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SITE EVALUATION REPORT
Confidential · Prepared for the operating partner
Bãi Sau Grid Candidate Vũng Tàu — Back Beach hinterland
A full-stack read of one address: who is around it, who passes it, who competes with it, what it can earn — and exactly what must be verified before a lease is signed.
Verdict
CONDITIONAL
4 conditions precedent — p.2
Location Score
5.2/10
all four factors · p.3
Data completeness
5/6 layers
camera count pending — declared, p.5
REF LI-VT-2608 · 26 AUG 2026SURVEYED CATCHMENT: 254 VENUES & ANCHORS · 67 WITHIN 900 MPAGE 1 / 12
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LI-VT-2608 · THE SITE
Section 1 · The site, in thirty seconds
C12 Phan Huy Chú — 180 m² on the grid's own connector.
The unit · field photo
FIELD PHOTO frontage · interior · street view — from the site visit file
Shell condition at visit: nhà cấp 4, open-plan ground floor — full fit-out required (Section 9).
Fact sheet MEASURED / LISTED
Address
C12 Phan Huy Chú, Bãi Sau grid
Floor area · frontage
180 m² · 12 m frontage
Capacity as planned
80 covers indoor
Street
two-way connector ✓ · flow 8/10
Asking rent
18M ₫/mo · 100k/m²
Beach access
250 m · flat walk, no crossing
Hotel block
10 boutique properties ≤250 m
Melody condo cluster
≈290 m · ~4 min walk
Locator
Why this address entered the pipeline: it matches the "second line" principle — a two-way connector one block behind a demand mass, priced at neighbourhood rent while intercepting hotel-block and condo traffic. At 100k ₫/m² it is one of the best rent-to-catchment ratios surveyed in Vũng Tàu this quarter.
PlaceRead · Site EvaluationUnit data from listing & site visit · verify at contract2 / 12
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LI-VT-2608 · EXECUTIVE VERDICT
Section 2 · Executive verdict
Works as a dinner-led neighbourhood flagship — if four things hold.
The site sits on a genuine two-way connector inside the Back Beach residential grid — hotel guests on one side, the Melody condo base on the other, and the nearest direct rival 650 m away. What tempers the verdict is not demand but verification: two of the four load-bearing facts are still field-pending. Hence: conditional, not enthusiastic-yet.
How the verdict was reached — the reasoning, step by step
1
Demand exists and is captive. 10 boutique hotels ≤250 m + the Melody cluster at 290 m MEASURED → two independent demand engines, both passing the frontage.
2
The street delivers it. Two-way connector, flow 8/10, evening peak 100% MEASURED → the demand doesn't need to be pulled; it walks past.
3
Nobody serves it at this tier. 12 direct rivals mapped; nearest 650 m, all beach-head or centre MEASURED → the gap is spatial and real.
4
But two facts are still assumptions. Real traffic volume (camera) and the hotel-tier split are FIELD-PENDING — and both can flip the economics.
5
And the calendar bites. A 62% weekend city with a Sep–Nov trough demands the rent ceiling and the cash cushion. → CONDITIONAL: yes, if C1–C4 hold.
Score
5.2/10
top 30% of VT sites read
Revenue scenarios MODELED
220–520M₫/mo
realistic 350M · menu-based
Rent ratio @18M
5.1%
8.2% even in the conservative case
Weekend share
62%
Fri–Sun carries the week
Cash cushion
3.5mo
of fixed costs, minimum
Why it can work — the three drivers that matter
1
True two-way connector. Street flow 8/10 MEASURED — residents cut through daily; evening index peaks at 100% of daily traffic.
2
A weekday floor exists. 31% residential + 15% business density within reach — rare in a weekend city, and the difference between surviving Tuesday and not.
3
The core ring is unclaimed. 12 direct rivals mapped within 2.1 km MEASURED — but the nearest sits 650 m south at the beach head. Inside the hotel block the site commands, nobody serves this tier.
What must hold — conditions precedent
C1
Traffic verification. Camera count Tue 12–13 & 19–20 ≥ 300 vehicles/h VERIFY. Below 250 → walk away.
C2
Hotel tier check. Budget beds (nhà nghỉ) ≤ 60% of rooms within 400 m VERIFY — the spend tier depends on it.
C3
Rent ceiling 22M ₫/mo. Above it, the low season stops covering fixed costs in the conservative case.
