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

<img alt="AI, one of the great disruptive forces in the real estate sector. Adam Vilimek/Shutterstock" src="/documents/10204/0/shutterstock_166675769-compressor.jpg/fd0709af-2559-42ad-9d07-0b541e8da06e?t=1543311897987" style="width: 1000px; height: 667px;" />Jobs and machines have coexisted for millennia. But when the wheel and axle begin to behave more like their makers, perhaps it is time to bring out the ultimate contingency: playing up the quintessentially human ability to make decisions instead of doing repetitive tasks. Artificial intelligence is imperilling the livelihood of real estate agents. By 2020, <a href="https://www.forbes.com/sites/forbesagencycouncil/2018/01/02/why-artificial-intelligence-will-eliminate-millions-of-sales-jobs/" target="_blank">a million B2B salespeople</a> will lose their jobs to AI, according to Forrester. It has been a source of trepidation for salespeople in Asia Pacific alone, where AI-powered services now constitute 10 percent of the real estate industry. Meanwhile, a survey by Hubspot showed that 47 percent of consumers are now open to buying items through chatbots, which have been deemed to be efficient at automating appointment bookings. Search engines are one area where real estate players have embraced the perks of machine learning, or the application of AI on systems so they can improve from experience as opposed to being programmed. Earlier this year, Singapore-based tech giant PropertyGuru underwent a successful brand refresh, launching websites and mobile apps with machine learning algorithms that recognise behavioural cues and thereby predict consumers’ preferred homes and even content. “The biggest challenge today in the property sector is the matching of supply and demand,” said Hari Krishnan, CEO of PropertyGuru, which mounted the 2018 <a href="http://asiarealestatesummit.com" target="_blank">Asia Real Estate Summit</a> in November. “When a developer builds real estate, how do they match it to a property seeker?   “Platforms like us, coupled with artificial intelligence, are going to help the efficiency of that matching. Artificial intelligence underpins PropertyGuru’s platform itself, so I’m a big fan of it.” But a full-on robot uprising, this is not. The disintermediation of real estate, or the reduction in the use of intermediaries between developers and consumers, should foreseeably transpire in ways that will not completely devalue human insight.  <a href="http://www.property-report.com/detail/-/blogs/5-things-you-need-to-know-about-proptech-right-now-with-jll-s-george-thom-9" target="_blank">More: 5 questions for JLL's George Thomas</a> “It is untrue that the property agents will be disintermediated completely. Our view is that the property agents will now play a slightly different role,” said George Thomas, chief information officer and head of technology, data and information management for Asia Pacific at JLL, on the sidelines of the PropertyGuru Asia Real Estate Summit. “Given that the data collected within real estate is quite nuanced, it is going to require quite a bit of interpretation. Who better to interpret that than the subject matter experts in that space? At this point in the proptech evolution, technologies cannot stand independently of the business processes tied to them. “It is one thing for the technology to say, for example, that the bathroom needs cleaning. It is another for us to coordinate with a variety of different providers to make sure the bathrooms are cleaned periodically. Connecting the business process to the technology will remain important forever,” said Thomas. For agents raring for lead time in adapting to the times, machines are, fortunately, still not advanced enough to think for themselves. Real estate players today are more likely using augmented, rather than artificial, intelligence, synonymous with data-driven machine learning, said Thomas. Meanwhile, the construction sector, a crucial component of the real estate value chain, remains one of <a href="http://property-report.com/detail/-/blogs/digitalisation-of-construction-taking-building-productivity-into-the-fut-11" target="_blank">the least digitised sectors in the world</a>.  “It is quite important for agents to realise it is less about disintermediation and more about the job profile changing a bit,” said Thomas.

AI and machine learning: how property agents can survive the great job destroyers

<img alt="'Smart city' has been a subjective concept for many countries. Elnur/Shutterstock" src="/documents/10204/0/shutterstock_1235599819-compressor.jpg/3ad9b24a-a2bd-4219-ad8e-777ddf879f5e?t=1542946052016" style="width: 1000px; height: 667px;" />In the current hubbub around urban planning, two words occupy prime real estate: smart cities.  <div> Every city aspires to be called one. From India to <a href="http://www.property-report.com/detail/-/blogs/songdo-trailblazer-or-cautionary-tal-6" target="_blank">South Korea</a>, property developments and government missions have either attempted building smart cities from the ground up or groomed existing urban hubs to be billed as such, often with mixed results.   </div> <div> Policymakers and urban planners have struggled to come up with a unified definition for a smart city, with variable parametres on what makes a city intelligent. Indian Prime Minister Narendra Modi made a lot of fanfare in 2015 when he announced his Smart Cities Mission, before admitting that he did not know what the term exactly meant.   </div> <div> Having analysed more than 100 definitions related to smart cities, the International Telecommunication Union in 2014 arrived at this definition: “A smart sustainable city is an innovative city that uses ICTs and other means to improve quality of life, efficiency of urban operation and services and competitiveness, while ensuring that it meets the needs of present and future generations with respect to economic, social and environmental aspects.” </div> <div> “‘Smart city’ is just a buzzword. All we’re using is technology to improve a situation which is what we’ve always done for a long time,” said Charles Reed Anderson, founder of Charles Reed Anderson & Associates, in a panel discussion on smart cities around Asia Pacific at the <a href="http://asiarealestatesummit.com" target="_blank">PropertyGuru Asia Real Estate Summit</a> in November. </div> <div> “In reality, this is no different than the other things we experienced in the past. We’re just using it now for a city. As of right now, I don’t think there are already smart cities. I think there are cities that are good at marketing themselves as smart cities.”  </div> <div> As a qualifier, “smart” is even more relative in Asia Pacific where cities either display extreme wealth or crippling poverty. One’s idea of a smart urban development in an obscure Indian town may be basic in Dubai, for example.   <img alt="The panel on smart cities from around Asia Pacific consisted of (from left to right) Charles Reed Anderson, Founder, Charles Reed Anderson & Associates; Joelle Chen, Regional Head, Asia Pacific, World Green Building Council, Singapore; Dr. Okan Geray, Strategic Planning Advisor, Smart Dubai; Adam Beck, Executive Director, Smart Cities Council, Australia & New Zealand; and Terry Blackburn, Founder & Managing Director, Asia Property Awards, Property Report, Asia Real Estate Summit, PropertyGuru Group" src="/documents/10204/0/44973478375_b63eca3b3e_b-compressor.jpg/f0644759-8e19-4473-9e56-3bdd8d990cc7?t=1542946828806" /> </div> <div> “We talk about smart cities as if it’s a zero or one thing: you’re either a smart city or not a smart city. But everywhere I go, the context is so different; aspects of cities are so incredibly different from each other,” said Dr. Okan Geray, strategic planning advisor for Smart Dubai, an initiative which aims to make Dubai the world's smartest city.    </div> <div> “I really believe the challenges faced by each and every city is very different. We try to put them in all in the same basket, but it is very difficult. The issues [other cities] face in terms of housing, mobility—some have no roads, no transportation—these are not really the same issues that we face in Dubai." “What is a ‘good city’? What is a ‘smart city’? A lot of the emerging economies are still at the level of defining what is a good city,” said Singapore-based Joelle Chen, regional head, Asia Pacific for the World Green Building Council.   </div> <div class="pull-quotes-container">A smart city has got to be productive, got to be healthy, got to be efficient. When you start looking at the health and wellbeing metric in a building, you start thinking about how productive you are in a space</div> <div> Perhaps a smart city is really the sum of its parts, in that it would be remiss of urban planners to not think of it as an amalgam of sustainable, intelligent buildings.   </div> <div> “If you think about it, the buildings themselves are almost the micro-version of the cities. Anything that we think about in terms of the city itself, whether it’s mobility, food issues, energy, healthcare, or education to a certain extent—all of them are manifesting themselves in the micro-environment of buildings,” said Geray.   </div> <div> <a href="http://property-report.com/detail/-/blogs/digitalisation-of-construction-taking-building-productivity-into-the-fut-11" target="_blank">More: How digitalisation of construction will take builder productivity into the future</a> One major metric the World Green Building Council has used to determine the intelligence of a city is citizen wellbeing by way of indoor air quality. The quality of air within buildings has had an underrated impact on cognitive function, seeing as humans breathe 15,000 litres of air every day as opposed to drinking about three litres of water.   </div> <div> "For me, a smart city has got to be productive, got to be healthy, got to be efficient. When you start looking at the health and wellbeing metric in a building, you start thinking about how productive you are in a space,” Chen said, exhorting developers to create more carbon-neutral portfolios in time for 2030, the Intergovernmental Panel on Climate Change's (IPCC) deadline for preventing climate change catastrophe.  </div> <div> “Buildings are meant for people. Otherwise, buildings will be weapons of mass destruction."  </div> <div> The Smart Cities Council - Australia & New Zealand, in partnership with the Green Building Council of Australia, released last month the Code for Smart Communities, which parses smart urban developments for property developers and technologists. The code attempts to encapsulate smart communities in a range of principles: strategic, connected, aware, responsive, and innovative.  <div class="pull-quotes-container">The green building movement is one of the most transformational movements in history</div> “The hard work that nobody has never done yet is put metrics around those,” said Adam Beck, the council's executive director. “We really started giving the development industry and the property sector some tangible metrics to define those ideas.”  In Australia, developers may not build premium-grade commercial buildings in a major city unless it is rated by Green Star, the national and voluntary rating system for buildings and communities.  “The green building movement is one of the most transformational movements in history,” said Beck. "It took a little while to get going because of the pushback. There was no demand for it. Twenty-three years later, we’ve seen a global movement. It’s been absolutely phenomenal.”  <a href="http://property-report.com/detail/-/blogs/state-of-the-economy-a-conversation-with-the-economist-s-andrew-stapl-5" target="_blank">More: A conversation with The Economist's Andrew Staples</a> <div> Use cases are often overlooked in the thrust toward becoming a smart city, an omission Taipei is ameliorating in its own urban development project. The city’s Smart City Project Management Office (PMO) has interviewed 30,000 citizens to understand their desires for the city and talked to around 400 different ICT vendors to deliver those solutions. Such synergies between public servants and IT players have resulted in around 135 proofs-of-concept, ranging from smart streetlights to autonomous vehicles, with Taipei as their test bed.   </div> <div> “Don’t get me wrong; a lot of them will fail but at least they’re experimenting and trying to identify these new use cases,” Anderson said.   </div> <div> “What we’re lacking in smart cities is the experimentation because we don’t know the use cases. We know we can do infrastructure-centric solutions but not citizen-centric ones.”  <img alt="Panel discussion on smart cities from around Asia Pacific was staged on the second and final day of the PropertyGuru Asia Real Estate Summit 2018" src="/documents/10204/0/45886676671_898043490e_b-compressor.jpg/ce4a827a-2800-44d6-a4a4-beb2d44627d4?t=1542947265346" /> </div> <div> Dubai has been similarly people-oriented, having regularly put out questionnaires that ask its cosmopolitan, expatriate-dominated populace: what makes them happy? In its quest to become “the happiest city on earth”, Smart Dubai has identified and sought to digitise roughly 75 “customer journeys” or experiences crucial to the daily lives of residents, from education and health to so much as taking the taxi.    </div> <div> “What we see in smart city projects today, you have almost standard, cookie-cutter solutions being applied across the board to any city. I don’t think that’s a very scaleable approach,” Geray said.   </div> <div> The emirate’s interrogatory efforts managed to wrest a common thread from those experiences: the need to truncate paper-based processes in the government. The Dubai Paperless Strategy was launched last year as a result, aiming to make procedures in the emirati government paper-free by December 2021.   </div> <div> In a way, developing smart cities rely on counterintuition, having technology take a backseat to the people. Urban planners need to reverse-engineer a community’s vision of utopia, strip them to a set of desired outcomes, and define key performance indicators of initiatives working toward them.    </div> <div> “It’s like working backwards from the concept of happiness and then coming up with solutions, not starting with asking: ‘How can I apply technology on the city?’ It should be the other way around. The needs of the city’s inhabitants are very important,” Geray said.    </div> <div> “After all, ‘what is the city but the people?’”  </div> </div>

Smart cities in Asia Pacific: lessons, challenges, opportunities

<img alt="Monito/Flickr" src="/documents/10204/0/fintech-lead-compressor.jpg/34074e7f-7de5-44d4-b474-e37736baf4d5?t=1542713761735" style="width: 1128px; height: 667px;" /> Capital raising has become one of the more exciting spaces in the real estate industry as the phenomenon of sophisticated fintech or financial technologies muscles into the picture.  The intricacies of fintech have had significant corollaries on the very manner in which property is owned and transacted. "The catchphrase for real estate is no longer 'location, location, location.' It’s now 'technology, technology, technology,'" said Benedict Andrew Lim, managing director for Southeast Asian real estate at Ernst & Young, who moderated the panel discussion on fintech at the <a href="http://asiarealestatesummit.com" target="_blank">PropertyGuru Asia Real Estate Summit</a> earlier this month. But it bears reminding that fintech, for all the innovations it brings to real estate, is nothing new. “Fintech or financial technology has been around for a long time,” said Dr. Florian M. Spiegl, co-founder and COO of the Hong Kong-based company FinFabrik.  “In fact, if you go all the way back to the 1880s, we moved from sending money cross-country on horse carriages to actually wiring money. That was fintech.”   Contemporary fintech, however, is an entirely different ballgame—a movement that hatched concurrently with the arrival of the iPhone, and mobility, for that matter, in the late 2000s, Spiegl noted.   “We’re moving from going to the banks and falling in line to making payments on your mobile,” fintech advisor and panellist Phonpimol Pathomsak said. “People who in the past never had access to loans and financial services could now get them more easily. Everything is in a mobile phone.” What follows are some of the more salient points we gleaned from the panel: 1. Rising digitisation of property ownership                                                                           With the world's real estate valued at USD280.6 trillion as of last year, a significant portion of that is going to be up for tokenisation or the process of representing the ownership of real world assets digitally on a blockchain, according to Christopher J. Marriott, CEO for Southeast Asia at Savills. Tokenisation makes the selling of property more fluid, rendering obsolete those days when a physical deed or certificate is the only thing that can pass for proof of ownership. Tokenisation plays out like "writing the content of those certificates into the smart contract of the token, plus digitising the actual document,” Spiegl explained. “Imagine the token not just representing ownership of that asset but the entire legal history that can be disclosed of that asset. Once you have a dual structure — the physical-world representation of ownership and the digital-world representation — you can’t detach the two. You can add liquidity to the digital element, very easily transact it.” <h4>2. Nascent regulatory frameworks</h4> Regulatory and legal frameworks still hamper fintech from flourishing more than it already has. For now, fintech sits firmly within the sphere of financial services capital markets; existing rules apply. For example, Hong Kong’s SFC recently issued a statement requiring a type 149 licence of asset managers dabbling in cryptocurrencies, at par with other securities, noted Spiegl.   Singapore is also working on the regulatory framework for asset backed-securities, which represent the tokenisation of a real estate asset over equity and debt, said Marriott.  "Within that there’s a real need to look at the token structure and the smart contract that effectively is what gets you listed for sale. All of the regulation around that is in a very primitive stage," Marriott stated. "Both the manufacturers, those people trying to create the token, and the regulators are debating how that can be done." "Regulators are still getting into this space," Spiegl noted. "They're still aiming to understand they dynamics of it. And their job is to protect the end consumers. The whole industry is looking forward to how regulators can give us the rules so we know what to comply with and build businesses that are robust and put end consumers first." <a href="http://www.property-report.com/detail/-/blogs/5-things-you-need-to-know-about-proptech-right-now-with-jll-s-george-thom-9" target="_blank">More: 5 questions for JLL's George Thomas</a> 3. Asset-backed securities vs. cryptocurrencies Enthusiasts in the fintech space are getting excited over asset-backed securities and the fact that they can create representation of ownership of an asset on a blockchain protocol. "Asset-backed security is not a cryptocurrency. Effectively you can buy a token or a fraction of interest in this building and it may contain both equity and debt," Marriott said.  However, there is yet to be "strength of interest" from institutional investors to move into the asset-backed security marketplace, he said. "There are two reasons for that. First, it’s their market. If you start fractionalised ownership, you open up that market to everybody; they cannibalise their own marketplace. "Second there is no regulatory framework, there is no access to the market for this to occur," he added. <img alt="Moderated by Benedict Andrew Lim, managing director, Southeast Asian real estate at Ernst & Young, the panel on fintech at the PropertyGuru Asia Real Estate Summit consisted of Christopher J. Marriott, CEO, Southeast Asia, Savills; Dr Florian M. Spiegl, co-founder and COO, FinFabrik; and Phonpimol Pathomsak, fintech advisor" src="/documents/10204/0/A_0648-compressor.jpg/55de8f37-b159-4bb2-b5b1-0e69dee2c815?t=1542714936655" /> <h4>4. Easier access to credit</h4> Fintech has been a boon to financial inclusion in many developing countries, especially in Thailand where around 80 percent of people still need to take out loans to be able to acquire property, said Phonpimol. The fintech expert was the former CEO of Refinn, an online mortgage platform that assists customers in the loan application process and improves their chances of an approval. It does so by matching them with the right short-term and long-term offers by lenders. “There are a lot of people that would get rejected and never ever get the loan. Rejection basically because the customer is not qualified," she said. "It’s not their fault entirely; sometimes it’s because of the inefficiency of the bank, and also because the operation is taking too much time to verify the person.” <a href="http://property-report.com/detail/-/blogs/state-of-the-economy-a-conversation-with-the-economist-s-andrew-stapl-5" target="_blank">More: A conversation with The Economist's Andrew Staples</a> <h4>5. REIT vs tokens</h4> Tokens are far more affordable than REIT structures, which has “fees on fees on fees,” noted Marriott. “A token has everything included. The ownership would be included in a smart contract that can move from one person to another very efficiently.” In comparing tokens to REITs, Florian brings up the emotional factor that the former bring to investors, especially younger ones. “Strangely enough we tend to forget investment into real estate has an emotional component. Is there a less sexy product than a REIT? “Think about how we enable fractional ownership. People can walk up to a shopping mall, residential property, and say, 'This is my building.' We’re bringing back that emotional attachment. Now that sounds soft, but I think it’s very important for the next generation of investors to have a tangible element to their investment.”

Fintech in real estate: 5 takeaways from the PropertyGuru Asia Real Estate Summit 2018

<img alt="Pedestrians along Orchard Road, Singapore. Suchart Boonyavech/Shutterstock" src="/documents/10204/0/shutterstock_1045118092-compressor.jpg/4fcdc332-2bc8-4fe3-95e3-b1daa351748f?t=1542344288615" style="width: 1000px; height: 667px;" />Cradling 8.5 percent of the world’s population, Southeast Asia is brimming with overly populous cities. The convergence of humanity in this part of the world presents a motherlode of challenges to urban planners. The population boom is also a catalyst for urban sprawl and, along with it, demand for greenhouse-gas-guzzling private vehicles. To counter the colossal pressures besetting the region’s urban hubs, "behavioral change” is in order, particularly in outmoded attitudes toward walkability, according to Chintan Raveshia, Cities lead of the Cities and Planning team at Arup Singapore. Success is subjective, and for many Asians, it is predicated on car ownership. “There’s a lot of people in this part of the world where people think buying a car is the future. That doesn’t need to be,” Raveshia said on the sidelines of the <a href="http://asiarealestatesummit.com" target="_blank">PropertyGuru Real Estate Summit</a>, where he delivered a keynote speech. As a consequence of these social mores, pedestrian spaces often take a backseat to high-stakes road projects. Only two million Filipinos own private vehicles, for example, but in Metro Manila, an urban agglomeration of more than 12 million, sidewalks have no proper setback rules, forcing pedestrians to squeeze into dangerous one-lane walks. <img alt="Chintan Raveshia, Cities lead of the Cities and Planning team at Arup Singapore, delivering his keynote speech at the PropertyGuru Asia Real Estate Summit 2018" src="/documents/10204/0/A_0855-compressor.jpg/70d442ee-fa45-4d19-827d-83a6c02c31d5?t=1542345191355" /> Worse yet, uninterruptible urban sprawl has trebled the rise of low-density developments that can only be reached by cars, compounding the problem of carbon emissions from the city. “We want people’s idea of growth and progress to change … to make people accept that walking is cool and it’s okay. To make that people think that walking is not pulling them down in their class structure." There is still much to learn from Southeast Asia though. Raveshia, a Singapore resident, cited a recent survey in his city that suggested buying cars is falling out of favour with young demographic cohorts even as government regulations continue to impinge on car ownership. <a href="http://property-report.com/detail/-/blogs/connecting-the-dots-the-rise-of-the-megacity-archipelag-5" target="_blank">More: Building a 'megacity archipelago' is the future, says Parag Khanna</a> “The next generation does not aim at buying a car anymore. They want to use that money for experience,” he said. Raveshia, who has lent his expertise to modern transport projects in the UK, Sydney, and Kocaeli in Turkey, has reason to be optimistic about Southeast Asian cities. Most might as well be cities in Europe of 100 years ago — they were able to transcend such pressures to arrive at where they are now. “I see that progress is going to be much quicker for us here in Asia because we already know the mistakes of the past to be able to reform those and move around very quickly to where we need to be,” he said.

What makes a successful Asian city? The answer is in walkability

<img alt="The US-China trade dispute represents a key risk to global economic outlook. ittoilmatar/Shutterstock" src="/documents/10204/0/shutterstock_1185877720-compressor.jpg/0deb5792-ba14-40a3-a872-b0ee704db97e?t=1542285024861" style="width: 1000px; height: 667px;" />The US-China trade war will accelerate shifts in the global economic supply chain and Chinese outbound investment markets, according to thought leaders gathered at the <a href="http://asiarealestatesummit.com/" target="_blank">PropertyGuru Asia Real Estate Summit</a>.  While the dispute has bruised consumer confidence in China, its upshot will not be a reduction in the US trade deficit as President Donald Trump had hoped, according to Andrew Staples, editorial director and chief economist at The Economist Corporate Network (ECN). “It won't get the deficit down. It will simply mean that supply chains move to other countries, whether it be soya beans in Brazil or automative exports from Thailand,” Staples told attendees at the summit where he delivered the first keynote address.  "We don't think the trade war is justified action," he added.  Similarly, the trade war will see Chinese buying inquiries riven into two trends, one being plunging demand for stateside residential products, according to Carrie Law, CEO of Juwai.com.   “One is wait-and-see, do nothing. The other is a shift in demand into regional targets, into Southeast Asian countries,” she said on the sidelines of the summit. “We can see that [buying] inquiries for the US, as well as Australia, dropped by double digits. The growth in North Asian countries are also up. “Obviously the demand is still there. It’s just not the same locations.” <img alt="Andrew Staples, editorial director at the Economist Corporate Network (ECN)" src="/documents/10204/0/A_0332-compressor.jpg/dc2ecc13-96a5-4e44-bc16-7480bdc06316?t=1542285526656" /> The trade dispute morphing into a full-blown global trade war will be the number one risk and bring "colder" headwinds to the global economy into the next year, predicted Staples. Presenting his 2019 forecast for the region, Staples warned that the tit-for-tat tariffs between the states and China constitute the topmost risk to their economic outlook for next year. “Their relations are very poor. We don’t think this is good for global growth, we don’t think this is good for global security,” Staples said.   “This is something we’re very, very worried about.” <a href="http://property-report.com/detail/-/blogs/state-of-the-economy-a-conversation-with-the-economist-s-andrew-stapl-5" target="_blank">More: A conversation with The Economist's Andrew Staples</a> Already, the trade dispute has riven Asian economies into distinct winners and losers, according to a new report released earlier this month by The Economist Intelligence Unit (EIU), an ECN company. Japan, the Philippines, Singapore, South Korea, and Taiwan are projected to lose in the ICT sector, for example, in contrast to winners like Vietnam, Malaysia, India, Indonesia and Thailand. Bangladesh, India, Sri Lanka, Pakistan and Vietnam are poised to be the trade war’s winning economies in terms of ready-made garment manufacturing, while Thailand, Malaysia, Indonesia and Vietnam are set to excel in automotive production. China’s losing luster as a manufacturing destination reflects its growing affluence and transformation into a consumption-driven market. “If you went to China 25 years ago, it has lots of low-cost labour to make t-shirts and shoes. That’s all gone now to places like Vietnam, Bangladesh, and elsewhere — which is a more positive story. [The Chinese] have more money to spend.”

