REAL ESTATE ASIA AWARDS HONOURS THE OUTSTANDING REAL ESTATE ENTERPRISES OF 2024
WEALTHY FAMILIES OFFLOAD LUXURY HOMES IN HK TO REPAY DEBT
REDEVELOPMENT A TOSS-UP BETWEEN CITY RETAIL AND CBD OFFICES
THESE NEW OFFICE PROJECTS ARE SET TO REDEFINE TOKYO’S OFFICE MARKET FROM 2025
VACANT OFFICE SPACES IN ASIA PROMPT INVESTORS TO DIVERSIFY
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FROM THE EDITOR
More properties are hitting the market in Hong Kong as wealthy families, facing financial pressures, rush to offload their luxury homes—even at a loss. On page 6, we explore the trends behind this property exodus and the wider implications for Hong Kong's luxury real estate market.
Across Asia, the office property sector is experiencing shifts. Cities like Bangkok, Beijing, Jakarta, and Shanghai are seeing a slowdown in office real estate, spurred by evolving workplace practices. Investors are increasingly diversifying into other markets, seeking more stable income streams. Get the full picture on how these dynamics are reshaping the region’s real estate landscape on page 7.
Back in Hong Kong, competition for space extends beyond the living. A shortage of burial niches is emerging, raising unique property challenges that have largely flown under the radar. Learn about the government's plans to address this on page 20.
We also spotlight 20 leading real estate agents and architects in Singapore and Hong Kong who are pushing the boundaries of the industry. Their inspiring stories can be found on pages 32 to 43.
Finally, we celebrate the winners of the Real Estate Asia Awards 2024, highlighting the trailblazing projects, companies, and leaders driving innovation across the region. Our inaugural Built Environment Awards also recognise the growing emphasis on sustainability and community impact. Turn to pages 44 to 47 to meet the visionaries shaping the future of Asian real estate. Congratulations to all the winners!
Tim Charlton
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Grand Westside Hotel is the biggest hotel in the Philippines with 1,530 rooms and is the 13th property of Megaworld Hotels and Resorts, the nation’s largest hotel operator
The 19-story, two-tower building is strategically located in the Westside City township development of Megaworld in Parañaque and is just eight minutes away from the Ninoy Aquino International Airport The hotel boasts four dining outlets, several meeting spaces and leisure amenities
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Competing construction firms unite to meet industry’s towering demand
With millions to billions of dollars involved in every construction development venture, one would assume that builders compete fiercely to secure these projects. That cannot be said about Singaporean constructors that have begun to collaborate with competitors amidst an anticipated growth of the industry.
Landed houses offer a solution to housing backlogs
Property developers are focusing on creating homes that cater to the distinctive preferences and needs of millennials, who not only comprise the next generation of property buyers but are also the most affected by the gap between demand for and supply of housing in Indonesia despite the high-interest rate reaching 5.5%.
BPO sector seeks hub in Philippines’ provincial markets over labour costs
With a huge spike in wages and increasing labour costs, business, especially those in the business process outsourcing (BPO) sector, are looking for office space outside the Philippine capital. The net absorption in the office market in 2022 was 270,900 sqm, a reversal of the negative uptake in 2021.
HK must review valuations for successful land sales
The Hong Kong government has received a reality check regarding their land sales. Despite setting a revenue target of US$54b (HK$420b) under the 2021-2022 land sale programme, they managed to muster only US$219m (HK71.7b). The factors that led to this failure boiled down to faulty valuation, said Hannah Jeong.
How APAC CBDs can thrive amidst changing views on office use
Return to office rates are over 70% in Asia-Pacific, with re-entry rates at prepandemic levels in Shanghai, Beijing, and Seoul, says JLL. However, a longerthan-expected return to pre-pandemic levels of transit usage and footfalls will push CBDs and supporting real estate to go beyond acting primarily as places of work.
Retail real estate rebounds as spending shifts from online to offline
The battle between online and offline retail outlets sways towards the latter, as fewer than 5% of consumers shop purely online. Nearly half of the retailers in Asia Pacific expect a portion of online spending to be shifted to physical retail, and 42% see that footfall in physical stores will return to its pre-pandemic levels.
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RELOCATING FAMILIES DRIVE UP SINGAPORE'S HOUSING PRICES
The influx of families from other countries to Singapore is driving housing and utility costs higher, making the island nation the most expensive place to live in Southeast Asia, a report shows.
In the cost of living index by the loan matchmaking platform ROSHI, Singapore scored 85.9, surpassing its SEA neighbours.
The most economical choice is an HDB flat or public housing for those seeking property ownership in Singapore, averaging $532,768.
In the higher-end market, houses average SG$2,080,533, while condos average SG$1,100,000. Meanwhile, renting a home in Singapore costs around SG$2,600.
Higher cost of living
The relocation of families from the Mainland to Singapore has boosted demand for higher education services, likely leading to increased costs.
“In the past 20 years, the cost of receiving a higher education in Singapore has increased by nearly 74.7%, leading to an inflation rate of approximately 2.83% each year. Today, the average cost of a four-year college program in Singapore is estimated at $38,250,” ROSHI reported.
Whilst the influx of overseas families contributes to Singapore's rising cost of living, the ROSHI report also attributes the increase to limited resources.
“Singapore’s island location makes it more challenging to keep up with the demand for resources, especially food and household items. This issue has been exacerbated by global supply chain problems that have continued to plague the international marketplace since the pandemic,” the report added.
“For example, more than 90% of Singapore’s food supply, including clean, drinkable water, is imported from external sources. Government officials are seeking to control these rising costs by maintaining strong relationships with neighbours.
Rich families sell luxury homes in HK to clear debt
RESIDENTIAL PROPERTY
Rich families in Hong Kong are selling their villas and mansions at deep discounts so they can pay off debt, exacerbating the city’s prolonged property slump.
About 40% of secondary property deals worth HK$50m in July were sold at a loss,” Cathie Chung, senior director of Research at JLL in Hong Kong told Real Estate Asia.
Declining collateral value that is prompting banks to call in loans, prolonged economic uncertainty, elevated interest rates, and cautious buyer sentiment are to blame.
But this is not new, Chung said, noting that the market downturn for luxury properties started way back in 2022. “But in recent months, the market saw more motivated vendors softening the asking price to exit.”
In July, the family of Ho Shungpun, director of real estate investment firm Kowloon Investment, sold four mansions in Hong Kong’s Peak area for HK$1.1b — a 40% discount from 2017 values — so they could repay a HK$1.6b loan from Hong Kongbased private equity firm Gaw Capital Partner, according to Knight Frank.
A foreclosed mansion at Jardine’s Lookout was sold for HK$360m, a more than 60% discount from its asking price three years ago.
Declining collateral values
Chung said banks are more aggressive and eager to demand loan payments amidst declining collateral values. Data from CBRE showed that about threequarters of high-end luxury residential deals in the first half of 2024 involved cash-strapped sellers.
Limited liquidity, fund flows, and valuation are also driving the trend, said Cherrie Lai, head of Residential Sales at Savills Hong Kong.
Lai said the fund flows from foreign investors have not been steady in the past few years, leading to constrained liquidity. As a result, mortgage banks can only offer lower loan-to-valuation ratios, putting property buyers with insufficient cash at a disadvantage.
“In the absence of any uplifting of the loan-to-valuation ratio or stable valuation price, these properties actually have a smaller batch catchment of buyers and suffer a higher loss,” she added.
Because of this, demand for properties is declining, forcing sellers to dispose of low-value properties at deep discounts. Whilst some rich sellers are losing money from their property sales, others, both foreign and local, are capitalising on the trend.
“The discounted properties have attracted more cash-rich local end-users who are beginning to look at these types of properties because they understand the market,” Chung said.
“The cash-rich are looking for longer-term investments, and mainland Chinese buyers have been quick to capitalise on the decline in luxury property prices,” she added.
Lai noted that back then, buyers had to pay a premium for something unique. “Nowadays, when there's a discount, they would look for the high end, even top end.”
But Chung said buyers are still approaching the market with caution, as speculative demand remains minimal and buyers prioritise sustained investment over quick gains.
Discounting trend
“We find buyer sentiments have largely shifted towards viewing these properties as long-term investments rather than short-term opportunities,” she said.
Four mansions in the Peak Area were sold for HK$1.1b to repay a HK$1.6b loan
Cathie Chung
Cherrie Lai
Vacant offices in Asia prompt investors to diversify
Investors are seeking more stable revenue streams and longer-term capital gains in Asia markets as office spaces in Bangkok, Beijing, Jakarta and Shanghai overflow.
CK Lau, managing director for valuation and advisory services at Colliers Asia, said that the core issue involves both an oversupply on the market’s supply side and a changing demand landscape.
He said that during the pandemic, numerous office projects were delayed, but with those now
Asia Pacific's real estate cross-border investment grew to US$36.3b in Q3 2024, marking a 15.7% year-on-year (YoY) increase, according to Knight Frank.
completed, they add significantly to the pre-existing stock. This timing has coincided with a period of economic slowdown, leading many companies to reassess their space needs. According to Lau, "On the demand side, with the expectation of slower economic growth, companies are more cautious these days regarding their long-term business commitments, including expansions of office space and staff hiring." This caution has been evident as companies increasingly prioritise
Data centres dominated the market, capturing 46% of investments, as investors seek to capitalise on the region’s advancements in AI, cloud computing and data storage.
Meanwhile, office and industrial properties also lead cross-border acquisitions in Q3 2024. The office sector accounted for 35% of the market, a 16.7% YoY increase. Industrial assets also emerged as a strong performer, securing 32% of the total share despite a 12.3% YoY decline.
“The September rate cut reduced borrowing costs and made debt-financed acquisitions more attractive. Asia-Pacific is feeling the ripple effects of this global optimism, and we are seeing increased investor confidence across
reconfiguring existing spaces over expanding or relocating.
Moreover, the rise of hybrid work models, which blend remote and in-office work, has further diminished the demand for traditional office spaces. This shift is having a marked impact, particularly in regions with a significant stock of office real estate.
When questioned about the timeline for the absorption of this surplus office space, Lau highlighted the variability across different markets. "Each market will perform differently. For instance, Tokyo has seen a shift towards newer office buildings with modern amenities, indicating robust demand there," he noted.
Contrastingly, areas like Bangkok are experiencing an influx of office space, expected to take around two years to reach equilibrium between demand and supply.
Companies are more cautious these days regarding their longterm business commitments, including expansions of office space and staff hiring
our markets," said Neil Brookes, global head of capital markets at Knight Frank. "We anticipate this forward momentum to accelerate, potentially outpacing global recovery rates."
Australia is projected to be the top destination for cross-border investment volumes in the second half of 2024, representing a 129% increase from the same period a year ago. For the full year, Australia is expected to attract 36% of total cross-border flows.
"While the adjustment may still have further to go, the gap between valuations and buyer sentiment has narrowed and the outlook for relative returns across asset classes is shifting back in favour of offices. The substantially higher capitalisation rates in Australian offices mitigate near-term risks and pave the way for strong risk-adjusted returns, which attract international investors," Brookes added.
Amid these conditions, investors are adjusting their strategies. "There has been a shift towards prioritising sustainable rental income over capital market gains," Lau stated. This strategy focuses on long-term stability and generating steady cash flow from rental incomes, which is increasingly important in uncertain economic times.
Furthermore, environmental, social, and governance (ESG) factors are becoming critical in investment decisions. "Investors are also considering the impact of ESG factors and their implications on property values," added Lau.
Source: Knight Frank
CK Lau
COMMERCIAL OFFICE
NUMBERS
WHAT YOUR OFFICE FIT OUT BUDGET WOULD LOOK LIKE IN ASIA
How expensive is an average office fit-out in APAC?
The average office fit out costs across Asia Pacific continue to rise in 2024, albeit at a much slower rate as compared to a year ago, according to Cushman & Wakefield’s APAC Office Fit Out Cost Guide 2024. While inflation has started to ease in some markets, concerns about the interest rate environment, supply chain issues and geo-political tensions remain prevalent although there is hope for an economic rebound in the second half of 2024.
Singapore ranks 14th in average fit out cost across Asia Pacific, at USD$140 per square foot up from US$134 per square foot last year. Retrofit costs in Singapore are US$57 per square foot while reinstatement costs range between US$14 to US$17 per square foot.
Creating office value comes to the fore amidst productivity and well-being concerns
Cushman & Wakefield also noted in the report that creating a workplace that enables employees to be at their most productive, promotes wellbeing and helps achieve corporate sustainability and inclusivity goals remain high on the agenda for occupiers even as they grapple with cost challenges and increased scrutiny on the quality of spend. These key considerations, broadly categorized as the 3Cs - Cost, Carbon and Culture – continue to shape companies’ strategies for the future of work.