C4
Motorbike frontage. ≥ 5 m usable frontage with parking — evening trade here arrives on two wheels.
Bottom line for the decision-maker: proceed to lease negotiation now, run C1–C2 in the same week, and sign only under 22M with the terrace confirmed. Every number behind this page is sourced and graded on p.6.
PlaceRead · Site EvaluationEstimates are online-signal based, pending operator P&L3 / 12
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LI-VT-2608 · SCORECARD
Section 3 · Why this score
5.2 / 10 — built from four measured factors, not an opinion.
The score is multiplicative: a great street cannot rescue an empty catchment, and vice versa. Each factor below is benchmarked against every site we have read in Vũng Tàu — the grey band is the city median.
Score construction · waterfall
Factor benchmarks vs Vũng Tàu median — grey tick = city median site
Factor
vs city
Structural note — what to do with it
Catchment 5.5MEASURED
Above the city median but below the Front-Beach triangle. 67 venues & anchors within 900 m carry the score — the wider 254 is city context, declared apart. Solid for a neighbourhood flagship; do not price it like a tourist flagship.
Street 8/10MEASURED
Top-15% street in the city: two-way, grid-dense, evening-alive. The engine reading was cross-checked by an independent visual pass — the two agreed within one point. Highest-confidence factor in this report.
Access 8/10MEASURED
Highly connected; 4 anchors sit behind a barrier and were discounted, costing 0.02. Irrelevant for dinner trade, mildly relevant for lunch delivery radius.
Competition ×1.0MEASURED
422 venues mapped, 12 direct — none inside the primary 400 m ring (nearest: 650 m). The factor holds at ×1.00 by construction; the contested beach head 700 m south is analysed on p.7.
Structural read: the score is street-led, catchment-checked. That combination suits a destination-worthy neighbourhood concept — not an impulse tourist trap. Position and market accordingly.
Upside path: the score is capped by what is unverified, not by what was found. Camera count ≥400 v/h lifts street to 9/10; a clean hotel-tier walk removes the catchment discount — verified C1–C2 re-score the site in the 5.8–6.2 band. The conditions are not hurdles; they are the score's own headroom.
PlaceRead · Site EvaluationBenchmarks computed on all Vũng Tàu sites surveyed to date4 / 12
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LI-VT-2608 · CATCHMENT
Section 4 · Who actually pays here
A resident-anchored catchment with a tourist topping — not the reverse.
Demand mix · 254 venues & anchors MEASURED
🏠 Residential (80+)
31%
🏨 Hospitality (46)
18%
🛍 Retail (46)
18%
🎓 Education (39)
15%
💼 Business (37)
15%
Local truth: 67 of 254 within 900 m — the number that describes this address; the rest is city context, weighted down accordingly. "+" marks a count that hit the survey ceiling: a floor, not a total.
Traffic by time of day MEASURED · service implications
Dinner-led, breakfast-viable. Build the P&L on the 18–23 window; capture mornings with a lean coffee-pastry format, skip the structural lunch push.
Hospitality tier pyramid · the spend-tier test FIELD-VERIFY
Customer segments · ranked by reachable spend
Segment
Why it ranks
1
Resident families & professionals
The weekday floor. Grid-dense housing behind the frontage; dinner + weekend family lunch.
2
Domestic weekend tourists (3★+)
62% of the week's revenue arrives Fri–Sun; mid-tier hotels within walking range.
Present but wrong tier — do not shape the menu around them.
Market gap: 422 F&B venues mapped, zero in the quality-casual dinner tier this catchment can support. The gap is real; the ceiling on it is the hotel-tier verification above.
PlaceRead · Site EvaluationCounts within 900 m unless stated · survey 24–26 Aug 20265 / 12
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LI-VT-2608 · THE GROUND
Section 5 · The ground, mapped — 254 surveyed points, plotted as surveyed
The site sits inside a hotel block, on the grid's own street.
City overview · where this address sits in Vũng Tàu
rings 400 / 900 m · ● residential ● hospitality ● retail & lifestyle ● education ● business
Competitive field · 12 direct, plotted where they are MEASURED
🔴 direct (Italian / pizza-led, same wallet) · 🟠 indirect (hotel dining & upscale) · labels on the four inside 1.3 km
Spatial read: the direct ring clusters at the beach head 650–750 m south (Luca, Momma Roza's) and in the centre 1.3 km west (David). The hotel block around the site — 10 boutique properties within 250 m — is served by none of them. The map is the pitch.
