PropertyGuru Property Report Issue No. 165 (April - May 2021) by PropertyGuru Property Report

122 DO OR DIE FOR ASIA’S CITIES

LEAD8 SETS HK DESIGN PACE 88

106 CAMBODIA’S LOCAL FOCUS

INSIDE PYRMONT’S PRIDE 72

114 MOMENTUM IN MALAYSIA

USD10; SGD13; IDR135,000; MYR41; THB330

CHINA SURGE SLOWS 135

NO. 165 PROPERTY-REPORT.COM

UOL

Macly

COUNTRY WINNER BEST CONDO DEVELOPMENT(ASIA)

The Sky One, city comprehensive operator Baoneng City Development Co., Ltd. is a masterpiece of Nanjing Binjiang CBD industry city integration. The first phase is about 600000 M2 riverside TOD complex, covering headquarters office, administrative apartment, Riverside residence, waterfront commerce and other diversified formats. Baoneng financial center strongly invited the international design team W & R Shuishi design and g-art Jiai design to write the architectural design and interior design. Taking the world architectural aesthetics as the blueprint and integrating the essence of the Millennium context, Baoneng financial center built a 300 meter skyscraper landmark and a 215 meter high-end administrative apartment, standing as the aesthetic focus of a city.

For more information about real estate projects, please visit the website https://nj.fang.anjuke.com/loupan/474491.html

WINNER

Simplicity, creativity and integrity in design

WINNER

BEST RETAIL INTERIOR DESIGN (MAINLAND CHINA)

BEST MIXED USE INTERIOR DESIGN (MAINLAND CHINA)

Yorkville - The Ring by Lead8

Beijing Daxing International Airport (Commercial Landside Terminal) by Lead8

BEST RETAIL ARCHITECTURAL DESIGN (MAINLAND CHINA)

MixC Shenzhen Bay by Lead8

T: +852 2283 0500 E: general@lead8.com www.lead8.com

Yorkville – The Ring Chongqing, China

Beijing Daxing International Airport (Commercial Landside Terminal) Beijing, China

WINNER BEST ENTERTAINMENT FACILITY DESIGN (MAINLAND CHINA)

MixC IMAX Flagship Shenzhen Bay by Lead8

MixC Shenzhen Bay 20 Shenzhen, China

Architecture | Interiors | Masterplanning | Branding + Graphics

MixC IMAX Flagship – Shenzhen Bay Shenzhen, China

Gamuda Land Vietnam

Gamuda City – Giving a New Lease of Life to South Hanoi Gamuda City is a remarkable success story of how an inspired and far-sighted urban masterplan - implemented with passion, creativity and determination can transform even the most derelict slum into what is now South Hanoi’s catalytic driving force for urban regeneration. In the process, Gamuda City has resolved what was once deemed near impossible: The decades-old city problem of untreated sewage (that had defeated multiple previous solutions, including those proposed by international organisations). It also effectively addressed other issues such as Hanoi’s pressing need for good quality housing while introducing to the city the township living concept; that is a master planned, self-contained enclave that brings together all places - the living place, the shopping and learning places, the eating place, the play place and the space for nature. In essence, the Gamuda City master plan, comprising three distinct precincts, set the benchmark and was the catalyst for a new approach to urban regeneration that was previously unheard of and perhaps even considered unimaginable for Hanoi.

BEST DEVELOPER (VIETNAM)

Gamuda Land Vietnam

Gamuda Gardens, Hoang Mai district, Hanoi, Vietnam The township’s first precinct is the highly successful Gamuda Gardens, where homes are built around the green and blue landscape. To date, a total of 2,101 high rise residential, 821 landed residential and 114 shophouses have been completed and handed over. The precinct has reached an 85% completion rate.

It transformed physical landscapes, ushered fresh optimism for a better future. It is the ideal manifestation of how any vision can be realised through mindful planning, passionate creativity and a bold conviction to undertake the unprecedented towards trailblazing a better horizon for Hanoians. 26

GRAND RESIDENCES CEBU

n e p O your d l r wo

t r a e h e h at t f Cebu o Contact Details:

Cebu Office:

Davao Office:

(63 32) 261 4219 (63 32)30260 7777 (63 82) 298 8126

MJ Cuenco Ave., Corner Holy Name St., Cebu City

6th Floor Gaisano Grand Corporate Center, Pelayo St., Davao City

Dusit D2 Residences Cebu Gov. M. Cuenco St., Kasambagan, Cebu City, Cebu 6000 Philippines HLURB LS No. 34482 | HLURB CVR 18-478 Date of Completion: July 31, 2022

City Homes Minglanilla Estaka, Tunghaan, Minglanilla, Cebu 6046 Philippines HLURB LS No. 34493 | HLURB CVR 017-0443 Date of Completion: September 25, 2024

www.facebook.com/GrandLandIncorporated

grandland.com.ph

A member of the Gaisano Grand Group of Companies

Bringing Work to Life

THE GREEN ADVANTAGE: SPACES THAT PUT YOU FIRST JEG Development Corporation has worked with Casas + Architects in designing and constructing this Grade A, 22-storey high-rise development. Improved energy efficiency and savings Maximum natural lighting and views Landscaped green spaces and roof garden

JEG Tower @ One Acacia is focused on delivering the best work environment that is suited to its occupants’ evolving needs. State-of-the-art HVAC Systems

MERV-13 & HEPA Filtration System

DOAS Elevators

Anti-bacterial fixtures

Automatic Doors

Material Recovery Facility

Thermal Scanners

Green Roof

Walking distance to key establishments

JEG Tower has achieved LEED BD+C: Core and Shell pre-certification at the Silver Level.

Nearby transport terminals Bike racks and shower rooms

JEG Tower @ One Acacia is set to be an icon in the Cebu City skyline. Complementing sustainability with sophistication, it was also recognized as the Best Green Commercial Development in the Philippines and was highly commended for Best Office Development.

For more information, visit our website at jegtower.com 32

JEG Tower

Pre-leasing is still ongoing. For leasing inquiries and more information, contact:

Michael Glindro

Lorenzo Rodriguez

Associate Director for Landlord Representation

Manager for Landlord Representation

(+63) 917-584-0443 mike.g@kmcmaggroup.com

(+63) 917-825-6884 lorenzo.rodriguez@kmcmaggroup.com

JEG Development Corp. SOLE LEASING AGENCY

WINNER

HIGHLY COMMENDED

BEST MIXED USE ARCHITECTURAL DESIGN

BEST MIXED USE DEVELOPMENT

BEST MIXED USE ARCHITECTURAL DESIGN (ASIA)

Sahid Kuta Lifestyle Resort by PT Indonesian Paradise Property Tbk

Sahid Kuta Lifestyle Resort BALI Jl. Pantai Kuta, Kuta Kabupaten Badung Bali 80361 JAKARTA Centennial Tower, 30 th Floor Jl. Gatot Subroto Kav. 24-25 Jakarta 12930 | P. +6221 2988 0466 www.theparadise-group.com

A PERFECT BLEND OF

LUXURY AND SERENITY

Adapted from the Japanese's house model, we provide both simplicity and compact houses for the residents. We also maximize every space, so no area in the house go unused.

WHY WE CHOOSE ITS LOCATION ?

HIGHLY COMMENDED

BEST HOUSING ARCHITECTURAL DESIGN

BEST HOUSING DEVELOPMENT

Anabuki Residence Jatiasih by PT Anabuki Property Indonesia

Because it’s a very good location surrounded by many facilities (hospital, mall, school, public transportation such as LRT Cikunir), also surrounded by 3 highways (tol Japek 2, tol Jor, Tol Jagorawi).

An open-space concept for excellent lighting and air circulation, we bring the nature to Anabuki Residence Jatiasih. What unique features does this project offer compared with other developments? • Technology by Japan : Sekisui Cross Wave Rain Water Harvesting System • 18 Integrated Facilities (very exclusive cluster) • A perfect blend of luxury and serenity • 3 layers beautiful river side garden with 1200 square meter huge green space 38

Jl. Parpostel, Bojong Kulur, Kec. Gn. Putri, Bogor, Jawa Barat 16969 Hotline :

0878 7589 8000

Develop by

PT. ANABUKI PROPERTY INDONESIA

Consolidate Company of ANABUKI KOSAN INC.

Consultant by 39

Set in a lush tropical garden and tranquil area of Puri Mansion Estate, HARRIS Suites Puri Mansion is an upscale Hotel in West Jakarta. The Hotel boasts its spacious and stylish rooms. All equipped with state-of-the-art digital in-room entertainment and a private balcony. Located only 20-min drive from Soekarno-Hatta International Airport, across the CBD Puri area and established Shopping Malls, HARRIS Suites Puri Mansion is a perfect Hotel for business and leisure alike. Truly a Resort-Like Stay in A City!

THE WESTIN SURABAYA

Brings Wellness to Your Home Away From Home Located in the high-end district of West

Magnolia and Sky Lounge. Magnolia is the

As part of the brand's signature Move Well

Surabaya, Westin Surabaya has direct

"culinary theatre" where various live cooking

programs, the local Run Concierge is

access to Indonesia’s largest mall,

stations will be serving up international and

available toprovide guided group runs along

western favorites as well as balanced healthy

a 5km trail surrounding Pakuwon Mall, The

options. Every Sunday, a Bubbly Sunday

Westin Surabaya, and the Pakuwon Golf area.

Brunch is on oﬀer for those who wish to

The hotel also features a swimming pool and

enjoy a relaxing afternoon with a delicious

a lagoon pool, as well as a kids' pool, oﬀering

feast. The hotel also houses the highest

the perfect complement to any workout. The

lounge in the city, the Sky Lounge on the

Westin Surabaya boasts 9,000 square meters

Pakuwon Mall, and Pakuwon Golf and Family Club an ideal base for golf lovers. The hotel is just 10 minutes away from the highway and 30 minutes away from the international airport is located approximately 24 kilometers away from the hotel, making it easily accessible from other regional and international destinations. The Westin Surabaya poses an elegant, curved silhouette giving unparalleled views of Surabaya city from the suite rooms and a 270-degree view from the club lounge and restaurant. The front facade, positioned at the fringe of the city welcomes visitors with an impressive gateway to paradise. The Westin Surabaya oﬀers guests opportunities to indulge in the brand's Eat Well oﬀerings - as seen at both signature all46venues, day dining

hotel's 28th ﬂoor, which oﬀers an unmatched

of event spaces and features the largest

dining experience with fantastic views of

Grand Ballroom in East Java. The Grand

Surabaya, making it an ideal spot to unwind

Ballroom and 18 other modern and ﬂexible

and relax over cocktails and live music.

function rooms are ideal venues to host

Guests looking to stay ﬁt and Move Well

weddings, social events, conferences, or

while traveling can make use of the 24- hour

corporate meetings with a capacity of more

Westin WORKOUT® ﬁtness studio that is

than 3,100.

complete with state-of-the-art ﬁtness equipment including TRX functional training equipment.

Sales contact details: t. (031) 2971 0000 E. wi.subwi.sales@westin.com www.westinsurabaya.com

Location: Pakuwon Mall Surabaya Developer: PT. Pakuwon Permai (Pakuwon Group) Product type: Hotel Opening Date: 7 December 2020 A number of units: 204 - Westin Deluxe Room: 39 m2 - Westin Club Room: 41m2 - Westin Executive Suite Room: 79m2 - Westin Grand Suite Room: 97m2 Price range: Start from IDR 1,388,000++ per room per night

FACILITIES - 24/7 hours Business Center - 24/7 hours WestinWORKOUT® Fitness Studio - Concierge Desk & Run Concierge - Express Checkout - Heavenly® Bed - Magnolia Restaurant - On-site Underground Parking - 3 Outdoor Pools - Service Express® - Sky Lounge - The Westin Grand Ballroom and Conventions Center - Valet Parking Services - Westin Club Floor with Complimentary Wi-Fi - Westin Club Lounge

On Sale Now

Asia’s Award Winning Property Development Group A pioneering leader in resort development across Hokkaido, Japan since 2006. The Maples Niseko

Bringing to life the iconic, award-winning properties including The Vale & The Maples (Niseko) & the brand new Vale Rusutsu (Opened Dec 2020). Exclusive Manager of 16 luxury resort properties in the world famous resorts of Niseko, Rusutsu & Furano. NISADE delivers a seamless, vertically integrated development solution to ensure success from inception to completion & beyond.

