Property Report | Innovative real estate, architecture and design in Asia Pacific.

<img alt="A co-working space. Phichat Phruksarojanakun/Shutterstock" src="/documents/10204/0/shutterstock_1051332527-%281%29-compressor.jpg/a1f82c72-e90b-46b3-9c34-f11b7acb9aaf?t=1546499130165" style="width: 1400px; height: 640px;" />Sand in your toes, a light sea breeze ... It wasn’t too long ago that the cliché of a coworking space in Asia centred on dreadlocked digital nomads island-hopping through a professional gap year. And while small business owner-operators can still plug in from a beach shack in Canggu to confer with their factory in Guangdong whilst managing sales in Atlanta, research by Colliers reveals the share of freelancers and independent workers using flexible workspaces dropped by 15 percent over the three years ending in 2017. It’s not that fewer are living the laptop life; no, the flexible workspace market has exploded in Asia-Pacific over the past five years thanks to the enthusiasm of far bigger players on both the supply and demand sides. Big international operators are moving aggressively into the region, including WeWork, which opened its 200th location globally in Singapore in 2017 and is sending its coworking tentacles across Southeast Asia. Major property owners are getting into the act, partnering with flex-space companies and launching their own brands. Governments, noting the benefits of entrepreneurs to their economies, are adding their backing. And multinationals, employing what is referred to as a hub-and-spoke or core/flex approach, now consider flexible spaces an integral piece of their permanent operations, either locating entirely in such real estate or shipping younger, more mobile departments to such “off-sites”. Taken together, it’s little surprise that JLL Research found flexible space stock across Asia-Pacific charting a compound annual growth rate from 2014 to 2017 of 35.7 percent (compared with 25.7 percent in the United States and 21.6 percent in Europe), and the total stock managed by major operators growing by 150 percent. <div class="pull-quotes-container">Everyone is familiar with the dotcom-boom-era ping pong tables, in-house baristas, and—for the luckiest ducks—free beer. They’ve been joined by a sophisticated suite of options appealing to a more diverse, and increasingly corporate, clientele</div> Thailand alone has seen coworking spaces grow from four in 2012 to 132 in 2017—a figure expected to increase by 25 percent in 2018, according to Phattarachai Taweewong, senior manager at Colliers. By 2030, JLL predicts flexible space to comprise 30 percent of corporate commercial property portfolios across Asia-Pacific. Everyone is familiar with the dotcom-boom-era ping pong tables, in-house baristas, and—for the luckiest ducks—free beer. Such mancave perks haven’t gone the way of AOL IMs in this generation, but they’ve been joined by a sophisticated suite of options appealing to a more diverse, and increasingly corporate, clientele. More than letting networking happen organically, flexible work firms are purposefully creating programming and designing interiors to facilitate interaction. Hubba, Thailand’s homegrown first coworking space, has four distinct outlets in Bangkok each catering to different fields, from tech start-ups to artisans and craftsmen. Hubba offers a spectrum of useful seminars (Powerpoint pointers, customer-journey mapping), as well as personalized assistance with management, staffing, and even design. Spaces, another popular player in Bangkok, prides itself on style and flexibility, letting clients reserve anything from a locker to an enclosed area for a team. Their Chamchuri Square location won Best Co Working Space Development at the Property Guru Thailand Property Awards 2018—just a little piece of the global coworking operator founded in Amsterdam in October 2008. “And then Lehman Brothers collapsed,” the founders write on their website. “We thought this would be the end of it for us. But actually, we fit right in that spirit of age. Because of the crisis, everybody was re-thinking work.” <img alt="Artist’s impression of Spaces Chamchuri Square, winner of Best Co Working Space Development at the 13th PropertyGuru Thailand Property Awards" src="/documents/10204/0/SPACES-CHAMCHURI-SQUARE-%281%29-compressor+%281%29.jpg/bd56bf05-7b44-4009-9903-5c9fdcf5eaab?t=1546499897860" /> The Executive Centre (TEC), a pioneering Hong Kong-based flexible space provider founded in 1994 by Paul Salnikow, who had been seeking short-term office space for a Japanese firm expanding to London, credits the GFC as a gamechanger. “Prior to the financial crisis, TEC interacted with multinationals only when they were opening an office in far-flung locations,” says Pebble Lee, global public relations manager. Today, in Hong Kong alone, 67 percent of their clients are multinationals, including Apple, Morgan Stanley, Facebook and Twitter. TEC now has 20,000 members in Grade A offices in CBDs across 30 markets, having added 23 locations in 2017, and is expecting 30 percent annual growth from 2018. Beyond such prestige fittings as height-adjustable standing desks by 9AM, Herman Miller chairs, and Timothy Oulton furnishing, TEC is about all about innovation, their Hong Kong headquarters a “test kitchen—a place to trial new design concepts, products, and technologies,” Lee says. However, potential barriers belie the stunning growth of coworking spaces in the region. “Corporate culture in Asia tends to be more hierarchical, and not always in sync with the casual, flexible atmosphere,” says JLL research. “According to one industry observer, ‘In many markets across Asia Pacific, space is a reflection of status.’ Large organizations place high value on retaining brand identity and culture. Such concerns, along with the need to protect trade secrets and secure IT infrastructure, must be addressed.” It’s why the most sophisticated players act not only as builders, gatekeepers, event-planners and consultants, but also full-time IT departments, and in the case of WeWork, corporate fit-out contractors and developer partners. <img alt="The common areas at a WeWork co-working space in Sanlitun, Beijing" src="/documents/10204/0/20180522_WeWork_Sanlitun_-_Common_Areas-7-compressor.jpg/602f832b-9c5c-47ea-afd9-2ca967c54ca6?t=1546500194327" /> And those developers are coming in hot. A handful of large landlords control the supply (in Singapore’s CBD, the 15 largest landlords control 75 percent of Grade A office buildings; in Hong Kong East, three landlords run 80 percent of office buildings), entering the flex-space market themselves. Swire in Hong Kong—which has created its own brand, Blueprint, and inked deals with WeWork and The Great Room—and Ascendas in Singapore, says JLL, have realized they “can add value to their buildings and maintain or even extend their relationships with tenants by offering a diverse portfolio of core and flex space.” Even hotels have followed suit, looking at their business centers as community lounges, particularly in cities not recognized as regional commercial capitals. In Yangon, Shangri-La Group has opened a branch of FlySpaces. The new Shangri-La Hotel, Colombo, has a gorgeous new space called Co-nnect, with pods, private offices, meeting rooms with smart boards for both hotel guests and residents of the capital looking for a prestigious address to conduct business. <a href="http://property-report.com/detail/-/blogs/better-together-making-the-most-of-mixed-use-developmen-4" target="_blank">More: Making the most of mixed-use developments</a> While it’s easy to be cynical about the corporatisation of what was once considered a hippy-dippy industry, you might say global expansion has brought the coworking market full-circle. In a recent survey by TEC, members say they value their community as defined by connecting, networking, and collaboration. The firm will soon roll out a client portal, MyTEC, enabling members worldwide to connect directly, give advice, help grow their businesses, and maybe start new ones. The way they might have found common ground while chilling in hammocks in a wired-up beach shack. It may not be sand-between-the-toes, but it is pie-in-the-sky community-minded. And isn’t that the whole point? This article originally appeared in <a href="https://magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine

Common grounds: the year in co-working spaces

<img alt="The Golden Bridge is lifted by two giant hands in the tourist resort on Ba Na Hill in Danang, Vietnam. Quang nguyen vinh/Shutterstock" src="/documents/10204/0/shutterstock_1152454088-compressor.jpg/4f08053b-085b-4c75-8a7c-2949990f1434?t=1546414490784" style="width: 1400px; height: 640px;" />Secondary markets may not offer the same dynamic business environment as Asia’s major cities. But with Chinese money pouring into the region and sunny seaside resorts developing into worthy digital hubs they offer fertile ground for big returns. In Cambodia, secondary markets have grabbed international headlines in the past year. Sihanoukville, on the southern coast, has been the poster-child for Chinese investment. Also growing in appeal is Poipet, a lesser-known city bordering Thailand. Speak to any tourist or expat who has at some point crossed the border into Poipet, and they’ll rarely have anything good to say about the place. In the absence of any real industry, Poipet has long been synonymous with rip-off merchants, scammers, gamblers, and other unsavoury sorts—a place where visitors cannot wait to leave and where respectable businesses fear to tread. But things appear to be changing. Since economic zones were launched, and a railway line linking Bangkok to Poipet and Phnom Penh completed last July, the city’s property market has taken a surprising turn. “Many investors from the outside are eyeing Poipet as a great investment destination,” says Hor Kunthea, CEO of Sokha Residences Group. Poipet, with its 30 odd casinos and a growing manufacturing industry, is seeing an expanding Chinese and Korean expat community, mirroring the early rumblings of Sihanoukville’s growth spurt. Sixteen real estate projects were completed in 2017, putting more than 1,500 units onto the market. Adding to this, Poipet governor San Sean Ho has announced the government will build a golf course, an artificial river, a giant garden, and floating market. <div class="pull-quotes-container">In Sihanoukville, the market continues to ride its own investment boom. The sleepy town has undergone immense transformation from a faded backwater to a town jacked up on Chinese cash</div> In more established Sihanoukville, the market continues to ride its own investment boom. The sleepy town has undergone immense transformation from a faded backwater to a town jacked up on Chinese cash. Sotharoth Som, managing director of KHCN Investment and Development Co., Ltd, the developer of the 43-storey Seagate Suite project in Sihanoukville, reports rental prices across the board have gone up five to 10 times, with those closer to the city centre being most expensive. Som says foreign investors, mainly from China, are driving the boom, as they “seek the opportunity to obtain higher rental yields than what is offered in their home countries, along with capital appreciation and low barriers to entry.” <img alt="Sihanoukville’s Best Residential Development, according to the PropertyGuru Cambodia Property Awards 2018, is The Seagate Suite" src="/documents/10204/0/The-Seagate-Suite-by-KHCN-Investment-and-Development-Co-Ltd-won-Best-Residential-Development-%28Sihanoukville%29-at-the-Cambodia-Property-Awards-2018-for-web-151-compressor.jpg/140feb7c-54d2-4699-b8b8-c9545624ce84?t=1546416006849" /> “The Sihanoukville market has emerged as an alternative condominium hub to the Phnom Penh market,” adds Som, pointing out, however, that compared to Phnom Penh, it is still in its infancy. Elsewhere in Asia, secondary cities are similarly enjoying Chinese-powered boosts as ties with the country strengthen. In the Philippines, warmer relations with China have seen developers benefit from rising demand from Chinese employees and investors, while partnerships between Filipino and foreign developers are expected to increase. <img alt="Artist’s impression of The Courtyard at the Residences at The Sheraton Cebu Mactan Resort by Appleone Mactan Inc. (AMI), which took home the prize for Best Luxury Condo Development (Cebu) at the Philippines Property Awards 2018" src="/documents/10204/0/The-Residences-at-the-Sheraton-Cebu-Mactan-Resort-by-AppleOne-Mactan-Inc.-%28AMI%29-won-Best-Luxury-Condo-Development-%28Cebu%29-at-the-Philippines-Property-Awards-2018-%282%29-compressor.jpg/369bf1c1-12b0-4670-96f9-b52428e516d8?t=1546415703153" /> “Leasing of condominiums in the secondary market remains strong, resulting in lower vacancy and arresting the decline in rents,” states a recent market update by Colliers International, a real estate services company. “Developers should look at housing opportunities in Cebu, Pampanga, and Laguna as offshore gaming firms have started to operate in these locations,” the company advises. Quite like Poipet, Davao City on the southern Philippine island of Mindanao is emerging an unlikely investment haven. The president’s former mayoral city once had a reputation for gun crime; today, property prices are rising. Units on Davao’s Dahican Beach, for example, now sell for PHP10,000 (USD185) to PHP12,000 per square metre compared with PHP1,000 and PHP1,500 per square metre in 2015.  “They know that locators from outside are scrambling for any available space here in the city, not only because the President is from here, but because movement of businesses into Davao City has been going on for several years now,” Adrian Tamayo, a Mindanao expert, told the Business Mirror. Meanwhile in Da Nang, Vietnam, holiday homes and tourism-related properties are in high demand. The city’s latest attraction, a 150-metre golden bridge cradled by two enormous stone hands jutting out of the rocky highlands, has become a social media sensation.  <a href="http://www.property-report.com/detail/-/blogs/rising-dragon-boom-times-continue-in-vietnam-real-esta-3" target="_blank">More: Boom times continue in Vietnam real estate</a> “The main supply [in Da Nang] is in the hospitality and tourism segment,” according to Peter Frieske, founder and managing director of Central Vietnam Realty. Tourism, he says, is rising sharply and analysts predict it will continue to do so.  Currently one of the top destinations for Chinese and South Korean visitors in Vietnam,  Da Nang received more than five million visitors in the first seven months of 2018—up 30 percent over the same period in 2017, according to the Da Nang tourism department. Of this figure, more than 1.8 million were foreign arrivals, which are up by 54 percent. “The majority of developers are building resorts, with property for sale or condotel villas that are in some way offered with management programmes focusing on returns on investment rather than lifestyle residential properties. When it comes to quality residential projects, the supply is very low,” points out Frieske, adding this is due to the lack of industry in such places. In Phuket where the market has languished in recent years—year-on-year sales dropped 36 percent in 2017—analysts are optimistic 2018 might yield better results. <img alt="The Botanica Luxury Villas won the highly competitive Best Villa Development (Phuket) category at the 2018 Propertyguru Thailand Property Awards" src="/documents/10204/0/Best-Villa-Development-%28Phuket%29-winner-for-2018-is-Botanica-Luxury-Villas-by-Botanica-Luxury-Phuket-Co.%2C-Ltd-for-web-151-compressor.jpg/0d1c6751-6bf3-4c63-8430-4b92cde23c40?t=1546415949403" /> Knight Frank’s Lalita Siriboon, associate director of research, says Phuket’s condominium market is expected to improve in line with Thailand’s economy and as the expat population on the island grows. “Demand across the market will continue to be driven upwards by international homebuyers, investors, and expatriates, especially those from Mainland China, Russia, and Australia. Besides, we expected to see a larger portion of buyers from South Korea,” she says, adding there are also government efforts to raise the profile of Phuket as a digital hub and “Smart City,” which is forecast to boost real estate in Phuket by 2020 when the project is to be completed. Unlike capital cities where business and industry will always give people a reason to live there, the jury is still out on Asia’s secondary markets. As it is, investors need to carefully decide whether these “capital contenders” really are a place to call home, or just precariously thriving off clever marketing. This article originally appeared in <a href="https://magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine

2018: the year in secondary property markets

<img alt="One of the top winners at the 2018 Asia Property Awards (Malaysia) is LBS Bina Group, whose LBS Skylake Residence won Best Mass Market Development (Condo) among other honours" src="/documents/10204/0/LBS-Skylake-Residence%2C-won-Best-Mass-Market-Development-%28Condo%29-for-web-compressor.jpg/ce043b3a-f941-4e8e-8c3f-88cb5bba93bb?t=1546244522761" style="width: 1000px; height: 667px;" />Spanning roughly a third of the earth’s landmass, the Asia-Pacific region is home to more than 60 percent of the world’s population—and its rapidly growing cities are beginning to feel the pinch.   The urgent need to create quality affordable housing on limited land has become a defining issue across the region, where soaring property prices and stagnating incomes have left many struggling for a place to call home.   But 2018 brought several breakthroughs on this critical front. Recent elections ushered in new administrations in Hong Kong, New Zealand, and Malaysia, all promising to cure their respective housing crises as a top priority.   Innovative design and urban planning firms have cropped up across Asia, breathing new life into mass housing developments and putting sustainability front and centre.   Singapore’s public housing scheme, created in the 1960s, still shines as the region’s gold standard. Today, more than 90 percent of the city-state’s 5.6 million residents are homeowners. While the Singapore model isn’t easily exportable, many of its neighbours are finding their own unique solutions.   Malaysia suffers no shortage of innovative developers; with more land and lower costs than neighbouring Singapore, the Southeast Asian nation seems to be enjoying a steady emergence from its years-long property malaise.   <a href="http://www.property-report.com/detail/-/blogs/better-together-making-the-most-of-mixed-use-developmen-4" target="_blank">More: Making the most of mixed-use developments</a> Political headwinds may have helped. In May, Malaysian voters decisively ousted the administration of former Prime Minister Najib Razak, who was deeply embroiled in the 1MDB embezzlement scandal. The new government of Mohammad Mahathir, who returned to power at the age of 93 on a promise of cleaning up corruption and shoring up investor confidence, swiftly began a wholesale undoing of Najib’s policies.  Home-grown firms were more than ready for change, and have seized the opportunity. LBS Bina Group, based in Kuala Lumpur, is among the most prolific when it comes to creating large scale, community-oriented housing, launching successful projects in the Klang Valley, Johor, and Kuala Selangor.   LBS Bina swept this year’s Property Guru Asia Property Awards, recognized as Malaysia’s Best Developer and making off with a cache of other honours for innovation in mass-market condominiums, corporate social responsibility, and sustainability.   Having already gained a strong foothold, the firm now seeks to lead the way by lowering construction costs through an industrialized building system of pre-cast concrete that reduces the need for labour. Ong Wei Ling, a spokesperson for LBS Bina, says the method results in “cleaner, neater, and safer construction sites” completed in a fraction of the time, “helping developers deliver value to investors or buyers awaiting their dream home.”  Other firms such as UEM Sunrise Berhad, one of Malaysia’s largest developers, and OCR Berhad Group have been among the most strident designers of affordable housing, the latter serving as project manager for the massive Yayasan Pahang development in Mukim Penor. Once completed, it is expected to create roughly 25,000 units. <img alt="Citiesto by Kien A Corporation won Best Affordable Condo Development (Ho Chi Minh City) at this year’s Propertyguru Vietnam Property Awards" src="/documents/10204/0/Citiesto-by-KIEN-A-Corporation-for-web-151-compressor.jpg/e31235f8-535d-4ba9-bff8-7a3d7b04126e?t=1546244571355" /> Smaller than the U.S. state of Rhode Island, with nearly seven times the population, Hong Kong is home to about 7.4 million people crammed into 2,754 square kilometres packed with high-rises divvied up into miniscule units. Year after year, this semi-autonomous region of China is named one of the most expensive cities in the world, a vital gateway between East and West that costs an average of USD28,000 per square meter.  “The Hong Kong problem is quite unique and is complicated by the fact that Hong Kong just doesn’t have enough land,” says David Ji, director and head of research and consultancy for greater China at Knight Frank. “They have to squeeze as much out of it as they can.” This conundrum has put Hong Kong’s policymakers in the uncomfortable position of having to either create new landmasses or convert older properties for new use.   <img alt="Topped by an exclusive rooftop garden, Star Polaris 23 by Borey Peng Huoth Group won Best Affordable Condo Development in Phnom Penh this year" src="/documents/10204/0/Star-Polaris-23-by-Borey-Peng-Huoth-Group-for-web-compressor.jpg/6ecefbf3-e21a-4c56-b225-1a0cc998322b?t=1546244589690" /> Chief Executive Carrie Lam, who assumed the territory’s highest office in 2017, has said solving the city’s housing crisis is among her top priorities. While plans to build affordable housing on roughly 1,700 hectares of artificial islands—a project called Lantau Tomorrow Vision—have come under criticism, she may have few viable alternatives to land reclamation. Property experts say Lam has made strides with long-term housing goals, but is bound to face opposition because she has yet to come up with short-term solutions to help the many Hong Kongers who need homes now.   “A comprehensive proposal has been tabled, which has never happened before, and as a long-term proposal this is a positive step,” says Ji. “But all these measures are planned far in the future, we’re looking at five to 10 years down the line, and buyers still find it difficult to get on the property ladder.” While prices have risen for 20 consecutive months, Ji says he expects some relief by year’s end.   <div class="pull-quotes-container">People are rethinking affordable housing—not as a burden that nobody wants to build, but trying to put affordable housing into private developers’ plans</div> Several governments in the Asia-Pacific have also moved to limit foreign ownership—due in part to concerns about Chinese expansionism—but experts say these policies are misguided. New Zealand’s recent ban on foreign residential sales prompted the International Monetary Fund to warn that the policy was discriminatory.   When Malaysian premier Mahathir suggested curbing foreign ownership of units in the USD100 billion Forest City project, the idea sent a chill through the investment community. “Permitting foreign investors to buy new housing obviously increases demand for housing,” says Brendan Coates, a fellow at Melbourne-based think tank the Grattan Institute, “but supply also increases if foreign investors enable developers to build more housing than otherwise.”   China’s own reform of land and financial policies are working to keep investors well within its borders. Outbound capital limits have led many Chinese to invest closer to home, while land use regulations have been altered to require a percentage of mixed-income housing on large scale property developments to meet growing demand.   “I think in the greater China region, people are rethinking affordable housing—not as a burden that nobody wants to build, but trying to put affordable housing into private developers’ plans,” says Ji, of Knight Frank. “The trend is changing from ‘whoever pays the highest price gets the land,’ to a more targeted, controlled use of property.”  This issue originally appeared in <a href="https://magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine

