<p><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.</p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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”.</p> <p>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.</p> <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> <p>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.</p> <p>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.</p> <p>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.</p> <p>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.”</p> <p><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" /></p> <p>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.</p> <p>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.</p> <p>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.”</p> <p>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.</p> <p><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" /></p> <p>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.”</p> <p>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.</p> <p><a href="http://property-report.com/detail/-/blogs/better-together-making-the-most-of-mixed-use-developmen-4" target="_blank"><strong>More: Making the most of mixed-use developments</strong></a></p> <p>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.</p> <p>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?</p> <p><em>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</em></p>
<p><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.</p> <p>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.</p> <p>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.</p> <p>But things appear to be changing.</p> <p>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.</p> <p>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.</p> <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> <p>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.</p> <p>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.”</p> <p><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" /></p> <p>“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.</p> <p>Elsewhere in Asia, secondary cities are similarly enjoying Chinese-powered boosts as ties with the country strengthen.</p> <p>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.</p> <p><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" /></p> <p>“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.</p> <p>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. </p> <p>“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.</p> <p>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. </p> <p><a href="http://www.property-report.com/detail/-/blogs/rising-dragon-boom-times-continue-in-vietnam-real-esta-3" target="_blank"><strong>More: Boom times continue in Vietnam real estate</strong></a></p> <p>“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. </p> <p>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.</p> <p>“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.</p> <p>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.</p> <p><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" /></p> <p>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.</p> <p>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.</p> <p><em>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</em></p>
<p><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;" /><span xml:lang="EN-GB">Spanning roughly a third of the earth</span><span xml:lang="EN-GB">’s landmass, the Asia-Pacific region is hom</span><span xml:lang="EN-GB">e to more than 60</span><span xml:lang="EN-GB"> percent</span><span xml:lang="EN-GB"> of the world’</span><span xml:lang="EN-GB">s population</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">and</span><span xml:lang="EN-GB"> its</span><span xml:lang="EN-GB"> rapidly growing </span><span xml:lang="EN-GB">cities are beginning to feel the pinch. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{53}" paraid="2136570234"><span xml:lang="EN-GB">The urgent need to create</span> <span xml:lang="EN-GB">quality </span><span xml:lang="EN-GB">affordable housing on limited land </span><span xml:lang="EN-GB">has become a defining iss</span><span xml:lang="EN-GB">ue across the region</span><span xml:lang="EN-GB">, where soaring property prices </span><span xml:lang="EN-GB">and stagnating</span><span xml:lang="EN-GB"> incomes </span><span xml:lang="EN-GB">have left many</span><span xml:lang="EN-GB"> struggling for a place to call home</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{169}" paraid="1758303828"><span xml:lang="EN-GB">But 2018 brought</span><span xml:lang="EN-GB"> several breakthroughs on this critical front. Recent elections ushered in new administrations in Hong Kong,</span><span xml:lang="EN-GB"> New Zealand</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and Malaysia</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> all promising to cure their respective housing crises</span><span xml:lang="EN-GB"> as a top priority</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{193}" paraid="593067834"><span xml:lang="EN-GB">Innovative design and urban planning firms have cropped up across Asia, breathing new life into mass housing developments and </span><span xml:lang="EN-GB">putting sustainability front and </span><span xml:lang="EN-GB">centre</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{207}" paraid="971224038"><span xml:lang="EN-GB">Singapore</span><span xml:lang="EN-GB">’s public housing scheme, created in the 1960s, </span><span xml:lang="EN-GB">still shine</span><span xml:lang="EN-GB">s as the region’s gold standard</span><span xml:lang="EN-GB">. Today,</span> <span xml:lang="EN-GB">m</span><span xml:lang="EN-GB">ore than 90</span><span xml:lang="EN-GB"> percent</span><span xml:lang="EN-GB"> of the city-state’s </span><span xml:lang="EN-GB">5.6 million</span> <span xml:lang="EN-GB">residents </span><span xml:lang="EN-GB">are </span><span xml:lang="EN-GB">homeowners</span><span xml:lang="EN-GB">. While the Singapore model isn’t easily exportable, </span><span xml:lang="EN-GB">many of </span><span xml:lang="EN-GB">its </span><span xml:lang="EN-GB">neighbours</span> <span xml:lang="EN-GB">are finding their own unique solutions</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{255}" paraid="949502869"><span xml:lang="EN-GB">Malaysia </span><span xml:lang="EN-GB">suffers no shortage of innovative developers</span><span xml:lang="EN-GB">; with more land and lower costs than </span><span xml:lang="EN-GB">neighbouring</span><span xml:lang="EN-GB"> Singapore, the Southeast Asian nation seems to be enjoying a steady emergence from its years-long property malaise. </span> </p> <p paraeid="{fed141b5-1f33-4608-80d9-dd299f658d05}{255}" paraid="949502869"><a href="http://www.property-report.com/detail/-/blogs/better-together-making-the-most-of-mixed-use-developmen-4" target="_blank"><strong>More: Making the most of mixed-use developments</strong></a></p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{16}" paraid="84162373"><span xml:lang="EN-GB">Political headwinds may have helped. In May, Malaysian voters decisively ousted the administration of former Prime Minister Najib Razak</span><span xml:lang="EN-GB">, who was deeply embroiled in the 1MDB</span><span xml:lang="EN-GB"> embezzlement scandal. The new government of Mohammad Mahathir</span><span xml:lang="EN-GB">, who returned to power at the age of 93 on a promise of cleaning up corruption and shoring up investor confidence,</span><span xml:lang="EN-GB"> swiftly began a wholesale undoing of Naj</span><span xml:lang="EN-GB">ib’s policies</span><span xml:lang="EN-GB">.