PropertyGuru Cambodia Property Awards 2018 honours maturing property market

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

Common grounds: the year in co-working spaces

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

2018: the year in secondary property markets

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

Affordable housing sets the agenda in Asia-Pacific

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

Innovative firms blaze trail for sustainable real estate in Asia

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

Better together: making the most of mixed-use developments

PropertyGuru Cambodia Property Awards 2018 honours maturing property market

History was made at the third annual gala dinner of the PropertyGuru Cambodia Property Awards, presented by KHI, which took place Friday evening (16 March) at the majestic Sofitel Phnom Penh Phokeethra.

Borey Peng Huoth Group was named Best Developer for the third consecutive year. It was the first time a developer has achieved this distinction in the 13-year history of the PropertyGuru Asia Property Awards programme.

Fielding its best condominium, housing and retail properties, the country’s top developer has also earned a reputation for producing premium mixed-use development, such as this year’s Greater Euro Ville. Overall, the group collected seven golden trophies and 10 commendations.

“Borey Peng Huoth Group is in a league of its own as a relentless innovator in Cambodian real estate. Being the first developer in the country to utilise technology to promote its properties and to inform consumers, the group understands the power of positive word-of-mouth. For every project, whether residential, commercial or mixed-use, Borey Peng Huoth has earned praises from the industry, citing the quality of sustainable design, planning and execution, and site management,” said the independent panel of judges.

Exciting mixed-use developments

The company shares the award for Special Recognition in CSR (Corporate Social Responsibility) with another top nominee, Creed Group and its affiliates, which took home three awards, including one for Special Recognition in Sustainable Development, plus two Highly Commended distinctions.

More: Full winners list of the 2018 PropertyGuru Cambodia Property Awards

Tying Creed Group with three awards is LIXIN Construction, the team behind the new mixed-use property in central Phnom Penh’s 7 Makara district. A collaboration between KT Pacific Group and LIXIN Group, the winning project CEO KT Pacific collected the gongs for Best High End Condo Development (Phnom Penh) and Best Office Development.

Last year’s multiple winner Phnom Penh City Center claimed two awards for Best Universal Design Development and Best Retail Development for its Eden Garden project located in their mixed-use complex in the capital.

A total of 26 award categories, including a few special awards, were presented at the televised ceremony on CTN TV that was attended by more than 360 guests, VIPs, and members of the press.

Awareness for female workers' rights

The exclusive guest list included the delegation of ministers and government officials led by H.E. Dr Pen Sophal, Secretary of State of the Ministry of Land Management, Urban Planning and Construction, who delivered the keynote address on behalf of H.E. Senior Minister Chea Sophara. The minister praised the advancements of the maturing real estate and construction sectors, as well as the aspirations and efforts of developers to promote sustainable and safe building practices.

More: Call for positive construction practices in Cambodia persists

Among the highlights of the evening was a brief presentation about labour rights from CARE, the event’s official charity, which gave a Special Recognition for Positive Construction Practices to Pisnoka International Corporation for setting an example for the best practices in the industry by giving Cambodian female construction professionals labour protection and training.

The Municipality of Phnom Penh was also honoured for the Phnom Penh Riverside Redevelopment and Phnom Penh Waterworks projects spearheaded by the capital’s governor, H.E. Mr Khoung Sreng, receiving the Special Recognition for Public Facility, a new category this year.

Inspiring a new generation of designers

Additionally, young architect and respected university lecturer and guest professor Hun Chansan, the founder, design director and principal architect of Re-Edge Architecture + Design, was presented a special award for Cambodia Real Estate Personality of the Year. He has been chosen by the editors of PropertyGuru Property Report magazine for inspiring a new generation of Cambodian architects and designers and for his efforts to raise their profession’s profile in the global scene.