Affordable housing sets the agenda in Asia-Pacific

<img alt="The lake at Celadon City, winner of multiple PropertyGuru Vietnam Property Awards this year, including Best Mixed Use Landscape Architectural Design" src="/documents/10204/0/Sustainability-year-end-special-151-for-web-compressor.jpg/f63c772c-a71a-4a89-bcde-b2cab331756b?t=1545891457562" style="width: 1000px; height: 667px;" /> Ten years ago, sprawling conurbations like Saigon or Manila—notorious for their infrastructure and environmental challenges—weren’t obvious destinations for seeking out bastions of sustainability. Today, these cities are seeing the rise of world-class projects displaying green credentials, enticing middle-class apartment-seekers who are forming an increasingly sizeable tranche of society in Vietnam and the Philippines. By 2020, Vietnam’s average annual per capita income is predicted to almost double, from USD1,735 in 2016 to USD3,400. With its large population of citizens under 35 transitioning from a primarily rural economy to an urban one, Vietnam’s property market is proving a lucrative environment for developers, tenants, and both local and foreign buyers, with investors from China, South Korea, Singapore and Malaysia pumping huge sums into the building sector. In Ho Chi Minh City, two companies are paving the way for sustainable real estate. Gamuda Land, the property development arm of Malaysia’s leading engineering and construction group, started building its 82-hectare Celadon City in 2010, making it the first nature-inspired enclave within this traffic-choked megalopolis.  Prioritising sustainable living from the outset, Gamuda introduced such innovations as a rain harvesting system that utilises energy-efficient water tanks to collect rainfall around the property and transfer water to irrigation areas. The integrated township in Tan Phu district, home to 7,300 apartments across four precincts that can accommodate 25,000 people, won the Best Mixed Use Landscape Architectural Design gong at the PropertyGuru Vietnam awards this year. <a href="http://property-report.com/detail/-/blogs/can-green-buildings-turn-the-tide-in-climate-acti-10" target="_blank">More: Can green buildings turn the tide in climate action?</a> “Celadon City has more than 16 hectares dedicated to lush parklands [that afford] residents the privilege of enjoying nature,” says communications executive Tran Nam Phuong, adding that the Cultural Village, Central Park, the Celadon Sports & Resort Club, and other gathering places within the property offer a sense of community. It’s a concept that’s proven influential, as demand for green living spaces are increasing.  A similar success story is Gamuda City, another landmark project in Southern Hanoi, which confronted the Yen So lake area’s chronic water pollution, garbage disposal, and sewage issues head on. Far beyond building a condo, the development effected the complete rehabilitation of a polluted suburban wasteland, leading to significant public health benefits. Making major inroads into HCMC’s sustainable building boom is CapitaLand Vietnam, whose luxurious, 102-room D1MENSION development in Cau Kho is the first boutique housing development in Saigon—one among CapitaLand’s 13 green estates in the city. Themed projects including De La Sol, D2eight, and d’Edge Thao Dien offer new condominium alternatives to young professionals. “CapitaLand remains committed to building a greener future for Vietnam,” says CEO Chen Lian Pang. “Lowering our environmental footprint creates value for our stakeholders. We incorporate environmental sustainability in all stages of a project, [from] design and construction to operations.” A key wealth creator in the country, the Singapore-headquartered company—which scooped 13 PropertyGuru Vietnam awards this year, including Best Developer, Best Condo, and Special Recognition for Sustainable Development—has built almost 5,000 apartments across six other cities, from Halong to Nha Trang. <img alt="Winner of Best Green Development at this year’s Propertyguru Asia Property Awards (Sri Lanka), Clearpoint Residencies Rajagiriya come with self-sustaining gardens instead of ordinary balconies" src="/documents/10204/0/Clearpoint-Residencies%2C-Rajagiriya%2C-Sri-Lanka-by-Maga-Engineering-%28Pvt%29-Ltd-%26-Milroy-Perera-Associates-%28Pvt%29-Ltd.-won-Best-Green-Development-%282%29-compressor.jpg/98d681e9-5b00-41ed-9632-44756bcba7ae?t=1545891791227" /> In Metro Manila—another densely populated Southeast Asian city with a burgeoning  middle- and affluent class—Taguig-based ArthaLand is a home-grown leader in marrying sustainable credentials with cutting-edge architecture. The property arm of the Century Pacific group has carved a niche in the Philippine market by exclusively focusing on properties that adhere to global and national standards in green buildings. Being the only development in the Philippines to have received the coveted gold certification in the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program, its flagship dual-towered Arya Residences in Bonifacio Global City is a milestone in the country for its design and eco-friendly features. Arya Residences’ construction naturally channels the breeze, its balconies and ledges lending natural shade into the units, adding meaningful outdoor space even as daylight reaches 75 percent into the indoors. Interiors are decorated using paints and resins with low volatile organic compound emissions, while built-in fixtures and appliances deploy advanced technology to reduce environmental impact and usage cost. Winning this year’s “Special Recognition in Sustainable Development” at the PropertyGuru Philippines Property Awards, ArthaLand emphasises human advantages. Arya Residences encourages its residents to live a more environmentally conscious, cost-efficient, and healthy lifestyle. Their advertising tagline,  “Green is the new luxury”, is echoed by Raymond Rufino, chairman of the Philippine Green Building Council. “[Sustainability should be more than just achieving efficiency and cost-effectiveness for your property,” says Rufino. “The new frontier for green buildings is improving the health and wellbeing of the people who live, work and play [within your property]. This is a more powerful argument to support going green.” Angie de Villa-Lacson, ArthaLand president and CEO, stresses sustainable architecture has a ripple effect not just for residents, but the property sector at large. “Standardising green measures is a major step in encouraging developers to take sustainability seriously,” she says. “Greening should go beyond landscape and waste management. To fully reap the benefit of sustainability, developers should be able to measure the inputs and outputs of our buildings’ eco-friendly features.” <div class="pull-quotes-container">There has never been a better time for investors to go green. And with developers around Asia adopting sustainable practices,the real estate scene in the region has rarely looked more mindful</div> Further west, Sri Lanka is proving another sustainability powerhouse, largely due to Maga Engineering, the country’s largest construction company whose work covers healthcare, hospitality, transport, and water supply. As the builders of the world’s tallest vertical garden and the first LEED Platinum-rated clothing factory, Maga comes forearmed with impressive green credentials. Its Clearpoint Residencies in the Colombo suburb of Rajagiraya is its most forward-looking residential project to date. Clearpoint’s 171 apartments come with a self-sustaining garden instead of a balcony; its planted terraces and tree plantations absorb sound, boost oxygen levels, provide shade, and reduce heat. Other eco-boasts include cross-ventilated apartments, solar panels, and an automated drip-irrigation system that keeps terraces watered.  “Each apartment functions as its own microhabitat, creating a synergy between occupants and their environment,” says sustainability director Mega Kularatne, pointing out that while Clearpoint demonstrably occupies the high-end housing category, innovations inside and outside the building—including waste water recycling which reduces main water usage by 45 percent—actually serve to reduce homeowners’ maintenance costs. With the future of the planet a pressing concern, there has never been a better time for investors to go green. And with developers around Asia adopting more sustainable practices, the real estate scene in the region has rarely looked more mindful. This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine

Innovative firms blaze trail for sustainable real estate in Asia

<img alt="M+S Pte Ltd took home a multitude of awards at the South east Asia Property Awards (Singapore) 2016, including Best Mixed-Use Development for the sprawling Marina One Project" src="/documents/10204/0/MIXED-USE-YEAR-END-SPECIAL-FOR-WEB-compressor.jpg/db78649c-3ab0-45c5-ba02-a715c4bc87a7?t=1545888548740" style="width: 1010px; height: 667px;" />From Singapore to Ho Chi Minh City, Southeast Asian developers are seeing the benefits of mingling business with pleasure. Self-contained communities that offer residences, retail, offices, and green spaces are emerging as the new development paradigm across a region where old ideas of city zoning are being eroded by vertical mixed-use mega-projects.   Singapore’s newly opened Marina One residential and office development has added a tropical, green heart to the CBD in the form of a 65,000-square-foot garden designed in collaboration between Ingenhoven Architects and landscape specialists ICN Design.   Jakarta’s District 8, a development of 11 towers across 4.8 hectares of the Sudirman Central Business District, has also reached completion. Developed by the Agung Sedayu Group, it brings residences and a public park right into the heart of South Jakarta’s financial zone.  In Bangkok, TCC Assets (Thailand) Co., Ltd. and Frasers Property Holdings Thailand are jointly developing One Bangkok, a USD3.5 billion development that covers an area one third the size of the adjacent Lumphini Park and encompasses living and work space for 60,000 people, including residential buildings, office towers, retail zones, and publicly accessible parks and green spaces.   “Vertical communities often deal with the high density mandated for many Asian city centres,” says Ping Jiang, the design principal at EID architecture. His firm designed the 320-metre-tall OCT XI'AN International Centre (OXIC) in Xi’an, China, where parks, piazza-style common areas, and even terrace streets are positioned over multiple storeys of two skyscrapers.    <a href="http://property-report.com/detail/-/blogs/amid-urban-sprawl-and-overpopulation-indonesia-turns-to-model-mixed-use-complex-5" target="_blank">More: Amid urban sprawl, Indonesia turns to model mixed-use complexes</a> In contrast to sprawling development, Jiang points out, “vertical communities create synergy between different uses and foster dynamic neighbourhoods. By integrating business, leisure, retail, and residential spaces, the design of a vertical community is strategically organised to create a vibrant, permeable urban destination to live, work, and visit.”   Analysts at JLL real-estate services predict vertical living solutions will dominate the Asian market. “As cities become more developed, and densities become higher, it makes sense to build more mixed-use developments,” says Regina Lim, head of capital markets research, Southeast Asia.   “Mixed-use developments bring together complementary uses,” she continues. “Retail shops benefit from the natural catchment of offices or hotels or apartments while the residents and workers enjoy the convenience. As maintenance management schemes become more sophisticated, they allow effective property management of these integrated projects. Apartments with these amenities sell well.”  But not all trends in Asian mixed-use are vertical. Throughout the Philippines, developers continue to favour township-style projects, for which huge land footprints provide fertile ground to design integrated communities from the ground up.   Megaworld Corporation has long been at the forefront of building from scratch new towns whose components stretch from serviced condominiums and rows of townhouses to malls, leisure facilities, and shopping districts.   <img alt="A view of Le Quest, winner of Best Mixed Use Development at the PropertyGuru Asia Property Awards (Singapore) 2018" src="/documents/10204/0/Le-Quest-compressor+2.jpg/8c40fe6e-596e-48e9-b638-7300655f2415?t=1545889041719" /> This year alone, Megaworld has announced new residential and commercial developments for its townships in Manila, Pampanga, Pasig City, and Bacolod City, while also rolling out a “smart township” initiative to future-proof its existing townships.   Starting with Davao Park District, the “iTownship” programme will see the 11-hectare development fitted with fibre optic infrastructure, bike lanes and rental systems, LED-powered lighting and signage, solar-powered street lamps, and vertical open spaces and gardens.  While townships have traditionally been confined to once rural areas, UAA Kinming Group’s New Manila Bay – City of Pearl is being developed on a huge tract of reclaimed land along Manila’s shoreline. Projected to open in 2024, City of Pearl broke ground in August 2017 and, when completed, will take up 407 hectares of reclaimed land and connect directly to Roxas Boulevard, a major thoroughfare.   For comparison, Thailand’s under-construction One Bangkok mixed-use project—itself a huge project for a capital city centre—covers just 18 hectares. “There are many townships in Asia, but those townships are in the middle of nowhere,” says Nicholas Ho, deputy managing director of Ho & Partners Architects, the Hong Kong-based lead designer of the project. “This township is extremely prime in terms of its location—it’s right smack in the middle of town, with 360-degree views.”  Ho reveals that retail, in the form of a three-kilometre riverfront shopping strip, is not “just a mall” but engages with the central park and the riverside, “so that it becomes a thematic integrated entertainment complex.”  Similarly in Vietnam, Ho Chi Minh City’s Thu Thiem New Urban Area will cover a vast 657-hectare site across the Saigon River from the central District 1. Touted as the capital’s new financial zone, it will not only encompass office towers for some 217,000 employees, but also enough residential units for a population of 145,000.    It’s not only in urban areas, however, where ambitious mixed-use projects are breaking the mould. On the tree-lined shores of Phuket’s Kamala Beach, the USD67.5 million luxury MontAzure development comprises hotel-managed condos, a lifestyle mall, a 200-room InterContinental Hotel, and Cafe del Mar, which is already part of the development's unique beachfront attractions.   <div class="pull-quotes-container">We are spoiled by the compactness of urbanisation, a precursor of mixed-use design. Urbanisation has happened on a global scale and it’s all because we crave connectivity</div> “Developers are realising that if they build a core concept, it adds value to the project, rather than simply selling parcels of land,” says Martin Palleros, founder and director of Tierra Design and the architect behind The Residences at MontAzure. “It’s all about what you can offer the community, and not just in terms of the property components,” he adds.   Nicholas Ho believes that driving Asia’s demand for such integrated developments is an urge to feel connected. “In Asian society, people crave for connectivity a lot more than the rest of the world,” he explains. “We are spoiled by the compactness of urbanisation, a precursor of mixed-use design. Urbanisation has happened on a global scale and it’s all because we crave connectivity.”  Successful mixed-use schemes have the capacity to create diverse, vibrant neighbourhoods in which people can live, work, and socialize. They bring round-the-clock life to central business districts. They provide private land parcels with pedestrian-friendly solutions and interlink disparate downtown neighbourhoods.   Ho predicts this integrated, community-driven approach to development will gradually become the new normal. “The future of mixed-use is going to shift the existing paradigm,” he says. “We will gradually move from the two extremes of urbanisation, urban and suburban, towards one. The walls of living and work spaces are coming down.”  This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine

Better together: making the most of mixed-use developments

<img alt="Key Real Estate's Sorn Seap at the 2018 PropertyGuru Cambodia Property Awards" src="/documents/10204/0/45840186772_426ddea232_b-compressor.jpg/0f9465d0-bf06-48be-bce0-26c8df0997a4?t=1553244877449" /> Cambodia’s property market has borne witness to frenetic changes in the last three years. From the increasingly luxurious condo market of Phnom Penh, the capital, and the hospitality offerings of Siem Reap, its spiritual capital, to the casinos of Sihanoukville and the economic zones in Poipet and Bavet, the kingdom has never been more open for business.  Sorn Seap, CEO of Phnom Penh-based real estate agency Key Real Estate Co Ltd, has seen those changes happen on the ground. As chairperson of the independent judging panel in the PropertyGuru Cambodia Property Awards for three years to date, he offers some indispensable knowledge of the movers and shakers in the emerging market. We’ve posed some of our questions to Sorn Seap ahead of the glitzy gala dinner in Phnom Penh in May: You’ve chaired the judging panel of the Cambodia Property Awards for several years now, and was a member of the inaugural panel. How has the residential market evolved in the past four years? I noted that many housing projects nominated in this program, the selected projects, gain more reputation and recognition from local and international investors. There are now many types of developments in the country, including “boreys,” mixed-use developments, hotels, serviced apartments, townships, condos, and resorts. Phnom Penh’s residential market has become more attractive recently, with many developments still ongoing. Meanwhile, the residential markets in secondary locations like Sihanoukville are seeing substantial growth as well. Which property locations are currently thriving in Cambodia? Phnom Penh is the biggest development area; I see that every corridor of the 12 districts in the capital is being developed by various real estate companies. Phnom Penh’s CBDs are mostly developed into condos and apartments, while the suburbs are dominated by gated communities and landed housing projects. What role does tourism play in Cambodia’s real estate market today? Tourism growth in the city has already stimulated many investors to build a variety of properties to satisfy the demand of tourist arrivals every day. The influx of tourists requires a broad range of services, ranging from foods, entertainments to accommodations. Developments needed are restaurants, hotels, apartments, shopping malls, offices, casinos and much more. A huge number of tourists has helped develop the real estate sector in Siem Reap and Sihanoukville. Many new constructions are being built, and land prices and rental rates have continued to rise notably. In addition to these areas, Kep and Kampot are being eyed on by investors as now there are more local and international visitors there. What challenges does the Cambodian property market encounter and how is it coping with them? In such a process of development, I noted that Cambodian real estate market faces some difficulties in term of regulations such as land management policy and construction law. Basic infrastructures such as roads, bridges, electricity, waste management, water system, are also challenges. However, the government through relevant ministries has exerted a strong effort to address these encounters. It is also improving the investment atmosphere to encourage, protect, attract, and provide convenience to more investors. How can the sector address the oversupply of residential units in Phnom Penh? I think oversupply is a common occurrence in the market. When there is an oversupply, then there will be a price adjustment. To address this concern, government needs to intervene to ease the glut and keep a balance between demand and supply. At times, developers need to understand the market trend, and know who their potential buyers are. The developers themselves must show expertise to ensure the construction quality is good, design is attractive, and price is acceptable. <a href="http://property-report.com/detail/-/blogs/sea-to-summit-where-can-foreign-investors-invest-in-cambodi-3" target="_blank">More: Sea to summit: where can foreign investors invest in Cambodia?</a> How can we promote home ownership among low-income and middle-class Cambodians? Affordability relies on people’s monthly incomes. I believe that low- and middle-priced landed housing projects are potentially strong at present. However, I think that improving overall economic growth will help encourage low-class and middle-class Cambodians to buy more property. As a result, the increased number of middle-class families will mainly drive home ownership and overall real estate sentiment in the country. In addition, people will buy properties when developers provide them more benefits. These can refer to prices, location, facilities, amenities, and much more. Why is it important to gain recognition for new real estate projects in Cambodia? I believe that there are three main reasons that developers should participate strive for excellence and participate in the Cambodia Property Awards: First, Cambodia Property Awards is the best marketing campaign: It provides the opportunity for any project in Cambodia to promote their names to local and international buyers. Second, it is home to a network of local and regional investors and buyers from eight Asian countries and many nations from Asia: from Sri Lanka to Hong Kong, Macau, China, and Japan. Third, it is the best way to improve the quality of construction. Each project is selected through five evaluation steps with international standards, working with local and international experts who are professional at design, construction, real estate, and law. I believe that Cambodia Property Awards will help attract more buyers and investors from the region and the rest of the world. The 4th Annual PropertyGuru Cambodia Property Awards will be presented on 3 May 2019 at the Sofitel Phnom Penh Phokeethra. Learn more about this exclusive gala event here: <a href="http://www.asiapropertyawards.com/" target="_blank">http://www.asiapropertyawards.com/</a>

7 questions with leading Cambodian property expert Sorn Seap BY Property Report

<img alt="Daan Roosegaarde’s 'smog-free' tower is, admits the designer, a small-scale solution to Beijing's pollution crisis. But such innovations can act as prototypes of bigger things to come" src="/documents/10204/0/03SmogFreeTowerBeijing_photocreditDerrickWang-compressor.jpg/558631e9-c3ed-403b-8a28-1a021ad8b29d?t=1553224883607" /> Beijing smog is the poster child for urbanisation gone wrong: an acrid yellow fog invading its streets, shutting down schools, robbing days of light. But it doesn’t just look bad: China’s polluted air is so toxic, it kills 4,400 people a day, according to Berkeley Earth, a California-based climate science analyst. And though there have been a handful of inventive responses to the problem — see Chinese fashion designer Masha Ma’s Swarovski-studded pollution masks, as modelled at Paris Fashion Week — suffering in style isn’t quite the proactive solution an economic powerhouse like Beijing so desperately needs. Enter Daan Roosegaarde’s “Smog-Free Project”. Along with his design lab, Studio Roosegaarde, the self-styled visionary is rolling out a series of “urban innovations” in the Chinese capital to tackle its poisonous atmosphere on various, localised scales.In the photograph: the “smog-free tower”. Intended for placement in the city’s parks, the tower sucks in pollution particles by sending out positive ions; these particles are then grounded to a negatively charged surface, and clean air is expelled back outside through vents. Critics have been quick, though, to laser in on its limitations: that it runs on electricity; that the air it expels is only 75 percent cleaner; and that the tower can only create a bubble of smog-free air around it.  “Of course one small tower won’t solve the problem of a whole city,” Roosegaarde says now. “But showing that you can make a place 75 percent cleaner — it’s like a rock in a river that creates ripples. If it can be done locally, then what can be done to make a whole city smog-free?” <a href="http://www.property-report.com/detail/-/blogs/this-chinese-city-is-relaxing-tax-rules-on-home-sal-5" target="_blank">More: This Chinese city is relaxing tax rules on home sales</a> His studio is also proposing a “smog-free bicycle” that sucks in polluted air as it’s pedalled, cleans it, and then blows out better air for the cyclist to breathe as they continue to ride. Roosegaarde is working with Ofo, the Beijing-based, dock-free bicycle sharing company, to distribute these smog-free wheels all over town. “Five years ago, when I would cycle, my Chinese friends would say, ‘Are you poor? Can you not pay for a taxi?’,” the Dutchman laughs. “Now, within the last year, these Ofo bikes are everywhere. A change in values can happen fast — and that’s incredibly hopeful. Look at China taking the lead in sustainable investment now. Once, that would have been unimaginable,” he points out. <div class="pull-quotes-container">"Of course one small tower won’t solve the problem of a whole city. But showing that you can make a place 75 percent cleaner — it’s like a rock in a river that creates ripples. If it can be done locally, then what can be done to make a whole city smog-free”</div> Certainly, the Chinese government is starting to take the predicament seriously. The country’s noxious air is broadly the fault of large-scale coal burning in industrial zones; ergo, what Roosegaarde says is true: China is now rolling out the world’s biggest investment in wind and solar. It’s also introducing new car emissions standards and closing coal-fired power plants. But when it comes to so vast a problem, every little helps. Which is why Roosegaarde is still tinkering. The latest iteration of his smog-free tower has evolved to run on solar power, and he insists the tech is scalable, to the size of a building. Perhaps someday, it will be intended for more than a park. “But I’m not saying I have all the answers,” Roosegaarde says. “These are small-scale solutions to step by step improve the world today. They’re prototypes of the city of tomorrow.” This article originally appeared as one in a four-part series in Issue No. 149 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">PropertyGuru Property Report Magazine</a>

China In Depth Mar 22, 2019

Smog city: Beijing’s battle for clean air BY Laura Chubb

The sixth annual edition of the PropertyGuru Asia Property Awards (Malaysia), presented by global brand Kohler, is calling for submissions from the general public to nominate the year’s best property developers and projects in Klang Valley, Penang and Iskandar.

Malaysia’s most prestigious property honours is now accepting entries until 22 February, with the exclusive awards gala dinner taking place on Friday, 12 April 2019 at the Majestic Hotel Kuala Lumpur, a part of a national heritage site in Malaysia’s capital.

Open categories include Best Condo, Best Landed, Best Township, Best Mass Market, and Best Mixed Use Development. There are also special award categories for Corporate Social Responsibility (CSR) and Sustainable Development, as well as Public Facility, which is open to facilities or infrastructure projects spearheaded by the public sector.

