<p><img alt="" src="/documents/10204/0/APA-SL+2018_Winners-compressor.jpg/2e8b8995-2466-4b97-b89d-d821b97d1024?t=1531731227660" style="width: 1000px; height: 562px;" /></p> <p>For the first time in history, Sri Lanka successfully hosted its very own PropertyGuru Asia Property Awards gala dinner, an exclusive event held on Thursday evening (12 July) at the majestic Shangri-La Hotel, Colombo.</p> <p>The black-tie ceremony recognised the real estate sector’s tremendous potential, with the island’s most innovative developers and current developments of the year chosen by an independent panel of experts following a rigorous selection process over the last nine months.&nbsp;</p> <p>Prime Group took home the coveted Best Developer title – the evening’s highest honour – at the historic event, along with one commendation in the Best Mid End Condo Development category.</p> <p>“An innovator in Sri Lankan real estate with more than 20 projects completed in the last two decades, Prime Group is a leader in providing in-house financial facilities for buyers. The company known for its ‘affordable luxury’ properties has invested in solar panel technology and applications for virtual reality tours for its customers,” said the judging panel.</p> <p><a href="http://www.property-report.com/detail/-/blogs/full-winners-list-propertyguru-asia-property-awards-sri-lanka-2-11" target="_blank"><strong>More: Winners' circle of the 2018 PropertyGuru Asia Propety Awards (Sri Lanka) competition</strong></a></p> <p>“Prime Group has also shown commitment to recycling, re-using and up-cycling, as well as supporting women entrepreneurship through its corporate social responsibility (CSR) programmes.”</p> <p><img alt="Prime Group chairman Premalal Brahmanage calls his team on stage as he finishes his acceptance speech for Best Developer at the PropertyGuru Asia Property Awards (Sri Lanka) 2018 gala dinner in Colombo" src="/documents/10204/0/APA-SL+2018_Prime+Group-compressor.jpg/7037861c-f65b-48ec-af8d-ec07635a658a?t=1531731217000" /></p> <p>Collecting the Best Boutique Developer trophy was two-time winner Capital TRUST Residencies (Pvt.) Ltd., whilst Maga Engineering (Pvt) Limited won the biggest number of trophies with four.</p> <p>It was a big night for one of South Asia’s most renowned environment-conscious construction firms, as Maga Engineering also received the Special Recognition in Sustainable Development and the Best Green Development awards. In addition, the MAGA ONE project won Best Office Development.</p> <p>Multiple winners of the night included Blue Ocean Group of Companies, Home Lands Skyline Pvt Ltd, and Indocean Developers (Pvt) Ltd, earning three golden statuettes each during the three-hour gala.</p> <p>One of the most anticipated moments of the ceremony was the introduction of Pradeep Moraes as the first-ever Sri Lanka Real Estate Personality of the Year recipient.&nbsp;</p> <p><strong><a href="http://www.property-report.com/detail/-/blogs/pradeep-moraes-of-altair-named-propertyguru-s-first-ever-sri-lanka-real-estate-personality-of-the-year" target="_blank">More: Pradeep Moraes is the first-ever Sri Lanka Real Estate Personality of the Year</a></strong></p> <p>Moraes, current chairman of the Condominium Developers Association of Sri Lanka and a director at Indocean Developers – the team behind the award-winning Altair twin-tower luxury development in Colombo – was handpicked by the editors of PropertyGuru Property Report magazine for leading a multifaceted 40-year career and raising the profile of Sri Lankan real estate regionally.</p> <p><img alt="PropertyGuru Group COO Jeremy Williams presents the first-ever Sri Lanka Real Estate Personality of the Year award to industry veteran Pradeep Moraes" src="/documents/10204/0/APA-SL+2018_Pradeep+Moraes+accepts+the+REP+award+from+Jeremy+Williams-compressor.jpg/d79de717-91d5-4c33-9701-d6372bc96440?t=1531735039457" /></p> <p>A total of 23 awards were presented to 13 outstanding real estate companies that received the industry’s highest honours, with main category winners later advancing to the regional PropertyGuru Asia Property Awards Grand in Bangkok, Thailand this November.