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Exchanging Timeshare Exchanging Timeshare
Exchanging Methods Exchanging Methods
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Redweek.com
Exchanging Methods Exchanging Methods
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Exchanging Timeshare Exchanging Timeshare
Exchange Tips for Buyers Exchange Tips for Buyers
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Key Things for a Successful Exchange
Exchange Tips for Buyers Exchange Tips for Buyers
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Key Things for a Successful Exchange
Think what before where
Think about activities & experiences you would enjoy during your vacation
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Advance planning pays off
Place your request as far as possible in advance of the dates you want to travel to
maximize your chances of securing the vacation of your dreams y g y
Be flexible when requesting travel dates and resort locations
Listing several options enhances your chance for a timely confirmation
Willi t t it dl f th i ill h h Willingness to accept a unit regardless of the size will enhance your exchange
opportunities
Consider a trip in the off-season or visit a lesser known destination
that offers a similar vacation experience
Source: ARDA 2011 Source: ARDA, 2011
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TIMESHARE TIMESHARE
Agenda Agenda
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CASE STUDIES CASE STUDIES
China China
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4,000 hotels
and resorts
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Case Studies Case Studies
Malaysia Malaysia
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RCI
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Home &
Affiliated
(domestic
Internal
Resorts
(domestic
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Limited
Exchange
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Exchange
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Case Studies Case Studies
Vietnam Vietnam
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Ninh Van Bay Holiday Club (NVBHC)
Vietnam Vietnam
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Ninh Van Bay Holiday Club (NVBHC)
Opened in 2010
Is an affiliate of the Resort Condominium International (RCI)
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( )
Members can enjoy vacations at 4 - 5 star resorts in NVBHCs
system.
Cl b R t Club Resorts
Club connections (domestic)
Club connections (overseas) ( )
Club privileges
Club cruises
and more than 4000 resorts in RCI's system
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Case Studies Case Studies
Ninh Van Bay Holiday Club Ninh Van Bay Holiday Club
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Member benefits
Ninh Van Bay Holiday Club Ninh Van Bay Holiday Club
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Member benefits
7 nights/year at the resorts within Ninh Van Bay Holiday Club or
exchanged with 4,000 RCI-affiliated resorts in over 100 countries.
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Split, accrue, and advance their vacations using a flexible days/units
system.
Complimentary use of swimming pool fitness and additional discounts Complimentary use of swimming pool, fitness and additional discounts
on other services at the resorts.
Additional privileges at luxurious merchandises p g
Dedicated Member Service team to consult all travel needs
Private butlers at our member resorts
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Case Studies Case Studies
Ninh Van Bay Holiday Club Ninh Van Bay Holiday Club
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Resort Selection
Ninh Van Bay Holiday Club Ninh Van Bay Holiday Club
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Resort Selection
Club Resorts
Ana Mandara Villas Dalat Resort & Spa, Ana Mandara Hue, Ana Mandara
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Ninh Binh (opening in May 2011), Ana Mandara Hoi An (expected to open
in 2013), Ana Mandara Binh Thuan (expected to open in 2013)
Club connections (domestic) ( )
Allezboo Resort, Seahorse Resort, Sunrise Nha Trang Hotel, Diamond Bay
Resort, Hoi An Boutique Resort, and more to come.
Cl b ti ( ) Club connections (overseas)
Absolute Vacation Club, Palace Vacation Club, Legend Holidays Club,
Ramada Yantai Club, etc.
Club privileges
Evason Ana Mandara Nha Trang, Six Senses Ninh Van Bay, Princess
D'Anam Movenpick Saigon Intercontinental Westlake Hanoi Six Senses DAnam, Movenpick Saigon, Intercontinental Westlake Hanoi, Six Senses
Saigon River (2012), Six Senses Phu Quoc (2014), etc.
Club cruises
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Bhaya Cruises, Paradise Cruises, etc.
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Case Studies Case Studies
Ninh Van Bay Holiday Club Ninh Van Bay Holiday Club
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Package Options
Ninh Van Bay Holiday Club Ninh Van Bay Holiday Club
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Package Options
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5 years 17 years 27 years 17 years
Corporate Individual Individual VIP
1 room 1 room 1 room 1 pool villa
N E h RCI E h RCI E h TRC E h (*) No Exchange RCI Exchange RCI Exchange TRC Exchange (*)
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(*) Note: TRC (The Registry Collection), a brand of Wyndham