</span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{34}" paraid="1965582510"><span xml:lang="EN-GB">Home-grown</span><span xml:lang="EN-GB"> firms were </span><span xml:lang="EN-GB">more than </span><span xml:lang="EN-GB">r</span><span xml:lang="EN-GB">eady for </span><span xml:lang="EN-GB">change</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and have seized the opportunity</span><span xml:lang="EN-GB">. LBS Bina Group, based in Kuala Lumpur, </span><span xml:lang="EN-GB">is among the most prolific </span><span xml:lang="EN-GB">when it comes to creating </span><span xml:lang="EN-GB">large scale, community-oriented housing, launching</span> <span xml:lang="EN-GB">successful </span><span xml:lang="EN-GB">projects</span><span xml:lang="EN-GB"> in the Klang Valley, Johor</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and K</span><span xml:lang="EN-GB">uala Selangor. </span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{78}" paraid="193552742"><span xml:lang="EN-GB">LBS Bina swept this year’s Property Guru Asia Property Awards, recognized as Malaysia’s Best Developer and making off with a cache of othe</span><span xml:lang="EN-GB">r </span><span xml:lang="EN-GB">honours</span><span xml:lang="EN-GB"> for innovation in mass-</span><span xml:lang="EN-GB">market condominiums, corporate social responsibility</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and sustainability. </span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{98}" paraid="778241562"><span xml:lang="EN-GB">Having already gained a strong foothold, the firm now seeks to lead the way by l</span><span xml:lang="EN-GB">owering</span><span xml:lang="EN-GB"> construction costs through an </span><span xml:lang="EN-GB">industrialized building </span><span xml:lang="EN-GB">system</span><span xml:lang="EN-GB"> of pre-cast concrete</span><span xml:lang="EN-GB"> that reduce</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB"> the need for </span><span xml:lang="EN-GB">labour</span><span xml:lang="EN-GB">. Ong Wei Ling, </span><span xml:lang="EN-GB">a spokesperson</span> <span xml:lang="EN-GB">for</span><span xml:lang="EN-GB"> LBS</span><span xml:lang="EN-GB"> Bina</span><span xml:lang="EN-GB">, says the method results in </span><span xml:lang="EN-GB">“cleaner, neater</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and safer construction sites</span><span xml:lang="EN-GB">” completed in a fraction of the time, “</span><span xml:lang="EN-GB">helping developers deliver value to invest</span><span xml:lang="EN-GB">ors or buyer</span><span xml:lang="EN-GB">s awaiting their</span><span xml:lang="EN-GB"> dream home.”</span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{152}" paraid="1795545625"><span xml:lang="EN-GB">Other firms such as UEM Sunrise Berhad, one of Malaysia’s largest developers, </span><span xml:lang="EN-GB">and OCR Berhad Group have been</span><span xml:lang="EN-GB"> among the most strident designers</span><span xml:lang="EN-GB"> of af</span><span xml:lang="EN-GB">fordable housing, the latter serving as project manager for the massive Yayasan Pahang development in Mukim Penor. Once completed, it is expected to create</span><span xml:lang="EN-GB"> roughly 25,000 units</span><span xml:lang="EN-GB">.</span></p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{152}" paraid="1795545625"><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" /></p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{152}" paraid="1795545625"><span xml:lang="EN-GB">Smaller</span><span xml:lang="EN-GB"> than the U.S. state of Rhode Island, with nearly seven times the population</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> Hong Kong is home to about 7.4 million people crammed into 2,754 square kilomet</span><span xml:lang="EN-GB">r</span><span xml:lang="EN-GB">e</span><span xml:lang="EN-GB">s packed with high-rises divvied </span><span xml:lang="EN-GB">up </span><span xml:lang="EN-GB">into </span><span xml:lang="EN-GB">miniscule</span><span xml:lang="EN-GB"> units</span><span xml:lang="EN-GB">. Year after year, this semi-autonomous region of China is named </span><span xml:lang="EN-GB">one of the most expensive cities</span><span xml:lang="EN-GB"> in t</span><span xml:lang="EN-GB">he world, a vital</span><span xml:lang="EN-GB"> gateway between East and West</span><span xml:lang="EN-GB"> that costs an average of </span><span xml:lang="EN-GB">USD</span><span xml:lang="EN-GB">28,000 per square meter</span><span xml:lang="EN-GB">.</span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{219}" paraid="1540188546"><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">The Hong Kong problem is quite unique</span><span xml:lang="EN-GB"> and is complicated by the fact that Hong Kong just doesn’t have enough land</span><span xml:lang="EN-GB">,” says David Ji, director and head of research and consultancy for g</span><span xml:lang="EN-GB">reater China</span><span xml:lang="EN-GB"> at Knight Frank. “T</span><span xml:lang="EN-GB">hey have to squeeze as much out of it a</span><span xml:lang="EN-GB">s they can.” This conundrum has put Hong Kong’s policymakers in the uncomfortable position of h</span><span xml:lang="EN-GB">aving to either create new land</span><span xml:lang="EN-GB">masses or convert old</span><span xml:lang="EN-GB">er</span><span xml:lang="EN-GB"> properties for new use. </span> </p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{219}" paraid="1540188546"><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" /></p> <p paraeid="{17e113a2-d5eb-4931-9042-88f64f1a703c}{247}" paraid="1477051360"><span xml:lang="EN-GB">Chief Executive Carrie Lam, who assumed the territor</span><span xml:lang="EN-GB">y’s highes</span><span xml:lang="EN-GB">t office in 2017, has said </span><span xml:lang="EN-GB">solving the city’s housing crisis </span><span xml:lang="EN-GB">is </span><span xml:lang="EN-GB">among </span><span xml:lang="EN-GB">her top priorities. </span><span xml:lang="EN-GB">While plans to build affordable hous</span><span xml:lang="EN-GB">ing on roughly 1,700 hectares of</span><span xml:lang="EN-GB"> artificial islands</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">a project called </span><em><span xml:lang="EN-GB">Lantau Tomorrow Vision</span><span xml:lang="EN-GB">—</span></em><span xml:lang="EN-GB">have come under criticism, she may have few viable alternatives to land reclamation. Property experts sa</span><span xml:lang="EN-GB">y Lam has made strides with </span><span xml:lang="EN-GB">long-term housing goals, but is bound to face opposition because she</span><span xml:lang="EN-GB"> has yet to come up with short-</span><span xml:lang="EN-GB">term solu</span><span xml:lang="EN-GB">tions to help the ma</span><span xml:lang="EN-GB">ny Hong Kongers who need homes now</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{42}" paraid="580463262"><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">A</span><span xml:lang="EN-GB"> comprehensive proposal has been tabled, which has never happened before</span><span xml:lang="EN-GB">, </span><span xml:lang="EN-GB">and </span><span xml:lang="EN-GB">a</span><span xml:lang="EN-GB">s a long-term pr</span><span xml:lang="EN-GB">oposal this is a positive step,” says </span><span xml:lang="EN-GB">Ji. </span><span xml:lang="EN-GB">“But</span><span xml:lang="EN-GB"> a</span><span xml:lang="EN-GB">ll these measures are </span><span xml:lang="EN-GB">planned fa</span><span xml:lang="EN-GB">r</span> <span xml:lang="EN-GB">in </span><span xml:lang="EN-GB">the future, we’re looking at </span><span xml:lang="EN-GB">five</span><span xml:lang="EN-GB"> to </span><span xml:lang="EN-GB">10 years down the line, and b</span><span xml:lang="EN-GB">uyers still find it difficult to get on the property ladder.