PlaceRead · Site EvaluationAll points from the survey of 24 Aug 2026 — no illustrative markers6 / 12
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LI-VT-2608 · INTERCEPT REGISTER
Section 6 · What the address intercepts — named, measured, on foot
10 hotels within 250 m. The frontage is on their way to the beach.
Every entry below is a surveyed point with its real walking distance. "Intercept" is the operative question: does this demand pass the door, or must it be pulled?
🏨 Hospitality · 24 within 900 m — the nearest twelve
Property
Walk
Tier
Seven Stars Hotel
65 m
boutique
Queen Garden Hotel
71 m
boutique
Mi Lan Diamond Hotel
74 m
boutique
Sun Beach Hotel
82 m
boutique
Milan Corner Hotel
91 m
boutique
126 Villa & Homestay
116 m
villa
La Casa Hotel · V Boutique
121 m
boutique ×2
Joi Hotel — Anthony
163 m
boutique
Hese Boutique & Apartment
241 m
boutique
Green LP Hotel & Apartment
347 m
3★ mid
Aries Boutique Hotel
598 m
boutique
Intercept: the site is INSIDE the hotel block, not near it. Guests walking to the beach (250 m SE) pass the frontage twice a day — breakfast and dinner capture without a marketing dong.
🏠 Residential · 30 within 900 m — the weekday base
Cluster
Walk
Type
Đông Vui Homestay block
40 m
upper apt.
Ula Apartment
105 m
upper apt.
BH Residence Inn
228 m
luxury
Joi Home — The Hidden Villa
260 m
luxury villa
Melody Vũng Tàu towers (multiple blocks)
≈290 m
condo cluster
Khu phố 4–5 shophouse grid
0–400 m
street housing
Intercept: the Melody condo cluster — the largest residential mass of the Back Beach — is a 4-minute flat walk with no road to cross. That is the Tuesday-night dinner base, and the delivery core.
🛍 Retail & daily anchors · what makes the street lived-in
Linh Trần Beauty Center
177 m
VNVC vaccination centre (daily family traffic)
320 m
HASAKI Vietnam flagship
323 m
Aroma Center · Thuy Beauty
327–391 m
Piggyland Kidzone & Coffee
348 m
Đình Thắng Tam temple (festival days)
377 m
CGV Lam Sơn Square (city gravity, pre/post-movie)
1.66 km
💼 Weekday economy & 🎓 family signals — honest read
Khang Chính & An Law offices
285 m
MSB bank branch
995 m
Vietcombank
1.38 km
PetroVietnam Tower · V-Office
1.8–1.9 km
Apple Tree Kindergarten
413 m
Sunshine Kindergarten
1.1 km
Honest intercept: the office mass sits 1.8 km away — structural business lunch is NOT this site's game. Weekdays are carried by residents and in-house hotel guests; the kindergartens signal the family-dinner segment the grid already houses.
Ring summary MEASURED: ≤250 m — 10 hospitality · 5 residential · 1 retail | ≤500 m — 11 · 19 · 7 + 2 offices + 1 school | ≤900 m — 24 · 30 · 7 + 3 business + 1 school. The demand gradient points INWARD: this address is the centre of its own market, not the edge of someone else's.
PlaceRead · Site EvaluationDistances are straight-line walking approximations from the survey7 / 12
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LI-VT-2608 · COMPETITION
Section 7 · Competition that matters
422 venues mapped. Twelve share the wallet — four within a 13-minute walk.
Tiering is concept-relative: a phở counter is not a rival to a quality-casual Italian dinner house. The engine finds 12 direct rivals in 2.1 km — every one plotted on p.5 exactly where it trades. Revenue figures are engine estimates from public signals: labelled, banded, honest about confidence. They size the prize; they are not to be quoted as fact.
The relevant set · the four inside the walk radius — 8 more direct at 1.1–2.1 km listed in the annex
Venue
Tier
Dist.
Public signals
Est. revenue ₫/mo MODELED 🔒 WITHHELD IN PUBLIC COPY
Read & takeaway
Luca Pizza & Italian beach head, south
DIRECT
672 m
4.7★
250M – 450M confidence: partialon request
The real rival: same wallet, highest rating in the ring. Wins on beach proximity; blind to the hotel block and the Melody base. Differentiate on residents + table service, never on price.