“As occupiers assess and rethink their space requirements while juggling cost, carbon and culture parameters, the flight to quality trend remains prominent with more companies opting for better quality buildings in business-strategic locations,” said Grant Carter, Head of
Project & Development Services Singapore at Cushman & Wakefield. Designing for a curated office experience is on the rise, with a continued focus on creating a destination that contributes to higher frequency, higher performance, and an overall increase in user experience. An office where people do their very best work." he added.
Last year, Cushman & Wakefield noted that identifying the right office design that can balance working from home and having people in the office was the number one conversation in most markets across Asia Pacific.
Today, this conversation remains important and in fact, has broadened to address other growing concerns such as lower productivity levels, lower sense of well-being, as well as net zero commitments and inclusivity goals.
Fit-out cost (USD per sq ft) across Southeast Asia
Source: Cushman & Wakefield's
Source: Cushman & Wakefield
Celebrating 20 Years of EnCo's Sustainable Growth
What developers can learn from Azabudai Hills' VC real estate model
The US$4b development seeks to become a living and working destination for foreigners and VCs.
Japan’s newest composite redevelopment Azabudai Hills may just serve as an important cornerstone to Tokyo’s ambitions of being seen as an attractive international destination.
Pre-pandemic, the site was still an aging district of old houses. Now— following thirty years of planning and over US$4b in investments– the eighthectare site has been redeveloped into a modern mix of residential, official, and commercial spaces, crafted with the international in mind.
Amenities include an international school, an English-speaking hospital, luxury residential units, commercial spaces and underground footpaths, and even a planned hub for venture capital and commercial venture capital (CVC) firms.
The famous interactive art and light museum teamLabs borderless is also relocating within the complex and opened in February 2024.
The site was redeveloped with maintaining Tokyo’s green spaces in mind, with vertical gardens and parks making up 2.4 hectares of the complex. Urban redeveloper Mori Building Co. hopes that its newest brainchild Azabudai Hills will
They are inviting 20 venture capitals and 50 commercial venture capital firms in
area
become the choice living and working destination for both Japanese people and foreign expats– and for startups looking to scale operations in Tokyo, a spokesperson of the company told Real Estate Asia
Innovation hub
What differentiates Azabudai Hills from the typical residential or office development is its commitment to make the 8.1-hectare space central to Tokyo’s booming startup industry.
A Mori Building Co. spokesperson shared that they are inviting at least 70 investment firms to set up shop in the complex.
“They [Mori Building] have opened “Tokyo Venture Capital Hub”, which is 3,600sqm. Also, they are inviting 20 venture capitals, and 50 commercial venture capital firms in the area,” a spokesperson told Real Estate Asia through a translator.
In addition, Azabudai Hills is estimated to offer 214,500 square meters of office space for companies in various industries.
This is a win-win situation for either side, as the complex is notably near CIC Tokyo, a self-touted”innovation” campus offering flexible working
spaces for startups, which is currently home to 250 companies, investors, and government offices.
With Japan looking to invest JPY10 trillion in its startup industry and support both foreign and domestic companies, startup founders and expats moving to Tokyo may find that Azabudai Hills is the right place for their business needs and personal lives.
Close to 1,400 residential units will be available within Azabudai Hills. Residential contracts will be offered in the English language as well, the spokesperson said.
Some of these residential and office spaces would be located at the focal point of the development: the Mori JP Tower. Standing approximately 330 meters tall, just three meters shy of eclipsing the iconic Tokyo Tower a few blocks away, the Mori JP Tower will feature office spaces below and luxury residential units will be available on the top floors, operated by a luxury resort operator.
The British School in Tokyo is also being set-up within the development, as well as a nursery. Keio University Hospital’s Center for Preventive Care has also moved within the complex, and will test operations beginning November 6.
Thirty years of lead up
Before full-time construction of the US$4b development could commence in 2019, however, the Azabudai Hills project traces its roots back to 1989. Back then, the site was–in Mori Building Co.’s own words–a “long, narrow district running from east to west, originally broken up by hills and valleys in a convoluted terrain.”
At the time, the site was populated by some 300 landowners living in small wooden houses and low buildings. Dozens of committee meetings were held with landowners to reach an agreement on the redevelopment of the land.
Azabudai Hills hopes to be home to Tokyo's booming startup industry
the
JAPAN
PROPERTY WATCH: AIRSIDE
New eco-haven AIRSIDE boasts urban farm, smart bike parking system and more
The commercial property supplies its tenants with harvested produce from its urban farm.
Nan Fung Group’s mixeduse landmark, AIRSIDE, is charting a new course in sustainability by housing a 6,000 square feet urban farm within the mall premises that provides fresh produce to its tenants.
Located on the second floor of the shopping mall, AIR FARM houses over 50 varieties of seasonal crops.
Apart from F&B tenants, AIRSIDE also shares the produce harvested from the AIR FARM to the community and charitable organisations in need to “promote a low-carbon-footprint lifestyle and nature-based solutions to the public.”
AIRSIDE also organisers regular urban farming workshops in AIR FARM for the public and its tenants.
Doing such activities allows AIRSIDE to bring its “place of wholeness” concept to life, according to Billy Hui, executive director and spokesman at Nan Fung Group.
“AIRSIDE advocates a unique
AIRSIDE
advocates a unique urban lifestyle concept of ‘wholeness’, promoting the harmonious cohabitation of humans and nature
urban lifestyle concept of ‘wholeness’, promoting the harmonious cohabitation of humans and nature,” Hui told Real Estate Asia
“The architectural design and facilities of AIRSIDE draw inspiration from a seamless integration of the complex with the natural environment,” he added.
Eco-haven
Showing its commitment to sustainability, AIRSIDE has dedicated one-third of its site to green spaces.
On the sixth floor of AIRSIDE, there is a rooftop garden that features a variety of tropical plants and native flora.
Beyond green spaces, what AIRSIDE has that makes it sustainable are a range of innovative facilities like Hong Kong’s first Automatic Refuse Collection System and smart bicycle parking system, the largest office building monocrystalline PV farm and walkable PV, and 850 car parking
spaces fully equipped with electric vehicle (EV) charging facilities.
AIRSIDE is also the first commercial development in Hong Kong to adopt the Electrical and Mechanical Services Department’s (EMSD) Kai Tak District Cooling System (DCS).
“We are immensely proud of the project’s status of having earned seven highest sustainable building certifications, including Platinum WiredScore and SmartScore Certifications, and WELL Core Platinum [amongst others],” Hui said.
Net positive pledge
AIRSIDE has also made an effort to include its tenants in its journey to building a sustainable and low-carbon society.
Through its tenant engagement initiative called “Net Positive Lease,” AIRSIDE is able to collaborate with tenants, employees, and community partners to drive sustainability.
HONG KONG
PROPERTY WATCH: AIRSIDE
Under the “Net Positive Lease,” tenants who committed to the “Net Positive Pledge” can receive a series of incentives and benefits, including management fee incentives, marketing exposure, priority access to eco-provisions and programmes, and more.
“[The initiative will] mobilise tenants to achieve sustainability goals alongside the [Nan Fung Group],” Hui told Real Estate Asia
AIRSIDE’s tenants who have committed to the “Net Positive Pledge” include city‘super, SoHo House, AEON (Tseung Kwan O Store), Café de Coral Group and its restaurants, The D. H. Chen Foundation, and Groupe SEB.
Leisure, culture, and green living For customers and visitors alike, what distinguishes AIRSIDE is its seamless integration of leisure, culture, and green living lifestyles, all under one roof.
The multi-storey shopping mall has 700,000 square feet of retail space and over 60 F&B outlets.
Over 10,000 sq ft of the mall’s space is also devoted to arts and culture. The mall houses 18 pieces of permanent and digital artwork.
On the third floor, a 3,000 sq. ft. Gate 33 Gallery showcases art and cultural exhibitions curated by AIRSIDE’s professional team.
In addition to the Gate 33 Gallery, permanent art pieces can also be found throughout the AIRSIDE portfolio. This includes the largest painting ever created by emerging Hong Kong artist Wong Chun-hei on 6/F, who captures the iconic Lion Rock scenery as seen from AIRSIDE.
To Wun, who is renowned for his contemporary interpretation of traditional craftsmanship, also designed an interactive art installation inspired by the lion head in traditional lion dance for AIRSIDE.
Contemporary ink painter Koon Wai Bong and illustrator Onion Peterman also have works in the AIRSIDE premise.
“Alongside these artworks, an array of captivating photographs will also be on display. The late photographer John Fung’s final masterpiece focuses on the flight patterns of birds as they soar through the skies, symbolising the connection between avian life and AIRSIDE,” Hui said.
“Renowned photographer Tugo Cheng’s exquisite collection of aerial photographs showcases the cultural
The pedestrian landscape and plaza designs were conceived as folds generated from the twisting of the building masses on the urban fabric
heritage and local customs of the Kai Tak area, while another photographer, Poon Chi-hung, documents the transformation of Kai Tak over the years,” he added.
A nod to textile
AIRSIDE’s design is art in itself, featuring the textile industry. “The entire design, from the landscape to the facade, massing and interiors, evokes aspects of textiles and tailoring as qualities of fabrics through design moves like weaves, folds, tears, and cuts,” Snøhetta, the architectural firm behind AIRSIDE, wrote in its website.
AIRSIDE’s facade is also covered with gently curved fluting glass, resembling the elegant drapes of fabric. “In the tower lobby, a customdesigned lighting installation with a weave-like pattern extends across the ceiling. The massing of the building, with its chamfered slices, nods to the tearing and cutting involved in textile manufacturing,” Snøhetta wrote.
The mall’s retail atrium, meanwhile, features spandrels clad with a customdesigned woven textile made from upcycled plastic from over 100,000 post-consumer bottles.
“The pedestrian landscape and plaza designs were conceived as folds generated from the twisting of the building masses on the urban fabric. Gently sloping walkways and plazas bend through the project, creating inviting pedestrian landscapes that interweave different species and colours of plants, many of them native species,” Snøhetta wrote.
Billy Hui
JustCo debuts first pay-per-minute airport co-working hub for business nomads
The new space at Changi T3 has around 50 hot desks and nap pods, allowing travellers to ‘check-in’ at work.
JustCo has launched a new coworking center at Changi Airport, Terminal 3, charging SG$0.10 per minute, designed to cater to business travelers and digital nomads. This facility features close to 50 hot desking workstations, private cocoons for focused work, and nap pods for rest, all available 24/7.
“From nap pods and meeting rooms to diverse food options, users have everything they need to stay productive and comfortable during their layover or remote work session,” Kong Wan Long, co-founder and chief commercial officer of JustCo, told the Real Estate Asia
Kong said Changi Airport T3’s flexible pricing model caters to travellers and individuals who need a place to work for a few hours or even just minutes. The price is reasonable at SG$0.10 per-minute, or SG$6 per hour.
“Travellers need a quiet workspace for short period to take calls, respond to work emails, or complete other tasks. Additionally, some travellers opt to reach the airport early to get some work done before their flight,” Kong said.
“These different business needs highlight the potential for us to launch Asia’s first pay-per-minute co-working centre at the airport for business travellers,” Kong added.
“As business travel resumes in full force and digital nomads increasingly seek out conducive workspaces on the go, JustCo saw an opportunity to launch our first venture in an airport. There is no better place than Changi Airport, renowned for its world-class facilities,” Kong said.
The JustCo Terminal 3 co-working space is heavily influenced by the Changi Airport’s architecture.
The co-working space has a nature-inspired look to create a relaxing vibe, and is adorned with ample wood, rattan, and greenery, among other elements.
“The incorporation of rattan furniture, alongside wooden accents, complements the nature-inspired theme of the centre, creating a comfortable and relaxing atmosphere infused with a distinct Asian touch,” Kong said.
“It also subtly reminds users that they’re nestled in sunny Singapore, evoking a strong sense of place,” he added.
Further showcasing the nature-inspired theme of the centre, JustCo also put tree-like planters with modular mobile seating dotting the pathway to fill the ample space whilst echoing the airport’s arrival hall.
“JustCo’s in-house design team also optimised space usage by curating pockets of open event space that allow flexible adaptation based on the needs of our users,” Kong said.
1 Tree-like planters fill the centre, mirroring the design of Changi airport’s arrival hall.
2 For travellers who want privacy, the centre offers hot desk cocoons.
3 The Terminal 3 Centre has over 50 hotdesking workstations.
4 JustCo's nap pods allows travellers to get rest between flights or work.
Kong Wan Long
Realising potential in every dimension
We work in every dimension of commercial real estate. Our mission is to realise the potential in all the businesses and people we work with, so that together we can create the real estate solutions of the future.