Datuk Wira Joey Lim of LBS Bina Group Bhd accepts the Best Developer trophy at the 2018 PropertyGuru Asia Property Awards (Malaysia) gala dinner

Key dates for the 2019 edition are:

1 November 2018 – Nominations and Entries Open
15 February 2019 – Nominations Close
22 February 2019 – Entries Close
4-14 March 2019 – Site Inspections
21 March 2019 – Final Judging
12 April 2019 – Gala Dinner and Awards Ceremony

Supported by PropertyGuru.com.my, Malaysia’s leading property site, the annual PropertyGuru Asia Property Awards (Malaysia) is known for its credible, fair and transparent judging process, which is supervised by the award-winning team of BDO. The independent judging panel is chaired by returning head judge Prem Kumar, executive director of Jones Lang Wootton.

For more information, email awards@propertyguru.com or visit the official website: AsiaPropertyAwards.com

<img alt="PropertyGuru Asia Property Awards (Malaysia) judges, organisers and main sponsors on the red carpet in April 2018" src="/documents/10204/0/APA-M-2018_Organisers-and-Judges-compressor.jpg/db3398c5-11d4-4d9c-94ef-bb7e8338710e?t=1545215985340" style="width: 1000px; height: 667px;" />The sixth annual edition of the PropertyGuru Asia Property Awards (Malaysia), presented by global brand Kohler, is calling for submissions from the general public to nominate the year’s best property developers and projects in Klang Valley, Penang and Iskandar. Malaysia’s most prestigious property honours is now accepting entries until 22 February, with the exclusive awards gala dinner taking place on Friday, 12 April 2019 at the Majestic Hotel Kuala Lumpur, a part of a national heritage site in Malaysia’s capital. <div>Open categories include Best Condo, Best Landed, Best Township, Best Mass Market, and Best Mixed Use Development. There are also special award categories for Corporate Social Responsibility (CSR) and Sustainable Development, as well as Public Facility, which is open to facilities or infrastructure projects spearheaded by the public sector.</div> <div> </div> <div><img alt="Datuk Wira Joey Lim of LBS Bina Group Bhd accepts the Best Developer trophy at the 2018 PropertyGuru Asia Property Awards (Malaysia) gala dinner" src="/documents/10204/0/APA-M-2018_Datuk-Wira-Joey-Lim-of-LBS-Bina-Group-Bhd-compressor.jpg/7b5456d5-8003-408f-b998-1cc3169511ae?t=1545216264149" /></div> <div>Key dates for the 2019 edition are:</div> <div> </div> <ul> <li>1 November 2018 – Nominations and Entries Open</li> <li>15 February 2019 – Nominations Close</li> <li>22 February 2019 – Entries Close</li> <li>4-14 March 2019 – Site Inspections</li> <li>21 March 2019 – Final Judging</li> <li>12 April 2019 – Gala Dinner and Awards Ceremony</li> </ul> <div> </div> <div>Supported by PropertyGuru.com.my, Malaysia’s leading property site, the annual PropertyGuru Asia Property Awards (Malaysia) is known for its credible, fair and transparent judging process, which is supervised by the award-winning team of BDO. The independent judging panel is chaired by returning head judge Prem Kumar, executive director of Jones Lang Wootton.    </div> <div> </div> <div>For more information, email <a href="http://awards@propertyguru.com" target="_blank">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com" target="_blank">AsiaPropertyAwards.com</a></div>

Malaysia News Dec 19, 2018

Call for nominations to 2019 PropertyGuru Asia Property Awards (Malaysia) launched

Achievements in Malaysian real estate, including those in mass market development and CSR, to be celebrated at prestigious event in April

BY Property Report

In Depth

Smog city: Beijing’s battle for clean air

<img alt="Rising sea levels and torrential monsoon showers mean that low-lying cities such as Jakarta and Bangkok are sinking fast and could be submerged within the next 20 years" src="/documents/10204/0/shutterstock_727803181-compressor.jpg/5b899ac3-ae7e-4202-837f-6c82dee9af31?t=1553137504555" />There’s no lack of imagination in the design for Wetropolis, a new vision of Bangkok proposed by Thai architect Ponlawat Buasri. Thailand’s capital was built on highly compressible marshland; today, added pressures of unchecked urban development, excessive groundwater pumping, and concrete that cannot absorb flood water add up to a dire prognosis. Considering rising sea levels and swelling monsoons, the city could be completely submerged in less than 15 years, Thailand’s National Reform Council warns. Buasri’s sci-fi-esque solution urges elevating the city over restored mangrove forests, which would absorb carbon dioxide, naturally filter water, and add acres of green space. Locating the budget for such an enterprise, however, is pure fantasy, according to Dr. Supachai Tantikom. A former adviser to Bangkok’s governor and now working with 100 Resilient Cities — a Rockefeller Foundation-funded project that helps at-risk cities form resilience strategies — he says Bangkok would be better off taking a more immediately realisable approach. “We’re sinking at an average of one to two centimetres per year,” he says. “What we need is better land and water management, using existing infrastructure and resources.” <a href="http://www.property-report.com/detail/-/blogs/why-branded-homes-will-remain-a-hit-for-thailand-in-20-9" target="_blank">More: Why branded homes will remain hits for Thailand in 2019</a> The key, Dr. Supachai says, is to work with water instead of against it. He envisions diverting excess water to surrounding rice farms, for example, where it could be stored; the government would compensate farmers for their trouble. The idea recalls the Netherlands’ successful “Room for the River” project, which protects swathes of land at the expense of others; in some cases, allowing farmers’ fields to flood. The Netherlands is a leading example of welcoming, rather than resisting, water. With one-third of the country below sea level, its cities are increasingly being landscaped to take water in, rather than keep it out. Take Rotterdam’s Benthemplein water plaza: an inviting recreational space when dry, with room for basketball, skateboarding, and an amphitheatre. When it rains, however, the plaza can capture and hold up to 1.7 million litres. This is later released into an underground filtration device, helping maintain groundwater balance during drier weather.  <div class="pull-quotes-container">Bangkok is sinking at an average of one to two centimetres per year. What we need is better land and water management, using existing infrastructure and resources</div> Designing cities around these principles is also catching on in China, which in 2015 launched its “Sponge City” initiative. It has since ramped up initial testing in 16 cities to a total of 30, including Shanghai. Elsewhere, more flamboyant solutions still gain traction. Jakarta might be among the world’s fastest-growing economies, but it is also sinking faster than any other large city on Earth: an estimated 25 centimetres per year. The reasons mirror those of Bangkok’s — particularly illegal well-digging, given just one-third of its 10 million-strong population has access to piped water. Officials are now banking on a USD40 billion project to construct a colossal dike — stretching 25 miles across Jakarta Bay — to save them. This giant sea wall would sire a lagoon, around which an all-new mega-city, gleaming with luxury skyscrapers and shopping malls, is to be built on reclaimed land. Recalling the brass of Dubai’s palm- and world-shaped man-made islands, this new metropolis has been anointed the “Great Garuda”, and is designed in the shape of the mythical bird. Not everyone is thrilled at the idea. Criticisms range from potential environmental damage (scientists fear the lagoon’s trapped freshwater would turn septic), to human rights violations (traditional fishing communities are being evicted to make way for the development, while their livelihood — the bay’s fishing grounds — is destroyed by the construction). Perhaps Jakarta’s problems would be better resolved by Dr. Supachai’s recommended approach for Bangkok. “The problem isn’t just the city’s; we need to study the whole catchment area,” he says. “You have to look at the bigger picture.” This article originally appeared as one in a four-part series in Issue No. 149 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">PropertyGuru Property Report Magazine</a>

Sink or swim: Keeping Jakarta and Bangkok afloat

<img alt="" src="/documents/10204/0/shutterstock_793949083-compressor.jpg/36b7c35b-ba57-4cd3-92d3-7cebab0b155a?t=1552989201064" style="width: 1000px; height: 667px;" /> Fintech may not be a word we use all that often, but it’s been part of our daily existence for a while now. Internet-based systems like PayPal enable online financial interactions; e-banking procedures are commonplace for anyone with a broadband connection; and contactless (smart) payment cards run the gamut of daily activity, from public transportation to the supermarket checkout. Global funding of fintech ventures peaked at USD46.7 billion in 2015 as e-wallets and other financial platforms became widely available. A 2017 study by PwC and Startupbootcamp, an accelerator network, further estimates payments via mobile and contactless systems around the world to reach USD95 billion by the end of 2018, and will collectively lower the cost of basic financial services by up to 90 percent. Over the last three years, the rise of cryptocurrency has likewise elicited a feverish anticipation not seen in the tech community since the World Wide Web, giving fintech a whole new impetus. Even as fintech disrupts areas once monopolised by financial institutions, banks themselves are tapping fintech specialists to take on the modern marketplace. “There is a need to embrace technology,” says Umakanth Rama Pai, chief risk officer at Standard Chartered Bank in Mumbai, epitomising the refrain of professionals who see immense advantages in adopting such innovations in their operations. “There is something more fundamental: it drives efficiency and helps cut costs and do things in a much more focused manner. There’s also the client experience part of the story—the more convenient you make it, the more clients you will acquire.” Standard Chartered runs its own fintech laboratory, the eXellerator in Singapore, whose experts work on such areas as artificial intelligence, machine learning, analytics, data-management platforms, and regulatory technology. However, the bank is also collaborating with technology firms like Apple, Google and Samsung to facilitate contactless, paperless payment systems, as well as fintech partners outside the company. “Niche players,” Pai relates. “They have studied a specific situation or particular innovation in detail to create a USP or identity for themselves. These fintech partners are quite flexible in adapting to the bank’s specific requirements, so it makes sense for us to partner with them.” <a href="http://www.property-report.com/detail/-/blogs/meet-the-diverse-group-of-disruptors-taking-things-offl-13" target="_blank">More: Meet the diverse group of disruptors taking things offline</a> Smaller companies and start-ups are increasingly deploying fintech, as the efficiency provided by disruptors make it easier to not only crowdfund their business but also set up smooth-running payment systems without cumbersome hardware. <div class="pull-quotes-container">There is a need to embrace financial technology. It drives efficiency and helps cut costs and do things in a much more focused manner. There’s also the client experience part of the story—the more convenient you make it, the more clients you will acquire</div> The agility of such fintech start-ups has a profound effect on real-estate companies old and new, and while it can be argued that they have not yet reached a critical mass, their collective dent on the industry is undeniable. A report from the Federal Reserve Bank of New York and New York University reveals that in 2016 fintech lenders made up eight percent of the loans market and originated USD161 billion in mortgages. Both lending and borrowing are faster and cheaper—lenders respond more quickly to market fluctuations; and 25 percent of loans end up defaulting, fewer than the industry average. In addition, consumers have easy access to efficient systems for finding properties and closing deals. In Asia, the proliferation of new technologies and microfinance institutions (MFIs) is gathering steam, spurred by the rapidly developing economies of China and India. Between 2013 and 2017, APAC companies raised over half of start-up investment worldwide—USD4.8 billion of the global figure of USD7.8 billion, according to a report by real-estate management company JLL—and it’s a trend set to continue as fast-increasing populations and higher disposable income lead to an inexorable rise in demand. Statistics from Southeast Asia speak to fundamental differences in consumer habits compared to the West. The region has a remarkable 133 percent mobile connectivity rate—some users own more than one SIM card or mobile phone—while only 27 percent of Southeast Asians have a current or savings account. <img alt="Southeast Asia has a remarkable 133 percent mobile connectivity rate, while only 27 percent of people in the region have a current or savings account" src="/documents/10204/0/shutterstock_299942432-compressor.jpg/c287c569-81dc-4c7b-9e9f-fee91350f75b?t=1552989509757" /> Cambodia has the highest mobile connectivity, yet only 13 percent of Cambodians are “banked”, according to a 2017 study by the Asian Development Bank. The blossoming of fintech, accessible through mobile apps, offers significant opportunities to those unreached by conventional banking apparatus, including far-flung rural communities. “The rapid adoption of new technologies—notably in payments systems—has supported improved financial inclusion,” says the kingdom’s finance minister Aun Pornmoniroth. “While MFIs’ increasing presence and significance have greatly contributed to improving access to credit, innovations in fintech have also opened up new possibilities, including low-cost access to credit and savings vehicles.” In the Philippines, a country with 10 million overseas Filipino workers (OFW), the need for failsafe remittance services is paramount. The World Bank estimates that OFWs send USD33 billion to the archipelago annually, and it wasn’t until recently that they were able to sidestep the high commission fees of money-transfer giants like Western Union. Now, e-wallets such as Coins.ph are helping cut the cost, with potential for even lower remittance fees as blockchain-based products gain traction. While countries with relatively low banked population like Cambodia and the Philippines are leading the charge with products, Singapore has the most fintech start-ups: almost 500 companies in the Lion City attracted USD141 million in investment in 2017. The Singapore Fintech Festival, the world’s largest such convention, in 2017 attracted more than 30,000 attendees from 109 countries and more than 5,000 companies; in November’s event has reportedly been “upsized” further. Though it provides a solid strategic base for the fintech community, Singaporeans’ widespread reliance on traditional banking and cash payment ironically makes the nation the least flexible for the introduction of cutting-edge payment options. “Singapore has a very high banking penetration,” says Matthew Tippetts, CEO of Cambodian fintech start-up Clik. “It’s a cultural habit, so I doubt they will go completely cashless anytime soon.” <img alt="Internet-based systems such as PayPal enable simple online financial transactions at a click of a button " src="/documents/10204/0/shutterstock_1100199410-compressor.jpg/2600bc15-2b64-41ab-b105-477fcb0e646d?t=1552989839458" /> One of the most radical developments in real-estate fintech is investment crowdfunding, a concept that originated in America, and in Singapore is being spearheaded by CEO Julian Kwan and COO Alice Chen at InvestaCrowd. Kwan, a Sydneysider, developed ground-breaking real-estate projects in China before moving to Singapore for its strong regulatory framework. The company enables greater access to investors to make a minimum eight percent profit on developments in mature markets with relatively low outlay, thus securing public-market liquidity with private-market returns. This contrasts with costly REITs, where shareholders invest in multiple properties. “The worst returns in private-equity real estate are double the best in REITs,” says Kwan. The results are proven—InvestaCrowd has secured 25 deals and raised nearly USD50 million—but the key difference is the technology being used. With the exception of the contract, the investment is made online, and eventually all payment will be made via blockchain, with RealFuel tokens representing true ownership of an asset. The great advantage of tokens in a licensed framework is that they are “transparent, commutable, reliable and visible,” says Kwan. “The beauty of blockchain is that you’ve got a distributed ledger that’s recording who owns what.”   “For us the future of shareholding will be digital,” continues the CEO. “The next phase of business is that we’re building a real-estate security token exchange [ICTX].” The latter is fundamental in building the infrastructure around digital real-estate investment. “If you look at the 300 cryptocurrency exchanges in the world, I think one of them is licensed to deal in assets and security tokens. The rest are null and void,” Kwan says. Clearly an evangelist for the potential of digitising investment, Kwan believes that as it develops, the real barriers become psychological rather than financial. “When you do something new, people think these deals aren’t real, because they sound too good to be true. I think in five years, trading on private-equity deals will be at least equal to, if not greater than the public market because of the tokenisation of real estate, products and platforms. It’s a matter of how much appetite the buyer has.”  This article originally appeared in Issue No. 150 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">PropertyGuru Property Report Magazine</a>

Asia embraces the brave new world of fintech

<img alt="Phnom Penh riverside at sunrise. Khoroshunova Olga/Shutterstock" src="/documents/10204/0/shutterstock_1277484061-compressor.jpg/65a0147e-710c-48d5-8077-9125b8ff2618?t=1552626773613" style="width: 1016px; height: 667px;" />Last year was the one many hoped would see the political tide turn in Cambodia. But as Hun Sen chipped away at Cambodia’s thin veneer of democracy in the months leading up to last year’s election, it was clear the status quo would remain unchallenged. Hun Sen crushed the outspoken independent press, and through the courts dissolved the main opposition party in the days leading to the election. He had perfected his rhetoric of threats and intimidation aimed at voters, firing insult after insult at the U.S. and others who dared criticise him.  With Cambodia sliding into outright autocracy — Hun Sen’s fiery performance is possibly his most brazen act of defiance in more than 30 years in power — many  felt the economy would be destined to suffer.  And yet, even in the face of shrinking civilian freedoms, it didn’t. In fact, business leaders were so unruffled in the days before the vote that many spoke with a pang of guilt about the economy’s resilience.  “Compared to the previous election year in 2013, when market activity slowed considerably, Cambodia’s real estate sector remained buoyant during 2018,” says Ross Wheble, country head of Knight Frank Cambodia. Cambodia’s real estate sector has achieved unprecedented growth in the past few years as excitement builds around big shiny condos.  Indeed, real estate has been one of the country’s best performing sectors in recent years and one of the pistons powering the economy. <img alt="The ever-evolving cityscape in Phnom Penh is these days as likely to feature high-end housing developments and skyscrapers as characterful markets and traditional shophouses. Bun Thy/Shutterstock" src="/documents/10204/0/shutterstock_795424423-compressor.jpg/115d88cf-1406-4f87-9445-3d72c8d9ed3d?t=1552627541541" /> Fears, however, have been surfacing that the huge supply of units coming onto the market would propel it headlong into a bubble. Whilst no such disaster has materialized, with secondary markets having provided a lifeline, signs of softening have emerged. The fourth quarter last year saw a total of eight new projects completed, releasing 2,234 units on the market. The highest influx in completed supply is in the mid-range segment, which accounted for over 40 percent of the total completed stock. Yet, despite weathering the political drama, the market saw a drop in approved investment, a move thought to try and regulate supply and demand. According to the latest statistics from the Ministry of Land Management, Urban Planning and Construction, the volume of approved projects in the final quarter of the year is estimated to have fallen from 898 in third quarter to 490. Real estate services company CBRE, in its recent fourth quarter update, reports:  “Whilst the year is anticipated to have finished rather poorly, fears over the impact of the general election seem not to have affected investor confidence too strongly, with almost USD6 billion invested into construction and circa 3,400 projects approved over the year.” <a href="http://www.property-report.com/detail/-/blogs/propertyguru-cambodia-property-awards-casts-wider-net-on-nominees-for-2019-editi-2" target="_blank">More: PropertyGuru Cambodia Property Awards cast wider net on nominees for 2019 edition</a> Analysts expect growth in the supply trend of serviced apartments to moderate amid a deluge of units, with more mid-tier launches as in 2018 to compensate for sluggish sales of high-end properties. Some of those recent mid-tier launches include the condominiums East View, Sky 31, and The View, all of which typically include swimming pools and fitness centres and retail for around USD200,000 a unit. Market sentiment in the year ahead remains optimistic, with Chinese property investment in second-tier cities largely providing the backbone for Cambodia’s economic growth in recent years. “Whilst the market certainly slowed as compared with 2017, the sector continued to attract sizeable foreign investment underpinned by investment from China as part of its ‘Belt and Road Initiative’,” says Wheble, referring to China’s major economic strategy.  Historically, the majority of investment in Cambodia has come from within Asia, but Wheble points out that in 2018, “there was a noticeable increase in the number of European and American companies looking to set up operations in the Kingdom, which is a good sign for the overall economy.” <img alt="The southern city of Sihanoukville has transformed from a sleepy favourite of backpackers to a place replete with sleek condos and casinos: largely driven by Chinese investment. Nikolette Legian/Shutterstock" src="/documents/10204/0/shutterstock_753773773-compressor.jpg/ff25f0a5-1d26-4762-ae4b-361ecb3a63a9?t=1533794669000" /> Whilst Phnom Penh is still where the flow of money in real estate is directed, Cambodia’s second-tier cities have shown incredible growth. Sihanoukville, the southwestern coastal city, made international headlines last year for its astounding transformation. It has become a self-contained Chinese enclave. Factories and casinos comprise much of the economic activity while speculation continues to drive up land and property prices to unfathomable heights, having increased by as much as 200 percent over the past 12 months. Sihanoukville boasts some sophisticated developments that wouldn’t look out of place in the likes of Bangkok or Jakarta. There is the SeaGate Suite, a USD200 million mixed-use development by KHCN International Investment & Development, and Blue Bay Resort, a USD200 million, 38-storey property. A surprising new trend, however, is the emergence of luxury condominiums on the nearby islands and nature reserves. Among the most impressive are Six Senses Krabey Island, a private resort consisting of 40 free-standing pool villas; Alila Villas on Russey island, with each featuring a private swimming pool and garden; and the super luxury Shinta Mani Wild, a tented camp set amid lush rainforest in the heart of the Cardamom mountains, by the renowned hospitality architect Bill Bensley. <a href="http://www.property-report.com/detail/-/blogs/sihanoukville-6-top-spots-in-cambodia-s-coast-with-the-mo-9" target="_blank">More: 6 top spots in Cambodia's coast with the most</a> A couple of hours away from Sihanoukville, in the old colonial towns of Kampot and Kep, residents are also witnessing a spill-over in interest from Sihanoukville. Chem Makara, a 26-year-old worker on a pepper plantation, moved to Kampot from Phnom Penh to escape the hustle and bustle a few years ago. His modest sized house is now worth almost four times what he paid for, as Cambodians come up from Phnom Penh to see which properties they can buy and later to sell to the Chinese. With cruise ships due to begin plying coastal routes along Cambodia and its neighbours, stopping at Sihanoukville and Kampot, among other places, local property owners like Makara are bound to benefit. According to Realestate.com.kh’s annual Real Estate Survey, which asked over 2,000 respondents to rank the city or province they were most likely to purchase property, Phnom Penh is still the most sought-after destination to buy a home. Tom O’Sullivan, CEO of Realestate.com.kh, says that 75 percent of Cambodians still live in the countryside and see Phnom Penh as the most worthwhile place to buy a new home. “Ultimately, those who can afford to do so will purchase a property in the city,” O’Sullivan says. An interesting new trend is the launching of developments in lesser-known, more residential areas of Phnom Penh, aimed at local buyers rather than foreigners. The most popular of these models is the borey, or gated community, a typically cheaper alternative to high-rises with less of the swanky add-ons. <div class="pull-quotes-container">We [have] focused on the environment, green spaces, and beautifully designed houses in our boreys. We want Cambodians to feel proud that their own people can build good homes like in other countries</div> One company blazing a trail in this segment is Borey Peng Huoth Group. Thai Mengly, its CEO, told local media in an interview that when the company started in 2005, there was a lack of beautiful boreys, only flats and personal villas. Their biggest project to date is nothing short of ambitious—a satellite city consisting of 7,000 to 8,000 houses, many of which have already been sold.  “We [have] focused on the environment, green spaces, and beautifully designed houses in our boreys. We want Cambodians to feel proud that their own people can build good homes like in other countries. Our main target customers are middle-to-high income citizens,” says Mengly. While boreys are not immune to the oversupply pressures affecting the condo markets, they are said to be more responsive to market shifts as developers can pause construction in a way high-rise developers can’t. The current oversupply of boreys is likely to be absorbed by the local middle-classes in the coming years, analysts say, with more tipped to launch. “[T]here is growing demand from wealthy Cambodians in Siem Reap, as well as those based in Phnom Penh, and we anticipate more borey developments to be launched in the coming years,” Knight Frank states in its 2018 half-year report. Aside from the downward pressure greater oversupply might put on sales and rental prices, which so far have remained steady, 2019 looks set to be a safe one for the property market.  <img alt="Cambodia’s long-standing prime minister Hun Sen is a divisive figure among many, but his grip on power in the country seems as firm as ever. Shahjehan/Shutterstock" src="/documents/10204/0/shutterstock_589042187-compressor.jpg/565a0f1b-c4b4-4f4c-a343-dd41321127cc?t=1552628412617" /> Yet the market will be holding its breath as Hun Sen continues his stand-off with foreign governments. Currently, he is locked in a war of words with the European Union over the removal of Cambodia’s tariff-free access to the bloc in retaliation for his smash-and-grab election win.  The EU trading arrangement has helped Cambodia’s garment and rice industries and the wider economy flourish, and an abrupt stop to that “would likely have negative repercussions across the wider economy and dampen demand for real estate over the short term,” Wheble surmises. Hun Sen recently upped the ante and warned the opposition would be “dead” if the EU commit to their threat. “If you want the opposition alive, don’t do it and come and hold talks together,” he proclaimed. The market will be hoping those talks go ahead. <div>This article originally appeared in Issue No. 152 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">PropertyGuru Property Report Magazine</a>. Which projects represent the best of Cambodian real estate? Let the world know by nominating them to the 2019 PropertyGuru Cambodia Property Awards. Find more details here: <a href="http://www.asiapropertyawards.com/nomination/cambodia/" style="box-sizing: border-box; background-color: transparent; color: rgb(170, 33, 33); text-decoration-line: none;" target="_blank">http://www.asiapropertyawards.com/nomination/cambodia/</a></div>