</span><span xml:lang="EN-GB">”</span><span xml:lang="EN-GB"> While prices have risen for 20 consecutive months, Ji says he expects some relief by year’s end. </span> </p> <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> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{92}" paraid="515678092"><span xml:lang="EN-GB">S</span><span xml:lang="EN-GB">everal government</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB"> in the Asia-Pacific</span><span xml:lang="EN-GB"> have</span><span xml:lang="EN-GB"> also</span><span xml:lang="EN-GB"> mo</span><span xml:lang="EN-GB">ved to limit foreign ownership</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">due in part </span><span xml:lang="EN-GB">to concerns about Chinese expansionism</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">b</span><span xml:lang="EN-GB">ut experts say these policies are</span><span xml:lang="EN-GB"> misguided. </span><span xml:lang="EN-GB">New Zealand’s recent ban on foreign residential sales prompted the International Monetary Fund to warn that the policy was discriminatory. </span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{130}" paraid="2088562221"><span xml:lang="EN-GB">When Malaysian premier Ma</span><span xml:lang="EN-GB">hathir suggested curbing foreign</span><span xml:lang="EN-GB"> ownership of </span><span xml:lang="EN-GB">units in </span><span xml:lang="EN-GB">the </span><span xml:lang="EN-GB">USD</span><span xml:lang="EN-GB">100 billion</span><em><span xml:lang="EN-GB"> Forest City </span></em><span xml:lang="EN-GB">project, the idea sent a chill through the investment community. “</span><span xml:lang="EN-GB">Permitting foreign investors to buy new housing obvious</span><span xml:lang="EN-GB">ly increases demand for housing,” says Brendan Coates, a fellow at Melbourne-based think tank the Grattan Institute, “b</span><span xml:lang="EN-GB">ut supply also increases if foreign investors enable developers to build more housing than otherwise</span><span xml:lang="EN-GB">.” </span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{134}" paraid="1161917583"><span xml:lang="EN-GB">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. </span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{170}" paraid="1718922565"><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">I think in the greater C</span><span xml:lang="EN-GB">hina regi</span><span xml:lang="EN-GB">on, people are rethinking affordable</span><span xml:lang="EN-GB"> housing</span><span xml:lang="EN-GB">—</span><span xml:lang="EN-GB">not as a burden that nobody wants to</span><span xml:lang="EN-GB"> build, but trying to put affordable</span><span xml:lang="EN-GB"> housing into private </span><span xml:lang="EN-GB">developers’ plans,” </span><span xml:lang="EN-GB">says</span><span xml:lang="EN-GB"> Ji, of Knight Frank</span><span xml:lang="EN-GB">.</span> <span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">The trend is changing from ‘whoever pays the highest price gets the land,’ to a more </span><span xml:lang="EN-GB">targeted, controlled use of property</span><span xml:lang="EN-GB">.</span><span xml:lang="EN-GB">”</span> </p> <p paraeid="{ddf9bf7c-2a47-4c78-98d7-98eb596c7559}{170}" paraid="1718922565"><em>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</em></p>
<p><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;" /></p> <p>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.</p> <p>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.</p> <p>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. </p> <p>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.</p> <p><a href="http://property-report.com/detail/-/blogs/can-green-buildings-turn-the-tide-in-climate-acti-10" target="_blank"><strong>More: Can green buildings turn the tide in climate action?</strong></a></p> <p>“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. </p> <p>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.</p> <p>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.</p> <p>“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.</p> <p><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" /></p> <p>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.</p> <p>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.</p> <p>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.”</p> <p>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.”</p> <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> <p>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.</p> <p>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. </p> <p>“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.</p> <p>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.</p> <p><em>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 </em></p>
<p><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 <span xml:lang="EN-GB">mingling </span><span xml:lang="EN-GB">business with pleasure. Self-contained communities that offer residences, retail, offices, and green space</span><span xml:lang="EN-GB">s</span> <span xml:lang="EN-GB">are emerging </span><span xml:lang="EN-GB">as the new development paradigm across a region where old ideas of city zoning are being eroded by vertical mixed-use mega-projects. </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{140}" paraid="1469202658"><span xml:lang="EN-GB">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. </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{150}" paraid="1696394645"><span xml:lang="EN-GB">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.</span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{160}" paraid="1171535369"><span xml:lang="EN-GB">In Bangkok, TCC Group’s One Bangkok (in partnership with Golden Land and Frasers Property Limited) is a US</span><span xml:lang="EN-GB">D</span><span xml:lang="EN-GB">3.5 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</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and publicly accessible parks and green spaces. </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{178}" paraid="1415884685"><span xml:lang="EN-GB">“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</span><span xml:lang="EN-GB"> the</span><span xml:lang="EN-GB"> 320-metre-tall OCT XI'AN International </span><span xml:lang="EN-GB">Centre</span><span xml:lang="EN-GB"> (OXIC) in </span><span xml:lang="EN-GB">Xi’an</span><span xml:lang="EN-GB">, China, where parks, piazza-style common areas</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and even terrace streets are positioned over multiple </span><span xml:lang="EN-GB">storeys </span><span xml:lang="EN-GB">of two skyscrapers. </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{178}" paraid="1415884685"><a href="http://property-report.com/detail/-/blogs/amid-urban-sprawl-and-overpopulation-indonesia-turns-to-model-mixed-use-complex-5" target="_blank"><strong>More: Amid urban sprawl, Indonesia turns to model mixed-use complexes</strong></a></p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{208}" paraid="711676717"><span xml:lang="EN-GB">In contrast to sprawling development, </span><span xml:lang="EN-GB">Jiang points out, “</span><span xml:lang="EN-GB">vertical communities create synergy between different uses and foster dynamic neighbourhoods. By integrating business, leisure, retail</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and residential space</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB">, the design of a vertical community is </span><span xml:lang="EN-GB">strategically organised to create a vibrant, permeable urban destination to live, work</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and visit.” </span> </p> <p paraeid="{5f28e09d-a2dc-479f-ac54-e542f6f93343}{236}" paraid="1336523006"><span xml:lang="EN-GB">Analysts </span><span xml:lang="EN-GB">at JLL real-estate services predict </span><span xml:lang="EN-GB">vertical living solutions </span><span xml:lang="EN-GB">will dominate the Asian market. “As cities become more developed</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and densities become higher, it makes sense to build more mixed-use developments,” says Regina Lim, head of capital markets research, Southeast Asia. