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<p><img alt="Long-tail boats along Phuket in Thailand. martinho/Shutterstock" src="/documents/10204/0/shutterstock_250098484-compressor.jpg/82105e8c-3b7e-471d-bf7b-38355a678012?t=1523441197563" style="width: 740px; height: 490px;" />The coasts of Southeast Asia are garlanded with some of the most beautiful beaches on earth, drawing visitors by the millions every year. Some of those visitors have decided to stay a little longer, cornering prime beachfront parcels to call home.</p> <p>For 13 years, the <a href="http://asiapropertyawards.com" target="_blank">PropertyGuru Asia Property Awards</a> series has recognised some of the region’s most well-designed, sustainable&nbsp;seaside residential properties. The following are just a sampling of the more memorable waterfront&nbsp;projects to have sprung around Thailand, Indonesia, Malaysia, the Philippines, Cambodia, and Vietnam in recent years.</p> <p>Who says you can’t be at the beach every week with these amazing properties?</p> <h4>1. Twinpalms Residences MontAzure</h4> <p><img alt="" src="/documents/10204/0/TWINPALMS-RESIDENCES-MONTAZURE-2.5-compressor.jpg/da64c645-1dba-4213-959e-50b7583d8440?t=1523440395019" style="width: 740px; height: 444px;" /></p> <p>Winner of Best Mixed-Use Development and a Special Recognition in Sustainable Development&nbsp;at the <a href="http://www.property-report.com/detail/-/blogs/propertyguru-thailand-property-awards-2018-embraces-high-growth-niche-segments-in-13th-ye-5" target="_blank">Thailand Property Awards</a>&nbsp;last year, MontAzure is a 450-rai project (72 hectares) along Kamala Beach in the west coast of Phuket. Winner of Best Condo Development (Phuket) in 2016, TwinPalms Residences is the first residential phase of the development, offering 75 low-rise condominium units with 100 metres of beach frontage.</p> <p>Surrounded&nbsp;with a range of onsite resort facilities, the main structure of the beachfront condominiums was completed last month. More than 70 percent of the units are already sold out, with potential for significant capital appreciation upon completion. In addition to Twinpalms Residences, MontAzure features an exclusive village for retirees (Kamala Senior Living), a plush hotel (InterContinental Phuket Resort), and a world-renowned beach club (Café Del Mar).&nbsp;</p> <h4>2. The Residences at Mandarin Oriental, Bali</h4> <p><img alt="" src="/documents/10204/0/MANDARIN-RESIDENCES-BALI-compressor.jpg/2d5b0b83-2821-46ef-9ab8-f3af0d9bb080?t=1523440624514" style="width: 740px; height: 371px;" /></p> <p>Beautiful villas are a dime a dozen in Bali but this project will have you eating, praying, and loving your way to the Indonesian island in no time. The Residences at Mandarin Oriental Bali is a cluster of 91 villas&nbsp;laid out on a gently sloping hillside in the Bukit Peninsula of&nbsp;Bali. Situated at the southernmost point of the island, the villas open to unobstructed, panoramic views of the Indian Ocean. The Residences, part of the 150-hectare luxury integrated project Bukit Pandawa Resort &amp; Golf, won several design honours at the <a href="http://www.property-report.com/detail/-/blogs/fourth-propertyguru-indonesia-property-awards-2018-to-celebrate-benchmark-setting-real-esta-3" target="_blank">Indonesia Property Awards</a> last year, including Best Luxury Landscape Architectural Design.</p> <h4>3. The Seagate Suite</h4> <p><img alt="" src="/documents/10204/0/Cambodia-mixed-use-Seagate-Suite-compressor.jpg/76fff33c-76f3-4037-bcaa-bbea30ac8303?t=1523269094000" style="width: 740px; height: 396px;" /></p> <p>Standing sentinel above Victory Beach in Sihanoukville, The Seagate Suite boasts views of both the sea and the Cambodian boomtown. The tropical breeze permeates through the 1,118 units of the 43-storey project, designed in styles ranging from northern European and luxurious baroque to minimalist. Winner of Best Residential Development for Sihanoukville at the <a href="http://www.property-report.com/detail/-/blogs/2018-propertyguru-cambodia-property-awards-the-winners-list" target="_blank">Cambodia Property Awards</a>, The Seagate Suite has&nbsp;a range of smart home products installed in every unit. If the sand and surf of Victory are not up to par, the building offers an infinity pool on the eighth floor with resplendent views of Sihanoukville.</p> <p><a href="http://property-report.com/detail/-/blogs/6-cool-reasons-why-niseko-luxury-is-on-top-of-the-wor-6" target="_blank"><strong>More:&nbsp;6 cool reasons why Niseko is on top of the world</strong></a></p> <h4>4. 8 Newport Boulevard</h4> <p><img alt="" src="/documents/10204/0/8-NEWTOWN-BOULEVARD-%281%29-compressor.jpg/95185182-9747-4554-bde4-6199bdfe9d30?t=1523440431200" style="width: 740px; height: 416px;" /></p> <p>Mactan Newtown&nbsp;is the&nbsp;first&nbsp;major&nbsp;township&nbsp;development with its own beach outside Metro Manila. Conceived by Megaworld, a pioneer in the development of live-work-play communities in the Philippines, the 30-hectare township offers nine high-end condominium towers. The first residential cluster in the township, 8 Newtown Boulevard, was the most decorated Cebuano project at the 2016 <a href="http://www.property-report.com/detail/-/blogs/propertyguru-philippines-property-awards-2017-winners-hope-for-a-green-future" target="_blank">Philippines Property Awards</a>, winning Best Condo Development in Cebu as well as two Highly Commended honours. Eight Newtown Boulevard features panoramic views of the Hilutungan Channel and Magellan Bay. The amenity deck is a joy to be in,&nbsp;featuring Japanese-inspired gardens and courtyards, plus an onsen spa. Residents may choose between the white-sand beach outside the building or the 60-metre infinity pool.