More: Architect wins Cambodia's Real Estate Personality of the Year title

Hari V. Krishnan, CEO of PropertyGuru Group, said: “Congratulations to the Winners and Highly Commended companies in Cambodia. Once again they have demonstrated that progress in the sector can be achieved by producing quality products targeted at various types of consumers who may be interested in innovative luxury and high-end residential, affordable housing, mixed-use, or commercial properties.

"It’s exciting to see that the domestic market is also maturing in terms of standardising working methods and safety guidelines and PropertyGuru is proud to support and celebrate the best business practices from developers and the construction industry.”

Terry Blackburn, founder and managing director of the PropertyGuru Asia Property Awards, said: “Cambodia’s rapidly evolving real estate development and construction sectors are significant contributors to the advancement of this country’s economy and we are proud to have organised another hugely successful event this year. Well done to all the developers for giving consumers more quality real estate to choose from in the Greater Phnom Penh, Siem Reap and Sihanoukville regions.”

Independent judging panel system

This year’s independent judging panel in Cambodia comprised of returning chairman Sorn Seap (Founder & Director, Key Real Estate Co Ltd); Simon Griffiths (Managing Director, Urban Assets Solutions), David Littlejohn (Sales & Marketing Manager, Comin Khmere), Michel Cassagnes (Managing Director, Archetype Cambodia), Sok Siphana (Managing Partner, SokSiphana&associates); Ross Wheble, MA, MRICS (Country Head, Knight Frank [Cambodia] Pte Ltd), Thida Ann (Director, CBRE Cambodia), and Grace Rachny Fong (Executive Director, Century 21 Cambodia).

More: Who supported Cambodia's most prestigious industry event in 2018?

The 2018 PropertyGuru Cambodia Property Awards was supported by platinum sponsor KHI; co-sponsors Panasonic and Jotun; official portal partner Realestate.com.kh; official charity partner CARE; media partners Southeast Asia GLOBE, Khmer Times, Construction & Property Magazine, B2B Cambodia, BizKhmer, and PropertyGuru Property Report; supporting associations European Chamber of Commerce in Cambodia (EuroCham) and British Chamber of Commerce Cambodia; and the official supervisor BDO led in Cambodia by partner Lim Seng Siew, assistant manager Sok Sochetra, and senior associate Norng Kiman.

Main category winners are now qualified to compete for more regional honours at the 8th annual PropertyGuru Asia Property Awards Grand Final, which will be hosted by Thailand for the first-time ever. The ceremony is a collocated event of the two-day PropertyGuru Asia Real Estate Summit at The Athenee Hotel, Bangkok on 8-9 November 2018.

For more information, email awards@propertyguru.com or visit AsiaPropertyAwards.com/cambodia-property-awards/