How the trade war will alter the global economy and Chinese property market

<img alt="Ong Tze Boon" src="/documents/10204/0/Boon-Interview-Bw-for-upload-compressor.jpg/6a012d50-31e8-4b5f-b8f5-f7c4fdec5c47?t=1543494404104" style="width: 1000px; height: 667px;" />Bounding up to the bustling Chinatown café where we’ve arranged to meet, grinning broadly and greeting the owners, Ong Tze Boon evinces the kind of verve you’d expect in a man half his age. He’s about as far removed from stereotypical images of middle-aged CEOs as you could imagine. Sporting a salt-and-pepper goatee, turquoise T-shirt and light casual jacket, he epitomises a bohemian chic that reflects his exuberant yet intimate conversational manner, body language – he’s frequently tactile – and business ethos. His transatlantic tone stems from a decade in California and New York that he describes as having “changed [his] mind-set, perspective and reflectiveness”. Though very much his own creation, it’s impossible to discuss Boon’s career without mentioning his late father, Ong Teng Cheong – and not only because it was he who set up Ong&Ong, the practice Boon now helms. Not only was the elder Ong a leading architectural figure himself, he also happened to be the fifth president of Singapore, serving between 1993 and 1999. Upon his father’s death in 2002, Boon, recently returned from the States, found himself between a rock and a hard place. As the shockwaves of the Asian financial crisis reverberated, work was drying up for upscale building companies. Boon’s strategy was to radically expand both the company’s remit and its international reach. <a href="http://www.property-report.com/detail/-/blogs/smarter-and-niche-developments-impress-at-annual-propertyguru-asia-property-awards-singapore-20-8" target="_blank">More: Smarter and niche developments impress at 2018 PropertyGuru Asia Property Awards (Singapore)</a> “I got creative and started thinking: If someone’s building, he’s got to build the interior, the landscape,” he recalls. “What if, instead of only doing architecture, I offer the client the interior as well? That was our foray into integrated disciplinary practice. Once we started, the clients liked it – particularly in surrounding countries. That was the precursor to our ‘360-integrated solution’, and on that platform we grew.” Fifteen years later, Ong&Ong operates in 10 countries, and undertakes projects right across Asia, as well as Australia, America and Cyprus. “We’ve done every kind of project except two types: airports and prisons,” Boon says. The firm is perhaps best known in its native Singapore for its involvement in countless high-end residential projects from the recently completed Spottiswoode Suites to executive condos including Blossom Residences, as well as embassies, schools and religious buildings. Overseas, Ong&Ong has, among other things, built up a reputation for its five-star resort properties like Layan Beach Resort on Phuket, Marriott Bintan in Indonesia and Alma Resort in Vietnam’s up-and-coming Cam Ranh Baya area. <div class="pull-quotes-container">Design is not about how it looks, but how it works. If you know how it works, you can get on with designing it. If you don’t, you’re just shooting in the dark</div> A key factor in the company’s success is its emphasis on human-centred design – re-imagining the building process such that end users, whether they are condo residents, shoppers or hotel guests, benefit most. “What we sell to clients is, ‘Let’s try and understand the end experience’, then work it backwards to determine what we must do,” explains Boon. “You talk to the end user first,” he continues, emphasising the noun. “Most of the time, the clients don’t know what they want. So we hear the feedback, formulate an answer, then start crafting the design – not just the building but the lighting, the branding, the touchpoints. Design is not about how it looks, but how it works. If you know how it works, you can get on with designing it. If you don’t, you’re just shooting in the dark.” An unorthodox MO perhaps, but one that’s indisputably paid dividends. Once almost exclusively tasked with residential projects, Ong&Ong has since been commissioned to design banks, malls, a mosque and, recently, two of the Malaysian stations that will form part of the imminent high-speed rail (HSR) link between Singapore and Kuala Lumpur. The latter would have been of great interest to Boon’s father, one of the foremost proponents of the Lion City’s now-extensive MRT system. I put it to him that where Singapore – with its well-constructed pavements and abundant walking routes – once had too few stations, now it feels almost like it has too many. It’s a proposition he counters in typically mind-bending fashion. <img alt="The practice's work around Asia has seen it assert its presence in hot destinations like Phuket, where it designed the Layan Beach Resort" src="/documents/10204/0/Layan-for-upload-compressor.jpg/74a17d39-08e1-46d9-8557-29c625dc8f95?t=1543495624450" /> “Transit work is based on an understanding that it cannot be a congregation of everything in one place, because when that happens the system around it won’t work,” Boon expounds. “So, you create a hierarchical segregation of the hip and not-so-hip place, suburbia. But if you exercise public transport right, you start to decentralise some of this. Like in Malaysia: Putrajaya, Cyberjaya. It creates a concentration in different ways, but within each of those pockets it can still be pedestrian-friendly. If you don’t recognise that you need mass transit, you’re in trouble in the long run. Meanwhile, don’t ignore, neglect or forget people.” It’s clear that while his cultural and professional outlook is truly global, Boon remains deeply proud of his home nation’s breakneck-speed development. “In Singapore, they’ve come to terms with [the idea that] separating the commercial and residential completely is not the way. With transit development, where you mix commercial and residential, you get a third level, which is community, zoning and use – activating the community to work and play. Not to ‘live here, work there and play there’. And I think it’s lovely; you don’t have all these abandoned ghost towns.” Seemingly a humanist as much as an architect, the interaction of people with buildings is his life’s fascination and life’s work. As he waxes lyrical about his experiences across Asia, he delves deep into considerations most travellers would barely contemplate. “Anthropological cultures are different,” he explains. “In India for example, the maid’s room is a big thing, because there are so many domestic helpers. The yard is crucial; whereas in Singapore’s modern apartments, there’s not much yard left. Aside from all the feng shui and vastu [Indian architectural science], cultural inputs are different, sensitivities are different, conducts are different. In Singapore, you would not be surprised to see the kitchen as the centrepiece. That opens an opportunity to activate the backyard; the yard can become a garden, because the dining room becomes an extension of that garden.” <img alt="Ong&Ong's portfolio includes numerous spectacular resorts around Southeast Asia, including the Marriot on the Indonesian island of Bintan" src="/documents/10204/0/Mariott-Bintan-for-upload-compressor.jpg/11f1a00f-726f-4558-84f6-bfe424fe9264?t=1543495712682" /> While masterminding an ever-expanding business should be more than enough to occupy any architect, Boon’s unquenchable curiosity has led him to unusual quarters of late. In 2015, he learnt of his compatriot David Lim’s pioneering mountain climbs in 2005, immortalised in the book Against Giants, which details the ascent of a Central Asian summit Lim named after Boon’s father. Himself a veteran of such mighty peaks as Kilimanjaro, Rinjani and Kota Kinabalu, Boon decided to investigate further. “I Googled ‘Ong Teng Cheong peak’, and found nothing,” recalls Boon. “I realised that all David had done was to climb the mountain, chose to call it that, and published that book. I keyed in the co-ordinates on Google, but they led to the valley. So, in 2016 I climbed the one he pointed out, documented it with modern technology – and with all the video evidence, I approached the government of Kazakhstan and said, ‘I’m just remaking the journey of another man who did this years ago.’ “I filed it with the Kazakh government, and they said, ‘Who is Ong Teng Cheong?! Ah, the first elected president! Okay, can consider!’ On 28 June 2017 they officially adopted the name.” While clearly not short of extracurricular interests, it seems unlikely that Boon will follow in his father’s political footsteps. “I think there may not be enough of a place for me there,” he ponders, seemingly amused by the prospect. “Would I rule out contributing to the community? Of course not. But I think it’s well under control.” This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/266502" target="_blank">Issue No. 146</a> of PropertyGuru Property Report Magazine

Interviews Architecture & Interiors Nov 29, 2018

A Singaporean president's son comes into his own BY Jonathan Evans

<img alt="" src="/documents/10204/0/Sri-Lanka-for-newsletter-compressor.jpg/3fe56eb3-bf51-45c8-b5e2-62a1d12188ce?t=1540526658326" style="width: 1400px; height: 640px;" />Along a stretch of coast in Sri Lanka’s capital, sand dredgers furiously spew jets of debris as they prepare the ground for one of the country’s most ambitious real estate projects to date. Port City Development, a 269-hectare “futuristic city” costing USD1.4 billion, will be a shiny new mini-metropolis in Colombo, featuring financial and commercial districts, housing, a marina, and a Formula One racetrack. The brainchild of a consortium of Chinese companies led by state-run China Harbour Engineering Company Ltd (CHEC), the project is another impressive example of how new cities, bridges and roads are growing out of nothing in countries where China is pouring money to realise its Belt and Road economic dream. “Colombo Port City is a key project in South Asia under the Belt and Road Initiative and it has well matched Sri Lanka's Western Megapolis development strategy,” Chairman Liu Qitao of China Communications Construction Company Limited, the parent company of CHEC, told Xinhua. China has been committed to rebuilding infrastructure in Sri Lanka since the island’s decades-long ethnic war ended in 2009. But with China’s economic and geopolitical future riding on the success of its Belt and Road plan, set to link its land and sea trade routes to Africa, Europe and the rest of the world, money is flowing thicker and faster into Sri Lanka and the rest of Asia. <img alt="Sri Lanka's coastline is a vital cog in China's Belt and Road Initiative" src="/documents/10204/0/sri-lanka-2018-2-compressor.jpg/13069842-5c16-4228-ae55-9e651495b5c1?t=1540529759452" /> China has invested USD1.3 billion in the development of the southern deep-sea port of Hambantota, a deal marred by concerns that the port could be used by the Chinese military. It is also developing the 114.5km Matara-Kataragama railway extension and has funded most of the construction of the Mattala Rajapaksa International Airport. Carrie Law, CEO of Chinese property platform Juwai.com, said that big-ticket investments like these “reassure Chinese consumers that Sri Lanka will continue to have strong economic growth.” Political ties between the two countries are strengthening. Last month, Sri Lankan President Maithripala Sirisena vowed to deepen relations with China. “It is my firm belief that our collective resolves to further deepen our relations at all spheres will continue under your esteemed leadership,” the Chinese Embassy quoted President Sirisena as saying. <div class="pull-quotes-container">Sri Lanka has relatively good economic growth, beautiful beach areas, and a robust construction sector that is developing appealing new luxury homes at very affordable price points</div> Yet despite China’s redoubled efforts to fund major infrastructure and property projects in Sri Lanka, individual Chinese investors have yet to take a shine to the country’s real estate market as they have in Cambodia, Malaysia and Thailand. “Sri Lanka is still a marginal market for Chinese buyers—little is known or understood. Chinese still account for a small share of total offshore buying, with Sri Lankan expats making up the biggest offshore buyer group,” Law said. But Sri Lanka ought to be more attractive to Chinese, Law pointed out. “What the country has going for it is its vital position along the sea route of the Belt and Road Initiative, relatively good economic growth, beautiful beach areas, and a robust construction sector that is developing appealing new luxury homes at very affordable price points.” It’s not just the Chinese that have yet to commit to Sri Lanka’s real estate market. Steven Mayes, managing director of JLL Sri Lanka, said 95% of buyers in Sri Lanka are locals, 90% of whom buy in cash. “Developers rely upon one source of buyers with a national average salary of US$4,500—there are only a certain number of buyers in the market at any one time,” he said, adding this makes Sri Lanka a less sustainable market than other countries in the region. Since the late 90s when condominiums were first built, Sri Lanka has witnessed strong growth. The past three to four years have seen around 4,000 new units added annually, and about 10,000 more is expected in the next few years. Landmark luxury developments are rising in the capital, with notable ones including the Colombo City Centre, a 47-storey retail and residential complex; Dynasty Residency, an 88-unit high-rise; the curiously designed Altair, and Astoria, developed by the Aviation Industry Corporation of China. <img alt="The southern city of Galle is drawing in investment due to its beguiling blend of scenic beauty, colonial architecture, and a host of independent restaurants, bars and boutique hotels" src="/documents/10204/0/sri-lanka-3-compressor.jpg/d2aa79fc-f084-4b31-9a90-b236578841d1?t=1540529819484" /> Areas outside Colombo are also heating up—at least four new luxury developments expected to launch in the beachfront between Galle and Matara in 2019. Along the south-west coast, new high-rise blocks will launch along with residential gated communities and resorts. While undoubtedly in an upswing, Sri Lanka may face a critical situation particularly for the luxury sector, in which demand needs to keep pace with supply. “The residential sector has seen increased average absorption of luxury condominiums, though Colombo is displaying early signs of oversupply in this segment. However, this is mitigated by opportunities in medium-cost and low income/social housing,” JLL said in a report last year titled Sri Lanka - Land of Real Estate Opportunities. Managing Director Daham Gunaratna of Lanka Property Web said new markets must be tapped to keep the industry healthy. “Sri Lanka [needs to] get more foreign buyers into the country. There are more apartments coming up and we need that foreign market to absorb those apartments,” he said, adding that the Chinese and Indian markets would be key to sustaining this growth. So why hasn’t Sri Lanka, with its idyllic beaches and low cost of living, become more of a hit with foreign property investors? <a href="http://www.property-report.com/detail/-/blogs/case-for-colom-8" target="_blank">More: 6 reasons Colombo is one of South Asia's best bets for investment</a> A lack of investors’ confidence is the case. “The market lacks structure, regulation and transparency, there is no public access to land registry information, and foreigners cannot access the mortgage market in Sri Lanka,” JLL’s Mayes pointed out, adding Sri Lanka would draw more foreign investment if a better regulatory framework was in place to engender confidence and trust. “Without underlying confidence, the market is left to speculators and open to exploitation by those wishing to take advantage of the lack of regulation.” This and consistent government policy, said Mayes, will create a sustainable property market. “It could even open up the market in similar fashion to, say, Dubai, and create a buoyant investment market not only from Chinese investors but from buyers all over the world.” As it is, foreigners cannot own property in Sri Lanka—they either have to accept leasehold tenure or create a corporate structure with Sri Lankan partners, making the whole process time-consuming and costly than competing markets. Equally restrictive is the law that allows foreigners to only buy condo units on the fourth floor or above. <div class="pull-quotes-container">The present laws that govern foreign ownership of land are far more foreign investment friendly than those of comparable Asian countries such as Thailand and Bali</div> Ivan Robinson, director of Lanka Real Estate, sings a different tune. Robinson doesn’t see the laws around foreign ownership as restrictive, pointing to the fact that a foreigner can own freehold land after 20 years of part ownership (49%), and can also buy freehold property from another foreigner who bought their property when there were no restrictions on freehold ownership. “The present laws that govern foreign ownership of land are far more foreign investment friendly than those of comparable Asian countries such as Thailand and Bali,” said Robinson. The good news is the government seems to be moving in the direction of making buying property easier. Last November the Sri Lankan government announced in its 2018 budget that it would allow majority-foreign-owned companies listed on the Colombo Stock Exchange to purchase and build on freehold land. It was also proposed that foreigners would be able to buy from ground level up. Such regulatory changes serve to paint a rosy picture of the future of Sri Lanka’s property market. Other bright spots include the country’s burgeoning wealthy class. There are 3,400 dollar millionaires and 170 multi-millionaires, and Colombo is likely to see a 160% growth in the super rich (those with more than USD30 million) to 182 individuals over the next decade, according to the 2017 Wealth Report by Knight Frank.  <a href="http://www.property-report.com/detail/-/blogs/how-colombo-s-slums-are-giving-way-to-world-class-new-bui-5" target="_blank">More: How Colombo’s slums are giving way to world-class new build</a> Sri Lanka’s thriving tourism industry, the arrival of major shopping malls, and better health care and education are set to draw foreigners looking for a comfortable place to live that has the trappings of a prospering economy. With such booming prospects, even a potential change in government looks unlikely to give the industry much trouble. Local elections in February have seen the opposition Sri Lanka People’s Front—a new party backed by former strongman Mahinda Rajapaksa who ruled from 2005 to 2015—make great gains, showing the unpopularity of the Sirisena government. Eduard Hempel, a director of Pearl Sri Lanka Real Estate Company, said whether the incumbent government stays or goes after the next general election in 2020, the property industry’s growth looks set to continue. “The present government has set out to slightly improve [the laws around investment] and even if the opposition got in, they wouldn’t rock that boat too hard. So long as there’s no negative news between now and the next few months, the next year will see some pretty strong gains.” 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 of PropertyGuru Property Report Magazine</a>

Sri Lanka In Depth Oct 26, 2018

Are foreigners missing out on investing in Sri Lankan real estate? BY George Styllis

The timeline has been set for the 2019 PropertyGuru Vietnam Property Awards, presented by Kohler, as the fifth annual edition of the prestigious competition opens the nominations period to the general public following a press launch held at the Sofitel Legend Metropole in Hanoi.

Vietnam’s premier real estate honours celebrate excellence in development and design, along with recognition in Corporate Social Responsibility (CSR) and Sustainable Development. In addition, the programme acknowledges exemplary achievements in Design and Construction, Building Communities, Customer Care, and Public Facility.

Potential to influence

Overall there will be more than 40 competition categories and special awards that reflect the industry’s massive potential to influence neighbouring Asian property markets. Competitive awards will be judged by an independent panel of experts, led once again by chairperson Thien Duong, managing director at Transform Architecture.

The call for nominations to the 2019 PropertyGuru Vietnam Property Awards was launched 28 November in a press conference that included (from left to right) Nguyễn Thị Lan Phương, Branch Manager, MALLOCA Vietnam; Mai Lan Phuong, Managing Partner, BDO Vietnam; Thien Duong, Managing Director, Transform Architecture; and Terry Blackburn, Founder & Managing Director, PropertyGuru Asia Property Awards

As usual, the exclusive gala event will take place at the ballroom of the InterContinental Saigon Hotel in Ho Chi Minh City, which will host more than 500 guests including top executives from leading brands and decision-makers.

Key dates for the 2019 edition are:

19 November 2018 – Nominations and Entries Open
19 April 2019 – Nominations Close
26 April 2019 – Entries Close
6-17 May 2019 – Site Inspections
10 June 2019 – Final Judging
14 June 2019 – Gala Dinner and Awards Ceremony

Nguyễn Trung Kiên, Hanoi Branch Manager for An Cuong Wood Working Joint Stock Company (rightmost) talks to the press at the launch of the nominations round of the 2019 PropertyGuru Vietnam Property Awards. Seated to his left was Hoang Van Quyen, Country Manager, Kitchen & Bath for Kohler Vietnam

Support from leading brands

The new edition follows the hugely successful 2018 programme, which presented 43 awards to more than 25 companies and public-private entities, including top winners CapitaLand Vietnam, KIEN A Corporation, newcomer Alpha King, and SonKim Land Corporation, which garnered the Best Boutique Developer (Asia) title at the regional 2018 Grand Final ceremony held in Thailand.

Thien Duong shares a laugh with Jeremy Lewis, COO of PropertyGuru Group, and Terry Blackburn

Co-organised by Oriental Media Vietnam, the 2019 PropertyGuru Vietnam Property Awards has already received support from some of the industry’s leading brands, including returning title sponsor Kohler, gold sponsors An Cuong Wood Working and Malloca, silver sponsors Dulux Professional, Electrolux and Viet Ceramics, official portal partner Batdongsan.com.vn, official magazine PropertyGuru Property Report, and official supervisor BDO, one of the world’s largest auditing and accounting firms.

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

<img alt="" src="/documents/10204/0/VPA-2019-Launch-compressor.jpg/470f8633-0811-43ff-b1bb-d778b86a1592?t=1543395658000" style="width: 1000px; height: 667px;" /> The timeline has been set for the 2019 PropertyGuru Vietnam Property Awards, presented by Kohler, as the fifth annual edition of the prestigious competition opens the nominations period to the general public following a press launch held at the Sofitel Legend Metropole in Hanoi. Vietnam’s premier real estate honours celebrate excellence in development and design, along with recognition in Corporate Social Responsibility (CSR) and Sustainable Development. In addition, the programme acknowledges exemplary achievements in Design and Construction, Building Communities, Customer Care, and Public Facility. <h4>Potential to influence</h4> Overall there will be more than 40 competition categories and special awards that reflect the industry’s massive potential to influence neighbouring Asian property markets. Competitive awards will be judged by an independent panel of experts, led once again by chairperson Thien Duong, managing director at Transform Architecture. <img alt="The call for nominations to the 2019 PropertyGuru Vietnam Property Awards was launched 28 November in a press conference that included (from left to right) Nguyễn Thị Lan Phương, Branch Manager, MALLOCA Vietnam; Mai Lan Phuong, Managing Partner, BDO Vietnam; Thien Duong, Managing Director, Transform Architecture; and Terry Blackburn, Founder & Managing Director, PropertyGuru Asia Property Awards" src="/documents/10204/0/K50A2795-compressor.jpg/00c80925-e752-426f-8216-6f2c6ef4a475?t=1543470091193" /> As usual, the exclusive gala event will take place at the ballroom of the InterContinental Saigon Hotel in Ho Chi Minh City, which will host more than 500 guests including top executives from leading brands and decision-makers. <h4>Key dates for the 2019 edition are:</h4> <ul> <li>19 November 2018 – Nominations and Entries Open</li> <li>19 April 2019 – Nominations Close</li> <li>26 April 2019 – Entries Close</li> <li>6-17 May 2019 – Site Inspections</li> <li>10 June 2019 – Final Judging</li> <li>14 June 2019 – Gala Dinner and Awards Ceremony</li> </ul> <img alt="Nguyễn Trung Kiên, Hanoi Branch Manager for An Cuong Wood Working Joint Stock Company (rightmost) talks to the press at the launch of the nominations round of the 2019 PropertyGuru Vietnam Property Awards. Seated to his left was Hoang Van Quyen, Country Manager, Kitchen & Bath for Kohler Vietnam" src="/documents/10204/0/K50A2860-compressor.jpg/ada4ed20-8f60-40fe-b1a1-215c791e5ddd?t=1543470120874" /> <h4>Support from leading brands</h4> The new edition follows the hugely successful 2018 programme, which presented 43 awards to more than 25 companies and public-private entities, including top winners CapitaLand Vietnam, KIEN A Corporation, newcomer Alpha King, and SonKim Land Corporation, which garnered the Best Boutique Developer (Asia) title at the regional <a href="http://property-report.com/detail/-/blogs/iconic-2018-propertyguru-asia-property-awards-grand-final-names-best-of-apac-real-esta-7" target="_blank">2018 Grand Final ceremony</a> held in Thailand. <img alt="Thien Duong shares a laugh with Jeremy Lewis, COO of PropertyGuru Group, and Terry Blackburn" src="/documents/10204/0/K50A2998-compressor.jpg/2b880714-2f56-4199-a8a2-c4254638abe3?t=1543470174630" /> Co-organised by Oriental Media Vietnam, the 2019 PropertyGuru Vietnam Property Awards has already received support from some of the industry’s leading brands, including returning title sponsor Kohler, gold sponsors An Cuong Wood Working and Malloca, silver sponsors Dulux Professional, Electrolux and Viet Ceramics, official portal partner Batdongsan.com.vn, official magazine PropertyGuru Property Report, and official supervisor BDO, one of the world’s largest auditing and accounting firms. For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

Vietnam News Nov 28, 2018

2019 PropertyGuru Vietnam Property Awards now open for nominations

Key dates set for fifth annual edition celebrating massive potential of the country's building sector

BY Property Report

In Depth

<img alt="Demonstrations against the Special Zone Act in Ho Chi Minh City. AEKKAVICH/Shutterstock" src="/documents/10204/0/dispatch-151.2-for-web-compressor.jpg/27c3b5fb-56d3-4507-98fc-f99dbd86610d?t=1544762362731" style="width: 1000px; height: 666px;" /> On the ninth of June 2018, scores of Vietnamese took to the streets. The cause of contention: the Vietnamese government’s plans to enact the Special Zone Act, creating three Special Economic Zones (SEZ) across the country. Located in the provinces of Quang Ninh and Khanh Hoa, and the island of Phu Quoc, these new zones promise investors incentives intended to boost real estate development—including a particularly contentious proposal to extend 99-year land leases to foreign investors. Protestors fear this incentive may weaken Vietnamese sovereignty. They believe the policy would be exploited by the Chinese—a fear spawned in part by Vietnam’s history of Chinese rule, as well as the more recent and ongoing territorial dispute between the two countries over China’s militarization of several islands in the South China Sea. In a bid to calm the rising tide of public anger, the government delayed its June 15 vote on the draft SEZ legislation until October. But their attempts to keep the peace failed, as a series of heated and, in some cases, violent protests ensued for three days, resulting to the arrest of around 100 people. <a href="http://www.property-report.com/detail/-/blogs/rising-dragon-boom-times-continue-in-vietnam-real-esta-3" target="_blank">More: Boom times continue in Vietnam real estate</a> Though the land lease extension remains a significant issue for the Vietnamese people, common views expressed among the real estate community point to the legislation not having much of an impact on Vietnam’s already thriving property market. “I don’t think it makes a lot of difference for the majority of the investors and developers,” opines David Blackhall, managing director of real estate for Vietnamese investment firm VinaCapital. “If you’re building a commercial building such as a hotel or an office building, you’re on a leasehold anyway, which usually gives you 70 years—and that hasn’t changed,” he points out. Much of the recent growth in Vietnam’s real estate sector has been confined within the main urban areas of Vietnam, including the country’s capital Hanoi in the north, Ho Chi Minh City to the south, and Danang in the central region. It is the government’s hopes that the SEZs will kick-start development in rural areas, boosting economic development at both the local and national level. On that note, questions have been raised over the decision to include Phu Quoc among the SEZs, as development activity in the island has been gaining traction in recent years. Giles Cooper, lawyer and co-director at Duane Morris Vietnam, relates, “Phu Quoc doesn’t make sense because it’s just so ripe for investment anyway. I don’t really see why they need to have the special economic zone [incentives there].” <div class="pull-quotes-container">What procedures are going to be in place to approve these leases of land to the Chinese or other investors who want to do business in the SEZs? Is it going to be done rigorously and with a clear policy on what is appropriate development and the purpose of use?</div> VinaCapital’s Blackhall echoes the sentiment, offering caution that “Phu Quoc is already becoming very developed and could become over-developed if they’re not careful.” It’s also yet to be determined how Vietnamese authorities intend to ensure all development in the SEZs is environmentally and socially responsible. As Cooper puts it, “What are the policies and procedures that are going to be in place to approve these leases of land to the Chinese or other investors who want to do business in the SEZs? Is it going to be done rigorously and with a clear policy on what is appropriate development and the purpose of use?” That should be the cause for concern, points out Cooper. “Licensing policy for investments around the country is tightening up and getting more rigorous in these kinds of areas [such as environmental] but there’s a big question mark around how those issues will be dealt with by the people who will be charged with administering the investments in these zones. There is a danger that there is going to be some reduction in the rigour that is increasing generally [across Vietnam] at the moment,” he states. Vietnam’s real estate has long been underpinned by Asian investment, significantly from Korea and Japan, but more recently, Chinese investors have been eyeing opportunities in the sector. Stephen Wyatt, head of country for JLL Vietnam, affirms this. “We’ve seen a steady increase in investors and developers, and also from individual buyers of residential properties from mainland China over the last two or three years. So, there’s quite a strong interest from Chinese companies,” he says, adding that Vietnam [also] forms part of [China’s] Belt and Road strategy “so it’s strategically located for the Chinese and therefore a pretty important market for them to have access to.” <a href="http://www.property-report.com/detail/-/blogs/2019-propertyguru-vietnam-property-awards-now-open-for-nominations" target="_blank">More: 2019 PropertyGuru Vietnam Property Awards now open for nominations</a> That said, Wyatt isn’t convinced that an extension to land leases would result in Chinese investors flooding the market. “The Chinese investment strategy has been to follow the belt-road strategy—meaning, their investment has to follow infrastructure or has to follow an industrial theme. They’re not supposed to be coming into markets and just building residential properties. So yes, there will be interest from Chinese groups,” says Wyatt, “but I don’t see them coming in and dominating the market.” Either way, it is quite apparent that before the legislation is enacted, the Vietnamese government needs to allay public concerns over the extent of China’s involvement in the SEZs, particularly as Chinese interests in the Vietnamese market increase. Communist Party General Secretary Nguyen Phu Trong is well-aware of this. At the time of the protests, he was quoted by Tuoi Tre saying, “The party of President Ho Chi Minh is for the country, for people, and no other purposes. No one is that foolish to hand over land to foreigners for them to mess us up. No one would be that naive.” Despite this, there’s a consensus that the government will likely row back on its policy, with Wyatt predicating “a reduced and watered-down version to keep everyone happy.” Whether that will be successful in assuaging the fears of ordinary Vietnamese – preconditioned to be suspicious of the giant to the north – is another question entirely. After all, when it comes to perceived Chinese hegemony, passions have a habit of running high. This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/316198" target="_blank">Issue No. 150</a> of PropertyGuru Property Report Magazine

Vietnam's Special Economic Zones: a Trojan horse for Chinese influence?