The first luxury condominium hotel in the award-winning Ski Resort of Rusutsu in Hokkaido, Japan. Sansui Niseko

• • • • •

Project Planning Project Management Development Real Estate Sales Property Management

WINNER BEST HOSPITALITY DEVELOPMENT (GREATER NISEKO)

BEST HOTEL DEVELOPMENT

The Vale Rusutsu by Niseko Alpine Developments Co Ltd.

WINNER BEST DEVELOPER

2020 Asia Property Guru Awards Winner of Best Hotel Development (Asia) 2020 Asia Property Guru Awards Best Hospitality Development (Greater Niseko)

The Vale Niseko

www.thevalerusutsu.com

Message us directly at enquiries@thevalerusutsu.com

Contact developments@nisade.com to discuss your next project

Niseko Alpine Developments Co Ltd.

REAL ESTATE, REIMAGINED. We reimagine the unique potential of real estate to build a world that works better for people, businesses, and communities everywhere. Brookfield Properties develops and operates more than 350 M sf of high-quality, sustainability-focused real estate assets around the globe. As part of Brookfield Asset Management — one of the largest alternative asset managers in the world, with approximately $575 billion in assets under management. For us, sustainability comes first. Always. Respect for the environment is at the core of everything we do and it’s embedded into all aspects of our operations, from conserving energy, to managing resources, to reducing waste. And ultimately, this commitment to sustainability proves time and again that building responsibly is building to win.

WINNER

BEST BREAKTHROUGH DEVELOPER (INDIA)

BEST BREAKTHROUGH DEVELOPER

BEST GREEN DEVELOPMENT

BEST OFFICE DEVELOPMENT

Brookﬁeld Properties

Candor TechSpace, Sector 21, Gurugram by Brookfield Properties

In India we are the largest workplace solution provider, present in some of the leading cities. Bengaluru, Chennai, Gurugram, Kolkata, Mumbai, Noida, Pune. 47 M sf High Quality Assets 34 M sf Operational 6 M sf Under Development 7 M sf Densification Potential

Learn More : www.brookfieldproperties.com

ISSUE 165 Publisher Jules Kay Editor Duncan Forgan Deputy Editor Al Gerard de la Cruz Senior Editor Richard Allan Aquino Digital Editor Gynen Kyra Toriano Media Relations Manager Thaddeus Siu Senior Media Relations Executive Tanattha Saengmorakot Media Relations Executive Piyachanok Raungpaka Marketing Manager Marco Dulyachinda Editorial Contributors Liam Aran Barnes, Bill Bredesen, Diana Hubbell, Steve Finch, George Styllis, Jonathan Evans Head of Creative Ausanee Dejtanasoontorn Senior Graphic Designer Poramin Leelasatjarana Sales Director Udomluk Suwan Regional Manager of Awards Sponsorship Kanittha Srithongsuk Corporate Partnerships Executive Priyamani Srimokla (Priya) Amonlapa Somtaveesilp (Mickey) Regional Solutions Manager Orathai Chirapornchai Business Development Manager, Corporate Sales (Singapore) Alicia Loh Solutions Manager (Thailand) Kritchaorn Rattanapan Rattanarat Srisangsuk Solutions Manager (Philippines) Marylourd Pique Maria Elena Sta. Maria Solutions Manager (Vietnam) Quan Nguyen Solutions Manager (Indonesia) Amanda Michelle Wulan Putri Solutions Manager (Cambodia) Phumet Puttasimma Solutions Executive (Malaysia) Samuel Poon Solutions Manager (Australia) Watcharaphon Chaisuk (Jeff) Solutions Manager (Mainland China, Hong Kong and Macau) Huiqing Xia (Summer) Kai Lok Solutions Manager (Myanmar) Nyan Zaw Aung (Jordan) Solutions Manager (India and Sri Lanka) Monika Singh Distribution Manager Rattanaphorn Pongprasert Editorial Enquiries duncan@propertyguru.com Advertising Enquiries petch@propertyguru.com Distribution Enquiries ying@propertyguru.com PropertyGuru Property Report is published six times a year by

CONTENTS | Issue 165

Trends

Style

Gadgets

City slickers rejoice. Here’s a list of furnishings to help you settle into urban life

Make a splash this summer with diversions for young and old alike

Refreshing digital ways to cool down as the temperatures start to climb

Project Confidential: Bling it on home

Interview: Raising her voice

Design Focus: Uptown boy

Paragon of Pyrmont has applied fantastical luxe twists to units inspired by the humble Sydney terrace house

Picking up the baton passed by her father, Jean de Castro is steering engineering firm ESCA as well as helping to shape urban landscapes as chair of the ULI Philippines

Claude Touikan is focused on shaping the future of Asia’s cities through his work at top Hong Kong architectural firm Lead8

CONTENTS | Issue 165

104

106

114

Neighbourhood Watch: Chroy Changvar

Destination: Cambodia

Destination: Malaysia

Sandwiched between the Tonle Sap and the Mekong, this hood is one of Phnom Penh’s rising stars

Affluent locals are investing in landed developments and even dipping their toes into the foreigner-dominated condo market

The devastation wreaked by the pandemic on Malaysia’s economy is clear to see, but government stimulus is riding to the rescue of the real estate sector

122

132

135

In depth: Do or die

Dispatch: Exit signs

Dispatch: Enthusiasm curbed

The pandemic may just be the catalyst for meaningful progress in areas such as green building, digital infrastructure and urban planning

With Singapore’s economy in its worst shape since the GFC, there are indications that its status as a hub for expatriates may be threatened

Analysts predict that the inevitable result of new government cooling measures in China will be a slowdown in price growth

EMERALD RESIDENCE SMART SIMPLE LIVING

Build on one of the fastest growing area in North Tangerang, Emerald Residence benefits from being an established neighbourhood within Sepatan - which offers a truly convenient place to live in. It is strategically located, only slight distance from Soekarno Hatta International Airport and Tangerang Train Station. Also the cluster is only 20 minutes from Tang City Mall. Emerald Residence facilities include: exclusive swimming pool, outdoor gym, jogging track, fruit garden, koi pond, and a multi function hall. Furthermore, it already featured with underground utilities, cluster security unit, and 24 hours-standby CCTV.

And with all of the qualities and features above, Emerald Residence comes with affordable price. Making it the perfect choice for everyone who’s looking for the best neighborhood to live with family, or to invest in. Emerald Residence is developed by Emerald Land Group, a national property, and real-estate development company that consistently delivers high-quality products to their customers based on experience, integrity, and reliability. Marketing coordinated by EPIC & B2B.

0822 9999 8700

www.emeraldresidence.id

@emeraldresidence.epic

EDITOR’S NOTE Issue 165

Asia’s cities can — to put it mildly — inspire varying emotions. For every transcendent street scene or architectural triumph, there’s a traffic jam or a deeply unpleasant stroll along uneven sidewalks in the searing heat. For better or for worse, though, these hubs of life, love and commerce will continue to hog the limelight in the region for decades to come. Experts predict that, by the end of this century, approximately 80% of the world’s population will be based in a city. Plenty of incentive to sort out the issues that blight our urban landscapes then you would think. Sure enough, thoughts are increasingly turning to how exactly the cities of the near to medium-term future are going to look. With the pandemic impacting just about everything, many believe that we are at a critical moment when it comes to shaping Asia’s conurbations: one that must not be squandered. Our special feature looks at some of the discussions that are currently being had. Elsewhere, we profile the work of other important city slickers including Hong Kong-based practice Lead8 and Jean de Castro, the CEO of engineering firm ESCA and current chair of the Urban Land Institute (ULI) Philippines and check the pulse of urban locations ranging from Sydney to Singapore.

Duncan Forgan Property Report duncan@propertyguru.com 58

ADVERTORIAL

Thought Leader Hong Kong architecture and design firm Lead8 pictures a brave new world of urban renewal and nature-infused built spaces

Lead8, the award-winning international design studio based out of Hong Kong, has been pushing the envelope and breaking ground in two future-forward areas of architecture and interior design: from biophilia to urban regeneration. In a quest to make tomorrow’s built environments more people-centric, Lead8 has placed the biophilia hypothesis front and centre, applying a connection to nature across real estate sectors. The matter has taken on an urgency over the past year, with developers and tenants confronting new realities in the quest to find the best way forward postpandemic. “Beyond being aesthetically pleasing, biophilic environments play multiple roles within our cities and built spaces,” according to Simon Chua, co-founder and executive director of Lead8. “The concept is more complex than just adding indoor plants: it is one that considers senses, atmospheres and wellness.” Lead8’s leadership in biophilic design is at play in Hubei Coordination Urban Renewal Scheme. The integrated

retail environment not only preserves the urban history of the site; the design also celebrates the urban ecology. A green chain runs through the exterior and interior spaces, enlivened with foliage, greenery and landscape. A natural material palette complements the design along with organic forms. Lead8 is also innovating on biophilic design with its recently opened new-generation, transit-oriented development (TOD) in Chengdu, Longfor Central. The large-scale integrated design was masterplanned and architecturally designed by the team. The mixed-use destination acts as a super-connecter within the city’s firstring district and features an elevated planted realm to stitch the scheme together above-ground. Not only replacing the landscape into the site, but it also promotes features such as a rainwater collection system. “We have already shown the ability to introduce large-scale living ecosystems within buildings; could this not form the basis of a thriving business hub? This is the concept we are actively exploring as we navigate expectations for the future,” said Chua.

The movement towards protecting and integrating natural environments is also being extended to the urban regeneration movement. Over the years, the demand to retain our cities’ heritage and diverse history has been accounting for more and more of the development agenda.

“These sites represent the collective memories of their cities, and their long-term sustainability relies on the renewal of key components. Our approach looks to preserve the urban history of a site and also celebrate the urban ecology,” said Claude Touikan, co-founder and executive director at Lead8.

Informed by this paradigm shift, Lead8 has been trailblazing the way forward in rejuvenating under-utilised sites in cities.

“Our schemes imagine developments as their own ecosystems, unique combinations of nature, culture, people and technology, which harmonise with each other,” said Touikan.

In January 2021, Lead8 unveiled its design for the Shougang Park Urban Weaving District in Beijing. The masterplan forms part of a significant regeneration undertaking in the capital as the site transforms a 100-year-old Capital Steel Factory into a multi-activity destination that will create a gateway to the 2022 Winter Olympics. The design preserves the original urban fabric of the area and will rebuild historic buildings while retaining the authenticity of industrial remains. This includes the reuse of existing heritage columns and brickwork, alongside a placemaking strategy that integrates nature, landscape, culture and technology. This isn’t the only major urban renewal project Lead8 is currently contributing to. In Shenzhen, the firm was appointed to one of the city’s largest urban regeneration schemes. Following an international design completion, Lead8 joined the Hubei Coordination Urban Renewal Scheme that will see the 500-year-old ‘Old Hubei Village’ protected and transformed as part of a major, regional, commercial and tourism destination. As the city’s birthplace, the Hubei area is considered a particularly challenging high-density site to undertake a renewal project of its size and scale.

DETAILS | Trends

URBAN WHIMS City slickers, rejoice. Here’s a list of furnishings to help you settle into life in the big smoke

EMERALD NEOPOLIS

SMART SIMPLE LIVING Emerald Neopolis is a residential project that offers the best experience of a smart-simple-living concept. Built at the heart of Karawang, Emerald Neopolis is an easy to acess area from all Karawang’s activity centers. Only 5 minutes from the city centre, 10 minutes from the toll exit that can access Jakarta-Cikampek Elevated Toll Road (Tol Layang Japek). Emerald Neopolis will gradually develop the Neo Park and Neo Casa Cluster landed house, apartments, shopping centers, offices, educational facilities and hospital that soon will be an eminent Central Business District in Karawang. POR FAVOR Wow the interior designer in your life with your own copy of Ludwig Mies van der Rohe’s Barcelona Couch. The furniture piece features hand-tufted upholstery and belting straps of Spinneybeck cowhide and is supported by a hardwood frame of African mahogany sapele, plus stainless steel legs.

$11,321, dwr.com

Emerald Neopolis is the first in indonesia that uses autoclave aerated concrete with prefabricated structure technology which make the structure more solid and well finished. Facilities in Emerald Park & Neo Casa includes: Central Park, a Clubhouse, Swimming Pool, Relaxing Garden, Full Basketball Court, Jogging Track, and a Children Playground. Those Clusters will also be featured with underground utilities, cluster security unit, and 24 hours-standby CCTV. Emerald Neopolis is developed by Emerald Land Group, a national property and real-estate developer company who consistently deliver high quality products to their customers proven on their experience, integrity and reliability. Emerald Neopolis are being marketed by EPIC, a marketing company with extensive and comprehensive experience in property industry.