&nbsp;</p> <h4>5. Queens Residences Q1&nbsp;</h4> <p><img alt="" src="/documents/10204/0/Queens-3-compressor.jpg/4d1721aa-fe95-4a6a-ad5f-38d4951ce411?t=1523440073480" style="width: 740px; height: 528px;" /></p> <p>Queens Residences Q1 won Best Condo Development for Penang at last year's <a href="http://www.property-report.com/detail/-/blogs/elite-shortlist-of-nominees-for-2018-propertyguru-asia-property-awards-malaysia-unveiled" target="_blank">PropertyGuru Asia Property Awards (Malaysia)</a>. Situated in front of Bayan Bay, the 500-unit project gives residents generous views of Pulau Jerejak and Penang’s landmark bridges. The project will come with its own marina, with water taxis conveying residents to Straits Quay and other points along the bay. One of the project's quirks? A&nbsp;frameless glass infinity pool that should give you literally immersive views of the sea.</p> <h4>6. Panorama Nha Trang</h4> <p><img alt="" src="/documents/10204/0/PANORAMA-%281%29-compressor.jpg/212065a7-878a-4ddc-937d-a82c4db8e2f2?t=1523439751075" style="width: 740px; height: 416px;" /></p> <p>Panorama Nha Trang took home the highly coveted Best Condo Development trophy at the <a href="http://property-report.com/detail/-/blogs/the-winners-list-propertyguru-vietnam-property-awards-2017" target="_blank">Vietnam Property Awards</a> last year, in addition to a gong for Best Condo Architectural Design. The project is truly one-of-a-kind, offering 1,112 condotel units by Nha Trang Bay. The tower is only a few steps away from the beach but residents are likely to enjoy the saltwater infinity sky pool. Unlike most others, the pool&nbsp;contorts to the building’s unique ellipse shape, intended to make the most of the gorgeous Nha Trang&nbsp;views.</p>
6 award-winning beachfront properties in Southeast Asia
<p><img alt="Aerial view of Ho Chi Minh City, Vietnam. Tonkinphotography/Shutterstock" src="/documents/10204/0/shutterstock_759434539-compressor.jpg/cbcba15c-d056-410c-a6a8-545a189e171e?t=1523349946752" style="width: 1000px; height: 667px;" />Ho Chi Minh City may expect tens of thousands of units in new apartment supply in the next four years, according to the most recent quarterly briefing from Savills Vietnam.</p> <p>Around 93 projects are set to contribute more than 122,000 units to Vietnam’s largest property market through 2020, the consultancy stated in the report.</p> <p>Over 10,500 units from 13 new projects in the city were launched in the first quarter of 2018 alone. These include advanced phases of nine active projects.</p> <p>Overall, primary supply&nbsp;in the city stood at 28,600 units as of Q1 2018, down 32 percent year-on-year and 13 percent quarter-on-quarter.</p> <p>District 9, one of the city’s more progressive suburban enclaves, will account for 32 percent of future supply until 2020, Savills Vietnam predicted. Around 61 percent of the new homes will be grade C units.</p> <p><a href="http://property-report.com/detail/-/blogs/top-brands-behind-the-annual-propertyguru-vietnam-property-awards-2018-gala-dinner-unveil-1" target="_blank"><strong>More:&nbsp;Top brands behind the annual PropertyGuru Vietnam Property Awards 2018 unveiled</strong></a></p> <p>Already, sales of grade C units took up 62 percent of sales in Q1 2018. However, sales performance across all grades have been strong, increasing 51 percent year-on-year to 13,500 deals, although this constituted a drop of 11 percent quarter-on-quarter.&nbsp;</p> <p>The first quarter also saw the addition of over 770 townhouses and villas. From Q2 2018 to 2020,&nbsp;supply of townhomes and villas could top 17,000 dwellings or plots, the consultancy noted, with most situated in the city's eastern districts will&nbsp; dominate with 60% market share.</p> <p>More than 1,100 serviced apartment units will hit the city in the&nbsp;last nine months of 2018.</p> <p>The Vietnamese economy has been benefiting from an upswing in overseas buyers, thanks to a raft of housing laws introduced in 2015 that streamlined processes for foreigners to buy property in the country.</p>
Record apartment supply to hit Ho Chi Minh City
<p><img alt="Phnom Penh in the early morning of 3 April. noomcpk/Shutterstock" src="/documents/10204/0/shutterstock_1063211387-compressor.jpg/b43759c6-f4c3-4971-839f-e5fdafc96da6?t=1523268530000" style="width: 740px; height: 494px;" />Standalone projects are fast becoming a thing of the past&nbsp;in Cambodia.</p> <p>If the results of the PropertyGuru Cambodia Property Awards in March were any foreshadowing of the future of Khmer real estate, developers are angling for mixed-use projects more than ever in the kingdom.</p> <p>From Phnom Penh and Siem Reap to Sihanoukville, developments are integrating residential, commercial, retail and hospitality components in a single site — to the pleasure of discerning home seekers and property investors.