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<a href="http://207.182.133.82/documents/10184/10911/-571063505553206002shutterstock_224352775.jpg/b9c49e25-f36c-4d87-a67f-88131693fcec?t=1490787775682"><img alt="Dotonbori, a popular nightlife and entertainment area in Osaka, Japan. Korkusung/Shutterstock" class="wp-image-62069" src="http://207.182.133.82/documents/10184/10911/-571063505553206002shutterstock_224352775.jpg/b9c49e25-f36c-4d87-a67f-88131693fcec?t=1490787775682" style="width: 740px; height: 490px;" /></a> Asian cities lorded over the Economist Intelligence Unit’s Worldwide Cost of Living report, out last week. Names from the continent dominated both lists of the costliest and most affordable places to live in the world, per the report’s Cost of Living Index. Five of the world’s top six expensive cities are all in Asia, while cities in the Indian subcontinent make up half of the 10 least costly cities on earth. Some traditionally expensive alpha cities have become more affordable of late. Due to the post-Brexit depreciation of the sterling, London is now only the 24th most expensive city in the world, while Manchester registered the biggest fall, from number 26 previously to a distant 51, making it cheaper than Beijing and tying it with Bangkok. London is now a far greater lifestyle bargain than New York City, at ninth place, for the first time in 15 years, and Paris, at eighth place. To arrive at the results, EIU tracked 400 individual prices across 160 products and services, including clothing, food, transport, home rents, utilities, private schools, and recreation, in 133 cities around the world. <h2>Asia’s priciest cities</h2> <h3>5. Seoul</h3> <a href="http://207.182.133.82/documents/10184/10911/-4815943005766849697shutterstock_476385406.jpg/52cde9dd-e47b-40a7-8d14-3f7ddb2d710e?t=1490787776193"><img alt="Streets of Gangnam in Seoul, Republic of Korea. FiledIMAGE/Shutterstock" class="wp-image-62070" src="http://207.182.133.82/documents/10184/10911/-4815943005766849697shutterstock_476385406.jpg/52cde9dd-e47b-40a7-8d14-3f7ddb2d710e?t=1490787776193" style="width: 740px; height: 494px;" /></a> The South Korean megalopolis clobbered Geneva, Paris, New York, and Copenhagen, in that order, as the world’s sixth most expensive market. Merely topping up a grocery basket in the city is 50 percent more expensive than in New York, EIU reported. <h3>4. Osaka</h3> <a href="http://207.182.133.82/documents/10184/10911/-6500379671071259341shutterstock_444355078.jpg/de56f3df-017c-45b6-88f4-442a6010ac88?t=1490787776741"><img alt="Light displays of Dontonbori in Namba, Osaka, Japan. SIHASAKPRACHUM/Shutterstock" class="wp-image-62072" src="http://207.182.133.82/documents/10184/10911/-6500379671071259341shutterstock_444355078.jpg/de56f3df-017c-45b6-88f4-442a6010ac88?t=1490787776741" style="width: 740px; height: 494px;" /></a>Rising costs in the city, as well as the next item on this list, can be attributed to the recovering strength of the Japanese yen. Osaka ranks fifth most expensive city in the world. <h3>3. Tokyo</h3> <a href="http://207.182.133.82/documents/10184/10911/-2219327904706159495shutterstock_562458496.jpg/3e6d63e1-5c56-4c72-b358-661fa2468aea?t=1490787777161"><img alt="People crossing Ginza