</p> <p>Sri Lanka’s public sector was also recognised at the inaugural event in Colombo with the Special Recognition for Public Facility. The Ministry of Megapolis &amp; Western Development accepted the award for the Beira Lake Intervention Area Development Plan, and the Urban Development Authority (UDA) earned the same for the much-publicised Urban Regeneration Project.</p> <p>The Megapolis and Western Development Minister Patali Champika Ranawaka was present as the evening’s chief guest to deliver the opening keynote address at the ceremony.</p> <p>This year’s historic Colombo gala dinner followed the 2017 PropertyGuru Asia Property Awards in Singapore, when Sri Lanka’s vibrant real estate market was included in the prestigious awards programme for the very first time.</p> <p><img alt="Capital TRUST Residencies (Pvt.) Ltd., which took home two awards, was named Best Boutique Developer" src="/documents/10204/0/APA-SL+2018_Capital+TRUST+Residencies+%28Pvt%29+Ltd-compressor.jpg/2f59ea4f-638d-423b-ba3e-029f1c7b3548?t=1531731205000" /></p> <p>Jeremy Williams, COO of PropertyGuru Group, said: “PropertyGuru is delighted to support the growth of the real estate market in Sri Lanka and to provide the award-winning developers our international platform they deserve to showcase their tremendous potential, best local practices and expertise. We applaud the efforts and commitment of Sri Lankan developers and look forward to seeing more quality and innovative projects that meet the expectations of consumers and cross-border investors from our awardees.”</p> <p><a href="http://www.property-report.com/detail/-/blogs/sri-lanka-s-renowned-brands-support-the-arrival-of-the-propertyguru-asia-property-awards-in-the-count-1" target="_blank"><strong>More: Renowned brand support the arrival in Sri Lanka of the Asia Property Awards series</strong></a></p> <p>Terry Blackburn, founder and managing director of the PropertyGuru Asia Property Awards, said: “Following the successful inclusion of Sri Lanka in the Awards at our grand final last year, we are a delighted to be here in Colombo with what I am sure will be one of our most important annual events in the future. Clearly there is still a long way to go before catching up with neighbouring markets in Southeast Asia, but the progress in the last five years or so has nevertheless being remarkable. Developers have much to be proud of in how they are transforming the country and the lives of many Sri Lankan people.”</p> <p><img alt="Sri Lanka's Hon. Patali Champika Ranawaka, M.P., Minister of Megapolis &amp; Western Development, was the evening's chief guest and keynote speaker" src="/documents/10204/0/APA-SL+2018_Hon.+Patali+Champika+Ranawaka-compressor.jpeg/6d1c5219-3fd4-4296-83cd-0b2ee3470ccb?t=1531735045165" /></p> <p>The 2018 PropertyGuru Asia Property Awards (Sri Lanka) was supported by co-sponsors JLL and OTIS Aitken Spence Elevators; official broadcaster ART Television; official newspaper Daily FT; official portal partner LankaPropertyWeb.com; official hotel Shangri-La Hotel, Colombo; media partners The Big Issue and PropertyGuru Property Report; supporting association Ceylon Institute of Builders; and official supervisor BDO Sri Lanka, a part of the world’s fifth largest accounting and auditing firm.</p> <p>The independent judging panel was led by Dr. Nirmal de Silva (CEO, Paramount Realty), with Steven Mayes (Managing Director, JLL Sri Lanka); Stephanie Balendra (Director, Homes N Spaces Lanka Properties (pvt) Ltd.); Emeritus Prof. Chitra Weddikkra (Managing Director, QServe Pte Ltd); Roshan Madawela (Director &amp; Founding CEO, Research Intelligence Unit); Natalie Pendigrast (Founder &amp; Director, Pendi Pvt Ltd); Nilesh De Silva (Chartered Architect/Director, Kahawati De Silva &amp; Associates Pvt Ltd (KDS). The supervising team was led by Sujeewa Rajapakse (Managing Partner, BDO Sri Lanka).</p> <p>For more information about, email&nbsp;<a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a>&nbsp;or visit the official website:&nbsp;<a href="http://www.asiapropertyawards.com/sri-lanka-property-awards/">AsiaPropertyAwards.com/sri-lanka-property-awards/</a></p>