0822 30 300 331

www.emeraldneopolis.id

@emeraldneopolis.epic

DETAILS | Trends

WINNING BED The customisable Floyd Platform Bed can transform from a twin bed to a queen and king, and back again, with options for headboards or underbed storage. Even better, this stylish modular bed frame, made of birch plywood, needs no tools for assembly.

$590-1,190, floydhome.com

WELL HEELED Living in a tiny home with an Imelda Marcos-size shoe collection? Store and show them off in the six-foot-tall Prepac Shoe Cabinet, which can hold up to 36 pairs of your most cherished footwear. The cabinet is built from non-toxic laminated composite woods.

$194, prepacmfg.com

CUP OF JOE Furniture of America’s Oldin coffee table has four roomy corner drawers with easypull metal glides and geometric handles, set below a lifted square tabletop with an espresso finish. Sandwiched in between them is a divided shelf space, ideal for flaunting your décor.

$294.52, foagroup.com

ME TIME Sometimes you need a little privacy from a roommate in a shared apartment. The quickest and most chic way to do that is with the West Elm Ida Screen, a striking room divider with relaxed natural caning and lacquered finish.

$399, westelm.com

DETAILS | Style

WET WET WET Make a splash this summer with these diversions for kids and grownups—even if it’s just in the safety of your backyard

Experience a New Beginning Introducing The Westin Surabaya, where revitalizing amenities and

Special Opening Oﬀer

an energizing atmosphere ensure that you leave feeling better

Start from

than when you arrived. LICENCE TO THRILL The Stream Machine QF-2000 has one of the highest shooting ranges (70 feet) of any water gun. Easy to fill at 35 inches long, this water gun operates on a jet-firing mechanism, making this a true weapon of mass nondestruction.

IDR

1,250,000

per room per night

The Westin Surabaya provides a stay that enhances your well-being, oﬀering outstanding rooms, 5-star amenities, and superb dining venues boasting stunning city views, the largest event space and a direct access to Pakuwon Mall.

THE WESTIN SURABAYA Pakuwon Mall Jl. Puncak Indah Lontar No. 2 Surabaya 60216 Indonesia

From $23.99, streammachinestore.com

T +62 31 297 10000 F +62 31 991 49999 westinsurabaya.com

DETAILS | Style

IMMERSIVE EXPERIENCE Sunny days call for an outdoor pool from the Coleman Power Steel Vista Series. Its rattan wicker print blends with your natural surrounds while the inner liner has tile-like prints. Held together by a corrosion-resistant steel frame, the pool features portholes for swimmers to peek through.

From $1,299.99, amazon.com

BITE SIZE No need to leave the cool confines of the pool to grab some nibbles: Wahoo Living’s spacious Luxury Floating Serving Tray serves them right up to you in a seven-inch deep, sturdy rattan basket. The floating tray, handwoven in Bali, is made of weather-resistant Viro synthetic rattan.

$169.99, myfloatingtray.com

FOUNTAIN OF YOUTH The next best thing to visiting a water theme park is building one in your home. Your kids will thank you for the Banzai Pipeline Twist Aqua Park, a palatial inflatable set with twisting slides, water cannons, a vortex tunnel, and climbing wall.

$2,139.50, banzaifun.com

SHOWER DOWN Your plants and car need a bath during sunny days, too. Made from a heat-resistant rubber vinyl compound with brass coupling, the 100-foot Craftsman Premium garden hose is up to these tasks and heavier-duty ones: a gardener and contractor’s best friend, indeed.

$75, craftsman.com

TAMANSARI EQUINE TAMANSARI EQUINE is a Highrise building residential area in the form of upper middle class apartments developed by PT WIKA Realty in collaboration with PT Pulomas Jaya (a subsidiary of Jakpro BUMD) TAMANSARI EQUINE has 5 towewrs and is also equipped with various facilities such as a 1 Ha Park, Plaza, Swiming Pool, Thematic garden, Jogging track, Children Play ground track, and lifestyle mall and Co Working Space. TAMANSARI EQUINE is integrated directly into the Pulomas LRT Station, making it easier for residents to access activities. tamansari.equine@gmail.com

DETAILS | Gadgets

HOT ST UF F

SUPER CHILL Get retro-futuristic with the Smeg Fab 32 Two-Door Refrigerator, which takes visual cues from the 1950s but shows its contemporary edge courtesy of a LED temperature control panel. Choose from a variety of colours, from powder blue to pastel green.

Try these refreshing, digital ways to cool down when summer starts to apply the heat

$2,999, williams-sonoma.com

KING CONE Make homemade ice cream, without using ice, through Cuisinart Pure Indulgence. Equipped with a doubleinsulated freezer bowl, it can produce two quarts of not only ice cream but also sorbet, gelato, yogurt, and other great cold treats within 25 minutes.

$99.95, cuisinart.com

BEAT IN THE BATH

CLEAN-UP TIME Living in a hot, polluted city? Solve two problems with one Blueair Purifying Fan, which eliminates dust and allergens while it cools a medium-sized room. Portable with a built-in handle, the fan alerts you when it is time to replace the filter.

While taking a bath can be refreshing, it’s even more enjoyable when you bring your music inside the bathroom too. This is now possible courtesy of the Gideon AquaAudio Cube, a waterproof Bluetooth speaker that, with its powerful suction cups, can attach to your walls or vanity mirror.

$49.95, amazon.com

THAT’S SO COOL Keep your 1,500-squarefoot room from sizzling with the GE 24,000 BTU air-conditioner. With its inunit container, the AC can simultaneously cool and dehumidify indoor air. It can also change tack and act as a supplement to your heater if you live in colder climes.

$699, geappliances.com

$251.25, blueair.com

BLING IT ON HOME

Paragon of Pyrmont has transformed a coveted site west of Sydney’s CBD by applying fantastical luxe twists to units inspired by the humble Aussie terrace house Coast Residences in Johor BY AL GERARD DE LA CRUZ

icture yourself driving home in your luxury car. On the final approach, the garage doors slide open and the lights flicker on automatically— the smart home automation system just recognised you. Once inside, the ground beneath your car rises, lifting you through the ceiling. Your vehicle is now parked in a private living room, another glittering trophy to display in your abode. Yet this “Maserati man cave” is not the only eye candy on show at Paragon of Pyrmont, the recently completed, award-winning residential compound by property developer Thirdi Group in Sydney. “There are so many elements about the project I love,” says Luke Berry, co-founder and director of Thirdi Group. “It’s like you’re asking me to choose my favourite child.”

PARAGON OF PYRMONT OPENS TO THE STREET THROUGH A LAYERED GLAZED FAÇADE, SHROUDED BY FINELY DETAILED, OPERABLE METAL MESH SCREENS THAT GIVE THE EXTERIOR THAT DISTINCTIVE BRONZE SHIMMER

At just 31 units, the project lays out a maverick selling proposition for Pyrmont, one of Sydney’s most populous inner-city suburbs. Averaging 147 square metres in size, the homes have universal appeal: a sweet spot between the postcode’s many shoebox apartments and oversized penthouses. “There’s a lot of people who live in apartments that aspire to buy into something bigger. And there’s a lot of people that live in big homes that don’t want to downsize to an apartment,” Berry explains. A depressed area in the 1970s, Pyrmont has been gentrifying fast, shedding its industrial past to become a sought-after lifestyle precinct with excellent access to workplaces and transportation. “When we bought the site, we saw an opportunity not to follow every other developer and put as many little apartments—little boxes—as we could on the site,” says Berry. Rather than add low-density units as an afterthought to the development, Thirdi Group filled the project mostly with multi-level townhouses, loose reinterpretations of the iconic Sydney terrace house, in addition to single-floor apartments. A 10-minute walk from the Darling harbourfront, the site sits on the cusp of transformative projects like the A$750m ($598m) Sydney Fish Market redevelopment and the upcoming White Bay Precinct, plus The Star, one of Australia’s largest casinos. Major shopping destinations, Westfield Sydney and the Queen Victoria Building are also nearby. The development itself hosts two commercial suites.

THE TERRACED RESIDENCES ARE NAVIGABLE BY WAY OF A DISTINCTIVE SPIRAL STAIRCASE, ENCASED IN A CIRCULAR SHAFT, AS WELL AS AN INDIVIDUAL LIFT, CONVEYING RESIDENTS FROM THE BASEMENT CAR PARK STRAIGHT TO THE ROOF TERRACE

WE’VE FOLLOWED THE SAME SUCCESSFUL LAYOUT OF TERRACE LIVING THAT HAS WORKED FOR A HUNDRED YEARS IN SYDNEY. THEY’RE VERY SIMILAR, BUT THE BEAUTY OF OURS IS THAT THEY COME WITH A PRIVATE LIFT AND A BASEMENT GARAGE

ROOFTOP ACTIVATION IS A PRODUCT DIFFERENTIATOR OF ALL BUILDINGS AT PARAGON OF PYRMONT. THE ROOF TERRACES LOOK OUT TO THE DARLING HARBOUR SKYLINE AND FEATURE INTEGRATED OUTDOOR KITCHENS AND PERIMETER GARDEN BEDS

“Pyrmont’s location at the foot of the CBD has made it an extraordinary neighbourhood to live in,” notes Charles Peters, former lead architect at SJB, the design practice enlisted for the project. The 1,848-sqm site was earmarked for a new railway station as part of the Sydney Metro West project. “It had this question mark on it if it was to be a metro station,” recalls Berry. “No one wanted to spend any money on it until there was clarity.” The New South Wales government eventually relocated the transit project and sold the site for A$22.4 million to Thirdi Group after a thorough public tender in 2015. But the lay of the land presented challenges for contractors. Pyrmont is cratered with quarries, having produced the famous yellow block sandstones that built prominent Sydney edifices in the 19th century. A 76

four-storey sandstone cutting juts above the plot. “We had to build and excavate on a sheer sandstone cliff that probably had houses above it. That was a really big challenge,” recalls Berry. Project delivery managers were called in to assuage neighbours and stakeholders. “We had to work extremely hard with the local community to keep everyone happy, to even get it approved in such a dense area,” he adds. While the site had the potential for 50 apartments, that volume did not project the best returns for the development, with building costs spiralling to A$90,000 a square metre. “It made sense economically to reduce the square metre rate because we’d get a premium by not being overdeveloped,” says Berry.

THIRDI GROUP COLLABORATED WITH TOP BRANDS FOR PARAGON OF PYRMONT, INCLUDING BANG & OLUFSEN FOR THE LUXURIOUS TV AND ENTERTAINMENT SYSTEM IN THE LOUNGE AND LIVING ROOMS, AND GOOGLE, WHICH POWERS THE UNITS’ INTUITIVE AUTOMATION SYSTEM

THE CIRCULAR GEOMETRY OF THE STAIRCASE SHAFT CARRIES OVER TO THE BATHROOMS WITH THEIR CIRCULAR BATHTUBS

Rather than arrange the dwellings horizontally as apartments, SJB stacked them as four-storey townhouses, innovating on the Victorian-era terraced housing style that epitomised Sydney’s inner cities. Unlike their forebears, however, the 20 townhouses at Paragon of Pyrmont were erected back-to-back, trading the backyard for a roof terrace. “We’ve followed the same successful layout of terrace living that has worked for a hundred years in Sydney,” says Berry. “They’re very similar, but the beauty of ours is that they come with a private lift and a basement garage.” The basement car park hosts the laundry and wine cellar, the latter built in conjunction with MoetHennessy, while the ground floor atop it doubles as a home office, with the option of a five-metrehigh foyer. Upper levels are reserved for the living areas and up to five bedrooms. Residents navigate the residence through a lift or the remarkable spiral staircase in a circular shaft. A guillotine window system allows residents to slide the metal mesh screens around the full-height 78

glazed panels vertically in the living areas and bedroom balconies. Meanwhile, the apartment units are wrapped with floor-to-ceiling glazing spanning two streets, with articulated Nordic copper and bronzed screening providing privacy. “We’re building in a dense area of Sydney, so we’ve got big windows, and they serve to generate great natural light and cross-through ventilation,” says Berry.