Road, one of the main luxury shopping areas in Tokyo. Jirat Teparaksa/Shutterstock" class="wp-image-62073" src="http://207.182.133.82/documents/10184/10911/-2219327904706159495shutterstock_562458496.jpg/3e6d63e1-5c56-4c72-b358-661fa2468aea?t=1490787777161" style="width: 740px; height: 494px;" /></a> With an index mark of 110, Japan’s largest metropolis is the fourth most expensive city to live in the world. Along with Seoul and Osaka, Tokyo is the priciest destination for purchasing staple goods. <h3>2. Hong Kong</h3> <a href="http://207.182.133.82/documents/10184/10911/-7138046570061272090shutterstock_553318567.jpg/bdf39847-cac9-4a50-8c94-9bd082876c47?t=1490787777557"><img alt="Star ferries in Victoria Harbour, Hong Kong. thebigland/Shutterstock" class="wp-image-62074" src="http://207.182.133.82/documents/10184/10911/-7138046570061272090shutterstock_553318567.jpg/bdf39847-cac9-4a50-8c94-9bd082876c47?t=1490787777557" style="width: 740px; height: 417px;" /></a>More expensive than Zurich, the Chinese SAR comes in as the second most expensive city worldwide. Hong Kong fuel costs USD1.73 per litre, the priciest in the world and three times the price in New York, the report’s benchmark city. <h3>1. Singapore</h3> <a href="http://207.182.133.82/documents/10184/10911/8727147710563152971shutterstock_542283271.jpg/d82bded8-a2b0-4f72-a64d-5256b3afa592?t=1490787777919"><img alt="View of the Singapore skyline from the Marina Bay Sands’ famous infinity pool. luis abrantes/Shutterstock" class="wp-image-62075" src="http://207.182.133.82/documents/10184/10911/8727147710563152971shutterstock_542283271.jpg/d82bded8-a2b0-4f72-a64d-5256b3afa592?t=1490787777919" style="width: 740px; height: 494px;" /></a> The most expensive city on the world for four consecutive years, Singapore has 5 percent pricier living costs than nearest rival Hong Kong. It is the most expensive destination in the world to own a car, number two worldwide for clothing. <a href="http://www.property-report.com/asias-6-biggest-construction-projects-of-2017/" target="_blank">More: Asia’s 6 biggest construction projects of 2017</a> <h2>Asia’s least expensive cities </h2> <h3>6. New Delhi</h3> <a href="http://207.182.133.82/documents/10184/10911/4935873278155542989shutterstock_386774566.jpg/a23ff5cf-a2fe-4ced-b926-3275142f9e98?t=1490787778275"><img alt="New Delhi’s Indian Gate is the national monument of India. Nuk2013/Shutterstock" class="wp-image-62086" src="http://207.182.133.82/documents/10184/10911/4935873278155542989shutterstock_386774566.jpg/a23ff5cf-a2fe-4ced-b926-3275142f9e98?t=1490787778275" style="width: 740px; height: 494px;" /></a> The Indian capital is the 10th cheapest city in the world. Only Kiev, Ukraine and Bucharest are more affordable. “India is tipped for rapid expansion as Chinese growth declines, but much of this is driven by its demographic profile, and in per-head terms wage and spending growth will come from a low base,” EIU stated in its report. <h3>5. Mumbai</h3> <a href="http://207.182.133.82/documents/10184/10911/-8931554879208530830shutterstock_373779733.jpg/8d3a6586-9dbf-4acb-b72d-37e95d6d10fb?t=1490787778691"><img alt="Gothic building in downtown