<p><img alt="Tokyo skyline with Tokyo tower. Luciano Mortula - LGM/Shuttersock" src="/documents/10204/0/shutterstock_254749504-compressor.jpg/854d9665-64ad-4b4f-98c1-77bdf04b0adf?t=1531728177296" style="width: 1000px; height: 667px;" />Tokyo is the highest-ranked Asian city on the fifth annual edition of the IESE Cities in Motion Index (CIMI) released by the&nbsp;IESE Graduate Business School at the University of Navarra.</p> <p>The Japanese capital retained its fourth position for the second year running on the index ranking cities worldwide for smart and sustainable capabilities, as determined by researchers at the school's&nbsp;Center for Globalization and Strategy.</p> <p>New York, London and Paris, in that order, dominated the list, with Singapore at number six, making it the smartest city in Southeast Asia and second overall in Asia.</p> <p>This year’s top 10 remain largely unchanged from 2017&nbsp;except for Amsterdam jostling Berlin out of the top 10. The German capital now sits in 11th place, right above Melbourne in 12th place, Oceania’s highest-rated smart city.</p> <p><a href="http://property-report.com/detail/-/blogs/dubai-property-transactions-sink-in-first-half-of-20-3" target="_blank"><strong>More:&nbsp;Dubai property transactions sink despite government efforts to woo investors</strong></a></p> <p>The CIMI ranked&nbsp;cities according to nine fundamental dimensions, down from 10 last year. The 2018&nbsp;edition merged the dimensions of&nbsp;governance&nbsp;with public management, in addition to human capital, social cohesion, the economy, the environment, mobility and transportation, urban planning, international outreach, and technology.&nbsp;</p> <p>Tokyo sits in second place worldwide&nbsp;in the economy dimension, fifth&nbsp;in human capital. The city is also in the top 10 for dimensions of the environment, international outreach, mobility and transportation, and technology.</p> <p>Singapore features in the top 10 for technology, governance and the environment. Rival Hong Kong is number one in the world for technology, urban planning, human capital, governance, and international outreach.</p> <p>Seoul and Hong Kong sit in the seventh and ninth places, respectively, on the main index.</p> <p>Below is an infographic of key insights from the 2018 CIMI:</p> <p><img alt="" src="/documents/10204/0/cities-in-motion-2018-compressor.jpg/bcb0e411-243b-4598-81fe-89638c31e030?t=1531737943882" /></p>

<p><img alt="Asoke intersection on Sukhumvit Road, Bangkok. SOUTHERNTraveler/Shutterstock" src="/documents/10204/0/shutterstock_641949823-compressor.jpg/afac78dc-bce2-457b-880c-f10a008f6259?t=1531389556261" style="width: 1000px; height: 667px;" />Land prices in central Bangkok have increased by 1,000 percent since 1988, according to CBRE Thailand.</p> <p>Prime central business district (CBD) sites in the Thai capital have experienced a rapid escalation of prices over the past two years, the consultancy noted in a retrospective released yesterday.</p> <p>“Assuming that planning regulations do not change and the amount of space that can be built on sites remains the same, then Bangkok’s CBD land prices are likely to continue to rise,” said Aliwassa Pathnadabutr, managing director of the consultancy.</p> <p>Last year saw the sale of 8-rai (3.17-acre) site of the Australian Embassy in the plush Sathorn district for THB1.45 million (USD44,000) per square wah.</p> <p>For perspective, the landmark transaction of the late 1980s in the same district was the sale of an 8-rai site to the developer of Empire Tower for THB125,000 per square wah.