Paragon of Pyrmont is green in more ways than one. The townhouses are equipped with Tesla PowerWalls, letting homeowners store energy for off-grid consumption. The terraced dwellings and some of the apartments have landscaped private rooftops, fitted with outdoor kitchenettes. “A lot of developers don’t develop the roof,” says Berry. “They end up putting their plant, their airconditioning on the roof. It’s an underutilised space in a CBD environment.”

The 11 apartments at Paragon of Pyrmont are atypically roomy for the inner city, starting at 60 sqm to 70 sqm for the one-bedroom units. Interiors “capture a sense of raw luxury” without being “showy,” notes Jonathan Richards, former director of interior design at SJB. “They have understated elegance with polished concrete floors, sweeping curved white walls, and timber ceilings.”

Synergising with SJB, landscape architecture firm Black Beetle accented the site’s cobblestoned pedestrian street and public pathways with screening plants and other flora. Black Beetle also repurposed some of the sandstone unearthed around the site for the landscaping plan.

The apartment kitchens contain Gaggenau appliances, while the living rooms feature touchactivated cabinetry with Bang & Olufsen TV sets.

The leafy public domains could help ease owners of the “quarter acre” or detached suburban home, an enduring post-war symbol of the Australian Dream, into inner-city living. The project also beckons to house hunters from the west of Sydney, a bastion of

old, cheap apartments poorly serviced by transport, as well as the CBD with its high-density apartments. “Space is at a premium in Sydney and most cities in the world,” says Berry. “The one thing that cities are running out of is space to build on. That’s never going to change, and it’s unlikely that there’s going to be townhouses built and delivered in the future.” In addition to local home hunters, owner-occupiers from Hong Kong, China, and Russia have capitalised on the project, reports Berry. The project’s inventive display suite, which came with a functional licenced restaurant, and engaging project management portal, have paid dividends. “Ours is only 31 units, so there’s a real strong sense of community. Buyers don’t want to live in a block of units where there are 500 people they never meet,” says Berry. “People don’t necessarily like to be part of a big, soulless development.”

Raising her voice Picking up the baton passed by her father, Jean de Castro is steering engineering firm ESCA through stormy waters in the Philippines BY BILL BREDESEN

case for the law firm—a case that she says piqued her interest in real estate for the first time. When her father later asked her to join his company, saying he needed someone he could trust during a transition period, she felt it was an opportunity worth pivoting for. “I had never considered this career path before that day, considering that I was not an engineer. But I also knew I could not turn down the chance to help out our family business,” de Castro says. When she started working in the company’s HR and finance departments, it was “a strange shift from being a lawyer bringing in the revenue to taking on a more supporting role,” she says. The move to ESCA also ultimately meant walking away from her role under the bright lights on Bloomberg TV. While working as a lawyer, de Castro had appeared one day on a local debate show that was sponsored by her firm, and a TV executive who saw her performance was so impressed that she invited de Castro to audition for a position on-air. De Castro was a news anchor on the show First Up and says she learned a great deal talking to business leaders from across the Philippines. Throughout that period, she would wake in the middle of the night to be in the studio by 3am, do the show from 7am to 8am and be at her office by 8:30am. “When I took on a bigger role as CEO that’s when I said I had to put my full focus on the company,” de Castro adds.

he arc of Jean de Castro’s career might look at first glance like a winding road, but actually, it is one that just went full circle. Now the chief executive officer of ESCA, a full-service engineering firm based in the Philippines, de Castro followed an unconventional path to the executive suite of a leading real estate company. In her early professional life, de Castro was a successful litigation lawyer who was on 82

partner track at a major Philippines law firm. Along the way, she landed a role as a business news anchor on Bloomberg TV. Then she decided around 10 years ago to return to her roots, in a sense, when she joined the company that her father, Ernesto de Castro, founded in 1982. The younger de Castro had received an introduction to engineering and construction while working on an arbitration

IN HER ROLE AS CEO OF ESCA AND CHAIR OF THE URBAN LAND INSTITUTE (ULI) PHILIPPINES, JEAN DE CASTRO HAS A STRONG SAY IN HOW CITIES LIKE METRO MANILA WILL LOOK IN THE FUTURE

I had never considered this career path before that day, considering that I was not an engineer. But I also knew I could not turn down the chance to help out our family business

As CEO of ESCA, de Castro leads operations, business development and administration duties. Last June, she was appointed the first-ever female chair of the Urban Land Institute (ULI) Philippines. ULI is one of the world’s oldest and largest networks of cross-disciplinary real estate and land use experts.

You’re the first female chair of ULI Philippines. How are opportunities for women changing in the real estate industry? What are the challenges? It is exciting to be the first chairwoman of ULI Philippines—and at the same time, it was challenging to start the role at the height of the crisis last June. There are growing ranks of female executives across Asia, particularly in real estate. One of the reasons I look forward to PropertyGuru’s annual awards night is to check in with the many accomplished and rising female executives in our industry. All that said, we still face challenges. What I’ve personally noticed is that while entry into the industry is growing, a bigger challenge is keeping women employed long term and helping them move up the ranks. I’ve had the privilege of working with women engineers in my company who left after four or five years to take care of their children. There is a need to focus on how to keep more women in the workforce long term— whether through flexibility or sharing of family responsibilities. Also important is allowing women to return to the workforce (after they leave to take care of their families) without having to start at the bottom again. Many are looking to the real estate industry to help drive economic recovery post-Covid. How can organisations like ULI help to encourage real estate investment during this period? One is to highlight opportunities. Having been in media, I know it is always easier to grab attention with negative news or negative outlooks. However, there are always bright spots. Interestingly, there are funds available waiting to be deployed, whether here or abroad. Second, for me, it is important to highlight our role in working for the common good, even at the expense of a little bottomline. Investing in social value to aid recovery would be crucial at this point. If we all wait on the sidelines for the best deal, it will take longer for the sea to lift all boats. URBAN ENCLAVES SUCH AS BONIFACIO GLOBAL CITY IN METRO MANILA ARE SOMETHING OF A BLUEPRINT FOR THE KIND OF SUSTAINABLE, PLANNED DEVELOPMENT ADVOCATED BY DE CASTRO

We must redefine how we measure risk, value and performance. It is also time to redefine what is acceptable shareholder value under these circumstances—and what defines a “good deal.” The more we help surrounding interests, the faster shareholder value can rise to pre-pandemic times and the faster the economy can restart.

USE OF SOLAR PANELS IN NEW DEVELOPMENTS IS BECOMING MORE COMMONPLACE IN THE PHILIPPINES, ALLOWING CONSUMERS TO SAVE ON ELECTRICITY COSTS

JEAN DE CASTRO IS AWARE OF THE CHALLENGES THAT FACE THE PHILIPPINES’ REAL ESTATE SECTOR GIVEN ITS HISTORY OF POOR PLANNING AND THE COUNTRY’S PRONENESS TO NATURAL DISASTERS LIKE TYPHOONS

How is the pandemic impacting ESCA’s business? This is the first crisis I’ve had to lead the company through. My father founded the business in 1982 and since then we have survived and thrived through crisis after crisis—the dollar crisis, oil crisis, the EDSA Revolution. He built a truly resilient company.

I’m convinced now that we need to ask ourselves if the bottomline is the only line. We know it’s not. That’s why I’m glad that ESG (environmental, social and governance) issues have started to receive more focus in the minds of investors and developers. More developers are also embracing sustainability.

Like many in this industry, the pandemic hit us hard. Projects came to a standstill. Job orders were frozen. We had to defer and even rethink our plans for moving to a bigger and more modern office. But we are cognisant that many businesses have suffered far more. I always tell my team that the pandemic didn’t create new vulnerabilities in our company. It just 86

exposed old ones. We have undertaken a healthy and cathartic process to re-examine many aspects of how we do business. How do you envision real estate development changing in the Philippines in the coming years? Real estate has been central to the Philippines’ development. But here’s the challenge it now faces; much of the Philippines’ built environment has been built without proper planning, sanitation and infrastructure. The Philippines is among the very few countries that unfortunately are hit with a perfect storm of natural and man-made challenges almost every year: typhoons, earthquakes and rising sea levels. Now layer in the economic, social and other related challenges of a pandemic.

What are some unique opportunities in sustainable development? As more developments embrace sustainability, I’d like to see more “green” features in inclusive developments—not just in high-rise, luxury projects. I think it could extend to more affordable housing. The pandemic has further aggravated the gap between rich and poor—and so we need to ensure that any progress we make is inclusive. One company in the Philippines is putting solar panels

on affordable housing, allowing consumers to save on electricity costs. What is one interesting project on the horizon for ESCA in the coming year? We are the project manager for the City of Manila’s Hall of Justice, which will house a total of 120 courtrooms and three special courtrooms. It is an interesting project for a couple of reasons. First, it will be the first green-certified courthouse in the Philippines. Second, it is within an archaeological complex. It is composed of three interconnected buildings, including the old GSIS Building, which will be preserved, and the new building that will be built around it.

Uptown boy Having shelved early dreams of emulating Billy Joel, Claude Touikan has shifted his focus towards shaping the future of Asia’s cities through his work at top Hong Kong architectural firm Lead8 BY DIANA HUBBELL

hile many individuals initially struggle to find their ideal vocation, Claude Touikan has never been one of those people. For him, architecture was a calling from a young age. It offered the opportunity to leave an indelible mark on the future, to change the world for the better. Even in his university days, the co-founder and executive director of Lead8, one of Hong Kong’s most sought-after architectural firms, knew that he wanted to shape the societal fabric and skylines of cities. “That’s the only thing I’ve ever done in my life. I’d like to be Billy Joel, but it’s impossible,” Touikan says with a laugh. “What drew me into architecture was a very strange story. I went to the University of Prince Edward Island in Canada. I was cleaning the library one day and I saw a book on architecture, and that’s how it started.” Nowadays, that dream of building skyscrapers is very much a reality. Since its founding, Lead8 has been at the forefront of Asia’s ongoing building boom. The firm has left its creative fingerprints everywhere from state-of-the-art international airport terminals to ambitious mixed-use developments and shopping centres that merge sophisticated AI with fully realised entertainment complexes.

“We do not force our style on any project. Each project is unique,” Touikan says. “We do a great deal of exploration into the area and then we work within those parameters. We also really observe the surroundings— the people, the culture, and what fits for the area.” Although pragmatism prevents the firm from adhering to a single aesthetic style, certain ideological choices are underpinning all of Lead8’s designs. For one, Touikan and his colleagues go the extra mile in terms of sustainability whenever possible. Part of this is simply because clients are increasingly demanding LEED certifications. Most of it has to do, however, with the firm’s core belief that they have a moral responsibility to think of their environment. Strategising ways to reduce carbon footprints, incorporating recycled materials, reducing energy consumption, integrating foliage, and reusing water are all just part of the design process. “The designs we create now will influence the future,” Touikan says. “It’s important that what we do is sustainable for the next generation. You feel better after you do this. You think ‘I did my best to save the world’.”

The designs we create now will influence the future. It’s important that what we do is sustainable for the next generation. You feel better after you do this. You think ‘I did my best to save the world’

CLAUDE TOUIKAN OF LEAD8 IS PROUD OF THE WAY HIS PRACTICE HAS LEFT ITS CREATIVE FINGERPRINTS IN CITIES AROUND ASIA

Indeed, several of Lead8’s projects currently in the pipeline are destined to remain with the world for generations. From a mixeduse district set to open in time for the 2022 Winter Olympics in Beijing to a sprawling airport terminal and one of the largest botanical gardens in China, these are spaces built to leave an impact. Perhaps most exciting of all is a 23-kilometre loop around Victoria Harbour in Hong Kong. This would allow millions of office workers to cycle to work through well-ventilated tunnels, park their bikes in secure silos, grab a quick shower, then stroll into the office feeling refreshed and invigorated. Much of Lead8’s commitment to building a greener future hinges on immediately practical solutions. Passive cooling technology, or strategically using natural ventilation, shading, and the positioning of the sun to reduce temperatures without air-conditioning, plays a key role in many of their projects. “The cool season here doesn’t last very long, so air-conditioning tends to use up a great deal of energy,” says Touikan. “To minimise that, we do a site analysis to see where the sun is facing and where the wind comes in from, then orient our design around that.”