Mumbai. LMspencer/Shutterstock" class="wp-image-62085" src="http://207.182.133.82/documents/10184/10911/-8931554879208530830shutterstock_373779733.jpg/8d3a6586-9dbf-4acb-b72d-37e95d6d10fb?t=1490787778691" style="width: 740px; height: 494px;" /></a> The seventh least expensive city in the world happens to be the largest in India. However, it is a designation of disputed benefit, as “cheaper cities tend to be less liveable,” EIU warned. <h3>4. Chennai</h3> <a href="http://207.182.133.82/documents/10184/10911/4681855853104996536shutterstock_570740308.jpg/2a953b7f-24c9-4617-9328-931b93d415ea?t=1490787779071"><img alt="Foggy landscape of the city of Chennai with famous autorickshaw. Nopkamon Tanayakorn/Shutterstock" class="size-full wp-image-62084" src="http://207.182.133.82/documents/10184/10911/4681855853104996536shutterstock_570740308.jpg/2a953b7f-24c9-4617-9328-931b93d415ea?t=1490787779071" style="width: 740px; height: 492px;" /></a> In fact, "there is a considerable element of risk in some of the world’s cheapest cities." Be that as it may, the world’s sixth cheapest city is the Tamil Nadu state capital. <h3>3. Karachi</h3> <a href="http://207.182.133.82/documents/10184/10911/-3473978186030536962shutterstock_476963419.jpg/09781dd7-4166-41c6-b5b8-be00409208e6?t=1490787779529"><img alt="Blue hour over Karachi, Pakistan. Israr/Shutterstock" class="wp-image-62082" src="http://207.182.133.82/documents/10184/10911/-3473978186030536962shutterstock_476963419.jpg/09781dd7-4166-41c6-b5b8-be00409208e6?t=1490787779529" style="width: 740px; height: 494px;" /></a> Pakistan’s largest city is the fourth cheapest city to live in the world, cheaper than Algiers, Algeria. It is the 130th most expensive city in the world, down from number 127 last year. <h3>2. Bangalore</h3> <a href="http://207.182.133.82/documents/10184/10911/6460144629576828576shutterstock_568856893.jpg/0006443e-cf5d-4e0a-a9c4-84f5d271acdf?t=1490787779967"><img alt="International Tech Park, Bangalore. gary yim/Shutterstock" class="wp-image-62080" src="http://207.182.133.82/documents/10184/10911/6460144629576828576shutterstock_568856893.jpg/0006443e-cf5d-4e0a-a9c4-84f5d271acdf?t=1490787779967" style="width: 740px; height: 494px;" /></a> Only the recession-riddled Nigerian city of Lagos is more affordable than Bangalore, the third least expensive city in the world. "Although the Indian subcontinent remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location," EIU reported. <h3>1. Almaty</h3> <a href="http://207.182.133.82/documents/10184/10911/-8868461882002849709shutterstock_536461732.jpg/47e6d0e0-51f6-4956-9e08-cf0b253b08f3?t=1490787780460"><img alt="Almaty is the most populous city in Kazakhstan. Aureliy/Shutterstock" class="wp-image-62077 size-full" src="http://207.182.133.82/documents/10184/10911/-8868461882002849709shutterstock_536461732.jpg/47e6d0e0-51f6-4956-9e08-cf0b253b08f3?t=1490787780460" style="width: 740px; height: 469px;" /></a> Central Asia has the world’s pocket-friendliest destination: Almaty, Kazakhstan’s largest city. In Almaty, a kilo loaf of bread costs only USD0.90 while a bottle of table wine costs USD5.15. <a href="http://www.property-report.com/asias-most-expensive-apartment-just-sold-in-hong-kong-again/" target="_blank">Read next: Asia’s most expensive apartment just sold in Hong Kong — again</a>