Cambodia's property sector rises above politics

<img alt="Buildings around the East Village of Manhattan, New York City. Ryan DeBerardinis/Shutterstock" src="/documents/10204/0/new-york-dispatch-lead-image-compressor.jpg/f20a3e2c-4775-4c3c-9d86-1a649735d6c3?t=1552019453602" style="width: 1086px; height: 667px;" />For roughly a century, co-operative buildings, or co-ops, have been a formidable force in the New York real estate market. Although the majority of urban areas around the world tend to favour condominium ownership, an estimate by Douglas Elliman Real Estate—the largest brokerage in the New York metropolitan area—reveals 70 percent of residential properties in New York stick to the co-op model.  This is even more true with highly coveted pre-war buildings in Manhattan and Brooklyn, which remain one of the city’s symbols of prestige and are almost exclusively co-ops. For tenants, a co-op also has the distinct advantage of offering a measure of control over other residents in the building.  “For consumers who want a community to be a part of, co-ops offer that mode of living to a far greater degree than condos,” says Steven James, president and CEO of Douglas Elliman New York City. “Co-ops tend to be smaller buildings with a more cohesive structure. The co-op is really a club. It’s a corporation governed by a board of directors elected by the membership or shareholders. The board makes all decisions about the day-to-day life in the building—especially who can join the corporation or not.” Many residents find that the degree of control that provides is a comfort. For New Yorkers like Bonnie Gorlick, who has owned a share in a Manhattan co-op for years, the model offers a number of advantages. The comparatively affordable price played a role in her decision to invest, as did the presence of a maintenance crew on hand to ensure the outside areas of the property remain in good condition. She also likes the fact that “owners are pre-screened by the board.” That desire to have a say in who lives next door has long been a determining factor in the New York real estate market.  <a href="http://property-report.com/detail/-/blogs/take-a-look-inside-this-jet-setting-thai-architect-s-california-ho-5" target="_blank">More: Take a tour inside this jet-setting Thai architect's California home</a> “When the for-sale apartment market was created, for better or worse people wanted to be able to pick their neighbours,” says Jeffrey Schwartz of Schwartz Sladkus Reich Greenberg Atlas LLP, a legal firm with one of the largest practices of representing co-operative corporations and condominium associations in the New York metropolitan area. “The first co-ops were created in the 1920s. For many years, that was the only vertical ownership vehicle.” Co-ops remained the only real option for most prospective property owners in New York until the Real Property Law in 1964 changed the rules of the game. Even then, the shift was gradual and condos did not begin to arrive in serious numbers until the 1970s and ‘80s.  While co-op ownership may be enticing to full-time New Yorkers, it makes far less sense for international investors. Part of this stems from the fact that co-op boards have rigorous, often bureaucratic approval processes. Most demand full access to an applicant’s financial records, a process James calls “very invasive,” in addition to an in-person interview.  “In approving their buyers, they look at financials, assets, annual income. If those assets aren’t domiciled in the U.S., that’s going to be a deterrent,” Schwarz says. “Co-ops want people who will use the property as their primary residence.” <div class="pull-quotes-container">As most co-ops are older buildings, most buyers need to be clear about what work has been done and what work still needs to be done. A lot of questions need to be asked</div> For the latter reason, co-ops are notorious for being difficult, or in some cases impossible, to sublet. While an investor based in Hong Kong or Singapore can easily rent out their condo on the Upper East Side, attempting to do so in a co-op requires ploughing through a daunting amount of red tape. The same is true for making substantial changes or home improvements to a property, particularly in those beloved historic buildings, as co-op boards tend to be resistant to anything that might alter the character of the place. “As most co-ops are older buildings, most buyers need to be clear about what work has been done and what work still needs to be done. A lot of questions need to be asked,” James says. “It’s important to note if there is enough money in a co-op’s cash reserve fund to cover those expenses. A financial statement must be available and all co-op buyers should ask to see that statement.” That being said, for those to who wish to dive into the co-op market, there are options. When considering how and where to invest, the most prudent way to go about it, according to experts, is to think small. <a href="http://property-report.com/detail/-/blogs/why-american-real-estate-is-still-a-star-attraction-for-asian-investo-5" target="_blank">More: American real estate is still a star attraction for Asian investors</a> “While a large portion of Manhattan co-ops don’t allow investor purchases, there are some that do. Those are what an investor should seek out with assistance from a local real estate broker,” James says. “The demand for smaller co-op apartments is consistently strong, because the population continues to grow and few small co-op apartments are added to the housing stock, because they are difficult to develop.” In the end, condominiums are a significantly more pragmatic option for the international investor, a fact that is reflected in the current development trends. Although the vast majority of older buildings in New York are still co-ops, the new luxury properties cropping up in trendy areas such as the Williamsburg waterfront near the recently opened Domino Park are all condos. Such places at the upper end of the market offer state-of-the-art facilities and represent a stable long-term investment all but guaranteed to appreciate in value.  This article originally appeared in Issue No. 151 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">PropertyGuru Property Report Magazine</a>

Why co-ops continue to trump condos in New York

<img alt="" src="/documents/10204/0/malaysia+investment+piece+lead+152.jpg/bd4859e2-c47b-47ca-bd02-38124ce1f8f4?t=1551418605170" style="width: 1400px; height: 640px;" />So many new hotels have opened in Kuala Lumpur in the past year that one wonders if the Olympics are coming to town—that is, the six-hundred thread-count Olympics. Four Seasons, Banyan Tree, W, Alila, The RuMa, and Pavilion all entered the arena in 2018, with the massive EQ imminent, and Park Hyatt coming in 2020. There’s also the barrage of badass bars and amazing restaurants hanging up shingles across the city. KL was always an easy place to visit, a smart place to shop, a great place to eat, and a fun place to party, but caught between hyper-orderly Singapore and byzantine Bangkok, it always seemed a little... bland. Times are changing, however, and it’s largely driven by three things. First there’s the cool kids, who are giving their regional peers a run for their money in terms of mixology, culinary innovations, and generally creating a scene. Second, the developers whose visions for projects are finally coming to fruition no matter hell, highwater, or—the third reason—an unsure and fascinating political climate. No, you certainly can’t call KL bland these days. In May, the 92-year-old former long-term Prime Minister Mahathir Mohamad ousted his former protege Najib Razak, who left office under a cloud of corruption and was recently charged with new graft allegations for allegedly looting 1Malaysian Development Berhad, a state fund. <div class="pull-quotes-container">Everybody is extremely confident that stepping up from kleptocracy to technocracy will only bring good to Malaysia. However, changes take time to be completed and the residential market, in general, is still waiting to see the results of all the new policies</div> Despite the international controversies swirling, Najib ran a tight race and his (and formerly Mahathir’s before he joined the opposition) party had held power since they country’s independence so May’s election results caught everybody by surprise. “I would say that all Malaysians are still trying to adjust themselves to the new direction,” says Dr. Daniele Gambero, CEO of REI group of companies. “The first thing to be said is that everybody is extremely confident that stepping up from kleptocracy to technocracy will only bring good to Malaysia. However, changes take time to be completed and the market, in general, is still waiting to see the results of all the new policies.” These include a new five percent Real Property Gains (RPG) tax after five years for locals and an additional five percent RPG tax for foreigners; and an increase in the stamp duty on the transfer of property valued above MYR1 million (USD242,245), from three to four percent, in the government’s Budget 2019. <img alt="The election of Mahathir Bin Mohamad in 2018 has helped restore confidence to the housing market. Nevertheless, the impact of new policies has yet to be seen. Djohan Shahrin/Shutterstock" src="/documents/10204/0/shutterstock_1091884052-compressor+%281%29.jpg/a49b872d-7573-47ab-9e77-8000eb0769d9?t=1551418963254" /> Buoyancy, though, in Budget 2019, comes in the form of the waiver of the stamp duty, until December 2020, for first-time homebuyers on the instrument of transfer and loan agreement for residences worth up to MYR300,000. The same is also waived for six months for first-time buyers purchasing homes worth MYR300,000 to MYR1 million. Such exemptions and initiatives, states Knight Frank Malaysia in their Real Estate Highlights 2nd Half 2018, “are expected to kick-start the housing market moving into 2019 and beyond.” The wheels are already turning: Knight Frank saw more launches of luxury residential developments in KL in 2H2018 than in the first half of the year. That’s good news as the country has been holding its breath for a while now. The third and fourth quarters have seen a slow market, with growth at 4.4 percent in Q3 2018 down a smidge from 4.5 percent in Q2. “Adding further tension to the above is the ongoing China-U.S. trade war, which sees Malaysia right in the middle,” Gambero says. <a href="http://property-report.com/detail/-/blogs/expats-still-eye-malaysian-property-for-sound-investme-6" target="_blank">More: Expats still eye Malaysian property for sound investment</a> According to Knight Frank’s research, by end of 2018, the cumulative supply of high-end condos and residences in the KL area totalled 53,033—thanks to completions in the second half of such big names as The Ruma Residences, Pavilion Suites, Premium Residences @KL Gateway and the massive Dorsett Residences Sri Hartamas. Another 931 are expected to come on line by the end of first quarter this year. Where the luxury market is most concentrated—KL, Penang, and Johor Bahru—supply is far exceeding demand, especially with overseas developers simultaneously launching huge quantities of luxurious residential units. Whilst there have been “quite substantial support from national buyers”—Knight Frank’s Wealth Report 2018 states nearly half of Malaysia’s ultra-high net-worth individuals (those personally worth more than USD50 million) plan to buy an investment property in-country in the next few years—Gambero asserts that attracting, rather than scaring, foreign investors must be a major priority. <img alt="While other markets in Malaysia have their appeal, the blend of commercial and cultural flavours in the capital Kuala Lumpur is hard for many investors to resist. Migel/Shutterstock" src="/documents/10204/0/shutterstock_192189830-compressor.jpg/a4f7bf18-fd71-4216-9010-00a2c1c7352d?t=1551419362438" /> “Local developers were betting on the possibility of incoming interest from overseas buyers, which didn’t happen as much as expected,” Gambero says. Currently, less than one percent of property is owned by foreigners, according to the Ministry of Housing. “Numbers are clearly saying that it might be taking years for the market to fully absorb the supply.” Thus, the dip in asking prices reported in 3Q2018 came as little surprise. “Developers are coming to the tipping point of accepting lower profits or maybe minimal losses in order to just dispose of as many as possible unsold units. It’s all about cash flow,” says Gambero. While the upscale residential resale market was generally flat, Gambero advises the smart play would be to sit on one’s holdings. “Capital gains, looked at as a long-term game, say five to seven years, is still showing a good potential to increase. Areas such as KL, Greater KL, Penang, and Kota Kinabalu might be seeing three- to four-fold gain.” <img alt="Kota Kinabalu, the capital of the state of Sabah in east Malaysia, is seen as one of the nation’s rising stars for development. hkhtt hj/Shutterstock" src="/documents/10204/0/shutterstock_1073940077-compressor.jpg/4d09a903-fd1c-47b8-827e-b3baf43a2509?t=1529560871000" /> Another remedy to the sales lull would be to tweak the price-size-unit ratios. According to Knight Frank, “schemes launched recently [in KL] are observed to have higher composition of units with smaller built-up area below 1,000 sqf resulting in lower quantum pricing, but higher price on a per sqf basis.” It’s in this game where the bad boys are making a play to dethrone Four Seasons Place Kuala Lumpur. Currently the record-holder for raking it in, a Four Seasons residential duplex (there are 262 units) is estimated at MYR21million, or MYR3,300 per sqf. Not to be outdone, KSK Land launched Tower B of Yoo8 @ 8 Conlay, the Kempinski branded residences, with starting prices of MYR3,260 per sqf. Pavilion Suites adds to the competition, putting up some pretty impressive per quantum numbers: condos priced from MYR2.2 million to MYR5.9 million, and penthouses going for MYR27.98 million. When your sky-scraping city-centre condo comes with special privileges at couture, jewellery and luxury stores in the partner retail mecca, not to mention access to private planes, yachts and limos arranged by a dedicated concierge, it isn’t surprising Pavilion sold most of its units ages ago in a private viewing. <a href="http://property-report.com/detail/-/blogs/evolving-malaysian-property-market-rises-above-generational-and-economic-hurdl-8" target="_blank">More: Evolving Malaysian property market rises above generational and economic hurdles</a> Beyond the diamond-encrusted market, another source of hope is the multinational corporation segment. With KL ranked as Southeast Asia’s second most liveable city by the Economist Intelligence Unit, InvestKL CEO Datuk Zainal Amanshah, in an interview with NST Property last year, points to great potential for companies with money to spend on housing. He said large MNCs like to keep things simple, with self-contained developments that promote the live-work-play hat-trick, with international schools, integrated retail, office and residential components, and access to good transportation infrastructure such as mass transit. “MNCs appreciate the affordability, good connectivity, and well-designed mixed-use developments, which will be Kuala Lumpur’s trump card as it strives to be one of the leading cities in the ASEAN region,” he said. Whether they’re going to roll out the red carpet, or just put the kettle on, it might be about time the KL residential market follows hospitality in getting prepped for those guests. This article appears in Issue No. 152 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">PropertyGuru Property Report Magazine</a>. What developments do you think are the best in Malaysia? Nominate them to the 2019 PropertyGuru Asia Property Awards (Malaysia). Find more details here: <a href="http://www.asiapropertyawards.com/nomination/malaysia" target="_blank">asiapropertyawards.com/nomination/malaysia</a>

Onwards and upwards: Malaysia's residential sector soaring out of the doldrums

<img alt="" src="/documents/10204/0/singapore-investment-feature-lead-compressor.jpg/f9b27232-6bc2-4159-87ac-73e187144f19?t=1550807947364" style="width: 1400px; height: 640px;" />It’s a tired trope throughout Asia to say Singapore lacks soul. Clean, walkable streets. Efficient traffic. Effective public transport. Well-organized family fun. Innovative bars and restaurants. Shiny modern towers and lush planned parklands. Ugh. Who wants that? Well, if we’re talking about players in the luxury property market, lots of people. “Singapore is known as a safe haven in Southeast Asia, with a stable currency and transparent housing regulations,” says Christine Li, senior director and head of research for Cushman & Wakefield Singapore. “Risk involving property development is virtually non-existent for retail investors,” adds Li. After 15 consecutive quarters of price declines—which, experts say, signalled not softer innate demand, rather a wait-and-see attitude with regards to government policies—prices began rising mid-2017 and jumped 9.1 percent by the halfway point this 2018. Experts are predicting a 10 percent expected value growth in properties in 2018, even amid recently implemented cooling measures last July 5. Concerns about “euphoria” in the market had the government announcing it would raise the Additional Buyer’s Stamp Duty (ABSD) rates and tighten loan-to-value (LTV) limits on residential purchases. The day before the measures kicked in, potential buyers flooded private home showrooms across the city-state hoping to lock in a sale at a better deal. The feeding frenzy resulted in sales jumping 55 percent year-on-year in July, with 1,724 units sold in July versus 654 in June. Developers brought forth new launches, offering 2,239 in July—the highest since March 2013. Lest that encourage fears of a bubble, it’s worth noting what proportion of the country’s overall housing market we are talking about, says Alex Shlaen, founder of Panache Management, who advises HNWI and UHNWI on property investments and collaborates with luxury real estate projects. Some 80 percent of Singaporeans live in subsidized government-built flats. Of the rest of the population that owns homes built by private developers, only a small number of those—perhaps five percent, Shlaen figures—are high-end. “It’s very far from a bubble,” he states. <img alt="With its selection of hip bars and restaurants and array of visually spectacular skyscrapers, Tanjong Pagar has emerged as one of Singapore's most happening neighbourhoods" src="/documents/10204/0/singapore-investment-feature-150-2-compressor.jpg/4660b3e4-7124-429e-a7dc-bed031f8d7f2?t=1550826070042" /> Besides, you can count on the government to swoop in and mitigate things. From July, though Singaporeans and Singapore permanent residents (SPR) saw no change in the ABSD on purchasing their first residential properties (zero- and five percent respectively), those buying subsequent properties—foreigners included (except passport-holders of Iceland, Lichtenstein, Norway, Sweden, and the U.S. who all have a special exemption)—saw their ABSD rates jump five percent. That means that foreigners purchasing a residential property worth more than SGD1 million (USD730,000) now pay a 20 percent ABSD on top of a tiered stamp duty that, as of 2018, tops out at four percent. “You basically have to pay nearly a quarter of the value of your purchase, but it doesn’t go to the value of the property,” Shlaen says, adding that foreign buyers’ resell pool is smaller because other foreigners face the same restrictions and there are fewer visas being issued. It’s also now more difficult for everyone to maximize their loans as a percentage of their property value. All LTV limits have been tightened by five percentage points, with the highest now being 75 percent. However, a certain slice of buyers is nearly immune to such concerns. “Investors and self-stayers—locals who purchase a residence for their primary home—are competing for the not-so-large pool of high-end and luxury properties,” Shlaen says, adding the luxury condo market is affected by foreigners and permanent residents, particularly HNWI and UHNWI moving their money and possibly selves out of Malaysia and Indonesia because of the political climate and lower valued currencies. <a href="http://property-report.com/detail/-/blogs/6-places-to-dine-and-discover-in-north-east-singapore" target="_blank">More: 6 places to dine and discover in north-east Singapore</a> “Singapore is the most undervalued of developed cities,” Shlaen posits. Singapore luxury real estate prices are about half the average Manhattan and London rates of SGD8,227 per square foot—a pretty good deal for buyers already “drawn to Singapore for its lifestyle, the education, pro-business environment, and security,” says Lee Nai Jia, senior director and head of research at Knight Frank. “The offerings of luxury residential projects are more important than market fundamentals, and it must align with the preferences of HNWIs.” Luxury properties are defined as 2,500 sqf and above in the prime districts 9, 10, 11 (the island’s central commercial core) —and the newly added 1 and 4 (Marina Bay and Sentosa). Good class bungalows, sitting on land no less than 15,000 sqf, are the “pinnacle of the luxury property market,” Shlaen says. As for conservation shophouses, transactions for those hit a five-year record year-on-year in Q1 2018, jumping 280 percent to a total value of nearly SGD488,200,000. <img alt="" src="/documents/10204/0/singaporean-investment-feature-6-compressor.jpg/641a11b8-c07b-4f93-bf57-4509df2c0e47?t=1550828404957" /> Still, larger developments make bulk of the market—in a small country with highly limited land, that means acquiring space from the government or people who already live there. En bloc sales offer residents of a building above-market price to leave en masse, after which developers take down the property and expand it: once larger units in a lower building become smaller units in a taller building. “Usually developers never go under the limit of zoning restrictions because they want to maximize profits,” Shlaen says. “In general, buildings 20 years and older are prime targets, especially if the location is good. Owners get the feeling it’s time to go en bloc rather than renovating.” The en bloc market went a bit gangbusters after the government relaxed cooling measures in March 2017. “Buyers treated the fine-tuning of the seller’s stamp duties in 2017 as a signal that the market had bottomed,” says Lee Nai Jia, “prompting more buyers to take advantage of what they assumed were fleetingly low prices. <div class="pull-quotes-container">Pent-up demand from income growth and upgrading needs will continue to support the market moving forward. Home purchasers looking for a safe haven with appreciation prospects will still find Singapore attractive</div> The higher sales encouraged developers to bid for the limited Government Land Sales (GLS) sites aggressively, since most have depleted the land bank. This led to collective sales, which further fuelled demand for homes by owners needing replacements for the ones they had sold.” Lim Yew Soon, managing director of EL Development Pte Ltd, believes that now, thanks to rising en bloc prices and the quick work of developers toward 2018 in “jumping on the bandwagon of replenishing their land banks… the collective sales have almost reached the end of their cycle… Our company is in the process of acquiring a collective sales site in the Newton area, which we look to redevelop into a high-rise luxury residential development in 2019 if our acquisition is successful.” <a href="http://property-report.com/detail/-/blogs/same-sex-couples-cast-adrift-in-singapore-s-property-mark-6" target="_blank">More: Same-sex couples cast adrift in Singapore's property market</a> A slew of new such homes are set to come online the coming years. Regulations are changing, Shlaen says, allowing for buildings in some neighbourhoods to have higher floors than in previous generations. “In view of current loan curbs and heightened land costs, we expect developers to gear towards smaller unit sizes to keep price quantum affordable,” says Christine Li. “This will also allow them to charge a higher unit price for each unit. Developers would also look to incorporate smart home features to differentiate their launches and attract tech-savvy millennials.” Other trends to watch out for? Says Lim Yew Soon, “The coming months would be a buyer’s market. Projects in good locations like those near MRT stations and popular schools will continue to do well. On the policy front, the government’s criteria for green buildings and for buildings to be built with higher productivity construction methods get more and more stringent each year, which would reduce the carbon footprints of future developments over time.” <img alt="Singapore is regarded as one of the most forward-thinking nations in Asia when it comes to sustainable design and incorporation of green landscaping into major projects" src="/documents/10204/0/singapore+investment+feature+150+4.jpg/e77c6414-b76e-4649-ad9f-f9934e888fc5?t=1550826521400" /> Lee Nai Jia agrees: “New wealth is created due to the advent of disruptive technology, making design vital. More buyers will look at the character or the heritage of the area. Bugis and Tanjong Pagar may be new hotspots—they not only cater to the professionals, but also offer great views and proximity to work.” Not to mention a plethora of the coolest restaurants and bars in the city. The market is likely to undergo adjustment as it digests the higher ABSD and tighter loan curbs, says Christine Li. “Nonetheless, fundamentals remain sound and unchanged. Pent-up demand from income growth and upgrading needs will continue to support the market moving forward. Home purchasers looking for a safe haven with appreciation prospects will still find Singapore attractive,” she says. Indeed, even after the mass shopping spree on July 5, developers reported that sales continued despite the implementation of the cooling measures. “It’s like you’re sitting in your car, your handbrake is on and your foot is also on the brake pedal, and the car is still moving,” Shlaen says. “What does that say? It’s a very healthy market and people feel very safe to park their money in a triple-A investment.” Certainly, such a sense of stability is good for the soul, no? This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/316198" target="_blank">Issue No. 150</a> of PropertyGuru Property Report Magazine