Are foreigners missing out on investing in Sri Lankan real estate?

<img alt="" src="/documents/10204/0/vietnam-investment-feature-2018-compressor.jpg/416a3568-35a2-47b2-bcfd-1951e4cfa2a7?t=1539317666807" style="width: 1400px; height: 640px;" />Anyone familiar with Vietnam can attest to the city’s almost dreamlike transformation. Leave for a year, a couple of months, even a few weeks—and you’ll return to a place at once familiar and dramatically different. Vietnam’s two major cities, Hanoi and Ho Chi Minh City are undergoing whirlwind physical changes—but a seemingly existential shift is happening. A threshold feels like it’s being crossed, a corner being turned, especially in HCMC, which is transitioning from a kind of overgrown mega-village into an international urban centre. The real estate market is very much a part of this overall transformation, evolving from the speculation-driven boom-and-bust cycle of the mid-2000s into a more diversified and stable environment.  From foreign investors snapping up luxury properties to young professional couples taking out a mortgage on their first condos, the times have been good indeed. More importantly, there’s an air of sustainability this time around. “Things are going extremely well,” said Neil MacGregor, managing director of Savills Vietnam. “If you’re a property developer or a residential purchaser who’s got into the market, you would have seen your investments perform very well over the last two to three years.” MacGregor said that as volume of sales continue to increase year-on-year, the growth has been spread across all segments and with a base of both domestic and foreign buyers, the latter allowed to purchase property in Vietnam since July 2015 when a policy change went into effect.   <div class="pull-quotes-container">Things are going extremely well. If you’re a property developer or a residential purchaser who’s got into the market, you would have seen your investments perform very well over the last two to three years</div> As a sign of the market’s robustness, recent development has been dominated by the affordable and mid-end sector. “The middle class in Vietnam is growing very rapidly,” MacGregor noted, “and with that comes increasing demand for owner-occupation in the affordable segment, which has really limitless demand at this stage. Everything that is built is essentially absorbed.” Savills categorizes the affordable segment as units up to USD900 per square meter. While sales growth is strong, the number of units launched in HCMC actually went down 19 percent year-on-year in 2017. There was a total of 31,000 units launched, according to CBRE Vietnam, of which the mid-end segment accounted for 64 percent—a 14 percent increase year-on-year. Meanwhile, high-end units made up 21 percent of the supply, a decrease of 10 percent year-on-year, with only one luxury project launched in 2017. CBRE defines high-end as between USD1,500 and USD3,500 per square meter, and luxury above USD3,500. This focus on the lower-end segments gives the market more balance, agreed Hang Dang, managing director of CBRE Vietnam. “The market is more stable now,” she said, “with developers becoming more cautious and careful with new projects. The absorption rate is good and there’s a wider range of products.” Jones Lang LaSalle’s country head, Stephen Wyatt, said the market was being driven by some key demographic trends, especially a high urbanization rate that has averaged around three percent annually, thus increasing rental demands. “There is still an element of investment speculation but at the root end, users are moving into these properties, which is positive,” he said. “The other part that we’ve seen is actually more Vietnamese renting than before, which is a different dynamic to the market.” Even as product launches went down last year, demand remained high—2017 was the first time in five years that sales outpaced products launched in HCMC, with total number of sold units estimated at 32,905 by CBRE, a decrease of five percent year-on-year. <img alt="A billboard for a luxury project in Ho Chi Minh City, Vietnam. hanohiki/Shutterstock" src="/documents/10204/0/vietnam-investment-feature-2-compressor.jpg/390a286b-1a7c-4f52-8e49-a323d2ed572f?t=1539322297804" /> In Hanoi, which CBRE’s Dang said generally is on a market cycle one or two years behind HCMC, there were 35,000 units launched and 23,000 sold in 2017. Market maturity is even reflected in the marketing of product launches. Lately, instead of the blaring techno and scantily clad promotion girls of yore, there’s been an increasing focus on promoting practical matters like building safety—particularly in light of an HCMC apartment building fire last March that left 13 people dead. Mid-end and affordable units may have accounted for the bulk of recent activity, but by no means is the high-end or luxury market being left behind. Brokers report sales rates are hitting 90 to 100 percent in high-quality products in prime locations, such as Empire City Thu Thiem (by Keppel Land) and d’Edge Thao Dien (CapitaLand). Prices have seen positive growth, but not to overheated levels. CBRE found the high-end segment recording a year-on-year increase of four percent in selling price in 4Q2017, and is projecting the high-end and luxury segment to show an increase of five percent in 2018, compared to 1.5 percent for the mid-end segment. <a href="http://property-report.com/detail/-/blogs/6-most-unmissable-places-to-live-it-up-in-central-vietn-5" target="_blank">More: 6 unmissable places to live it up in central Vietnam</a> Foreign buyers—mainly coming from regional powerhouses of Japan, Korea, Singapore, Hong Kong and increasingly China—are concentrating on the luxury and high-end segments of the market, which are still priced far below comparable products in their home countries. Current regulations allow foreign buyers to purchase up to 30 percent of units in a condominium property. In 2017, the total proportion of buyers for units CBRE sold was split almost 50-50 between foreign and local buyers. Interest is off the charts, affirmed Hang Dang. “Our offices in markets from Hong Kong to Shanghai are now asking us to sell projects in Vietnam because they have so many interested clients.” Savills’ MacGregor also noted that high foreign demand is driving a secondary sales market for some projects. “For better projects that are attractive to foreign buyers we’re seeing that 30 percent allocation very quickly absorbed,” MacGregor said, “to the extent that a foreign buyer who had purchased part of that allocation is able to sell at a premium over what the locals are selling their own apartments at.” <img alt="Hanoi, the capital, may be well known for its tranquil lakes and historic architecture but it is building new developments that are drastically altering the flavour of the city" src="/documents/10204/0/vietnam-investment-feature-3-compressor.jpg/b8e1bd5d-86b9-4a46-8b80-4237bd9e2625?t=1539322472384" /> MacGregor noted that foreign investors are not only chasing capital growth but seeing good rental yields between six- and eight percent at the mid- to high-end. The quality of coming luxury projects are also reaching new heights. The segment was driven traditionally by foreign developers such as Keppel Land, CapitaLand and Hongkong Land, but such local developers as SonKim Land, Vinhomes and Novaland have aggressively entered the high-end market, either on their own or in partnerships with foreign firms. SonKim Land’s Serenity Sky Villas, for example, will be one of HCMC’s most luxurious offerings. The project in central District 3 features 45 villa-style apartments with double-height ceilings and Vietnam’s first on-balcony private gardens and swimming pools. It is scheduled to come online in 4Q 2018. <a href="http://property-report.com/detail/-/blogs/vietnam-draws-global-accolades-for-innovative-community-developmen-3" target="_blank">More: Vietnam draws global accolades for innovative community developments</a> Meanwhile, multiple sources have cited an as-yet-unnamed foreign-invested project slated to launch in HCMC’s CBD in 2018 that will reach a new plateau in the luxury segment, with rumoured prices reaching USD7,000 to USD8,000 per square meter. Helping to give a sound foundation to the thriving space is Vietnam’s strong economy, among the most robust in Asia. GDP growth in 2017 was 6.8 percent, driven by strong domestic demand, record export earnings and continuing economic reforms. This year started out with a bang, with first-quarter growth rate at 7.38 percent compared to the same period in 2017—the highest mark over the past decade. An upbeat forecast by the Asian Development Bank predicted Vietnam’s GDP growth would hit 7.1 percent for the year. Total registered foreign direct investment grew 44 percent in 2017, hitting a record high of almost USD36 billion, with the real estate sector receiving USD3.05 billion. <img alt="With its beautiful beach, golf courses and portfolio of luxury developments, Danang is one of Asia's most dynamic second home destinations" src="/documents/10204/0/vietnam-investment-feature-4-compressor.jpg/dfd4abe8-2dcc-4ec7-8297-0cebf32cec65?t=1539322562362" /> It’s no surprise that HCMC and Hanoi ranked near the top of Jones Lang LaSalle’s (JLL) City Momentum Index for 2018, ranking third and sixth, respectively. The report noted both cities’ increasing integration into global supply chains for high-tech manufacturing and some of the world’s strongest growth in retail sales and air passenger numbers. Infrastructure growth is setting the stage for the emergence of one of HCMC’s most long-awaited developments, the urban mixed-use project in Thu Thiem, directly across the Saigon River from downtown District 1. In other regions of the country, infrastructure and other economic development are helping to spur major tourism growth in regions such as the Central Coast around Da Nang and Hoi An, and on Phu Quoc island. International arrivals to Da Nang rose 38 percent, and 72 percent in Phu Quoc in 2017. There is booming resort and hotel development in both regions, as well as fast-growing second-home markets for both locals and foreigners. Overall, there seems to be quite a bit of ceiling left for Vietnam’s growth in the near term. <a href="http://property-report.com/detail/-/blogs/propertyguru-vietnam-property-awards-2018-winners-unveiled-amidst-unprecedented-market-grow-3" target="_blank">More: PropertyGuru Vietnam Property Awards 2018 held amidst unprecedented market growth</a> “We’re two to three years into the upturn in the market cycle,” said Savills' MacGregor. “By historical standards, we would anticipate [the upturn to last] another two to three years.” And yet, there’s a downside to Vietnam’s incredible growth. Once vaunted for their charm, Hanoi and Ho Chi Minh City are increasingly mired in a cacophony of noise, construction, chaos, traffic and pollution as massive new condominiums are depositing tens of thousands of new residents into urban quarters not equipped to accommodate them. “It’s moving so quickly,” agreed JLL’s Wyatt. “There are a lot of ingredients that sometimes give the feeling we might have another Bangkok or Jakarta on our hands before too long.” Yet while change — both positive and negative — is inevitable, there’s no denying the bullish current nature of the market. Vietnam itself, with its unshakeable sense of national pride and identity, is likely to retain its innate character, but the dreamlike transformation of its cities is sure to continue. 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 of PropertyGuru Property Report Magazine</a>

Rising dragon: boom times continue in Vietnam real estate

<img alt="" src="/documents/10204/0/dandong-dispatch-for-newsletter-compressor.jpg/fc8ad0bc-e09b-482f-99b5-28e769b04897?t=1538105979604" style="width: 1400px; height: 640px;" />Nuclear weapons, ballistic missiles, the Korean War. After a day of meetings with Kim Jong-un in Singapore, realtor-cum-U.S. President Donald Trump turned his attention to something lighter, a favourite topic: property development. Trump told journalists he advised Kim to swap nukes for resorts in coastal cities like Wonsan, which he said offered “great” beaches. While his comments prompted derision back in the U.S., property investors seeking exposure to North Korea may have found Trump’s words validating. Weeks prior in China, wealthy Chinese from across the country had flocked to Dandong, starting an apartment buying spree. The splurge, which began coincidentally on May 1 Labour Day, lasted for weeks as the small city in Manchuria, the largest on the North Korean border, recorded its busiest property market in nearly a decade. Many observers point to Kim’s late March visit to Beijing for talks with Chinese President Xi Jinping as the main catalyst—the first of three such meetings in four months. But keener North Korea watchers in China say the real spur came when Kim delivered a little-noticed speech on April 20th. North Korea had already achieved its nuclear ambitions, Kim pronounced before Workers’ Party cadres in Pyongyang, and would now focus on the economy—a moment many Chinese have equated with Deng Xiaoping’s transformative “Reform and Opening” in the late 1970s. After Mao, China got Deng. Following China, many people see North Korea as the next big thing. <a href="http://property-report.com/detail/-/blogs/a-north-korea-border-town-is-now-china-s-fastest-growing-home-mark-3" target="_blank">More: A North Korea border town is now China's fastest-growing home market</a> In a gallery on Dandong’s riverfront that sells North Korean oil paintings, saleswoman Sun Dan singles out a sombre portrait of a woman with a list price of RMB300,000 (about USD46,400), an exorbitant sum by local standards. An average apartment in Dandong could have been bought for the same figure just a few weeks earlier, Sun jokes. “Now the price would be RMB500,000 yuan, even RMB600,000 yuan,” she says. China’s media cites similar price rises. The Global Times reports some apartments listing at only RMB3000 per square-meter, or less, at the start of the year have more than doubled to RMB7000 yuan per square-meter by May. By contrast, Beijing’s official data agency quotes price inflation of just five percentage points in Dandong on the same month. The scale of Dandong’s recent property boom lies somewhere in between, says James McDonald, head of research for Savills in China. “The official statistics are a good metric in terms of the market direction,” he relates, “but maybe not in terms of the actual quantum of the market. This is perhaps understated.” <a href="http://www.property-report.com/detail/-/blogs/trump-kim-summit-sparks-investment-influx-to-korea-s-demilitarised-zo-1" target="_blank">More: Trump-Kim summit sparks investment influx to Korea's Demilitarised Zone</a> Either way, Dandong beat into second and third place Sanya and Haikou, the largest cities on China’s only inhabited tropical island, Hainan. When Chinese flock there in winter to escape the cold, temperatures in Dandong frequently plunge to 20 degrees below freezing. But people aren’t investing there for the weather. Dandong accounts for about 90 percent of all trade in and out of the world’s last planned economy: North Korea, a country so frontier economists haven’t even begun to label it a frontier market. Michael Spavor, the founder of Paektu Cultural Exchange which leads business delegations to North Korea, says Dandong’s property market, rather than experiencing a boom, is instead starting to correct itself. Around the time Kim came to power, his uncle Jang Song-thaek agreed a deal that saw China build a USD340-million suspension bridge linking the two countries, around which Dandong developed plans for a new district costing a further USD3.8 billion in state and private investment. But 10 months before the bridge was due to open in October of 2014, Kim decided to execute his uncle and soon began testing nuclear bombs and ballistic missiles at a rate never before seen from North Korea. <div class="pull-quotes-container">The whole game has changed now in terms of political relationships. We’ve entered a new era of international diplomacy in terms of North Korea</div> Amid pressure from the U.S., and feeling its own frustrations, China began supporting ever stricter UN sanctions. Bilateral relations between North Korea and China—allies during the Korean War—hit an all-time low, and the new bridge never opened. By 2016, real estate agents were citing occupancy rates of just 20 percent in Dandong’s new district, with the city becoming China’s worst performing real estate market. “It’s not that Dandong prices are skyrocketing. Prices before were really low because there was no hope due to politics, due to sanctions,” explains Spavor from a new office in Dandong where he has started a North Korea focused consulting firm under/alongside Paektu Cultural Exchange. “The whole game has changed now in terms of political relationships. We’ve entered a new era of international diplomacy in terms of North Korea,” he says. But the million-dollar question remains the same—in Washington DC, Beijing, Seoul, and many world capitals: Will the North Korean honeymoon last? <a href="http://property-report.com/detail/-/blogs/why-american-real-estate-is-still-a-star-attraction-for-asian-investo-5" target="_blank">More: Why American real estate is still a star attraction for Asian investors</a> In Dandong, city authorities have already placed new rules on the property sector designed to curb speculation as optimism on economic prospects for North Korea remains high. Out-of-town buyers will no longer be permitted to flip property in Dandong’s resurgent new district for at least two years, and the threshold for down-payments has risen to 50 percent of the purchase price for first buys. The new measures appear to be working: local estate agents have since reported prices stabilizing and even starting to fall. Meanwhile, Chinese buyers will simply move on in search of the next “big thing”, says Philip Tse, property analyst at BOCOM International, the Hong Kong securities brokerage of Bank of Communications, mainland China’s fifth-largest lender. Events in Dandong represent the symptoms of a housing market lacking information from the all-powerful government, adds Tse. In Dandong, authorities have never uttered a word on when the new bridge may open, if it ever will—and it’s the city’s main growth variable. “People never know what will happen over the next five or 10 years,” says Tse, citing Shenzhen, formerly a fishing village that transformed into a city of 12 million people on the back of Deng’s reforms in the late 1970s. “Maybe in 10 years, prices go up 10 times,” he surmises, “but if they don’t, if nothing happens, then things just stay the same. People have nothing to lose.” This article originally appeared in Issue No. 149 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/" target="_blank">PropertyGuru Property Report Magazine</a>

A little-known Chinese border town profits from the North Korea détente

<img alt="" src="/documents/10204/0/malaysia-investment-feature-lead-compressor+%281%29.jpg/ffc04893-bc5f-4cbc-a274-ccacc331f2f9?t=1537441441874" style="width: 1400px; height: 640px;" />Malaysia is on course for a big 2018; one that will decide the fate of politics for the next few years, and possibly business too. For an industry that has been in the doldrums for the past few years and struggling to adjust to a new rhythm of market forces, inertia is the last thing it needs; although the lull has bought time for reflection. Indeed, some optimism can now even be detected among the foreboding voices as the economy sticks to its path of solid growth and China flexes its economic muscle. For three years now slow sales have become the new normal amid low affordability and large incoming supply. The luxury market, especially, has felt the pinch, with only the bravest developers bothering to launch new projects in the current climate.  In fact, following a warning by Bank Negara Malaysia that there is an oversupply of property due to aggressive launches in recent years, the government implemented a freeze on luxury developments last November in an effort to stabilise the market. But some experts believe this will not go far enough to shrink the gross oversupply. <a href="http://www.property-report.com/detail/-/blogs/mahathir-mohamad-s-crucial-role-in-achieving-affordable-housing-for-malaysia-7" target="_blank">More: Mahathir Mohamad’s crucial role in affordable housing for Malaysians</a> “We believe the tightening measure, if implemented, will do little to resolve the grave issue of supply glut in the near term given that newly delivered properties have progressively entered the market,” AllianceDBS Research analyst Quah He Wei wrote in a January update. The update adds that the total number of property transactions in Malaysia dipped by 4.3 percent in the first nine months of last year. This was mainly attributable to residential and commercial properties which account for 62 percent and 7 percent of the total transactions, respectively. Moody’s Investor Service released a report shortly after Bank Negara’s that was equally gloomy, echoing the unlikelihood of a freeze correcting oversupply and predicting that as market valuation adjusts to reflect the lack of demand, it expects a sharp dip in property prices. Moody’s found that Johor has the largest share of unsold residential units in Malaysia at 27 percent, followed by Selangor at 21 percent, Kuala Lumpur at 14 percent and Penang at 8 percent.  Many of these unsold properties were priced above MYR250,000 (USD63,670), the price line between affordable and non-affordable housing. Despite the figures offering much the same overcast picture as last year, some relief has come to the industry in the belief that a full-scale crash appears to have been averted as GDP numbers indicate healthy growth. Malaysia's economy grew 5.9 percent year-on-year in 2017, yet analysts have predicted 2018 will be less vigorous. The central bank said growth “is expected to remain favourable” in 2018, with domestic demand continuing to provide the power and growth hovering between 5 and 5.5 percent. <div class="pull-quotes-container">Those who are predicting a crash in the market in 2018, are probably being too pessimistic</div> In light of the GDP figures “and a relatively benign unemployment rate of between 3.3 and 3.4 percent, we are confident that the property market, although sluggish, will not likely crash in the foreseeable future,” says Tang Chee Meng, chief operating officer at Henry Butcher Real Estate Sdn Bhd. “The Malaysian property market is expected to be stable and in no immediate danger of a crash. Performance wise it will be more or less like last year...those who are predicting a crash in the market in 2018, are probably being too pessimistic,” he adds. Tang says that to spur demand property developers are refocusing on the affordable homes market segment priced under MYR400,000, “while those undertaking developments in the prime areas have adjusted their product mix to include a larger share of small-sized units to keep absolute selling prices lower. “The more active residential markets continue to be KL, Selangor, Penang and Johor whilst Melaka is beginning to attract foreign interest with the entry of Chinese investments in the state's infrastructure and development scene.” Meanwhile, Juwai.com, an international property portal for Chinese investors, predicts China’s One Belt One Road will lead to a flurry of investment in Malaysian real estate. <img alt="The culturally rich island of Penang has traditionally been one of Malaysia's most active residential markets and it continues to be a hub for new projects" src="/documents/10204/0/malaysia-investment-feature-3-compressor.jpg/55a935c3-4e96-4bda-a457-78f71a3b9ca0?t=1537441552821" /> Despite the mainland Chinese government’s imposition of capital controls in late 2016, which some observers said would see Chinese investment in Malaysian real estate plummet, Juwai.com expects the country’s major One Belt One Road [OBOR] economic policy to counter any slack. “Malaysia is in a privileged position and is expected to benefit from the growth in regional trade, investment flows, and economic cooperation that OBOR is intended to foster,” a recent report by the portal stated. “Chinese buyer interest has been on a rapid upwards trend since the fourth quarter of 2015. Of course, it is important to note that Chinese real estate demand in Malaysia started from a relatively low basis.” The report adds that demand has at least doubled year-on-year every quarter since January 2016, while Chinese buying enquiries have more than tripled since 2015. Echoing the potential of Chinese investment, Knight Frank Malaysia managing director Sarkunan Subramaniam, believes that state-owned companies should continue their plans to invest in port and rail infrastructure to ensure “all roads lead to China”. China, through its Belt and Road fund, is building the MYR12.5 billion Kuala Linggi International Port in the southwest coastal state of Melaka; the MYR8.9 billion Gemas-Johor double-tracking railway; and the MYR55 billion East Coast Rail Link (ECRL), which will act as a land bridge between Port Klang and Kuantan Port and other ports along the East Coast of the peninsula. <img alt="Kuching, capital of Sarawak, one of several key states in this year's general elections" src="/documents/10204/0/malaysia-investment-feature-2-compressor.jpg/3df427a7-8dcd-48a0-a2fa-31b8c22ba82a?t=1537441622194" /> It was this year’s vote for the new prime minister that gripped the industry’s attention, however. Local media covered the run up to the election in August with healthy, warranted cynicism, largely presenting candidates Mahathir Mohamad and Najib Razak as unworthy choices given their records of mishaps and financial scandals. Siva Shanker, head of investments at Axis Reit Managers Bhd, a real estate investment trust, believes the election presented too many unknown quantities to be able to see how the property market would be affected by the result, adding that “both teams have their own set of problems.” “I am going to take it that everything will be status quo because there are just too many unknowns – too many permutations of possibility,” Shanker then said, noting that the worst-case scenario is a rejection of the result by one side and chaos. “If that doesn’t happen, the market should recover slowly. It will not be shooting upwards…but it will be recovering nevertheless.” 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 of PropertyGuru Property Report Magazine</a>

Is the end of the great Malaysian property malaise at hand?