We are driven by the entrepreneurial spirit of our people and the diverse needs of our clients. From instilling confidence in investors today, to re-imagining space requirements for tomorrow, we thrive in complex and ever-changing environments.
These new office projects are set to redefine Tokyo’s office market from 2025
Mixed-use developments have become a defining standard for larger scale projects.
The Tokyo office market demonstrated notable resilience, successfully absorbing most of the new office space in 2023. Initial concerns regarding the large supply have been mitigated by strong corporate performance and the return to offices, which have driven demand for the new additions.
The upcoming new supply in 2024 is relatively limited which should allow the market to continue its positive trajectory, adds the report, though the office supply forecast in 2025 will be large, particularly in the Takanawa submarket.
“Despite some observers’ expectations of a potential economic slowdown, optimism prevails in the Tokyo office market, fuelled by sound tenant demand, hinting at further market improvements ahead," a Savills report stated.
Office supply
The supply of new office space in 2024 is expected to be moderate, which should provide the market with some breathing room to absorb existing vacant space and facilitate further growth. The sound leasing demand has been evidenced by smooth preleasing activities for many incoming properties.
For instance, SHIBUYA AXSH in
Despite some observers’ expectations of a potential economic slowdown, optimism prevails in the Tokyo office market, fuelled by sound tenant demand, hinting at further market improvements ahead
Shibuya has seen strong pre-leasing activity, demonstrating the high level of demand for modern office spaces. The shift in tenant preferences towards modern offices, strategically located close to metro stations and public transport hubs, with modern amenities supporting communication, and strong ESG specifications, among others, has led to many tenants being willing to pay a premium for such features.
Takanawa Gateway City
Looking forward, several significant projects are in the pipeline, set to redefine the Tokyo office market landscape. In 2025, the Takanawa submarket will emerge as a competitive office market with the completion of Takanawa Gateway City project. This mixed-use development, featuring office space, retail, residential units, and an international school, has already garnered strong interest securing large tenants like KDDI.
The trend towards mixed-use developments has been increasingly popular and has become a defining standard for larger scale projects. Mixed-use buildings offer versatility to meet the evolving demands of tenants, and diversify revenue streams, and hedge against unforeseen circumstances.
Furthermore, the mixed-use development trend tends to reshape the atmosphere of these buildings and their surrounding areas, creating a city-within-a-city ambiance, ultimately boosting the value of office spaces, and driving up demand for floor space among businesses within these environments.
Yaesu 1-Chome
Elsewhere, other notable projects slated for completion in 2025 include the Yaesu 1-Chome Project in Nihonbashi & Yaesu and the Shibaura 1-Chome Project South, both of which are already mostly pre-leased, although the former is likely to face a delay in completion until 2026 due to an on-site accident. In 2026, Nihonbashi 1-Chome Naka C Project, and the second phase of Takanawa Gateway City, The Linkpillar II is scheduled for completion.
Additionally, the redevelopment of the Oimachi station front area will deliver mixed-use towers and public green spaces, further transforming the Takanawa and Shinagawa & Osaki submarkets.
Looking further ahead to 2028, the Marunouchi & Otemachi submarket will welcome the iconic Torch Tower, the tallest office building in Japan, as part of the Tokyo Torch project. This development is expected to transform the northern edge of Tokyo station and attract high-profile tenants. Other significant projects include the redevelopment of the Tokio Marine Nichido Building and the head office of MUFG, which will add premium modern office space to the market. Despite the optimistic outlook, several risk factors could impact the market’s stability. Labour shortages, new regulations on overtime construction work, and inflation may cause delays in delivering new supply and increase construction costs. These factors could also affect tenant relocations, with some companies potentially postponing office moves due to elevated initial moving costs.
Takanawa Gateway City Station
JAPAN
Presenting the AIA Building: A workplace designed for wellbeing
The company prioritises employee wellbeing with a new Hong Kong headquarters featuring a running track, gym, and sustainable design elements.
AIA Group Limited (“AIA” or the “Group”) opened its redeveloped group headquarters in Hong Kong in May 2024. The AIA Building was Hong Kong’s first urban campus and is wholly owned and solely occupied by AIA. As the largest pan-Asian life and health insurer, AIA serves millions of customers across 18 markets in the region. In addition, AIA is recognised as an employer of choice across its markets. With its Purpose to help people live Healthier, Longer, Better Lives, the Group has devoted significant resources to creating workspaces that reflect this Purpose and benefit employee wellbeing. Exemplifying this is AIA’s state-of-the-art urban campus, which provides an engaging workplace environment to nurture the best talent in the industry.
Focus on employee wellness
The AIA Building will be home to around 1,800 employees at full capacity. The 22-floor campus features a 200-metre indoor running track, a continuous 80-metre atria staircase, fully equipped gym facilities, a multi-purpose sports hall, and full-service employee canteen.
A model for sustainable design
Environmental, Social and Governance considerations were core to the redevelopment of the building, which obtained leading green building credentials, including platinum ratings on LEED, WELL, and BEAM+ precertifications. Sustainability features include 80 electric vehicle chargers, rooftop solar panels, and a biodiesel generator with self-sustaining power supply.
AIA's newly redeveloped headquarters at 1 Stubbs Road in Wan Chai, Hong Kong
PROPERTY OUTLOOK: RETAIL
Redevelopment a toss-up between city retail, CBD offices
Singapore's incentive programme for redevelopment projects has put a spotlight on office and retail properties, particularly in the Central Business District and Orchard shopping belt. For those planning to leverage these incentives, Real Estate Asia compiled expert opinions to help evaluate which area and type of asset presents better investment opportunities.
Many opportunities thrive within the Orchard shopping belt, encompassing Orchard, Somerset, Dhoby Ghaut and Tanglin. Property yield which an investor can enjoy [for office buildings] on day one is around three and a half per cent, whilst retail shopping centres is maybe near four-and-a-half per cent,
Jeremy Lake, managing director of Investment Sales and Capital Markets at Savills, said retail shopping centres offer higher rental yields than office buildings.
“Property yield which an investor can enjoy [for office buildings] on day one is around three and a half per cent, whilst retail shopping centres is maybe near four-and-a-half per cent,” Lake told Real Estate Asia.
Whilst retail offers a higher rental yield, Lake underscored that there are not very many opportunities within the sector as assets are “quite tightly held.” In comparison, the office market has a “few deals around.”
Retail assets are also harder to manage as they require a “skill set in terms of curating the right tenant mix,” said Lake. “Office buildings are more straightforward.
Retail opportunities
Despite the need for more asset management , investors continue to find retail shopping centres appealing.
The Orchard shopping belt, for one, has seen quite a number of activities including the sale of Delfi Orchard to City Developments Land; Tanglin Shopping Centre to Pacific Eagle Real Estate; and Ming Arcade to Royal Group of Companies.
These properties are all ripe for redevelopment, which means that their buyers did not buy for “immediate rental returns.” The opposite is the case for suburban retail assets.
“The suburban mall retail opportunities that we have seen transacted over the last couple of
years are existing shopping malls. The owners or purchasers will retain them and operate them as they are for the foreseeable future. They’re buying for the income,” Lake said, adding that the income return for such properties could be in the four-anda-half percent range.
“The suburban malls, people are buying for the existing building and the cash flow; whereas the deals we’ve seen along Orchard have been for redevelopment ," Lake shared.
Orchard sub-precincts
Many opportunities thrive within the sub-precincts of the Orchard shopping belt, encompassing Orchard, Somerset, Dhoby Ghaut, and Tanglin.
Charmaine Koh, senior analyst of Research and Consultancy at JLL Singapore, said redevelopment initiatives in Somerset, Dhoby Ghaut, and Tanglin, and the presence of luxury brands and flagship stores in Orchard, render these sub-precincts prime investment hotspots.
Apart from housing more luxury and flagship stores, the Somerset and Orchard sub-precinct also boasts activity-based attractions.
Trifecta, an action sports facility situated between Somerset Skate Park and Killiney Road, opened its doors in October, 2023. In the heart of Orchard Road, Lendlease Global Commercial REIT will launch a 3,000-person indoor multifunctional event space, hosting concerts, events, and innovative food concepts.
On the other hand, the Dhoby Ghaut sub-precinct is poised to attract families with its transformation, integrating green spaces into its revitalisation efforts. Dhoby Ghaut will see an integration of a 500-metre “pedestrianized” stretch between Buyong and Handy Roads along Orchard Road.
Meanwhile, the Tanglin subprecinct will also see a wave of redevelopments which will offer retail opportunities, including Ming Arcade, Tanglin Shopping Centre, Forum The Shopping Mall, Voco Orchard Singapore, and HPL House.
Michelle Tee, director of JLL Research & Consultancy based in Singapore, believes the Strategic Development Incentive (SDI) Scheme of the Urban Redevelopment Authority (URA) propelled these sales.
Retail opportunities abound Orchard's four sub-precincts
Building trust, creating value
By setting industry benchmarks, emphasising transparency, leveraging technology, fostering investor confidence, and promoting sustainability, DLD supports Dubai’s vision of becoming a global real estate leader.
Dubai Land Department is the government entity responsible for overseeing all real estate activities in Dubai. Our mission is to create a transparent, efficient, and sustainable property environment that attracts investors and ensures the highest transactional standards.
Why Dubai Land Department:
• Market Leader: As a pioneering government entity, DLD sets the benchmark for real estate excellence regionally and globally.
• Regulation and Transparency: We insist that all real estate proceedings are conducted with openness and integrity.
• Innovation and Technology: By leveraging advanced technologies, DLD streamlines processes and enhances user experiences.
• Investor Confidence: Our robust legal framework and comprehensive services foster a secure climate, attracting global investors.
• Sustainable Development: DLD promotes sustainable practices and innovative solutions to support Dubai’s vision of becoming a global real estate leader.
Connect with Us: Visit our website at Dubai Land Department to learn more about our services, initiatives, and how we are shaping the future of real estate in Dubai.
By leveraging advanced technologies, DLD streamlines processes and enhances user experiences
SECTOR REPORT: BURIALS
Funeral niche crisis pushes HK towards green burials
Companies may offer boat trips for scattering ashes as interest in green burials rises.
In Hong Kong, the competition for space extends beyond the living to the deceased. It’s been hardly discussed, but there is a critical shortage of niches.
The government, though, has put a positive spin on the situation by promoting green burials, raising hopes for a very acceptable solution for modern residents.
Under a green burial, cremated ashes are scattered in designated waters or in Gardens of Remembrance (GoRs). There are 13 GoRs under the management of the Food and Environmental Hygiene Department (FEHD).
By 2025, Hong Kong will see an additional GoR in the Shek Mun Columbarium in Sha Tin.
Data from the FEHD shows that since 2013, green burials have become increasingly popular amongst Hong Kong residents, with the number of cases rising from 3,400 to 9,400 by 2023. In that year, green burials accounted for 16.5% of all deaths.
Key players in the field have embraced this more sustainable approach to burial. Amongst those
It establishes a permanent connection with the natural world at the final moment of life, leaving behind a better world for future generations
that have implemented green burial facilities are cemeteries managed by The Board of Management of the Chinese Permanent Cemeteries, The Hong Kong Chinese Christian Churches Union, and the Hong Kong Buddhist Association.
Notable examples include Junk Bay Chinese Permanent Cemetery, Pokfulam Chinese Christian Cemetery, and Hong Kong Buddhist Cemetery in Cape Collinson.
The Diocesan Board of Catholic Cemeteries launched its “Burial of Cremated Ashes” program in the Garden of Remembrance at St. Raphael’s Catholic Cemetery starting on May 1. Meanwhile, the Tao Fong Shan Service Unit is actively planning to construct green burial facilities at its cemetery.
innovative devices for scattering ashes in Gardens of Remembrance or at sea. Additionally, companies can support the initiative by creating commemorative keepsakes, transforming small amounts of ashes into items such as crystals, diamonds, gemstones, or photo frames.
Traditional vs green
Comparing green burials against traditional burials, the FEHD noted that the former incurs relatively lower costs and offers a simpler and faster application process.
Alan Leung, director of Hong Kong Funeral Logistics, echoed this, saying the cost of a green burial will only be around US$2,300 (HK$17,933) more or less.
Leung said many Hong Kongers are also opting for green burials for financial reasons.
Green burials also allow the remains of humans to “return to nature,” which Leung said hold a “significant meaning.”