Worldwide, is an exclusive Club of 5-star and luxury hotels & resorts
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Broad Spectrum of Vacation Ownership Broad Spectrum of Vacation Ownership
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SECOND HOME SECOND HOME
Agenda Agenda
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VIETNAM SECOND HOME MARKET VIETNAM SECOND HOME MARKET
Key Concepts Key Concepts
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Secondhome
Key Concepts Key Concepts
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Secondhome
A residence that is not one's Principal Residence
Source: Barron's Real Estate Dictionary
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A home that is not the primary residence of the owner but is not a
rental property
Source: Financial Publishing
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Source: Financial Publishing
Terms varied:
UK: holiday home
US: second home/vacation property
Australia: a holiday house/home, or weekender
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Vietnam Second Home Market Vietnam Second Home Market
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Vietnam Second Home Market Vietnam Second Home Market
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Unit Price (US$)
PROJECTS' PRICE BY LAUNCHING YEAR
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Tuan Chau Ha Long The Nam Hai
Hyatt Regency
Vinpearl Danang
$1,800,000
$2,000,000
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Tuan Chau Ha Long
Montgomerie Links
The Nam Hai
Six Senses Saigon River
Six Senses Con Dao
$1,400,000
$1,600,000
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Ocean Villas
Sanctuary Ho Tram
Saint Simeon
$1,000,000
$1,200,000
Flamingo Dai Lai
Ngoc Vien Islands
Flamboyant
Grand Arena Hill
S Li k
Son Tra Spa & Resort
Furama Villas
Blue Sapphire
$600,000
$800,000
Hoang Dong
Melody Villas
Tan Vien Villas
Lam Son Resort
Mui Ne Domain
Dune Residences
Sea Links
Oceanami
$200,000
$400,000
Swan Lake Villas
Green Villas Country House
Giang Huong
Sunny Villas
$0
$200,000
2005 2006 2007 2008 2009 2010 2011 2012
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Northern Projects Central Projects Southern Projects
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Vietnam Second Home Market Vietnam Second Home Market
Hoa Binh / Ba Vi / Vinh Phuc Hoa Binh / Ba Vi / Vinh Phuc
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Province Profile
Monsoon climate with cold winters
Hoa Binh / Ba Vi / Vinh Phuc Hoa Binh / Ba Vi / Vinh Phuc
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Family vacation
Things to do: day trips, golf, natural landscaping
St G t l t ( M t Pl )
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Strong Governmental support (new Master Plan)
Infrastructure
Developing infrastructure
1-2 hours from Noi Bai International Airport
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1 2 hours from Noi Bai International Airport
Active Developers
Archi Group, INT, Beverly Investment
Buyer Options
Large variety of choice
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Lake/river, golf course, mountain villas, townhouses
Varying price ranges
Projects Unit Price Price psm Land
Hoa Binh
Lam Son Resort
Sunset Villas
US$200-350,000 or
US$50-170,000 (land only)
US$220-500 psm
Ba Vi Zen resort US$100,000 (land only) US$190psm(land only)
Ngoc Vienisland US$640-870,000 US$700-800 psm
The GrandArena US$400 800 000 US$850 1300 psm
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The Grand Arena US$400-800,000 US$850-1300 psm
VinhPhuc Flamingo Dai Lai US$720,000 US$1,200 psm
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Vietnam Second Home Market Vietnam Second Home Market
Hai Phong / Quang Ninh Hai Phong / Quang Ninh
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City/Province
Adult / young family vacation
Hai Phong / Quang Ninh Hai Phong / Quang Ninh
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Profile
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Things to do: 2-3 day trips, natural wonders, water sports
Infrastructure
Developing infrastructure
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2-3 hour from international airport
Active Developers
Vinaconex ITC, Amco-Mibaek Vina, Daso
B O ti
Limited choices
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Buyer Options
Limited choices
Beach or city villas, townhouses
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Vietnam Second Home Market Vietnam Second Home Market
Da Nang City Da Nang City
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City Profile
Established tourism destination in Vietnam
Da Nang City Da Nang City
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Adult / older family vacation
Things to do: day trips, golf, natural wonders, water sports
St G t l t
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Strong Governmental support
Temperate climate all year round
Infrastructure
Excellent infrastructure
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c
Infrastructure
Excellent infrastructure
International airport
Active Developers
VinaCapital/ VinaLiving, Indochina Land, Blooming
Buyer Options
Wide variety of choice
Beach, golf course, mountain and city villas, condos
Q lit & i Quality & price
CB Richard Ellis|Page39
ee
Vietnam Second Home Market Vietnam Second Home Market
Nha Trang City Nha Trang City
o
m
e
o
m
e
City Profile
Family friendly destination
Nha Trang City Nha Trang City
d