</p> <p>A joint venture earlier this year acquired the 23-rai former site of the British Embassy for GBP420 million (THB18.6 billion) in what is known as the largest land sale by value in Thai history.</p> <p>A 21-1-08 rai (8.5-acre) site in nearby Wireless Road had sold for just THB250,000 per square wah to the M Thai Group in the late 1980s. &nbsp;</p> <p><a href="http://property-report.com/detail/-/blogs/ekkamai-comes-into-its-own-as-bangkok-s-property-hotsp-4" target="_blank"><strong>More:&nbsp;Ekkamai comes into its own as Bangkok's property hotspot</strong></a></p> <p>Today, some Bangkok condominiums stand on land whose vacant possession value is higher than the total value of units, CBRE analysts noted in the report.</p> <p>Under&nbsp;prevailing laws, however, 100 percent of condominium co-owners must consent to revoking their share in the block before it is sold or redeveloped.</p> <p>Single-ownership buildings found to have been worth less than their sites have been demolished of late, analysts noted. “We have already started to see this happening with the demolition of Kian Gwan Tower I on Wireless Road and Vanissa Building on Chidlom Road. There are also plans to demolish the Dusit Thani Hotel and redevelop the site.”</p> <p>Serving over 1.2 million commuters daily, Bangkok’s mass rapid transit lines have been a foremost determinant of land values&nbsp;and helped "clearly define" the city centre, an area less distinct in the 1970s and 1980s.</p> <p>Other influential determinants of land prices have&nbsp;been regulations in urban planning and building, particularly those governing how much space can be built, said Kulwadee Sawangsri, executive director for capital markets - investment &amp; land at CBRE Thailand. “Obviously if less space can be built on a site then the land is worth less.”</p>

<p><img alt="Rising out of the sea: Port City Colombo, a 269-hectare Belt and Road project in Sri Lanka" src="/documents/10204/0/5-Sri-Lanka-lead-compressor.jpg/0f117693-1a9b-4992-ac52-6bcc5766d35b?t=1531291195365" style="width: 1000px; height: 666px;" />Sri Lanka’s built environment has come a long way from its economic and geopolitical troubles in the 2000s. With the days of the civil war behind it, the teardrop-shaped island also known as the Pearl of the Indian Ocean has magnified its wealth, a largesse inevitably funneled into real estate and asset ownership. The headcount poverty rate has fallen to 4.1 percent in 2016, a far cry from the 23 percent recorded in 2012-13. Last year, the GDP per capita in this nation of 21.4 million stood at USD4,065.</p> <p>Infrastructure projects are changing the face of the island. From the Western Province Megapolis to the Bandaranayake International Airport extensions, the government’s major initiatives over the last three years have positioned the insular country front and centre on investors’ radar.</p> <p>These initiatives are intersecting seamlessly with the private sector’s own efforts. The following are just a sampling of the ventures leading the pivot to modern Sri Lanka:</p> <h3>1. The One</h3> <p><img alt="" src="/documents/10204/0/5-Sri-Lanka-The-One-compressor.jpg/4e93f8a2-e7c7-4db8-80ad-d39a3f11841a?t=1531291289822" /></p> <p>This supertall will truly put Sri Lanka on the map for positive reasons. At 376 metres high, The One will be <a href="http://property-report.com/detail/-/blogs/take-a-look-inside-sri-lanka-s-future-tallest-tow-1" target="_blank">taller than anything built in South Asia</a> upon its completion in 2021. Jutting out of Transworks Square Colombo 1, the skyscraper will rise beside two no less majestic buildings housing The Ritz-Carlton Hotel and The Ritz-Carlton Residences. Together the edifices will offer 4.5 million square feet in built-up space, including a shopping mall. Residents can protect their units with biometric access systems and even commute in the sky; the project features a helipad.