“[It] establishes a permanent connection with the natural world at the final moment of life, leaving behind a better world for future generations,” the FEHD shared with Real Estate Asia. Hong Kong’s green burials, however, are not just scattering of ashes. It encompasses the use of eco-coffins and opting for simple and environmentally friendly funerals in hospitals.
Leung said eco-coffins use pure wood, instead of metal, glass or PVC plastic. Having eco-coffins is now part of the criteria for licensing in Hong Kong, he added.
Meanwhile, the FEHD said the living may also opt for using fresh flowers as offerings instead of burning joss paper, during ancestral worship practices, engaging in electronic worship, and offering digital offerings to make burials more sustainable.
The government is also encouraging private entities to support green burial practices by offering services or related products, such as private boat or vessel trips for scattering ashes in one of the three designated waters.
FEHD also suggested that companies in the sector develop
The FEHD said the promotion of green burial will help support the sustainable development of Hong Kong in the long run as “land resources that demand burial facilities could be released for other purposes.”
Leung believes that the adoption of green burials will even grow in Hong Kong, saying that it may soon account for up to 20% of deaths in the city in a couple of years.
The Pokfulam Chinese Christian Cemetery has started to implement green burial facilities and services
Alan Leung
The Future of ESG in Design & Architecture
Gensler’s comprehensive ESG strategies ensure buildings not only minimise environmental impact but also enhance social welfare and adhere to high governance standards.
Amidst escalating climate change impacts, societal challenges, and growing governance concerns, the design and architecture industry faces increasing pressure to adopt responsible practices. As communities worldwide experience the tangible effects of climate change, the demand for resilient and eco-friendly building solutions has never been higher. Simultaneously, society's calls for greater inclusivity, equity, and community well-being are reshaping expectations for industry leaders. Governance concerns add to these pressures, with stakeholders demanding more transparency, accountability, and ethical behaviour in corporate operations. Together, these forces drive the design and architecture industry to innovate as well as implement comprehensive ESG strategies, ensuring that buildings not only minimise their environmental impact but also improve social welfare and adhere to high governance standards.
Declarations and Global Warming Potential limits for specified materials, Gensler ensures rigorous scrutiny of the environmental impact of its projects.
The GC3 initiative also emphasises transparency and accountability in carbon emissions reporting. By standardising carbon measurement methodologies and fostering industry-wide knowledge-sharing, Gensler bridges the gap between aspirational
Environmental stewardship through GC3
At Gensler, environmental stewardship is central to our brand. The Gensler Cities Climate Challenge (GC3) serves as its roadmap to help clients reach their carbon targets and achieve the company’s goal of making every building in its portfolio net zero carbon. Achieving carbon neutrality involves eliminating or offsetting all CO2 emissions from the built environment. The GC3 focusses on minimising two primary sources of emissions: those related to using buildings (operating carbon) and those related to constructing buildings (embodied carbon). Operational energy, accounting for 72% of a building’s energy consumption, is a primary focus of GC3. Gensler employs a multifaceted strategy to reduce this consumption, including right-sizing buildings, decreasing energy use per square foot, and increasing onsite renewable energy production. Embodied energy, which makes up the remaining 28% of a building’s energy consumption, involves the energy used in producing and transporting building materials. Gensler addresses this through meticulous material selection, favouring low- and zero-impact materials and promoting the reuse of existing buildings. By implementing Environmental Product
Gensler is dedicated to creating a better world through the power of design
goals and tangible actions. This systematic approach, applied across more than 6,000 projects annually, leverages Gensler’s scale to drive significant progress in climate action.
Social impact through community initiatives
As stewards of local communities, Gensler is dedicated to creating a better world through the power of design. Across every Gensler office, team members donate their time, skills, and passion to their communities through volunteer service, as well as pro bono and low bono work. Gensler firmly believes that prioritising people leads to a better world for everyone. This dedication is demonstrated through their collaboration with the Singapore Association for Mental Health (SAMH), where the firm designed SAMH’s latest integrated centre, Space2Connect, as a pro bono project. Gensler’s Singapore Community Impact Team partnered with SAMH to create a space that embodies the ethos
of healthy connections and holistic well-being. The design approach prioritised user familiarity and safety, whilst incorporating elements that resonate with the local culture to create a welcoming and supportive environment.. Since its opening in 2023, Space2Connect has successfully hosted a variety of programmes aimed at enhancing mental health and resilience. The positive feedback from SAMH’s project team, end users, and corporate partners attests to the project’s success in meeting its goals. By leveraging its design expertise, Gensler has made a tangible difference in the lives of community members, exemplifying the firm’s belief in the power of design to create positive social change.
A comprehensive ESG framework
Gensler’s ESG efforts are encapsulated in its annual ESG report, which sets a new industry benchmark for integrating environmental, social, and governance goals into core operations. The 2023 report, which earned the ESG Initiative of the Year trophy at the Real Estate Asia Built Environment Awards, highlights Gensler’s commitment to sustainability, diversity, equity, and inclusion.
Gensler’s ESG initiatives reflect a holistic approach to sustainability and social and governance responsibility. By integrating rigorous environmental standards and fostering community well-being, Gensler not only addresses the pressing challenges of our time but also sets a new standard for the design and architecture industry. Through these efforts, Gensler continues to demonstrate that thoughtful design can drive meaningful change, creating a better world for future generations.
Viettel Group’s HQ in Vietnam was designed with a strong focus on sustainability, reflecting the client’s commitment to environmental stewardship and urban biodiversity
SAMH’s new integrated centre, Space2Connect, located in Singapore
Ayala Malls tries on digital changing rooms
Interactive displays will allow customers to visualise products in real-world settings.
Imagine effortlessly seeing how an outfit suits you without stepping into a fitting room. At Ayala Malls in the Philippines, shoppers will soon be able to visualise whether an outfit is a perfect fit without the hassle of physically trying on garments. All they need to do is step inside a digital changing room equipped with screens for virtual try-ons.
Ayala Malls is integrating interactive technology, such as augmented reality (AR), to create immersive shopping experiences in its extensive redevelopment of flagship properties. The properties set for redevelopment include Glorietta, Greenbelt, TriNoma, and Ayala Center Cebu.
"Some of the aspects of those malls are over 30 years old, and the impacts of recent changes have made us look at a call to action. Customer habits and preferences have evolved, and we feel it’s a perfect opportunity to usher in a new era for Ayala Malls and a new experience for our customers," Paul Birkett, chief operating officer of Ayala Malls, said in an interview with Real Estate Asia magazine.
Central to this redevelopment are experiential stores that merge shopping with the latest technological innovations. Aside from the digital changing rooms, these new retail concepts will feature a variety of interactive elements, such as AR, allowing customers to enivsion products in real-world settings.
There will also be interactive displays will provide real-time product information and personalised recommendations, creating a dynamic and engaging retail environment.
"We’re working on spaces with major brands to create multi-level retail stores in spaces that have previously not been considered," Birkett added. "We want these to be one of a kind and first in the Philippines."
He mentioned that their team is actively exploring both physically and digitally around the world to ensure they surpass the highest standards. "We’re gathering insights, meeting retail concepts and mall developers. We want to see what the rest of the world is doing and what has relevance back here in the Philippines," he said.
Redefining ‘third spaces’
Birkett said Ayala Malls plans to redefine “third spaces”— areas beyond home, work, or school — aiming to set a new standard in retail. The goal is to create exciting and memorable environments for Filipinos where they can interact with each other and their favorite brands.
Currently, the retail industry faces a paradox of space where retailers struggle with having too much space that does not meet their needs and not enough of the right-sized space.
“The development of experiential retail, the advent of just in time logistics, AI based sales projections mean that
retailers need more focus on shop floor spaces, selling space, and less space driven to inventory storage,” he noted.
The redevelopment will include updated mall interiors and exteriors, with modern aesthetics and improved navigation. Lush greenery and open spaces will be incorporated to enhance the mall environment.
New designs will feature pop-up areas for temporary shops and unique experiences, as well as multifunctional spaces that showcase emerging brands and local artisans. The introduction of themed environments, amusement parks, and cultural exhibitions will further enrich the mall experience, making it a destination for both leisure and discovery.
Aside from attracting shoppers, Birkett emphasised the aim to create dynamic mall environments that inspire and challenge merchants to innovate continuously.
We have transitioned our online platform to be a bit more personalised in terms of shopping services and experience
Ayala Malls experienced strong double-digit growth in 2023, with footfall rebounding significantly post-pandemic.
“It continues to be a strong period, and I guess that's where the caution is needed during these refurbishments that we can’t damage as people’s businesses are growing so strongly after so many years of difficulty during the pandemic,” said Birkett.
He said the positive trend continues in 2024, with many new international brands signing up.
Paul Birkett, chief operating officer of Ayala Malls
PHILIPPINES
SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
There is a troubling misconception about the scope of work of interior designers in Singapore. It is such that practically anyone — even celebrities from renovation programmes or influencers who have built their own homes and gained a following — can seem to pose as one.
The Society of Interior Designers Singapore (SIDS) has decided to blow the whistle and rightfully elevate the profession through accreditation and education programmes.
Under the accreditation programme of the SIDS, interior designers are evaluated and certified based on their work experience portfolio and academic qualification. The professionals can be accredited in three different tiers, with the first tier being the highest.
Through the programme, SIDS aims to distinguish qualified professionals from untrained individuals. This is particularly important since interior designers, unlike registered architects, do not undergo a formal registration process.
More stringent accreditation
In an interview with the publication, SIDS President and Founder and Managing Director of the Spirit Of Design Analogy (SODA) Tung Ching Yew said the organisation plans to expand the accreditation criteria as the industry progresses, making it more stringent.
“This expansion of accreditation criteria may cover other areas of expertise within the interior design field. This is to ensure that our scheme remains relevant and comprehensive when we are assessing the applicant,” Tung told Real Estate Asia magazine
To speed up accreditation, SIDS has been working on setting up a digital accreditation platform that will streamline the application and review processes.
“Right now, it takes a longer time to do the assessments, so some designers may have to wait up to six months to receive their accreditation status, but with this digital platform we hope to reduce the reviewing process to two months,” the interior design expert added.
Since its introduction in 2021, the SIDS accreditation programme, SIDAS (Singapore Interior Designers Accreditation Scheme), has significantly elevated the profession and increased public confidence in professionals in the field, he said.
“Homeowners and businesses are now more confident working with accredited interior designers because they know these designers have gone through the evaluation from SIDS. And we have a very stringent criteria,” Tung said.
Demonstrating the programme’s impact, one of the SIDS-accredited designers received and closed at least five inquiries. “That five projects have led to more referrals and expanded the designers’ whole business in less than two years,” Tung said.
He is hopeful that more players in the private and public sector recognise the SIDS accreditation framework. In this regard, what they can do is incorporate the accreditation
This will ensure that only qualified and accredited interior designers are considered for projects
framework as part of their preferred requirement for standard submissions in tenders.
“This will ensure that only qualified and accredited interior designers are considered for projects. This way we can uphold the standards and credibility of the profession,” Tung said.
In the residential space, he told Real Estate Asia that he hopes more homeowners prioritise engaging accredited interior designers for their renovation.
“This will ensure that they are working with professionals who have been thoroughly vetted and possess the necessary qualifications and expertise, so they can have peace of mind and be guaranteed high-quality design solutions,” he said.
Education and awareness
Another misconception that the accreditation helps to quash is on the professional roles of interior designers.
According to Tung, a lot of end users perceive interior designers as the contractor as well. Some contractors also attempt design work, which risks the profession, especially if they fail to complete projects, which damages the reputation of the interior design industry.
“Professionally, contractors are builders who are an integral part of the design ecosystem, but they are managed and instructed by interior designers. It’s important to have this distinction between contractors and the designers. The builder should not adopt the professional titles as an interior designer,” Tung said.
As of now, SIDS has been working on educating the public on the visionary nature of interior design, saying that the profession goes beyond space planning and choosing materials. SIDS has been embarking on a campaign to educate the public about the true scope and depth of the interior design profession.
Tung Ching Yew, Society of Interior Designers SIngapore (SIDS) President SINGAPORE
Older office buildings adopt open protocol systems for energy management
Experts also point to usage of building management systems for energy-saving opportunities.
Office building owners in Singapore are increasingly turning to open protocol systems for energy management to enhance efficiency and reduce environmental impact.
Samuel Han, head of Energy & Sustainability Management at Savills Singapore, said owners can seamlessly integrate new energy systems with older infrastructure by leveraging open protocols, which facilitate easy connections between equipment as long as application programming interface connections are permitted.