h
o
d

h
o
y
y y
Primarily HCMC short-stay visitors
Limited things to do - water activities
c
o
n
d
c
o
n
d
Infrastructure
Improved infrastructure
International airport
Active Developers
Vin Group Ninh Van Bay Havana TD Corporation Hoan
S
e
c
S
e
c
Active Developers
Vin Group, Ninh Van Bay, Havana, TD Corporation, Hoan
Cau, VinaCapital/ VinaLiving, An Vien Group
Buyer Options
Limited choice
Beach and city condos available
Land lots
CB Richard Ellis|Page40
ee
Vietnam Second Home Market Vietnam Second Home Market
Phan Thiet / Mui Ne Phan Thiet / Mui Ne
o
m
e
o
m
e
City Profile
Family friendly destination
Phan Thiet / Mui Ne Phan Thiet / Mui Ne
d

h
o
d

h
o
y
y y
Primarily HCMC weekend getaway
Things to do: mainly water sports, some natural wonders
c
o
n
d
c
o
n
d
Infrastructure
No airport, roadways can be congested
Active Developers
A&B, Rang Dong, Sai Gon Invest
B O i
Li it d h i
S
e
c
S
e
c
Buyer Options
Limited choice
Seaside resort investments
Land lots
Condos are coming
CB Richard Ellis|Page41
ee
Vietnam Second Home Market Vietnam Second Home Market
Long Hai / Vung Tau Long Hai / Vung Tau
o
m
e
o
m
e
City Profile
Inexpensive weekend holiday
Long Hai / Vung Tau Long Hai / Vung Tau
d

h
o
d

h
o
y
p y
HCMC quick getaway
Things to do: water activities, local dining options
c
o
n
d
c
o
n
d
Infrastructure
Infrastructure improvement underway
Active Developers
Lac Viet Corporation, DIC, Refico, Cotecland, Rung Duong,
PVC-IC
S
e
c
S
e
c
PVC IC
Buyer Options
Limited choice
Seaside resort investments
Land lots
Condos are coming
CB Richard Ellis|Page42
ee
Vietnam Second Home Market Vietnam Second Home Market
Phu Quoc Island Phu Quoc Island
o
m
e
o
m
e
City Profile
Island visited by HCMC crowd as family weekend getaway
Phu Quoc Island Phu Quoc Island
d

h
o
d

h
o
y
y y g y
Things to do water activities, eco-tourism
Infrastructure
Limited infrastructure with plans for improvement including
an international airport
c
o
n
d
c
o
n
d
an international airport
Active Developers
Tropicana, Chen La, Berjaya
Buyer Options
Limited choice
S
e
c
S
e
c
Buyer Options
Limited choice
Seaside resort investments
Land lots
CB Richard Ellis|Page43
ee
SECOND HOME SECOND HOME
Agenda Agenda
o
m
e
o
m
eAgenda Agenda
d

h
o
d

h
o
c
o
n
d
c
o
n
d
S
e
c
S
e
c
CB Richard Ellis|Page44
ee
A Buyers Guide A Buyers Guide
Why buy a second home? Why buy a second home?
o
m
e
o
m
e
As an Investment, buyers should consider
Why buy a second home? Why buy a second home?
d

h
o
d

h
o
As an Investment, buyers should consider
Location/resort types
Ownership: Leasehold vs. Freehold
c
o
n
d
c
o
n
d
p
Cost of Purchase (payment terms, construction progress)
Costs of Ownership / Rental pool program
S
e
c
S
e
c
Appreciation potential
As a Vacation Property, buyers should consider
Location/resort types & Purpose
P i & i f Price & service fees
Facilities / Amenities of the Development & around the property
Swimming pool golf gardens shuttle service shopping Swimming pool, golf, gardens, shuttle service, shopping
Food & beverage outlets, retail centres
Leisure activities golf, yachting, biking
CB Richard Ellis|Page45
ee
A Buyers Guide A Buyers Guide
Buyer's Check List Buyer's Check List
o
m
e
o
m
e
Top Things for Buyers to Review
Buyer s Check List Buyer s Check List
d

h
o
d

h
o
Top Things for Buyers to Review
Location, location, location
Brand
c
o
n
d
c
o
n
d
Quality
Business Operation Model
S
e
c
S
e
c
CB Richard Ellis|Page46
ee
A Buyers Guide A Buyers Guide
Buyer's Check List Buyer's Check List -- Location Location
o
m
e
o
m
e
Location - City
Buyer s Check List Buyer s Check List -- Location Location
d

h
o
d

h
o
Location City
Access/Infrastructure
Tourism
c
o
n
d
c
o
n
d
Other activities that support holiday lifestyle
Government support through funding, initiatives, investments,
S
e
c
S
e
c
infrastructure projects
CB Richard Ellis|Page47
ee
A Buyers Guide A Buyers Guide
Buyer's Check List Buyer's Check List -- Location Location
o
m
e
o
m
e
Good Governance Infrastructure Investment Linked
Buyer s Check List Buyer s Check List -- Location Location
d