<img alt="The Manila skyline. Image: KieferPix/Shutterstock" src="/documents/10204/0/shutterstock_241326595-compressor+%281%29.jpg/a1e39a99-18f4-4999-8131-00789617a8b3?t=1536899783617" style="width: 1440px; height: 744px;" /> Donald Trump was on typically succinct form on a recent visit to the Philippines when he called the country a “most prime piece of real estate.” The US president was referring to the nation’s strategic importance as a military ally in southeast Asia. However, he could just as easily have been talking about the property sector in the archipelago – which is benefitting from lavish infrastructure spending, stable growth and interest from foreign investors.   The market is also encountering a different kind of cycle at home: one more contingent on the owner-occupier instead of the casual investor, with analysts stating that the current property boom is based on real demand rather than the vagaries of speculation.   Any talk of residential real estate in the Philippines requires mention of impressive recent economic stats. In 2017, the country posted a full-year GDP growth of 6.7 percent, among the fastest rates in southeast Asia. Consumer spending, which represents 70 percent of economic activity, is experiencing record year-on-year growth of 6.1 percent. “The Philippines continues to be one of APAC’s leaders in economic growth, backed by robust consumer spending from the young demographic,” says Sigrid Zialcita, managing director for research at Cushman & Wakefield Asia-Pacific. “Moreover, the current administration is boosting government spending, stressing the importance of infrastructure spending,” she adds, referring to President Rodrigo Duterte’s programme – known as his Build, Build, Build policy – which is jacking up infrastructure outlay to PHP8.44 trillion (USD168 billion). <a href="http://www.property-report.com/detail/-/blogs/how-do-you-solve-a-problem-like-manila-traffi-4">More: How do you solve a problem like Manila (traffic) </a> Homes in the luxury segment posted the highest average annual pricing growth in 2017, rising 28 percent to reach PHP350,000 per square metre in Metro Manila’s various CBDs, according to real estate consultancy Santos Knight Frank. Meanwhile, the take-up of pre-sold condominium units in the metropolis increased 24 percent to 52,600 units, the highest figure ever recorded by Colliers. Overseas Filipino workers (OFW), one of the nation’s traditional markets for housing investments, sent a record USD28.1 billion in remittances last year. Foreign direct investments (FDI) also soared to a record-breaking USD2.017 billion in October, as investors from Singapore, Hong Kong, China, Luxembourg, and the US pledged to pour capital anew into the country. <img alt="Metro Manila has long been characterised as a disjointed hodgepodge of island suburbs, but President Duterte's ambitious building programme looks set to add more cohesion " src="/documents/10204/0/shutterstock_439023277-compressor.jpg/17821c16-038a-4ea1-981f-6b5b78318381?t=1536898686851" style="height: 301px; width: 1000px;" /> The government has pencilled economic reforms that analysts perceive to be catalysts for a further influx of foreign capital. These include a planned reduction of the minimum paid-up capital requirement for foreign retailers to establish a presence in the country; the removal of restrictions against 100-percent foreign-owned investment houses; and the easing of prohibitions on foreign contractors participating in property projects. So far so promising, it must be said. However, the Philippines has long had a reputation for being on the chaotic side. And still overtones of anarchy threaten its veneer of newfound stability. Credit watchers Moody's and Standard and Poor's flagged the country for political risk in 2016 as President Duterte declared a bloody war on drug traffickers that has taken at least 12,000 lives to date.  The siege of the southern city of Marawi by ISIS-linked terrorists last year and Duterte’s subsequent declaration of martial law also spooked international locators. Office take-up by BPOs in Metro Manila plummeted 26 percent to 385,000 sqm last year as a result, data from Leechiu Property Consultants shows. <a href="http://www.property-report.com/detail/-/blogs/this-filipino-company-just-secured-a-mega-deal-to-build-luxury-californian-vill-3">More: This Filipino company just secured a mega deal to build luxury Californian villas  </a> The drama has not yet turned into a full-blown crisis though – at least when it comes to international perceptions of Duterte’s distinctive brand of tough love.  In December Fitch upgraded the country’s sovereign credit rating with the admission that there is “no evidence so far” that the war against the illegal drug trade has undermined investor confidence. “Despite the political risks, it’s still business as usual given the attractiveness of the Philippines as an investment hub within Asia-Pacific,” says Zialcita. Duterte has charted an unprecedented path in diplomatic allegiances, vacillating from affinity with the Trump presidency to strategic dalliances with China, the Philippines’ territorial rival over vast tracts of real estate in the South China Sea. On his watch, the Philippines became a signatory of the One Belt, One Road (OBOR) Initiative, China’s sweeping global construction spending spree. <div class="pull-quotes-container">With a gross rental yield of better than 6 percent, the Philippines outperforms cities in China and almost anywhere else in Asia except Indonesia</div> Chinese buyer inquiries in the Philippines in fact surged 246.4 percent in the fourth quarter of 2017 from the same period a year earlier, according to Chinese property portal Juwai.com. “[Chinese investors] believe their investments are sanctioned by the Chinese government, which favours OBOR-related countries,” says Juwai.com CEO Carrie Law. “They also believe that the massive development projects and growing commercial ties will lead to price growth in the Philippines that will reward any property acquisitions made in the near term. “Partly this is driven by returns. With a gross rental yield of better than 6 percent, the Philippines outperforms cities in China and almost anywhere else in Asia except Indonesia,” she adds. Indeed, when it comes to rental yields the nation’s capital outshines Bangkok (4 percent), Singapore (2.9 percent) and Shanghai (2 percent). “Manila today is the Hong Kong and Singapore of 30 years ago,” says Santos Knight Frank CEO Rick Santos. <a href="http://www.property-report.com/detail/-/blogs/how-love-of-surfing-inspired-a-filipino-entrepreneur-to-create-this-private-paradi-7">More: How a love of surfing inspired a Filipino entrepreneur to create this private paradise </a> Another factor that is set to provide a boost to the property sector both directly and indirectly – given the financial bonanza it will hand Duterte’s infrastructure programme – is the Tax Reform for Acceleration and Inclusion (TRAIN) Law, the most comprehensive reform to the country’s tax regime in 20 years. Among other show-stopping provisions, the law exempts those earning below PHP250,000 a year from paying personal income taxes and higher-value properties from estate taxes. “The law may boost rental demand due to the higher purchase power from decreased personal income taxes, coupled with the increased threshold for value added tax (VAT) exemption for housing lease transactions from PHP12,800 to PHP15,000,” says Zialcita. “This in turn may encourage investors to purchase more properties in anticipation of a stronger rental demand.” TRAIN does remove VAT exemptions from residential properties costing between PHP2.5 million and 3.2 million, which could lead to higher contract prices for homes. That said, TRAIN primes real estate investors for longer-term bonanzas. Implementation of the law is estimated to net the government close to PHP90 billion in additional revenues this year, around 70 percent of which will be allocated to Build, Build, Build. “These infrastructure projects should unlock land values in the countryside,” says Joey Roi Bondoc, research manager at Colliers International in the Philippines.  “Coupled with decentralisation, this ramp-up of public infrastructure outlay should open opportunities for firms engaged in construction, and operation and maintenance (O&M) of key transport infrastructure.” Such a “golden age of infrastructure,” as Bondoc calls it, will compel developers to pursue more integrated urban township projects in provinces near Metro Manila such as Cavite, Laguna, Bulacan, and Pampanga, where road networks are aggressively expanding. <img alt="Jepneys and other vehicles currently pack the clogged streets in Filipino cities, but major infrastructural changes are afoot in the nation " src="/documents/10204/0/shutterstock_621925394.jpg/fa9aad48-a3a1-4726-bfbf-8df56045fbc1?t=1536899917751" /> Duterte appears to be as committed to upgrading Metro Manila’s infrastructure as decentralising wealth from the capital. The government has unveiled plans to expedite construction of Metro Manila’s first underground rapid transit system as well as complete the Bonifacio Global City-Ortigas Center Link Road and C-5/Katipunan Viaduct projects. With their live-work-play-shop components, integrated urban townships have become even more attractive bubbles of calm to property seekers. Development giant Megaworld, a pioneer in the construction of townships and cyberparks in the late 1990s, expects a great knock-on effect from the recent raft of government programmes. “With the tax reform programme in place and consumer spending on the rise, we see more people investing and buying residential properties this year,” says Megaworld International senior vice president Marivic Acosta. <a href="http://www.property-report.com/detail/-/blogs/award-winning-cebu-developments-put-the-region-on-the-real-estate-forefro-7">More: Award-winning Cebu developments put the region on the real estate forefront </a> “The growth of the BPO and POGO (Philippine Offshore Gaming Operators) in office leasing will also have a domino effect on the residential market, especially in townships.” The private sector is increasingly chipping in to power the infrastructure drive in the capital. Ayala and construction firm Eton Properties are jointly building a bridge that will link Pasig to Quezon City. Alliance Global Group Inc, Megaworld’s parent company, is using its capex programme to build Skytrain, a two-kilometre monorail, at no cost to the government.  Trump pronouncements often struggle to elicit credulity from listeners. But with such sanguine macroeconomic fundamentals, hyperbole around Philippine real estate is starting to suspend disbelief. Whether it’s a finishing touch on a 57-storey Manila skyscraper or a gargantuan Belt and Road agro-industrial estate, property developments in the Philippines are currently well placed to thrive. This article originally appeared in Issue No. 147 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" style="box-sizing: border-box; background-color: transparent; color: rgb(170, 33, 33); text-decoration-line: none;" target="_blank">PropertyGuru Property Report Magazine</a>

How the Philippines continues to outperform its neighbours

<img alt="" src="/documents/10204/0/Myanmar-invst-feature-lead-compressor.jpg/85b117eb-03cc-40cd-8ca4-f3098da4ad05?t=1536272620277" style="width: 1400px; height: 640px;" /> “If I could put all my money into Myanmar, I would,” veteran U.S. investor Jim Rogers declared in 2012. Rogers, who co-founded the Quantum Fund with hedge fund billionaire George Soros, has lived in Asia for many years and knows a bargain when he sees one. When Myanmar opened up to the world after decades of military rule, hopes were high that democracy would be restored and the economy invigorated. From tourism to telecoms, business opportunities abound as industries that had long languished in the absence of private competition were roused out of their slumber. Local consumption soared amid a thriving economy, with the Burmese now plugged into global trade, wearing Nike, drinking Coke and surfing smartphones and -- along with a growing expat community -- spurring demand for higher-end real estate. There have been many economic success stories since the early days of the country’s re-opening for business, and the economy has experienced brisk growth, but for players in the country’s property sector the deflating realization that they may have jumped the gun is setting in as a painful glut emerges. Yangon’s condominium stock totalled more than 6,600 units at the end of the third quarter of 2017, reported real estate services firm Colliers International. The new supply for last year was expected to reach around 1,200 units—a similar level to 2015—but the industry has been plagued by construction delays caused by flagging sales, and will likely get worse with more than 10,000 units in the pipeline. Colliers said it expects most projects to be pushed at least a year behind schedule, with new sales launches to remain subdued at least in the near term. And even as last year saw “a slight uptick in demand following extensive pricing promotions for many projects… Colliers sees the performance as temporary, and the strategy as financially unsustainable. We advise developers to look long term instead.” <img alt="While downtown Yangon has more than its fair share of colonial architecture, modern hotels, office buildings and residential condominiums are giving it the feel of a contemporary Asian capital" src="/documents/10204/0/myanmar-investment-feature-4-compressor.jpg/82310989-ebcf-49b1-a53a-6851b65abeda?t=1536273502239" /> It is expected that by the end of this year there will be 45 condominium projects, nearly half of which will be situated in the Inner City Zone. Some of the big developments slated for completion in the first half of this year include The Atrium, a 13-storey building with a swimming pool and dance studio, by Yadanar Mying Construction Co. Ltd.; and Red Hill, a 16-storey luxury tower by Naing Group Construction Co., Ltd. that was due to be completed by 2015. The tower will combine office and residential space, and will include penthouse apartments at the top, along with an infinity pool. <div class="pull-quotes-container">Various projects were conceived when everybody thought Myanmar was on a massive upward trend and was going to go on a boom. But now those projects are being delivered onto a market which is basically failing on several different levels</div> Such luxury developments come at a challenging time for the industry, which property experts say the market is not ready to receive. Many of these developments either in the pipeline or launching were conceived in those heady days when property was expected to boom. Richard Emerson, managing director of independent international property advisory firm Emerson Real Estate, says that Myanmar went “from a market where there was basically no built stock five years ago to a market wherein suddenly all those projects conceived in the day when everybody thought Myanmar was on a massive upward trend and was going to go on a boom, all those projects are being delivered into a market which is basically failing on several different levels.” Cyrus Pun, head of real estate at investment group Yoma Strategic Holdings, affirms this, saying the mid- to high-end markets have slowed significantly in the last 12 months or more as the excitement that had filled investors is subsiding. <a href="http://www.property-report.com/detail/-/blogs/building-sector-triumphs-at-the-annual-propertyguru-myanmar-property-awards-20-8" target="_blank">More: Building sector triumphs at the annual PropertyGuru Myanmar Property Awards 2018</a> Pun says much of the evidence of weak sentiment towards residential real estate doesn’t take into account the many smaller condominium projects that have been quietly canned by developers. “People are much more inclined to invest in cheap units in the hope their value appreciates,” he says, adding that “on the higher end properties for the last 12 months or so, things have really quietened down… In some isolated areas there is a lot of activity going on. There seems to be a lot of low-cost development being planned and sold. And that seems to be gaining a lot of traction.” Pun says he has sold a few houses recently priced above USD1 million, suggesting there is a lot of cash floating around, but it is being hoarded. Strangling demand further is the absence of foreign buyers in the market. In early 2016 the Myanmar Parliament passed the hotly anticipated Condominium Law, which allows foreigners to buy up to 40 percent of condominium apartments in any given block, provided the apartments are on the sixth floor or above. <img alt="Myanmar’s parliament also passed legislation last year to ease restrictions on foreign investment" src="/documents/10204/0/myanmar-investment-feature-3-compressor.jpg/457678fd-2a6e-44c1-b4cc-4e30d879d113?t=1536273707421" /> With Asian investment, particularly Chinese, pouring into numerous real estate markets across Asia, investors are hopeful that, once enacted, the law would draw some of the money into Myanmar. Yangon parliamentarian U Khin Shwe has said the new law could cut Myanmar’s trade deficit by up to one-quarter, pulling in at least USD1 billion for the government. An analysis at the end of last year by Lincoln Legal Services (Myanmar) Ltd. pointed out the sketchy status of buying and owning property presents numerous hurdles to securing finance. Contrary to land, apartments presently cannot be registered so there is no certain way of checking who owns an apartment. “Potential buyers risk purchasing from a fraudulent owner, losing the apartment when the real owner turns up. In the same vein, it is risky for a lender to accept an apartment as security for a loan,” the law firm points out. “Private lenders might accept an apartment as security, but banks are reluctant as they find it hard to check the title. Consequently, even legitimate apartment owners find it difficult to use the apartment to raise money.”  The Condominium Law could provide much needed clarity and security to such property-related investments. But many are skeptical it will happen soon since the government decided to amend these rules following the bill’s passage. Says Emerson, “The problem in Myanmar is how long is soon, because this has been on the table as far as the government is concerned for the last three years or more. It got signed off by Parliament in 2016 and you still can’t apply the law that’s been taken through Parliament.” <a href="http://www.property-report.com/detail/-/blogs/are-myanmar-s-real-estate-fortunes-about-to-chang-4" target="_blank">More: Are Myanmar’s real estate fortunes about to change? </a> Myanmar rarely makes it into the news for positive reasons these days, as its Rohingya crisis rages. More than 700,000 have fled persecution and the destruction of their homes in the northern Rakhine province neighbouring Bangladesh. The horrifying scenes may be miles away from Yangon and other key cities, but it carries a severe reputational risk for Western companies, along with deterring many tourists and other visitors to the country. “The tourism market has gone backwards considerably since 2013 and ’14 when it was growing every year. You’ve now got a lot of people not coming to Myanmar because of the Rakhine problem,” reports Emerson, adding that hotel room rates have plummeted following a wave of big hotel launches. <img alt="Yangon’s skyline continues to change, with new developments entering the market. But with supply outstripping demand, there is a feeling that many of the units on the market will remain empty for the long term" src="/documents/10204/0/myanmar-investment-feature-2-compressor.jpg/737bb395-5cc3-47cc-ba9a-c85f156ce72a?t=1536273808879" /> While not specifically mentioning any political turmoil, the World Bank states in a recent report that based on data from the first 11 months of 2017/18, approved FDI declined compared to the year prior, which was already well below previous years’ levels. However, real estate is still doing relatively well—just not the residential sector. Approved FDI in real estate activities reached USD1.1 billion in 2017/18, an increase of 21 percent compared to the growth of 10 percent in the previous year. “Demand for existing office and retail space in modern shopping centers in major cities is rising, but new projects face slower growth in demand for pre-sales, and there are concerns about potential excess capacity, particularly for condominiums. There is anecdotal evidence that private investors are holding back investment in high-rise building projects, shifting instead toward small and affordable housing projects.” Unless Myanmar’s economy improves and continues to be deprived of the vast cash that’s been hoarded, and foreigners are given the official green light to invest, the industry is reluctant to put a brave face on its problems. Defiantly forging ahead with their projects, however, are the big developers. Whether their courage pays off or they become the next victims of their own ambition, only time will tell. This article originally appeared in Issue No. 149 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">PropertyGuru Property Report Magazine</a>

Myanmar’s failed property boom: what really happened

<img alt="" src="/documents/10204/0/thailand-investment-feature-lead-149-compressor.jpg/b1623c9e-7798-4c26-b1db-ceda5750a840?t=1535540262850" style="width: 1400px; height: 640px;" />Back in 1895, a wealthy Chinese businessman engineered the digging of a canal running westerly from the Chao Phraya River. It became such a crucial throughway for transporting goods and people inland from the port of Bangkok that King Chulalongkorn granted the construction magnate, Chai Sua Lom, the name Luang Sathon Rajayukta in appreciation. It was at this juncture that the Thai capital turned its attention away from the river. Sathon built a magnificent mansion along his canal, and Bangkok’s wealthy followed suit, trading more-cramped riverside homes for leafy expanses. Up they marched along what is now Wittayu (or Wireless as it is better known) Road, erecting stately houses in lovely gardens. Foreigners took notice, making deals for sites including the vast American, Dutch, and British Embassies. Sathon’s house itself became the Russian Embassy in 1948. It wasn’t so long ago that the city’s elite seemed like they’d continue their outward expansion ad infinitum, perhaps decamping en masse to the suburbs that spread out in subsequent generations. But the tide has definitively turned. After a few years of a trickle-in resurgence of the highest-end properties, 98 Wireless, a super luxury residential-only building on embassy row whose average cost was a whopping TBH550,000 per sqm (USD16,775), officially opened last year, along with two other showstoppers not far away: The Ritz-Carlton Residences in the glittering jigsaw MahaNakhon Tower and Magnolias Ratchadamri. These days the moneyed class is firmly re-entrenching in the city centre, this time taking up residence not in sprawling teak villas but shiny skyscrapers with park views, SubZero appliances, and the odd communally owned chauffeured Bentley at their disposal. “What we have seen over the last 10 years,” says Su Lin Soon, CEO – Development at Frasers Property Holdings (Thailand) Co., Ltd., “has been a shift towards higher quality, a willingness to pay to be near mass transit, and buyers continuing to move from landed housing to condominiums located within the CBD.” Though luxury and ultra-luxury units represent only four percent of Bangkok’s condominium market, the segment is growing like gangbusters. JLL Thailand figures reveal the average of 1,560 new upscale units launched annually between 2012 and 2014 has leapt to an average of 8,000 new upscale units between 2015 and 2017. <div class="pull-quotes-container">These days Bangkok’s moneyed class is firmly re-entrenching in the city centre, this time taking up residence not in sprawling teak villas but shiny skyscrapers with park views, SubZero appliances, and the odd communally owned chauffeured Bentley at their disposal</div> This increase is remarkable considering it includes a 135 percent increase year-on-year from 2016 to 2017, according to Knight Frank, accounted for by the official mourning period following the passing of beloved King Bhumibol Adulyadej. This year, more than 8,700 units are planned for completion, bringing the total luxury/ultra-luxury condo stock to 25,900 units—a 50 percent increase from 2017. Prices have been climbing (Knight Frank pegs the average prime/super-prime condo goes at around THB300,000 per sqm) and already in 2018 the market has seen two record-breaking seismic shakes: both the most expensive land deal ever (on a per sqm basis), and the largest deal ever (based on the total price). SC Asset PCL reportedly acquired a development site on Langsuan Road for THB3.1 million per sqm, while a joint venture between Thailand’s Central Group and Hong Kong Land acquired the site of the current British Embassy for THB18.7 billion. JLL reports sundry smaller or less expensive prime sites having been recently acquired by leading condo developers Raimon Land, MQDC and Ananda Development. As Bangkok booms— 2017 saw 3.9 percent year-on-year GDP expansion and an 8.6 percent increase in visitors to Thailand—you’re less likely to see the quaint second-world street tableau of old villa cheek-by-jowl with new tower, especially in the central core. “The most sought-after areas tend to be ‘one-of-a-kind’ locations, such as close proximity to large parks or the river,” says Frasers’ Soon. Some residential buyers are following firms shifting back to the CBD, adds Soon, “trends indicative of Bangkok’s large and expanding size, and typical of the urban shift and ongoing progress that occurs for all major global cities.” <img alt="The Chao Phraya River in Bangkok has become a centre for the construction of new condominiums and hotels in Thailand’s desirable capital" src="/documents/10204/0/thailand-investment-feature-149-2-compressor.jpg/e08d5e2a-a072-471f-b87f-15c5e768da92?t=1535540995399" /> In other words, Bangkok is growing up, and coming home—sometimes on the BTS SkyTrain. “We see the role of infrastructure, particularly mass transit, as a key driver for luxury residential,” Soon says, adding this is in line with a global “shift to enhanced quality, appreciation for sustainability, and integration of technology and smart city innovation.” On the supply side, Marciano Birjmohun, associate director for Residential Department at Knight Frank Thailand, points out “luxury condominiums were not only launched by public companies; a selection have been launched by fairly new players in the high-end market, who kept momentum and created a visible presence.” These new players explain the abundance of supply on the market to which Knight Frank attributes last year’s slipping of the average take-up rate per luxury/ultra-luxury property to 67 percent. (Note: overall market demand as counted by number of this type of units sold still increased.) These types of sales are about location, branding, and perks. Birjmohun calls them “trophy properties”: rare architecturally or historically preserved properties, extraordinary yields, spectacular views, over-the-top amenities. Think high design, brand-name fittings and furnishings, and resort-style services. <a href="http://property-report.com/detail/-/blogs/new-thailand-lease-laws-are-ruffling-landlords-feathe-8" target="_blank">More: New Thailand lease laws are ruffling landlords’ feathers</a> “Prices are being pushed up in particular for rare unit layouts such as penthouses and duplexes,” he says. At 98 Wireless—which boasts American oak and mahogany, Portuguese limestone and Italian marble, along with its on-site spa and concierge service—and The Residences Mandarin Oriental Bangkok, penthouses reached price points exceeding TBH650,000 per sqm. Keep an eye on up-and-coming convenient throughways Rama IV and Rama IX Roads, though for now the hottest spots remain the city’s stateliest. According to CBRE, riverside locations commanded the highest average prices in the luxury/ultra-luxury sector last year, at TBH321,750 per sqm, followed by lifestyle corridor Sukhumvit at THB255,954 per sqm, and the Silom-Sathon CBD area at THB233,583. Knight Frank credits the price buoyancy to higher land prices in prime areas and pent-up demand from buyers who held off purchasing in 2016. “Those who think the luxury market is driven solely by foreign investors should think again,” Birjmohun says. “Affluent Thais remain essential to this engine.” Most purchase these blue-chip properties with cash, to live in, or as investment—thus making them impervious to issues that bedevil those further down the real-estate food chain, like compressing rental yields (now at an average of only three percent annually), recently tightened residential leasing and lending laws, and rising mortgage rates. Still, one must account for the approximately 20 percent of demand coming from foreign investors, “lured by relatively more affordable prices compared to developed markets, many of which do not offer more attractive yields than Bangkok,” says Winai Jaiton, director of Marketing Communications at JLL. “In most cases, products of similar quality in Bangkok are half as expensive as in Singapore and five times cheaper than in Hong Kong.”   <img alt="Phuket continues to be one of Thailand’s most desirable locations and several new luxury projects are luring in investors" src="/documents/10204/0/thailand-investment-feature-149-3-compressor.jpg/21272efb-61e1-4387-aa9c-758b14396da5?t=1535541364061" /> Elsewhere in the Kingdom, the most promising real estate gamble is its most popular island. Last year Phuket saw two villas at Layan Residences by Anantara and one in Avadina Hills by Anantara selling at prices ranging from THB300 million to THB500 million, according to Prakaipeth Meechoosarn, CBRE’s head of Advisory and Transaction Services for Resort Property Sales, telling the Bangkok Post. “Phuket seems to unwind from its hibernation with more residential projects launching and increasing tourism numbers,” Birjmohun says. “We have seen more Phuket-based developers starting to advertise across Asia and Europe again, and the influx of Chinese buyers is something notable.” In the first four months of 2018, international arrivals grew 28 percent year-on-year to 2.1 million, with the Chinese accounting for 40 percent, according to Bill Barnett, managing director of C9 Hotelworks. By year’s end, there will be at least 40 cities in Mainland China with direct routes to Phuket. “Phuket and Chiang Mai are seeing China become a large-scale market and there is traction in midscale and upscale condos,” Barnett says. “Samui is a small niche market and perhaps it is better to retain that focus. Pattaya remains stressed,” trying to maintain balance in a market dominated by foreigners. Down the southwestern shore from Bangkok, some see hidden opportunity. “Hua Hin is beautiful in all aspects, with reasonable property prices, a good variety of projects, reputable developers, and no mass tourism. It has always been favourable for Western buyers and retirees,” Birjmohun says. “But the uptake rate remains low. One reason is accessibility.” <img alt="The resort town of Hua Hin combines a beach lifestyle and affordable prices with easy proximity to Bangkok" src="/documents/10204/0/thailand-investment-feature-149-4-compressor.jpg/db4c4058-084a-47e2-a45f-bce362f1bbcc?t=1535541265862" /> That’s changing though, as AirAsia recently launched the first regular international direct flights into Hua Hin airport from Kuala Lumpur. Likewise, back in Bangkok, the future is looking bright for the much-heralded Iconsiam development—home of those ceiling-busting Residences Mandarin Oriental—on the Thonburi side of the Chao Phraya now that the river-hugging BTS Golden Line has been approved. What else can high-value property spectators look forward to in Thailand this year? “The market has not reached its peak yet. It’s very understandable because Bangkok’s status on the world chart is rising,” Birjmohun says. “We will be in for a ride in 2018. There is still supply on the market from 2017. And there are five to six new luxury projects launching in Asoke, Thonglor and Lang Suan—with pre-sales prices starting at THB400,000 per sqm. Average selling prices are predicted to continue rising in line with land scarcity in prime areas and mounting land prices that leave developers no choice but to deliver high-margin luxury units to cover costs.” Can we get a Michelin-starred chef, a petting zoo, and a Tesla with that penthouse? This article originally appeared in Issue No. 149 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">PropertyGuru Property Report Magazine</a>