</p> <p>Cambodia has seen a&nbsp;22 percent year-on-year increase in construction investment during the past year, causing land prices to rise and the urban landscape in Phnom Penh to transform from a low-rise capital into a high-rise hub. “The real estate industry has indeed played a vital role in Cambodia’s economic growth. In recent years, it has evolved so rapidly, attracting major investors from around the region to invest in Cambodia’s real estate and construction sectors,” noted Sorn Seap, founder and director of Key Real Estate Co., Ltd., the returning chairman of the judging panel.</p> <p>Here are some amazing mixed-use developments to look forward to in Cambodia:</p> <h4><strong>Greater Euro Ville</strong></h4> <p><img alt="" src="/documents/10204/0/Cambodia-mixed-use-Greater-Euro-Ville-compressor.jpg/b0532e24-1518-4343-89d8-3ae469318d52?t=1523268987111" /></p> <p>This 30-hectare project has been adjudged the kingdom’s Best Mixed Use Development at the 2018 Cambodia Property Awards. The development is in good hands, having been conceived by the night’s biggest winner, Borey Peng Huoth Group, which won Best Developer for the third consecutive year. Inspired by historical European architecture with just enough hints of Khmer heritage, Greater Euro Ville consists of a spacious MICE centre (Euroville Convention Hall), a thematic leisure park (EuroPark), a shopping promenade (Euroville Retail Boulevard), and a housing component (Euroville Residencies).</p> <h4><strong>One Park by GRED </strong></h4> <p><img alt="" src="/documents/10204/0/Cambodia-mixed-use-One-Park-compressor.jpg/49ca16a5-17b8-4c78-bf51-7e9b00b6d36c?t=1523269018480" /></p> <p>This brainchild of Graticity Real Estate Development Co., Ltd won Best Mixed Use Landscape Architectural Design for good reason. Its landscape area stretches for more than 33,000 square metres, covering more than 50 plant species and over 1,000 trees, criscrossed by meandering walkways and jogging paths. A 650-square-metre network of water features simulate rivers, waterfalls and lakes through this lush vegetation, with 1,370 square metres allotted for multiple swimming pools. There are eight themed gardens, in addition to&nbsp;sky gardens atop the tower blocks strewn across the lot. Half of the project's 79,000-square-metre land area is devoted to greenery, a rarity in Cambodia.</p> <h4><strong>CEO KT Pacific </strong></h4> <p><img alt="" src="/documents/10204/0/Cambodia-mixed-use-CEO-KT-Pacific-compressor.jpg/01e4a851-ee58-4385-8ad0-7521e5095dbe?t=1523269042817" /></p> <p>LIXIN Construction was one of the biggest winners at this year's awards. Its bragging rights? Three gongs for CEO KT Pacific, its sprawling mixed-use collaboration with KT Pacific Group. CEO KT Pacific rises 36 storeys high, topped with a 30-meter-long infinity pool, sky bar, and scenic runway that command nonpareil views of central Phnom Penh. Below, the building offers&nbsp;106 well-equipped office units and a slew of residential products, including&nbsp;842 one- and two-bedroom apartments.</p> <p><a href="http://property-report.com/detail/-/blogs/propertyguru-cambodia-property-awards-2018-honours-maturing-property-market-aspiring-for-best-practi-16" target="_blank"><strong>More:&nbsp;PropertyGuru Cambodia Property Awards 2018 honours maturing property market</strong></a></p> <h4><strong>The Parkway </strong></h4> <p><img alt="" src="/documents/10204/0/Cambodia+mixed-use+The+Parkway+%281%29.jpg/29cb86f4-0e97-46ae-b935-19bcace8d4b4?t=1523269066676" /></p> <p>Parkway Investments Co., Ltd. is aiming big with its eponymous development, which is being called the largest mixed-use complex under construction in the Phnom Penh valley. Sprawling for 12,000 square metres, The Parkway combines high-end, earthquake-resistant office towers and apartment buildings. Prospective residents can choose from apartments in sizes ranging up to 300 square metres.&nbsp;Visitors can traipse around the 5,000-square-metre gardens on the roof of the podium with an infinity sky pool. The facilities deck stretches for 1,500 square metres, while every alternative floor offers a public green space. The area will give rise to various supermarkets, department stores,&nbsp;F&amp;B options, entertainment venues, healthcare facilities, and so much more.</p> <h4><strong>The Seagate Suite </strong></h4> <p><img alt="" src="/documents/10204/0/Cambodia-mixed-use-Seagate-Suite-compressor.jpg/76fff33c-76f3-4037-bcaa-bbea30ac8303?t=1523269094835" /></p> <p>Flying the flag high for Sihanoukville is KHCN Investment and Development Co., Ltd., which won Best Residential Development in the Khmer resort town with its Seagate Suite project. Envisioned as a symbol of the spirit of Cambodia, the USD200 million project has 1,118 homes on offer, in addition to 280 hotel keys and 3,000 square metres of leasable office and retail space. Each residential unit in the project maximises views of the fast-growing city, thanks to painstaking computer simulations during the design process by Shenzhen-based architecture studio Depus. Residents also have the best possible views of Sihanoukville from the eighth-floor infinity pool, which is lined with an artificial beach. The Seagate Suite has its own spa, plus a multi-functional conference centre and international banquet hall.</p> <h4><strong>Phnom Penh City Center </strong></h4> <p><img alt="" src="/documents/10204/0/Cambodia-mixed-use-Eden-Park-compressor.jpg/4dbf2bfb-2270-496d-ae50-5e04030269c7?t=1523269120379" /></p> <p>Last year’s big winner made an encore appearance in this year’s awards with its Eden Garden component taking home Best Retail Development and Best Universal Design Development. Eden Garden is unique in that it is the first outdoor retail strip in Phnom Penh to operate 24 hours a day. It boasts a good tenant mix of cinemas, bars, clubs, and restaurants, in addition to sprawling public green spaces. The project is within easy reach of aspiring entrepreneurs, with rental prices averaging at USD25 per square metre.</p>