h
o
d

h
o
Good Governance Infrastructure Investment Linked
Infrastructure Advantage
Less Valued Economic Governance
Infrastructure Advantages
Highly Valued Economic Governance
0
c
o
n
d
c
o
n
d
Less Valued Economic Governance Highly Valued Economic Governance
Da Nang
8
0
Hanoi
Hai Phong
S
e
c
S
e
c
r
u
c
t
u
r
e
Khanh Hoa
Quang Nam
BR-VT
Vi nh Phuc
Quang Ni nh
I
n
f
r
a
s
t
r
Ki Gi
6
0
Ki en Gi ang
Hoa Bi nh
Low Infrastructure
Less Valued Economic Governance
Low Infrastructure
Highly valued economic governance
70 50 60
4
0
CB Richard Ellis|Page48
Weighted Provincial Competitive Index2010
Source: USAID/VNCI Policy Paper #15 2010, p. 27
70 50 60
ee
A Buyers Guide A Buyers Guide
Buyer's Check List Buyer's Check List -- Location Location
o
m
e
o
m
e
Tourism Local & International
Buyer s Check List Buyer s Check List -- Location Location
d

h
o
d

h
o
Tourism Local & International
Level of tourism top 10 domestic destinations & numbers of arrivals
to each (annually)
c
o
n
d
c
o
n
d
7 000
8,000
s
a
n
d
)
TOP 10 DESTINATIONS IN VIETNAM (2010)
S
e
c
S
e
c
5,000
6,000
7,000
v
a
l
s

(
t
h
o
u
s
2 000
3,000
4,000
b
e
r

o
f

a
r
r
i
v
-
1,000
2,000
N
u
m
HCMC Da
Nang
Hanoi Quang
Ninh
Hue Khanh
Hoa
Binh
Thuan
Can
Tho
Da Lat Phu
Quoc
International Arrivals Local Arrivals
CB Richard Ellis|Page49
International Arrivals Local Arrivals
Source: Vietnamese Statistics Office
ee
A Buyers Guide A Buyers Guide
Buyer's Check List Buyer's Check List -- Location Location
o
m
e
o
m
e
Location - Address
Buyer s Check List Buyer s Check List -- Location Location
d

h
o
d

h
o
Location Address
On the beach, near the sea, in the city, in the mountains
Location can determine long term capital value
c
o
n
d
c
o
n
d
g p
Limited locations choice vs. availability
Early buyers will get the best locations
S
e
c
S
e
c
Good developments are often unique
CB Richard Ellis|Page50
ee
A Buyers Guide A Buyers Guide
Buyer's Check List Buyer's Check List -- Branding Branding
o
m
e
o
m
e
Brands a way to categorize
Buyer s Check List Buyer s Check List -- Branding Branding
d

h
o
d

h
o
Brands a way to categorize
Can apply to property developers, managers, and operators
Helps to quickly and easily identify a property/service
c
o
n
d
c
o
n
d
Sets levels for quality & standards
International/national visibility & product knowledge
Enhances value
S
e
c
S
e
c
Enhances value
CB Richard Ellis|Page51
ee
A Buyers Guide A Buyers Guide
Buyer's Check List Buyer's Check List -- Quality Options Quality Options
o
m
e
o
m
e
Market skips straight to quality
Buyer s Check List Buyer s Check List -- Quality Options Quality Options
d

h
o
d

h
o
Market skips straight to quality
Traditional build-up period skipped in Vietnam
E.g. beach side bungalows/huts
c
o
n
d
c
o
n
d
Quality developers are active in several second home markets
offering peace of mind for absentee owners
Q lit f d l t l i iti fi t /fitti
S
e
c
S
e
c
Quality of developments planning, amenities, fixtures/fittings on par
with city homes (or beyond due to number of quality options!)
Quality assurance further supported with branded Q y pp
owners/operators/managers who up-hold set international standards
CB Richard Ellis|Page52
ee
A Buyers Guide A Buyers Guide
Buyer's Check List Buyer's Check List -- Business Operation Business Operation
o
m
e
o
m
eBuyer s Check List Buyer s Check List -- Business Operation Business Operation
Model Model
d

h
o
d

h
o
What happens when you arent there?
Who manages the property?
c
o
n
d
c
o
n
d
g p p y
Is there a rental pool program?
What is expected ROI?
S
e
c
S
e
c
CB Richard Ellis|Page53
ee
SECONDHOME SECONDHOME
Agenda Agenda
o
m
e
o
m
eAgenda Agenda
d

h
o
d

h
o
c
o
n
d
c
o
n
d
S
e
c
S
e
c
CB Richard Ellis|Page54
ee
RENTAL POOL PROGRAM RENTAL POOL PROGRAM
A Business Operation Model A Business Operation Model
o
m
e
o
m
e
Vacation Rental Pool
A Business Operation Model A Business Operation Model
d