Singapore property market still a picture of stability

<img alt="FredAnzic/Shutterstock" src="/documents/10204/0/china-investment-2018-lead-image-compressor.jpg/8d0d6c55-9a35-498b-8f18-dab5689d5064?t=1549342147179" style="width: 1400px; height: 640px;" />Julius Lee ponders just how much his house has appreciated in the 12 years since he bought it. The 37-year-old electrical engineer bought his two-bedroom apartment in his home town of Dandong, bordering North Korea, for RMB320,000 (USD46,400). It is now worth about RMB600,000.  “The price has doubled so far,” said Julius. But that is nothing compared to the sort of gains other homeowners have made since Dandong was swept up in China’s housing boom. “My property would be considered growing slower than average [in Dandong]. For some other properties the price has increased a lot,” he said. The unit price of his property is currently RMB5,000 per square meter. The others to which he is referring lie further west on the route to North Korea where properties fetch around RMB8,000 yuan per square meter. Dandong, a city less travelled among foreigners, has been boosted by a thaw in diplomatic relations between North Korea and the rest of the world, and follows tireless efforts by Beijing to rev-up its economy with big real estate projects – with mixed results. <a href="http://property-report.com/detail/-/blogs/a-little-known-chinese-border-town-profits-from-the-north-korea-deten-6" target="_blank">More: A little-known Chinese border town profits from the North Korea détente</a> However, although Dandong’s blossoming should be a vindication of Beijing’s advances to breathe life into stagnant cities, its booming housing market reflects the headache second-tier cities have posed amid efforts to cool the industry. Since 2016, Beijing has made a concerted effort to rein in its real estate industry amid worryingly high property prices. On average, house prices in China have been growing nearly twice as fast as national income over the past decade, buoyed by a rising population and economic growth. In 2016, the government decided enough was enough. Average home prices in 100 major cities in China rose 16.6 percent in September that year, compared with the year before. The government rolled out a raft of cooling measures. One of these was to require some first-time buyers to put down a 40 percent down payment, as opposed to 35 percent. Certain second-time buyers were made to pay a minimum 70 percent, compared with 50 percent before. <a href="http://property-report.com/detail/-/blogs/how-the-trade-war-will-alter-the-global-economy-and-chinese-property-mark-1" target="_blank">More: How the trade war will alter the global economy and Chinese property market</a> Wang Menghui, minister of housing and urban-rural development, told reporters towards the end of 2017 that authorities will keep anti-speculative, city-specific measures consistent and will not loosen controls against speculation. "The real estate market must stick to the idea that 'homes are for people to live in, not for speculation'," he said. While some major cities such as Beijing and Shanghai have shown signs of a slowdown, second-tier cities have been going strong. The dwindling hostility on the Korean peninsula prompted investors to snap up properties in Liaoning, Hunchun and Jilin provinces. The result of this was seen in May, when China's home prices recorded their fastest growth in nearly a year. The figures highlighted that smaller cities still rely on real estate for growth. <div class="pull-quotes-container">A cat and mouse game is in play as authorities look to keep markets cool in one cluster of cities only to find people funnelling their money elsewhere where regulations have yet to be tightened</div> Posting a statement through its official WeChat account, Dandong Municipal Government said in May that property buyers without local household registration would not be able to resell newly-built property in the city's New District until two years after purchase. Yet while it may take some time before Dandong is brought under control, the measures are taking effect in other second-tier cities. Hainan is China’s southernmost province and is popular for its subtropical climate and clean air – a treasured commodity in smoggy China. It is known as ‘China’s Hawaii’. In March, new home prices in Haikou, the capital city of the island, rose 2.1 percent from the previous month – an increase surpassing any other Chinese city, Beijing and Shanghai included. <img alt="Hainan Island, known as the Hawaii of China, is another secondary market that is witnessing house price rises and an upsurge of interest from investors. Sergey Filinin/Shutterstock" src="/documents/10204/0/china-investment-2018-4-compressor.jpg/a09c1e89-0445-41fa-be78-1c2a90733a6b?t=1549342728688" /> “The surge in Hainan’s property prices has been fuelled by market speculators. The province probably has more property investors than elsewhere,” said Yan Yuejin, director of the E-house China R&D Institute, a market intelligence firm based in Shanghai. But following measures introduced in April, Hainan has been made to fall in line. Chen Gaige, a real estate analyst specializing in Hainan, told Chinese media that the crackdown is having a noticeable cooling effect. "Prior to the regulations, developers could obtain their pre-sale permit as building tops were being sealed, but now some of them have had to wait three months after construction was completed, yet still haven’t got one," Chen said. "Both the purchase and supply ends have been effectively controlled," Chen said, noting many developers are also taking a wait-and-see attitude toward the local market. In the eastern coastal city of Xiamen, Fujian Province, transactions dipped by 28.63 percent during the first half of 2018 compared to the year before. Further dips are expected in other cities where further regulation comes into effect. At the start of August, Shenyang in northeast China's Liaoning Province expanded restrictions on land related to commercial property purchases. <img alt="Cooling measures and local regulations, encouraged by the Chinese government, have affected investor sentiment in previously hot destinations such as Shenyang. aphotostory/Shutterstock" src="/documents/10204/0/china-investment-2018-3-compressor.jpg/6d3bf478-db45-422a-a095-21c2dea9e8ef?t=1549342345427" /> Dandong resident Julius said he has detected trepidation among investor friends who were bullish some years ago. One university friend has amassed more than 10 properties in Shenyang since he began investing in real estate in 2009. “He saw that the price would go up. Every day he has earned a lot of money from his investments. He started investing when the prices were going up.” “I met him before and he was very confident in 2010 but I think now he’s not quite as bullish.” In many of the big cities measures to taper demand appear to be working but buyers are scrambling to get a bargain. Real estate services company Jones Lang LaSalle said in a second quarter update that price caps remained in place for new launches in Shanghai and buyers continued to be actively trying to acquire units at below market prices. In Beijing developers have been offering more competitive prices in a bid to increase sales. <img alt="Although the centre of Beijing remains one of China's prime spots for investment, there have been signs that the market is easing off in the country's capital. ESB Professional/Shutterstock" src="/documents/10204/0/china-investment-2018-2-compressor.jpg/ead85eb3-5e92-4c63-86c3-987eb28b36b1?t=1549342526840" /> “The tight policy stance is unlikely to be relaxed in the short term in China as governments aim to curb speculation and stabilize the housing market. Tight financing conditions and ongoing deleveraging exercises by some developers may see more new projects launched in a bid to ease cash flow pressures,” the report said. Jack Xiong, the China director of Savills research and consultancy, said: “The first-hand, mass-market residential market received ample supply during [the second quarter], the majority of which was joint ownership and price-capped housing. Authorities continued to enforce strict regulations to stabilise average housing prices in the market.” Experts predict that Hong Kong’s prices are unlikely to rise by much in the second half of 2018. Carol Wu, head of China and Hong Kong research at DBS Bank (Hong Kong), said slower annual growth rates are likely to be the norm for the coming decade. “Our prediction of about 5 to 10 percent price gain [in 2018] has already been reached,” said Wu. “Hong Kong’s home price growth will decelerate, rising at no more than 2 percent a year on average through 2030, a rate similar to the inflation rate, given the growth in GDP per capita does not rise beyond expectations.” <a href="http://property-report.com/detail/-/blogs/winners-circle-propertyguru-asia-property-awards-china-2018" target="_blank">More: Winners of the PropertyGuru Asia Property Awards (China) 2018</a> The disparity between the patterns in property prices between big and smaller cities reflects China’s mountainous challenge in putting the brakes on an industry that has been growing wildly for so long. A cat and mouse game is in play as authorities look to keep markets cool in one cluster of cities only to find people funnelling their money elsewhere where regulations have yet to be tightened. This spread of money has brought prosperity to towns and cities largely forgotten and ignored, with new sources of labour. More than 20 second-tier cities hope to attract some of the growing number of educated workers leaving big cities due to the high cost of living. For the likes of Julius, however, all this money sloshing around in property is dizzying and unpredictable. Though he has considered buying a home for investment in the past, he feels he’s better off sticking to what he knows – electrical engineering. “There’s just too much risk in property at the moment.” As cooling measures take hold across the Middle Kingdom it is likely he won’t be the only investor experiencing a certain degree of chill. This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/316198" target="_blank">Issue No. 150</a> of PropertyGuru Property Report Magazine

A tale of two tiers in China

<img alt="While Singapore has made some progress on LGBT issues in recent years, the country’s reputation for conservatism is echoed in archaic rules governing the purchase of the island’s HDB public housing. lazyllama/Shutterstock" src="/documents/10204/0/dispatch+151+lead.jpg/0ef046a4-eb70-4963-adcc-88c55d14ee74?t=1547037355520" style="width: 1006px; height: 667px;" />Singapore can be excused for taking pride in its breakneck transformation from sleepy seaside port to fourth on the International Monetary Fund’s list of richest nations. This 50-year evolution can be partly attributed to the rigid planning that has, on the one hand, fostered the world’s most successful public housing program, and on the other, earned it the reputation of being the governmental equivalent of an overprotective parent.  Often called “The Nanny State,” the island nation can be seen as strict with its 5.6 million children. Rules govern what Singaporeans say (speaking against the prime minister and Christianity are both illegal) and how they behave (famously, there are fines for chewing gum, littering, graffiti, spitting, and jaywalking). The upshot is a gross national income of USD78,293 (the second highest globally), and a public program housing 80 percent of the population, 90 percent of whom own their own Housing and Development Board (HDB) flat.  However, not all groups are included in the math of Singapore’s success. One such group? Singapore’s Lesbian, Gay, Bi-Sexual, and Transgender (LGBT) community.  Singapore currently has the world’s second highest rate of home ownership, largely due to a generous system of grants and subsidies the HDB provides its citizens. These, however, come with restrictive conditions. Married heterosexual couples, who can apply for housing grants at age 21, enjoy the biggest advantage; whilst unmarried couples, singles, and gay couples are restricted to applying under the Single Singapore Citizen Scheme or Joint Singles Scheme, both of which require applicants to be at least 35.  These restrictions may not be specifically targeted at LGBT families, but Indulekshmi Rajeswari, a lawyer, LGBT activist, and author of Same But Different: Legal Guidebook for LGBT Couples and Families in Singapore, points out the government has stated openly on several occasions that they are meant to “encourage families.” As same-sex marriage is not recognised, “LGBT people are cut out of this definition. Only those in a recognised family unit—primarily married heterosexual couples—are normally allowed to buy a HDB apartment.”  <a href="http://www.property-report.com/detail/-/blogs/5-best-southeast-asian-cities-for-lgbt-to-buy-prope-15" target="_blank">More: 5 best Southeast Asian cities for LGBT property seekers</a> Ann, a new homeowner who identifies as lesbian, felt pressured to buy private property as she didn’t feel secure waiting eight years to be eligible for an HDB flat. She ponders, “What if I waited until I reached 35, and they say, ‘no, the age is now 45’?” Buying a private flat meant a big mark-up for Ann, whose two-room condo (still three years from completion) cost USD650,000. The same sized HDB apartment would’ve cost a married couple between USD150,000-220,000. Because Ann’s partner is a foreigner, purchasing the apartment together would have resulted in a 20 percent Additional Buyers Stamp Duty. Since her income and savings weren’t enough to secure a mortgage solo, she purchased the apartment with a friend. Some in the industry feel that the limited supply of new HDB apartments, coupled with an elderly generation of homeowners reluctant to give theirs up, is locking many young Singaporeans out of the market. Currently, Singaporeans who qualify for HDB flats have to wait three years for Built-to-Order apartments to be available. “Affordability and costs of living are bigger issues than the alleged ‘LGBT segregation,’” says Wenhui Lim, director of Singapore-based firm Spark Architects. <div class="pull-quotes-container">I know a lot of LGBT couples who have chosen to move their lives elsewhere, because here it is ignored that we are humans, too</div> In fact, a large portion of non-homeowners continue to live at home. Singapore’s 2016 National Youth Council Survey reveals 97 percent of unmarried young people live with their parents.  For some in the LGBT community, though, this might not be an option.  “If your parents aren’t accepting of who you are, you get chased out of the house,” says Deveshwar Sham, a transgender activist who runs Kopitiam Brothers, a shelter and support group for transgender men. Renting poses its own problems. Legally, LGBT individuals are not protected from discrimination, meaning landlords can opt not to rent to them. Sham relates experiencing first-hand the difficulty of renting a room as a transgender man. “Renting was an issue, because as I was transitioning, I was looking more male, but my ID still showed I was female. Landlords would think, ‘oh, you might be a thief or a con man.’ They don’t discriminate in front of us, or publicly, but they’ll say they already have a tenant,” he relates. <a href="http://www.property-report.com/detail/-/blogs/alternative-short-term-rentals-gaining-popularity-in-singapore" target="_blank">More: Alternative short-term rentals gaining popularity in Singapore</a> Since Sham transitioned, his ID now states he is male, making his later marriage to his wife legitimate, and easily qualifying him for the HDB subsidies. Transitioning has drastically improved his life. “If I’d not transitioned, I would have considered traveling out of Singapore,” he admits, “but now that I have, I feel comfortable in my country, and don’t have my rights stripped off of me.”  As with some of its more conservative neighbours in Asia, Singapore’s stance towards its LGBT residents could be costing it talent, and money. China, for instance, represents the world’s third largest “pink economy”, with 90 million LGBT Chinese with a total spending power of USD928 billion, according to the World Property Journal. When it comes to where to invest those dollars, they’re more likely to buy property in such foreign markets more accepting of their lifestyle as Bangkok, Phuket, and Manila.  Singapore’s policies not only cost foreign investment, but there’s a danger LGBT Singaporeans will emigrate to more tolerant countries when they’re ready to settle down and buy property.  Ann, for one, hasn’t ruled out leaving Singapore one day. “Even though I purchased this property, it may not be somewhere I want to be for life. If the value increases, I may want to sell it off and move overseas,” she says. “I know a lot of LGBT couples who have chosen to move their lives elsewhere, because here it is ignored that we are humans, too.” This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">Issue No. 151</a> of PropertyGuru Property Report Magazine