Both the most expensive, cheapest cities in the world are in Asia

<a href="http://www.property-report.com/wp-content/uploads/2017/04/Attika-Amersfoort-Vathorst-fase2-17.jpg"><img alt="The emoji is a 'thing of now.' Image credit: Attika Architekten" class="size-large wp-image-62689" src="http://207.182.133.82/documents/10184/10911/-3168035045080866350Attika-Amersfoort-Vathorst-fase2-17-1024x682.jpg/2dc25b0b-92e5-47fb-9226-e6f8657ab639?t=1499855310178" style="width: 740px; height: 493px;" /></a> In sprucing up the façade of a building, architect Changiz Tehrani chose to appropriate something more relevant and universally recognised than gargoyles: emojis. Twenty-two smiles were cast in concrete and embellished on a building in the city of Amersfoort in the Netherlands. “In classical architecture they used heads of the king or whatever, and they put that on the façade,” Tehrani, Tehrani, a member of the architectural firm Attika Architekten, explained to <a href="http://www.theverge.com/tldr/2017/4/24/15405402/emoji-emoticon-architecture-facade-netherlands" rel="noopener noreferrer" target="_blank">The Verge</a>. “So we were thinking, what can we use as an ornament so when you look at this building in 10 or 20 years you can say ‘hey this is from that year!’” <a href="http://www.property-report.com/wp-content/uploads/2017/04/Attika-Amersfoort-Vathorst-fase2-15.jpg"><img alt="" class="aligncenter size-large wp-image-62688" src="http://207.182.133.82/documents/10184/10911/1449808010788682365Attika-Amersfoort-Vathorst-fase2-15-1024x673.jpg/897612e9-2594-4d15-bab3-b98efcd88c92?t=1499855310321" style="width: 740px; height: 486px;" /></a> <a href="http://www.property-report.com/this-vietnamese-family-lives-with-trees-inside-their-home/" rel="noopener noreferrer" target="_blank">More: This Vietnamese family lives with trees inside their luxury home</a> The structure, a mixed-use building with retail outlets on the ground floor and residences above, directly faces a square with a nearby school. “There’s all these young people there, and emoji is a thing of now,” said Tehrani. “The students sit in the square and have lunch and they take pictures. They like it. And with our architecture we always like to put in small details that makes the project a little bit more than a boring building.” The emojis used for the project were downloaded from WhatsApp and converted into 3D versions, creating the moulds. The building was completed in 2015. The ephemeral allure of the decorations is intentional. “If you look at history, people always think ‘Oh this is timeless,’ or ‘This will stay forever,’ and they’re always wrong,” Tehrani said. “It’s like with Facebook. Facebook used to be cool and now it’s just for older people. So maybe we won’t use emoji in 10 years — that’s fine. It’s still from our time.” More pictures below: <a href="http://www.property-report.com/wp-content/uploads/2017/04/Attika-Amersfoort-Vathorst-fase2-11.jpg"><img alt="" class="aligncenter size-large wp-image-62687" height="493" src="http://207.182.133.82/documents/10184/10911/5584070246702501274Attika-Amersfoort-Vathorst-fase2-11-1024x682.jpg/43df4a74-f996-429f-9a20-8f685214a132?t=1499855310439" width="740" /></a> <a href="http://www.property-report.com/wp-content/uploads/2017/04/Attika-Amersfoort-Vathorst-fase2-16.jpg"><img alt="" class="aligncenter size-large wp-image-62690" height="493" src="http://207.182.133.82/documents/10184/10911/2403944005342607348Attika-Amersfoort-Vathorst-fase2-16-1024x682.jpg/3bc0a2b2-66f4-44f4-b088-306d57285f8d?t=1499855310565" width="740" /></a> <a href="http://www.property-report.com/wp-content/uploads/2017/04/Attika-Amersfoort-Vathorst-fase2-19.jpg"><img alt="" class="aligncenter size-large wp-image-62686" height="494" src="http://207.182.133.82/documents/10184/10911/4381414716654839376Attika-Amersfoort-Vathorst-fase2-19-1024x683.jpg/b8020461-222d-49e7-ab80-8d5846e44699?t=1499855310693" width="740" /></a> <a href="http://www.property-report.com/13-times-architects-let-their-imaginations-run-riot/" rel="noopener noreferrer" target="_blank">Read next: 13 times architects let their imaginations run riot</a>