“For energy systems, recently they are all open protocol,” he told Real Estate Asia
Open protocols, openly published and accessible to all, are supported by various entities including corporations, user groups, professional societies, and governments. This support broadens users’ options for devices or systems tailored to their specific needs, as per a Schneider Electric report.
In building management systems (BMS), open protocols provide benefits such as widespread support from manufacturers and software vendors, availability of diverse third-party software, streamlined communication with subsystems, active community support, and future
For older buildings, they have greater benefits of installing the energy systems, because they will have higher payback
adaptability.
Amidst the challenges posed by old buildings, Han said their inherent efficiency often yields significant returns once modernised, making them prime candidates for energysaving upgrades.
“For older buildings, they have greater benefits of installing the energy systems, because they will have higher payback. This is due to greater energy savings as older buildings tend to be less efficient,” he said.
Building management systems
Additionally, Han recommended utilising BMS for data analysis, empowering stakeholders to pinpoint energy-saving opportunities.
BMS are integral systems designed to control and monitor crucial energyconsuming components within buildings, including HVAC (heating, ventilation, and air conditioning), lighting levels, and security systems.
The expert also underscored the importance of addressing energy consumption, particularly attributed to HVAC systems, which can account for up to 70% of energy bills.
“We have to tackle that equipment to make it more efficient, and for an inefficient building to become an efficient building, it could save them 30% to 50% of the
energy bills,” he said.
For Han, the key lies in a comprehensive approach that integrates regular maintenance protocols for essential equipment in plant rooms alongside sophisticated data tracking mechanisms, often supported by artificial intelligence (AI) solutions.
He said the transformation in the landscape of energy management in office buildings, where AI assists with fault detection and provides automated solutions, reduces manual labour.
New technologies
Office building owners have also increasingly embraced innovative technologies.
“The multi-comparison chiller, which operates efficiently under low occupancy levels, and IoT sensors that enhance data collection and analysis, have become increasingly popular,” Han said.
The expert also pointed out the importance of educating tenants on conservation through targeted initiatives.
“And from there, we can analyze and see where the shortfall is or where the low-hanging fruits are. They can do energy retrofits to better save their energy, and also to educate the tenants on energy and water savings by sticking posters on the walls, to educate them better on the importance of the environment,” he said.
“Awareness and understanding of energy data are key to identifying savings opportunities, and tenant education can foster a culture of sustainability,” Han advised.
Singapore’s commitment to optimising energy consumption and reducing environmental impact is evident through initiatives such as adopting solar photovoltaic systems and pursuing green building certifications like BCA’s Green Mark and LEED, alongside data-driven energy management, optimised HVAC systems, and efficient water and lighting usage.
Owners of old office buildings can integrate new energy systems by leveraging open protocols
SINGAPORE
Samuel Han
HONG KONG
GLOBAL I&T HUB
Nurturing success of 12 unicorns
Source: HKSTP, May 2024
CEO Justin Quek steers OrangeTee to real estate centered around customers
A step toward this commitment is the launch of the consumer-centric event ‘Property Festival’.
When Justin Quek assumed the role of CEO at OrangeTee, one of his primary objectives was to make the once agent-centric business into a more “consumer-centric” one.
“A lot of agencies have focused very much on the agents for many years, but as you can see the consumers are being more empowered today. We would like to join in that ball game as well because if you don’t empower the consumer, the consumer has many alternatives,” Quek shared in an interview with Real Estate Asia magazine.
One of the ways Quek plans to deepen the agency’s focus on consumers is through a “Property Festival.”
Whilst Quek cannot divulge the details of the festival just yet, a whole lot of planning is put into staging this breakthrough event in the third quarter of the year.
What the festival promises attendees is that it will be a consumer-centric event reeling in real estate enterprise leaders for a learning engagement all about property and related topics.
“A lot of players in the industry like to do seminars where they’ll have a big ballroom full of people learning how to invest in property. I think education is important and we will still continue to do that but that has become, I would say, a secondary piece today,” Quek said.
The festival will also be a gathering of OrangeTee’s strategic partners including mortgage and financial partners and property listing platforms, he said, adding that it will be an avenue for their agents to reach out to new prospects as well.
Focusing on the 3Ps
Partnerships, alongside improving presence and productivity, are also one of OrangeTee’s main focuses this year, said Quek.
“We’ve realised that OrangeTee actually has, even at our shareholder level, very interesting and formidable partners just right at our doorstep. So that’s something we intend to also play on,” he said. Partnerships are a way for the company to expand its income verticals, he added.
“A lot of businesses focus solely on selling local properties and just looking at ‘buy, sell and rent.’ We plan to actually look at expanding our overseas portfolio with a strong Singapore dollar in our favour. Singaporean buyers today are a lot more open-minded about investing overseas. So we want to make sure that we’re able to also cater to that preference,” Quek said.
To forge new partnerships and improve OrangeTee’s presence, the company will also undergo a brand refresh which will include a new logo for the brand to be launched in February. “After over 20 years of being in the business, we’re spending quite a bit of effort to come into the industry, again, and come back with a vengeance and a big brand refresh this year,” the CEO shared.
Revamp
OrangeTee will not just go through a refresh on the outside, said Quek, adding that there will also be a revamp in the company internally. “We realised also previously with the existing agency that a lot of the agent leaders were going about doing
If you don't empower the consumer, the consumer has many alternatives
their own thing, which means you have one company, but not a collective because everybody's going about doing their own business. One way for us to really make an impact on the business this year is really to form a proper collective,” he said, expounding on his vision for the company.
The CEO said OrangeTee now has an agency management committee to engage key leaders of the business, as well as the company’s younger leaders. “We are likely the agency with probably one of the highest median ages today, because we do have some of the most senior agents with us, we are also intending to change that,” Quek said, emphasising that younger agents are also relevant to younger customers of today.
“If you read the most recent reports, most buyers in the market today or last year, in fact, were all under 50. We have to make sure that we also have that relevance in terms of our workforce, our human capital, in the way we brand the company and the way we do things in the company as well, to ensure that we represent ourselves well in catering to the emerging market segment.” he said.
Productivity
Quek believes all the changes he plans to introduce will eventually lead to better productivity of OrangeTee’s 2,833 agents.
“We want to drive productivity per capita or the amount of money per agent makes in this business. You can either do this by more quantity, or more quality. We intend to do both,” the executive shared with Real Estate Asia
Justin Quek, OrangeTee CEO SINGAPORE
Building Better for People and Planet
ARCHITECTURE LUMINARIES
Singapore’s 20 most notable architecture professionals under 40
In search of the best architecture professionals under 40, Singapore Business Review reached out to more than 25 architecture firms in the country.
After rigorously reviewing nominations from the firms, nine women and 11 men made it to the final cut. Agents on this year’s list come from Swan & Maclaren Architects, SAA Architects, Surbana Jurong, RSP, DP Architects, DCA Architects, ONG & ONG, and CPG Consultants. Leading the pack is RSP, with six representatives. The youngest on the list is from Swan & Maclaren Architects.
This year’s awardees designed and managed large-scale projects like Woodlands Health Campus, Mercure ICON Singapore City Centre, Pasir Ris Mall, CapitaSpring, Changi Airport Terminal 4, One Holland Village, and the restoration of the Tanjong Pagar Railway Station. One of the awardees is managing the residential strata for the CanningHill Piers project, the tallest residences along the Singapore River.
This year's list also includes four Green Mark Accredited Professionals (GMAP).
Here are this year’s awardees, arranged from youngest to oldest.
Chris is respected for his expertise in innovative design and urban planning. He has led large-scale projects with values ranging from SG$70m to SG$450m. Chris was responsible for the conceptual design, tender documentation, and contract administration for projects like Tampines Green Emerald, Punggol Point Cove, and Bukit Merah Ridge. His sensitive approach to the urban context works towards creating vibrant communities, as demonstrated in his role as Lead Design Architect for the Tengah Plantation Edge and Matilda Riverside residential projects.
Cheska holds a Master in Architecture and Sustainable Design from the Singapore University of Technology and Design. At Swan & Maclaren Architects, Cheska plays a key role in projects such as Bedok and Keppel public housing developments and the Katho Temple that won the Bronze and Luminary awards for Best in Public Space Design from the Society of Interior Designers Singapore. Cheska is involved in international projects at Swan & Maclaren, including Thailand medical centres and office towers in Bangladesh.
4
Graduated with a Master of Architecture from the National University of Singapore,Samantha is a Registered Architect known for her balance of innovation and user-centric design. She seamlessly integrates regulatory requirements whilst prioritising sustainability and inclusivity. Her experience with EPIC Homes, where she built homes for Orang Asli families, deepened her commitment to community-focused architecture. Her key projects include Grand Park City Hall and Mandai Bird Paradise.
Kenny is a Young Leader in BCA's BuildSG LEAD programme, with skill sets rooted in architectural design and research. His early experience as a commercial graphics entrepreneur has equipped him to manage stakeholder demands and diverse teams competently – valuable capabilities that now support his work on large-scale projects. These include the 34-storey Labrador Tower and the award-winning HomeTeamNS Bedok Reservoir Clubhouse, which have been recognised for their green design features.
5
Soh Yong is a registered member of the Singapore Board of Architects. She specialises in healthcare design across Singapore and the ASEAN region. Soh Yong has previously played an important role as Healthcare Planner for Woodlands Health Campus, where she coordinated design and implementation. Currently, she oversees project execution and coordination for the Tanjong Katong Nursing Home development as Project Architect. Soh Yong constantly works to emphasise compassionate, user-centered design in healthcare environments.
3 Chris Cheng Wai Look, 32, Surbana Jurong Pte. Ltd
Samantha Wong 35, RSP
Soh Yong LAU 36, SAA Architects
Amitabha Communal Centre
Bird Paradise
Labrador Tower
Tanjong Katong Nursing Home
Bukit Merah Ridge
ARCHITECTURE LUMINARIES
Since joining SAA in 2015, Caroline has designed and managed major projects like the Sengkang Grand mixed-use development and Woodlands Health Campus. Her analytical skills and keen awareness of social, environmental, and economic factors have led to wins in master planning competitions for Ulu Pandan East, Jurong Lake District, and Hougang Nursing Home. Registered with the Singapore Board of Architects, she has also worked on JTC Bulim and ExxonMobil Jurong New Building, ensuring strict safety and design standards in these industrial developments.
Matthias, a Taylor’s University Architecture graduate, excels in collaborative design, integrating architects and engineers for project success. With a Green Mark Accredited Professional (GMAP) certification, he has worked on diverse sectors including institutional and residential developments. Key projects include the Dunearn 386 residential project, Angel Playing Cards Factory, and the National Archives Singapore. Matthias remains committed to advancing the architectural field through meticulous planning and innovative problem-solving.
Zi Hua is a registered architect who is passionate about sustainability. Her portfolio includes both architectural and interior design along with community impact assessment and behavioral research. Zi Hua is currently managing the residential strata for the CanningHill Piers project, a luxury development in collaboration with Bjarke Ingels Group (BIG), and would be the tallest residences along Singapore River. At DP Architects, she is pushing for automation in residential design processes for greater efficiency.
A registered member of the Singapore Board of Architects, Clarence has most recently completed seven years of work on the Woodlands Health Campus, Singapore's largest integrated healthcare facility. He excels in detail-oriented problem-solving and stakeholder management, evident by how he skillfully integrated complex systems on the award-winning Changi Airport Terminal 4 project and navigated numerous healthcare and stakeholder requirements in Woodlands Health Campus. Clarence's experience enhances his design and project skills.
Jocelyn, with a Master’s in Architecture from the University of New South Wales and over a decade of experience, has shaped awardwinning projects like the SIT Punggol Campus Court with Super Low Energy buildings. Her portfolio includes Mercure ICON Singapore City Centre, Alexandra Hospital Healing Campus, and Lions Home for Elders. Inspired by her childhood in under-resourced elder care, Jocelyn is dedicated to revolutionizing healthcare design. She employs advanced technologies to create eco-friendly and community-focused spaces.
Chee Kean, a Registered Architect with a Master’s from the National University of Singapore, has been active in the architectural consultancy field since 2014. He has been working on Pasir Ris 8 and Pasir Ris Mall, an integrated development featuring residential, civic, community, and healthcare spaces. As a Green Mark Accredited Professional, Chee Kean advocates for sustainable design and serves on the Singapore Institute of Architects' Fire Safety and Security Sub-Committee.