Same-sex couples cast adrift in Singapore's property market

Common grounds: the year in co-working spaces

Architecture & Interiors

<img alt="" src="/documents/10204/0/asia%27s+best+resort+residences+for+web+148.jpg/7cd40863-5fcd-498f-aea9-8687738d6b9d?t=1546887917837" style="width: 1400px; height: 640px;" /> Investors are spoilt for choice when it comes to purchasing a slice of paradise in Asia. From the coral-rich coasts to snow-peaked heights, the region is home to an ever-growing array of luxury resort residences. Every year the net widens to accommodate the latest emerging locations and trailblazing hospitality brands—and 2018 is no exception. The titans that have long dominated markets in Thailand, Indonesia and Hokkaido are now increasingly competing with upstart boutique brands, while up-and-coming destinations are welcoming global names for the first time. Aside from remarkable locations and world-class amenities, many properties now stand out as much for their personalised services and daring designs, as they do for their eco-credentials. The promise of strong yields and a reliable rental programme are an obvious attraction, too. Although the discoveries of unspoilt Edens are few and far between nowadays, buyers with an intrepid streak can still find relative bargains. For those who want to play it safe, however, there’s the security of opting in with a world-renowned hospitality brand. Indeed, the difficulty is no longer finding a resort property—it is choosing the right one. <h4>1. Dusit Thani Sri Lanka, The Beachfront</h4> <img alt="" src="/documents/10204/0/asia%27s+best+resort+residences+for+web+148+6.jpg/c3664091-0c19-4f2a-9d03-3683c89f10c8?t=1546887975451" /> Location: Balapitiya, Sri Lanka Opening: 2019 Total units: 162 Price: From USD244,000 Why buy: Guaranteed annual returns of six percent for five years The iconic Thai hospitality brand has rapidly expanded beyond its homeland’s borders in recent years, launching a luxury resort in the Maldives, high-end hotel in Cairo, and a residential development in Davao. Possibly Dusit Thani’s most ambitious manoeuvre to date though is located 80 kilometres south of Colombo in Sri Lanka. The residential component in a sprawling multi-phase integrated development near the famed west coast beaches of Bentota and Hikkaduwa, the fully-furnished luxury one- and two-bedroom apartments are housed in a pair of towers providing residents with enviable views of the Laccadive Sea. If they tire of gazing out at the great blue from the comfort of their balcony, homeowners can instead while the hours away at the beachside or rooftop bars, cool off in one of the many swimming pools, or retreat to Dusit Thani’s world-renowned Devarana Spa. Phase two of The Beachfront will further cement the resort’s five-star status with a promenade hosting upmarket eateries, high-end retail outlets and landscaped gardens, as well as exclusive champagne and whisky lounges. <a href="http://www.property-report.com/detail/-/blogs/are-foreigners-missing-out-on-investing-in-sri-lankan-real-estate-" target="_blank">More: Are foreigners missing out on investing in Sri Lankan real estate?</a> <h4>2. The Ginto Residences</h4> <img alt="" src="/documents/10204/0/asia%27s+best+resort+residences+for+web+148+2.jpg/8d503e5a-6447-48d8-83fb-829497d05612?t=1546888025230" /> Location: Niseko, Japan Opening: 2019 Total units: 31 Price: USD1,200-USD1,800 per sqm Why buy: Direct high-speed rail link to Tokyo slated for completion in the next few years While Niseko has been on the minds of savvy second-homers for some time, the Japanese debut of Pavilions Hotels & Resorts is still bound to turn heads. Introducing its unique take on boutique hospitality to the slopes of Hokkaido, The Pavilions Niseko will boast a five-star resort and a collection of private villas, The Ginto Residences, nestled in the picturesque pinewood forests of Ginto Hirafu. But how does the Bali-born resort brand plan to compete with the raft of five-star hotels and luxury homes already settled around in the snow? The huge 1,000 square-metre (minimum) plots offering customised villa designs, exclusive ski lift access and proximity to fashionable Ginto Village should do the trick. Après ski naturally influences the facilities at the resort to which residents will have unlimited access. These include indoor and outdoor onsen pools, a state-of-the-art fitness and yoga centre, and a fine-dining restaurant. It is the array of outdoor activities—world-class skiing, hiking, mountain biking and river rafting to name a few—that is however most likely to lure prospective buyers to the powdered paradise. <a href="http://www.property-report.com/detail/-/blogs/winter-sports-hubs-halt-their-sli-3" target="_blank">More: Winter sports hubs halt their slide</a> <h4>3. Selong Selo Residences</h4> <img alt="" src="/documents/10204/0/asia%27s-best-resort-residences-for-web-148-7-compressor.jpg/1f8be308-fe53-42b4-a681-f78cb82cf875?t=1546888097907" /> Location: Lombok, Indonesia Opening: 2019 Total units: 65 Price: USD225,000-1m Why buy: It aims to be the first carbon-negative development in Asia “Did you know [insert up-and-coming island destination] is the next Bali?” The phrase has been bandied about since the Island of the Gods peaked a decade or so ago. Neighbouring Lombok is the latest island to wear the label—and with good reason. Its untarnished beaches, peaceful surfing spots and natural attractions have made it a sanctuary for Indonesia’s crowd-weary tourists and investors alike. Situated on the increasingly vibrant southern tip of the island, Selong Selo Residences’ appeal is obvious. Poised 200 metres above sea level, the development proffers panoramic views of Selong Belanak Bay and vast green expanses in every direction. All owner-occupants enjoy access to the exclusive facilities, most notably the 23-metre infinity swimming pool, tennis court, and spa. The Aura Lounge & Bar—a hilltop gathering place is surrounded by a bucolic 1,000-square-metre garden blooming with white foxtails and coconut palms—is the sort of setting that most resorts can only manage in CGI brochures. Investors can either opt for the ‘Kayu Villa,’ from Selong Selo’s banner collection of model homes, or partner with their preferred architect to create for a bespoke concept. <a href="http://property-report.com/detail/-/blogs/bangkok-vs-jakarta-where-should-you-inves-4" target="_blank">More: Comparing two of Southeast Asia's biggest property markets</a> <h4>4. The Ocean Estates</h4> <img alt="" src="/documents/10204/0/asia%27s+best+resort+residences+for+web+148+8.jpg/e3f27645-9869-42a8-9a04-2e3a6f5810b5?t=1546888169147" /> Location: Danang, Vietnam Total units: 33 Price: From USD760,000 Why buy: Developed and operated by Vietnam’s largest foreign real estate developer Danang is another of those destinations whose fortunes are frequently compared with Bali and Phuket. Understandably, Vietnam’s premier resort spot is currently one of the most-watched markets in Asia, and The Ocean Estates is at the top-end of the list for those willing to take the risk (the residential market only recently recovered from a long-term slump). A stylish illustration of what can be achieved with plenty of time, space and investment, as well as early-mover advantage, The Ocean Estates is part of the mammoth 260-hectare Ocean Resort, which also includes The Ocean Apartments, beach club, restaurant and the Greg Norman-designed 18-hole (soon to be 36-hole) Danang Golf Club. The well-appointed three-, four- and five-bedroom villas, which are laid out to create an intimate, landscaped community, don’t try too hard. The emphasis here is on high-spec simplicity with owners encouraged to personalise their properties. And for owners intending to use their investment as a weekend bolthole, the steady increase in direct international flights to the nearby airport means Danang is much more accessible than it was just 18 months ago. <a href="http://www.property-report.com/detail/-/blogs/rising-dragon-boom-times-continue-in-vietnam-real-esta-3" target="_blank">More: Boom times continue in Vietnam real estate</a> <h4>5. Queens Residences Q1</h4> <img alt="" src="/documents/10204/0/asia%27s-best-resort-residences-for-web-148-4-compressor+%281%29.jpg/c3b18fbd-350c-4f9d-8055-d979270b65f0?t=1546888354145" /> Location: Penang, Malaysia Opening: 2021 Total units: 500 Price: MYR787,900-1,893,500 (USD201,000-USD484,000) Why buy: Ideal family environment with guarded community, three-tier security system and onsite internal school For investors searching for the perks of a resort lifestyle with the conveniences of city living, Queens Residences Q1 may provide the answer. Rising high above Bayan Bay on Penang’s eastern shoreline, the first phase of the integrated Queens Waterfront project will comprise 500 luxury residential units in a 21-storey nautical-inspired tower. Owners will have access to a generous array of entertainment amenities and fast-food and fine-dining options within the development, as well as the international-standard sports centre. The popular Queensbay Mall is also only a stone’s throw away. The real x-factor however is direct access to QW Marina and the show stopping top-deck glass infinity pool. <a href="http://property-report.com/detail/-/blogs/is-the-end-of-the-great-malaysian-property-malaise-at-han-5" target="_blank">More: Is the end of the great Malaysian property malaise at hand?</a> <h4>6. Twinpalms Residences MontAzure</h4> <img alt="" src="/documents/10204/0/asia%27s-best-resort-residences-for-web-148-5-compressor.jpg/76719d42-fc77-4fce-b153-0387303cb413?t=1546888402506" /> Location: Phuket, Thailand Total units: 75 Price: From THB15.5m (USD490,000) Why buy: A freehold and secure leasehold ownership structure provides potential for strong capital gains in the future supported by hotel-based rental yields Kamala Beach’s highly anticipated mixed-use community offers exactly what the name implies: jungle-clad mountains and cerulean seas. Built into one of Phuket’s most dramatic backdrops neighbouring the coveted Millionaires Mile, upon completion the THB2.2 billion (USD70 million) project will feature a roll call of upscale amenities including, a 200-room InterContinental Hotel, an exclusive senior living village and the already-kicking Café del Mar. The main drawcard of course is the Residences. A series of low-rise clusters managed and operated by legendary Phuket hotel brand Twinpalms, the first phase of the 178-acre development comprises one- and two-bedroom units ranging from 70 to 400 square metres, as well as oversized penthouses with panoramic views of the Andaman Sea.  The natural tones, cascading greenery and intricate detailing that defines the Residences comes courtesy of Martin Palleros and his team at Tierra Design, who were also the creative minds behind the flagship Twinpalms Hotel over on Surin Beach. <a href="http://property-report.com/detail/-/blogs/not-just-a-pretty-place-inside-former-miss-universe-natalie-glebova-s-bangkok-ho-8" target="_blank">More: Inside a former Miss Universe's Bangkok home</a> <h4>7. Six Sense Residences Fiji</h4> <img alt="" src="/documents/10204/0/asia%27s-best-resort-residences-for-web-148-3-compressor.jpg/c275d420-f17b-4929-a38e-054d28f33ad1?t=1546888440372" /> Location: Fiji Total units: 60 Price: On request Why buy: Rental option with unlimited occupant usage Okay, Fiji is not technically (or in any way) in Asia, but it’s close enough for the outstanding Six Senses Fiji to receive an honourable mention. It would be an understatement to say that the latest addition to the illustrious hospitality brand’s portfolio has piqued the interest of both bucket-listers and affluent investors. Located on the volcanic island of Malolo, the property does barefoot luxury by the bucket load. The two- to five-bedroom pool villas all provide occupants with dazzling vistas of either the beach, ocean or marina—where owners can moor their private vessels—all made possible by the indoor-outdoor design philosophy that runs through the resort. Kiwi architect Richard Press, who has fashioned several Six Senses resorts across the globe, opts for pared back approach echoing the aesthetics of Fijian fishing villages—albeit with a touch more elegance.  Owners can expect the usual Six Senses onsite treatment, ranging from The Wellness Village to top-notch restaurants to complimentary nanny services. And for those owners who don’t have their yacht to hand, the resort will arrange a helicopter transfer to and from Nadi International Airport. This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/295140" target="_blank">Issue No. 148</a> of PropertyGuru Property Report Magazine

7 of Asia's best resort residences

<img alt="Jean-Michel Gathy" src="/documents/10204/0/jean-michel-gathy-for-web-148-compressor.jpg/e587e197-f745-469f-a969-37b08945c50a?t=1546788877651" style="width: 1000px; height: 667px;" /> Few names in the world of hotel design are as recognizable as Jean-Michel Gathy. Indeed, the cultured, 61-year-old Belgian has designed for most major super-luxury hotel brands. But his latest endeavour could just trump them all. With 150 cliff-top hectares to play with on Bali’s southernmost tip, Gathy has conceived a multi-faceted resort—called Bukit Pandawa Resort & Golf—that seizes on its location in the most artful of ways. Here, Denniston Architects’ principal designer talks about what drew him to Bukit Pandawa, why it will be unlike any other resort project in the world, why he would never eat an entire box of chocolate (seriously), and more.  <img alt="Occupying what Jean-Michel Gathy calls a ‘dream-like’ spot on a clifftop in southern Bali, the Mandarin Oriental, Bali and The Residences at Mandarin Oriental, Bali will comprise one of the island’s most alluring leisure packages" src="/documents/10204/0/jean-michel-gathy-for-web-148-2-compressor.jpg/2122c401-3015-4307-8c55-ec88ade22aaa?t=1546789317733" /> <h4>How did the opportunity to masterplan Bukit Pandawa Resort & Golf come about?</h4> A few years ago, a gentleman by the name of Tjian An (President/Director of Bukit Pandawa Resort & Golf’s ownership group, PT Bali Ragawisata) came to me and said, “We have 150 gorgeous hectares on the south coast of Bali and we would like for you to come and see it.” So I did, and I adored it. We’re talking two kilometres of seafront, with land sloping perfectly down toward a 70-metre-high cliff overlooking a beach and the ocean. I thought the topography was hospitable for development as every square foot was usable, which is extremely unusual. Also, I could see there would be no major inconvenience, with the rolling hills set between the coastal road and the ocean. No interruptions, and only glorious views. <h4>What are the key components?</h4> There will ultimately be four hotels, including the first Mandarin Oriental hotel in Bali, which our company, Denniston, designed. There will also be a Waldorf Astoria, a Swissôtel and another world-class hotel we cannot divulge the name of yet. They will all be “linked” by a championship-calibre golf course that is already open. And on the highest part of the property, you’ll have 91 of the most amazing villas—The Residences at Mandarin Oriental Bali. <img alt="A championship golf course serves as the vector of the property" src="/documents/10204/0/jean-michel-gathy-for-web-148-7-compressor.jpg/cb17380e-b503-45a0-ae40-135ee1206880?t=1546789422267" /> <h4>Why is having something that links the hotels together important?</h4> With any sprawling property like this, you must have what I call a vector. And the vector here is the 18-hole, executive golf course, which you’ll be able to see from the front or back of the hotels. The ownership group hired an American golf course designer, Bob Moore (of JMP Golf in California), who did a magnificent job in fine-tuning our routing concept into an extraordinary, all-par-3 golf design you are able to play within two hours instead of the four or five hours a standard golf course requires. I think for many people, that’s a very nice amenity. <h4>What will make the Mandarin Oriental, Bali, and The Residences at Mandarin Oriental, Bali, unique?</h4> The Residences at Mandarin Oriental, Bali, will occupy a dream-like spot on the property, behind the Mandarin Oriental, Bali. Because of the topography, The Residences will have the most magnificent, unobstructed sea views during the day. Then, when night falls and the ocean goes dark, you’ll experience the full effect of a lighting system that is simply remarkable. The developers hired a world-class lighting consultant—Flaming Beacon from Australia—to implement a lighting scheme that will serve both the hotel closer to the cliff and create an extraordinary foreground decor for The Residences. You will not have a high-rise building impeding the view for The Residences. You will have interplay between the 88, one-level room pavilions and nine hectares of tropical landscape. <img alt="The villas and rooms at the property will incorporate various Balinese design elements alongside state-of the-art contemporary innovations" src="/documents/10204/0/jean-michel-gathy-for-web-148-6-compressor.jpg/e6472119-fb46-41e1-94d0-210b580e10ae?t=1546789722231" /> <h4>What other features will Bukit Pandawa possess?</h4> There will also be a free-standing small village near the Swissôtel Bali, which is designed to be more interactive and lively and young and fun. The Waldorf Astoria will be located proudly along the cliff’s edge and relatively close to the Swissôtel. The village will have absolutely no influence on any of the hotels, though. We’ll have higher density in one corner—but still low density compared to most projects in the world—and lower density as you move away from the village and especially at the other end of the property where a 43-room boutique hotel is to be located. The furthest east corner of the property is adjacent to the Pura Dhang Kahyangan Gunung Payung Temple, one of Bali’s most magnificent and revered temples. <h4>How did you manage to fully utilize the land’s potential?</h4> One of the ways to fully utilize a piece of land is to use topography intelligently. When you design a property where you want every square foot to be maximized, you have to have a gorgeous layout or architectural design, but the topography is what actually gives you the edge. To the credit of the owners, they understood that. I suggested that we cut into the cliff in the front so we could fill and lift the back of the site, and they agreed. So from land that was gently sloping, we now have land that is quite steep. We actually cut 20 metres of the cliff in certain places. So you drop 20 metres in the front and lift 20 metres in the back, and what you have done is increased by 40 metres the difference in level between the front and the back of the property. This makes for magnificent benefits in terms of views. <img alt="Artist's impression of the bathrooms in the property" src="/documents/10204/0/jean-michel-gathy-for-web-148-4-compressor.jpg/7df2250d-4480-4133-82e7-5dd842cb9a8f?t=1546790488336" /> <h4>How have you incorporated Balinese style into this project?</h4> This is the thing. There are so many hotels in Bali, and so many have the same sorts of design elements—such as the thatched roof, because obviously it is so Balinese. But when you do too much of something…well, let me just explain it like this: I like chocolate. But when I have my coffee, I have just one piece of chocolate, not 10 pieces. If you make me eat the box, I would vomit. It’s just too much! <h4>So what, then, is the right amount of ‘Bali’?</h4> We have reached a time in Bali where we have to start distilling Balinese architecture a little better. So what we’ve done is kept and respected all the values of Balinese culture—the ceremony of the bath, the respect for the head of the village, the sequences of entry in the courtyard, the type of double doors, etc. But we’ve used them in a contemporary fashion. <a href="http://www.property-report.com/detail/-/blogs/how-to-invest-in-bali-s-competitive-villa-mark-7" target="_blank">More: How to invest in Bali's competitive villa market</a> <h4>Across all properties, or just the Mandarin Oriental, Bali, and The Residences at Mandarin Oriental, Bali?</h4> All of the hotels will be extremely respectful of Balinese values and culture. But we have to have a little bit of a touch from today. We all need our high-speed Internet, a proper shower, etc. So we’ve made sure that the softness of our developed life is included. These properties are very sexy and slick in terms of design, but they are all inherently Balinese. After all, you don’t come here to feel like you’re in London. The landscape, the interior, the furniture, the architecture—all of it has been considered with respect and in line to what defines Bali. This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/295140" target="_blank">Issue No. 148</a> of PropertyGuru Property Report Magazine

Bali through the eyes of starchitect Jean-Michel Gathy

<img alt="David Salle for Revolution Precrafted" src="/documents/10204/0/offline-disruptors-issue-for-web-147-%282%29-compressor.jpg/a291780e-24a4-4ac3-9e8f-e866447d7855?t=1546771220250" style="width: 1399px; height: 640px;" />Back in 1908, retail disruptor Sears Roebuck & Co started selling prefabricated houses via its ubiquitous catalogue. For as little as USD500, or about USD12,000 today accounting for inflation – because the company owned the manufacturers – you could get a massive kit to put together your new home, and while the options included little starter cottages, there were also more expensive rambling suburban mini-manses, ranch houses, Colonials and Tudors. Sears had sold some 75,000 houses by the time they got out of the business in 1940, but over the intervening generations, “prefab” has come to be synonymous with low-quality, cheap and generic buildings. In 2015, Robbie Antonio decided to change that. With a diverse group of world-class collaborators signed on, Antonio – scion of the Antonio clan, founders of giant Philippine developer Century Properties – launched Revolution Precrafted, a property company starring a line of swank but small modular homes each limited-edition and conceived by a famous architect and/or interior designer that customers can select from their website, order from their proprietary factories, and ship anywhere in the world. <img alt="Revolutionary Precrafted has harnessed talents of some of the globe’s most shining architectural and design stars with homes by Daphne Guinness (above) and David Salle (lead image) among the standouts" src="/documents/10204/0/Copy-of-DAPHNE-SKINHOUSE_HIRES-for-web-147-compressor.jpg/0e1b9b0a-06bd-4051-a03d-d3972064b3a6?t=1546776448620" /> Antonio’s unicorn – it recently became the first Philippine start-up ever to reach a valuation of USD1 billion – sounds decidedly next-gen. But in a way it’s not so different from the Sears catalogue of yore. And, he’s not alone. He’s the biggest name among a class of disruptors in residential real estate ever-so-subtly adjusting the market to the way people live in a practical manner, offering structural and communal amenities they want rather than flashy new tech they need to learn. From group lessons with yoga teachers and professional mentors, to the tidal wave of companies offering stylish affordable or even rental furniture, these businesses and start-ups are catering to modern needs, tastes and family structure, but are rooted in old-school ideas and values. As they say, everything old is new again. Bringing design not to the masses but to just the right niche of the upwardly mobile is one of the key tenets we can ascribe to this generation of disruptors. Antonio is collaborating with a list of luminaries that includes several globally renowned design stars, starchitects and Pritzker Prize-winners, such as the late Zaha Hadid, Kengo Kuma, Daniel Libeskind, Jean Nouvel, Daphne Guinness, Carlos Zapata and Lenny Kravitz. <img alt="Architect Marmol Radziner collaborated with Kravitz Design – rocker Lenny Kravitz’s interior design firm – on the instrumental home " src="/documents/10204/0/LENNY_KRAVITZ_HIRES-for-web-147-compressor.jpg/7a03b6b0-8b62-4a3f-968a-38da68656227?t=1546776905408" /> “There is a growing trend towards more dynamic, unconventional spaces, as compared to static environments,” Antonio says. “Each Revolution pavilion and home is individually branded by its designer’s personal concept of spatial form and social function. The result is a diverse and global collection of architecturally innovative, pre-crafted properties.” “With a network of cutting-edge technologies and cost-efficient production systems, Revolution is democratising high-design and architecture,” he adds. <img alt="Daniel Libeskind, one of the world’s most celebrated architects, came up with a distinctive pavilion for the Revolutionary Precrafted project" src="/documents/10204/0/Libeskind-Pavilion-_V02-for-web-147-compressor.jpg/758a07ab-36b0-4621-89e2-1771f6e819ef?t=1546777021340" style="width: 1067px; height: 667px;" /> Once ordered, Revolution homes take 90 days to build, about a month to ship, and just five days to assemble on-site. By contrast, up to 30,000 individual parts came in a Sears home kit back in the day. In fact, the inconvenience of DIY has unleashed the floodgates of anti-IKEA big ideas. Several companies in the US have sprung up in the past couple of years pegging their hopes on a single item or a curated handful of stylish furniture at a mid-tier price point that requires minimal assembly. Detroit-based Floyd exclusively makes a birch-and-steel bed frame in three sizes, starting at USD498, while Burrow offers a modular sofa in three sizes and five colours from USD550. “Wouldn’t it be great if a furniture company built a couch that actually fit the way people live their lives?” Burrow’s cofounder Stephen Kuhl told the New York Post. <img alt="A sofa by Burrow is an example of how firms are creating bespoke furnishing options for millennials on the move" src="/documents/10204/0/Burrow-sofa-for-web-147-compressor.jpg/22e0e141-a1bd-4530-be03-4a7b29abcdc5?t=1546777140533" /> Young adults increasingly live nomadically, untethered to full-time jobs, unattached to specific apartments, neighbourhoods or cities. With the motto ‘Furniture rental for millennials on the move, Feather operates in New York and San Francisco. It leases single pieces or suites in monthly increments for as few as three months. You can rent a lamp for USD5 a month, an aircon unit for USD27, or a nice couch for USD107. The model, of course, recalls rent-to-own furniture stores, but manages to bring a cachet of cool instead of crap. “What we have going for us is that IKEA is such a pain,” founder Jay Reno told TechCrunch. They also have young, moderately price-sensitive customers who want to show off their style, but don’t want to take it with them. This may be a less-viable business model in Southeast Asia, where so many rentals come furnished, but another company disrupting the housing market because of changing socio-dynamic norms is Thailand-based MQDC, who counts among their priorities “cultivating a knowledge-driven society.” <img alt="The Whizdom brand by Thai developer MQDC is targeted at young professionals and aims to encourage collaboration between residents through social activities and group-orientated facilities" src="/documents/10204/0/DPS-4_-Whizdom-101-WhizdomPark-for-web-147-compressor.jpg/9eea0805-bb5f-41d3-8e62-2a02270c0460?t=1546777312669" /> The developer’s Whizdom brand, targeted at young professionals, currently has two condo buildings in Bangkok that offer virtual sports along with the standard pool and fitness centre, and run a library, co-working and social space purposefully to not only encourage collaboration among residents, but also introduce them to heath, business and intellectual gurus. The Magnolia housing brand, meanwhile, actively designs its private and public spaces and amenities with a tri-generational family in mind, encouraging a harmonious collective lifestyle for kids, parents and grandparents. “MQDC uses insights from psychology and other research fields to develop living ecosystems that provide true well-being, and it realizes these with innovations in design and sustainability,” according to their mission statement. Revolution is getting into this curated lifestyle business as well. They recently inked a deal to build 7,100 homes in Revolution Flavorscapes at Lakeshore, a so-called “famileisure” compound in Pampanga Province in the Philippines. Revolution predicts USD345 million in revenues from the first phase of the project, which they are calling the world’s first liveable food park. Boasting pop-up stores featuring cuisines from 200 countries, it will be a literal homebase for foodies, who can bond around their shared love of food. <div class="pull-quotes-container">We quickly realised that the bigger umbrella to wellness is community</div> Community as key to well-being was the impetus behind American start-up hOM, which organises wellness, social and networking programmes in residential (and commercial) buildings. The idea was borne out of a bittersweet story. After being diagnosed with stage 3 ovarian cancer, the mother of one of the cofounders was prescribed yoga and meditation, which doctors credited with extending her life eight more years. “We quickly realised that the bigger umbrella to wellness is community,” says business and marketing strategist Brenda Umana. “Consumers are craving human experiences that build connection. Any kind of bringing people together was going to be beneficial for anyone’s health and well-being.” hOM started with yoga and meditation, and, working on the theory that proximity breeds familiarity, soon moved into community events, workshops, social functions. “If people know it’s going to be a small studio, with their neighbours or co-workers, and conveniently located in the property they live or work, there’s a bigger sense of comfort,” Umana says. The firm works with new builds and established properties looking for added-value for their tenants, assigning a dedicated manager to run their programming out of underutilised spaces such as lobbies, lounges, rooftops, and even in vacant apartment units and raw floors. Though the programming is of course meant for everyone, the two populations they’ve seen with the highest usage are young professionals and new families, both of whom have busy lives in and out of work. <a href="http://property-report.com/detail/-/blogs/common-grounds-the-year-in-co-working-spa-11" target="_blank">More: The year in co-working spaces</a> Developers, owners and property managers use hOM as a marketing and leasing tool, and find that they can charge higher rents. According to one survey, 69 percent of tenants in hOM-serviced buildings said they signed their lease due to this perk. Even more important might be the effect on tenant retention. “It costs a building anywhere from USD5,000 to USD7,000 to turn over a unit and to have it on the market for, say, 30 days. Keeping tenants with fitness and events helps them get to know their neighbours and build community,” says Umana. “On average, in a 300-unit property we will save the landlords USD126,000 in turnover costs.” Just like Henry Ford’s factory towns of a hundred years ago, where he built schools and paid doctor bills for his workers, disruptors aren’t disrupting out of sheer altruism. Sure, encouraging residents to get healthy by stretching with hOM is good for heart and soul, but it’s also productive for the bottom line. The evidence? Now in New York and New Jersey, hOM is expanding in the US, with plans to add one more city per year over the next few years. As for Revolution Precrafted’s Antonio, he’s looking first to 20 major international markets in North America, Asia, Europe, and Middle East, but also opportunities in non-traditional destinations such as Brazil, Argentina, and Trinidad and Tobago. “This is to cater to the new breed of customers who seek bespoke structures that represent who they are, and what they are all about,” Antonio says.  This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/275915" target="_blank">Issue No. 147</a> of PropertyGuru Property Report Magazine

Meet the diverse group of disruptors taking things offline

Attendees of the 2018 PropertyGuru Cambodia Property Awards raise a toast during the televised gala dinner Real estate consumers in Cambodia are being encouraged to nominate their favourite new properties for the fourth annual edition of the PropertyGuru Cambodia Property Awards, which will be announced at an exclusive gala dinner on Friday, 3 May 2019 at the Sofitel Phnom Penh Phokeethra ballroom.