This architectural firm thinks emojis are the new gargoyles

MORE FROM : NOT FOUND MORE FROM Cambodia | Five-article bar |

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

7 questions with leading Cambodian property expert Sorn Seap

<img alt="Siem Reap, Cambodia. CatwalkPhotos/Shutterstock" src="/documents/10204/0/shutterstock_775761505-2-compressor.jpg/cdf4512d-3ed5-455c-a9ee-313bdc2f9b9a?t=1552981810692" style="width: 1000px; height: 667px;" />Wedged between the South China Sea and the economic dynamos of Thailand and Vietnam, Cambodia is jockeying to become a major player among emerging Asian markets. Like Laos to its north, the kingdom has in recent years trebled an influx of property investments from China’s globe-trekking Belt and Road initiative, lured by its open foreign investment laws and laidback regulatory environment for gaming. Tourism has been upbeat as well, with visitors fanning out from the world-famous temple complexes of Siem Reap to the kingdom’s relatively unspoiled islands. While its capital city still dominates the residential real estate market, it is no longer the be-all and end-all choice when investing in Cambodia. “I believe that Phnom Penh is the first option if any international developer plans for a large-scale investment,” said Sorn Seap, CEO of real estate agency Key Real Estate Co Ltd. “Then the second option I refer to Sihanoukville. It is the second largest development destination after Phnom Penh.” Sorn Seap, who leads the independent panel of judges of the PropertyGuru Cambodia Property Awards, added, “New markets, including Poipet, Bavet, and Sihanoukville, are showing potential for condo development to sell to foreign buyers.” The rapid transformation of Sihanoukville over the last two years is pegged on its cachet as Cambodia’s only deep-water port, making it a crucial cog in China’s Belt and Road map. As a mark of confidence in Sihanoukville, Beijing has bankrolled the construction of a 190-kilometre expressway connecting the Chinese city to Phnom Penh. The project will begin development in the first quarter of 2019. “Today, there are many ongoing medium- and high-end projects in this new boomtown. It will soon transform into a modern coastal city,” Sorn Seap said. A jump-off point for the islands of Koh Rong and Koh Rong Samloem, Sihanoukville recorded more than 1.3 million tourist arrivals in the first half of 2018, a 10-percent leap from the previous year. Of the 290,782 foreign arrivals, around 84,664 were Chinese: a nearly 44 percent year-on-year increase. “Due to a huge number of arrivals, tourism has helped develop the real estate sector in Siem Reap and Sihanoukville. Many new constructions are being built, and land prices and rental rates have continued to rise notably,” he noted. Similar trajectories can be found elsewhere along the Cambodian coast. The beachside cities of Kep and Kampot are especially being “eyed on by investors” on account of their rising local and international tourist numbers, he said. All in all, an estimated 4.8 million foreign tourists visited Cambodia during the first 10 months of 2018 — 1.6 million of whom were Chinese. “Tourism growth in the cities has already stimulated many investors to build variety of properties to satisfy the demand of visitor arrivals every day,” Sorn Seap added. “The influx of tourists requires a broad range of services, ranging from food and entertainment to accommodations. Developments needed include restaurants, hotels, apartments, shopping malls, offices, casinos, and much more.” <img alt="Key Real Estate's Sorn Seap speaks at the 2018 PropertyGuru Cambodia Property Awards" src="/documents/10204/0/sorn-seap-for-apa-cambodia-property-awards-compressor.jpg/4f87542e-6f29-4d66-b139-d22723ed642b?t=1552981923181" /> Tourists are not only after sand and surf in Cambodia: Sihanoukville, along with the border towns of Poipet and Bavet inland, is a veritable gaming nexus –– home to 59 percent of all casinos in Cambodia, consultancy firm CBRE pointed out. Punters have long gravitated towards Poipet and Bavet, which straddle Cambodia’s borders with Thailand and Vietnam, respectively, to escape more onerous gambling laws in those nations. The arrival of Chinese players has changed the game, however. Fuelled by Chinese purchases, real estate prices in Poipet and Bavet have soared by 20 to 30 percent from early last year, according to development firm Lucky Realty Co Ltd. As important transit points for goods and transportation between three countries, each area has truly shown “unique potential for new developments,” Sorn Seap said. The border towns have become the addresses of choice for special economic zones (SEZ). Inbound capital investment from China is driving development of these zones in Bavet and generating thousands of jobs, reported Kim Heang, president of the Cambodian Valuers and Estate Agents Association (CVEA). Land prices in Bavet’s commercial sites or those adjacent to National Road 1 have risen to USD200 to USD300 per square metre. Ecozones echo the country’s remarkably open foreign investment regime, a fact that has long “encouraged investors to come,” according to the Cambodia Property Awards chairperson. The 1994 Law on Investment allows 100-percent foreign ownership of companies and investment projects in most sectors. The government is already seeking to revise the law, last amended in 2003, to create a more favourable investment climate. Although foreigners are constitutionally forbidden to own land, they can still acquire plots through a locally incorporated company. The 2001 Land Law also permits long- or short-term leases to foreigners. Non-citizens can freely buy residential units in co-owned or multi-storey buildings from the second floor up. “I am optimistic about demand from abroad. They will continue to buy condos in Cambodia if we still have a stable political situation and economic growth,” said Sorn Seap. At this junction he stressed the importance of gaining industry recognition for projects. “Developers themselves need to promote their projects through an international marketing campaign, such as the Cambodia Property Awards, in order to make their name known at the international level,” he said. “I believe that Cambodia Property Awards will help attract more buyers and investor from the region and the rest of the world.” Learn more about the 4th Annual PropertyGuru Cambodia Property Awards here: <a href="http://www.asiapropertyawards.com/" target="_blank">http://www.asiapropertyawards.com/</a>

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