h
o
d

h
o
Vacation Rental Pool
Renting vacation property (on a nightly or weekly basis) could provide
additional income.
c
o
n
d
c
o
n
d
For renters, the savings can be significant compared to hotels or vacation
packages.
For owners, it can be as rewarding as paying the mortgage
S
e
c
S
e
c
, g p y g g g
CB Richard Ellis|Page55
The Nam Hai
Six Senses Sai Gon
ee
Rental Pool Program Rental Pool Program
Key Concepts Key Concepts
o
m
e
o
m
e
Key Concepts
Key Concepts Key Concepts
d

h
o
d

h
o
Key Concepts
An arrangement in which owners in a large community agree to make
their units available for rental by a common leasing agent or property
c
o
n
d
c
o
n
d
manager.
All share in the overall Revenues/Expenses according to a
predetermined formula.
S
e
c
S
e
c
predetermined formula.
The Complete Real Estate Encyclopedia , 2007
CB Richard Ellis|Page56
ee
Rental Pool Program Rental Pool Program
Homeowners Homeowners -- Benefit Benefit
o
m
e
o
m
e
Property ownership remains with the owner. Can expect value
Homeowners Homeowners -- Benefit Benefit
d

h
o
d

h
o
Property ownership remains with the owner. Can expect value
appreciation over time
Particularly suitable with Vietnams context
c
o
n
d
c
o
n
d
Owners can use their properties for free for a predetermined
period of time every year (1-3 months)
O t h f fit f ti th i ti
S
e
c
S
e
c
Owners can get a share of profits from renting their properties
when they are not present
Property is well maintained all year round Property is well maintained all year round
Others
Are prioritized in booking holiday Are prioritized in booking holiday
Get discount when using services & facilities
CB Richard Ellis|Page57
ee
Rental Pool Program Rental Pool Program
Homeowners Homeowners -- Time of Using Time of Using
o
m
e
o
m
e
Free Usage: Owners can use their properties for free for a
Homeowners Homeowners -- Time of Using Time of Using
d

h
o
d

h
o
Free Usage: Owners can use their properties for free for a
predetermined period of time every year
The Nam Hai: 35 days/year
c
o
n
d
c
o
n
d
Hyatt Regency Da Nang: 90 days/year
Vinpearl Da Nang: 90 days/year
Unused days
S
e
c
S
e
c
Unused days
Owners can choose to carry forwards to the next year or put their units into
the rental pool for extra income
Over usage (market practice)
Low season: rate for homeowners can be 15% of current rental rate
Hi h t t 50% f t t l t High season: rate can go up to 50% of current rental rate
Booking
30 days prior to the day of occupation 30 days prior to the day of occupation
In case the units are unavailable, homeowners could be offered another
alternate at 30% discount from current rental rate
CB Richard Ellis|Page58
ee
Rental Pool Program Rental Pool Program
Sharing Rental Profits Sharing Rental Profits -- Two Methods Two Methods
o
m
e
o
m
e
Actual Profit Sharing
Sharing Rental Profits Sharing Rental Profits -- Two Methods Two Methods
d

h
o
d

h
o
Actual Profit Sharing
Operator/Resort owner rents out the units (villas/bungalows/condos)
as part of the resort pool
c
o
n
d
c
o
n
d
Homeowners get a predetermined share of profits based actual
annual net income
Hyatt Regency Da Nang Vinpearl Da Nang: owners get 50% of net income
S
e
c
S
e
c
Hyatt Regency Da Nang, Vinpearl Da Nang: owners get 50% of net income
Furama Villas: 60% of net income for owners
Fixed Income
Homeowners get fixed income annually based on propertys price
Furama Villas: US$10 000 (in value) = 1 point = US$1 annual income Furama Villas: US$10,000 (in value) = 1 point = US$1 annual income
Annual income can be low but stress-free and stable.
Homeowners do not have to pay any other expenses Homeowners do not have to pay any other expenses
CB Richard Ellis|Page59
ee
SECOND HOME SECOND HOME
Agenda Agenda
o
m
e
o
m
eAgenda Agenda
d

h
o
d

h
o
c
o
n
d
c
o
n
d
S
e
c
S
e
c
CB Richard Ellis|Page60
ee
CASE STUDIES CASE STUDIES
Thailand Thailand -- Karma Samui Beach Resort Karma Samui Beach Resort
o
m
e
o
m
e
5-star luxury beach resort
Thailand Thailand -- Karma Samui Beach Resort Karma Samui Beach Resort
d

h
o
d

h
o
y
36 residential pool villas
2-6 bedrooms
c
o
n
d
c
o
n
d
216 sm-385 sm
Pricing:
US$956,000-US$975,000 Property values
S
e
c
S
e
c
US$956,000 US$975,000 Property values
in surrounding area of resort expected to
grow 10-20% per annum over next 5-10
years.
3x30 year leasehold
ROI options (Rental Pool)
P t h f t l i Percentage share of quarterly income
28 days complimentary use annually
Guaranteed ROI
5% of net capital value per annum
CB Richard Ellis|Page61
Source: Karmasamui.com
ee
Case Studies Case Studies
Thailand Thailand -- Azaya Villas Mountain Resort Azaya Villas Mountain Resort
o
m
e
o
m
e
3 hectare 5-star mountain resort
Thailand Thailand -- Azaya Villas Mountain Resort Azaya Villas Mountain Resort
d