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{1}" paraid="713210351"><span xml:lang="EN-GB">“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.”</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{11}" paraid="528223259"><span xml:lang="EN-GB">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. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{21}" paraid="209441643"><span xml:lang="EN-GB">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</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and shopping districts. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{21}" paraid="209441643"><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" /></p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{35}" paraid="773393810"><span xml:lang="EN-GB">This year alone, Megaworld has announced new residential and commercial developments for its townships in Manila, Pampanga, Pasig City</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and Bacolod City, while also rolling out a </span><span xml:lang="EN-GB">“smart township” initiative </span><span xml:lang="EN-GB">to future-proof its existing townships. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{53}" paraid="26562931"><span xml:lang="EN-GB">Starting with Davao Park District, the “iTownship” programme will see the 11-hectare development fitted with </span><span xml:lang="EN-GB">fibre</span><span xml:lang="EN-GB"> optic infrastructure, bike lanes and rental systems, LED-powered lighting and signage, solar-powered street lamps</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> and vertical open spaces and gardens.</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{71}" paraid="1402613072"><span xml:lang="EN-GB">While townships have traditionally been confined to </span><span xml:lang="EN-GB">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 </span><span xml:lang="EN-GB">take up 407 hectares of reclaimed land and connect directly to Roxas Boulevard, a major thoroughfare</span><span xml:lang="EN-GB">. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{87}" paraid="2117479747"><span xml:lang="EN-GB">For comparison, Thailand’s under-construction One Bangkok mixed-use project—itself a huge project for a capital city cent</span><span xml:lang="EN-GB">r</span><span xml:lang="EN-GB">e</span><span xml:lang="EN-GB">—covers just 18 hectares.</span> <span xml:lang="EN-GB">“There are many townships in Asia</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> 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</span><span xml:lang="EN-GB">—it’s </span><span xml:lang="EN-GB">right smack in the middle of town, with 360-degree</span><span xml:lang="EN-GB"> views.”</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{117}" paraid="181183912"><span xml:lang="EN-GB">Ho reveals that </span><span xml:lang="EN-GB">retail, in the form of </span><span xml:lang="EN-GB">a three-kilometre riverfront shopping strip</span><span xml:lang="EN-GB">, </span><span xml:lang="EN-GB">is not “just </span><span xml:lang="EN-GB">a mall</span><span xml:lang="EN-GB">”</span> <span xml:lang="EN-GB">but </span><span xml:lang="EN-GB">engage</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB"> with the central park and </span><span xml:lang="EN-GB">the riverside, </span><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">so that it becomes a thematic integrated entertainment complex.”</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{155}" paraid="1088474643"><span xml:lang="EN-GB">Similarly</span><span xml:lang="EN-GB"> in Vietnam, Ho Chi Minh City’s Thu Thiem New Urban Area will cover a vast 657-hectare site across </span><span xml:lang="EN-GB">the Saigon River</span><span xml:lang="EN-GB"> from the central District 1</span><span xml:lang="EN-GB">. Touted as the capital’s new financial zone, it will not only encompass office towers for some 217,000 employees</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> but also enough residential units for a population of 145,000. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{177}" paraid="1567294338"><span xml:lang="EN-GB">It’s not only in urban areas, however, where ambitious mixed-use projects are breaking the mould. </span><span xml:lang="EN-GB">On</span><span xml:lang="EN-GB"> the tree-lined shores of Phuket’s Kamala Beach, the US</span><span xml:lang="EN-GB">D</span><span xml:lang="EN-GB">67.5 million luxury MontAzure development </span><span xml:lang="EN-GB">comprise</span><span xml:lang="EN-GB">s</span><span xml:lang="EN-GB"> 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. </span> </p> <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> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{201}" paraid="1499700467"><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">Developers are realising that if they build a core concept</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> it adds value to the project, rather than simply selling parcels of land,</span><span xml:lang="EN-GB">”</span><span xml:lang="EN-GB"> says Martin Palleros, founder and director of Tierra Design and the architect behind The Residences at MontAzure. </span><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">It</span><span xml:lang="EN-GB">’</span><span xml:lang="EN-GB">s all about what you can offer the community, and not just in terms of the property components,</span><span xml:lang="EN-GB">”</span><span xml:lang="EN-GB"> he adds. </span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{233}" paraid="1823988430"><span xml:lang="EN-GB">Nicholas Ho believes that driving Asia’s demand for </span><span xml:lang="EN-GB">such </span><span xml:lang="EN-GB">integrated </span><span xml:lang="EN-GB">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.”</span> </p> <p paraeid="{8d1e62a5-d032-4df1-8f7b-8a9294efb921}{249}" paraid="959895416"><span xml:lang="EN-GB">Successful mixed-use schemes have the capacity to create diverse, vibrant neighbo</span><span xml:lang="EN-GB">u</span><span xml:lang="EN-GB">rhoods in which people can live, work</span><span xml:lang="EN-GB">,</span><span xml:lang="EN-GB"> 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 neighbo</span><span xml:lang="EN-GB">u</span><span xml:lang="EN-GB">rhoods. </span> </p> <p paraeid="{95a19f8e-4dcf-4edc-b202-d6ced56457f7}{16}" paraid="1522991961"><span xml:lang="EN-GB">Ho predicts </span><span xml:lang="EN-GB">this integrated, community-driven approach to development will gradually become the new normal. </span><span xml:lang="EN-GB">“</span><span xml:lang="EN-GB">The future of mixed</span><span xml:lang="EN-GB">-</span><span xml:lang="EN-GB">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.”</span> </p> <p paraeid="{95a19f8e-4dcf-4edc-b202-d6ced56457f7}{16}" paraid="1522991961"><em>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</em></p>