6 Caroline Law Xiu Ying, 36, SAA Architects
7 Tan Zi Hua 36, DP Architects
8 Jocelyn Yong 36, RSP
9 Matthias Fabian Alexander, 37, RSP
10 Clarence Foo 37, SAA Architects
11 Lim Chee Kean 37, DCA Architects
CanningHill Piers
Woodlands Health Campus
SIT Punggol Campus Court
Pasir Ris Mall
Jurong Lake District Central Park
National Archives Singapore
ARCHITECTURE LUMINARIES
Jenabi, a registered architect with DP Architects since 2013. He specialises in transport projects, focusing on station optimisation and spatial planning to reduce environmental impact. His experience includes elevated and underground MRT stations and the expansion of Kim Chuan Depot, recognised as the world’s largest underground train depot. He has been working on the Cross Island Line’s Teck Ghee and Elias MRT Stations, and the Jurong Region Line’s Enterprise and Tukang MRT Stations.
Qin You has refined her design skills through diverse projects, from high-end residential to large-scale commercial ventures. She now leads significant commercial and civic addition and alteration projects. She had a pivotal role in CapitaSpring, an iconic project that showcases her proficiency in blending innovative design with functional excellence. Qin You is dedicated to understanding how the built environment influences interpersonal dynamics, viewing design as a transformative force that shapes lifestyles and communal interactions.
Wei Sheng has contributed to projects like St Joseph's Church and the Old Tanjong Pagar Railway Station. With experience across various typologies, including hospitals, community centers, and conservation projects, he excels in translating design concepts into reality. Wei Sheng emphasises the importance of clear communication through drawings and models to convey architectural ideas. Committed to continuous learning and adaptability, he aims to explore architectural education in the future, enhancing the field's relevance and impact.
Caijin, is a seasoned architect with over 15 years of experience. She joined CPG Consultants in 2010 after earning her Master of Architecture from NUS and became a Qualified Person (QP) in 2015. She has led significant projects like JTC Summit, Ng Teng Fong General Hospital, and Mandai Rainforest Park. Passionate about functional and inclusive design, Caijin focuses on enhancing communities through meaningful spaces, particularly in schools and parks, and is dedicated to mentoring future architects.
With over a decade of experience, Eugene specialises in diverse projects including academic, healthcare, commercial, retail spaces. His recent work focuses on infrastructure of the Cross Island Line (CRL). He also leads two station projects for Bangkok's MRT Purple Line South and will oversee three stations along the city’s MRT Orange Line West. Eugene's passion for architecture is driven by its impact on socioeconomic development of countries and the everyday commuter. In his spare time, he volunteers as a camp teacher.
Jeffrey excels in residential and mixed-use design, having contributed to projects across Singapore, China, and Malaysia with SAA since 2010. He has led major developments like Sky Green Condominium, Commonwealth Towers, and the award-winning Eastlink I & II @ Canberra. He is presently one of the design leads for Ulu Pandan Banks, a public housing project known for its thoughtful contextual design. Jeffrey’s versatility extends to largescale projects such as Woodlands Health Campus, Changi Airport Terminal 4, and Penang's Marriott Hotel.
12 Jenabi Ling 37, DP Architects
13 Tan Wei Sheng 37, ONG & ONG
14 Eugene Fong 38, DP Architects
15 Chin Qin You 38, RSP
16 Huang Caijin 39, CPG Consultants
17 Jeffrey GonzalesCalayo, 39, SAA Architects
St Joseph's Church
Ng Teng Fong Hospital
Bangkok's MRT Purple Line South
Ulu Pandan Banks
Cross Island Line’s Teck Ghee MRT Station
CapitaSpring
With over a decade of experience, Lim Huijuan is a dependable and driven architect, whose notable works include the Cyan condominium, Pavilion Park landed housing, One Holland Village mixed development, and MINDEF Annex. Huijuan excels in managing resources and delivering projects on time and within budget, always considering the end-user's perspective to enhance design and functionality. Outside work, her passion for long-distance cycling and dragon-boating has honed her discipline and teamwork.
Shaziran is a creative and accommodating architect known for fulfilling client visions while navigating budget and site challenges. His project management excels in clear communication, using precise emails and graphical notes to ensure effective collaboration with consultants, contractors, and clients. Shazi skillfully analyses projects to prioritise tasks and manage timelines, contributing to major projects like Funan, One Holland Village commercial and residential development, St Regis Hotel and Service Residential A&A Works. 18
A registered architect with 13 years of experience, Kai Loong’s diverse portfolio includes educational facilities, public spaces, commercial offices and hospitality projects. Since joining DP Architects in 2019, he has planned, designed and developed the new CMPB, a landmark project with sustainability strategies and integrated communal spaces, awarded with the Green Mark Platinum Super Low Energy certification. Kai Loong's design philosophy focuses on harmonising the natural and built environments to create impactful spaces.
CMPB
Funan
One Holland Village
REAL ESTATE LUMINARIES
Singapore’s 20 most notable real estate agents under 40
In search of the best agents under 40, Singapore Business Review reached out to more than 30 property firms in the country.
After rigorously reviewing nominations from the firms, four women and 16 men made it to the final cut.
Agents on this year’s list come from Colliers, Savills, Huttons, Mindlink Groups, OrangeTee & Tie, and Edmund Tie & Company. Leading the pack is Huttons, with six representatives. The youngest on the list is from Colliers.
Realtors in the mixed-used market took the lead, taking six spots.
This year’s awardees are million and billion sellers and have handled big clients such as Warner Bros, Citi, DBS, OCBC, and UOB.
Notable transactions by this year's awardees include a record million-dollar sale in Serangoon and a sale-leaseback in Jurong Industrial Estate.
Here are this year’s awardees:
Charles specialises in tenant representation. In just 2.5 years with Colliers, he has advised clients on more than 50 transactions, including transactions worth over S$30m and spaces exceeding 50,000 square feet (sqf). Notably, he managed a complex relocation for a renowned F&B brand, future-proofing their office and implementing new ways of working. His track record of success, particularly with high-profile clients, highlights his significant contribution to the real estate industry in Singapore.
During her four years at Savills Investment Sales & Capital Markets, Dayna has successfully transacted over 40 deals totaling SG$861.4m across diverse asset classes, including Good Class Bungalows, shophouses, and industrial units. Notably, she brokered $28.02mworth of commercial properties in Bishan, achieving record prices. Trusted by clients like Warner Bros. Discovery, Dayna provides strategic real estate capital market advisory, assisting family offices, high-networth individuals, and developers.
Swan, a top producer at Huttons, has quickly risen in the private residential property market, despite being in the industry for less than two years. He is a consistent Platinum Award winner in 2024 with over SG$100k monthly in commissions. Swan also recently achieved Huttons Rising Millionaire status for 1H 2024, an outstanding feat. As a Huttons trainer, Swan excels in communication, sharing his insights and research with colleagues, further showcasing his dedication to the field.
Baven, co-leader of ECOLINK at Mindlink Groups, has been a key player in Singapore's real estate market since 2019. He facilitated a record million-dollar sale in Serangoon in 2024. His division offers fixed-rate services, saving sellers significant costs: SG$1688 for HDB, SG$4888 for condos, and SG$8888 for landed properties. Baven's attention to detail, client-focused approach, and strong communication have earned him a loyal clientele.
Shawn Chang specialises in tenant representation. With over 100 successful transactions, he has earned the trust of marketleading clients across diverse industries. Key achievements include managing the relocation of a major legal firm into a new 27,000 square feet office, as well as representing a technology company in their lease renegotiation with a contract value of more than SG$5m. Shawn was recently promoted to Operations Lead for the Tenant Representation team.
1 Charles Lim 27, Colliers International
2 Dayna Ang 28, Savills Pte. Ltd.
3 Swan Htet Oo 28, Huttons
4 Baven Tan Zong Wei 29, Mindlink Groups Pte Ltd
5 Shawn Chang 31, Colliers International
Aloysius, a real estate consultant with nine years of experience, is a top performer at Huttons Group, managing extensive property portfolios and leading a team of nearly 80 agents. Known for his keen market analysis and financial acumen, he excels in maximising client returns through strategic property investments. Aloysius' client-centric approach, integrity, and leadership have established him as a trusted advisor in the real estate industry.
9 Ganesh Kunasehkaran 35, Colliers International
Ganesh specialises in the industrial sector. In just two years, he has completed significant deals, including leasing transactions up to 127,000 sqf and sales valued between S$3m and S$36m. Notable achievements include a sale and leaseback in Jurong Industrial Estate and securing a 10-year bloc lease in a business park. Ganesh's expertise in managing complex industrial transactions and his client-focused approach have solidified his reputation as a dynamic and results-driven professional.
REAL ESTATE LUMINARIES
Jim
Nick Chan, a Senior Manager at Savills Investment Sales & Capital Markets, is highly regarded by clients as astute, accountable, and affable. He provides valuable investment advice on transaction structure, asset management, and financial analysis to a diverse clientele, including institutions, property funds, and family offices. Nick's impressive track record includes notable transactions like 110 Paya Lebar data centre (S$140m), Solitaire on Cecil Office Floor (S$51m), and Thiam Siew Avenue residential site (S$815m).
10 Shah Marican 35, Huttons
Shah Marican, a Huttons trainer with a Bachelor's in Finance, specialises in HDB and private residential properties. Known for his significant sales achievements and strong client trust, he actively engages in the Woodlands area. Shah leverages his previous CPF Board experience to guide clients, building lasting relationships through innovative approaches and a focus on impactful asset planning.
Jim is a distinguished leader in real estate with a decade of experience. He excels in maximizing clients' property assets, ensuring financial stability and a secure retirement. His extensive experience spans public sector HDBs, private residential, commercial properties, and investment deals. Jim’s track record as a consistent top achiever reflects his commitment to excellence. His dedication and innovative approach have solidified his reputation as a trusted advisor, making him a true asset to OrangeTee & Tie.
Rachel
With over a decade of experience, Rachel has specialised in the real estate auction sector, expertly handling the disposal of diverse property types primarily through auctions and private treaties. She has successfully transacted over S$200m worth of properties, including residential and industrial assets. Rachel's strong network includes financial institutions like Citi, DBS, OCBC, and UOB. Known for her ability to build strong client relationships, she is becoming a recognised talent in the real estate auction market.
6 Aloysius Lim 33, Huttons
7 Nick Chan 34, Savills Pte. Ltd
8
Tay 34, Orange Tee & Tie
11
Lee 36, Edmund Tie & Company
REAL ESTATE LUMINARIES
Bryan is a dedicated real estate professional with over 13 years of experience, consistently ranking among his company's top achievers. As a valued member of the Luxe team he expertly manages high-end clients with precision. Known for his diligence, promptness, and proactive approach, Bryan receives high praise from clients for his exceptional service in rentals. His impressive track record and commitment to excellence make him a standout leader in the industry, inspiring growth and success within his team.
Ying Ying, a top producer since starting her real estate career in 2017, has transacted various properties, including HDB flats, condos, landed houses, and commercial units. Known for her strategic vision and integrity, she aligns clients' property moves with their long-term asset plans. Ying Ying's leadership inspires her team, and her innovative approach enhances client satisfaction, making her a respected leader and role model in the real estate industry.
Dixon is a seasoned real estate professional with nearly 15 years of experience across a broad spectrum of industry sectors. Specializing in residential and high-end properties, Dixon has earned his clients' trust, leading to frequent referrals and repeat business. His achievements include ranking No. 5 in his company in 2023, being among the top 1% from 2020 to 2023, and earning two consecutive SEAA Salespersons Achievement Awards (Platinum) in 2023 and 2024. Dixon leads his team with a hands-on approach.
Lawrence, a leasing agent specialising in Singapore's commercial real estate, blends engineering, finance, and brokerage expertise to deliver bespoke solutions. With a strong grasp of regulatory requirements and market trends, he excels in negotiating complex lease agreements. Since joining Savills less than two years ago, Lawrence has secured exclusive mandates from global financial institutions, legal firms, and tech companies. Known for his client-focused approach, he aims to drive growth in Singapore's real estate landscape.
Jiaojiao, Huttons' rising star, joined in February 2024 and quickly excelled, earning Top Rookie eight times and securing 1st position as Top Producer and Diamond Achiever in May 2024. She has successfully transacted diverse properties, including HDB flats, high-end condos, and commercial units. Known for her professionalism and dedication, Jiaojiao values her clients' trust and is committed to helping them find their perfect homes.
Pamela, a standout in Singapore's real estate market, achieved the Millionaire Award in 2021 and Rising Millionaire titles in 2022 and 2023. Consistently ranking among Huttons' top 40 agents, Pamela excels in client relationships and market navigation. As an Huttons RTD Excel Trainer, she advocates for innovation and mentors peers, exemplifying leadership and a commitment to elevating industry standards. Her forward-thinking vision drives her ongoing success.