h
o
d

h
o
12 luxury villas
2-5 Bedrooms
c
o
n
d
c
o
n
d
185 sm-465 sm GFA
Land 1,089-1,868 sm
Pricing
S
e
c
S
e
c
c g
US$700,000-$1,250,000
Rental income is expected to yield double
digit annual returns on investment as well digit annual returns on investment as well
as capital appreciation.
3x30 year leasehold
R t l P l Rental Pool
Management fee: 30% of rental income
CB Richard Ellis|Page62
Source: Azayavillas.com
ee
Case Studies Case Studies
Bali Indonesia Bali Indonesia -- Sea Sentosa Beach Resort Sea Sentosa Beach Resort
o
m
e
o
m
e
5-star luxury beach resort
Bali, Indonesia Bali, Indonesia -- Sea Sentosa Beach Resort Sea Sentosa Beach Resort
d

h
o
d

h
o
y
70 luxury residences
1 bedroom: 94 -117 sm GFA
c
o
n
d
c
o
n
d
2 bedroom: 201 -217 sm GFA
3 bedroom: 188 - 235 sm GFA
Pricing
S
e
c
S
e
c
c g
1 bedroom - US$450,000
2 bedroom - US$900,000
3 bedroom US$2 000 000 3 bedroom - US$2,000,000
Surrounding area has experienced a 300%
increase in land value over last 5 years.
2 25 l h ld 2x25 year leasehold
Rental Pool
Management fee of 30% net revenue Management fee of 30% net revenue
CB Richard Ellis|Page63
Source: SeaSentosa.com
ee
Case Studies Case Studies
Bali Indonesia Bali Indonesia -- Rich Villas Mountain Resort Rich Villas Mountain Resort
o
m
e
o
m
e
17 luxury villas
Bali, Indonesia Bali, Indonesia -- Rich Villas Mountain Resort Rich Villas Mountain Resort
d

h
o
d

h
o
y
1 bedroom - 150 sm
2 bedroom - 200 sm
P i i
c
o
n
d
c
o
n
d
Pricing
1 bedroom - US$389,999
2 bedroom - US$489,999
S
e
c
S
e
c
25 year leasehold
Guaranteed ROI for 20-25 years
Projected ROI of up to 11.5%
Guaranteed buy-back and capital gains
CB Richard Ellis|Page64
Source: BaliPlatinum.com
ee
Case Studies Case Studies
Bali Indonesia Bali Indonesia -- Bali Rich Villas Resort Bali Rich Villas Resort
o
m
e
o
m
e
ROI Packages
Bali, Indonesia Bali, Indonesia -- Bali Rich Villas Resort Bali Rich Villas Resort
(cont.) (cont.)
d

h
o
d

h
o
g
Package 1: Fixed ROI, Fixed buy-back, and fixed capital gain
c
o
n
d
c
o
n
d
ROI: 7% net annually
Buy-back by developer/operator on year 11 at 10% capital gain
21 days free accommodation annually
S
e
c
S
e
c
y y
Package 2: Fixed ROI
Investment lock in period: 2 years Investment lock in period: 2 years
Year 1-3: 8% net annually
Year 4-6: 10% net annually
Year 7 onwards: 11.5% net annually
21 days free accommodation annually
CB Richard Ellis|Page65
ee
Case Studies Case Studies
Vietnam Vietnam Archi Archi Group Group
o
m
e
o
m
e
About Archi Group
Vietnam Vietnam Archi Archi Group Group
d

h
o
d

h
o
An active villa and resort developer in Hanoi since 2007
Projects located within 1 hour from city centre
c
o
n
d
c
o
n
d
S
e
c
S
e
c
CB Richard Ellis|Page66
ee
Case Studies Case Studies
Vietnam Vietnam Archi Group Archi Group
o
m
e
o
m
e
Project Classification
Vietnam Vietnam Archi Group Archi Group
d

h
o
d

h
o
Project Classification
Luxury villas & resort
First class/Superior
c
o
n
d
c
o
n
d
p
High standard/First home vision
S
e
c
S
e
c
Tan Vien Villas & Resort
Vi N R t L S R t
Tan Vien Villas & Resort
Vien Nam Resort Lam Son Resort
CB Richard Ellis|Page67
9-ivory Resort & Country Club
Green Villas
Country House Villas
ee
Case Studies Case Studies
Vietnam Vietnam Archi Group / Project Types Archi Group / Project Types
o
m
e
o
m
e
Type 1 - Luxury Villas & Resort
Vietnam Vietnam Archi Group / Project Types Archi Group / Project Types
d