Yet, at times, the firm pushes the envelope further still. Although not every client has the resources to accommodate new technologies, Touikan makes a point of pushing for them when possible. If there is a chance to be at the cutting-edge of green tech, Lead8 wants to be there. “The other aspect of sustainability is the innovation aspect,” Touikan says. “So, we’re trying to increase the number of electric charging stations for those who drive electric cars. It’s becoming part of our design process.” That design process works since commissions for the firm keep accumulating. All of Lead8’s success relies on its reputation for producing feasible, logical, forward-thinking spaces. As they continue to do so, they are subtly changing Asia-Pacific, hopefully leaving it better for generations to come. “It’s all through word of mouth. People see what we do,” Touikan says. “A lot of times, it’s about the philosophy of how we design and how we bring a concept idea into a reality.”

11 SKIES, Hong Kong Once this sprawling multiuse complex near the airport opens its doors, it will offer 350,000 square metres of retail, entertainment and office space, making it the largest development of its kind in Hong Kong. Touikan envisions this space as much more than just another mall, however. “The phrase ‘shopping mall’, we want to delete it from the dictionary. It sounds very boring,” he says. Instead, he envisions an experiential-driven complex. “People shop online, but they go to a place. We need to meet other people, we need human interaction.” Consequently, 11 SKIES uses experiential elements to entice customers, while sophisticated AI technology constantly refines how retail spaces are laid out.

Yorkville – The Ring, Chongqing “Biophilic design is a controlled microclimate interior space, which you need properly designed sunlight to create,” Touikan says. “There’s controversy in this because designers sometimes say that nature belongs outside. In China, however, it makes a great deal of sense, because the pollution in many parts of the country is still very bad.” To bring greenery indoors in this seven-storey mall, Lead8 designed a spectacular 42-metre-tall botanic garden occupying a full 6,000 square metres and featuring more than 70,000 plants from over 300 species. Once completed, the indoor botanic garden will be one of the largest in the nation.

Harbour Loop, Hong Kong “I enjoyed the High Line in New York, which brings people together,” Touikan says. This ambitious 23-kilometre walking and cycling pathway around Victoria Harbour would be Hong Kong’s equivalent. “We spend a lot of time working on it, but I believe this is our corporate social responsibility. We all deserve to be able to live a healthy life.” Lead8 is also proposing a walking bridge from Hong Kong Island to Kowloon. “We talked with engineers and it made the most sense to do an underground walking and cycling tunnel,” he says. “So, this loop would be well-ventilated and you’d get your exercise. We estimate that roughly 2.5 million people would be able to access this harbour loop.”

Beijing Daxing International Landside Airport Terminal, Beijing As air travel evolves in our ever-more interconnected global economy, so do airports. Once completed, this essential transportation hub will help the airport expand its capacity by 100 million anticipated passengers. While the airports of yesteryear might have been simply a place to park, this seamlessly integrated shopping, dining and entertainment facility is a destination in and of itself. There will be workplaces for executives to take calls and answer emails during their layover, as well as everything from nurseries for children and pet hotels for pampered pooches. A high honeycombed ceiling allowing for abundant natural light give the space a bright, modern feel.

MixC Shenzhen Bay, Shenzhen “At the beginning, the client wanted a huge glass roof,” Touikan says. The client’s vision involved turning a cinema into a true destination, complete with first-class lounge VIP vibes. While that enormous skylight might have looked impressive, it would have also converted the whole structure into a greenhouse in a tropical climate. To make the building more energyefficient, Touikan proposed a more practical, yet equally aesthetically appealing alternative. “In the end, we created sculptured landscaping skylights,” he says. “So that allows for a better-controlled environment that is producing less glare and second, you save a lot on electricity bills.”

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Shougang Park Urban Weaving District, Beijing “For that one to be sustainable is easy—we’re recycling buildings!” Touikan says of this bold masterplan designed to open by the 2022 Beijing Winter Olympics. “Since it used to be a steel factory, they have very good frames.” Once completed, the plan will fully transform the century-old Capital Steel Factory Park into a vibrant urban space. While the overall feel will be decidedly modern, elements of the original brickwork and columns from these heritage buildings will help give the development a sense of place and honour its role in the history of the capital. “It will recoup a lot of the existing steel buildings and turn them into multifunctional spaces that people can use for everything from dining to entertainment,” he adds.

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Rollin’ by the rivers

Positioned at the confluence of Phnom Penh’s two great rivers, Chroy Changvar has seen rapid growth in both housing and infrastructure over recent years. As new condominiums and amenities complement older villas and apartments, the district presents an intriguing mix of accommodation as well as fresher city air, river views and direct access to the city. Indeed, the three road bridges linking it to the city centre, mean that there are few betterlocated enclaves in Cambodia’s capital. With exclusive condominium units at affordable prices, there’s little wonder why this fast-rising gem is making waves among investors.

BY JONATHAN EVANS

Sandwiched between the Tonle Sap and the Mekong, Chroy Changvar is one of Phnom Penh’s rising stars

Morgan EnMaison

La Vista One

Majorelle

Color Cup

Cambodian–Japanese Friendship Bridge

Hyatt Regency Phnom Penh

This lofty integrated resort consisting of five riverside skyscrapers looks set to substantially raise the profile of Chroy Changvar. With super-luxe features including a helipad on the centrepiece 70-storey business tower’s rooftop, a multi-level sky club, rooftop infinity pool, and a private yacht marina, the 2.4-hectare, U-shaped development is designed with an affluent clientele in mind. It also displays sound green credentials with an ecological landscape garden, water features, and a 200-metre riverside walking trail. With a shopping mall, restaurant, school, five-star hotel, gym, and sauna included in the masterplan alongside four condo towers, units here will be highly coveted upon the completion of the project, currently slated for 2023.

Another major tower development in Chroy Changvar is La Vista One, which is scheduled for completion in December this year. Towering over the neighbourhood with 41 storeys, the project—which contains 1,750 units—is built with sustainable development and a people-oriented design in mind. Ample greenery incorporated into the towers, meanwhile, forms a three-dimensional landscape design from the ground to the air. A clubhouse, sky garden, infinity pool and indoor gym enhance this residence whose V-shaped configuration and large private balconies ensure optimum panoramic vistas over the Mekong River. For a city that only 20 years ago had no buildings taller than four storeys, La Vista One is just one more example of Phnom Penh’s sky-high ambition.

The dining scene in Chroy Changvar is in its relative infancy. But, just over the bridge, the riverside promenade of Sisowath Quay holds greater surprises in store. French-owned Majorelle is an undoubted highlight. Its distinctive royal-blue interior design was inspired by a namesake villa in Marrakesh. Similarly, the fusion cuisine on offer here takes its cue from all kinds of exotic Mediterranean locales (Greece, Tunisia and Morocco) as well as Madagascar, French Polynesia, Argentina and the West Indies—adding up to a culinary eclecticism that is a rarity in the Cambodian capital. Generous portions, attentive service, exotic artwork and beautiful plating complete the experience at this consistently innovative and highly praised restaurant.

Chroy Changvar is not (yet) known for its buzzing bar scene. But nobody need go thirsty even so. Those craving bibulous pleasures can take solace in the impressive rooftop bar atop the Mekong View Tower’s 116-unit condo, as well as a smattering of beer joints along Mekong River Road and Tonle Sap Street. The liveliest bar on the latter thoroughfare, Color Cup’s hypersociable vibe benefits from a sprawling layout of lengthy tables for sharing comfort food, a live-music stage, vivid murals and a plethora of festive lighting to enliven the packed space. Set in the south of the peninsula near Chroy Changvar Park, it’s colourful, brash and full of life, and the young clientele wouldn’t have it any other way.

For all the new development happening in Chroy Changvar—it now houses Phnom Penh’s first water park (Garden City), as well as a theme park (Dinosaurs Alive) and a wildlife attraction (Safari World Zoo)—the area originally opened up with this bridge, constructed in 1963 with Japanese funding. Formally known as the Chroy Changvar Bridge, it joined the peninsula with the mainland across the Tonle Sap river but was severely damaged during the civil war in 1972 after extensive land-mining by Khmer Rouge forces, and wouldn’t open again until 1996—accounting for the slow pace of local development. In a further twist to its somewhat chequered history, the nearly 1,000-metre-long landmark was closed for essential repairs in 2017 before reopening in April 2019, complete with pedestrian and motorbike lanes, and is now the principal route for those entering the satellite city from Daun Penh district.

Opened in January, the Hyatt Regency—with 247 guestrooms, including 43 residential suites—impresses from the moment of arrival. SCDA Architects’ stylistic themes incorporate Khmer accents; an embossed wall motif depicts the “tree of life”, inspired by the Angkor temple of Bayon, while artworks by Cambodian artist FONKi animate communal areas. Highlights include the skyline view from FiveFive Rooftop Restaurant & Bar; 1,400sqm of meeting space that comfortably accommodates MICE events; and the sinful afternoon tea, replete with “teatails”, at garden-style Market Café. A mammoth undertaking constructed during a pandemic, the Hyatt Regency is now Phnom Penh’s largest international hotel.

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TURNING INWARDS The pandemic has resulted in a shift in Cambodia’s property sector as affluent locals invest in landed developments and even dip their toes into the foreigner-dominated condo market BY GEORGE STYLLIS

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PHNOM PENH’S FORMERLY LOW-RISE SKYLINE IS NOW PUNCTUATED BY NUMEROUS GLEAMING CONDOMINIUM TOWERS

ince foreign buyers took a shine to Cambodian real estate, locals have often been overlooked. The construction of grandiose condos, luxury villas and holiday homes has gone unabated in cities across the country, at prices beyond the means of most Cambodians. But as the pandemic endures, developers are looking to local buyers to help cushion the blow. By the end of last year, sectors underpinned by foreign demand continued to be ravaged, with the condominium market among the worst affected. In Phnom Penh, the sales rate of high-end and mid-tier condominiums dropped to 5% in the first half of last year compared with 15% in the first half of 2019. By the end of the year, the pandemic “had started to take a more serious toll on the condominium sector” as a result of fresh outbreaks which had led to the government closure of businesses, said Knight Frank Cambodia in a recent report. In the provinces of Siem Reap and Sihanoukville, both popular with tourists and expatriates, the real estate services firm similarly recorded lower transaction activity throughout the year. “Siem Reap has been one of the worst impacted markets due to the pandemic. Large numbers of hotels and retail outlets are being mothballed or closed permanently as tourist arrivals have declined by approximately 76% during 2020,” said Ross Wheble, country director for Knight Frank Cambodia. In stark contrast, segments geared towards locals have done surprisingly well as banks and developers have recalibrated their operations. The National Bank of Cambodia reported homeowner loans had surpassed US$3.5bn in August, driven by landed property, which remains off-limits to foreigners by law. In the first half of last year, the landed property sector saw a 36% increase in average pricing in Phnom Penh following launches by Chip Mong Land and Peng Huoth, well-known developers with units priced $1,000 per square metre onwards. This trend accelerated past the first half of the year as Cambodia managed to contain its Covid-19 fallout to fewer than 150 cases and zero deaths by the end of June.

A lot of developers remodelled their projects to focus on the local market. And there was a lot of interest, which we had never really seen before Covid-19

MALL OVER THE PLACE Cambodia’s retail boom shows no sign of slowing this year with a wave of new mall openings expected. Since Japan’s Aeon launched what is widely considered to be the country’s first modern mall in 2014, Phnom Penh has seen total retail space more than double to 340,000 sqm over 23 malls.

“In the second half of the year, the market was still in a funk, but there was a lot of activity with local buyers and local developers, especially in the borey [landed property] market,” said Tom O’Sullivan, director of local property portal Realestate.com.kh.

This year a further 20 malls are due to launch, adding 186,878 sqm to the existing supply. The biggest will be the second phase of the Olympia Mall by Overseas Cambodian Investment Corporation, accounting for 18,392 sqm.