</p> <h3>2. Port City Colombo</h3> <p><img alt="" src="/documents/10204/0/5-Sri-Lanka-Port-City-compressor.jpg/0f28d7dd-0e3a-49d7-8543-e3f7cf4f6539?t=1531291319307" /></p> <p>The country will at the very least be on China’s map. Port City Colombo, a USD15-billion reclamation project, is both an ongoing extension of the Sri Lankan capital and a strategic maritime link between Asia and Europe along China’s modern Silk Road. It could be the most aspirational sliver of real estate in the city: home to 5.6 million square metres of built-up space comprising grade-A offices, hotels, healthcare amenities, retail and lifestyle destinations, and more. Sprawling for 269 hectares, Port City Colombo will be divided into different precincts: Colombo International Financial City, Central Park, Living Island, Marina and the International Island.</p> <p><a href="http://www.property-report.com/detail/-/blogs/geopolitical-jockeying-at-colombo-financial-city" target="_blank"><strong>More:&nbsp;Geopolitical jockeying at Colombo financial city</strong></a></p> <h3>3. Altair</h3> <p><img alt="" src="/documents/10204/0/5-Sri-Lanka-Altair-compressor.jpg/f809156e-5f73-4d4b-8ef8-95959d8683e8?t=1531291348663" /></p> <p>Rising 68 storeys and 240 metres high, Altair will also rank among the tallest buildings in South Asia. Up for wins in the Luxury Condo Development (Colombo) and Luxury Condo Architectural Design categories at the <a href="http://www.property-report.com/detail/-/blogs/propertyguru-asia-property-awards-sri-lanka-unveils-shortlist-for-historic-colombo-gala-dinn-1" target="_blank">2018 PropertyGuru Asia Property Awards (Sri Lanka)</a>, the project enlisted renowned architect Moshe Safdie no less for design duties. The 404-unit development consists of two towers, one upright and the other seemingly leaning upon it — a future icon of the Colombo skyline, indeed. <a href="http://www.property-report.com/detail/-/blogs/pradeep-moraes-of-altair-named-propertyguru-s-first-ever-sri-lanka-real-estate-personality-of-the-year" target="_blank">Pradeep Moraes</a>, director at Indocean Developers, the company behind Altair, is the winner of this year’s Sri Lanka Real Estate Personality of the Year award.</p> <h3>4. Cinnamon Life</h3> <p><img alt="" src="/documents/10204/0/5-Sri-Lanka-Cinnamon-Life-compressor.jpg/d97927a8-3b05-4a1f-b347-583969c6acae?t=1531291375446" /></p> <p>Cecil Balmond, the designer behind the ArcelorMittal Orbit in London and the CCTV headquarters in Beijing, is lending his quirky sense of élan to Cinnamon Life, one of the most stylish, futuristic integrated resort developments in South Asia. Cinnamon Life will feature an 800-room, five-star luxury hotel, in addition to 427 premium residential apartments. The development by Waterfront Properties (Private) Limited, a member of the John Keells Group, will also have a 30-storey state-of-the-art office tower; 295,000 square feet of shopping and entertainment spaces; and 115,000 square feet in event venues. Cinnamon Life “will be like nothing Sri Lanka has ever seen,” Balmond said.</p> <p><a href="http://www.property-report.com/detail/-/blogs/case-for-colom-8" target="_blank"><strong>More:&nbsp;6 reasons Colombo is one of South Asia's best bets for investment</strong></a></p> <h3>5. Capitol TwinPeaks</h3> <p><img alt="" src="/documents/10204/0/capitol-twinpeaks-5-sri-lanka-compressor.jpg/6c36547e-d61f-4c06-9ec8-caf7e83698c5?t=1531820043775" /></p> <p>Winner of Best Condo Interior Design at the recently concluded <a href="http://property-report.com/detail/-/blogs/propertyguru-asia-property-awards-debuts-in-sri-lanka-to-honour-the-industry-s-tremendous-potenti-6" target="_blank">2018 PropertyGuru Asia Property Awards (Sri Lanka)</a>, Capitol TwinPeaks are a pair of 50-storey condominium blocks rising above Staple Street in Colombo. The 435-unit twin towers feature curated options for open-plan concepts and closed kitchen layouts. “The colours inside are reminiscent of its natural surroundings, and the Zen garden on the 50th floor is a highlight,” judges at the awards noted. Singaporean interior designer Index Design Pte Ltd ensured high ceilings for both standard and penthouse units alike as well as American walnut hardwood for bedroom floors. The project by Capitol Developers - Sanken Group also won the Highly Commended award for Best Luxury Condo Development (Colombo).</p>