Where to find Cambodia’s most exciting mixed-use developments
<p><img alt="Ron Bakker" src="/documents/10204/0/Ron-Bakker-lead-compressor+1.5.jpg/6dbd70c5-488b-49b3-ad42-9224a225feca?t=1522147695999" />Renowned architect Ron Bakker is expected to grace the second outing of the <a href="http://asiarealestatesummit.com" target="_blank">PropertyGuru Asia Real Estate Summit</a> in November at The Athenee Hotel in Bangkok.</p> <p id="yui_patched_v3_11_0_1_1522818563176_389">The founding partner of PLP will attend the high-level conference on 9 November to discuss the London-based architecture firm’s groundbreaking work on The Edge, the world's most sustainable and smartest building.</p> <p>The famed Amsterdam edifice uses 30,000 sensors that feed into a central smart system, allowing it to intelligently manipulate lighting, humidity, and other conditions, keeping utility costs low.&nbsp;A net-zero energy building, The Edge generates all the clean power it needs.&nbsp;</p> <p>Mounted by Asia’s foremost online property company PropertyGuru, the two-day Asia Real Estate Summit will gather top-level business leaders and decision-makers to exchange empowering ideas on disruption, digital innovation, smart cities and buildings, automation, blockchain, fintech and proptech.</p> <p><a href="http://property-report.com/detail/-/blogs/8-things-we-learned-about-smart-cities-at-the-asia-real-estate-sum-12" target="_blank"><strong>More:&nbsp;8 things we learned about smart cities at the Asia Real Estate Summit</strong></a></p> <p>Joining Bakker in the summit is Anthony Arundell, director of smart cities and sustainability for One Bangkok, a new mixed-use development in the Thai capital. He will be speaking in a highly anticipated panel discussion on big data.</p> <p>Sigrid Zialcita, managing director for Asia Pacific research at Cushman &amp; Wakefield, is returning&nbsp;this year to deliver a talk on intelligent facilities management.</p> <p>Ani Bhalekar, the head of Accenture’s Internet of Things and mobile practices for its ASEAN division, is also confirmed to be in attendance.</p> <p>Last year, the Asia Real Estate Summit series welcomed more than 500 delegates and members of the press&nbsp;and 60 expert speakers and thought leaders.</p> <p>Previous keynote speakers and expert speakers at the summit include Dr. Liu Thai Ker, Singapore’s former master architect-planner; Shailesh Rao, board director at Jones Lang LaSalle and former vice-president at Twitter; former Thailand Finance Minister Korn Chatikavanij; and Malaysian Deputy Finance Minister YB Dato’ Lee Chee Leong.</p> <p>Held across three cities – Kuala Lumpur, Bangkok and Singapore – the 2017 Summit series enjoyed the support of top global brands such as Kohler, THAI Airways, Regus, Techsauce, and the Royal Institution of Chartered Surveyors (RICS).</p>
This is your chance to catch smart building architect Ron Bakker in Bangkok
<p><img alt="Simon Rawlings has served as creative director of David Collins Studio since 2007" src="/documents/10204/0/SIMON-RAWLINGS-PORTRAIT-2-compressor.jpg/3afb0046-004a-47f4-9be9-45ec33d3bd45?t=1521543410804" />It takes a designer on Simon Rawlings’ level to know the perfect finished product needs to go beyond a choice of attractive furnishings, textures and materials. An empathic understanding of the client shines through in the Welsh-born interior stylist’s critically acclaimed, star-studded oeuvre.</p> <p>Rawlings has been at the artistic helm of David Collins Studio since its eponymous founder’s passing in 2013. As the London-based design firm’s creative director since 2007, Rawlings led a string of projects that went on to win&nbsp;coveted honours&nbsp;including the coveted Prix Versailles 2016 for Alexander McQueen, Paris and multiple Best Bar in the World gongs for the Artesian at The Langham, London.</p> <p>Rawlings, who has worked for David Collins Studio since the late 1990s, recently put his firm’s stamp on the Ritz-Carlton Residences, a 209-unit luxe residential project lodged in&nbsp;<a href="http://www.property-report.com/detail/-/blogs/thailand-real-estate-relentless-expensive-and-highly-desira-13">MahaNakhon</a>, Thailand’s tallest edifice. The residential component of the 76-storey tower, with its Jenga-like, pixelated form,&nbsp;initially presented a challenge to Rawlings but eventually became a showcase of the designer’s penchant for the unexpected.</p> <div class="pull-quotes-container">Emotion is very much a part of my design process. I want people to feel different as they come through the door</div> <p>A plan to <a href="https://www.1stdibs.com/introspective-magazine/david-collins-abcdcs-book-review/" target="_blank">create a postcard-size snapshot</a> of the MahaNakhon project evolved into a monograph, ABCDCS, published in 2014. It features a foreword by Madonna, just one of the studio’s famous clients.