Presented by global brand Kohler, the prestigious competition aims to celebrate excellence in real estate development, design and innovation within the industry that has grown rapidly over the last four years, fueled by interest from local and foreign investors, political stability and an improved national economy.

There are competitive categories open for residential projects in Phnom Penh, Greater Phnom Penh, Siem Reap, and Sihanoukville, whilst the commercial categories are open for office, retail, hotel, mixed-use, serviced apartment, and industrial development.

New categories for niche segments

In addition, the independent panel of judges is also looking for nominees in the Best Entertainment Development, Best Educational Development, Best Medical Development, and Best Gaming Venue awards. The new categories have been added to reflect the growth of niche segments in the sector.

This year’s special awards include honours for Corporate Social Responsibility (CSR), Sustainable Development, Design and Construction, Building Communities, Customer Care, and Positive Construction Practices. The special award for Public Facility is open to facilities or infrastructure projects led by the public sector.

Key dates for the 2019 edition are:

5 November 2018 – Nominations and Entries Open
1 March 2019 – Nominations Close
8 March 2019 – Entries Close
25 March to 5 April 2019 – Site Inspections
8 April 2019 – Final Judging
3 May 2019 – Gala Dinner and Awards Ceremony

Nito H. Lim, managing director and co-founder of NI Development Co., Ltd. receives the prize for Best Retail Interior Design at the 2018 awards

Televised awards, topnotch support, transparent judging process

Nearly 400 guests attended the televised 2018 awards night, including the strong delegation led by H.E. Dr. Pen Sophal, the Secretary of State of the Ministry of Land Management, Urban Planning and Construction, which has supported the Cambodia Property Awards since its first presentation in 2016.

This year’s independent panel of expert judges is headed by incumbent chairperson Sorn Seap, Founder & Director, Key Real Estate Co Ltd. The supervision of the awards and judging process is overseen by BDO Cambodia, part of the world’s largest network of auditing and accounting firms.

The 2019 PropertyGuru Cambodia Property Awards is supported by platinum sponsor Kohler; gold sponsor Hitachi Elevator; official airline partner Emirates; official magazine PropertyGuru Property Report; media partners BizKhmer, Construction & Property Magazine, Master Media, and Southeast Asia GLOBE; and official supervisor BDO.

For more information, email awards@propertyguru.com or visit the official website: AsiaPropertyAwards.com

<img alt="Attendees of the 2018 PropertyGuru Cambodia Property Awards raise a toast during the televised gala dinner" src="/documents/10204/0/kpa-2019-r-lead-image-compressor.jpg/5f3c509f-f11b-42f2-ae7f-d83dbc83eae8?t=1547636587974" style="width: 1000px; height: 667px;" />Real estate consumers in Cambodia are being encouraged to nominate their favourite new properties for the fourth annual edition of the PropertyGuru Cambodia Property Awards, which will be announced at an exclusive gala dinner on Friday, 3 May 2019 at the Sofitel Phnom Penh Phokeethra ballroom. Presented by global brand Kohler, the prestigious competition aims to celebrate excellence in real estate development, design and innovation within the industry that has grown rapidly over the last four years, fueled by interest from local and foreign investors, political stability and an improved national economy. There are competitive categories open for residential projects in Phnom Penh, Greater Phnom Penh, Siem Reap, and Sihanoukville, whilst the commercial categories are open for office, retail, hotel, mixed-use, serviced apartment, and industrial development. <h4>New categories for niche segments</h4> In addition, the independent panel of judges is also looking for nominees in the Best Entertainment Development, Best Educational Development, Best Medical Development, and Best Gaming Venue awards. The new categories have been added to reflect the growth of niche segments in the sector. This year’s special awards include honours for Corporate Social Responsibility (CSR), Sustainable Development, Design and Construction, Building Communities, Customer Care, and Positive Construction Practices. The special award for Public Facility is open to facilities or infrastructure projects led by the public sector. Key dates for the 2019 edition are:   <ul> <li>5 November 2018 – Nominations and Entries Open</li> <li>1 March 2019 – Nominations Close</li> <li>8 March 2019 – Entries Close</li> <li>25 March to 5 April 2019 – Site Inspections</li> <li>8 April 2019 – Final Judging</li> <li>3 May 2019 – Gala Dinner and Awards Ceremony</li> </ul>   <img alt="Nito H. Lim, managing director and co-founder of NI Development Co., Ltd. receives the prize for Best Retail Interior Design at the 2018 awards" src="/documents/10204/0/kpa-2019-lead-image-compressor.jpg/be49dc5c-526a-4777-8a03-09a75f4dbf04?t=1547636749895" /> <h4>Televised awards, topnotch support, transparent judging process</h4> Nearly 400 guests attended the televised 2018 awards night, including the strong delegation led by H.E. Dr. Pen Sophal, the Secretary of State of the Ministry of Land Management, Urban Planning and Construction, which has supported the Cambodia Property Awards since its first presentation in 2016. This year’s independent panel of expert judges is headed by incumbent chairperson Sorn Seap, Founder & Director, Key Real Estate Co Ltd. The supervision of the awards and judging process is overseen by BDO Cambodia, part of the world’s largest network of auditing and accounting firms. The 2019 PropertyGuru Cambodia Property Awards is supported by platinum sponsor Kohler; gold sponsor Hitachi Elevator; official airline partner Emirates; official magazine PropertyGuru Property Report; media partners BizKhmer, Construction & Property Magazine, Master Media, and Southeast Asia GLOBE; and official supervisor BDO. For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

Cambodia News Jan 16, 2019

PropertyGuru Cambodia Property Awards cast wider net on nominees for 2019 edition

Exclusive gala dinner in May adds new categories and special awards

BY Property Report

Awards

News

<img alt="Asia Property Awards business director Jules Kay joins attendees at the media launch for the 2019 PropertyGuru Indonesia Property Awards on 12 March in Jakarta" src="/documents/10204/0/Spokesperson-Photo-Group-compressor.jpg/4be80ab6-e3f2-4bef-ac6b-1db69e813338?t=1552464157349" style="width: 1000px; height: 750px;" />The 5th Annual PropertyGuru Indonesia Property Awards –– the archipelago’s largest and most respected real estate honours –– are officially open for nominations as this year’s esteemed panel judges of independent experts to select the finalists for the prestigious industry competition has been announced to the media today in Jakarta. Presented by global brand Kohler, the professionally-run Awards programme recognises the year’s most outstanding developers, projects and design in Jakarta, Bali, Lombok, and Greater Indonesia. Niche segments are also well-represented, including honours for Best Township Development, Best Industrial Development, and Best Lifestyle Centre Development. Online nominations can be submitted at <a href="http://www.asiapropertyawards.com/" target="_blank">www.AsiaPropertyAwards.com</a>. Nominations are open to the industry and the public, with the official list of nominees revealed at the end of August ahead of the awards ceremony on Friday, 19 September 2019, to be held at The Ritz-Carlton Jakarta, Pacific Pace, the event’s five-star venue. <h4>Stellar judging panel</h4> Respected architect and industry commentator Doddy A. Tjahjadi, Managing Director of PTI Architects, returns as the chairperson of the judging panel, which has been expanded to 11 members who are the top names in their respective fields. Joining the panel are two leading female figures, namely Vivin Harsanto, Head of Advisory at consultancy firm JLL Indonesia, and Lina Gan, the Editor-in-Chief of Indonesia Design, one of the country’s most widely read lifestyle publications. The rest of the panel include: Bagus Adikusumo, Senior Director, Office Services, Colliers; Bernardus Djomoputro, Executive Director, Infrastructure & Capital Projects, PT Deloitte Konsultan Indonesia; Cornel B. Juniarto, Senior Partner, Hermawan Juniarto & Partners; Hendra Hartono, CEO, PT. Leads Property Service Indonesia; Djinadi Gunawan, Managing Director, PT Meinhardt Indonesia; Gavin Cox, Associate, WT Partnership; Ian Reynolds, Managing Director, Reynolds Partnership, PT. Construction Cost Management Consultants; and M. Archica Danisworo, Design Director, PT Pandega Desain Weharima. Indrotjahjono S., Partner, Valuation Services at BDO Indonesia, leads the award-winning team of supervisors to ensure fairness, transparency and credibility of the entire process and the results. <h4>Key dates for the 2019 edition are:</h4> <ul> <li>13 February 2019 – Nominations and Entries Open</li> <li>12 July 2019 – Nominations Close</li> <li>19 July 2019 – Entries Close</li> <li>5-16 August 2019 – Site Inspections</li> <li>23 August 2019 – Final Judging</li> <li>19 September 2019 – Gala Dinner and Awards Ceremony in Jakarta, Indonesia</li> <li>29 November 2019 – Grand Final in Bangkok, Thailand</li> </ul>   <h4>Influential guest list</h4> The exclusive gala ceremony in Jakarta has become one of the most anticipated events of Indonesia’s real estate calendar, with influential names attending the event, including last year’s keynote speaker and guest of honour, H.E. Mr. Enggartiasto Lukita, the Indonesian Minister of Trade. More than 400 guests attended the 2018 event –– the ceremony’s largest attendance to date –– and also welcomed the Trade Minister’s close colleague and friend Hendro S. Gondokusumo, the Founder, President Director & CEO of PT Intiland Development Tbk and currently Chairman of the Indonesian Chamber of Commerce (Kadin), who was hailed as the Indonesia Real Estate Personality of the Year. Other 2018 awardees include the Ministry of Public Works and Housing, receiving the Special Recognition for Public Facility. <img alt="Hendro S. Gondokusumo, founder of PT Intiland Development Tbk, was named Indonesia Real Estate Personality of the Year in 2018" src="/documents/10204/0/hendro-for-indonesia-launch-2019-compressor.jpg/d608bedf-bc6f-4d62-ab74-fbae12245050?t=1552368581789" /> Eligible developers in Indonesia are competing for the industry’s highest honours, including Best Developer and Best Boutique Developer. The main category winners of the local competition proceed to represent the country at the regional Asia Property Awards Grand Final to be held in Bangkok, Thailand in late November. Indonesia took home a few top regional awards at the last Grand Final, including Best Hotel Development (Asia) for The Westin Jakarta, and Best Office Architectural Design (Asia) for Gama Tower, both developed by Gamaland, and the Best Township Development (Asia) gong for BSD City by Sinar Mas Land. <h4>A celebration of quality</h4> The fifth annual edition of the gala ceremony will be produced by the new PropertyGuru Awards business director Jules Kay, who has re-joined the awards team last November. “I am thrilled to continue to recognise, achieve, promote and celebrate quality. I look forward to working with the team and taking the Awards to newer heights.” The ceremony and official nominees will be heavily promoted through the large consumer and agent network of Rumah.com, PropertyGuru Group’s local brand and the country’s No.1 property website. <iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/38wZFLrGGfc" width="560"></iframe> The 2019 PropertyGuru Indonesia Property Awards has already received support from leading brands and organisations, namely platinum sponsor Kohler; gold sponsor Hitachi Elevators & Escalators; bronze sponsor TEKA; official portal partner Rumah.com; media partners Style & Décor, and Media Indonesia; official hotel The Ritz-Carlton Jakarta, Pacific Place; official magazine PropertyGuru Property Report; and the award-winning team of BDO, the official supervisor. For more information, email awards@propertyguru.com or visit the official website: <a href="http://AsiaPropertyAwards.com" target="_blank">AsiaPropertyAwards.com</a>

Esteemed judges to select finalists for 2019 PropertyGuru Indonesia Property Awards

<img alt="PropertyGuru Asia Property Awards (Sri Lanka) launched its 2019 edition in a media briefing today with (from left to right) Pradeep Moraes, award-winning director at Indocean Developers; Jules Kay, business director of Asia Property Awards; Dr. Nirmal de Silva, co-founder of Paramount Realty and chair of judges at the awards; and Sujeewa Rajapakse, partner at official awards supervisor BDO Sri Lanka" src="/documents/10204/0/B186D5E1-F902-4F2A-A1AF-B9D6DD1EAA86.jpg/9c2c000e-9d77-47f4-8368-1b448ba25842?t=1551461960032" style="width: 1000px; height: 667px;" />PropertyGuru, Asia’s leading property technology company and the host of the region’s largest and most respected real estate awards, has officially opened the nominations and entries period for its prestigious competition to take place on Friday, 26 July 2019, at the Shangri-La Hotel in Colombo. The 3rd Annual PropertyGuru Asia Property Awards (Sri Lanka) recognises the year’s most outstanding developers, projects and design. Online submissions are now being accepted at <a href="http://www.asiapropertyawards.com/">www.AsiaPropertyAwards.com</a>. Nominations are open to the industry and the public. Open categories include Best Condo, Housing, and Residential Development in Colombo, North East, Central, and Southern Sri Lanka. There are also commercial categories for Best Retail, Office, Mixed Use, Industrial, Hotel Development, and Boutique Hotel Development. A new category for Best Residential Development (Maldives) has been added due to strong interest from residential developers on the island. A few special awards are lined up for entrants with exemplary track record in Corporate Social Responsibility (CSR), Sustainable Development, Design and Construction, Customer Care, and Building Communities initiatives. In addition, a new Sri Lanka Real Estate Personality of the Year awardee will be named; it was presented for the first time in 2018 by the editors of PropertyGuru Property Report magazine to Pradeep Moraes, Director of Indocean Developers (Pvt) Ltd, and Chairman of the Condominium Developers Association of Sri Lanka (CDASL). <img alt="Asia Property Awards business director Jules Kay addresses members of the media gathered at the official launch of the 3rd Annual PropertyGuru Asia Property Awards (Sri Lanka) in Colombo today" src="/documents/10204/0/sri-lanka-lead-image-launch-2019-compressor.jpg/586a8262-fa3c-4e17-b635-24e9006f2766?t=1551435356994" /> The highest honours will go to the Best Developer and Best Boutique Developer. The main category winners of the local competition will then be eligible to compete at the regional Asia Property Awards Grand Final to be held in Bangkok, Thailand in late November where finalists from more than 15 markets from Sri Lanka to Australia will vie for regional accolades. Sri Lanka’s real estate industry has shown great potential for growth following the enthusiastic response of entrants to the first two editions of the competition. One of the country winners, the twin towers of Altair — designed by legendary architect Moshe Safdie — eventually took home the Best Condo Architectural Design (Asia) at the Grand Final in November 2018, besting 11 other finalists from across the Asia-Pacific region for its cutting-edge and pioneering concept. With a solid reputation for fairness, transparency and credibility, the 2019 PropertyGuru Asia Property Awards (Sri Lanka) will be independently judged by a respected panel of experts led by Dr. Nirmal de Silva, Director and CEO of Paramount Realty. The judges will also conduct supervised site inspections for longlisted nominees. <img alt="Dr. Nirmal de Silva heads the panel of judges in the PropertyGuru Asia Property Awards (Sri Lanka)" src="/documents/10204/0/nirmal-de-silva-for-apa-sl-2019-launch-compressor.jpg/d2d3faf5-fd5e-47ca-99ed-9ac0806dd92c?t=1551344518636" /> “Sri Lankan developers have illustrated that they can rub shoulders with industry peers in the region in terms of design, creativity and quality, whilst displaying high levels of professionalism and integrity to take the industry forward. Our site visits, which are done as part of the process, is absolutely crucial to understand key elements such as design ethos, compliance, market positioning and overall quality. It definitely makes my job as head judge and my fellow judges on the panel rather tough but equally interesting,” said De Silva at the historic 2018 ceremony, which was held for the first time in Colombo and keynoted by Hon. Patali Champika Ranawaka, M.P., the Minister of Megapolis and Western Development. Key dates for the 2019 edition are: <ul> <li>3 December 2018 – Nominations and Entries Open</li> <li>24 May 2019 – Nominations Close</li> <li>31 May 2019 – Entries Close</li> <li>17-28 June 2019 – Site Inspections</li> <li>1 July 2019 – Final Judging</li> <li>26 July 2019 – Gala Dinner and Awards Ceremony in Colombo, Sri Lanka</li> <li>29 November 2019 – Grand Final in Bangkok, Thailand</li> </ul> The black-tie gala event, which was attended last year by nearly 400 guests, will be produced by the new awards business director Jules Kay, who is one of the original members of the Asia Property Awards team when it was established more than a decade ago. <img alt="The 2018 PropertyGuru Asia Property Awards (Sri Lanka) drew 400 guests, including Hon. Patali Champika Ranawaka, M.P., the Minister of Megapolis and Western Development" src="/documents/10204/0/apa+sl+launch+2019+lead+image.jpg/22042954-3f49-46f2-9ebc-36abec53acc7?t=1551344312355" /> The 2019 PropertyGuru Asia Property Awards (Sri Lanka) is supported by official airline partner THAI Airways; official portal partner LankaPropertyWeb.com; official newspaper Daily FT; official magazine PropertyGuru Property Report; and the award-winning team of BDO, the official supervisor. For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

Asia’s largest property awards series officially opens third annual Sri Lankan edition

<img alt="Winning and highly commended entrants at the 2018 PropertyGuru Thailand Property Awards" src="/documents/10204/0/Thailand-Property-Awards-nominations-announcement-2-compressor.jpg/d3092afc-1fc3-4be0-a5f6-9a1a3b288674?t=1551168598237" style="width: 1000px; height: 667px;" />Thailand’s highly competitive real estate industry will be recognised once again at the country’s largest and most prestigious annual gathering for the building sector, the PropertyGuru Thailand Property Awards, which is now celebrating its 14th edition. Presented by Hitachi Elevator, the glitzy awards night will be presented on Friday, 9 August 2019, with various accolades for Developers, Development, and Design, as well as a few special awards for Corporate Social Responsibility (CSR), Sustainable Development, Design and Construction, Building Communities, and Public Facility initiatives. Among the expected popular categories this year will be for Best Mixed Use Development, mirroring the growing trend of connected, integrated or multi-component properties particularly in Bangkok’s cosmopolitan areas. According to consultancy firm JLL Thailand managing director Suphin Mechuchep –– who resumes her role as chairperson of the independent judging panel of the Thailand Property Awards –– such type of projects provides an intelligent solution to the challenges in the sector, including escalating development costs and land prices. One of the top honourees at the 2018 edition was a pioneer in mixed-use and integrated properties, billionaire Panote Sirivadhanabhakdi, Group CEO of Frasers Property Limited and TCC Assets (Thailand), who was named Thailand Real Estate Personality of the Year. <img alt="JLL Thailand managing director Suphin Mechuchep" src="/documents/10204/0/suphin-nominations-announcement-compressor.jpg/4d3b5ef7-5db1-451a-9ae2-6f31cafcfaa9?t=1551168837820" /> The 2019 Awards will also include competitive residential categories for Bangkok, Samui, Hua Hin, Khao Yai, the Eastern Seaboard, Phang-Nga and Krabi, Chiang Mai, Phuket, North East, and Southern Thailand. As well as their corresponding architectural, interior or landscape design awards, there are also open categories for the commercial sector’s hotel, retail and office segments. Niche segments are also duly represented with categories for Best Senior Living Development, Best Smart Home Development, Best Green Development, Best Co Working Space, and Best Hotel Residence, a new addition to the long-running awards programme. Nominations are now open to the industry and the public. Visit <a href="http://www.asiapropertyawards.com/">www.asiapropertyawards.com</a> for the full list of categories and criteria. Key dates for the 2019 edition are: <ul> <li>21 January 2018 – Nominations and Entries Open</li> <li>7 June 2019 – Nominations Close</li> <li>14 June 2019 – Entries Close</li> <li>24 June to 12 July 2019 – Site Inspections</li> <li>17-18 July 2019 – Final Judging</li> <li>9 August 2019 – Gala Dinner and Awards Ceremony</li> <li>29 November 2019 – Grand Final in Bangkok, Thailand</li> </ul> <img alt="The 2019 PropertyGuru Thailand Property Awards officially kicked off with a press briefing at The Crystal Box of Gaysorn Tower in Bangkok, Thailand" src="/documents/10204/0/Hero-Image-12-compressor.jpg/9338cb64-0f10-4a49-b0ab-7b3ff4069208?t=1551179042074" /> One of the biggest and most anticipated industry events of the year, the 2019 Thailand Property Awards gala night will be attended by more than 600 guests of senior real estate leaders and VIPs. The exclusive gala ceremony will be preceded by an invitation-only luncheon for CEOs of shortlisted nominees, which will be revealed in late July. The annual event is organised by PropertyGuru Group and will be produced by the new awards business director Jules Kay, who is one of the original members of the Asia Property Awards team when it was established more than a decade ago. “I am thrilled to re-join a team of like-minded professionals whose mission it is to recognise, achieve, promote and celebrate quality. I look forward to working with the team and taking the Awards to newer heights.” The 2019 PropertyGuru Thailand Property Awards is supported by platinum sponsor Hitachi Elevator; gold sponsors Kudos and JLL; official airline partner THAI Airways; official portal partner DDproperty, Thailand’s leading property site; official magazine PropertyGuru Property Report; media partners Engineering Today, GM Live, Terra BKK, The Bangkok Insight, The Phuket News, The Standard; and the award-winning team of BDO, the official supervisors led by Thailand co-managing partner Paul Ashburn. For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

Connected development among popular categories at Thailand's longest-running real estate awards

<img alt="Jules Kay" src="/documents/10204/0/Jules+Kay%2C+Director%2C+PropertyGuru+Asia+Property+Awards.jpg/db335245-d10f-437d-9bfc-777abf73c6f9?t=1550725328041" style="width: 1000px; height: 666px;" />PropertyGuru Group, Asia's leading property technology company, announces the appointment of Jules Kay as Director of its industry leading business, ‘Asia Property Awards’. The Awards are Asia’s largest and with its independent judging panel of over 80 industry experts, it is the most respected real estate awards series that recognise and promote excellence in development, design and innovation. On the back of phenomenal growth in recent years, in 2019 the Awards will be even bigger with leading developers from China, Hong Kong, Japan and Australia also set to compete at the Grand Final in Bangkok at the end of November. Jules brings to PropertyGuru over two decades of regional leadership roles in sales and marketing, for a range of best-in-class real estate, hotel, hospitality and technology brands. One of the original team members of Asia Property Awards, Jules takes over from founder and managing director, Terry Blackburn, in this leadership role. At PropertyGuru, Jules leads a talented team that manages sales and marketing, event management, and the awards entry and independent judging process that has earned the Asia Property Awards its distinction as the flagship property awards over the last 14 years. <a href="http://www.property-report.com/detail/-/blogs/call-for-nominations-to-2019-propertyguru-asia-property-awards-malaysia-launch-3" target="_blank">More: Call for nominations to 2019 PropertyGuru Asia Property Awards (Malaysia) launched</a> "I am delighted to welcome Jules to the Group. Our Awards is an excellent platform that connects the property industry annually in each market  and lends regional prominence to deserving developers and developments," said Jeremy Williams, chief business officer, PropertyGuru Group. "With its independent judging panel comprising of prominent experts from across the region the Awards are a hallmark of Asia’s property market. Last year, Asia Property Awards brought close to 4000 industry participants together and the business saw an impressive 30 percent year on year revenue growth. With his deep understanding of the awards business and extensive regional property market experience, Jules will be a great partner in furthering the growth and stature of the Awards. I look forward to working closely with him.” On his appointment, Jules Kay, Director, PropertyGuru Asia Property Awards said, "I was fortunate to be part of the meteoric rise of the property markets across Asia and I have continued to believe in and promote the best of the best in the region’s real estate industry. In my new role at PropertyGuru, I am thrilled to join a team of like-minded professionals whose mission it is to recognise, achieve, promote and celebrate quality. I look forward to working with the team and taking the Awards to newer heights.”