<p><img alt="Southeast Asia is ripe for problem-solving, smart-city tech. Visual society/Shutterstock" src="/documents/10204/0/southeast-asia-smart-lead-compressor.jpg/6e38680c-bc74-4a4e-827e-4a670384fcc3?t=1530867593638" style="width: 1000px; height: 668px;" />Smart city technologies have matured to a point where they are ready to address the most pressing issues related to urbanisation in Southeast Asia, a new discussion paper released this week by McKinsey Global Institute contended.</p> <p>Opportunities to make the built environment smarter in Southeast Asia are now valued up to USD26 billion, as smart solutions like precast, prefab, and 3-D printing; drone-enabled construction survey; 5-D BIM; and IoT-enabled construction sites continue to gain&nbsp;traction, according to McKinsey estimates.</p> <p>Meanwhile, the Southeast Asian market for smart mobility applications such as traffic command and control centres; intelligent traffic lights; real-time road navigation; and dynamic smart parking is now worth as much as USD70&nbsp;billion.</p> <p>The next generation of smart city technologies can improve many quality-of-life indicators by 10 to 30&nbsp;percent, the paper noted. “They can save time, improve public health and safety, create a cleaner and more sustainable environment, and foster a sense of community and civic engagement.”</p> <p>Among other benefits, smart solutions could eliminate up to some 270,000 kilotons of greenhouse gas (GHG) emissions annually — equal to the total emissions generated by Laos.</p> <p>They can avert up to 5,000 unnatural deaths, equivalent to 50 percent of Malaysia’s yearly total, and reduce the region’s disease burden by 12&nbsp;million disability-adjusted life years (DALY).</p> <p>Smart solutions also offer up to USD16 billion in savings on living costs annually as well as save up to eight million man-years in commuting time.</p> <p>They can also generate up to 1.5 million new jobs, equivalent to up to 30 percent of the workforce in Jakarta, Bangkok, and Manila.</p> <p><a href="http://property-report.com/detail/-/blogs/for-asia-s-super-affluent-luxury-now-means-smart-and-gre-4" target="_blank"><strong>More:&nbsp;For Asia's super-affluent, luxury now means smart and green</strong></a></p> <p>Having installed ultra-high-speed communication networks and many smart applications covering every domain of urban life, Singapore qualified as the only “smart city sandbox” in the region.</p> <p>Bangkok, Jakarta, Kuala Lumpur, Ho Chi Minh City, and Manila were classed as “prime movers,” cities where simply retrofitting existing infrastructure systems with smart technologies can optimise their performance and extend their lifespan.</p> <p>The sheer scale of prime movers makes smart city initiatives viable even at modest levels of adoption, unlike “emerging champions” like Cebu, Davao, Hanoi, Phnom Penh, and Yangon which require large-scale investment, especially from private sector partners. &nbsp;</p> <p>Both prime movers and emerging champions have “big potential to deliver results and touch millions of lives,” McKinsey stated.</p> <p>Meanwhile, “agile seedbeds” like Bandar Seri Begawan, Banyuwangi, Da Nang, Luang Prabang, Phuket, Siem Reap, and Vientiane can pilot and scale up smart city applications targeted toward their main industries.</p> <p>“Because these cities may have swaths of greenfield land, master-planned districts that are built smart from the start can help set a strong foundation,” McKinsey stated.</p>