12 Bryan Seah 36, Orange Tee & Tie
13 Cheng Ying Ying 36, Huttons
14 Dixon Poon 37, Orange Tee & Tie
15 Lawrence Teo 37, Savills Pte. Ltd.
16 Cheng Jiaojiao 38, Huttons
17 Pamela Lua 38, Huttons
REAL ESTATE LUMINARIES
Han Long, Deputy Branch Associate Director, brings nearly two decades of real estate experience to the table. Armed with a Diploma in Enterprise Management, he has honed his expertise across both residential and industrial sectors. As a highly respected project IC, he is known for his strong leadership and strategic insights, consistently delivering impressive project outcomes that exceed expectations. Han Long's ability to close deals in both residential and commercial properties further highlights his versatility and skill.
Roland, Division Associate Director at OrangeTee, has been a standout in the real estate industry since 2009. His consistent excellence has earned him prestigious titles like Top Associate Group Director and Super Gold Awards, as well as recognition among the Top 50 and Top 10 Achievers. Specialising in residential and new home projects, Roland has built lasting trust with homeowners across communities. He provides customized property strategies, empowering clients to make informed decisions.
With over 14 years of experience in industrial property transactions, Kiat has developed a niche clientele and garnered endorsements from asset owners and occupiers. Specializing in food-related industries, he has been a valuable resource to venture capitalist and fund managers seeking real estate opportunities spanning across R&D, Manufacturing and Cold Chain Logistics. Fluent in Mandarin, Kiat also services regional investors and facilitates wider planning mandates for Developers and Delegates.
18 Tan Han Long 39, Orange Tee & Tie
19 Roland Ong 39, Orange Tee & Tie
20 Boon Kiat Tang 39, Savills Pte. Ltd.
Mini Township at West of Serpong NE W
REAL ESTATE LUMINARIES
Hong Kong’s 20 most notable real estate agents under 40
In search of the best agents under the age of 40, Hong Kong Business reached out to more than 40 property firms in the city. After rigorously reviewing nominations from the firms, five women and 15 men made it to the final cut. Agents on this year’s list come from JLL, CBRE, Colliers, Savills, and Knight Frank. Leading the pack are CBRE and Savills, with six representatives each. The youngest on the list is from JLL.
Realtors who specialise in the office market took the lead, taking six spots.
This year’s awardees are million and billion sellers and have handled big clients such as AIA, Standard Chartered Bank, Nvidia, ICBC (Asia), Oriental Patron, and the Hong Kong Metropolitan University (HKMU).
One of the awardees brokered the sale of the house at 39 Shouson Hill Road — the most expensive single-dwelling sale in Hong Kong's history — for HK$5.93b (US$761m) in 2018.
Here are this year’s awardees, arranged from youngest to oldest.
Jacqueline Wong, a senior manager at JLL Office Leasing Advisory, has over five years of experience and has advised on transactions exceeding 1.5 million sq ft. Starting as a graduate trainee at JLL, she transitioned to Office Leasing Advisory, where she provides strategic advice to anchor occupiers. Notable transactions include a 150,000 sq ft pre-commitment to a Grade A office building, a 90,000 sq ft renewal, and a 45,000 sq ft new letting.
Ken is a director at CBRE’s Office Leasing Team in Hong Kong, and he specialises in tenant representation and strategic advisory services. He handles approximately 30 transactions annually and advises on office portfolios of international banks and law firms, and the accounts he handles total over 1 million sq ft. His significant projects include Aon’s 40,000 sq ft acquisition and Marriott International’s 32,000 sq ft restructuring.
Carman is the youngest senior associate director at Colliers Hong Kong's Office Services. She joined the firm as a graduate trainee in 2017 and quickly advanced after her success in office leasing advisory. In the span of seven years, she transacted more than 1.2 million sq ft worth $650m, including a 148,200 sq ft relocation for AIA. Specialising in tenant representation, Carman is recognised for her expertise in handling portfolios of multinational corporations, particularly in the insurance industry.
Brian is a senior manager in the Office Leasing team at Savills, and he specialises in comprehensive real estate consultation, including tenancy negotiations and rent reviews. With a client portfolio spanning sectors such as banking, finance, retail, and quasi-governmental bodies, Brian has advised on over 100 transactions totalling more than $900m. Known for his strategic thinking and client dedication, Brian has earned a reputation as a trusted adviser to his clients and as a rising star in the real estate industry.
Travis, associate director at CBRE Capital Markets, began his career in 2015 as a graduate trainee, later joining the Valuation and Consulting team. Being a registered professional surveyor, his expertise in investment analysis has made him a trusted adviser to private equity funds, investors, and developers. He played a key role in the $1.3b Rosedale Kowloon Hotel deal, recognised for its complexity and scale. His role in multiple high-value transactions has contributed to deals exceeding $4b in recent years.
1 Jacqueline Wong 27, JLL
2 Ken Lau 29, CBRE
3 Carman Wong 30, Colliers
4 Brian Cheng 31, Savills
5 Travis Tai 31, CBRE
REAL ESTATE LUMINARIES
Clinton, a senior manager at Knight Frank's Capital Markets team, specialises in diverse transaction modes such as tenders, asset sales, and equity transfers across all asset types. Since joining the firm in 2021, he has served a wide range of clients, including ultra-high-net-worth people and institutional funds, with notable deals like Jessville Manor and Kwai Shun Industrial Centre. Clinton is also active in the Knight Frank Young Entrepreneurs Committee, which is designed to foster innovation, entrepreneurship, and leadership development among the firm's younger professionals.
Regina is a key member of Knight Frank's Residential Agency team for the past five years, and she specialises in luxury residential leasing and sales. Since 2019, Regina has led over 265 leasing transactions, including a prestigious townhouse on Plantation Road. Most residential sales completed by her exceeded HK$22m in value, totalling to HK$67m. She is also a certified ESG planner by the International Chamber of Sustainable Development, and a member of the company's ESG Taskforce. Known for her expertise, attention to detail, and strong client relationships, Regina is highly recommended by her past and present clients.
Jammy, senior manager at Savills Valuation and Professional Services, specialises in complex real estate matters, particularly under the Land (Compulsory Sale for Redevelopment) Ordinance (Cap. 545). He has successfully managed over 15 applications under this ordinance and advised on significant projects, including a 1,500-unit development with 830,000 sq ft of gross floor area. Jammy also excels in lease modification and land exchange negotiations, notably securing a 35% premium reduction from the government, solidifying his reputation as a trusted adviser.
Tay is a distinguished director at CBRE, and he has managed over 1.5 million sq ft of transactions in his decade-long tenure. He has served prominent clients such as Standard Chartered Bank, Nvidia, and the Hong Kong University of Science and Technology. He has also made a significant impact over 3.5 million sq ft in landlord representation and consultancy, including projects like the mixed-use commercial development Airside in Kai Tak and The Bay Hub in Kowloon Bay. Tay's strategic acumen and leadership have made him a key figure at CBRE.
Simon, an associate director at CBRE in Hong Kong, specialises in real estate investment advisory and transaction management. With over a decade of experience, he has brokered over $8.5b in transactions. Simon co-founded the PropTech Institute, promoting technology in real estate, and serves as president of Western University's Alumni Association in Hong Kong. He also co-chairs the Property Committee at the Canadian Chamber of Commerce, fostering ties among Canada, Hong Kong, Greater China and the AsiaPacific region.
Lisa, associate director of Office Services at Colliers, is a leading expert in cross-border leasing for firms in the People’s Republic of China (PRC), specialising in relocation and expansion. With over 60 deals totalling more than 600,000 sq ft, her clients include ICBC Asia, China Industrial Financial International, and Oriental Patron. Notably, she managed the first office relocation to Cheung Kong Center II in Central. Lisa frequently travels to Tier 1 cities in China, connecting business opportunities between Hong Kong and the mainland, earning a strong rapport with PRC landlords and tenants.
6 Clinton Tong 33, Knight Frank
7 Regina Chan 34, Knight Frank
8 Jammy Ho 34, Savills
9 Tay Cheung 35, CBRE
10 Simon Yu 35, CBRE
11 Lisa Zou 35, Colliers
REAL ESTATE LUMINARIES
Glory Fock, a director in JLL's Office Leasing Advisory in Kowloon, has over 14 years of experience managing the occupational needs of local and multinational corporations. In her seven years at JLL, she has overseen leasing transactions exceeding 1.5 million sq ft, generating more than HK$45min revenue. In 2024, Glory managed the largest surrender case in Tsim Sha Tsui (109,000 sq ft) and facilitated a client’s relocation to Kai Tak (72,000 sq ft) within three months. Her expertise and dedication consistently earn high client satisfaction ratings.
Derek Li is a seasoned real estate professional with expertise across diverse sectors, including office, retail, industrial, residential, hotel, and collective sales. He is the associate director of Kowloon Commercial Sales for Savills. Since 2019, he has excelled in complex transactions, notably representing the Hong Kong Metropolitan University in leasing their back office and acquiring a hotel for conversion into a student hostel. A member of the Royal Institution of Chartered Surveyors, Derek is committed to tackling more complex real estate challenges, driving innovation and excellence.
Keith, deputy senior director at Savills Hong Kong and head of Mainland China Business, is a leading expert in real estate with over 12 years of experience. Specialising in office, retail, and apartment transactions across Hong Kong and Mainland China, Keith has completed deals totalling over HK$18b, including landmark sales like Hopson International Tower (HK$5b). Known for his deep knowledge of real estate finance and cross-border taxation, Keith is also a recognised industry thought leader, frequently hosting webcasts and speaking at high-profile forums.
Terry, senior manager of Residential Development and Investment at Savills, specialises in super luxury residential transactions in Hong Kong. Notably, he facilitated the sale of 39 Shouson Hill Road for HK$5.93b, the most expensive secondhand residential sale in Hong Kong's history. In the past nine months, Terry completed over $2.1b in deals, including the complex sale of 8-12A Wilson Road, navigating intricate "collective sale" and "alienation restriction" challenges. His negotiation skills and dedication consistently deliver exceptional results for clients.
Felix is the senior director of Sales and Investment for JLL's International Residential team, and he has over 13 years of experience in overseas property investment. He has sold more than $7b in properties from 2015 to 2023, including 10% of the UK's tallest residential tower. Leading his team since 2018, Felix excels in marketing projects across the UK, US, Japan, and Australia, serving ultra highnet-worth clients and real estate funds in getting good value investment deals. He is a recognized expert and frequent media commentator.
Joseph, a senior director at CBRE's Industrial & Logistics Services team, has over 10 years of experience specialising in industrial leasing and investment. His expertise spans mini-storage, logistics warehouses, data centres, and more. Notable transactions include a recordsetting HK$438m sale of a 300,000 sq ft automobile pre-delivery inspection centre and a 150,000 sq ft automation warehouse lease in Kwai Chung. Joseph's extensive network and industry knowledge make him a highly respected and valuable member of CBRE Hong Kong. 12 Glory Fock 36,
JLL
REAL ESTATE LUMINARIES
Andrew is the senior director at Colliers, and he leads the Restructuring Property Services team within the Capital Markets & Investment Services Department, specialising in insolvency restructuring and asset sales. Promoted in July 2024, he has driven significant transactions, including a HK$5.9b residential development site and various high-profile properties totaling over HK$10b. Andrew's trilingual skills and expertise in dealing with PRC developers, private equity funds, and local investors have solidified his reputation in Hong Kong's real estate market.
Stanley is the director at CBRE’s Industrial & Logistics Services team, and he has excelled in handling complex transactions across diverse sectors such as logistics, automotive, and pharmaceuticals. With over a decade at CBRE, including a background in Learning & Development, Stanley has successfully managed major deals, such as consolidating tenants in Dragon Industrial Building and securing a 97,751 sq ft lease for SF Supply Chain in Fanling. His expertise and commitment make him a trusted adviser and key asset to CBRE and his clients.
Louis Yu is a senior manager with Savills' International Residential Sales team in Hong Kong, and he has quickly risen in the real estate industry. With a background in residential sales and property management, Louis has led successful sales strategies for major developments like One Kai Tak and Marina South. At Savills, he has transacted over 130 deals, including a HK$250m sale in central London and a property in the Super Prime Old War Office development. Louis is recognised for his expertise and dedication, earning a spot on Savills' International Super Prime Team.
18 Andrew Ng 39, Colliers
19 Stanley Yu 39, CBRE
20 Louis Yu 39, Savills
EVENT: REAL ESTATE ASIA AWARDS 2024
Industry's finest honoured at Real Estate Asia Awards, Built Environment Awards
Innovation and excellence continue to redefine standards and shape the future of Asian communities. On 4 June 2024, the Sands Expo & Convention Centre buzzed with excitement as Real Estate Asia Magazine revealed the exemplary winners for the Real Estate Asia Awards 2024 and Real Estate Asia Built Environment Awards 2024.