h
o
d

h
o
Type 1 Luxury Villas & Resort
Unit Price: US$300,000 - US$500,000
Villa Land Lot: 1,000 sm - 5,000 sm
c
o
n
d
c
o
n
d
5-star luxury services: spa, swimming pool, golf, tennis
Ex: Lam Son Resort, Vien Nam Villas & Resort (Hoa Binh), 9-Ivory Eco-
resort Tan Vien Villas & Resort
S
e
c
S
e
c
resort, Tan Vien Villas & Resort
Vien Nam Resort Villas
9 Ivory Eco-resort Services Area
CB Richard Ellis|Page68
ee
Case Studies Case Studies
Vietnam Vietnam Archi Group / Project Types Archi Group / Project Types
o
m
e
o
m
e
Type 2 - First Class Villas & Resort
Vietnam Vietnam Archi Group / Project Types Archi Group / Project Types
d

h
o
d

h
o
Type 2 First Class Villas & Resort
Unit Price: US$150,000 - US$300,000
Villa Land Lot: 1,000 sm
c
o
n
d
c
o
n
d
4-star services: spa, swimming pool, mini-golf, tennis
Ex: Green Villas, Family Villas (Ba Vi, Hanoi)
S
e
c
S
e
c
Green Villas
CB Richard Ellis|Page69
Villa Interior
ee
Case Studies Case Studies
Vietnam Vietnam Archi Group / Project Types Archi Group / Project Types
o
m
e
o
m
e
Type 3 - High Standard/ First Home Vision
Vietnam Vietnam Archi Group / Project Types Archi Group / Project Types
d

h
o
d

h
o
Type 3 High Standard/ First Home Vision
Unit Price: US$80,000-$120,000
Villa Land Lot: 500 sm
c
o
n
d
c
o
n
d
3-4-star services: spa, swimming pool, fishing, bus to city centre
Ex: Country house 1,2,3
S
e
c
S
e
c
First home vision
10 minutes to Hoa Lac Hi-Tech Park, 30 minutes to the new CBD and
NUAs along Thang Long Boulevard NUAs along Thang Long Boulevard
Target young people with high income and modern life style
CB Richard Ellis|Page70
Country House Villas
ee
Case Studies Case Studies
Vietnam Vietnam Archi Group / Investment Archi Group / Investment
o
m
e
o
m
e
Investment Consideration
Vietnam Vietnam Archi Group / Investment Archi Group / Investment
d

h
o
d

h
o
Investment Consideration
For buyers during initial/internal launch: 20-30% discount from the
quoted price.
c
o
n
d
c
o
n
d
60%-70% price appreciation in the first year of purchase
Commitment from Developer:
t ll/ ll it ld t t t hi h i
S
e
c
S
e
c
to sell/resell units sold to customers at higher price
quoted price escalation over time
Participate in Archi Group business program Participate in Archi Group business program
Archi Group sells villas for the villa owner
Archi Groups Rental Pool Program
CB Richard Ellis|Page71
ee
Case Studies Case Studies
Vietnam Vietnam Archi Group / Rental Pool Archi Group / Rental Pool
o
m
e
o
m
e
Rental Pool Program
Vietnam Vietnam Archi Group / Rental Pool Archi Group / Rental Pool
d

h
o
d

h
o
Rental Pool Program
5 year agreement
60/40 profit sharing between property owners/developers
c
o
n
d
c
o
n
d
No limit for villas holiday of owners (3 months priority booking)
Discount for services
Archi Group responsible for marketing & propertys maintenance
S
e
c
S
e
c
Archi Group responsible for marketing & property s maintenance
Villas Owner Benefit
60% profit of rental pool program for villa owners
Exchange holidays in all resort projects of Archi Group (Hoa Binh, Ba Vi,
Phu Quoc) Phu Quoc)
Discount of Archi Group resort service fees: 15% for F&B, 20% for spa
Convert to holiday & weekend voucher for friends and family
Participate in Archi Group investment program for villa owner
CB Richard Ellis|Page72
ee
Case Studies Case Studies
Vietnam Vietnam Archi Group / Rental Pool Archi Group / Rental Pool
o
m
e
o
m
e
Tan Vien Villas & Resort Sample P/L (*)
Vietnam Vietnam Archi Group / Rental Pool Archi Group / Rental Pool
d