PropertyGuru appoints new director to lead Asia's largest real estate awards platform

<img alt="Penang, Malaysia. Naturalism14/Shutterstock" src="/documents/10204/0/shutterstock_779273761-compressor.jpg/f0afa13d-d4d1-4ffd-9fea-97ceffc4eb7e?t=1550662170695" style="width: 1000px; height: 667px;" />The current narrative about Malaysia is one of cautious optimism: a residential property market that deserves more than a perfunctory glance, if not a leap of faith. Amid the ongoing sales lull and socio-political twists and turns of late, the Malaysian economy still holds an evergreen appeal to foreign property seekers. The nation boasts the second-highest per capita income in Southeast Asia after Singapore, with more than 50 percent of the GDP generated by local demand. It is on track to achieve the status of developed nation between 2022 and 2023. “Looking at Malaysia’s forthcoming status as a fully developed and higher-income country, the expectation is for a fast growth of property values within the next five years,” said Dr. Daniele Gambero, CEO and co-founder of strategic marketing consultancy firm REI Group of Companies, and a longtime judge at the annual PropertyGuru Asia Property Awards (Malaysia) competition. Residential property values in Malaysia are considered “still very low” relative to other currencies, noted Gambero, an Italian expatriate who has been living in the country since 2000. “A cheap ringgit has contributed to raising foreigners’ interest into our local real estate, together with a relatively low cost of living, quality of education, medical care, and the beauty of our local natural sites.” One popular new development, the Best Luxury Condo Development-winning The Ritz-Carlton Residences, Kuala Lumpur, Jalan Sultan Ismail by Berjaya Corporation Berhad, offered nearly 290 units at prices between MYR2.7 million and MYR12.8 million (USD661,000-3.1 million).  In comparison, similar luxury properties can fetch up to USD8.5 million million per unit in Bangkok or Jakarta. <a href="http://www.property-report.com/detail/-/blogs/5-reasons-why-investors-still-bet-on-malaysian-proper-3" target="_blank">More: 5 reasons why investors still bet on Malaysian property</a> <h4>A viable second home for foreigners</h4> Foreigners in Malaysia can own a condo, bungalow, terrace house, landed property, and more as long as such units are valued at MYR 1 million or more, according to prevailing foreign ownership rules. Despite reports of a suspension, the Malaysia My Second Home (MM2H) programme is still very much in place, giving foreign property seekers access to units worth less than MYR1 million. The scheme dangles 10-year visas, renewable for another 10 years, to foreigners with enough funds and assets.  While it has remarkably scrutinised Chinese-backed infrastructure projects, the new government has not driven a final wrench in inbound investment from China, the top source of applications for the MM2H programme. As of last year, Chinese citizens have been able to own 1,664 homes through the programme since 2007. “The new administration is actually not at all against Chinese purchasing properties in Malaysia. Our prime minister (Mahathir Mohamad) has clearly stated that only the ‘automatic citizenship’ is out of discussion or application,” Gambero said. <a href="http://www.property-report.com/detail/-/blogs/evolving-malaysian-property-market-rises-above-generational-and-economic-hurdl-8" target="_blank">More: Evolving Malaysian property market rises above generational and economic hurdles</a> <h4>Bona fide retirement destination</h4> The MM2H programme was partly instituted to groom Malaysia as a bona fide retirement destination. Next to the Chinese, citizens of the United Kingdom have been able to own 357 units through MM2H, while those from Australia and the United States have been able to acquire 147 and 115 units, respectively. “Australians and Europeans are looking at Malaysia as a safe and cheap country to spend several months a year once they are retired,” Gambero said, recommending Penang and Kota Kinabalu for an abundance of retirement homes with easy access to quality medical services.   <img alt="Dr. Daniele Gambero presenting at the 2018 PropertyGuru Asia Property Awards (Malaysia)" src="/documents/10204/0/dr-daniele-gambero-compressor.jpg/85d0ef70-f6c9-4598-9055-41f5bb8fab1d?t=1550662499579" /> Foreign property investors would do well to seek properties in not only Kota Kinabalu but also Kuala Lumpur, Penang, and Johor Baru, he added. Similarly, Ipoh and Melaka have shown very good potential for future growth, given the infrastructure projects that are being constructed to ease accessibility in these destinations. <h4>Fast capital gains</h4> “For those foreign investors looking at fast capital gain, the best advice I can give is to follow the economic corridors, especially Iskandar Malaysia, Kuantan (East Coast Economic Region), Score (Sarawak Corridor of Renewable Energy), and MVV 2.0 (Malaysian Vision Valley 2.0).” Further economic growth is likely to happen in these areas within the next five years, and property investors should extend their holding periods in the interim. There are now more than 106,000 foreigners living in their own homes in Malaysia, as per the latest census data. For Gambero, management of negative perceptions is key to drawing more investors and end-user property buyers to Malaysia as it reckons with changes. “I’m still aggressive in looking for properties as per the old rule that ‘bad times are best times’ but not everybody is getting this point,” he said. “If only we will be able to manage differently the partially negative perception that the market, in general, is having, I’m expecting 2019 to be another good year for Malaysia.” What developments do you think meet foreigners investors demand? Nominate those projects to the 2019 PropertyGuru Asia Property Awards (Malaysia). Nominations close on 1 March. Find more details here: <a href="http://www.asiapropertyawards.com/nomination/malaysia">http://www.asiapropertyawards.com/nomination/malaysia</a>

Expats still eye Malaysian property for sound investment

<img alt="xtock/Shutterstock" src="/documents/10204/0/shutterstock_183115853-compressor.jpg/b0cb11c5-f790-4a76-b139-15e071b88768?t=1550142714033" style="width: 1184px; height: 667px;" />Malaysia’s rapidly urbanising property industry has endured several challenges within the last couple of years, including bottoming out prices and market consolidation, but it has continued to be a preferred investment destination. Consumer sentiment has largely remained positive with intention to invest in property in the coming months, according to a 2018 survey conducted by leading property portal PropertyGuru.com.my, thanks to accessible housing loans and available stock of high-calibre properties across the country. Developers are keeping up with changing consumer demand and producing more projects aimed at the mass market segment, and leaning towards a high-earning, younger workforce that is enjoying the benefits of an improving Malaysian economy.  Property builders are also expanding outside the usual investment zones of Greater Kuala Lumpur (where transit-oriented developments in central business districts have become popular in recent years with the ever-growing middle class), Iskandar and Penang, giving the spotlight to several emerging residential hotspots. “Malaysia remains one of the most dynamic property markets in the region and despite political and economic challenges, high quality real estate projects continue to launch and complete around the country each year,” says Jules Kay, who recently joined PropertyGuru Group as Business Director of its industry leading brand, ‘Asia Property Awards’, widely considered Asia’s largest and most respected real estate awards series that recognises and promotes excellence in development, design and innovation. <a href="http://www.property-report.com/detail/-/blogs/current-trends-that-influence-malaysian-architecture-in-20-9" target="_blank">More: Current trends that influence Malaysian architecture in 2019</a> <h4>Increasingly competitive categories</h4> Acknowledging the evolution of Malaysia’s property landscape, the <a href="http://www.asiapropertyawards.com/nomination/malaysia/" target="_blank">PropertyGuru Asia Property Awards (Malaysia)</a> programme introduced Best Mass Market Development categories in 2017; they defined the last two editions of the prestigious awards series, with LBS Bina Group Berhad, known for its affordable developments, winning the top prize in 2018. The increasingly competitive mass market categories have received huge attention from developers and presented property-seekers with trusted recommendations that bear PropertyGuru’s stamp of approval. “Malaysia is a very important core market for PropertyGuru and we are delighted to organise the sixth edition of the Awards this year,” says Kay. “Presented by global brand Kohler and judged by a respected panel of industry experts, the PropertyGuru Asia Property Awards (Malaysia) has become a respected industry event that recognises Malaysia’s diverse and innovative property and construction sectors.  <img alt="Jules Kay, business director of PropertyGuru Asia Property Awards" src="/documents/10204/0/APAGF-2018_Jules-Kay_2-compressor.jpg/0a6a8e2d-0039-4f57-ae03-95ef8f0ef04a?t=1550142890708" /> “The Awards not only highlight the country’s best developers but also showcase quality and innovation in the Malaysian real estate industry as a whole," notes Kay. Previous winners in the developer categories include Sime Darby Property, Mah Sing Group, Bon Estates, and Tropicana Corporation. Meanwhile, recipients of the Malaysia Real Estate Personality of the Year award include top names such as Mitraland Group’s Chuah Theong Yee, Pacific Star Development’s Glen Chan, UEM Sunrise Berhad’s Anwar Syahrin Abdul Ajib, and Sime Darby Property’s Dato' Seri Abd Wahab Maskan. <a href="http://www.property-report.com/detail/-/blogs/5-reasons-why-investors-still-bet-on-malaysian-proper-3" target="_blank">More: 5 reasons why investors still bet on Malaysian property</a> <h4>The search is on</h4> The sixth annual edition is currently accepting submissions until 1 March to nominate the year’s best property developers, projects and design in Klang Valley, Penang and Iskandar, as well as the exciting destinations of Ipoh, Kota Kinabalu, and Melaka. Open categories include Best Condo, Best Landed, Best Township, Best Mass Market, and Best Mixed Use Development. There are also special award categories for Corporate Social Responsibility (CSR) and Sustainable Development, as well as Public Facility, which is open to facilities or infrastructure projects spearheaded by the public sector. “Nominations are open to the industry and the public. We have already received a significant number of eligible entries from developers around the country. Our panel of expert industry judges will conduct supervised site inspections in March –– an extremely important aspect of our awards system,” adds Kay, noting the earned reputation of the Asia Property Awards as fair, ethical and transparent. Malaysia’s most prestigious property honours will be presented at the exclusive awards gala dinner on Friday, 12 April 2019 at the Majestic Hotel Kuala Lumpur, a part of a national heritage site in Malaysia’s capital. The 6th PropertyGuru Asia Property Awards (Malaysia) is supported by PropertyGuru.com.my, Malaysia’s leading property site; official magazine PropertyGuru Property Report; media partner Top 10 of Asia; and official supervisor BDO. The independent judging panel is chaired by returning head judge Prem Kumar, executive director of Jones Lang Wootton.  For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

Evolving Malaysian property market rises above generational and economic hurdles

<img alt="Residential units made from refurbished shipping containers in Kuala Lumpur. Aisyaqilumaranas/Shutterstock " src="/documents/10204/0/shutterstock_1249209487-compressor.jpg/29ef599a-f357-40c0-8594-9c15d9b528a2?t=1549648821839" style="width: 1003px; height: 667px;" />Issues of unaffordability and scarcity of space in Malaysia’s urban areas will lead property developers to gun for residential units of smaller dimensions, maximising the number of dwellings in one building. This trend toward downsizing, among others, will inform Malaysian architecture and interior design this year, according to one of the country’s leading architects.   “There will be a greater interest among architects and interior designers towards small-scale residential units,” said Ar. Mustapha Kamal Zulkarnain, principal at Selangor-based architecture firm Arkitek Mustapha Kamal (AMK) and one of the judges at the <a href="http://property-report.com/detail/-/blogs/call-for-nominations-to-2019-propertyguru-asia-property-awards-malaysia-launch-3" target="_blank">PropertyGuru Asia Property Awards (Malaysia)</a>. Small-scale, big value housing Last year saw Malaysian developers take to building “cost-effective housing units with good localities,” the Auckland-educated architect noted. Developers have recently shown a predilection toward building high-rise units, in relatively smaller sizes of 450 to 840 square feet, according to a recent report released by <a href="http://Propertyguru.com.my" target="_blank">PropertyGuru.com.my</a>, the country’s leading property portal. Such units typically offer flexible spatial layouts and space-saving furniture, accommodating a wide gamut of demographic segments, including single adults, young couples, 2+1 families, newlyweds, senior citizens, and empty nesters. “Buyers are accepting smaller homes as part of the reality of urban living,” PropertyGuru Malaysia noted in its GuruView predictions for 2019. <a href="http://property-report.com/detail/-/blogs/get-to-know-3-of-malaysia-s-residential-hotspots-to-wat-6" target="_blank">More: Get to know 3 of Malaysia’s residential hotspots to watch</a> Cost-saving options for residential customers Affordability continues to be a hot-button issue in Malaysia, where the current ruling party, Pakatan Harapan, is planning to build a million affordable housing units over a 10-year period covering two election terms. Among end users who work and live in the same place, dual-key homes will likely gain favour as they tend to be built closer to public transportation, added PropertyGuru Malaysia. Such smaller units are expected to proliferate with the advent of massive transport infrastructure projects in the peninsula. Two of these public-private ventures won the Special Recognition for Public Facility at last year’s awards. Construction engineering company Ekovest Berhad gained the honour for the Duta-Ulu Kelang Expressway (DUKE) that serves the Sri Damansara, Rawang, Kepong and Sungai Buloh areas, while Mass Rapid Transit Corporation Sdn. Bhd won for the Mass Rapid Transit Sungai Buloh - Kajang Line. <a href="http://property-report.com/detail/-/blogs/5-reasons-why-investors-still-bet-on-malaysian-proper-3" target="_blank">More: 5 reasons why investors still bet on Malaysian property</a> <h4>Greener cities, heritage revival</h4> <img alt="Ar. Mustapha Kamal Zulkarnain presents the award for Best Green Development to Berjaya Corporation Berhad for The Ritz-Carlton Residences, Kuala Lumpur, Jalan Sultan Ismail" src="/documents/10204/0/41876824041_165328003d_b-compressor.jpg/8f0e999b-13c3-449b-8178-5c19c60c2992?t=1549649147713" /> “There will also be more inclusive architecture, more reliance on digital technology, and greener and more collective cities. More emphasis will be given to local material as well as local techniques, on robotics and automation,” said Ar. Mustapha. Malaysia’s biggest developers are catching up to the demands of the market. At the 2018 Awards, special recognition was presented to developers and projects that excelled in universal design, green development, and corporate social responsibility (CSR), including Sime Darby Property, Berjaya Corporation Berhad, Lion Group Property, Mah Sing Group, and Best Developer award-winning LBS Bina Group Berhad. “Finally, there is a growing trend of going for retro design at older places,” Ar. Mustapha noted. One example is the Kuala Lumpur City Hall’s renovation of a historic building that houses the city’s Tourism Bureau office, which received the Special Recognition for Public Facility in recognition of the city agency’s rebranding efforts. Which projects will set the tone for architecture and interior design in Malaysia in the future? Let the world know by nominating them to the 2019 PropertyGuru Asia Property Awards (Malaysia). Nominations close by 22 February. Find more details here: <a href="http://www.asiapropertyawards.com/nomination/malaysia/" target="_blank">http://www.asiapropertyawards.com/nomination/malaysia/</a>

Current trends that influence Malaysian architecture in 2019

<img alt="Winning and highly commended entrants of the 2018 PropertyGuru Philippines Property Awards" src="/documents/10204/0/lead-image-for-PPA-2019-nominations-compressor+%281%29.jpg/af92f19c-13b5-4a4c-9bb7-f4aac65d8695?t=1548923354355" style="width: 1185px; height: 667px;" />A “strong and stable” Philippine real estate market is gearing up for the seventh annual edition of the PropertyGuru Philippines Property Awards, which will be announced on Friday, 5 July 2019 at an exclusive gala dinner at the Fairmont Makati ballroom, attended by the industry’s most influential leaders. Presented by global brand Kohler, the long-running competition is the gold standard for excellence in Philippine real estate, recognising development, design and innovation, as well as shining the spotlight on Corporate Social Responsibility (CSR), Sustainable Development, Design and Construction, Building Communities, Customer Care, and Public Facility projects. Shortlisted nominees in more than 35 competitive categories will be announced in June, including finalists for outstanding condominium and housing development in Metro Manila, Cebu, and Davao.  <h4>New category and chairperson</h4> The residential categories are further divided into luxury, high-end, mid-end, and affordable segments that follow new pricing eligibility criteria to accurately reflect current market conditions. (Visit <a href="http://asiapropertyawards.com" target="_blank">www.asiapropertyawards.com</a> for details.) There are also open categories for alternative housing, resort, office, BPO office, retail, hotel, mixed-use, and township development, as well as their corresponding architectural, interior or landscape design awards. In addition, the independent panel of judges has introduced a new category for Best Co-Working Space, as demand for flexible and serviced work spaces spike in Metro Manila, particularly in the central business districts of Makati and Bonifacio Global City, according to a recent report by JLL. The newly elected awards chairperson is Christophe Vicic, JLL Philippines' Country Head, succeeding Jaime A. Cura, PhD of the RGV Group of Companies, who remains a member of the judging panel comprising respected industry experts. Representatives from BDO Roxas, Cruz, Tagle & Co. oversee the fair, ethical and transparent judging process. <img alt="Christophe Vicic, JLL Philippines’ Country Head, presenting at last year's awards" src="/documents/10204/0/PPA-2018_Christophe-Vicic_JLL_V2-compressor.jpg/144d3861-ec86-47d2-b072-d9894bb5dd8e?t=1549266208770" /> Key dates for the 2019 edition are: <ul> <li>26 November 2018 – Nominations and Entries Open</li> <li>3 May 2019 – Nominations Close</li> <li>10 May 2019 – Entries Close</li> <li>27 May to 7 June 2019 – Site Inspections</li> <li>10 June 2019 – Final Judging</li> <li>5 July 2019 – Gala Dinner and Awards Ceremony in Makati, Philippines</li> <li>29 November 2019 – Grand Final in Bangkok, Thailand</li> </ul>   <h4>Standing alongside the best of Asia</h4> More than 300 guests attend the annual awards night in Manila, which also celebrates the Philippines Real Estate Personality of the Year. Past titleholders include former Senate president Manny Villar, Philippine Green Building Council chair Raymond Rufino, unicorn entrepreneur Robbie Antonio, and Megaworld founder Dr Andrew L. Tan, who was named the first-ever recipient of the PropertyGuru Icon Award at the regional PropertyGuru Asia Property Awards Grand Final held last November in Bangkok, Thailand, where The Podium by SM Keppel Land collected two regional awards. Jules Kay, business director of the Asia Property Awards, said: “Quality developments in the country are being promoted across the region through the Philippines Property Awards programme, which recognises the Philippines as a forward-thinking, fast-growing and innovative property market that stands along with the best in Asia.”  Commenting on the stability of the sector, Kay told ANC, The ABS-CBN News Channel in Manila: “The Philippine property sector is unique because the fundamentals here are very strong and stable, with a lot of foreign direct investment and overseas remittances coming in continuously, giving a nice balance of domestic strength and international interest. The Philippines also keeps its property sector well-managed in that the highs and lows are less extreme compared to neighbouring countries in ASEAN.”  The 2019 PropertyGuru Philippines Property Awards is supported by platinum sponsor Kohler; gold sponsor Hitachi Elevator; official newspaper The Philippine STAR; official magazine PropertyGuru Property Report; and official supervisor BDO Roxas, Cruz, Tagle & Co., CPAs. For more information, email <a href="http://awards@propertyguru.com" target="_blank">awards@propertyguru.com</a> or visit the official website: <a href="http://AsiaPropertyAwards.com" target="_blank">AsiaPropertyAwards.com</a>

The search for the best of the Philippines' real estate is underway

PropertyGuru Cambodia Property Awards cast wider net on nominees for 2019 edition

Call for nominations to 2019 PropertyGuru Asia Property Awards (Malaysia) launched

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New categories for niche segments

Televised awards, topnotch support, transparent judging process

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