Thailand’s 'hi-so' crowd keeps paying for ultra-luxury homes

<img alt="" src="/documents/10204/0/Parag-Khanna-interview-lead-compressor.jpg/a197aeb3-0b18-47da-81d2-c1a43e4cf12d?t=1535082451651" style="width: 1400px; height: 640px;" />Recall some of the greatest empires to have ruled and conquered throughout history: Babylonian, Roman, Carthaginian, Angkor, and so on. Now, consider what they all have in common: each one carries the name of the eponymous cities that gave birth to them. And that is no coincidence. For 8,500 years, beginning with Jericho in about 7,000 BCE, cities dominated the economic, cultural, and political global landscape. It was only during the middle ages that cities — in Europe, at least — were gradually subsumed by the emergence of the modern nation states we see today. Parag Khanna believes, however, that after a 500-year hiatus the age of cities is returning, albeit without the empirical undertones, and will dictate and reshape the narrative of the future like never before. “The history of diplomacy is not the history between sovereign governments, but rather the diplomacy between cities,” he says. “The geopolitical approach to cities goes way back in time and shows that they have always been more powerful.” <a href="http://www.property-report.com/detail/-/blogs/artificial-intelligence-will-revolutionise-the-way-you-do-business-says-ayesha-khan-5" target="_blank">More: Artificial Intelligence will revolutionise the way you do business, says Ayesha Khanna</a> Khanna is a difficult guy to define. His resume to date — at only 41 — encompasses senior government advisory roles, impressive academic postings and best-selling books, not to mention frequent TV appearances and TED Talks. Born in India, raised in Abu Dhabi, and schooled in New York City and Germany, Khanna began globetrotting at an early age. Since gaining a Bachelor’s and Master’s degree from the School of Foreign Service at Georgetown University, he has contributed to the administration of former US president Barack Obama as a foreign policy advisor, spoken regularly on globalisation at the World Economic Forum in Davos and worked for a variety of influential Washington think tanks. And, according to his latest estimates, has visited more than 100 countries in the last 20 years. Yet it is Khanna’s expertise in the rise of connected global megacities — or “megacity archipelagos” as he calls them — that leads our recent conversation. He kicks off the call from his apartment in Singapore where he has lived with his wife <a href="http://www.property-report.com/detail/-/blogs/artificial-intelligence-will-revolutionise-the-way-you-do-business-says-ayesha-khan-5" target="_blank">Ayesha</a> — also a highly-respected public intellectual, artificial intelligence expert and smart city specialist — and their two children for the past few years, by explaining how he was initially turned on to the field of megacities. “It was a really important theme in my doctoral dissertation and I ended up going back thousands of years to ancient Babylon to look at the origins of diplomacy and the commercial and cultural relationships between cities,” he says, adding that it felt like he’d read literally everything on the subject during his PhD studies. <div class="pull-quotes-container">The re-emergence of this diplomacy between cities is something that has very deep historical roots; intellectually, legally and economically. Megacities reinforce that much more</div> Unlike many of his contemporaries in the field who, according to Khanna, tend to be demographers, economists, real estate developers or urban planners, his geopolitical background provides him with a relatively novel standpoint that has enabled him to view cities as the “diplomatic drivers of the past and economic drivers of the present and future.” “The re-emergence of this diplomacy between cities is in a way something that has very deep historical roots; intellectually, legally and economically,” Khanna says. “Megacities reinforce that much more. When a country or an entire continent depends on one or two cities, those cities are really more important than whatever the nominal, legal, political capital is.” He cites Lagos in Nigeria as an example. Although replaced as the country’s capital 25 years ago, the megacity is currently the fifth-largest economy in Africa, considerably bigger than Kenya and Cote d’Ivoire, two of the continent’s most dynamic countries. The same, he says, applies to São Paulo. Again, not the capital of Brazil but set to be the world’s sixth richest city by 2025. <img alt="Parag Khanna" src="/documents/10204/0/parag-khanna-3-compressor.jpg/7b82cc7c-fec6-41dc-a153-54af84257128?t=1535083593084" style="display: block; margin: 0px auto;" /> Khanna’s assumption is not just confined to single megacities, but covers clusters of interconnected hubs he predicts will shake up the world order in the years to come. Such is the case of the Pearl River Delta in southern China, which Khanna believes truly represents the future of megacities. Covering much of China’s industrial heartland, including Shenzhen, Guangzhou, Foshan and Dongguan — not including the special administrative regions of Hong Kong and Macau — it is now the world’s largest continuously urbanised area with a population greater than Australia. “Having amassed all these trade surpluses, China — that 800-pound gorilla — began to reinvest in serious infrastructure and we saw the ‘Shenzhen Effect’ really starting in the 1980s, transforming a tiny fishing village to a city of 11 million and reshaping an entire region in less than 40 years,” he says. <img alt="Shenzhen is now a far cry from its 'fishing village' origins. gui jun peng/Shutterstock" src="/documents/10204/0/Parag-Khanna-2-compressor.jpg/27df13c8-9e8c-4912-b182-71e182750c91?t=1535082533284" /> Over the past decade, China has attempted to replicate the model nationwide, with varying degrees of success, by identifying 24 megacity clusters, 11 of which already account for one-third of the country’s population, and two-thirds of its economic output. The Shenzhen Effect has since spread beyond Chinese shores. India was until recently heavily dependent on Mumbai, which accounted for 40 percent of national GDP, but the rise of Delhi Capital Region and Chennai has loosened economic reliance on its largest city. In the Gulf, Abu Dhabi and Dubai have been connected by built-up land, real estate and logistics, creating what Khanna calls the “Abu-Dubai Corridor”. Even on the US’s west coast, Los Angeles is now linked with Tijuana beyond the Mexican border via San Jose. The formation of this emerging global network of megacity clusters, according to Khanna, holds the promise of reducing pollution, poverty, and even geopolitical rivalries. But what then happens to the places and populations that do not make the megacity-cluster cut? It is at this point during the interview that Khanna relocates to his kitchen and starts preparing lunch. He’s on auto pilot now, but not in a way that suggests he is just reeling off rehearsed lines. The responses remain fluid and considered, more the words of a man who, as he’d previously joked, has probably read everything there is to know on the topic. “There are two ways to look at this. Firstly, the rich are getting richer. Everyone who moves to the megacities will have more money, while the countryside and second-tier cities are being neglected. But that’s not really true in a whole bunch of ways,” he says. All one should look at, Khanna points out, is remittances, which is an obvious proxy of how capital is circulated within an economy. <a href="http://www.property-report.com/detail/-/blogs/for-asia-s-super-affluent-luxury-now-means-smart-and-gre-4" target="_blank">More: For Asia's super-affluent, luxury now means smart and green</a> “The number one remittance market in the world is rural Chinese workers moving to coastal Chinese cities and sending money back to their remote villages,” Khanna adds. “So they’ve stayed within the same country, they’ve moved from farm to city, but they’re sending about USD300 billion back every year. How can one say, then, that the city is leaving the countryside behind when the city is actually sending all this money back?” The second — and most significant — factor, Khanna concludes, is to drastically reduce the reliance many nations currently have on their principal economic hub, and distribute investment to the second-tier cities. In emerging markets, especially, the largest city receives anywhere between 90 and 100 percent of foreign direct investment. It is therefore the responsibility of government to redistribute this wealth nationwide. A country of 200 million people, he explains, is not going to reach its potential if the entire economy depends on one city with a population of only 20 million. “The lesson is that administrative devolution has to be combined with fiscal devolution. You’ve got to distribute economic growth to create jobs,” he states. “Just depending on one city can be so dangerous.” In an age where brazen nationalism is increasingly being normalised and the response to spiralling socioeconomic disparity is to close borders and build walls, Khanna’s belief in a world beyond demarcations is a much-needed antidote — and one that will hopefully not only reduce our reliance on single cities but also end the lie that societies are defined by flags and frontiers. This article originally appeared in Issue No. 149 of PropertyGuru Property Report Magazine

Building a 'megacity archipelago' is the future, says Parag Khanna

<img alt="" src="/documents/10204/0/dispatch-Mahathir-Mohamad-lead-compressor.jpg/66934d88-25f9-4661-b75a-99be9b5e8186?t=1533812265486" style="width: 1400px; height: 640px;" />On the evening of 9 May, the restaurants and bars around Kuala Lumpur’s financial district were unusually busy for a Wednesday. Ties loosened and shirt sleeves rolled up, white-collar workers huddled around beer towers and bowls of food, fixed on television sets, talking occasionally in hushed tones about the only topic on everybody’s mind: Malaysia’s 14th general election and the possibility of waking up to an altered political future.  Jutting out above Bukit Bintang’s brightly-lit entertainment strip, the nearby Exchange 106 building though served as a stark reminder of the present. The centre piece of the capital’s new central business district, Tun Razak Exchange, the soon-to-be tallest building in Southeast Asia is the brainchild of ousted premier Najib Razak and his now infamous 1Malaysia Development Berhad (1MDB) scheme, a now-defunct state investment fund that is mired in scandal that could yet put him behind bars.  <a href="http://property-report.com/detail/-/blogs/2018-propertyguru-asia-property-awards-malaysia-the-winners-lis-1" target="_blank">More: Who won at the 2018 PropertyGuru Asia Property Awards (Malaysia)?</a> Set for completion later this year, the 492-metre-high commercial tower is one of many high-profile multi-million dollar projects rolled out by 1MDB at the behest of Najib. In contrast to such showpiece developments though is a dearth of affordable homes in Malaysia: a big deal when average household income in the nation is a respectable, but hardly high-rolling MYR5900 (USD1460) per month. His 2013 election pledge to build one million affordable homes stalled at the 17,000 mark.  "We all know that there's a growing need for affordable housing as the burden on citizens gets heavier every day," Tan Huiyin, senior associate at KL-based law firm Tan Chap & Associates, says. Affordable housing, defined by the Kuala Lumpur-based Khazanah Research Institute as costing no more than three times the median household income, has been a sore point in Malaysia for the best part of a decade. <div class="pull-quotes-container">We all know that there's a growing need for affordable housing as the burden on citizens gets heavier every day</div> The issue initially came to the fore between 2012 to 2014 when the average supply of 85,000 new units fell considerably short of the demand from 118,000 new households, according to Bank Negara Malaysia (BNM).  In a clear indication that situation has since deteriorated, a February bulletin by BNM announced that the supply of new residential units nationwide remained “seriously unaffordable by international standards” with a median multiple of 5.0. Although the maximum affordable house price in Malaysia is approximately MYR282,000, the actual average house price is currently MYR313,000, it added. The number of unsold completed residential units in the first quarter of 2018, meanwhile, totalled 34,532, a 56 percent year-on-year increase, according to the National Property Information Centre. Tellingly, a third of the units launched, which were priced between MYR500,000 and MYR1 million, remained unsold. "It is an issue of not having enough income and houses being too expensive," BNM governor Muhammad Ibrahim said during the 2017 National Conference of Public Sector Accountants last August. With the BNM projections stating that demand for affordable housing units will continue to soar, hitting 1 million by 2020, it is now down to the new – and former – prime minister Mahathir Bin Mohamad and his ruling Pakatan Harapan coalition party to take up the mantle. In what appears to be the incumbent government's first move on the matter, the recently appointed housing and local government minister Zuraida Kamaruddin announced in June that she aims to streamline all existing social housing agencies, including those handled by the Prime Minister's department as well as the 1Malaysia Housing Programme, which will be rebranded to distance it from the previous administration and 1MDB. <a href="http://property-report.com/detail/-/blogs/meet-kuala-lumpur-s-heritage-loving-design-de-8" target="_blank">More: Meet Kuala Lumpur's heritage-loving design dean</a> Experts believe however that it will take much more than a reshuffle of government agencies and a few new logos to resolve Malaysia’s affordable housing crisis. "Most importantly, it requires a high degree of cooperation from the private sector,” Huiyin says. Yet high construction costs, which account for around 80% of property prices, according to the Real Estate and Housing Developers’ Association Malaysia, make it especially difficult for developers to meet BNM’s affordable housing ceiling of MYR282,000. <img alt="Voters queue up in the early morning in Tuaran Sabah to cast their ballots during the 14th general election in Malaysia. hairul_nizam/Shutterstock" src="/documents/10204/0/shutterstock_1086679757-compressor.jpg/444d363c-1733-4b31-97f5-28e85b42d64c?t=1533814548265" /> “Even if they do build a house according to that price, people will not buy it because they want a ‘wonderful’ house to live in,” Knight Frank Malaysia Managing Director Sarkunan Subramaniam says. “We cannot expect developers to sell houses that are not marketable.” Developers in turn have been critical of the banks, claiming that consumers are struggling to gain adequate financing. But BNM’s Mohammed rebuffed this suggestion. He claims that “the problem is not about access to credit”, citing that the overall housing loan approval rate of 74.2 percent remained high. Soaring land prices also make it increasingly difficult for developers to build affordable homes in desirable locations, according to Huiyin. <a href="http://property-report.com/detail/-/blogs/malaysia-s-luxury-market-malaise-drags-22" target="_blank">More: Malaysia's luxury market malaise drags on</a> "Location is a defining factor and local authorities should be willing to provide prime state land for affordable housing," she says. "Red tape and corruption also need to be cut to ensure that affordable housing is built on suitable lands and not just the outskirt areas.” Although it remains to be seen whether the new administration is willing to release cut-price land, some leading developers have already publicly backed the idea. Sunway Bhd announced in June that it is eager to work with Mahathir’s coalition on the condition it introduces a “mutually beneficial initiative”. LBS Bina is one of a handful of developers that has started to take matters into its own hands, launching 10 projects, largely in Kuala Lumpur’s Klang Valley area, last year with 58 percent of the units priced below MYR500,000, according to Lim. But for many lower-income families, the hope will be that Mahathir, the man who was responsible for gifting KL with its most recognisable icon, the Petronas Twin Towers, will be just as enthusiastic when it comes to constructing everyday buildings for the thousands of households in dire need of an affordable place to call home.  For more on the burning topics affecting Asia's innovative property markets, subscribe to the next issue of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/214429" target="_blank">PropertyGuru Property Report Magazine</a>

Mahathir Mohamad’s crucial role in affordable housing for Malaysians

Architecture & Interiors

<img alt="The Fort Bazaar, Galle, by PWA Architects" src="/documents/10204/0/The-Fort-Bazaar-Galle-for-upload-DF-146-compressor.jpg/a764f981-9068-4d0a-963f-2b956f72e8af?t=1544094405080" style="width: 1400px; height: 640px;" />As the property markets mature across Asia, demand for innovative design has been increasing in some surprising places. Nations like Cambodia, Myanmar, Sri Lanka and Vietnam are bursting with creative energy that had been dormant through decades of turmoil and/or inhospitable governments. Modernisation and stability, an influx of cash, a demand for sustainability, and the changing of the generational guard have all helped create an opportunity for some talented players in smaller markets to flourish. That Sri Lanka is a leader in this field should actually be of little surprise. This is the country that produced Geoffrey Bawa and Minnette de Silva. De Silva, a Le Corbusier disciple and the first woman ever elected to the Royal Institute of British Architects, combined local traditions and crafts with Western technologies. Bawa was the father of the Tropical Modernism school, which combined the vernacular building elements and sometimes traditional Dutch touches with unadorned geometry, leading often to buildings in which the construction itself created the design. Both blended inside and out, and had their heydays a couple of generations ago, but after the war, as money has been coming back into the country, their styles are being reenergised and reconceived. <a href="http://www.property-report.com/detail/-/blogs/here-are-five-awesome-australian-architects-to-keep-an-eye-18" target="_blank">More: Here are five awesome Australian architects to keep an eye on</a> “In the last 25 years, [Sri Lanka has] been moving towards a predominantly tropical and contemporary style,” says Philip Weeraratne, principal and Chartered Architect of PWA Architects in Colombo, which has been hauling in awards since its founding. “Being true to the nature of the materials, creating transitionary spaces, creating multiple meanings for a space [and being sustainable] inspire us in our work.” No wonder PWA was shortlisted for the Inaugural Geoffrey Bawa Award for Excellence in Architecture back in 2007. This throwback attitude sets Sri Lanka somewhat apart from other Asian countries, who are more likely to be putting up flash modern buildings. Such loyalty to this old Ceylon style is perhaps partly because it is so practical – with tiled roofs, high ceilings, deep verandahs, courtyards and a lot of cross ventilation – and partly because it isn’t regarded necessarily as a colonial imposition. In Vietnam, by contrast, there is an ambivalent relationship to the century-old French colonial architecture, much of which has been coming down in favour of the shiny and new. But this building frenzy has also opened the door for innovative designers to integrate traditional, and often inexpensive, elements with sustainable building and appealing aesthetics. Wars and foreign occupation prevented the architecture in Vietnam from developing unique culture and characteristics, says Vo Trong Nghia, founder of VTN Architects, whose numerous awards include having been named Vietnam’s Architect of the Year in 2012. “Today, we have great opportunities to express the country’s development through architecture.” Elegant examples of this include the greenery-spurting Hotel Atlas in Hoi An, and the two-storey clustered bamboo “forest” that makes up the indoor-outdoor Son La Restaurant, a seven-hour drive from Hanoi. For the latter, for which VTN won the hotel and leisure category at the World Architecture Festival 2014, the remote location practically dictated that the building be sustainable (the walls were made entirely of stone sourced from within 10 kilometres). <img alt="The Lumiere Boutique Hotel in Phnom Penh is topped with a series of rooftop Jacuzzis" src="/documents/10204/0/Lumiere-for-DF-146-upload-compressor.jpg/37bd6e76-85a8-4f25-a4e5-52d1c5d1892f?t=1544094914840" /> But Vo would say going green is not just good for the Earth but also good business: “Industrialised products are relatively costly and not as reliable as natural materials, which are inexpensive, and workable due to low labour costs.” As Myanmar awakens, the best design firms are less fighting a tide that tends towards opulent, gargantuan pseudo-Communist edifices than gently trying to steer the ship from the former totalitarian-government imposed blah to more modern and diverse styles. “Almost all of the significant Myanmar traditional architecture is found in religious buildings such as pagodas, temples and monasteries,” says Stephen Zawmoe Shwe, principal architect at Spine Architects in Yangon. The British empire dotted the cities and hill towns with their colonial influences, then, following independence, “civil engineers designed and built most structures until a decade ago when Myanmar started to realise the need for architects and designers. People now have more exposure to different styles and technologies.” Spine aims to help Myanmar move to its next design phase seamlessly, incorporating local materials such as marbles and indigenous wood species in to contemporary architecture. “We do not try to recreate old traditions unless there is actual historical context,” says Shwe, who holds degrees from University of California, Berkeley, and Columbia. The tile-facade Yankin Children’s Hospital, in a 1960 building that formerly housed the Ministry of Mining, is a sweet example of Spine’s philosophy to “respect the existing structures and qualities of the heritage buildings while allowing the new features of the design to bring an interesting and essential contrast.” Since the early 2000s, Cambodia has seen “a rapid evolution in the architectural style, not always for the better,” says Sudeep S, design manager at Re-Edge Architecture+Design in Phnom Penh. “But there are definitely a few good firms, both local and international, trying hard to create sustainable, relevant contemporary buildings for the country and its people.” Angkor, Sudeep says, was the inspiration for most architecture in Cambodia, where the vernacular is defined by climate, materials and practicality, with the more important buildings embellished by temple elements. The French brought the grand colonial architecture of courtyards, shaded verandahs and wooden louvered windows. And then came another Le Corbusier student, the legendary Vann Molyvann, the father of modern Khmer architecture. “He brought the Bauhaus to Cambodia but with a Khmer twist,” adds Sudeep. “His buildings incorporated the neat lines of Modern architecture juxtaposed with new interpretations of traditional roofs, screen walls and sun breakers to create an architecture that is local yet global.” Though most of Re-Edge’s commissions are residential, offices and hospitality projects, they have designed projects from a single container store to large urban development commissions. “We strongly believe in bringing the essence of local traditions and architectural elements into our designs,” says Sudeep, who ran his own firm in India before moving to Phnom Penh in 2015 to join Re-Edge. “Sometimes these elements can form an inspiration for the angle or the edges of a façade or the reason for the plan.” But one concern, Sudeep says, is avoiding tossing in uncalled for nostalgic elements just for nostalgia’s sake. There’s also the universal issue in tropical countries of the effect on construction of harsh sunlight, high temperatures and humidity. And there’s an imperative to stay green when, as Vo says is the case in Vietnam, the transition from an agrarian to a manufacturing economy does such visible damage.   <div class="pull-quotes-container">Not many clients are open to contemporary architecture and value the difference that a good architect can make to a project. But slowly and surely this is changing</div> Weeraratne points to a lack of technology and expertise, restricted budgets and political instability as the biggest challenges in the field in Sri Lanka. But one thing long lacking in all these markets is on the rise: consumer sophistication. “Not many clients are open to contemporary architecture and not many value the difference that a good architect can make to a project,” Sudeep says. “But slowly and surely this is changing with younger, well-educated, clients coming through.” <h4>1. Lumiere Boutique Hotel, Phnom Penh, by Re-Edge Architecture+Design (2017)</h4> <img alt="A peek into the interiors of the Lumiere hotel building" src="/documents/10204/0/Lumiere1-for-DF-146-upload-compressor.jpg/2fcb08ac-840f-41b3-b616-1a8a3536c6fc?t=1544095144472" /> The unevenly stacked “low-scraper” echoes vernacular tall, skinny buildings in shape, but makes brilliant use of its corner plot with floor-to-ceiling windows that let natural light in during the day and illuminate outwards like a lighthouse at night. Also, in an alluring twist, it’s topped with a series of rooftop Jacuzzis. Sudeep S, design manager: “In our opinion this building is contemporary, dynamic and international. There is an energy and vibe to the building which resonates with the younger generation of Cambodians. There are subtle references to local context like the reason and direction for the tilted boxes, they tilt to face some of the significant city landmarks like the Independence Monument and the Royal Palace. For us, this is an ideal combination of fresh contemporary architecture which is rooted in its local context.” <h4>2. Private Home on Malikha Road, Yangon, by Spine Architects (2015)</h4> <img alt="Reinforced concrete flat slabs distinguish this private home in Yangon" src="/documents/10204/0/MYANMAR1-for-DF-146-upload-compressor.jpg/ce18b285-cefc-436b-a987-5d00c129ece5?t=1544095376311" /> The four-bedroom, 3,800-square-foot house is made of reinforced concrete flat slabs. Glass panels mold the house as enclosure/outer shells, while the inner shells are made of teak cubes to accommodate private bedrooms. The outdoor space purposefully makes up another 3,000 square feet. Stephen Zawmoe Shwe, principal architect: “This was for a repeat client who gave us freedom to be creative. Since he was planning to lease this house to foreign executives, we just had to make sure that their families could comfortably live in it. In order to increase the green area, we created a green belt that wraps around the house, starting from the ground floor and ending at the first-floor balcony in front of the family room. We think this is a great example of contemporary architecture with the warmth of local materials and the lushness of the tropical landscape.” <h4>3. Farming Kindergarten, Bien Hoa, by VTN Architects (2013)</h4> <img alt="Sustainable features abound in the Farming Kindergarten" src="/documents/10204/0/Project-Farming-Kindergarten-for-DF-146-compressor.jpg/ccb75f5f-dcbe-4340-9b75-49bdead5489e?t=1544096204315" /> Built for the children of workers in the shoe factory next store, the knot-shaped, courtyard-filled structure has a vegetable garden on its roof and uses solar water-heating. A continuous structure, it allows for kids to walk up ramps to the roof and back down again in a loop-the-loop. Vo Trong Nghia, founder: “This is one of our most important projects, and, we hope, a prototype for sustainable education spaces in tropical climates. Children who once played in the verdant countryside now encounter concrete jungles, often unsuitable and dangerous. Our mission was to create a green kindergarten for 500 Vietnamese children that countered these problems. Green shading provides the students food and interaction with agriculture.” <h4>4. The Fort Bazaar, Galle, by PWA Architects (2016)</h4> <img alt="The renovation of this 19th-century home won the conservation category honourable mention at the 2016 ARCASIA Awards for Architecture" src="/documents/10204/0/The-Fort-Bazaar-Galle-compressor.jpg/be6b102f-af8c-4c67-96fe-fffd6fe98426?t=1544096502614" /> Within the city walls of Galle a private home from the 1800s that was owned by a spice and gem merchant had fallen into disrepair and been sitting empty for decades despite development all around it. A nine-year renovation resulted in an 18-bedroom boutique hotel anchored by a colonial townhouse and centered on a serene courtyard, which received the conservation category honorable mention at the 2016 ARCASIA Awards for Architecture. Philip Weeraratne, principal and chartered architect: “The architectural history of Sri Lanka is rich with materials, styles and concepts that inspire our projects. As Tadao Ando said, ‘I don’t believe architecture has to talk too much. It should remain silent and let nature in the guise of sunlight and wind.” This article originally appeared in <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/266502" target="_blank">Issue No. 146</a> of PropertyGuru Property Report Magazine