Momma Roza’s Pizza beach head, south
DIRECT
721 m
4.6★
150M – 300M confidence: partialon request
Confirms the southern cluster: two quality pizza-led venues 50 m apart fighting for the same beach flow. Their war is not on your street.
Good Morning Vietnam Back Beach mid
DIRECT
649 m
4.1★
150M – 300M confidence: thinon request
The veteran Italian franchise — proves longevity is possible here, but its rating gap (4.1 vs the ring's 4.6+) is the opening: the market rewards better execution.
David Pizzeria city centre, west
DIRECT
1.28 km
4.3★
400M – 800M confidence: partialon request
The institution — legitimises Italian city-wide and anchors the centre. Different territory, different customer path: benchmark, not battlefield.
Positioning map · price tier vs public rating (bubble = review volume)
The open box: mid-premium check at 4.6★+ execution, INSIDE the residential grid. Luca holds the rating but not the ground; David holds the ground (centre) but not the tier.
Closure intelligence · churn of the zone MEASURED
4.1%
12-mo closure rate, this grid
9.8%
seafront strip, same period
The residential grid kills fewer restaurants than the tourist strip — less footfall, more loyalty. Failures here cluster on lanes with no evening traffic; this street is not one of them.
Competitive verdict: enter as the neighbourhood's quality dinner house. Luca proves the wallet exists 700 m away at 4.7★; GMV proves longevity at 4.1★; David legitimises the cuisine city-wide. Nobody serves the hotel block and the Melody base — the ground this site stands on.
PlaceRead · Site EvaluationCompetitor estimates: public-signal engine, bands pending real data8 / 12
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LI-VT-2608 · ECONOMICS
Section 8 · Can it pay for itself
A weekend city: the year is won in June–August and defended in autumn.
Vũng Tàu seasonality · monthly revenue index CALIBRATED PROFILE — shaded = below break-even in the LOW scenario
Check of 330k ₫ built from the operating menu card (build-up on p.11), Vũng Tàu-adjusted. Fixed costs are covered from ≈14 covers/day; the conservative case is intentionally set near all-in break-even.
Risk register · severity × evidence
Risk
Mitigation
Sunday-evening exodus — the HCMC drive-home empties dinner service weekly.
Sunday lunch push; resident loyalty program for weekdays.
Hotel tier drift — budget infill would erode the reachable spend tier over 2–3 years.
Re-survey annually; C2 sets the entry bar.
Seasonal cash trough Sep–Nov.
3.5-month cushion; staff flexibility clause.
No red flags found — flooding, legal and access screens came back clean at survey level.
Standard due diligence still applies.
Negotiation lever, in one line: at 18M the site survives its own worst season in the LOW scenario. Every million above 22M transfers that safety margin from you to the landlord.
PlaceRead · Site EvaluationScenario maths available as a working annex on request9 / 12
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LI-VT-2608 · INVESTMENT
Section 9 · What it costs to enter
Funding need: 1.6 – 2.3B ₫ all-in — fit-out is only 60% of it.
Bands, not quotes: fit-out prices in Vũng Tàu move with contractor and finish level, and the range below is calibrated on comparable 160–200 m² quality-casual builds. The two lines most investors forget — working capital and contingency — are in the stack, on purpose.
CAPEX build-up · 180 m² unit MODELED
Item
Low ₫
High ₫
Note
Fit-out & MEP (civil, AC, hood, electrics)
550M
850M
nhà cấp 4 shell assumed — survey the slab first
Kitchen equipment
280M
420M
pizza oven + hot line, single-kitchen layout
FF&E — furniture, tableware, lighting
180M
280M
85–95 covers incl. terrace
Facade, signage, terrace works
40M
80M
condition C4 drives this line
Pre-opening — hiring, training, stock, launch
120M
180M
6-week runway
Deposit (3 mo) + key money
54M
150M
key money 0–100M — negotiable in this grid
Contingency 10%
120M
195M
non-optional in VN builds
CAPEX subtotal
1.34B
2.16B
+ Working capital (3.5 mo fixed costs)
300M
350M
the Sep–Nov survival reserve — p.7
Funding stack · where the money sits
Structural note: the deal lives or dies on the fit-out line — a landlord contribution or rent-free period of 2–3 months moves payback by a full quarter. Ask for it: this grid has vacancy.