</p> <p>Whether he is designing a shoe store, sandwich shop, or luxury residences, Rawlings takes into account the power of human feeling into his commissions. His designs aim to please, factoring in practicalities of space to give customers, diners and residents alike the most ambient levels of comfort.&nbsp;</p> <p>Property Report caught up with Rawlings on a recent tour of the Ritz-Carlton Residences at MahaNakhon:</p> <h4><strong>How do you feel about this project now that your role is&nbsp;finished?</strong></h4> <p>What's really amazing about this building is that because of the pixelated design, every apartment layout is almost unique. At the beginning it was a real challenge, but it's actually a very appealing feature. When you visit your neighbor,&nbsp;it’s a completely different apartment.</p> <p>I think the loft-living style that is so common in apartments now is a bit difficult to live in. Very few people want just one big space, so I’ve applied the rules of a house here, with a hallway and separate rooms you can close off.</p> <p><img alt="Rawlings' eye for fashion inspired the unusual combination of muted greens and blues in the shared lounge " src="/documents/10204/0/SIMON-RAWLINGS-2-compressor+%281%29.jpg/c799dc02-c771-4340-8297-6cee973151c8?t=1521546238505" /></p> <h4><strong>Do you have a design philosophy?</strong></h4> <p>The way I approach every project is the same – whether it be private homes, retail, restaurant or hotel design. I first try to understand the feeling I’m looking to create. Emotion is very much a part of my design process. I want people to feel different as they come through the door. I hope there is a feeling of having arrived somewhere special but not intimidating.</p> <p>Then I think about how a space works, and the practicalities of living in it. In a building the size of MahaNakhon I have to be very careful. I want to remember that if you're coming in and out four or five times a day, there would be nothing worse than having a 15-minute walk from the front door to the elevator.</p> <p>The final piece of the puzzle is really giving it a cultural relevance. I always spend time in the country where the project is, embracing and understanding how people live and the materials, the colors, the textures, and how they all come together. Then it evolves into the finished design.</p> <p><a href="http://property-report.com/detail/-/blogs/meet-hong-kong-s-smartest-archite-9" target="_blank"><strong>More: Meet Hong Kong's smartest architect&nbsp;</strong></a></p> <h4>How did you give a sense of cultural relevance in these residences?</h4> <p>I think it’s really important that you wake up knowing where you are in the world. While I certainly didn’t want the design to feel themed or overly Thai, little things like carved tables, the rattan&nbsp;and Thai silk furnishings give you that sense of place.</p> <p>All the art we’ve used is by Thai artists, many of which I found at Chatuchak market and commissioned, briefing them on the design and colour pallet. We've also referenced a panel system a lot, which can be seen in a lot of old Thai architecture and is really beautiful.&nbsp;</p> <h4><strong>You’ve used quite quirky colour combinations in the common areas, how do you know what will work?</strong></h4> <p>I refer a lot to fashion when it comes to colour combinations, because in the world of fashion you can be a little bit braver. While I’ve been a bit bold in the colour selection, they are slightly muted tones, so they have a lovely balance. If I had used sharp colours it wouldn’t work as well.</p> <p>I like to think that I've put together colors in these public areas for people to enjoy that they wouldn't necessarily be brave enough to do in their own apartments.</p> <h4><strong>What’s your biggest challenge when it comes to designing?</strong></h4> <p>We live in a world of crazy social media influence, and with every new project I always remind my team that we’re designing interiors – not photographs. So many images on Instagram look amazing because they have been designed as a photograph, but I want to create spaces for people to live in. People should feel proud to bring friends and family home, but also comfortable enough to take their shoes off and put their feet up. I don’t want it to be precious, I want it to be liveable.&nbsp;</p> <p><em>More images of the Ritz-Carlton Residences below:</em></p> <p><strong><img alt="" src="/documents/10204/0/SIMON-RAWLINGS-3.3-compressor.jpg/7395d1ed-8723-409c-a4d7-5dae41a4cd33?t=1521543890969" /></strong></p> <p><img alt="" src="/documents/10204/0/SIMON-RAWLINGS-8.8-compressor.jpg/384e4803-132c-4d8d-a43a-50f84b7343a0?t=1521628023404" /></p> <p><strong><img alt="" src="/documents/10204/0/SIMON-RAWLINGS-4.4-compressor.jpg/a270c03d-fc34-4bdb-880e-95d99aa9a0f9?t=1521544003384" /></strong></p> <p><img alt="" src="/documents/10204/0/SIMON-RAWLINGS-6.6-compressor.jpg/a85f250c-4ef8-4f23-9ba8-03f1a87f62b6?t=1521544226000" /></p> <p><img alt="" src="/documents/10204/0/SIMON-RAWLINGS-5.5-compressor.jpg/6db119db-d8df-4d7d-8231-30d83bbafe6c?t=1521544119251" /></p> <p><img alt="" src="/documents/10204/0/SIMON-RAWLINGS-7-compressor+%281%29.jpg/617ca9c1-d0c9-4a90-8ef0-185fd59d69b5?t=1521545356647" style="cursor: default; background-color: rgb(255, 255, 255);" /></p>
A conversation with interior designer to the stars, Simon Rawlings