The Real Estate Asia Awards 2024 shines a spotlight on remarkable accomplishments in the realm of real estate across Asia. This prestigious awards programme is designed to honour outstanding projects, developments, and companies that exemplify innovation and excellence, leaving a lasting impact on their local communities. Meanwhile, the inaugural Real Estate Asia Built Environment Awards 2024 celebrates the creativity, resilience, and positive impact of projects that have made significant, sustainable contributions to the region.
From groundbreaking architectural designs to sustainable urban developments, the winners of both award programmes represent the top players in the real estate industry, demonstrating an unwavering
REAL ESTATEASIA BUILT ENVIRONMENT AWARDS 2024WINNERS
DATEM INC.
Office Construction of the Year - Philippines Innovation in Sustainable Materials of the Year - Philippines
DBPlus
Office Construction of the Year - Vietnam
Gensler APME
ESG Initiative of the Year - Singapore
pdp Architects
Residential Construction of the Year - Philippines
Sustainable Architecture of the Year - Philippines
Po Lite Technology Inc.
Design Initiative of the Year - Philippines
Woh Hup
Sustainable Architecture of the Year - Singapore
Urban Infrastructure Development of the Year - Singapore
REAL ESTATEASIAAWARDS 2024WINNERS
AIA Company Limited
Office Development of the Year - Hong Kong (AIA Urban Campus)
Sustainable Development of the Year - Hong Kong (AIA Urban Campus)
Al Mouj Muscat
Office Development of the Year - Oman (Al Mouj Business Park)
Allied Kajima Limited
Hotel Development of the Year - Hong Kong (AKI Hong Kong-MGallery)
Almal Investment
Luxury Residential Development of the Year - United Arab Emirates (Harrisoni La Mer Villas)
commitment to pushing boundaries, setting new benchmarks, and making substantial contributions to their communities.
Entries to the Real Estate Asia Awards 2024 were evaluated by an esteemed panel of industry experts consisting of Seng-Leong Teh, Global Real Estate Hospitality & Construction M&A Leader, Ernst & Young; David Lee, Partner, Assurance, Real Estate & Hospitality Practice, PwC Singapore; Lo Mun Wai, Partner, Head of Real Estate, KPMG in Singapore; Michael Velten, Financial Services Tax Partner, Deloitte Singapore; and Benjamin Tay, Deputy Head, Corporate Real Estate, Rajah & Tann Singapore LLP.
For the Real Estate Asia Built Environment Awards 2024, entries were assessed by the following judges: Seng-Leong Teh, Global Real Estate, Hospitality and Construction M&A Leader, Ernst & Young; Shemane Chan, Partner, Rajah & Tann Singapore LLP; and Dennis Lee, Partner & Industry Lead - Real Estate, Construction Practice; Head of Business Consulting, RSM.
Congratulations to this year’s awardees!
Anchor Land Holdings, Inc.
Office Development of the Year - Philippines (The Centrium)
Anwar Landmark Ltd.
Developer of the Year - Bangladesh
Brittany Corporation
Customer Service Innovation of the Year - Philippines
CapitaLand Investment
Digital Initiative of the Year - Singapore
Marketing & Brand Initiative of the Year - Singapore
China Resources Land (Overseas) Limited
Excellence Award of the Year for Urban Design Innovation - Hong Kong
Colliers India
Technology Innovation of the Year - India
Digital Initiative of the Year - India
Dubai Land Department
Digital Initiative of the Year - United Arab Emirates
CEO of the Year (Majid Al Marri)
Customer Service Innovation of the Year - United Arab Emirates
Empire East Land Holdings, Inc.
Marketing & Brand Initiative of the Year - Philippines
ESG Initiative of the Year - Philippines
ENERGY COMPLEX COMPANY LIMITED (EnCo)
Energy Technology Initiative of the Year - Thailand
Famtech Properties
Open Space Development of the Year - Philippines (One Lancaster Park)
FARPOINT Realty Indonesia
Affordable Housing Developer of the Year - Indonesia
Masterplan Development of the Year - Indonesia (MAESTRIA Residences)
Fortune Amari Land Development Corporation
Energy Technology Initiative of the Year - Philippines
Sustainable Development of the Year - Philippines (Amari Residences Vie)
Fortune Real Property Improvements Corporation
Green Technology Initiative of the Year - Philippines
Henderson Land Development Company Limited
Developer of the Year - Hong Kong
Hong Kong Science and Technology Parks Corporation
Energy Technology Initiative of the Year - Hong Kong
ICONSIAM
Mixed-Use Development of the Year - Thailand
InnStar Limited
Luxury Residential Development of the Year - Bangladesh (9 ON FIFTY FIVE)
K11 ECOAST
Mixed-Use Development of the Year - China
Keyland Corporation
Serviced Residence Development of the Year - Philippines
Link Asset Management Limited
ESG Initiative of the Year - Hong Kong
Megaworld Corporation
Digital Initiative of the Year - Philippines
Smart Technology of the Year - Philippines
Technology Innovation of the Year - Philippines
Menarco Development
Special-Purpose Development of the Year - Philippines (The Menarco Vertical Museum)
MUSCAT BAY
Luxury Residential Development of the Year - Oman
North Bonifacio Landmark Realty and Development Inc
Luxury Residential Development of the Year - Philippines (Grand Hyatt Manila Residences)
PH1 WORLD DEVELOPERS
Design Initiative of the Year - Philippines
Residential Development of the Year - Philippines (My Enso Lofts)
Progress Group
Boutique Developer of the Year - Indonesia
PT. TRANS PROPERTI MANAJEMEN
Residential Development of the Year - Indonesia (TRANS PARK CIBUBUR)
Mixed-Use Development of the Year - Indonesia (TRANSPARK BINTARO)
Pueblo de Panay, Inc.
Masterplan Development of the Year - Philippines
RLC Residences
Developer of the Year - Philippines
Science Park of the Philippines Inc.
Industrial Development of the Year - Philippines (Light Industry & Science Park IV)
Sands China Ltd.
Retail Development of the Year - Macau (Shoppes at Londoner, Macau, China)
SIAM PARAGON NEXT TECH
Technology Hub Development of the Year - Thailand
Siam Piwat
Developer of the Year - Thailand
Sobha Realty
Masterplan Development of the Year - United Arab Emirates (Sobha Hartland II)
Developer of the Year - United Arab Emirates
Staytion
Flexible Workspace Initiative of the Year - Singapore
Technology Innovation of the Year - Singapore
Sunshine Fort North Bonifacio Realty Development Corporation
Retail Development of the Year - Philippines (MITSUKOSHI BGC)
Taryan Group
Luxury Residential Development of the Year - Indonesia (Anantara Dragon Seseh Bali Resort & Residences)
Resort Estate Project of the Year - Indonesia (Anantara Dragon Seseh Bali Resort & Residences)
TEAMLINK
Technology Innovation of the Year - Australia
Teso Properties LLC
Residential Development of the Year - Mongolia (Alpha Zone Residence)
Luxury Residential Development of the Year - Mongolia (Sky Garden Residence)
Yoma Land
Developer of the Year - Myanmar
Green Technology Initiative of the Year - Myanmar
AIA Company Limited
EVENT: REAL ESTATE ASIA AWARDS 2024
Al Mouj Muscat CapitaLand Investment
Colliers India
DATEM INC.
Fortune Amari Land Development Corporation & Fortune Real Property Improvements Corporation
Gensler APME
FARPOINT Realty Indonesia
Famtech Properties
ENERGY COMPLEX COMPANY LIMITED (EnCo)
Dubai Land Department
Henderson Land Development Company Limited
Hong Kong Science and Technology Parks Corporation
InnStar Limited Menarco Development
Taryan Group
Yoma Land
Staytion
Sands China Ltd.
PH1 WORLD DEVELOPERS
MUSCAT BAY
HANNAH JEONG
Hong Kong's tertiary education policy shift ignites co-living growth
The shortage of student accommodation in Hong Kong has been a pressing issue lately as tertiary educational institutions struggle to meet their students’ housing requirements. With limited supply and a growing number of local and non-local students, the demand for student housing has reached critical levels.
As of Q1 2024, Hong Kong’s prominent universities offer only 41,917 student beds for 180,801 students, 102,554 of which are full-time.
Recognising the gravity of the situation, the Legislative Council approved a one-off grant of HK$10,303 million to six universities in 2018 to address the shortage by implementing a policy that guarantees at least one year of accommodation for undergraduates, grants hostel places to non-local and research postgraduates and accommodates undergraduates who commute more than four hours a day.
Considering these goals, the projected shortfall for the 2018 academic year stood at 13,473 beds, per the Finance Committee’s estimation.
Latest developments and opportunities
In the 2023/2024 Policy Address, the Chief Executive of Hong Kong unveiled plans to transform the city into an international hub for postsecondary education. As part of this vision, the non-local student quota for undergraduate programmes in UGC-funded institutions will be doubled from 20 - 40%, starting from the 2024/25 academic year.
The significant change will likely increase non-local student enrolments and subsequently drive up the demand for student housing. Quickly recognising the potential, private investors take advantage of the tremendous opportunity to cater to this growing spill-over demand.
Projected shortfalls and demand outlook
Despite efforts to address the shortage, student hostel beds remain limited. All universities combined provide only 41,917 beds, with the top six UGC-funded institutions accounting for 35,014.
Even with the sponsorship from the hostel development fund, which aims to provide 13,473 additional hostel places between 2023-2027, our projection still reveals a significant shortfall in supply.
Assuming 35 % of local full-time and all non-local full-time students require accommodation, demand is expected to reach 50,195 by 2023/2024 and rise to 57,004 by 2027/2028 for UGC-funded programmes alone.
Despite efforts to alleviate the shortage, the projected shortfall of beds remains substantial, with an estimated deficit of 7,281 beds by 2027/2028, presenting a lucrative market opportunity for private investors. Residential properties, co-living spaces, and purpose-built student accommodation are poised to benefit as students’ need for alternative housing solutions increases.
Existing market landscape
Despite this sector’s substantial potential, there is a noticeable absence of specialist institutional players, except for YX by Crystal Group. Most students currently lease subdivided apartments or residential units from individual investors. Only a limited number of assets, such as YX83,
HANNAH JEONG Head of Valuation & Advisory Services, Colliers Hong Kong
YX Hill Road, Weave Studios Hung Hom, Youth Dorm, UniHall and Sunny House, are more suitable for university students regarding their design and market positioning. These assets provide 2,581 beds, with options ranging from HKD5,200 to 15,000 per month.
With the right product, investors could achieve significant rental premiums with accretive rental yields. Based on Colliers data, units smaller than 100 sq. ft. achieved a CAGR of 7.2% in the last five years.
Student accommodation enjoys high occupancy levels exceeding 90%, with stabilised net operating income (NOI) margins of 70-75% depending on its scale. Compared to traditional hotel assets, student accommodation provides a more anti-cyclical income stream and requires lower operating costs, including direct staff costs and sales and marketing expenses.
Risks and concerns
Whilst investing in student accommodation in Hong Kong presents strong fundamentals and enticing prospects, there is a flip side. These considerations should be carefully evaluated to ensure a comprehensive investment strategy: capex consideration and letting voids, CityU and HKBU may relocate to the Northern Metropolis, asset management fee payable to operators, investors need to build scale to optimise costs and achieve 75%+ NOI margins.
Yield analysis
Investors are generally very cautious about underwriting exit cap rates. Student accommodation captures demand on the hospitality side (catered short-stay with a hotel license) and the residential side (offering terms of up to a year). Most assets have a weighted average lease expiry of longer than six months.
This unique facet allows the asset owner to adjust their operating strategy while enjoying stable, foreseeable cash flow. With this in mind, valuers generally consider.
Even though there has been a lack of en-bloc student accommodation transactions in the last few years, Colliers has analysed the projected yield on the cost for multiple coliving/student projects since 2017. The yield on cost mostly touches the 4.0% mark upon conversion / renovation, no significant yield expansion has been observed for new deals in 2022 and 2023 despite the higher interest rate.
Conclusion
With the student accommodation sector riding a swift rental growth wave and the brighter outlook as the policy changes take hold, it offers tremendous opportunities for professional investors to tap into the market in Hong Kong.
Considering its risk-return characteristics, Colliers recognises that certain types of investors are particularly well-suited for this sector: insurance companies betting on long-term growth, developers, investors looking to diversify their commercial real estate portfolios, and private universities seeking hostel spaces.