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<p><img alt="Pig-shaped sculpture lights up Circular Quay in Sydney for 2019 Chinese New Year celebrations. katacarix/Shutterstock" src="/documents/10204/0/shutterstock_1308256876-compressor.jpg/f17152c6-f162-4b3e-ad62-bbe900adc591?t=1550487023476" style="width: 1000px; height: 666px;" />Chinese investment in Australian real estate stood at AUD12.7 billion (USD9 billion) in 2017-18, down 17 percent from the AUD15.3 billion recorded in the previous year, data from Australia's latest annual Foreign Investment Review Board report showed. </p> <p>That still leaves China accounting for one out of every four dollars of foreign real estate investment in the country, pointed out leading Chinese property portal <a href="http://Juwai.com" target="_blank">Juwai.com</a>.</p> <p>“While Chinese demand for residential real estate has fallen, China still accounts for a majority of residential real estate approvals,” said Carrie Law, CEO and Director of Juwai.com, also known as the international real estate partner to Chinese online giant Tencent.</p> <p>“Chinese buying in 2017-18 was most impacted by three factors: the unexpected canceling of promised mortgage loans by Australian banks, higher foreign stamp duty taxes, and capital controls making it more difficult to move money from China,” she added. </p> <p>After the US, China was the second largest source of foreign investment capital across all sectors in Australia. China plowed AUD23.7 billion in investment during the 2017–18 period, down from AUD38.9 billion in 2016–17.</p> <p><a href="http://www.property-report.com/detail/-/blogs/what-we-can-learn-from-smart-cities-in-ap-2" target="_blank"><strong>More: Smart cities in Asia Pacific and their challenges</strong></a></p> <p>Approved investments across all sectors in Australia from the US hit AUD36.5 billion in 2017-18.</p> <p>Real estate constituted the second biggest investment sector in Australia. The sector accounted for 32 percent of all foreign investment, second only to services that took 39 percent and above mining (minerals) that comprised 10 percent.</p> <p>Victoria received 46 percent or majority of approved residential real estate investments, trumping New South Wales with 23 percent and Queensland with 17 percent.</p> <p>"Barring significant changes in the economic or policy environment, we believe Chinese buyer growth in 2019 will be flat and this group will continue to account for the largest share of all foreign buyer purchases, or about 22 percent of all foreign buying," Law said. </p>
<p><img alt="The Khalifa International Stadium, a major venue of the 2022 FIFA World Cup, and Aspire Tower in Doha, Qatar. Fitria Ramli/Shutterstock" src="/documents/10204/0/shutterstock_1311838184-compressor.jpg/a6c74610-796d-4d35-b1b6-156913933ed7?t=1550486066467" style="width: 977px; height: 667px;" />The shunned Arab country is likely to be inundated with residential and commercial projects in anticipation of the 2022 football tournaments despite dampened demand from overseas investors and locals, market observers tell <a href="https://www.reuters.com/article/us-qatar-real-estate-analysis/qatars-real-estate-market-faces-reality-check-ahead-of-world-cup-idUSKCN1Q4174?il=0" target="_blank">Reuters</a>. </p> <p>“It’ll be interesting to see what happens when they (real estate prices) are really put under pressure in a year’s time, when a lot of new supply hits the market,” Johnny Archer, associate director of Doha-based real estate firm DTZ, told Reuters.</p> <p>Qatar mulls an increase in residential space by about 50 percent and office space by 40 percent in the next three years ahead of the World Cup, a DTZ report indicated.</p> <p>But even as Qatar looks forward to the future, the country is still reeling from punitive trade and economic measures meted out by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on charges that Doha supports Islamic fundamentalists.</p> <p><a href="http://www.property-report.com/detail/-/blogs/qatari-property-investors-lured-by-philippines-tourist-bo-2" target="_blank"><strong>More: The Philippines' tourist boom is boon for Qatari property investors</strong></a></p> <p>Home prices have been down around 10 percent from the beginning of the blockade in 2017. “Qatar’s property sector has been one of the main casualties from the blockade that was imposed in mid-2017,” Jason Tuvey, an economist at Capital Economics, told Reuters.</p> <p>Qatar’s tainted international standing has put off foreign investors, a shortfall the government has attempted to offset with the loosening of investment laws last month, allowing foreigners full ownership of companies.</p> <p>Property analysts are worried the government has no long-term plans for the infrastructure developments gazetted for the World Cup beyond 2022.</p> <p>“There’s too much uncertainty as to where that demand specifically is going to come from,” Richard Rayner, who surveys property for DTZ, told Reuters.</p>
<p><img alt="Construction worker in an underground section of Jakarta's upcoming MRT system. Herdik Herlambang/Shutterstock" src="/documents/10204/0/shutterstock_632477417-compressor.jpg/50697679-5682-45ae-acb5-797501025ebb?t=1550484543416" style="width: 1000px; height: 667px;" />Jakarta’s highly awaited Mass Rapid Transit (MRT) system is set to begin running in March, extending a palliative to the Indonesian capital’s remarkable traffic gridlocks and paving the way for more transit-oriented developments.</p> <p>Fourteen Japanese-assembled trains will initially ply the 15.7-kilometre MRT network stretching between the Lebak Bulus residential area in South Jakarta and the Hotel Indonesia roundabout in the CBD.</p> <p>The MRT will connect with the airport rail link and, eventually, the proposed Light Rail Transit (LRT) system. </p> <p>“This is the moment to change Jakarta. This is the moment to make Jakarta better and free from traffic jams,” Jakarta MRT director William Sabandar told <a href="https://www.channelnewsasia.com/news/asia/jakarta-new-mrt-to-save-indonesia-city-traffic-congestion-11185282" target="_blank">Channel NewsAsia</a>.</p> <p><a href="http://www.property-report.com/detail/-/blogs/transformative-real-estate-shines-at-the-biggest-propertyguru-indonesia-property-awards-gala-event-y-6" target="_blank"><strong>More: Transformative real estate shines at 2018 PropertyGuru Indonesia Property Awards</strong></a></p> <p>The trains are expected to run at speeds of 80 to 100 kilometres an hour, cutting conventional travel times between the two points by an hour. Road travel along the route often take around 90 minutes.</p> <p>Market observers have praised the upcoming completion of the project, widely expected to close the property price gap between various points of the metropolis. “The real estate sector, particularly those areas along the new MRT lines and in close proximity to stations, is also expected to be a major beneficiary, with land prices already having risen significantly since construction of the MRT line began,” CBRE stated in a report.</p> <p>“We are cautiously optimistic on the year ahead and, on a personal note, I am very hopeful on the positive impact the MRT and LRT will have on Jakarta’s infamous traffic congestion,” said James Taylor, head of research for JLL Indonesia, in a press statement. </p>