How Modi's grand anti-graft drive is rattling Indian property

<p><img alt="" src="/documents/10204/0/India+Duncan+resized+2.jpg/c814e7f9-9e03-45ea-a30e-e3c68e9a5bd2?t=1502165156424" style="width: 1499px; height: 831px;" />In the often-murky world of Indian real estate, short-term gain has traditionally been associated with more sustained damage to the country’s reputation as a place to invest.</p> <p>Land records in the vast nation are patchy and arcane. Analysts say that figures such as politicians, businessmen and non-resident Indians often use black money they haven’t paid taxes on to buy property, but put it in the name of their relatives or trusted employees. These transactions are known as benami, a Persian term meaning “no name”.</p> <p>Meanwhile, slack law enforcement and a culture of corruption at the highest levels of local government have resulted in frequently shoddy work by builders and developers and “white elephant” high-end projects where supply has far outstripped demand.</p> <p>With the government of prime-minister Narendra Modi now taking strong action against graft, with measures including a demonetisation initiative to render high valuation notes worthless and drive money from the “grey economy” into the mainstream, the sector is currently in the eye what appears to be a worrying looking storm.&nbsp;</p> <p>Sales and launches at the end of 2016 plunged to the worst level since the global financial crisis in 2008, incurring a INR226 billion (USD3.39 bn) industry loss in the fourth quarter, according to a report by consultancy Knight Frank. Home sales in the last quarter of 2016 in India’s major cities – including Bangalore, Mumbai and New Delhi – crashed by 40 percent compared with the previous quarter. Launches of properties, meanwhile, fell by 45 in the same period. This is despite the fact that the fourth quarter, the festive season in India, is traditionally a busy time for home sales.&nbsp;</p> <p>&nbsp;</p> <div class="pull-quotes-container">The market is definitely in a kind of reset mode right now from being investor driven to end-user driven</div> <p>&nbsp;</p> <p>Analysts and realtors, however, believe that this particular blip will do more to energise and safeguard the market in the longer term than the decades of quick-buck profiteering that preceded it.&nbsp;</p> <p>“The market is definitely in a kind of reset mode right now from being investor driven to end-user driven,” says Pankaj Kapoor, founder and managing director of Liases Foras, one of India’s leading independent real estate research firms. “It’s shedding the extra fat in the cost and assessing all the ways in which it can be more efficient. I’m very confident that after this period of metamorphosis, the Indian real estate sector will benefit and emerge stronger, healthier, transparent and stable.”&nbsp;</p> <p>The Modi government has introduced a number of measures specifically targeted at regulating and bringing discipline to India’s chaotic real estate sector. These include central legislations including the Real Estate (Regulation and Development) Act (RERA) 2016 and the Benami Transactions (Prohibitions) Amendment Act 2016, which essentially bans the use of substitute names to hide ownership.</p> <p>RERA, once implemented, will increase transparency, which in turn will bring back buyer confidence. The Act requires States and Union Territories to come up with governing rules. Developers as well as intermediaries will have to recalibrate the way they do business to be RERA compliant. And the real benefits would be that buyers will be ensured of a dedicated governing body, timely project completion and complete clarity on the project and amenities promised – something that hasn’t always been the case in the past.&nbsp;</p> <p>Further significant reforms include a relaxation of FDI norms to increase the inflow of foreign capital and a Smart Cities scheme that will see major population centres in the country transformed into high-tech hubs. Also huge was the launch of the Pradhan Mantri Awas Yojana (PMAY) – better known as the “housing for all” initiative – with the stated aim of constructing two crore (20 million) houses for the urban poor by 2022.<br /> <br /> <a href="http://www.property-report.com/indias-smart-cities-mission-wants-to-transform-urban-areas-into-high-tech-hubs/" target="_blank"><strong>More:&nbsp;India’s Smart Cities Mission wants to transform urban areas into high-tech hubs</strong></a><br /> <br /> Despite the expected widespread impact of all of these reforms, as well as the major infrastructure projects that Modi has also made a signature of his rule, it is arguable that no one policy initiative has had quite as dramatic an impact as that of demonetization.</p> <p>On November 8, 86 percent of India’s currency was nullified in an effort aimed to clean out the cash supply for the black market. All 500 and 1000 rupee notes were instantaneously voided and a 50-day period ensued where people could redeem their cancelled cash for newly designed 500 and 2000 rupee notes or deposit them into bank accounts.</p> <p>The radical move was planned in secret as it was feared that if the black market caught wind of what the government was planning, ways would be found to rapidly unload illicit cash. As it was, the move caught vast swathes of the population by surprise. A few months on, long lines of people looking to exchange notes still spew out of the banks and sectors of the economy continue to struggle with the lack of readily available cash.</p> <p>The real estate sector immediately tanked following demonetisation. “It fell of a cliff,” says Dr Samantak Das, national director at Knight Frank India. However, analysts say that the dramatic – and intended – impact of the policy should not detract from what many see as a much-needed reckoning within the sector.&nbsp;</p> <p>&nbsp;</p> <div class="pull-quotes-container">Property has always been a major bastion of black money… [but the] demonetisation and the new benami transactions act will help tighten the screws</div> <p>&nbsp;</p> <p>“A lot of investors who were investing in projects with unaccounted for money and raising prices to book profits, will be eliminated from the system, which will cause much-needed correction,” says Savita Singh, partner at Khaitan &amp; Co, one of the oldest and largest law firms in India. &nbsp;</p> <p>“Property has always been a major bastion of black money,” adds Das of Knight Frank. “Overall the system is moving towards a new normal involving white money transactions. Demonetisation and also the new benami transactions act will help tighten the screws to ensure it’s more difficult to route black money into property.”</p> <p>All of India’s major cities – including Bengaluru, typically one of the country’s most resilient markets – witnessed a crash during the fourth quarter of last year. Although sales are expected to remain sluggish for the duration of 2017 as investors and developers adapt to the new reality, analysts and other experts believe that India’s real estate market will emerge cleansed and more attractive than ever in the not too distant future. And there appears to be empirical evidence to support these positive noises.</p> <p>The Indian government is doling out incentives for people to buy affordable homes. Earlier this year Prime Minister Modi extended subsidised loans for building or expanding homes in rural areas, as well as for the urban poor. Meanwhile, in its budget announced in February 2017, the government said it would grant infrastructure status to affordable housing opening up cheaper sources of finance to developers and additional avenues for developers to raise funds. The segment will now be given priority-lending status. According to experts, these incentives will help to focus established developers, previously known for their work on premium projects, on the real housing issues facing India. Given the tax incentives and other perks offered by the government, home buyers in this category can expect up to 10 percent benefit on pricing.</p> <p>“Currently the biggest factor affecting sales is the unaffordability of housing,” says Das. “House prices have increased significantly faster than the income level of homebuyers. Developers need to rethink the pricing, size and configuration of residential units in their planned projects.”&nbsp;<br /> <br /> <a href="http://www.property-report.com/which-states-are-on-board-for-indias-most-consumer-friendly-property-law-yet/" target="_blank"><strong>More:&nbsp;Which states are on board for India’s most consumer-friendly property law yet?</strong></a><br /> <br /> Another positive has been the continued steadiness of India’s commercial office space sector, which has held strong while the residential real estate sector has headed south. This has largely been due to growing demand for office space leasing from flourishing sectors such as e-commerce, banking, financial services, information technology (IT) and IT-enabled services (ITES). The market has thrived due to local and international companies reviving their expansion plans, while the introduction of real estate investment trusts (REITs) have also made office assets an attractive proposition for investors. Even the tsunami of demonetisation has not been as destructive as some reports have suggested.&nbsp;</p> <p>Although the secondary market, which deals with a significant amount of cash, has been decimated for now, projects undertaken by reputed developers in leading markets such as Mumbai, New Delhi and Bengaluru have remained more or less unaffected. This is because buyers who invest in such projects generally do so with the help of a home loan, with all transactions carried out through legal channels.</p> <p>“The real estate market in India has been bottoming out and it is widely believed that the market will soon start accelerating again, especially in the primary market,” says Anupam Rastogi, principle partner at Square Yards, a leading real estate advisory service for Indian property buyers. “Hence this is an ideal time to invest, both for end-users and speculators.”&nbsp;</p> <p>&nbsp;</p> <p><a href="http://www.property-report.com/asia-property-awards-2017-programme-revamped-to-include-14-markets/" target="_blank"><strong>Read next:&nbsp;PropertyGuru Asia Property Awards 2017 revamped to include 14 countries</strong></a></p>
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How Modi's grand anti-graft drive is rattling Indian property By Property Report
share-icon share-icon share-icon share-icon Jul 26, 2017