h
o
d

h
o
Tan Vien Villas & Resort Sample P/L ( )
DESCRIPTION
AMOUNT
p a (US$)
UNIT TYPE
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p.a (US$)
Gross Revenue 20,000
Credit Card Commissions -800.4% of Gross Revenue
Travel Agency Commission -3601.8% of Gross Revenue
Total Rental Income 19 560
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Total Rental Income 19,560
Expenses
Cost of Goods Sold -3,91220% of Rental Income
Rental Program Administration Fee -9785% of Rental Income
Net Rental Income 14 670 Net Rental Income 14,670
Rental Program Fee -5,86840% of Net Rental Income
Purchaser Net Income 8,802
Other Purchaser Expenses
Reserve for big maintenance villas 4403% of Net Rental Income Reserve for big maintenance villas -4403% of Net Rental Income
Utilities -7345% of Net Rental Income
Management & small maintenance Fee -2,250US$0.75/sm/month
Maintenance Fee for pubblic area -750US$0.25/sm/month
Purchaser's Net Income 4 628 Purchaser's Net Income 4,628
3 Bedroom 250 sm Villas
CB Richard Ellis|Page73
(*) Notes: Figures are for illustration only and are not indicative of the return that
will be generated by participating in the Rental Program at Tan Vien Villas & Resort
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Case Studies Case Studies
Ninh Ninh Van Bay Van Bay Six Senses Private Residences Saigon Six Senses Private Residences Saigon
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Location
Ninh Ninh Van Bay Van Bay Six Senses Private Residences Saigon Six Senses Private Residences Saigon
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In the Dong Nai River
Beautiful landscape, eco-friendly environment
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eaut u a dscape, eco e d y e o e t
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Ninh Ninh Van Bay Van Bay Six Senses Private Residences Saigon Six Senses Private Residences Saigon
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Resort Operator - Six Senses Resort & Spa Group
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Resort Operator Six Senses Resort & Spa Group
A leading resort and spa brand in the world, managing luxury resorts
in Maldives, Thailand, Vietnam, Oman, Jordan, and Spain
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E.g: Six Senses Ninh Van Bay in Nha Trang, Vietnam
won 15 international & national prizes
having the annual revenue more than US$7 million
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Case Studies Case Studies
Ninh Ninh Van Bay Van Bay Six Senses Private Residences Saigon Six Senses Private Residences Saigon
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Specific design & High-end quality
Ninh Ninh Van Bay Van Bay Six Senses Private Residences Saigon Six Senses Private Residences Saigon
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Specific design & High end quality
Villa complex design: incorporates the classic Six Senses focus on all
natural and environmentally responsible materials.
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Furnishings are classically simple synonymous with intelligent luxury and
some emphasis of regionally inspired features.
Furniture & fixtures included
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Furniture & fixtures included
the latest energy-saving and environmentally responsible equipment
all creature comforts: latest entertainment & audio systems, iPod universal
d ki t ti fl t l t l i i d IDD t l h ith WiFi docking stations, flat-panel television and IDD telephones with WiFi
Facilities & Amenities
Personal gyms libraries private wine cellars and spa facilities Personal gyms, libraries, private wine cellars and spa facilities
CB Richard Ellis|Page76
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Villa Types
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Villa Types
Type Land Area (sm) Price Services
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Latitude Villa
Land Area: 406 sm
Built Area: 243.1 sm
US$500,000
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5-star++
services,
swimming golf
Pool Villa -1 BR
Land Area: 650 sm
Built Area: 352.5 sm
US$1 million
swimming, golf,
tennis, worlds
most creative
experiences for
Pool Villa Suite - 2 BR
Land Area: 1,400 sm
Built Area: 534.8 sm
Pool: 248.5 sm
US$1.5 million
experiences for
kids, spa
Reserve Villa - 4 BR
Land Area: 3,000 sm
Built Area: 1,007 sm > US$3 million
Pool: 365 sm
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Case Studies Case Studies
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Business Operating Model
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Business Operating Model
Homeowners can choose 3 options
Rental pool for 365 days/year
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Rental pool excluding 30 days per year
Projected owners income: 80% of net profit after tax p.a
Owners can use their properties for 30 days per year
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Owners can use their properties for 30 days per year
Not join in rental pool
CB Richard Ellis|Page78
Thank you for attending Thank you for attending!!
Ngo Thi Huong Giang (Ms) Nguyen Thanh Vu (Mr.) Tran Hoang Nam (Mr.)
Contact Details Contact Details
Ngo Thi Huong Giang (Ms)
Reseach Manager
CB Richard Ellis (Vietnam)
M: 0903 210 679
E: giang.ngo@cbre.com
Nguyen Thanh Vu (Mr.)
Vice Director (Sale & Marketing)
Ninh Van Bay Holiday Club
M: 0908 337 137
E: vunt@ninhvanbay.vn
Tran Hoang Nam (Mr.)
Head of Investment
Archi Invest
M: 0904 980 989
E: namth@archi.vn
CB Richard Ellis|Page79
2011 CB Richard Ellis, We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee,
warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or
withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the
property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.