The growth in landed housing comes amid a growing

Once completed the Olympia Mall will have a cinema, a swimming pool overlooking the National Olympic Stadium,

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gym, playground, garden, and glass bridge. The mall currently houses international brands including Lacoste and Jansport. Second in size to Olympia Mall will be Chip Mong Sen Sok Mall by the developer Chip Mong at 17,000 sqm. The development will feature Legend Cinemas, Starbucks, and Teen Tea Shop. Experts expect the openings will lead to significant oversupply, which will lead to occupancy rents going down. “The impending supply coming online during 2021 will be overwhelming if all ongoing projects are completed as scheduled,” Knight Frank said in a report. 109

middle class in Cambodia, which in the space of about seven years has spurred the launch of numerous malls housing big foreign brands and created a generation of eager young homeowners. “More and more middle-class buyers are looking to purchase their own homes pushing developers to want to meet the newly identified demand,” stated the Knight Frank report. But even more surprising is that the pandemic has seen demand from locals grow for condominiums, a sector that has long been dominated by overseas Asian developers and buyers since Cambodia relaxed its property laws 8 years ago. “A lot of the traditional developers that had

CAMBODIA’S GREAT COASTAL HOPE, SIHANOUKVILLE, HAS LOST SOME MOMENTUM, BUT NEW HIGH-PROFILE HOTEL PROJECTS OFFER PROMISE FOR THE FUTURE

focused their marketing efforts overseas remodelled and reskinned their projects to focus on the local market. And there was a lot of interest among locals, which we had never really seen before Covid-19,” said O’Sullivan.

securing interest from locals will be crucial in the months and years ahead as the country braces for a wave of new launches. In Phnom Penh, 11,000 new units are expected this year, dwarfing last year’s supply of 3,778.

To entice local buyers, developers such as Agile Property Holdings, a Chinese company, have been successfully offering stripped-down, unfurnished versions of their units at lower prices and securing sales with long-term payment plans. This is “terrible for the developer’s cash flow,” says O’Sullivan, but the strategy is designed to keep sales moving until foreigners can return to the country.

The surge of interest from locals should also go some way to quelling long-held fears of an overheating condo market that will result in streets of vacant properties.

While the foreign market is far larger and more lucrative than the local market,

But most are agreed that for momentum to build, there has to be confidence that

“The upside is that those local buyers are most likely to live in their apartment and reduce the risk of having ghost towers that everyone was speculating on a year or two ago,” says O’Sullivan.

SIHANOUKVILLE WELCOMES NEW PLEASURE PLAZA US hotel company Wyndham opened its first hotel in Cambodia in Sihanoukville last year, one of the most high-profile launches since the seaside town’s property market went bust two years ago. The Howard Johnson Plaza by Wyndham Blue Bay Sihanoukville has 522 rooms and 36 floors and marks the debut of the Howard Johnson by Wyndham chain in Southeast Asia. “We are confident that the hotel’s prime location by the beach, along with its excellent amenities, will make it one of the most desirable places to stay in the city,” says Joon Aun Ooi, president for Asia Pacific at Wyndham Hotels and Resorts. Passenger traffic to Sihanoukville fell nearly 70 per cent year-on-year as a result of the pandemic. The city went from boom to bust within a few years as a result of a soaring casino trade that swiftly became associated with corruption, prompting the government to step in with regulations that led to the industry’s collapse. Efforts are now underway to rebuild the city’s dilapidated infrastructure and rebrand it as a family-friendly destination. “Sihanoukville is emerging not only as a town that entices tourists but also as a potential investment destination in Cambodia. I believe it will become a more appealing choice for local and foreign tourists,” says Ho Vandy, an adviser to the Cambodia Tourism Association.

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AMONG DESTINATIONS BENEFITING FROM BETTER DOMESTIC AIRLINKS IS MONDULKIRI, A REMOTE AND BEAUTIFUL PROVINCE IN CAMBODIA’S FAR NORTHEAST

Cambodia is out of the woods with the pandemic. And not everyone is sure it is. Cambodia has seen several clusters emerge in the past few months, hindering the market from making meaningful progress. In September , the market began to show signs of a recovery, following an 11-day run without any new cases. However, this streak was abruptly ended by two outbreaks in November “wiping out most of the confidence gained in the previous months,” said CBRE in its fourth-quarter update for 2020. An additional outbreak in February was even more concerning. Indeed, the latest cluster has sent a chill through the market after a promising start to the year saw enquiries from both foreign and local buyers reaching levels not seen in 2020, analysts say.

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CAMBODIAN INVESTORS ARE BECOMING INCREASINGLY IMPORTANT PLAYERS IN THE NATION’S REAL ESTATE MARKET WITH LANDED ‘BOREY’ DEVELOPMENTS PROVING ESPECIALLY POPULAR

“The market was really starting to pick up and we thought we were on the road to recovery, but the market is now on tenterhooks again,” says O’Sullivan. While the answers to questions over the containment of the virus and when tourists are likely to be able to return remain opaque, most analysts agree that the local market can no longer be seen as an afterthought. “It’s time for developers to push ahead with efforts to target the local market rather than waiting for foreigners to come back,” says Jovany Antonio, director of CMS Property Management, a real estate consultancy based in Phnom Penh. “When you have developers focusing on locals buying villas and condominiums, that’s when you have a real estate market that is maturing and moving forward.”

ANTICIPATING FRESH AIR Global travel and tourism might still be dormant, but those haven’t stopped Cambodia from pushing ahead with the development of three new airports. The airports will be located in Phnom Penh, Siem Reap and Mondulkiri, a remote province in the northeast. The new $1.5bn Phnom Penh International Airport, funded by local firm Overseas Cambodia Investment Corporation, is due to launch in a couple of years, according to senior provincial officials. “The progress of construction is progressing as scheduled and, in 2023, one or two runways of the four planned will be

ready to be put into use,” says Mao Phirun, council chief of Kandal province, where the airport will be located. In Siem Reap, a new $900m airport is on track to be completed next year, and in Mondulkiri, an $80m airport will be built on a 300ha site with construction due to begin as early as next year. “We are aware that the pandemic has disrupted many projects and the economy, but the construction of the airport in Kandal province and other airport projects in the country have been on schedule,” says Sin Chansereyvutha, spokesman for the State Secretariat of Civil Aviation.

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SHOTS IN THE ARM The devastation wreaked by the pandemic on Malaysia’s economy is clear for all to see, but government stimulus packages and financial incentives are riding to the rescue of the country’s real estate sector BY AL GERARD DE LA CRUZ

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DECISIONS MADE IN PUTRAJAYA, MALAYSIA’S FEDERAL ADMINISTRATIVE CAPITAL, ARE HAVING A SEISMIC IMPACT ON THE COUNTRY’S ECONOMIC COURSE DURING THE PANDEMIC

MOVEMENT FOR THE MASSES The decisive shelving of the Kuala LumpurSingapore high-speed rail project in December has not dampened enthusiasm for transport infrastructure projects. Budget 2021 made this abundantly clear with MYR15bn allocated to keep several rail and road projects on track for completion. By 2026, Bukit Chagar in Johor will connect to Woodlands, Singapore via the Rapid Transit System (RTS). Highly anticipated, too, is the completion of the MRT 2 rapid transit line that will connect Kwasa Damansara, a massive township in Sungai Buloh, to Putrajaya in 2021. The Electrified Double Track Project (EDTP) between Gemas and Johor Bahru will also finish this year. “The National Transport Policy unveiled in 2019 was a right step forward as it identified rail transport as a vital catalyst of growth in urban cities like Klang Valley and as a means of improving the livelihood of urban folks simultaneously,” says Foo Gee Jen, group managing director of CBRE WTW. Road networks are also expanding across the peninsula, with the Damansara-Shah Alam Highway (DASH), East Klang Valley Expressway (EKVE), Sungai Besi-Ulu Kelang Elevated Expressway (SUKE), West Coast Expressway (WCE), and Setiawangsa– Pantai Expressway (SPE) all on the verge of completion this year.

ith stimulus funds being thrown around like so much confetti, the pandemic has highlighted the extent to which governments can provide financial succour to their people. Malaysia has unfurled one package after another since the virus took hold in the nation in January 2020. One year later, King Al-Sultan Abdullah would declare Emergency (Essential Powers) Ordinance 2021, suspending parliament and postponing elections at the request of embattled Prime 116

Minister Muhyiddin Yassin. On the face of it, the move was merited; so was federal administrative capital Putrajaya’s version of the lockdown, the Movement Control Order (MCO). Malaysia, after all, had the third-highest Covid-19 caseload in Southeast Asia. In a narrative replicated with some variations across the region, GDP growth in Malaysia last year contracted by 5.6%, the steepest economic plunge since the 1998 Asian financial crisis. Overall property transactions plunged almost 28% by volume—31.5% by value—in the first half of 2020 from the same period in 2019, according to figures from the National

Property Information Centre (NAPIC). Transaction volumes and values within the residential segment alone plunged 24.6% and 26.1%, respectively, as sales rates hit a low of 3%.

“Transport infrastructure continues to be one of the more extensive federal government initiatives and, without a doubt, has enhanced accessibility and demand especially for residential properties,” says Prem Kumar, deputy managing director for Jones Lang Wootton.

“A lockdown implicates more than physical restriction,” says Foo Gee Jen, group managing director of CBRE WTW. “It creates uncertainty as economic activities are hindered. This then poses an unemployment risk. The consequent weakening of consumption confidence placed on the residential sector is at the forefront of Covid-19 impacts.” Malaysians had not faced a state of emergency for more than 50 years before the ordinance. The sweeping law, which lets 117

PRIME MINISTER MUHYIDDIN YASSIN HAS ATTRACTED OPPROBRIUM FOR HIS PERCEIVED DISREGARD FOR DEMOCRACY, BUT SOME OF HIS POLICIES ARE SET TO BENEFIT THE PROPERTY SECTOR

“The stratified residential market had been experiencing a downtrend even before the pandemic,” says Kumar. “The supply of condominiums and serviced apartments has not reached market equilibrium vis-à-vis demand and, as such, will continue in the short term to exceed demand.” International buyers have left locals to fend for nearly 47,500 prime and luxury units in Greater Kuala Lumpur, where average capital values hovered at MYR1,009 ($250) per square foot, according to recent Jones Lang Wootton data. Sales for luxury homes in Klang Valley trended down to 75.4% in Q3 2020, the slowest momentum since 2010, reports CBRE WTW. Mayor of Kuala Lumpur Datuk Mahadi Che Ngah has since vowed to promote affordable housing and build transit houses for low-income renters.

“The root causes of the overhang extend beyond pricing,” says Foo. “Mismatches in terms of location and product cannot be taken out of the context of overhang. While the current soft market and anticipation of lesser new launches will help to prevent the residential market from overheating, developers must step up on feasibility assessment going forward to effectively mitigate overhang risk.” As it is, the bottom 40% of income earners, the B40, make just enough to own homes worth less than MYR300,000. However, only a little over 10,000 units of them were in stock as of H1 2020, according to the Valuation and Property Services Department (JPPH).

The speculative element will continue to be under check, and price and product rationalisation will be seen as key elements in the creation of a more resilient and demanddriven residential market

Muhyiddin latch onto the premiership “until the pandemic is over”, he says, has drawn reprobation from parliamentarians, human rights activists, and legal experts around the region. “The word ‘emergency’ itself will give a poor perception of Malaysia security,” says Tan Hui Yin, partner with Tan Chap & Associates. “Under an emergency, there is no control over the executive, and without parliamentary control, the executive will follow a flipflop policy. The ever-changing SOP (standard operating procedure) for the pandemic is a good example.” The protean nature of the MCO, which has gone by turns from strict (Enhanced Movement Control Order) to, some say, inconsistently relaxed (Conditional Movement Control Order and its successor Recovery Movement Control Order), has caused supply to undulate, with developers eager to seize upon every window of opportunity. The easing of restrictions towards the end of 2020 caused supply to soar by 10.14% annually in the third quarter of 2020, reports PropertyGuru Malaysia. Asking prices slipped 0.34% year-on-year in the final quarter, ahead of the reimposition of restrictions (MCO 2.0) in January. 118

Combined with a low-interest-rate environment—the Overnight Policy Rate (OPR) stands at 1.75%, the lowest in history—the downward pressure on prices has helped create “the most conducive lending and policy environment” in recent years, notes Sheldon Fernandez, country manager of PropertyGuru Malaysia. Widespread changes to the pricing structure would likely offer greater value for money, according to Prem Kumar, deputy managing director of Jones Lang Wootton. He says: “The speculative element will continue to be under check, and price and product rationalisation will be seen as key elements, accordingly, in the creation of a more resilient and demand-driven residential market.” Negative sentiment in the property market had been percolating since 2019. GDP growth that year was only 4.3%, the lowest since the 2009 global financial crisis. The overhang remained pervasive, increasing from almost 59,500 units in the first half of 2019 to 63,063 units in H1 2020, NAPIC data shows. In Johor, the overhang numbered 19,000 units, comprising high-rise homes, condominiums, and serviced apartments.