4 of Asia's best emerging architecture firms showcase innovative projects

A Singaporean president's son comes into his own

<img alt="" src="/documents/10204/0/steppes-to-success-lead-compressor.jpg/67f5d027-d7d3-4086-88e3-5ce654ed3fc5?t=1539865047546" style="width: 1400px; height: 640px;" />Few countries in Asia conjure up grand romantic imagery quite like Mongolia. The Central Asian nation, birthplace of warrior and ruler Genghis Khan and one time epicentre of the most extensive land empires in history, is famous for its epic expanses and traditional nomadic culture. These days though, the modern country – and especially its booming capital Ulaanbaatar – is just as synonymous with an economic upsurge borne of vast mineral wealth and natural resources. With this bounty attracting overseas workers and funding the growth of a Mongolian middle class, the city’s skyline is changing rapidly. While ger (traditional nomadic tents) communities still encircle the city, the CBD is awash with office buildings, condominiums and upscale hotels. <a href="http://www.property-report.com/detail/-/blogs/mongolia-s-former-pro-wrestler-president-could-save-its-ailing-property-sec-11" target="_blank">More: Could Mongolia’s president, a former pro wrestler, save the property sector?</a> Among the key players propagating this shift is Tsolmonbayar Erdenetsogt, senior architect at Azzurra Architects, a Mongolian-run practice responsible for numerous significant projects around Ulaanbaatar. Raised in the city, the architect is acutely aware of its precious traditions. Nevertheless, he is proud of the way his practice is helping to lead a charge of Mongolian firms helping to balance nomadic culture with design and urban planning that is built to last. <h4>What interested you in becoming an architect and what do you enjoy about it as an occupation?</h4> I can’t give a single simple answer to that. Part of it was because I have always been fond of different forms of artistic expression like paintings and crafts since childhood. I also yearned to create beautiful things on my own, and it was my hunch that only architecture could satisfy my imagination for space, materials and colour. My natural interest in art was also due to my parents, both of whom taught drawing and craft techniques. Therefore, I was influenced gradually and unconsciously from a very young age. This gave me a deep-rooted feel for architecture. <h4>And about Azzurra Architects: presently, how many projects are you working on and how far afield? Can you name one or two highlights or notable stories from the past 10 years?</h4> I usually work on about 5-6 projects a year and I’ve worked for Azzurra for the last eight years so that’s quite a lot of projects! I love the diversity of what we do. The best thing about this work is seeing how my design turns into an actual building and a useful place for my clients. I also get a buzz out of how these buildings are changing the face of Mongolia. For example, the Galaxy Tower is a major landmark in Ulaanbaatar and showcases Azzurra’s modern contemporary style. I’ve enjoyed working on international hotel brands as well. Our brief for the IBIS Styles project was to present glamour and individualism, as well as comfort and I believe that’s what we achieved. <h4>Has the nature of architecture changed in Mongolia since you started working as an architect, in terms of design, demand, accessibility and so on?</h4> Architecture in Mongolia has seen steady growth since 2010, when I started to work for Azzurra. Clients have also gained more understanding and knowledge of how they want their buildings to look and function. As such, there’s more appreciation for the kind of structured planning and blueprinting our company is renowned for. Other practices are also coming through strongly and overall standards are rising higher and higher corresponding to demand. <img alt="Tsolmonbayar Erdenetsogt" src="/documents/10204/0/steppes-to-success-2.2-compressor.png/61b434d1-1dc5-43e5-bc5d-b908c3a6cc3e?t=1539865506209" /> <h4>Are there any specific challenges with doing architecture/landscape design work in Ulaanbaatar and wider Mongolia? </h4> There are plenty of opportunities to realize architectural and landscaping projects in Mongolia. In the last decade, the construction industry has seen huge expansion. Thus, infrastructure development is gaining momentum. So there is high demand, and it is important to have a proper regulation to guide this growth, which I think will be a major challenge. <h4>Relatively new buildings have been changing the skyline of Ulaanbaatar. But, in your opinion, does a balance need to be struck between keeping a place's heritage alive, and looking to the future?</h4> Mongolia is a country where nomadic culture prevails, but it hasn’t been so long since we have transitioned to an urban lifestyle. It means that we have a good opportunity to learn from the urbanization experience of other countries and cities: their mistakes and successful solutions. By doing so, we can move forward. Our nomadic culture and traditions will be never be forgotten and should be used in harmony with the modern styles. One clear example is that we have a ger area in Ulaanbaatar that no other country around the world has. Ger (a traditional tented community) is a symbol of nomadic lifestyle and it still has a presence in our urban culture today. <h4>How can architecture help elevate Ulaanbaatar's global reputation as a city in terms of business and tourism? </h4> As I mentioned, it is important that we explore the experiences of other countries and identify and adopt best practices in our development. The key to the development of a city is ensuring the right planning is in place. Our profession plays an important role in the correct urban planning. <h3>Azzurra Architects' most exciting projects</h3> <h4>Embassy Residence</h4> <img alt="" src="/documents/10204/0/steppes-to-success-4-compressor.jpg/24325ec9-b565-4d98-97a5-02dc0b7d64c6?t=1539866143365" /> With Ulaanbaatar now home to a sizeable transient population of expatriate workers, demand for high quality serviced apartments is always high. Azzurra Architects was behind the design of Embassy Residence, one of the city’s most sought-after options for short-to-medium-stay residents. Located in the heart of the city, a stone’s throw from attractions such as the National Museum of Mongolian History, the property combines functionality and comfort with no little amount of flair. Notable design features include the curved glass exterior, huge apartments with polished wooden floors and state of the art appliances and an expansive lobby with unique hexagonal motifs. <h4>Galaxy Tower</h4> <img alt="" src="/documents/10204/0/steppes-to-success-5-compressor.jpg/56f6f2b6-e0ba-4d6c-a977-92a8334cb224?t=1539866097064" /> Few buildings exemplify the changing face of Ulaanbaatar better than Galaxy Tower, one of Azzurra Architects’ most ambitious undertakings to date. The mixed-use building strikes the perfect balance between work and play with office space rubbing shoulders with leisure facilities and attractions including a luxury spa, a gym and a glittering array of dining and recreational spaces which encompass an Italian wine shop and a members-only club where the great and the good of Ulaanbaatar society can network in comfort and style. <h4>NCD Group Garden City Showroom</h4> <img alt="" src="/documents/10204/0/steppes-to-success-3-compressor.jpg/e5295491-7373-4239-975c-6867990128ab?t=1539866063431" /> One of Mongolia’s top construction firms, NCD Group has played a major part in the shaping of “new Ulaanbaatar”. Indeed, its Garden City development is one of the city’s showpiece new residential projects: a blend of modern comfort and eco-conscious liveability with a focus on the environment. The green theme was foremost in Azzurra Architects’ mind when it came to designing the showroom for the project. Unique lighting trees underlined the overall feel of the project. So too did the incorporation of open-plan elements, which allowed workers and clients to move around the showroom freely. <h4>Ibis Styles Ulaanbaatar</h4> <img alt="" src="/documents/10204/0/ibis-compressor.jpg/22fde652-e3d8-440e-867d-bf7803655dc7?t=1539866041198" /> There’s no lack of boldness in Azzurra Architects’ design for the Ulaanbaatar outpost of the well-known hotel chain. The rolling green hills provide a dramatic backdrop for a striking exterior. Inside too, the design eschews homogeneity to conjure up a sense of individuality, with each guest room showcasing unique features that range from playful and child-life to coolly minimalistic. While the design is unapologetically modern, Mongolia’s rich history is subtly alluded to through colourful artwork that references the country’s nomadic, warrior history. This article originally appeared in Issue No. 149 of <a href="https://www.magzter.com/TH/PropertyGuru-International-(Thailand)-Co.,Ltd/Property-Report/Business/" target="_blank">PropertyGuru Property Report Magazine</a>

This Mongolian architect is combining the contemporary with the traditional

This year's Best Developer winners from the PropertyGuru Asia Property Awards series gathered in Bangkok for the culminating event The 2018 PropertyGuru Asia Property Awards, presented by Kohler, have announced the 56 regional and awards during a glittering ceremony held Friday evening, 9 November 2018, at the Athénée Hotel, a Luxury Collection Hotel, Bangkok in Thailand.

Awardees came from 15 key property markets across the Asia Pacific region, including an elite selection from Japan and Australia who joined the prestigious awards programme for the first time in its 13-year history. The Awards celebrated the new iconic developments in the region that champion green building, sustainability, corporate social responsibility (CSR), value for money, and innovation.

Hong Kong’s New World Development Company Limited was hailed as Best Developer (Asia) of the year by the independent jury comprising the head judges in each participating market.

New World Development won the highly competitive Best Developer category at the PropertyGuru Asia Property Awards Grand Final

“New World Development Company Limited impressed the judges with its diverse range of high-quality developments this year. The company has proven itself to be leader in a difficult and extremely competitive property market like Hong Kong,” said Thien Duong, managing director of Transform Architecture and the chairperson of the Grand Final judges.

“Although New World Development has a longstanding record of impressive projects, the judges commend the company for continuing to strive to set new standards, with exciting developments such as Mount Pavilia, Skypark and the Forest winning accolades,” he added, speaking on behalf of the judging panel.

The culminating event of the prestigious series that journeys throughout the year across the region featured country winners from Cambodia, Malaysia, Philippines, Vietnam, Sri Lanka, Myanmar, Thailand, Indonesia and Singapore. In addition, finalists from Mainland China, Hong Kong, Macau and Mongolia participated in the regional competition to be named the ‘Best in Asia’. Overall, there were 22 regional categories, including Best Boutique Developer (Asia), which went to SonKim Land Corporation of Vietnam.

The first PropertyGuru Icon Award

The evening also introduced the new PropertyGuru Icon Award as one of the highest regional honours to be presented at the programme. The first-ever recipient of this distinction is one of Asia’s prominent and most active real estate leaders, Filipino-Chinese tycoon Dr. Andrew L. Tan, Chairman and CEO of Megaworld Corporation, who won the Philippines Real Estate Personality of the Year award in 2014.

Tan was chosen for leading his team to earn three consecutive Best Developer (Philippines) titles and for being a champion of corporate social responsibility (CSR) through the Megaworld Foundation and Empire East Cares. Tan accepted his award via a video message, whilst his son Kendrick Andrew L. Tan attended the ceremony to receive the award from PropertyGuru Group CEO Hari V. Krishnan.

More: Megaworld's Andrew Tan named first PropertyGuru Icon Award recipient

Other top country awardees of the year were Jiguur Grand Group (Best Developer, Mongolia) and China Vanke Co., Ltd. (Best Developer, Mainland China). The top markets that won the most regional awards were Thailand (collecting seven ‘Best in Asia’ accolades) and Vietnam (5), followed by the Philippines (3), Indonesia (3) and Singapore (2). Sri Lanka, China and Hong Kong took home one regional award each.

The future belongs to Asia

Nearly 500 guests from around the region joined the exclusive ceremony, including H.E. Dr. Aladdin D. Rillo, Deputy Secretary-General for the ASEAN Economic Community (AEC), the evening’s Guest of Honour, who delivered an inspiring message from the AEC about market integration and regional cooperation.

Hari V. Krishnan, CEO of PropertyGuru Group, said: “Congratulations to all the winners of the 2018 PropertyGuru Asia Property Awards. We are honoured to align with the region’s best and most innovative developers. They have made their teams and countries proud by producing iconic developments and improving the experiences of consumers.”

Winning developers in this year's PropertyGuru Asia Property Awards Grand Final include entrants from Greater China, Australia and Japan

Terry Blackburn, founder and managing director of the PropertyGuru Asia Property Awards, said in his opening remarks: “Unlike 13 years ago, when we started this programme, there is now no doubt that the future belongs to Asia, which has the fastest growing economies today and is home to some of the most exciting real estate markets in the world. Hopefully the years the Asia Property Awards have spent promoting sustainable development, green buildings and corporate social responsibility, have in some small way, contributed to the conversation on what the best Asia should look like in the future.”

Global support, diverse jurists

The 2018 PropertyGuru Asia Property Awards Grand Final was supported by platinum sponsor Kohler; official airline THAI Airways; co-sponsors Suumo, AA Corporation, CHEC Port City Colombo, and Hitachi Elevator; official portal partner PropertyGuru; associate partner Anjuke.com; media partners Southeast Asia Globe, Top 10 of Asia, and PropertyGuru Property Report; supporting associations The Business Council of Mongolia and British Chamber of Commerce Thailand; and official supervisor BDO, one of the world’s largest auditing and accountancy firms.

More: 2018 PropertyGuru Asia Property Awards Grand Final winners

The Grand Final Jury was led by Vietnam’s Thien Duong, Managing Director of Transform Architecture, with: Cambodia’s Sorn Seap, Founder/Director, Key Real Estate Co., Ltd; Malaysia’s Prem Kumar, Executive Director, Jones Lang Wootton; the Philippines’ Dr. Jaime A. Cura, PhD., Vice-Chairman, The RGV Group of Companies; Sri Lanka’s Dr. Nirmal De Silva, Director/CEO, Paramount Realty; Myanmar’s Richard Emerson, Managing Director, Emerson Real Estate (ERE Myanmar Ltd); Thailand’s Suphin Mechuchep, Managing Director, Jones Lang LaSalle (Thailand) Limited; Indonesia’s Doddy A. Tjahjadi, Managing Director, PTI Architects; Singapore’s Lim Wenhui, Partner, SPARK Architects; Mongolia’s Batjav Batkhuyag, President, Rotary Club of Khuree; Hong Kong and Macau’s Paul Tse, President, Board of Directors, of Macao Association of Building Contractors and Developers; and Mainland China’s Dr. Yuan Yue (Victor), Chairman, Dataway. The overall supervisor was Paul Ashburn, managing partner of BDO.

<img alt="This year's Best Developer winners from the PropertyGuru Asia Property Awards series gathered in Bangkok for the culminating event" src="/documents/10204/0/www.SNAPP.media-HR_6586-compressor.jpeg/0b98f463-158f-4de8-b056-e69d26fa07c3?t=1542104979650" style="width: 1000px; height: 667px;" />The 2018 PropertyGuru Asia Property Awards, presented by Kohler, have announced the 56 regional and awards during a glittering ceremony held Friday evening, 9 November 2018, at the Athénée Hotel, a Luxury Collection Hotel, Bangkok in Thailand. Awardees came from 15 key property markets across the Asia Pacific region, including an elite selection from Japan and Australia who joined the prestigious awards programme for the first time in its 13-year history. The Awards celebrated the new iconic developments in the region that champion green building, sustainability, corporate social responsibility (CSR), value for money, and innovation. Hong Kong’s New World Development Company Limited was hailed as Best Developer (Asia) of the year by the independent jury comprising the head judges in each participating market. <img alt="New World Development won the highly competitive Best Developer category at the PropertyGuru Asia Property Awards Grand Final" src="/documents/10204/0/www.SNAPP.media-HR_6574-compressor.jpeg/f9d8bf4c-acd4-41c3-a2de-a4fae968da7f?t=1542105225303" /> “New World Development Company Limited impressed the judges with its diverse range of high-quality developments this year. The company has proven itself to be leader in a difficult and extremely competitive property market like Hong Kong,” said Thien Duong, managing director of Transform Architecture and the chairperson of the Grand Final judges. “Although New World Development has a longstanding record of impressive projects, the judges commend the company for continuing to strive to set new standards, with exciting developments such as Mount Pavilia, Skypark and the Forest winning accolades,” he added, speaking on behalf of the judging panel. The culminating event of the prestigious series that journeys throughout the year across the region featured country winners from Cambodia, Malaysia, Philippines, Vietnam, Sri Lanka, Myanmar, Thailand, Indonesia and Singapore. In addition, finalists from Mainland China, Hong Kong, Macau and Mongolia participated in the regional competition to be named the ‘Best in Asia’. Overall, there were 22 regional categories, including Best Boutique Developer (Asia), which went to SonKim Land Corporation of Vietnam. <h4>The first PropertyGuru Icon Award</h4> The evening also introduced the new PropertyGuru Icon Award as one of the highest regional honours to be presented at the programme. The first-ever recipient of this distinction is one of Asia’s prominent and most active real estate leaders, Filipino-Chinese tycoon Dr. Andrew L. Tan, Chairman and CEO of Megaworld Corporation, who won the Philippines Real Estate Personality of the Year award in 2014. Tan was chosen for leading his team to earn three consecutive Best Developer (Philippines) titles and for being a champion of corporate social responsibility (CSR) through the Megaworld Foundation and Empire East Cares. Tan accepted his award via a video message, whilst his son Kendrick Andrew L. Tan attended the ceremony to receive the award from PropertyGuru Group CEO Hari V. Krishnan. <a href="http://property-report.com/detail/-/blogs/megaworld-s-andrew-tan-named-first-propertyguru-icon-award-recipie-6" target="_blank">More: Megaworld's Andrew Tan named first PropertyGuru Icon Award recipient</a> Other top country awardees of the year were Jiguur Grand Group (Best Developer, Mongolia) and China Vanke Co., Ltd. (Best Developer, Mainland China). The top markets that won the most regional awards were Thailand (collecting seven ‘Best in Asia’ accolades) and Vietnam (5), followed by the Philippines (3), Indonesia (3) and Singapore (2). Sri Lanka, China and Hong Kong took home one regional award each. <h4>The future belongs to Asia</h4> Nearly 500 guests from around the region joined the exclusive ceremony, including H.E. Dr. Aladdin D. Rillo, Deputy Secretary-General for the ASEAN Economic Community (AEC), the evening’s Guest of Honour, who delivered an inspiring message from the AEC about market integration and regional cooperation. Hari V. Krishnan, CEO of PropertyGuru Group, said: “Congratulations to all the winners of the 2018 PropertyGuru Asia Property Awards. We are honoured to align with the region’s best and most innovative developers. They have made their teams and countries proud by producing iconic developments and improving the experiences of consumers.” <img alt="Winning developers in this year's PropertyGuru Asia Property Awards Grand Final include entrants from Greater China, Australia and Japan" src="/documents/10204/0/www.SNAPP.media-HR_6623-compressor.jpeg/698e0a07-cfa6-4695-ab80-64033c116980?t=1542105154668" /> Terry Blackburn, founder and managing director of the PropertyGuru Asia Property Awards, said in his opening remarks: “Unlike 13 years ago, when we started this programme, there is now no doubt that the future belongs to Asia, which has the fastest growing economies today and is home to some of the most exciting real estate markets in the world. Hopefully the years the Asia Property Awards have spent promoting sustainable development, green buildings and corporate social responsibility, have in some small way, contributed to the conversation on what the best Asia should look like in the future.” <h4>Global support, diverse jurists</h4> The 2018 PropertyGuru Asia Property Awards Grand Final was supported by platinum sponsor Kohler; official airline THAI Airways; co-sponsors Suumo, AA Corporation, CHEC Port City Colombo, and Hitachi Elevator; official portal partner PropertyGuru; associate partner Anjuke.com; media partners Southeast Asia Globe, Top 10 of Asia, and PropertyGuru Property Report; supporting associations The Business Council of Mongolia and British Chamber of Commerce Thailand; and official supervisor BDO, one of the world’s largest auditing and accountancy firms. <a href="http://property-report.com/detail/-/blogs/best-of-the-best-2018-propertyguru-asia-property-awards-grand-final-winn-15" target="_blank">More: 2018 PropertyGuru Asia Property Awards Grand Final winners</a> The Grand Final Jury was led by Vietnam’s Thien Duong, Managing Director of Transform Architecture, with: Cambodia’s Sorn Seap, Founder/Director, Key Real Estate Co., Ltd; Malaysia’s Prem Kumar, Executive Director, Jones Lang Wootton; the Philippines’ Dr. Jaime A. Cura, PhD., Vice-Chairman, The RGV Group of Companies; Sri Lanka’s Dr. Nirmal De Silva, Director/CEO, Paramount Realty; Myanmar’s Richard Emerson, Managing Director, Emerson Real Estate (ERE Myanmar Ltd); Thailand’s Suphin Mechuchep, Managing Director, Jones Lang LaSalle (Thailand) Limited; Indonesia’s Doddy A. Tjahjadi, Managing Director, PTI Architects; Singapore’s Lim Wenhui, Partner, SPARK Architects; Mongolia’s Batjav Batkhuyag, President, Rotary Club of Khuree; Hong Kong and Macau’s Paul Tse, President, Board of Directors, of Macao Association of Building Contractors and Developers; and Mainland China’s Dr. Yuan Yue (Victor), Chairman, Dataway. The overall supervisor was Paul Ashburn, managing partner of BDO.

News Asia Nov 13, 2018

Iconic: 2018 PropertyGuru Asia Property Awards Grand Final names best of APAC real estate

Developers from Japan and Australia participate for the first time ever

BY Property Report

Awards

News

2019 PropertyGuru Vietnam Property Awards now open for nominations

Iconic: 2018 PropertyGuru Asia Property Awards Grand Final names best of APAC real estate

<img alt="Dr. Andrew L. Tan receives the inaugural PropertyGuru Icon Award in a video message" src="/documents/10204/0/APAGF-2018_PropertyGuru-Icon-Award_2-compressor.jpg/8879c40e-19a5-4623-a14a-1647cb8c1b16?t=1542095603984" style="width: 1000px; height: 667px;" /> Filipino-Chinese real estate mogul Dr. Andrew L. Tan, Chairman and CEO of Megaworld Corporation, has been named the first-ever recipient of the new PropertyGuru Icon Award. One of the highest regional honours presented at the PropertyGuru Asia Property Awards Grand Final, the title celebrates the career of one of Asia’s most prominent and active real estate leaders. The special award is selected by the editors of PropertyGuru Property Report and only past winners of the Real Estate Personality of the Year award from at least three years ago are eligible. Candidates must also have achieved further success as an industry leader since claiming the previous title. Tan, one of Asia’s top real estate billionaires, won the Philippines Real Estate Personality of the Year award in 2014 at the second annual edition of the Philippines Property Awards.  <h4>Champion of CSR programmes</h4> Since being named ‘Personality’ winner, Tan has led his team to earn three consecutive Best Developer (Philippines) titles from 2016 to 2018. He was also cited for being a champion of corporate social responsibility (CSR) programmes carried through the Megaworld Foundation and Empire East Cares, which won the Special Recognition in CSR at the 2018 PropertyGuru Philippines Property Awards. <img alt="PropertyGuru Group CEO Hari V. Krishnan presents the Icon Award to the son of Megaworld chairman and CEO Dr. Andrew L. Tan" src="/documents/10204/0/APAGF+2018_PropertyGuru+Icon+Award_4+%281%29.jpg/00d2f378-c0a2-42b4-b54e-451697aefe22?t=1542096041705" /> Tan accepted his Icon Award via a video message played at the Grand Final in front of 500 guests and finalists from around Asia Pacific. His son Kendrick Andrew L. Tan attended the ceremony to receive the award from PropertyGuru Group CEO Hari V. Krishnan. “I would like to thank PropertyGuru for this prestigious Icon Award. I’m happy that our work in real estate has been recognised. It is an honour that we appreciate. Truly it is the collective effort of everyone in the company that has made this possible,” the elder Tan said in the video recording. <h4>Pioneering township and mixed-use developer</h4> Megaworld has been known as a pioneer in township development in the Philippines since the late 1990s, when the company launched Eastwood City, the country’s first true and successful modern township project. To date, the company has created 23 fully integrated community developments across the archipelago.  Megaworld’s latest award-winning projects include Iloilo Business Park in Western Visayas, which will feature the region’s biggest international convention centre, and Twin Lakes Hotel by subsidiary Global-Estates Resorts Inc (GERI), an acclaimed lifestyle resort community in Tagaytay.  <a href="http://property-report.com/detail/-/blogs/best-of-the-best-2018-propertyguru-asia-property-awards-grand-final-winn-15" target="_blank">More: 2018 PropertyGuru Asia Property Awards Grand Final winners</a> The company’s recent CSR initiatives include: ‘pROOFs’, a partnership with Gawad Kalinga in Muntinlupa City; ‘The Blanket Project’ to benefit Marawi survivors, and an art programme for a small school in Laguna province. Hari V. Krishnan, CEO of PropertyGuru Group, said: “We’ve inaugurating this special Icon Award this year to honour one of Asia’s influential real estate leaders who has made a difference in his home country and the Asian property sector as a whole. It is fitting that our first-ever Icon recipient is a pioneering, mixed-use property developer who leads an amazing, multi–award-winning team at Megaworld. As a group, they continue to innovate in the industry, incorporating smart and digital technology, design innovations and connectivity for the company’s townships, making them ‘future-ready.” <img alt="The Icon award was received at the ceremony by the winner’s son, Kendrick Andrew L. Tan" src="/documents/10204/0/APAGF+2018_PropertyGuru+Icon+Award_5+%281%29.jpg/8fce5fd8-5b54-401b-b7f9-52a48411cdaa?t=1542096184641" /> <h4>An elite selection</h4> Awardees at the glittering 8th PropertyGuru Asia Property Awards Grand Final, presented by Kohler, came from 15 key property markets across the Asia Pacific region, from Sri Lanka to Greater China, including an elite selection from Japan and Australia who joined the prestigious awards programme for the first time in its 13-year history.  The Awards celebrated the new iconic developments in the region that champion green building, sustainability, corporate social responsibility (CSR), value for money, and innovation, announcing a total of 55 competitive awards in addition to the PropertyGuru Icon Award.  <a href="http://property-report.com/detail/-/blogs/winners-circle-propertyguru-asia-property-awards-china-2018" target="_blank">More: Winners at the PropertyGuru Asia Property Awards (China) 2018</a> The exclusive ceremony was keynoted by H.E. Dr. Aladdin D. Rillo, Deputy Secretary-General for the ASEAN Economic Community (AEC), the evening’s Guest of Honour, who delivered an inspiring message from the AEC about market integration and regional cooperation. The 2018 PropertyGuru Asia Property Awards Grand Final was supported by platinum sponsor Kohler; official airline THAI Airways; co-sponsors Suumo, AA Corporation, CHEC Port City Colombo, and Hitachi Elevator; official portal partner PropertyGuru; associate partner Anjuke.com; media partners Southeast Asia Globe, Top 10 of Asia, and PropertyGuru Property Report; supporting associations The Business Council of Mongolia and British Chamber of Commerce Thailand; and official supervisor BDO, one of the world’s largest auditing and accountancy firms. For more information, email awards@propertyguru.com or visit the official website: <a href="http://asiapropertyawards.com" target="_blank">AsiaPropertyAwards.com</a>