All CAPEX figures are pre-quote planning bands for a quality-casual concept at this size. A contractor bill of quantities replaces this page in the funding memo — the structure stays, the numbers harden.
PlaceRead · Site EvaluationBands calibrated on comparable 160–200 m² builds, 2025–2610 / 12
The check is not an assumption — it is built from the operating menu card, adjusted −10% for Vũng Tàu pricing. Three self-consistent monthly P&Ls follow; labor is semi-fixed, rent locked at the 18M benchmark (why C3 caps it at 22M).
Average check build-up · from the menu card MENU-BASED
Course
Card price band
Order incidence
Contribution
Antipasti & starters
85k – 135k
35%
38k
Fresh pasta mains
150k – 205k
60%
107k
Pizza
140k – 195k
35%
59k
Dessert
60k – 80k
30%
21k
Beverage (wine-led evenings)
45k – 220k
90%
105k
weighted average check per cover →≈ 330k ₫
Monthly P&L · three scenarios MODELED
Conservative
Realistic
Optimistic
Revenue (covers × 330k)
220M
350M
520M
Food & beverage cost (30%)
−66M
−105M
−156M
Labor (semi-fixed)
−58M
−66M
−78M
Rent (benchmark 18M)
−18M
−18M
−18M
Utilities, supplies, maintenance
−26M
−33M
−42M
Marketing, delivery & G&A
−12M
−28M
−48M
Operating profit
+40M
+100M
+178M
Margin
18%
29%
34%
Payback on 1.64B funding · menu-based scenarios
~41 mo
conservative — what C1–C3 exist to prevent
~17 mo
realistic · seasonality-adjusted
~10 mo
optimistic
Sensitivity
Effect on mid payback
Rent 18M → 25M
+3 months · margin 27% → 24%
Opening in April (rides Jun–Aug peak)
−2 months vs a September opening
2 months rent-free from landlord
−1.5 months + 36M off funding
Check +10% (330k → 363k)
−4 months — the strongest lever on the table
Cumulative cash position · months 0–36 · seasonality applied MODELED
The financial verdict in one line: at 18M rent the realistic case returns the capital in ~17 months with the seasonal trough priced in; the conservative case is the reason the four conditions on p.3 are conditions, not suggestions.
PlaceRead · Site EvaluationFull 5-year model available as a working annex11 / 12
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LI-VT-2608 · ACTION & METHOD
Section 11 · Before you sign
Six field checks. Each has a threshold — not a feeling.
Check
Pass threshold
When
☐
Camera traffic count — fixed hour, both directions
≥ 300 vehicles/h Tue 12–13 & 19–20
this week
☐
Hotel tier walk — count beds by tier, 400 m radius
budget share ≤ 60%
same visit
☐
Sunday 17–19 exodus watch
evening covers projection ≥ 60% of Saturday
next weekend
☐
Rain-day drainage check
no standing water at frontage after 30 min rain
first rain
☐
Frontage & moto parking measure
≥ 5 m usable + 8 bikes off-carriageway
site visit
☐
Landlord terms sheet — term, increase, exit
≥ 3+2 yrs · ≤ 8%/yr · exit clause
before deposit
Section 12 · Method & data provenance
Every layer, graded
Catchment census (254 venues & anchors)
MEASURED 24 Aug
Street network & flow model
MEASURED 24 Aug
Competitive ring (422 venues, 0 direct)
MEASURED 24 Aug
Seasonality profile (city-calibrated)
CALIBRATED
Revenue & rent scenarios
MODELED
Traffic count · hotel tier split
FIELD-VERIFY pending
How to read this report
Nothing here is asserted beyond its evidence. MEASURED layers come from systematic multi-source surveys of the ground; MODELED figures are honest ranges from public signals, labelled until real operator numbers replace them; FIELD-VERIFY items are the report telling you where its own knowledge ends.
The day store-level figures enter the model, every band on these pages narrows into a calibrated forecast — that is the designed second stage of this analysis, not a limitation of the first.
Prepared by PlaceRead · Location Intelligence
Ho Chi Minh City · Site Evaluation Practice · REF LI-VT-2608
CONDITIONAL — 4 CONDITIONS PRECEDENT
PlaceRead · Site EvaluationConfidential — prepared for the recipient only12 / 12