INDUSTRIAL STRENGTH The pandemic wielded little power over the strength of the industrial real estate segment, with multinational occupiers filling the country’s warehouses and logistics facilities. The nation’s net exports rose 11% year-on-year in the third quarter of 2020 for a trade surplus of MYR60bn, buoyed by manufactured and agricultural commodities, research from CBRE WTW shows. Foreign direct investment (FDI) at the same time stood at MYR51bn, up from MYR27bn in Q3 2019. Microsoft is building a data centre in Kulai, grooming Iskandar Malaysia as the nation’s next tech hub after Cyberjaya. The 745-acre Kulai Iskandar Data Exchange (KIDEX) will generate MYR17.5bn in investment, generating 1,600 employment opportunities by 2023.

Electronics Manufacturing Services (EMS) giants are also opening manufacturing sites, led by Enics AG (Enics) in i-Park @ Senai Airport City. Overall, the industrial sector has lured more than MYR100bn worth of investments in 2020. “The fundamental function of real estate as a space for business to operate will always remain relevant,” says Foo Gee Jen, group managing director for CBRE WTW. Malaysia’s recent participation in the Regional Comprehensive Economic Partnership (RCEP) will also benefit industry over the long term. “The signing is timely to send a positive signal to the market. In the context of the Covid-19 pandemic, establishing special access among member countries in the forms of travel bubbles or green lane for workers will help to relieve and recover the participating economies.”

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A GOVERNMENT COMMITMENT TO IMPROVING TRANSPORT INFRASTRUCTURE WILL RESULT IN SIGNIFICANT EXPANSION OF MALAYSIA’S RAIL AND ROAD NETWORKS

SENSE OF SPACE Workspaces are undergoing a transformative time in Malaysia, on account of job losses and the popularity of work-from-home (WFH) arrangements during the pandemic. Demand for larger living spaces and additions like study rooms is rising alongside the WFH phenomenon, a survey by CBRE WTW shows. The trend may persist well beyond the pandemic, with future developments incorporating more study rooms than maids’ rooms, for example. “Properties located at the fringe of the city centre that is adequately accessible and self-sufficient augur well with the demand for a home office,” says Foo Gee Jen, group managing director for CBRE WTW. For office occupiers, the core-plus-flexi model will prove appealing as it offers financial flexibility and dynamic adjustment of space. “We opine that WFH will complement the office market rather than have a substituting effect,” adds Foo. That said, 6.1 million square feet in office space will be coming to Klang Valley in the next three years. The workspaces, composed of purpose-built office (PBO) buildings, spark fears that they will foment vacancy rates. Budget 2021, Muhyiddin’s first and the nation’s biggest ever at MYR322.5bn, extends a helping hand to the propertyseeking rakyat. The sweeping financial plan allocates MYR1.2bn for the construction of affordable housing, plus MYR1bn for rent-to-own PRIMA houses.

new terms under the Budget.

It also draws out the most palatable benefits of the Home Ownership Campaign (HOC), including the much-praised Real Property Gains Tax (RPGT) exemption, now extended until December 2021. It also expands on the stamp duty exemptions, to cover instruments of transfer and loan agreements for first homes not more than MYR500,000 until December 2025. Stamp duties have also been exempted for “white knight” or rescuing contractors.

Stimuli could be myopic measures in a climate of deteriorating incomes, especially in hard-hit sectors like F&B, hospitality and tourism. Unemployment last year surged to 4.5%, the highest rate since 1993.

The loan moratorium introduced in April 2020, credited for staving off defaults during the pandemic, also returns with

To improve the macroeconomic condition and restore purchasing power, Budget 2021 has earmarked MYR2bn

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“One of the key determinants of the effectiveness of the series of stimulation packages is execution. There should be minimal delay in handing out the aids,” advises Foo.

“These financial aid packages are short-term in nature,” says Kumar. “Malaysia needs to enhance sustainable income levels especially amongst the B40 population.”

for hiring incentives; MYR1bn for reskilling and upskilling; and MYR1.5bn for targeted wage subsidies. It also aims to generate 50,000 temporary jobs. Market recovery is ultimately contingent on a literal remedy. The prime minister received the Pfizer-BioNTech vaccine in February, triggering the first phase of a national inoculation programme that would cover half a million people by April. The second and third phases will roll out through February 2022.

Manufacturing expansion will not only catalyse the growth of warehousing and logistics. Industrial players such as Hercuvan, Vivantis and Pantos Logistics have been moving into the office sector, lately, as are Global Business Services (GBS) companies, especially in Penang.

The market is likely to remain flattish until then, with uneven recoveries taking place across different sectors, says Foo. “Any improvement is likely to be evident only in the second half of 2021. If vaccination goes as planned and should we able to restore some normalcy by the end of this year, we could look forward to growth again possibly in early 2022.” 121

DO OR DIE Asia’s cities have been at tipping point for years, but the global pandemic may just be the catalyst for meaningful progress in areas such as green building, digital infrastructure and urban planning BY LIAM ARAN BARNES

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BANGKOK’S VIBRANT COMMUNITIES AND PROFUSION OF LOCAL FACILITIES AID ITS AMBITION TO BE A ‘15-MINUTE-CITY’ WITH EASY ACCESS TO AMENITIES

This pandemic yields an opportunity for governments, planners, architects, and other built environment players to come together and reexamine how we can design our cities to uphold both the public health and the environment

Material benefits Peripheral urban design technology, including adaptive reuse and modular construction, is one of the biggest sustainable building trends to have taken off during the pandemic. Accelerated primarily to support the construction of temporary hospitals and testing centres, the technology has been anticipated by many designers and developers to filter into mainstream construction in the coming years, with some real estate firms already taking action.

ar, famine, fire, earthquakes and pandemics: crises have created, reshaped and revived cities around the world for millennia. They have forced governments to confront grave risks by developing resilience; transformed human relationships within cities; and influenced urban planning, design and governance. And as the global pandemic enters its second year, monumental questions are being asked about how Asia’s largest metropolises will respond to the most significant global event in recent history. Since the turn of the century, Asia has urbanised at breakneck speed. Almost 46 percent of the population currently live in urban areas and more than half of the world’s megacities are now found in Asia Pacific, according to the United Nations. For millions, these places are 124

beacons of hope—for employment, better lives, and brighter futures. Still, many remain socially and economically uneven and often haphazard and unplanned. Investment in public infrastructure, housing, health, education, and sanitation have failed to keep pace with the fastest urban population increase ever recorded. The pandemic has brought the costs of these urban governance failures into stark relief. Yet it also presents decision-makers with an opportunity to return to the drawing board and rewrite the future for millions. But where do they start? The degradation of the natural environment

has caused a rise in zoonotic diseases. Given the intrinsic relationship between the climate crisis and the current pandemic, many believe that the priority is ensuring all future development mitigates the impact of carbon emissions, to which the construction sector currently contributes upwards of 40 percent. This includes, amongst other things, a sustained focus on zero-carbon housing, innovation in retrofit, and modal shifts towards sustainable transport to reverse the damage wrought by unplanned urban development and establish a more resilient blueprint for Asia’s cities. “The pandemic and the climate emergency are pivotal change agents in the transition toward a low-carbon, resilient future, which should inform not just what decisions need to be made, but also how they are made,” says

“Designing for manufacturing and assembly (DfMA), where buildings are built in a modular and scalable way like a product in a manufacturing process, and not a one-off bespoke item, increases not only productivity but also reduces wastage on-site,” says Michael Long, head of sustainability, Asia, at multinational construction firm Lendlease. “We are already looking at circularity in our materials and construction process, where possible—not only DfMA but also designing for disassembly, where materials and building systems might have a life after the building or space has served its purpose.”

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Prashant Kapoor, chief industry specialist at the World Bank Group. “In a concerted effort to reduce the effects of unguided urbanisation, local government can work with developers, architects, and planners in three ways: policies, incentives and strategies. In terms of policies which would mainly be through legislation and code, the carrot-and-stick approach can work.”

URBAN PLANNERS ARE BECOMING MORE AWARE OF THE NEED TO LOCKSTEP DEVELOPMENT WITH THE PROVISION OF GREEN SPACE FOR RESIDENTS

This is especially true for emerging market developers, where green, resilient and adaptive design has traditionally been viewed as an expensive option. Local government incentives could spur the uptake of green buildings, ensuring that cities are designed and developed to prevent or minimise contagion through innovations such as environmental cleaning and open windows for natural ventilation. Strategies such as city-level ordinances are also slated to help target the more critical aspects of sustainability and climate change, although these should transcend administrative boundaries by bringing relevant stakeholders together, according to Kapoor.

Walking back to happiness A few months into the pandemic, a number of cities including New York and Vancouver closed down streets once reserved for cars to create more public space for socially-distancing populations. In Barcelona, meanwhile, superblocks that combine city blocks into pedestrianfriendly, car-free mini-grids were established while Copenhagen adopted a “finger plan”, an urban layout composing of five well-defined, linear corridors, separated by green wedges with open spaces, watersheds, and ecological preserves, to drive green growth.

“There is a window of opportunity during times of crisis where we are forced to change our ways of thinking and doing,” he adds. “This pandemic yields an opportunity for governments, planners, architects, and other built environment players to come together and re-examine how we can design our cities to uphold both the public health and the environment.” The links between planning and promotion of good health are long-established. Urban planning and public health both emerged in the late 19th century to tackle the unsanitary and overcrowded conditions of industrial cities. Unfortunately, the rapid rate of urbanisation in many of Asia’s cities means this synergy has often been overlooked. In recent decades, planners, architects and placemakers have however started to seriously reconsider this relationship. In doing so, they have made the case for active travel and neighbourhood designs that promote physical activity, enhance social connections, and strengthen mental health within smaller, localised areas. Over time, this is expected to help usher in a reorientation of urban life from central 126

business districts towards smaller urban hubs. Proposing that people live, work and socialise within the tight perimeter of their neighbourhoods might have sounded utopian until recently, especially in larger cities where residents have become accustomed to travelling to work. But lockdowns have revealed the myriad benefits of local living and the absurdity of long hours spent commuting. The idea of compact neighbourhoods with local facilities and public transport accessibility offering car-free access to jobs and wider services is now being championed by planners the world over. City authorities around the world have had to act quickly to adapt to the coronavirus epidemic and associated social distancing measures, with places

such as London, Paris and Bogota rapidly implementing widened pavements and new cycle lanes to cater to the increasing numbers of pedestrians and cyclists. Such initiatives hopefully hint at an accelerated transition towards sustainable transport in urban areas with existing high-quality infrastructure such as Singapore, which is already one of the world’s greenest cities. But the chances of similar updates being implemented in the short term in the likes of Jakarta, Manila and Bangkok—notorious for their gridlocked roads, limited green space, and pollution— remain farfetched.

Yet developing Asian cities, with a few exceptions, tend to be far less walkable, with pedestrians often forced to share narrow, crumbling pavements with vendors and motorbikes. But walkability is even more critical in these crowded cities, as there are few open spaces, according to landscape architect Kotchakorn Voraakhom. Her latest project, in collaboration with the Bangkok Metropolitan Authority, aims to repedestrianise Chong Nonsi canal in the Thai capital’s central business district— an initiative Kotchakorn hopes can be replicated citywide. “This is the way out for Bangkok, and other regional cities built on waterways such as Jakarta,” she says. “It will fix the flooding, provide sustainable public transport and public space. But we cannot just fix one problem; these are all interconnected and vital to the health and future of the city.”

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There are at least some green shoots in Bangkok. Last year the Thai capital’s governor, Asawin Kwanmuang, pledged to increase green space in the city. The goal, he said, was to up the per person quotient from about 6 square metres (65 sq ft) to 9 square metres. He also vowed to reduce the number of cars and make the city more walkable. The goal, he said, is to replicate Paris’s “15-minute city”, where people can reach their destination within a quarter of an hour of walking, cycling, or using mass transit. Bangkok-based landscape architect Kotchakorn Voraakhom agrees that the target is achievable, but a greater focus on revitalising the city to reintroduce nature and take local communities into account is required. “When you think about it, Bangkok is technically a 15-minute city. People can leave their house, eat some street food outside and buy groceries at the local market,” she says. “The problem is that it is not a pleasant 15 minutes. Nowadays, the city is not really designed to be walkable. Still, this is a small problem that can easily be solved, but first we need to shift the mindset so people, for instance, would rather walk or cycle than drive.