In the often-murky world of Indian real estate, short-term gain has traditionally been associated with more sustained damage to the country’s reputation as a place to invest.

Land records in the vast nation are patchy and arcane. Analysts say that figures such as politicians, businessmen and non-resident Indians often use black money they haven’t paid taxes on to buy property, but put it in the name of their relatives or trusted employees. These transactions are known as benami, a Persian term meaning “no name”.

Meanwhile, slack law enforcement and a culture of corruption at the highest levels of local government have resulted in frequently shoddy work by builders and developers and “white elephant” high-end projects where supply has far outstripped demand.

With the government of prime-minister Narendra Modi now taking strong action against graft, with measures including a demonetisation initiative to render high valuation notes worthless and drive money from the “grey economy” into the mainstream, the sector is currently in the eye what appears to be a worrying looking storm. 

Sales and launches at the end of 2016 plunged to the worst level since the global financial crisis in 2008, incurring a INR226 billion (USD3.39 bn) industry loss in the fourth quarter, according to a report by consultancy Knight Frank. Home sales in the last quarter of 2016 in India’s major cities – including Bangalore, Mumbai and New Delhi – crashed by 40 percent compared with the previous quarter. Launches of properties, meanwhile, fell by 45 in the same period. This is despite the fact that the fourth quarter, the festive season in India, is traditionally a busy time for home sales. 

 

The market is definitely in a kind of reset mode right now from being investor driven to end-user driven

 

Analysts and realtors, however, believe that this particular blip will do more to energise and safeguard the market in the longer term than the decades of quick-buck profiteering that preceded it. 

“The market is definitely in a kind of reset mode right now from being investor driven to end-user driven,” says Pankaj Kapoor, founder and managing director of Liases Foras, one of India’s leading independent real estate research firms. “It’s shedding the extra fat in the cost and assessing all the ways in which it can be more efficient. I’m very confident that after this period of metamorphosis, the Indian real estate sector will benefit and emerge stronger, healthier, transparent and stable.” 

