The FS LabInside Real Estate Development Contact
Mixed-use real estate financial model: hotel, office, residential with cash flow and IRR charts
Tiếng Việt

For developers, funds and advisers · Vietnam

Real estate financial models for projects in Vietnam

The FS Lab builds open-formula Excel financial models for residential, hotel, condotel, office and mixed-use developments in Vietnam. Every model follows how Vietnamese projects actually work: land use fees, staged customer payments, VAT and corporate income tax timing, and bank loans with separate land and construction tranches. Delivered with a user guide and team training, in English or Vietnamese.

Open Excel
No locked sheets, no hidden macros, easy to audit
Quarterly or monthly
Cash flow by sales, construction and loan drawdown schedule
Built for Vietnam
Land, tax and bank-loan mechanics of Vietnamese projects
English & Vietnamese
Bilingual labels and reports for local and foreign teams

Two model families for two kinds of projects

Build-to-sell and build-to-hold projects earn money differently, so their models are structured differently. We build both and adapt them to your project, approval process and reporting templates.

01 · Residential development model

Residential for sale

Land plots, townhouses, shophouses, villas, condominiums and multi-phase townships.

  • Planning metrics → site area, GFA, NSA and product mix
  • Sales prices, absorption and customer payment schedules
  • Land cost, land use fees, construction, infrastructure, selling and G&A costs
  • Equity and bank debt: land loan and construction loan, drawdown, interest, grace periods, principal repayment
  • VAT, corporate income tax, annual P&L and quarterly cash flow
  • NPV, project and equity IRR, ROE, payback, peak funding
  • Sensitivities on price, cost, timing and scenarios
  • Land plots
  • Townhouses
  • Shophouses
  • Villas
  • Condominiums
  • Townships

02 · Mixed-use model

Hotel, condotel, office and mixed-use

Projects that sell part of the space and keep the rest to operate or lease.

  • Hotel: keys, ADR, occupancy, RevPAR, F&B, GOP, base and incentive fees, FF&E reserve
  • Condotel: unit sales combined with rental-pool operations and revenue sharing
  • Office and retail: NLA, rent, service charge, occupancy, leasing commission, NOI
  • Residential: sales revenue by absorption and payment schedule
  • Capex by component and periodic refurbishment
  • Exit value by cap rate or sale, exit costs and capital gains tax
  • Project and equity IRR, DSCR, NPV; sensitivities on ADR, occupancy and rent
  • Hotel
  • Resort
  • Condotel
  • Office
  • Retail
  • Serviced apartments
  • Residential

Ready-made Excel models: basic residential FS, full residential FS (bank-style land and construction loans) and mixed-use FS. Customised to your project, product mix and phases, with a user guide and support until your team is fluent. Pricing on request. See the three models (Vietnamese page)

Three ways to work with us

Start from our model framework, commission a bespoke build, or have the model you already use reviewed.

Standardised

One model for many projects

Built on The FS Lab framework and adapted to your asset types and workflow. Useful when you screen and compare many sites with one consistent tool.

Bespoke

For one project or your templates

Built for a specific project, or to the reporting format of your investment committee, lender or partner. Suited to multi-component, multi-phase projects or complex capital structures.

Review & upgrade

Check the model you use today

We test logic, formulas, links, tax, debt and cash flow, report errors and their impact, then fix or restructure the model so it is easier to audit.

What you receive

A good model gives the right numbers and is also easy to check, update and hand over. We follow common modelling standards: inputs separated from calculations, consistent formulas across rows, no hard-coded numbers in formulas, and automatic checks.

  1. 01

    Open Excel file

    No locks, no hidden macros. Inputs and formulas are colour-coded.

  2. 02

    Separate assumptions sheet

    All assumptions in one place, with units, sources and notes.

  3. 03

    Results dashboard

    Returns, sources and uses of funds, P&L, development cost and revenue by product.

  4. 04

    Sensitivities and scenarios

    Two-way sensitivity tables and base, upside and downside cases.

  5. 05

    Check sheet

    Cash balance, 100% schedules, sources equal uses and alerts on unusual assumptions.

  6. 06

    Guide and training

    User guide and a handover session so your team can update inputs and run cases.

Process

From scopeTo a model you run

Each step has a clear output you can review before we move on.

  1. 01

    Agree the scope

    Asset classes, level of detail, period (quarterly or monthly), KPIs and report formats.

  2. 02

    Design the structure

    Sheet map, calculation flow from inputs to cash flow, and the data list we need from you.

  3. 03

    Build

    Revenue, cost, funding, tax, cash flow, returns, dashboard and sensitivities.

  4. 04

    Test

    Run with your project data, reconcile results, clear all checks and take your comments.

  5. 05

    Hand over and train

    File, user guide and training on updating inputs, running cases and reading results.

Who we work with

  • 01

    Developers

    Investment, development and finance teams that need one consistent tool to appraise and present projects.

  • 02

    Funds & M&A investors

    Foreign and local investors valuing projects, comparing opportunities and structuring deals in Vietnam.

  • 03

    Banks & lenders

    Testing debt service capacity, DSCR and downside cases of development loans.

  • 04

    Advisers & project managers

    Firms that need a standard model across many clients and projects.

Want to see how we lay out a model? Try our free online residential FS tool (switch the language to English in the tool).

For companies

See a 30-minute model demo

See a working model in Excel before you commission one. Online via Google Meet, in English or Vietnamese, covering the parts your team will use every day.

  • Sheet structure and the flow from assumptions to cash flow
  • Entering assumptions and running cases
  • Dashboard, sensitivity tables and checks
  • What changes in a mixed-use model: hotel, condotel, office
  1. 1Message our mentor on Zalo: +84 987 431 308
  2. 2Agree a time that suits you
  3. 330-minute demo and Q&A on your project

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Frequently asked questions

What does a real estate development financial model include?

It converts project assumptions such as land use, saleable area, prices or rents, construction cost, timing and the capital structure into a periodic cash flow, then calculates NPV, IRR (project and equity), ROE, payback, peak funding and debt service capacity. It is the financial core of a feasibility study and of an investment committee paper.

Why use a Vietnam-specific model?

Vietnamese projects have their own cost and cash-flow drivers: land use fees and land rent, compensation and site clearance, staged customer payments regulated by the Real Estate Business Law, VAT on land, corporate income tax timing, and bank loans with separate land and construction tranches, grace periods and repayment schedules. Our models are built around these mechanics.

Do we receive an open Excel file?

Yes. Every model is delivered as a fully open Excel file, with no locked sheets or hidden macros, so your team and your auditors can trace every number and keep using the model.

Can you model hotels, condotels and offices?

Yes. Mixed-use models cover hotels (keys, ADR, occupancy, RevPAR, F&B, GOP, management fees, FF&E reserve), condotels (sales combined with rental-pool operations), offices and retail (NLA, rent, occupancy, NOI), residential sales, and exit value by cap rate.

Do you have ready-made models?

Yes: a basic residential FS model, a full residential FS model with bank-style land and construction loans, and a mixed-use FS model. They can be customised for your project, product mix and phasing, and come with a user guide and support. Pricing on request.

Can you review a model we already use?

Yes. We check logic, formulas, links between sheets, tax, debt and cash-flow calculations, report errors and their impact, then fix or restructure the model so it is easier to audit.

How is our project data kept confidential?

Project documents are used only for the modelling work. We are happy to sign an NDA before you share any data.

How much does it cost and how long does it take?

It depends on the asset classes, level of detail and scope (standardised model, bespoke build or review). We quote fee and timeline after agreeing the scope. Message us to discuss.

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