Megaworld's Andrew Tan named first PropertyGuru Icon Award recipient

<img alt="" src="/documents/10204/0/APA-HK%2C+Macau+2018_Winners_Artwork.jpg/c63a7f73-dde3-4fe8-be29-f1721a57ce86?t=1541820208000" style="width: 1000px; height: 704px;" /> The PropertyGuru Asia Property Awards have announced the country winners Hong Kong and Macau at the exclusive gala event held Friday evening (9 November) at the Athénée Hotel, a Luxury Collection Hotel, Bangkok in Thailand. Top nominee New World Development Company Limited was voted Best Developer (Hong Kong and Macau), winning seven trophies and four commendation. In addition, New World was hailed as the Best Developer (Asia) winner at the regional <a href="http://www.property-report.com/detail/-/blogs/best-of-the-best-2018-propertyguru-asia-property-awards-grand-final-winn-15" target="_blank">Grand Final competition</a> held later in the evening, besting the top developers from Sri Lanka to Mainland China. "This kind of exposure will allow us to continue with our future projects," the company told the media after the ceremony, which recognises excellence in the real estate sector. Developers from China's special administrative regions competed in 14 categories, including Best Green Development, Best Universal Design Development, and Best Mixed Use Development, as well as a number of Design and Development honours.   <h3>COMPLETE LIST OF WINNERS AND HIGHLY COMMENDED</h3> <h3>PropertyGuru Asia Property Awards (Hong Kong and Macau) 2018</h3> DEVELOPER AWARDS Best Developer (Hong Kong and Macau) <ul> <li>WINNER: New World Development Company Limited</li> </ul> Special Recognition in CSR <ul> <li>WINNER: Hip Shing Hong (Holdings) Company Limited</li> <li>WINNER: New World Development Company Limited</li> </ul> Special Recognition in Sustainable Development <ul> <li>WINNER: New World Development Company Limited=</li> </ul> DEVELOPMENT AWARDS Best Condo Development (Hong Kong) <ul> <li>WINNER: Mount Pavilia by New World Development Company Limited</li> </ul> Best Condo Development (Macau) <ul> <li>WINNER: Trust Legend by New Lotus Investments Company Limited</li> </ul> Best Retail Development <ul> <li>WINNER: H Queen’s by Henderson Development Agency Ltd</li> <li>HIGHLY COMMENDED: The Forest by New World Development Company Limited</li> </ul> Best Office Development <ul> <li>WINNER: The Executive Centre: Two Chinachem Central by The Executive Centre</li> </ul> Best Mixed Use Development <ul> <li>WINNER: Skypark by New World Development Company Limited</li> </ul> DESIGN AWARDS Best Condo Architectural Design <ul> <li>WINNER: Mount Pavilia by New World Development Company Limited</li> <li>HIGHLY COMMENDED: 2GETHER, Tuen Mun by LWK & Partners</li> <li>HIGHLY COMMENDED: Dukes Place by Couture Homes Properties Limited, Asia Standard International Group Limited and Grosvenor Asia Pacific </li> <li>HIGHLY COMMENDED: One Kai Tak by LWK & Partners</li> <li>HIGHLY COMMENDED: Savannah, Hong Kong by LWK & Partners</li> <li>HIGHLY COMMENDED: Trust Legend by New Lotus Investments Company Limited</li> </ul> Best Condo Interior Design <ul> <li>WINNER: One Kai Tak by LWK & Partners</li> <li>HIGHLY COMMENDED: Trust Legend byNew Lotus Investments Company Limited</li> </ul> Best Office Interior Design <ul> <li>WINNER: The Executive Centre: Three Garden Road Champion Tower by The Executive Centre</li> </ul> Best Landscape Architectural Design <ul> <li>WINNER: Yuccie Square, Yuen Long by LWK & Partners</li> </ul> BEST OF HONG KONG & MACAU Best Green Development <ul> <li>WINNER: Mount Pavilia by New World Development Company Limited</li> <li>HIGHLY COMMENDED: H Queen’s by Henderson Development Agency Ltd</li> <li>HIGHLY COMMENDED: Skypark by New World Development Company Limited</li> </ul> Best Universal Design Development <ul> <li>WINNER: H Queen’s by Henderson Development Agency Ltd</li> <li>HIGHLY COMMENDED: Mount Pavilia by New World Development Company Limited</li> <li>HIGHLY COMMENDED: Skypark by New World Development Company Limited</li> </ul>   For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

Winners: PropertyGuru Asia Property Awards (Hong Kong and Macau) 2018

<img alt="" src="/documents/10204/0/APA-China+2018_Winners_Artwork.jpg/8f2a0c38-0653-47ca-bcf3-95ed812d1f29?t=1541820111633" style="width: 1000px; height: 704px;" /> An elite roster of finalists from Mainland China was honoured at the exclusive regional Grand Final to be held in Bangkok, Thailand. The shortlisted developers competed in 12 categories. China Vanke Co., Ltd. bagged the top award for Best Developer (China). "This award will introduce China Vanke Co. to the world. We believe that people should see the great developments in China," the company said. The PropertyGuru Asia Property Awards, in association with Anjuke, a part of China’s leading online marketplace 58.com, aimed to connect Chinese buyers and investors to the fast-growing Southeast Asian property markets. The accolades were presented at the Grand Final gala dinner of the PropertyGuru Asia Property Awards held on Friday evening, 9 November 2018 at The Athenee Hotel, a Luxury Collection hotel, Bangkok in Thailand.  <h3>COMPLETE LIST OF WINNERS AND HIGHLY COMMENDED</h3> <h3>PropertyGuru Asia Property Awards (China) 2018</h3> DEVELOPER AWARDS Best Developer (China) <ul> <li>WINNER: China Vanke Co., Ltd.</li> <li>HIGHLY COMMENDED: Huafa Industrial Co., Ltd. Zhuhai</li> <li>HIGHLY COMMENDED: R&F Group</li> </ul> Special Recognition in CSR <ul> <li>WINNER: China Overseas Property</li> </ul> DEVELOPMENT AWARDS Best Condo Development <ul> <li>WINNER: The Gallery by Shanghai Rui Hong Xin Cheng CO. LTD.</li> <li>HIGHLY COMMENDED: Gemdale Green City by Zhengzhou Jinyu Real Estate Development Co. LTD</li> <li>HIGHLY COMMENDED: Jing'an Prime Land West District by Huafa Industrial Co., Ltd. Zhuhai</li> <li>HIGHLY COMMENDED: JinTianFu by Newhope Real Estate and Beijing North Star Co. LTD</li> <li>HIGHLY COMMENDED: La Cadiere Garden City by La Cadiere Group Co., Ltd</li> </ul> Best Retail Development <ul> <li>WINNER: XIAN SKP by Shaanxi Jintaihengye Real Estate Co., Ltd.</li> <li>HIGHLY COMMENDED: Cultural City by Yunnan Junfa KaiFeng Real Estate Development Co., Ltd. and Yunnan Junfa Baoyun Real Estate Co., Ltd.</li> <li>HIGHLY COMMENDED: Enjoy Your Sea by Qingdao Shimao Investment Development Co., Ltd.</li> <li>HIGHLY COMMENDED: Guanggu New World Center Office T1 by New World Jiaye (Wuhan) Limited</li> <li>HIGHLY COMMENDED: The Ancient Town of Tong Guan Kiln by Macrolink Culturaltainment Development Co., Ltd.</li> </ul> Best Mixed Use Development <ul> <li>WINNER: Zhuhai International Convention Center Phase 1 by Zhuhai Huafa Group Co. Ltd.</li> <li>HIGHLY COMMENDED: Lifan Red Star International Plaza by Chongqing Runtian Real Estate Development Co. LTD</li> <li>HIGHLY COMMENDED: Oriental World View by Wuhan Yuanhui Property Co., Ltd and Wuhan Hongsheng Yongtai Property Co., Ltd.</li> </ul> DESIGN AWARDS Best Condo Architectural Design <ul> <li>WINNER: Glorious Mansion by Long For Group Holdings Limited</li> <li>HIGHLY COMMENDED: Luxury Mansion by Hangzhou Binbao Real Estate Co. LTD</li> </ul> Best Condo Interior Design <ul> <li>WINNER: Tang Palace by Dynasty Property</li> <li>HIGHLY COMMENDED: Kaisa Plaza·Tianyu by Kaisa Properties (Hubei) Co., Ltd.</li> <li>HIGHLY COMMENDED: Pujiang Mansion by SCG</li> <li>HIGHLY COMMENDED: WuLongXinCheng by R&F Properties</li> </ul> Best Retail Architectural Design <ul> <li>WINNER: Landmark Riverside Park - Phase II: Danzishi Old Street by LWK & Partners</li> <li>HIGHLY COMMENDED: Kunming Sunac Kong Que Zhen by Sunac China Holdings Limited</li> <li>HIGHLY COMMENDED: New DNA Shopping Mall by Leigh & Orange Ltd.</li> <li>HIGHLY COMMENDED: Rongguang. W. Mansion by Shanghai Rongguang Industrial Co., Ltd.</li> </ul> Best Office Architectural Design <ul> <li>WINNER: Olympic Vanke Centre by LWK & Partners</li> <li>HIGHLY COMMENDED: Qianhai Shenzhen-Hong Kong Fund Town by Leigh & Orange Ltd.</li> </ul> Best Landscape Architectural Design <ul> <li>WINNER: Time·Yalong Bay by Sanya Zhonghaijun Investment and Property Development Company Limited and Sanya Jiulong Nursery Development and Construction Company Limited</li> <li>HIGHLY COMMENDED: Phoenix Mansion by Greentown China Holdings Limited</li> <li>HIGHLY COMMENDED: Poly Metropolis by Poly (Wuhan) Real Estate Development Co. Ltd</li> </ul> BEST OF CHINA Best Green Development <ul> <li>WINNER: TongLuo Town by Chongqing MCC Hongcheng Real-Estate Co., Ltd.</li> <li>HIGHLY COMMENDED: HAI YUE Mansion by Suzhou Hengyi Real Estate Development Co., Ltd</li> <li>HIGHLY COMMENDED: Jinmao Palace in SSTT by SHOKAI, COFCO.PROPERIP, CMSK, JINMAO Joint Development</li> <li>HIGHLY COMMENDED: Urban Forest Garden of Qiyi Group by Tiandi Construction Innovation Technology Group Co., Ltd.</li> </ul> Best Universal Design Development <ul> <li>WINNER: Center of Joindo by Inner Mongolia Joindo Real Estate Co., Ltd.</li> <li>HIGHLY COMMENDED: Puyue Bay by Harbin Zhongyi Tian He Real Estate Co., Ltd.</li> <li>HIGHLY COMMENDED: SPRING+TIMER by Spring Technology Group</li> </ul>   For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

Winners: PropertyGuru Asia Property Awards (China) 2018

<img alt="" src="/documents/10204/0/APAGF+2018_Winners_Artwork.jpg/a22acac6-10af-4e36-8191-9c96e1184c58?t=1541816882771" style="width: 1000px; height: 704px;" /> What an iconic evening! The 8th Annual PropertyGuru Asia Property Awards Grand Final concluded Friday evening (9 November) in an exclusive gala dinner and ceremony held at the Athenee Hotel, a Luxury Collection Hotel, Bangkok in Thailand, which hosted the finale for the first-time in 13 years.  New World Development Company Limited from Hong Kong received the highest award of the year for Best Developer (Asia), besting fellow country winners from around the region. Vietnam's SonKim Land Corporation won the Best Boutique Developer gong. A total of 22 regional awards were presented, including the first-ever PropertyGuru Icon Award to the Filipino-Chinese tycoon Dr. Andrew L. Tan, chairman and CEO of three-time Best Developer (Philippines) titleholder Megaworld Corporation. Tan accepted the top award via a special message on video. Fifteen markets from Sri Lanka to China competed at the largest Grand Final event of the Asia Property Awards to date attended by more than 500 guests, with developers from Japan and Australia making their debut at the ceremony. H.E. Dr. Aladdin D. Rillo, deputy secretary-general for the ASEAN Economic Community, was the evening's Guest of Honour. Jack Prinya (Thailand) and Issa Litton (Philippines) co-emceed the festivites, whilst Sunicha "Pare" Vejpongsa served as the Mandarin-speaking emcee. Below is the complete list of regional winners (in bold) and country winners that made it to the Grand Final:   <h3>BEST IN ASIA WINNERS</h3> <h3>PropertyGuru Asia Property Awards Grand Final 2018</h3> DEVELOPER AWARDS Best Developer (Asia) <ul> <li>Agung Sedayu Group –– Indonesia</li> <li>AP (Thailand) Public Company Limited –– Thailand</li> <li>CapitaLand Vietnam –– Vietnam</li> <li>China Vanke Co., Ltd. –– China</li> <li>Jiguur Grand Group –– Mongolia</li> <li>Megaworld Corporation –– Philippines</li> <li>Mottama Development Group Co., Ltd. –– Myanmar</li> <li>New World Development Company Limited –– Hong Kong (REGIONAL WINNER)</li> <li>Peng Huoth Group –– Cambodia</li> <li>Prime Group –– Sri Lanka</li> <li>Qingjian Realty (South Pacific) Group Pte Ltd –– Singapore</li> </ul> Best Boutique Developer (Asia) <ul> <li>ArthaLand Corporation –– Philippines</li> <li>Boat Pattana Co.,Ltd –– Thailand</li> <li>Capital TRUST Residencies (Pvt.) Ltd. –– Sri Lanka</li> <li>SonKim Land Corporation –– Vietnam (REGIONAL WINNER)</li> <li>Triniti Land –– Indonesia</li> <li>Weston Property Developments –– Australia</li> </ul> DEVELOPMENT AWARDS Best Condo Development (Asia) <ul> <li>Altair by Indocean Developers (Pvt) Ltd –– Sri Lanka</li> <li>Arc by Crown Group –– Australia</li> <li>Golden City by Golden Land Real Estate Development Co., Ltd. –– Myanmar</li> <li>Mandala Town by Moncon Construction LLC –– Mongolia</li> <li>Mount Pavilia by New World Development Company Limited –– Hong Kong</li> <li>Star Polaris 23 by Peng Huoth Group –– Cambodia</li> <li>Stirling Resideces by LN Development (Stirling) Pte Ltd –– Singapore</li> <li>The Gallery by Shanghai Rui Hong Xin Cheng CO. LTD. –– China</li> <li>The Residences at Sheraton Cebu Mactan Resort by AppleOne Mactan, Inc. (AMI) –– Philippines</li> <li>The Residences at the St Regis Jakarta by PT Permadani Khatulistiwa Nusantara –– Indonesia</li> <li>Trust Legend by New Lotus Investments Company Limited -–– Macau</li> <li>Vittorio Residence by AP (Thailand) Public Company Limited –– Thailand (REGIONAL WINNER)</li> <li>YU Kiroro by Kiroro Resort Development –– Japan</li> </ul> Best Housing Development (Asia) <ul> <li>Baan Issara Bangna by C.I.N. Estate Co., Ltd. –– Thailand (REGIONAL WINNER)</li> <li>Belgravia Green by Fairview Developments Pte Ltd (a unit of the Tong Eng Group) –– Singapore</li> <li>Lavila De Rio by KIEN A Corporation –– Vietnam</li> <li>Serenia Hills by PT Intiland Development Tbk –– Indonesia</li> </ul> Best Retail Development (Asia) <ul> <li>Alpha City by Alpha King –– Vietnam</li> <li>Central Embassy by Central Group –– Thailand (REGIONAL WINNER)</li> <li>H Queen’s by Henderson Development Agency Ltd –– Hong Kong</li> <li>The Podium by SM Keppel Land Inc. –– Philippines</li> <li>XIAN SKP by Shaanxi Jintaihengye Real Estate Co., Ltd.</li> </ul> Best Office Development (Asia) <ul> <li>Alpha Town by Alpha King –– Vietnam</li> <li>Arc 380 by Tong Eng Group –– Singapore</li> <li>Cebu Exchange by Cebu Lavana Land Corporation (a subsidiary of ArthaLand Corporation) – Philippines</li> <li>District 8 Office Complex by Agung Sedayu Group –– Indonesia</li> <li>Menara JLand by Johor Land Berhad –– Malaysia</li> <li>M-Tower by Mottama Development Group Co., Ltd. –– Myanmar</li> <li>Spaces Chamchuri Square by Spaces –– Thailand</li> <li>The Executive Centre: Two Chinachem Central by The Executive Centre –– Hong Kong</li> <li>The Podium West Tower by SM Keppel Land Inc. –– Philippines (REGIONAL WINNER)</li> </ul> Best Hotel Development (Asia) <ul> <li>Mandarina Colombo by Macksons Properties –– Sri Lanka</li> <li>The Westin Jakarta by Gamaland –– Indonesia (REGIONAL WINNER)</li> <li>Twin Lakes Hotel by Global-Estate Resorts Inc. of Megaworld Corporation –– Philippines</li> </ul> Best Township Development (Asia) <ul> <li>BSD City by Sinar Mas Land –– Indonesia (REGIONAL WINNER)</li> <li>Iloilo Business Park by Megaworld Corporation –– Philippines</li> <li>Taman Seri Austin by UMLand –– Malaysia</li> </ul> Best Mixed Use Development (Asia) <ul> <li>Almás @ Puteri Harbour by UEM Sunrise Berhad –– Malaysia</li> <li>District 8 by Agung Sedayu Group –– Indonesia</li> <li>Dragon Riverside City by Phu Long Developer –– Vietnam</li> <li>Golden City by Golden Land Real Estate Development Co., Ltd. –– Myanmar</li> <li>Greater Euro Ville by Peng Huoth Group –– Cambodia</li> <li>Park View Residence by Jiguur Grand Group –– Mongolia</li> <li>Le Quest by Qingjian Realty (BBR) Pte Ltd –– Singapore</li> <li>The Podium Complex by SM Keppel Land Inc. –– Philippines</li> <li>Thew Talay Estate Cha Am – Hua Hin by Issara United Co., Ltd. & Issara United Development Co., Ltd. –– Thailand</li> <li>Skypark by New World Development Company Limited –– Hong Kong</li> <li>Zhuhai International Convention Center Phase 1 by Zhuhai Huafa Group Co. Ltd. –– China (REGIONAL WINNER)</li> </ul> Best Green Development (Asia) <ul> <li>Kota Baru Parahyangan by PT Butapera Intiland –– Indonesia </li> <li>Le Quest by Qingjian Realty (BBR) Pte Ltd –– Singapore (REGIONAL WINNER)</li> <li>Mount Pavilia by New World Development Company Limited –– Hong Kong</li> <li>The Ritz-Carlton Residences, Kuala Lumpur, Jalan Sultan Ismail by Berjaya Corporation –– Malaysia</li> <li>The Podium Complex by SM Keppel Land Inc. –– Philippines</li> <li>TongLuo Town by Chongqing MCC Hongcheng Real-Estate Co., Ltd. –– China</li> </ul>   Best Universal Design Development (Asia) <ul> <li>Center of Joindo by Inner Mongolia Joindo Real Estate Co., Ltd. –– China</li> <li>Central Embassy by Central Group –– Thailand</li> <li>District 8 Office Complex by Agung Sedayu Group –– Indonesia</li> <li>H Queen’s by Henderson Development Agency Ltd –– Hong Kong</li> <li>JadeScape by Qingjian Realty (Marymount) Pte Ltd –– Singapore</li> <li>Le Méridien Cam Ranh Bay Resort & Spa by KIEN A Corporation –– Vietnam</li> <li>M-Tower by Mottama Development Group Co., Ltd. –– Myanmar</li> <li>The Podium Complex by SM Keppel Land Inc. –– Philippines (REGIONAL WINNER)</li> </ul> DESIGN AWARDS Best Condo Architectural Design (Asia) <ul> <li>8 St Thomas by Bukit Sembawang Estates Limited –– Singapore</li> <li>Alpha City by Alpha King –– Vietnam</li> <li>Altair by Indocean Developments (Pvt) Ltd –– Sri Lanka (REGIONAL WINNER)</li> <li>Glorious Mansion by Long For Group Holdings Limited –– China</li> <li>Mount Pavilia by New World Development Company Limited –– Hong Kong</li> <li>Scenia.Bay by Nam Tien Lao Cai Jsc. Co. –– Vietnam</li> <li>Sunplay The Heights Bangsaray by Sunplay Asia Limited –– Thailand</li> <li>Stirling Residences by LN Development (Stirling) Pte Ltd –– Singapore</li> <li>Taman Anggrek Residences by Agung Sedayu Group –– Indonesia</li> <li>The CUVÉE by Chaopraya Mahanakorn Public Company Limited. –– Thailand</li> <li>The Smith by Triniti Land –– Indonesia</li> <li>The Vales by Anchorvale Residences Pte Ltd –– Singapore</li> </ul> Best Housing Architectural Design (Asia) <ul> <li>KUUN by ACE Estate Group., Ltd. –– Thailand</li> <li>MU-Samui by Neo Estate Corporations Co.,Ltd – Thailand</li> </ul> <ul> <li>Nim Collection by Bukit Sembawang Estates Limited –– Singapore (REGIONAL WINNER)</li> </ul> Best Retail Architectural Design (Asia) <ul> <li>Central Embassy by Central Group –– Thailand (REGIONAL WINNER)</li> <li>Landmark Riverside Park - Phase II: Danzishi Old Street by LWK & Partners –– China</li> <li>The Podium by SM Keppel Land Inc. –– Philippines</li> </ul> Best Office Architectural Design (Asia) <ul> <li>Alpha Town by Alpha King –– Vietnam</li> <li>Centrium Square by Feature Development Pte Ltd (a unit of Tong Eng Group) –– Singapore</li> <li>Gama Tower by Gamaland –– Indonesia (REGIONAL WINNER)</li> <li>Olympic Vanke Centre by LWK & Partners –– China</li> <li>The Podium West Tower by SM Keppel Land Inc. –– Philippines</li> </ul> Best Hotel Architectural Design (Asia) <ul> <li>Citadines Berawa Beach Bali by Genesis Indojaya –– Indonesia</li> <li>Sheraton Phuket Grand Bay Resort by Apex Development Public Company Limited –– Thailand (REGIONAL WINNER)</li> </ul> Best Condo Interior Design (Asia) <ul> <li>Amber45 by UOL Group Limited –– Singapore</li> <li>JadeScape by Qingjian Realty (Marymount) Pte Ltd –– Singapore</li> <li>One Kai Tak by LWK & Partners –– Hong Kong</li> <li>Star Polaris 23 by Peng Huoth Group –– Cambodia</li> <li>Tang Palace by Dynasty Property –– China</li> <li>Taman Anggrek Residences by Agung Sedayu Group -- Indonesia</li> <li>The Residences at Sheraton Cebu Mactan Resort by AppleOne Mactan, Inc. (AMI) –– Philippines</li> <li>The Vales by Anchorvale Residences Pte Ltd –– Singapore</li> <li>Wyndham Atlas Wongamat Pattaya by Habitat Group Co., Ltd. – Thailand (REGIONAL WINNER)</li> </ul> Best Housing Interior Design (Asia) <ul> <li>LEROY Ruamrudee by Habitat Group Co., Ltd. –– Thailand (REGIONAL WINNER)</li> <li>Star Platinum Euro Ville by Peng Huoth Group –– Cambodia</li> </ul> Best Hotel Interior Design (Asia) <ul> <li>85 SOHO@Upper Pansodan by Mother Construction & Greenhub (a subsidiary of LHN Limited) –– Myanmar</li> <li>Le Méridien Cam Ranh Bay Resort & Spa by KIEN A Corporation –– Vietnam (REGIONAL WINNER)</li> </ul> Best Commercial Landscape Architectural Design (Asia) <ul> <li>Celadon City by Gamuda Land –– Vietnam (REGIONAL WINNER)</li> <li>Euro Park by Peng Huoth Group –– Cambodia</li> <li>Golden City by Golden Land Real Estate Development Co., Ltd. –– Myanmar</li> <li>The Podium Complex by SM Keppel Land Inc. –– Philippines</li> </ul> Best Residential Landscape Architectural Design (Asia) <ul> <li>Cayla Private Urban Tropical Residence by Cayla Private Equity Co.,Ltd –– Thailand</li> <li>KUUN by ACE Estate Group Co., Ltd. –– Thailand</li> <li>Lavila De Rio by KIEN A Corporation –– Vietnam (REGIONAL WINNER)</li> <li>Taman Anggrek Residences by Agung Sedayu Group –– Indonesia</li> <li>Time·Yalong Bay by Sanya Zhonghaijun Investment and Property Development Company Limited and Sanya Jiulong Nursery Development and Construction Company Limited –– China</li> <li>Yuccie Square, Yuen Long by LWK & Partners –– Hong Kong</li> </ul> SPECIAL AWARD PropertyGuru Icon Award <ul> <li>Dr. Andrew L. Tan, Chairman and CEO, Megaworld Corporation (REGIONAL WINNER)</li> </ul>   <h3>COUNTRY WINNERS</h3> <h3>PropertyGuru Asia Property Awards (Mongolia) 2018</h3> Best Mixed Use Development  WINNER: Park View Residence by Jiguur Grand Group Best Condo Development WINNER: Mandala Town by Moncon Construction LLC Best Developer (Mongolia) WINNER: Jiguur Grand Group   <h3>COUNTRY WINNERS</h3> <h3>PropertyGuru Asia Property Awards (Japan) 2018</h3> Best Condo Development (Japan) WINNER: YU Kiroro by Kiroro Resort Development Special Recognition for Value for Money Development WINNER: Global L-seed Special Recognition for Customer Sales Satisfaction WINNER: ITOCHU Property Development   <h3>COUNTRY WINNERS</h3> <h3>PropertyGuru Asia Property Awards (Australia) 2018</h3> Best Boutique Developer WINNER: Weston Property Developments Best Condo Development (Australia) WINNER: Arc by Crown Group   For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