The Modi government has introduced a number of measures specifically targeted at regulating and bringing discipline to India’s chaotic real estate sector. These include central legislations including the Real Estate (Regulation and Development) Act (RERA) 2016 and the Benami Transactions (Prohibitions) Amendment Act 2016, which essentially bans the use of substitute names to hide ownership.

RERA, once implemented, will increase transparency, which in turn will bring back buyer confidence. The Act requires States and Union Territories to come up with governing rules. Developers as well as intermediaries will have to recalibrate the way they do business to be RERA compliant. And the real benefits would be that buyers will be ensured of a dedicated governing body, timely project completion and complete clarity on the project and amenities promised – something that hasn’t always been the case in the past. 

Further significant reforms include a relaxation of FDI norms to increase the inflow of foreign capital and a Smart Cities scheme that will see major population centres in the country transformed into high-tech hubs. Also huge was the launch of the Pradhan Mantri Awas Yojana (PMAY) – better known as the “housing for all” initiative – with the stated aim of constructing two crore (20 million) houses for the urban poor by 2022.

More: India’s Smart Cities Mission wants to transform urban areas into high-tech hubs

Despite the expected widespread impact of all of these reforms, as well as the major infrastructure projects that Modi has also made a signature of his rule, it is arguable that no one policy initiative has had quite as dramatic an impact as that of demonetization.

On November 8, 86 percent of India’s currency was nullified in an effort aimed to clean out the cash supply for the black market. All 500 and 1000 rupee notes were instantaneously voided and a 50-day period ensued where people could redeem their cancelled cash for newly designed 500 and 2000 rupee notes or deposit them into bank accounts.

The radical move was planned in secret as it was feared that if the black market caught wind of what the government was planning, ways would be found to rapidly unload illicit cash. As it was, the move caught vast swathes of the population by surprise. A few months on, long lines of people looking to exchange notes still spew out of the banks and sectors of the economy continue to struggle with the lack of readily available cash.

The real estate sector immediately tanked following demonetisation. “It fell of a cliff,” says Dr Samantak Das, national director at Knight Frank India. However, analysts say that the dramatic – and intended – impact of the policy should not detract from what many see as a much-needed reckoning within the sector. 

 

Property has always been a major bastion of black money… [but the] demonetisation and the new benami transactions act will help tighten the screws

 

“A lot of investors who were investing in projects with unaccounted for money and raising prices to book profits, will be eliminated from the system, which will cause much-needed correction,” says Savita Singh, partner at Khaitan & Co, one of the oldest and largest law firms in India.  

“Property has always been a major bastion of black money,” adds Das of Knight Frank. “Overall the system is moving towards a new normal involving white money transactions. Demonetisation and also the new benami transactions act will help tighten the screws to ensure it’s more difficult to route black money into property.”

All of India’s major cities – including Bengaluru, typically one of the country’s most resilient markets – witnessed a crash during the fourth quarter of last year. Although sales are expected to remain sluggish for the duration of 2017 as investors and developers adapt to the new reality, analysts and other experts believe that India’s real estate market will emerge cleansed and more attractive than ever in the not too distant future. And there appears to be empirical evidence to support these positive noises.

The Indian government is doling out incentives for people to buy affordable homes. Earlier this year Prime Minister Modi extended subsidised loans for building or expanding homes in rural areas, as well as for the urban poor. Meanwhile, in its budget announced in February 2017, the government said it would grant infrastructure status to affordable housing opening up cheaper sources of finance to developers and additional avenues for developers to raise funds. The segment will now be given priority-lending status. According to experts, these incentives will help to focus established developers, previously known for their work on premium projects, on the real housing issues facing India. Given the tax incentives and other perks offered by the government, home buyers in this category can expect up to 10 percent benefit on pricing.

“Currently the biggest factor affecting sales is the unaffordability of housing,” says Das. “House prices have increased significantly faster than the income level of homebuyers. Developers need to rethink the pricing, size and configuration of residential units in their planned projects.” 

More: Which states are on board for India’s most consumer-friendly property law yet?

Another positive has been the continued steadiness of India’s commercial office space sector, which has held strong while the residential real estate sector has headed south. This has largely been due to growing demand for office space leasing from flourishing sectors such as e-commerce, banking, financial services, information technology (IT) and IT-enabled services (ITES). The market has thrived due to local and international companies reviving their expansion plans, while the introduction of real estate investment trusts (REITs) have also made office assets an attractive proposition for investors. Even the tsunami of demonetisation has not been as destructive as some reports have suggested. 

Although the secondary market, which deals with a significant amount of cash, has been decimated for now, projects undertaken by reputed developers in leading markets such as Mumbai, New Delhi and Bengaluru have remained more or less unaffected. This is because buyers who invest in such projects generally do so with the help of a home loan, with all transactions carried out through legal channels.

“The real estate market in India has been bottoming out and it is widely believed that the market will soon start accelerating again, especially in the primary market,” says Anupam Rastogi, principle partner at Square Yards, a leading real estate advisory service for Indian property buyers. “Hence this is an ideal time to invest, both for end-users and speculators.” 

 

Read next: PropertyGuru Asia Property Awards 2017 revamped to include 14 countries

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