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<p><img alt="Stormy skies over the Victoria Harbour skyline in Hong Kong SAR. Efired/Shutterstock" src="/documents/10204/0/shutterstock_289373162-compressor.jpg/fbfae443-42c2-4256-be79-de095ca9c241?t=1550224126379" style="width: 953px; height: 667px;" />Prime prices worldwide are succumbing to the downward pressures of property market regulations, rising finance costs, geopolitical uncertainty, and a high volume of new prime supply, according to Knight Frank’s Global Outlook 2019 report.</p> <p>The consultancy’s Prime Global Cities Index, which tracks prime prices across 43 cities worldwide, is posting its slowest positive growth rate since 2012.</p> <p>Of 15 key cities tracked by the index, the cities of Hong Kong and Mumbai will lead the slowdown with prime home prices forecast to drop by 10 percent and 5 percent, respectively, in the year to December 2019. Dubai is also expected to see prime home prices drop by 2.4 percent.</p> <p>Conversely, Madrid, Berlin and Paris is leading pricing forecasts, with a growth of 6 percent posited over the period. Prices in Singapore and New York City are meanwhile expected to hold steady from last year’s prices.</p> <p><a href="http://property-report.com/detail/-/blogs/thailand-s-hi-so-crowd-keeps-paying-for-ultra-luxury-hom-7" target="_blank"><strong>More: Thailand’s 'hi-so' crowd keeps paying for ultra-luxury homes</strong></a></p> <p>“Luxury house prices are now a distinct asset class, a safe asset viewed by the wealthy as a viable alternative to government bonds. However, luxury housing has become more homogenised over the last decade which has led to greater synchronicity when it comes to market cycles,” Knight Frank analysts wrote.</p> <p>“Local policy interventions and economic shifts have the capacity to disrupt these ties but broader macro themes from the rising cost of finance to wealth creation, not to mention the desire to have a foothold in some of the world’s most transparent and prestigious neighbourhoods, will keep them in check.”</p> <p>As recipients of new macro-prudential measures in 2018, markets like Hong Kong, Singapore, Vancouver and New Zealand are expected to slip down the rankings, the consultancy added.</p>
<p><img alt="Chengdu will be one of the 10 new megacities in the world by 2030. Nate Hovee/Shutterstock" src="/documents/10204/0/shutterstock_1033192045-compressor.jpg/2fa4876f-d286-42a8-8262-1b942b440a58?t=1549529792995" style="width: 1000px; height: 667px;" />Twenty-two of the 33 cities that are home to more than 10 million are in Asia and Africa, and nine more from these continents will join them by 2030, reported the World Economic Forum, citing UN data.</p> <p>The cities of Seoul, Ho Chi Minh City, Chengdu, Nanjing, Hyderabad, Ahmedabad, and Tehran will rank among the 10 cities that the UN predicts will break the 10-million mark, UN data showed.</p> <p>In Africa, Luanda and Dar es Salaam, which is growing by half a million people a year, will have crossed the 10-million mark by 2030.</p> <p>“The rise in the number of megacities is the most visible evidence of the accelerating global trend towards urbanisation,” WEF’s Alex Thornton wrote.</p> <p><a href="http://www.property-report.com/detail/-/blogs/home-price-rises-are-fast-outstripping-income-growth-in-these-eight-citi-1" target="_blank"><strong>More: Home prices outpace income growth in these eight cities</strong></a></p> <p>“Today, 55 percent of us live in urban areas – that’s 4.2 billion city-slickers. In another generation, that proportion is set to grow to 68 percent, potentially adding another 2.5 billion people to already crowded cities."</p> <p>Delhi is due to overtake Tokyo as the world’s most populous city by 2028 — 39 million people by 2030. India will see the biggest urbanisation growth among countries, with 416 million new urban dwellers by 2050.</p> <p>London will be the only place outside Asia and Africa predicted to achieve megacity status by 2030, ending a period of population decline from the second half of the 20th century.</p>
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<p><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;" /></p> <p>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.</p> <p>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.</p> <p>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. </p> <p><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" /></p> <h4>How did the opportunity to masterplan Bukit Pandawa Resort & Golf come about?</h4> <p>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.</p> <h4>What are the key components?</h4> <p>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.</p> <p><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" /></p> <h4>Why is having something that links the hotels together important?</h4> <p>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.</p> <h4>What will make the Mandarin Oriental, Bali, and The Residences at Mandarin Oriental, Bali, unique?</h4> <p>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.</p> <p><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" /></p> <h4>What other features will Bukit Pandawa possess?</h4> <p>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.</p> <h4>How did you manage to fully utilize the land’s potential?</h4> <p>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.</p> <p>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.</p> <p><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" /></p> <h4>How have you incorporated Balinese style into this project?</h4> <p>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!</p> <h4>So what, then, is the right amount of ‘Bali’?</h4> <p>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.</p> <p><a href="http://www.property-report.com/detail/-/blogs/how-to-invest-in-bali-s-competitive-villa-mark-7" target="_blank"><strong>More: How to invest in Bali's competitive villa market</strong></a></p> <h4>Across all properties, or just the Mandarin Oriental, Bali, and The Residences at Mandarin Oriental, Bali?</h4> <p>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.</p> <p><em>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</em></p>
<p><img alt="William Lim is a familiar figure in Hong Kong art circles. Portrait by Miki Giles" src="/documents/10204/0/William+Lim+for+web+147+2.jpg/f088892d-508d-4f8f-92cc-40e5f0931799?t=1546612176238" style="width: 1000px; height: 666px;" />Few architects in the world, let alone Asia, are identified with a city’s art scene quite as intrinsically as William Lim. The founder of award-winning practice CL3, famous for ground breaking projects that include Marina Bay Sands in Singapore, Gaysorn 2 Plaza in Bangkok and Hotel Icon and Hotel East in Hong Kong, Lim is an artist in his own right and a famously voracious collector. He’s also regarded as an enthusiastic champion of emerging Hong Kong artists and galleries and of the creative climate in the territory: something he has taken to a whole other level with the unveiling of H Queens, a 24-storey purpose built vertical gallery building in the heart of Central. Lim, unsurprisingly, is bursting with pride in his new baby, which has already attracted top tier tenants such as David Zwirner, Pearl Lam and Whitestone. The architect though is also eager to chat about other CL3 commissions as well as an overall design philosophy that scorns homogeneity and puts an emphasis on purpose.</p> <h4>As a long-term champion of the creative industries, how does it feel to be so instrumental to H Queens, a project that looks set to elevate Hong Kong’s standing on the global art stage?</h4> <p>For me it’s a real honour. To do something that combines all your passions is amazing, and to work on a custom-design gallery building is very pleasing for me as an art lover. We initially promoted the idea of the project without complete knowledge that it would succeed. In fact, there’s always a sense of uncertainty when a building takes several years to complete. Art galleries generally look for a suitable space a maximum of two years in advance. Therefore, in the early days we were going on a hunch rather than a certainty, so to see how much of a success it is going to be is fantastically exciting. We have brought in top-tier galleries and people are already anticipating that it will change the art landscape of the city.