Best of the best: 2018 PropertyGuru Asia Property Awards Grand Final winners

<img alt="" src="/documents/10204/0/APAGF+2018_FInalists_Artwork.jpg/c467986d-deac-4126-b0f0-561021f18994?t=1540787592381" style="width: 1000px; height: 704px;" /> The finalists of the 2018 PropertyGuru Asia Property Awards, presented by <a href="http://www.property-report.com/detail/-/blogs/kohler-proudly-named-as-platinum-sponsor-of-the-2018-propertyguru-asia-property-awar-1" target="_blank">Kohler</a>, have been selected by an independent jury to be awarded at the forthcoming grand final ceremony that takes place on Friday, 9 November at the Athenee Hotel, a Luxury Collection Hotel, Bangkok in Thailand. Delegates from 15 key property markets in Asia Pacific will receive regional honours at the Grand Final, the culminating event of the prestigious series that journeys throughout the year across the region. H.E. Dr. Aladdin D. Rillo, deputy secretary-general for the ASEAN Economic Community, will deliver the opening keynote address. Participating markets at the exclusive gala dinner include <a href="http://www.property-report.com/detail/-/blogs/2018-propertyguru-cambodia-property-awards-the-winners-list" target="_blank">Cambodia</a>, <a href="http://www.property-report.com/detail/-/blogs/2018-propertyguru-asia-property-awards-malaysia-the-winners-lis-1" target="_blank">Malaysia</a>, <a href="http://www.property-report.com/detail/-/blogs/winners-list-2018-propertyguru-philippines-property-award-9" target="_blank">Philippines</a>, <a href="http://www.property-report.com/detail/-/blogs/full-winners-list-2018-propertyguru-vietnam-property-awar-8" target="_blank">Vietnam</a>, <a href="http://www.property-report.com/detail/-/blogs/full-winners-list-propertyguru-asia-property-awards-sri-lanka-2-11" target="_blank">Sri Lanka</a>, <a href="http://www.property-report.com/detail/-/blogs/triumphant-winners-of-the-propertyguru-myanmar-property-awards-2-14" target="_blank">Myanmar</a>, <a href="http://www.property-report.com/detail/-/blogs/winners-list-13th-propertyguru-thailand-property-awards-2-15" target="_blank">Thailand</a>, <a href="http://www.property-report.com/detail/-/blogs/winners-list-4th-propertyguru-indonesia-property-awards-20-5" target="_blank">Indonesia</a> and <a href="http://www.property-report.com/detail/-/blogs/the-full-winners-list-propertyguru-asia-property-awards-singapore-2-10" target="_blank">Singapore</a>, all of which hosted their respective local gala events and awarding ceremonies between March and October. <h3>Country and regional awardees</h3> During the course of 2018, the Awards have hosted more than 3,300 guests at nine gala dinners leading up to November’s finale. More than 280 awards have been given away this year so far, and a further 34 country and 22 regional awards will be presented at the finale. More than 40 shortlisted developers from <a href="http://www.property-report.com/detail/-/blogs/china-s-finest-developers-are-heading-to-the-2018-propertyguru-asia-property-awards-fina-1" target="_blank">Mainland China</a>, <a href="http://www.property-report.com/detail/-/blogs/2018-propertyguru-asia-property-awards-official-nominations-in-hong-kong-and-macau-unveil-1" target="_blank">Hong Kong and Macau</a> are heading to the finals to vie for country awards. An elite selection of developers from Japan and Australia are also joining for the first time ever to be recognised for their achievement in the building sector, along with Mongolia, which first entered the awards programme last year. <a href="http://www.property-report.com/detail/-/blogs/kohler-proudly-named-as-platinum-sponsor-of-the-2018-propertyguru-asia-property-awar-1" target="_blank">More: Kohler proudly named as 2018 PropertyGuru Asia Property Awards platinum sponsor</a> The main winners from all 15 markets will proceed to compete in the regional categories at the same ceremony to be named the ‘Best in Asia’. Accolades will be presented to the most outstanding condominium, housing, retail, hotel, mixed-use, and township projects, as well for the best developers in Hong Kong/Macau, Mainland China, Australia, and all of Asia. For Japan, there will be special awards for customer care, sales, and design and construction. <h3>Honouring an Asian real estate icon</h3> In addition, the much-awaited ceremony will also introduce the new PropertyGuru Icon Award as one of the highest regional honours to be presented at the programme. The first-ever recipient is <a href="https://business.inquirer.net/177057/andrew-tans-alliance-global-group-to-develop-12000-hotel-rooms-by-2020" target="_blank">Dr. Andrew L. Tan</a>, Chairman and CEO of Megaworld Corporation, who won the Philippines Real Estate Personality of the Year award in 2014. Since then, Tan has led his company to win <a href="http://www.property-report.com/detail/-/blogs/diversity-sustainability-celebrated-at-6th-propertyguru-philippines-property-awar-5" target="_blank">three consecutive Best Developer (Philippines) titles</a> and has remained <a href="https://www.forbes.com/profile/andrew-tan/#58a237631dac" target="_blank">one of Asia’s most active real estate billionaires</a>. Terry Blackburn, founder and managing director of the PropertyGuru Asia Property Awards, said: “Welcome to our 2018 finalists who are making a difference to the lives of millions across the Asia-Pacific region. They have truly set the benchmark of quality real estate and we’re proud to assemble all of them at this iconic event.” The 2018 PropertyGuru Asia Property Awards Grand Final is boosted by the support of platinum sponsor Kohler; official airline THAI Airways; co-sponsors Suumo, AA Corporation, Chec Port City Colombo, and Hitachi Elevator; official portal partner PropertyGuru; associate partner Anjuke.com; media partners Southeast Asia Globe, Top 10 of Asia, and PropertyGuru Property Report; supporting associations The Business Council of Mongolia and British Chamber of Commerce Thailand; and official supervisor BDO, one of the world’s largest auditing and accountancy firms. <h3>Grand Final Jury</h3> The Grand Final Jury is led by Vietnam’s Thien Duong, Managing Director of Transform Architecture, and comprises the head judges in each market: Cambodia’s Sorn Seap, Founder/Director, Key Real Estate Co., Ltd; Malaysia’s Prem Kumar, Executive Director, Jones Lang Wootton; the Philippines’ Dr. Jaime A. Cura, PhD., Vice-Chairman, The RGV Group of Companies; Sri Lanka’s Dr. Nirmal De Silva, Director/CEO, Paramount Realty; Myanmar’s Richard Emerson, Managing Director, Emerson Real Estate (ERE Myanmar Ltd); Thailand’s Suphin Mechuchep, Managing Director, Jones Lang LaSalle (Thailand) Limited; Indonesia’s Doddy A. Tjahjadi, Managing Director, PTI Architects; Singapore’s Lim Wenhui, Partner, SPARK Architects; Mongolia’s Batjav Batkhuyag, President, Rotary Club of Khuree; Hong Kong and Macau’s Paul Tse, President, Board of Directors, of Macao Association of Building Contractors and Developers; and Mainland China’s Dr. Yuan Yue (Victor), Chairman, Dataway. The overall supervisor is Paul Ashburn, managing partner of BDO. For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://www.asiapropertyawards.com/">AsiaPropertyAwards.com</a>

Road to gold leads to the 2018 PropertyGuru Asia Property Awards Grand Final

<img alt="" src="/documents/10204/0/IPA+2018_Hendro+S.+Gondokusumo_1.jpg/7b717f7d-8367-4201-a77c-158eab8302fd?t=1541043689520" style="width: 1000px; height: 667px;" /> Renowed philanthropist Hendro S. Gondokusumo, founder, president director and CEO, PT Intiland Development Tbk, and chairman of the Indonesian Chamber of Commerce (Kadin), took the stage at the 4th PropertyGuru Indonesia Property Awards gala dinner to receive the 2018 Indonesia Real Estate Personality of the Year award. The special honour was presented by the editors of Property Report magazine through PropertyGuru Group chief operating officer Jeremy Williams. Gondokusumo was chosen for directing his company’s continued focus on outstanding mixed-use, residential, industrial and quality investment properties, as well his charitable efforts over the years working with Habitat International and promoting the Intiland Teduh programme in Jakarta and East Java. Upon accepting the title, the veteran real estate leader said that we should always look for ways to innovate and aim to provide the best for the people. What does being named the 2018 Indonesia Real Estate Personality of the Year mean to you and your business? I am truly honoured to receive such award. This award is more appropriately deserved by my family who has fully supported me for more than 47 years of my work. I am who I am today because of them, because of their supports and sacrifices. The award is also the result of the collaborated hard work of our team in Intiland in achieving our vision, that is to make possible the experience of not only living but living well throughout Indonesia. The concept of living well can only be realised by the well-orchestrated efforts of our team at Intiland in pursuing our dreams together. Why does Indonesian real estate have a bright future despite its current challenges? There are several key factors for the optimism of Indonesia property industry. Market demand is still strong, abundant middle class, high backlogs and our property prices are still competitive compared to neighboring countries. What are Intiland Development's current projects that best describe its commitment to the property market? Pioneer and trendsetter in developing successful premium projects: South Quarter, an integrated mixed-use development in South Jakarta; Graha Famili, the first golf-themed luxurious residential development in Surabaya; Regatta, the first luxury sea front condominium in Jakarta; Pantai Mutiara, the first reclaimed housing development in Southeast Asia; and Intiland Tower Jakarta, the first green building in Indonesia designed by Paul Rudolph. <img alt="PropertyGuru Group chief operating officer Jeremy Williams presents the 2018 Indonesia Real Estate Personality of the Year award to philanthropist Hendro S. Gondokusumo of PT Intiland Development Tbk" src="/documents/10204/0/IPA+2018_Hendro+S.+Gondokusumo_2.jpg/396968cf-7e52-41b4-bb1f-bc1d7445057f?t=1541043749513" style="width: 1000px; height: 667px;" /> What are your values as a leader that you would like to impart? We always work hard and work for the best. Excellence and Innovation are two of our values in Intiland that we always hold firmly and strive to achieve. This award is really an appreciation to all our efforts and hard work and for sure will trigger us to do better and better. Intiland is a public company. We must and will always grow. People and mindset are the biggest drivers and yet the biggest challenges. Property industry needs entrepreneurships. We must educate our people to become an entrepreneur. Lots of problems and challenges in property business can only be overcome by entrepreneurs. We must always work to make things better for our country. If we build something, we must always think to contribute positively to the city, not only economically but most importantly we must build properties with good designs and architectures. With that, the buildings will be beneficial to the city. In the long run, people will be able to enjoy good city architectures and good quality of life. At Intiland, we always look for differentiation. Look for innovation. With this in our principles, Intiland is able to provide the best for the people and the city. And we will never compete head-to-head with our competitors. All can coexist well.

Philanthropist Hendro S. Gondokusumo wins 2018 Indonesia Real Estate Personality of the Year

<img alt="" src="/documents/10204/0/APA-China+2018_Shortlist_Artwork.jpg/82ffcded-7387-41fd-a8c0-4c00c57074e2?t=1539942464001" style="width: 1000px; height: 704px;" /> The PropertyGuru Asia Property Awards, in association with <a href="http://www.property-report.com/detail/-/blogs/propertyguru-inks-deal-with-anjuke-part-of-china-s-leading-online-marketplace-58-c-1" target="_blank">Anjuke</a>, a part of China’s leading online marketplace 58.com, today have announced the official list of nominees comprising developers from Mainland China to receive the Asian real estate industry’s highest honours this November. Nearly 40 companies and consortiums made the elite shortlist to compete in 12 categories such as Best Developer (China), Best Retail Development, Best Mixed Use Development and Best Green Development, and a number of design awards.  In addition, there will be a presentation for the Special Recognition in CSR for a company that has undertaken outstanding corporate social responsibility initiatives in the last year. <a href="http://www.property-report.com/detail/-/blogs/propertyguru-inks-deal-with-anjuke-part-of-china-s-leading-online-marketplace-58-c-1" target="_blank">More: PropertyGuru Asia Property Awards to promote visibility of Mainland China's top real estate developments</a> Three conglomerates are in the running for the top award for Best Developer – China Vanke Co., Ltd.; Huafa Industrial Co., Ltd. Zhuhai; and R&F Group. The prestigious awards aim to connect Chinese buyers and investors to the fast-growing Southeast Asian property markets. The accolades will be handed out atthe Grand Final gala dinner of the PropertyGuru Asia Property Awards to be held on Friday, 9 November 2018 at The Athenee Hotel, a Luxury Collection hotel, Bangkok in Thailand.  The exclusive finale will gather the region’s finest developers from Sri Lanka to Japan and Australia, with the latter two markets joining the programme for the very first time. Finalists from from eight ASEAN countries, Sri Lanka and Mongolia. <a href="http://www.property-report.com/detail/-/blogs/2018-propertyguru-asia-property-awards-official-nominations-in-hong-kong-and-macau-unveil-1" target="_blank">More: 2018 PropertyGuru Asia Property Awards nominations from Hong Kong and Macau</a> With associate partner Anjuke.com, the 2018 PropertyGuru Asia Property Awards Grand Final is supported by platinum sponsor Kohler; co-sponsors Suumo, AA Corporation, Hitachi Elevator, and Port City Colombo; official airline partner THAI Airways; official portal partner PropertyGuru, Asia’s leading online property group; media partners Southeast Asia Globe, Top 10 of Asia, and PropertyGuru Property Report; supporting associations The Business Council of Mongolia, and British Chamber of Commerce Thailand; and official supervisor BDO, one of the world’s largest auditing and accountancy firms. The independent judging panel comprises of chairman Dr. Yuan Yue (Victor) – Chairman, Dataway; Benjamin Wood – Studio Shanghai; Dickson Sezto – Chairman and CEO, URF Group; Eddie Ng – Managing Director, East China, and Head of Capital Markets, China, JLL; Jun Xu – Chairman, China Appraisal Association Data and Vice Chairman, China Appraisal Association; Lu Lin – Chairman, Shanghai China Urban Realty Association Investment; Sun Yi Gong – Deputy Chairman, Shanghai Real Estate Chamber of Commerce; and Tian Ming – Chairman, Landsea Green Group. The supervisors from BDO China are: Tom Lin – Senior Partner; Jimmy Zhang – Executive Director, Partner; with Dongjun and Tangchuan.   <h3>OFFICIAL SHORTLIST OF NOMINEES</h3> <h3>PropertyGuru Asia Property Awards (China) 2018</h3> DEVELOPER AWARDS Best Developer (China) <ul> <li>China Vanke Co., Ltd.</li> <li>Huafa Industrial Co., Ltd. Zhuhai</li> <li>R&F Group</li> </ul> Special Recognition in CSR <ul> <li>China Overseas Property</li> </ul> DEVELOPMENT AWARDS Best Condo Development (China) <ul> <li>Gemdale Green City by Zhengzhou Jinyu Real Estate Development Co. LTD</li> <li>Jing'an Prime Land West District by Huafa Industrial Co., Ltd. Zhuhai</li> <li>JinTianFu by Newhope Real Estate and Beijing North Star Co. LTD</li> <li>La Cadiere Garden City by La Cadiere Group Co., Ltd</li> <li>The Gallery by Shanghai Rui Hong Xin Cheng CO. LTD.</li> </ul> Best Retail Development <ul> <li>Cultural City by Yunnan Junfa KaiFeng Real Estate Development Co., Ltd. and Yunnan Junfa Baoyun Real Estate Co., Ltd.</li> <li>Enjoy Your Sea by Qingdao Shimao Investment Development Co., Ltd.</li> <li>Guanggu New World Center Office T1 by New World Jiaye (Wuhan) Limited</li> <li>The Ancient Town of Tong Guan Kiln by Macrolink Culturaltainment Development Co., Ltd.</li> <li>XIAN SKP by Shaanxi Jintaihengye Real Estate Co., Ltd.</li> </ul> Best Mixed Use Development <ul> <li>Lifan Red Star International Plaza by Chongqing Runtian Real Estate Development Co. LTD</li> <li>Oriental World View by Wuhan Yuanhui Property Co., Ltd and Wuhan Hongsheng Yongtai Property Co., Ltd.</li> <li>Zhuhai International Convention Center Phase 1 by Zhuhai Huafa Group Co. Ltd.</li> </ul> DESIGN AWARDS Best Condo Architectural Design <ul> <li>Glorious Mansion by Long For Group Holdings Limited</li> <li>Luxury Mansion by Hangzhou Binbao Real Estate Co. LTD</li> </ul> Best Condo Interior Design <ul> <li>Kaisa Plaza·Tianyu by Kaisa Properties (Hubei) Co., Ltd.</li> <li>Pujiang Mansion by SCG</li> <li>Tang Palace by Dynasty Property</li> <li>WuLongXinCheng by R&F Properties</li> </ul> Best Retail Architectural Design <ul> <li>Kunming Sunac Kong Que Zhen by Sunac China Holdings Limited</li> <li>Landmark Riverside Park - Phase II: Danzishi Old Street by LWK & Partners</li> <li>New DNA Shopping Mall by Leigh & Orange Ltd.</li> <li>Rongguang. W. Mansion by Shanghai Rongguang Industrial Co., Ltd.</li> </ul> Best Office Architectural Design <ul> <li>Olympic Vanke Centre by LWK & Partners</li> <li>Qianhai Shenzhen-Hong Kong Fund Town by Leigh & Orange Ltd.</li> </ul> Best Landscape Architectural Design <ul> <li>Phoenix Mansion by Greentown China Holdings Limited</li> <li>Poly Metropolis by Poly (Wuhan) Real Estate Development Co. Ltd</li> <li>Time·Yalong Bay by Sanya Zhonghaijun Investment and Property Development Company Limited and Sanya Jiulong Nursery Development and Construction Company Limited</li> </ul> SPECIAL AWARDS Best Green Development <ul> <li>HAI YUE Mansion by Suzhou Hengyi Real Estate Development Co., Ltd</li> <li>Jinmao Palace in SSTT by SHOKAI, COFCO.PROPERIP, CMSK, JINMAO Joint Development</li> <li>TongLou Town by Chongqing MCC Hongcheng Real-Estate Co., Ltd.</li> <li>Urban Forest Garden of Qiyi Group by Tiandi Construction Innovation Technology Group Co., Ltd.</li> </ul> Best Universal Design Development <ul> <li>Center of Joindo by Inner Mongolia Joindo Real Estate Co., Ltd.</li> <li>Puyue Bay by Harbin Zhongyi Tian He Real Estate Co., Ltd.</li> <li>SPRING+TIMER by Spring Technology Group</li> </ul>   For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

China’s finest developers head to 2018 PropertyGuru Asia Property Awards finale

<img alt="" src="/documents/10204/0/APA-HK%2C+Macau+2018_Shortlist_Artwork-Correct.jpg/aa0e8fc1-e99b-47e3-a62a-624ef9a0f45b?t=1539678849918" style="width: 1000px; height: 704px;" /> The organisers of PropertyGuru Asia Property Awards proudly announce the final shortlist of nominees from Hong Kong and Macau as chosen by an independent panel of judges. This year’s list comprises New World Development Company Limited, which leads with 10 nods, followed by multiple nominees LWK & Partners, New Lotus Investments Company Limited, Henderson Development Agency Ltd, and The Executive Centre. Hip Shing Hong (Holdings) Company Limited, and the consortium of Couture Homes Properties Limited, Asia Standard International Group Limited and Grosvenor Asia Pacific, round up the shortlist. The developers are competing in 14 categories, which include accolades for Best Green Development, Best Universal Design Development, and Best Mixed Use Development, as well as a number of Design and Development honours. <h3>Gathering the best of the best in Asia's real estate sector</h3> Selected for raising the standards of real estate development in China’s two special administrative regions, the finalists will receive their award at the Grand Final gala dinner of the PropertyGuru Asia Property Awards to be held on Friday, 9 November 2018 at The Athenee Hotel, a Luxury Collection hotel, Bangkok in Thailand. The exclusive finale will gather the best of the best in the Asian real estate sector from Sri Lanka to Japan.  The 2018 PropertyGuru Asia Property Awards Grand Final is supported by platinum sponsor Kohler; co-sponsors Suumo, AA Corporation, Hitachi Elevator, and Port City Colombo; official airline partner THAI Airways; official portal partner PropertyGuru, Asia’s leading online property group; associate partner Anjuke.com; media partners Southeast Asia Globe, Top 10 of Asia, and PropertyGuru Property Report; supporting associations The Business Council of Mongolia, and British Chamber of Commerce Thailand; and official supervisor BDO, one of the world’s largest auditing and accountancy firms. The independent judging panel comprises of chairman Paul Tse – President, Board of Directors, of Macao Association of Building Contractors and Developers; Gregory Ku – Managing Director, Jones Lang LaSalle Macau & Zhuhai; Vincent Cheung – Deputy Managing Director Valuation & Advisory Services, Asia of Colliers International; and Yu Kam Hung – Past President, The Hong Kong Institute of Surveyors. The BDO supervisors are: Frank Lam – Director; Sala Lo– Senior Marketing Manager; and Heidi Lau – Marketing Manager.   <h3>OFFICIAL SHORTLIST OF NOMINEES</h3> <h3>PropertyGuru Asia Property Awards (Hong Kong and Macau) 2018</h3>   DEVELOPER AWARDS Best Developer (Hong Kong and Macau) <ul> <li>Winner to be revealed on 9 November 2018 at the Grand Final in Bangkok, Thailand</li> </ul> Special Recognition in CSR <ul> <li>Hip Shing Hong (Holdings) Company Limited</li> <li>New World Development Company Limited</li> </ul> Special Recognition in Sustainable Development <ul> <li>New World Development Company Limited</li> </ul> DEVELOPMENT AWARDS Best Condo Development (Hong Kong) <ul> <li>Mount Pavilia by New World Development Company Limited</li> </ul> Best Condo Development (Macau) <ul> <li>Trust Legend by New Lotus Investments Company Limited</li> </ul> Best Retail Development <ul> <li>H Queen’s by Henderson Development Agency Ltd</li> <li>The Forest by New World Development Company Limited</li> </ul> Best Office Development <ul> <li>The Executive Centre: Two Chinachem Central by The Executive Centre</li> </ul> Best Mixed Use Development <ul> <li>Skypark by New World Development Company Limited</li> </ul> DESIGN AWARDS Best Condo Architectural Design <ul> <li>2GETHER, Tuen Mun by LWK & Partners</li> <li>Dukes Place by Couture Homes Properties Limited, Asia Standard International Group Limited and Grosvenor Asia Pacific </li> <li>Mount Pavilia by New World Development Company Limited</li> <li>One Kai Tak by LWK & Partners</li> <li>Savannah, Hong Kong by LWK & Partners</li> <li>Trust Legend by New Lotus Investments Company Limited</li> </ul> Best Condo Interior Design <ul> <li>One Kai Tak by LWK & Partners</li> <li>Trust Legend by New Lotus Investments Company Limited</li> </ul> Best Office Interior Design <ul> <li>The Executive Centre: Three Garden Road Champion Tower by The Executive Centre</li> </ul> Best Landscape Architectural Design <ul> <li>Yuccie Square, Yuen Long by LWK & Partners</li> </ul> SPECIAL AWARDS Best Green Development <ul> <li>H Queen’s by Henderson Development Agency Ltd</li> <li>Mount Pavilia by New World Development Company Limited</li> <li>Skypark by New World Development Company Limited</li> </ul> Best Universal Design Development <ul> <li>H Queen’s by Henderson Development Agency Ltd</li> <li>Mount Pavilia by New World Development Company Limited</li> <li>Skypark by New World Development Company Limited</li> </ul> For more information, email <a href="mailto:awards@propertyguru.com">awards@propertyguru.com</a> or visit the official website: <a href="http://asiapropertyawards.com/">AsiaPropertyAwards.com</a>

2018 PropertyGuru Asia Property Awards nominations in Hong Kong and Macau

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The first PropertyGuru Icon Award

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