</p> <p><a href="http://www.property-report.com/detail/-/blogs/a-singaporean-president-s-son-comes-into-his-own" target="_blank"><strong>More: A Singaporean president's son comes into his own</strong></a></p> <h4>Can you tell us a little bit about how H Queens came about?</h4> <p>The initial brief from the developer (Henderson Leasing Agency Company Ltd) was to design an office building. I didn’t, however, want to just build a generic building for anyone, so we came up with the idea to do a custom-design building for a specific type of tenant. I convinced the developer to focus on art, as the lack of available space in Hong Kong was forcing galleries away from Central and making it less accessible to many of the city’s residents.</p> <div class="pull-quotes-container">Buildings should be more like haute couture: geared towards a defined goal</div> <p>There’s currently a trend for iconic structures with interiors that serve no coherent purpose, but in time I hope H Queens can serve as an example for other owners in Hong Kong to be more specific with their buildings. Buildings should be more like haute couture: geared towards a defined goal.</p> <h4>How have you tailored H Queens to its purpose as a hub for the arts?</h4> <p>Floors range from 4,000 to 6,000 square feet making them ideal for a gallery to occupy. We had to figure out an easy way for galleries to move art in and out so the floors have 3.5 to 4-metre-high ceilings, with the race floor – usually constructed for wiring purposes in conventional office buildings – done away with to save space. An integrated building maintenance unit features a gondola system to provide a bespoke solution to facilitate the delivery of artworks weighing up to 1.25 tonnes.</p> <h4>H Queens was designed with the high building density in Hong Kong in mind, while other projects such as Gaysorn 2 Plaza in Bangkok incorporate country-specific elements such as local materials and design tropes. How important is it for architects to integrate their work with the surrounding environment?</h4> <p>Simple: if H Queens or Gaysorn Village were in New York City they wouldn’t look the way they do. We never frame ourselves in a style. We instead analyse the requirements and the environment, and then we design the project. It’s not rocket science to say that if a project is custom designed, it will always be relevant. It used to be that architects built according to different climate requirements using natural, indigenous materials, but nowadays cities are beginning to look alike and unfortunately there is much more of a uniformity. People need to respect where they are building and the local environment.</p> <p><img alt="Lim's new H Queens Vertical Gallery is one of the signature projects his firm CL3 has worked on around Asia" src="/documents/10204/0/h+queens+for+web+147.jpg/ad5c2bc3-f700-4661-82f6-530f62c948b8?t=1546614068944" style="display: block; margin: 0px auto;" /></p> <h4>You’ve worked on an eclectic variety of projects over the years, ranging from residential to hotels, shopping centres and other commercial commissions. Do you have any set boundaries when it comes to taking on new work?</h4> <p>The main rule is that it should be interesting. For example, we are currently working on residential commission for a private client in Maryland, which is regarded as one of the spiritual homes of architecture in the United States. So, for the project we are researching the history of building in the area for inspiration to produce something that provides reference to its context while remaining contemporary. Challenges like these help keep the stimulation levels high.</p> <p><em>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</em></p>
<p><img alt="Analysing and retrieving actionable insights from big data can help decision makers in the property sectors. whiteMocca/Shutterstock" src="/documents/10204/0/shutterstock_1024337068-compressor.jpg/34fb5780-602a-4228-86f1-1c22605afbcc?t=1542280768664" style="width: 917px; height: 667px;" />We live in a post-Cambridge-Analytica world. In an era when people surrender vast dumps of personal information in exchange for the thrills of social media and home automation, big data presents both opportunity and opprobrium. On one hand, property companies can parlay rich datasets, culled from increasingly intelligent commercial and residential buildings, into better-informed construction practices, facilities management, building design, and community planning.</p> <p>On the other hand, more companies now live in waking fear of compromising all the sensitive data at their behest. In 2017, a data breach in Jigsaw Holdings, one of South Africa’s top real estate companies, exposed 31.6 million records, including the addresses and cellphone numbers of the president and top-ranking ministers.</p> <p>There has been no dearth of warnings against what hackers can do with the rich compendium of datasets property companies have under their ward. Fraudulent real estate transactions due to cybercrime hit USD969 million in 2017, up from USD19 million in 2016, according to the FBI. The agency also received 480 percent more inbound complaints related to cyberattacks against real estate companies in 2017 than the previous year.</p> <p>“We were in a meeting in Brussels early this year and we were discussing online consumer data being used by all these organisations and [consumers] not knowing how it’s used,” recounted Dr. Okan Geray, strategic planning advisor for Smart Dubai, at the <a href="http://asiarealestatesummit.com" target="_blank">PropertyGuru Asia Real Estate Summit</a>.</p> <p>“They all made the comment: 'This is almost like a time bomb. It can happen anytime.' Almost a month later, the Cambridge Analytica issue came.” </p> <p><img alt="Moderated by BDO Thailand co-managing partner Paul Ashburn, the panel discussion on big data at the PropertyGuru Asia Real Estate Summit 2018 included Dr Okan Geray, strategic planning advisor, Smart Dubai; Anthony Arundell, director, smart cities and sustainability, One Bangkok; and Vikram Kohli, regional managing director, Southeast Asia, CBRE" src="/documents/10204/0/A_0909-compressor.jpg/fe41bd24-ece0-4040-8f61-60e66ec804ee?t=1542268767634" /></p> <p>Cybersecurity fortunately now underpins digital strategies of an increasing number of property managers and brokerages worldwide. Such foresight has become the new imperative as smart buildings and the Internet of Things (IoT) enter the mainstream, endowing them with ever-higher volumes of regulated personal data from individuals.</p> <p>“We manage close to a billion square feet across the world. We also understand that, as buildings become more data-enabled, there is also a great risk of cyberattacks, great risk of issues around hacker taking control of systems in a building,” said Vikram Kohli, regional managing director for Southeast Asia at CBRE.</p> <p>The regulatory environment across the world is swiftly moving toward a climate that, cyber-balkanisation risks notwithstanding, accommodates data protection. The European Union (EU) has consolidated 28 national directives into one General Data Privacy Regulation (GDPR). The regulation, which took effect this year, fines companies held liable for loss of data by up to five percent of global annual turnover capped at EUR100 million, among other provisions.</p> <p><a href="http://property-report.com/detail/-/blogs/5-key-things-to-learn-about-smart-city-cybersecurity-following-singapore-s-data-bre-16" target="_blank"><strong>More: 5 key things to learn about smart city cybersecurity following Singapore's data breach</strong></a></p> <p>“If you think about it, if we have different legislations at the city or national level, there’s no boundary for data today. As we cross these boundaries, if we don’t address these issues, regulatory compliance will be a major challenge,” said Geray.</p> <p>Data protection will be something that every building tenant will be thinking about more intensively in light of the GDPR, according to Anthony Arundell, director for smart cities and sustainability in One Bangkok. "They’re going to be wary about their own data information and how to protect it."</p> <p>The mixed-use project, one of the biggest in the Thai capital, will pioneer ways of democratising data and providing complete transparency of information to real estate consumers. “We’re considering how we open up our data that we collect from buildings and share that back with tenants so they get core value and know how the buildings perform,” Arundell said. </p> <p>As buildings collect more and more information from their owners and occupants, it behooves property companies to make investments in the field of securing critical digital infrastructure. Information may as well be an unlit powder keg; whether it’s by utilising software that automatically wipes info from hard drives or hiring knowledgeable data scientists, companies need to know beforehand how to defuse the next big explosion. </p>
<p><img alt="Is your house scaring off buyers? Mimadeo/Shutterstock" src="/documents/10204/0/shutterstock_794084761-compressor.jpg/68d20aad-1d38-42b1-b4ef-7ba1a7abedf3?t=1540988957869" style="width: 1000px; height: 667px;" />It is one thing to see them in movies, another to actually live in them.</p> <p>Stigmatised properties are some of the most fascinating, albeit terrifying, types of real estate you’ll ever come across. These are usually homes with a track record of sinister events tainting its reputation indefinitely, be it your garden-variety murder, a history of cult-like residents, or so much as loan shark vandalism.</p> <p>According to the 2018 Haunted Real Estate Report by Realtor.com, nothing on earth would make 49 percent of people buy a haunted home. </p> <p>So how do you pass on a nightmare house to braver souls who can spend night after night in it? Read on.</p> <h4>1. A night to dismember</h4> <p>While some countries and US states legally bind you to tell buyers that something wicked your way came, sometimes you don’t have to let those skeletons out of the closet. Singapore, for instance, does not have stigma laws that require you to disclose weird trivia about your house.</p> <p>This may soon change, however, as more consumers demand disclosure laws that add a little thought, if not a bit more fear factor, to their buying decisions. A Singaporean woman who had more than her fair share of unearthly goings-on in her Little India apartment should know. “What they don’t know won’t kill them, but buying a home is a very big financial decision and I think buyers would appreciate having all the information,” she told <a href="https://www.propertyguru.com.sg/property-management-news/2016/10/138610/someone-died-in-this-house-any-takers" target="_blank">PropertyGuru</a> anonymously.</p> <h4>2. Are you afraid of the dark?</h4> <p>Thought you heard eerie moans? Must be your pipes in need of fixing. Did your door just slam shut by itself? Maybe it’s the hinges. Flickering lights? It’s your bulb, bub. Investigate and exhaust all possible explanations to debunk supposed ghostly happenings in your house. Once you find them, it’s only a matter of calling the plumber, repairman, or carpenter.</p> <h4>3. Agent provocat-horror</h4> <p>Sometimes you can’t sweet-talk your way into selling a haunted residence, especially one extensively covered by media. Marketing a stigmatised property is a matter that may be entirely out of your hands; a property agent is in order. “It involves a considerable amount of time and effort to market and eventually close the deal,” said Marcus Sim, an agent with PropNex Realty.</p> <h4>4. Hack down…those prices</h4> <p>Only 18 percent of home buyers would buy a property at full price if they knew it to be haunted, according to the Realtor.com report.</p> <p>With a stigmatised home, Sim would explain to clients that such units need a significant markdown, a trade-off to assuage buyers’ apprehensions. “[Negative] events don’t usually affect just one unit, but rather an entire cluster of surrounding units. And in most cases, sellers that are affected will have more room for negotiation in order to offload these properties,” he said.</p> <p><a href="http://property-report.com/detail/-/blogs/the-battle-to-preserve-asia-s-urban-herit-13" target="_blank"><strong>More: The battle to preserve Asia’s urban heritage</strong></a></p> <h4>5. Sweeten the (witch’s) pot</h4> <p>A third of respondents on Realtor.com's National Haunted House Survey said they would willingly buy a haunted home not only if meant a lower price but also if it had a large kitchen and was situated in a good neighbourhood, suggesting that the age-old rule of “location, location, location” also applies to haunted houses. Play up these enticements enough, and you may have a courageous buyer in your hands.</p> <h4>6. Give them the horror story of their dreams</h4> <p><img alt="The LaLaurie Mansion in New Orleans is one of the most haunted houses in America. Reading Tom/Wikimedia Commons" src="/documents/10204/0/The_LaLaurie_Mansion-compressor.jpg/3fd790ee-8cb5-4bdb-b761-0902c6f58196?t=1540989208208" /></p> <p>Maybe you’re pitching your house to the wrong prospects. There are buyers who not only tolerate haunted homes; they go out on a limb looking for them. In 2007, Nicolas Cage bought the notorious New Orleans home of Madame Delphine LaLaurie, the sadistic socialite who murdered and subjected slaves to unspeakable tortures.</p> <p>The Oscar-winning actor knew fully well what he was getting into. "You know, other people have beachfront property; I have ghost front property. That's what I always say. I have not experienced anything, but I like a bit of mystery, and the house has such a mystery to it. Some of the stories about it are pretty horrific," Cage said.</p> <p>"One of the greatest memories would be the haunted mansion at [Disneyland] Anaheim, in New Orleans Square, no less. So for me to have the actual thing was the childhood fantasy come true."</p> <h4>7. Reclaim the spooky narrative</h4> <p>Knowing that such home buyers are out there, might as well embrace your unit’s bad reputation. A simple lookup of local paranormal groups online may just point you to seekers of spiritually infested dwellings. </p> <p>Anne Ewasko, a specialist with Rubloff Residential Properties in Chicago, was <a href="https://www.hgtv.com/design/real-estate/how-to-sell-a-haunted-house" target="_blank">able to sell</a> last year the supposedly haunted 19th-century Goldblatt Mansion for USD2.46 million. Her trick and treat? Holding open houses and broker parties as well as putting a light spin on the topic whenever it is raised.</p> <h4>8. Rest in peace</h4> <p>Ghostbusters exist IRL — only without the bulky plasma guns and proton packs. If simple sage-burning doesn’t cut it, it may be time to bring in the big guns. Mediums, psychics, exorcists, or your local spiritual leader may be in good position to vanquish clingy energies from your home. Whether or not you believe in limbo everlasting, the good vibes allegedly produced by such activities affords peace of mind for you and your future buyer.</p>