METROPOLISES AROUND ASIA LIKE METRO MANILA (PICTURED) HAVE SUFFERED FROM A LACK OF PROPER PLANNING AND INADEQUATE PUBLIC TRANSPORT INFRASTRUCTURE

“If you consider the city’s existing infrastructure, street culture and urban density, half the answer is here already.” Another conundrum currently facing urban planners is whether urban density is actually beneficial in tackling future pandemics. Some believe that increased concentration within urban areas remains essential to improving environmental sustainability, while others are promoting the advantages of disaggregation, or the separating out of populations, which has been one of the key tools implemented to hold back infection transmission. Health groups like the World Health Organisation say city living can make residents vulnerable to communicable diseases from crowding and poor ventilation, and waterborne and vector-borne diseases such as dengue. UN-Habitat, the United Nations’ agency for housing and urban development, meanwhile, has stated that more compact cities can help stave off contagion due to residents having easier access to healthcare facilities. Around the world, a number of high-density cities, including Seoul, Shanghai and Singapore, have outperformed many other less populated places in combating the pandemic. The World Bank last year published data from 28 Chinese cities that refutes the argument that density is a key determinant of coronavirus transmission risk. Evidence is also being uncovered that the pandemic was borne out of the disturbance of natural biodiversity, and human-animal interaction within habitats. Therefore, an increase in low urban density sprawl is not going to aid in reducing the pressure on natural landscapes. “Connecting density of cities with and its vulnerability to epidemics may seem like an obvious connection, but things are not so literal in real life,” says Kapoor. “For instance, in dense urban areas where the coverage of high-speed internet and door-to-door delivery services are conveniently available at competitive prices, it is easier for residents to stay at home and avoid unnecessary contact with others.”

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AS CITIES CONTINUE TO GROW, THE WELLBEING OF URBAN POPULATIONS CAN BE ADDRESSED BY INNOVATIONS SUCH AS PROPER CYCLE NETWORKS

Indeed, the intensification of digital infrastructure within cities is another consequence of the pandemic that is already playing a key role in redefining urban areas within the region. South Korea, one of the countries worstaffected by the disease, has posted some of the lowest mortality rates, an achievement that can be traced in part to a series of technological innovations—including, controversially, the mapping and publication of infected patients’ movements. In China, authorities enlisted the help of tech firms such as Alibaba and Tencent to track the spread of the virus by using big data analysis to anticipate where transmission clusters will emerge next, albeit at the cost of users handing over such surveillance powers to corporations and states. Taking a longer-term view, Tim Kobe, founder of the global design firm Eight Inc, believes that high-density urban areas will continue to move towards the clouds—both digitally and physically. “Historically we have solved urban living problems by extending our habitable space vertically, into the third dimension,” he says. “This is the only space to address the growth and population density of the major cities around the world. “The terrestrial plane will be transformed into a space that supports quality of life, just as we have with residential or office applications: the built space. The areas we have dedicated previously to dense, slow-moving corridors of nearly motionless automobiles will transform into spaces that will support more cycling, interconnected green spaces, and spaces to connect our cities effectively but with better human outcomes.” While the implementation of any large-scale, short-term solutions remains few and far between in most of Asia’s metropolises, the pandemic has at least instilled a shared sense of do-or-die within politicians, urban planners, designers, and developers. The hope now is that the current urgency to reshape the region’s cities for the future doesn’t trail off as the pandemic eventually fades into the rear-view mirror.

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Dispatch

THE FOREIGN TALENT CHARACTERISTICS WILL CHANGE FROM EXPERIENCED SENIOR TALENTS WHO TYPICALLY COME WITH FAMILY TO A TALENT POOL OF TECHNOLOGY-SAVVY EXPERTS WHO TYPICALLY ARE YOUNGER, SINGLE, AND RELOCATE WITHOUT FAMILY As it has the world over, the pandemic has shattered Singapore’s short-term economic outlook. In January 2021, the country fell into recession for the first time since the Global Financial Crisis, recording a year-on-year economic decline of 12.6 per cent in 2020. Unemployment, meanwhile, increased by 0.7 per cent during the same period to a decadehigh of 4 per cent. The Ministry of Manpower (MOM) noted in December that foreign professionals accounted for almost 90 per cent of employment contraction in the first three quarters of 2020, with many others taking pay cuts.

Exit signs With Singapore’s economy in its worst shape since the Global Financial Crisis, there are signs that its status as a hub for expatriate workers may be threatened By Liam Aran Barnes

hen Cécile swapped Canada for Singapore last November, she found apartment hunting to be a much smoother experience than during her previous stint in the Lion City four years earlier. “Agents showed me a lot of downtown options, including larger family-style units, many of which were newer, cheaper and kitted out with better amenities and fittings than when I was looking in 2017,” says the epidemiologist, who didn’t want to give her full name.

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SINGAPORE’S STATUS AS A HUB FOR BUSINESS IN ASIA HAS LONG ATTRACTED A STEADY STREAM OF EXPATRIATES FROM COUNTRIES AROUND THE WORLD

Singapore has long been one of the most alluring Asian bases for foreign professionals. Low tax rates, high quality of living, and a largely English-language business landscape have all contributed towards the Little Red Dot’s big appeal for decades. Non-residents currently comprise almost 29 per cent of the country’s 5.69-million population, while there are about 521,000 permanent residents—foreigners permitted to live, work, study and retire without any time limit—according to the latest government data. There are, however, signs that the sun may gradually be setting on its reputation as a welcoming haven.

Loss of income for the relatively wealthy expatriate segment may seem trivial within the wider context of the population’s pandemic woes, but there are concerns it may pre-empt an exodus of sorts, especially when combined with the introduction of stricter foreign employment laws and rising anti-foreigner sentiment. Contributors to the country’s occasionally vitriolic online blog sites often complain that foreigners—or ‘ang mo’ as the white population is often derogatorily called—are taking jobs that locals could do equally as well. Minister of Foreign Affairs Vivian Balakrishnan stoked the fire in a televised election debate last July when he said “the only reason we have foreigners here is to give an extra wind in our sails when the opportunity is there. Now we are in a storm, and we need to shed ballast.” The statement was made off the back of the government’s decision to increase the minimum monthly salary required to apply for an employment pass to SG$4,500 ($3,400) and again to SG$5,000 for the financial services sector in December. A MOM statement

noted that the threshold for “older and more experienced candidates in their 40s”, meanwhile, is now about twice the monthly minimum. “There have been a few instances of candidates at the company I work for not receiving their employment passes, but I’m fairly lucky as I’d already lived here and so the process was easier,” Cécile said. “I’ve also seen quite a few friends lose jobs and leave since I returned, while others have had to downsize their apartments.” She added that she quickly settled on a twobedroom unit in an older building within the Core Central Region (CCR), the most popular location for expatriate tenants. Cécile even managed to negotiate 20 per cent off the initial asking price on the proviso she signed a two-year tenancy agreement. “It was pretty clear that the landlord wanted somebody in as quickly as possible and for as long as possible,” she said. “He mentioned that the apartment had never been vacant for this long before.” The vast majority of Singaporeans and permanent residents tend to take advantage of the availability and affordability of Housing Development Board properties, so the prime rental market has long relied on the small, yet significant, wealthy expatriate population. And while the relative dearth of foreign tenants has arguably provided those returning or relocating within Singapore with improved options, it also raises questions about the long-term stability of Singapore’s premium rental market. Investors and real estate agents that focus on the premium rental segment, as opposed to property developers, would be hit hardest by any significant departure of foreign professionals.

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Dispatch But while prime rents declined by 2.4 per cent through 2020, according to real estate consultancy Knight Frank Singapore, consolation was that only 3,433 new private homes were completed island-wide, the lowest number in more than a decade. Knight Frank Singapore stated that attrition of foreign professionals contributed towards occupancy rates in the CCR falling 4.1 per cent to 89 per cent last year, emphasising that “these levels are still fairly healthy for a nation currently in economic recession and an ongoing battle with Covid-19.” Most economists agree that the recession will be short-lived. Singapore is expected to recover in the next quarter, thanks to its relatively positive handling of the pandemic and perennial status as an international hub. There is also optimism that the overseas employment restrictions will create opportunities for a greater Singaporean presence within the upper echelons of sectors such as financial services while diversifying the economy to focus more on future industries such as digital finance, electric vehicles and medical technology. “These would all require a broad base of

MINISTER OF FOREIGN AFFAIRS VIVIAN BALAKRISHNAN WAS PERCEIVED TO HAVE STOKED ANTI-EXPATRIATE SENTIMENT IN COMMENTS HE MADE DURING A TELEVISED ELECTION DEBATE LAST YEAR

international talent as the population base in Singapore is ageing and the talent pool is limited to feed the growth needed in these new advanced technologies,” says Benedict Lim, partner at Ernst & Young and the firm’s managing director of ASEAN Real Estate. The only real impact Lim sees this having on the rental market, however, is a shift in demand towards smaller units. “The foreign talent characteristics will change from experienced senior talents who typically come with family to a younger talent pool of technology savvy experts who typically are younger, single and relocate without family.” Even with the tightened employment restrictions, the recent decline in CCR occupancy, and mixed messages from local politicians, the departure of a few hundred thousand foreign professionals looks unlikely to upset the premium rental market in the long term. Meanwhile, there is every chance that the expatriate population— albeit with fewer middle-aged bankers—will soar again as the Lion City clears its throat for another roar.

Enthusiasm curbed? New restrictions on home loans designed to reduce exposure to China’s real estate market are yet to show signs of impact. But analysts predict the inevitable result will be a slowdown in price growth after a surge post-lockdown By Steve Finch

he Year of the Rat in 2020 started with new house sales at a standstill as the pandemic bit hard. But by the start of the Year of the Ox in February, China’s residential market had recorded something of a property miracle. Since lockdowns ended in cities across China in April last year, sales volumes of new homes had climbed nearly 11 per cent and prices 7.5 per cent compared to the previous year, according to Fitch Ratings. On par with median rates over the past decade, home sales in China did record a minor blip. But less than a year later, the

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CHINA’S HOUSING SECTOR HAS STAGED AN INCREDIBLE COMEBACK IN RECENT MONTHS WITH SALES VOLUMES ROCKETING

industry’s vital signs suggest the sector has developed immunity to the pandemic. Closer inspection, though, reveals a worrying diagnosis for the central government in Beijing. In June, China’s second-largest developer by sales, Hong Kong-listed China Evergrande, reported staggering outstanding loan repayments of US$124bn—equivalent to the entire sovereign debt of Denmark. The beleaguered firm made early bond repayments in January, easing investor and policymaker concerns after institutional state investors including SenseTime Group rallied to inject capital worth tens of billions of renminbi.

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THE NEW GUIDELINES WILL LIMIT BANKS’ EXPOSURE TO THE REAL ESTATE SECTOR AND ADDRESS CONCERNS THAT RISING SIGNS OF OVERHEATING IN THE PROPERTY MARKET WOULD WEAKEN BANKING SYSTEM STABILITY

Still, the China Evergrande debacle appeared to spook Beijing, coming as it did among a host of other red flags linked to real estate. Also, in June 2020, China recorded its highest-ever household leverage ratio amid a surge in new mortgages which placed the average Chinese homeowner under a record burden of mortgage repayments.

homebuyers at 32.5 per cent during a twoyear transition.

At the end of last year, the increasingly powerful chairman of China’s Banking and Insurance Regulation Commission, Guo Shuqing, warned the rapidly recovering yet risk-laden property sector had become a dangerous “grey rhino” for the wider economy. In other words, a known threat that had thus far not been addressed.

“The new guidelines will limit banks’ exposure to the real estate sector and address authorities’ concerns that rising signs of overheating in the property market would weaken banking system stability,” says Ray Heung, senior vice-president at Moody’s China.

“Among the 130 financial crises since the start of the 20th century, more than 100 of them are related to property markets,” Guo wrote in a new central government book of policy aims looking ahead to 2035. He added: “Governments won’t intervene if their risk can be solved through the market.” But weeks earlier, Chinese regulators under Guo had already begun asking property developers for more details on their debts as part of a new policy dubbed “the three red lines”: debt-to-cash, debt-to-assets and debt-to-equity. Then the central government announced new lending restrictions, meaning large state lenders like Industrial and Commercial Bank of China, the world’s biggest bank, would be required from the start of this year to cap property lending to the industry at 40 per cent of total loans, and mortgages to

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Smaller banks across China’s vast countryside, where debts have accumulated under less scrutiny, now face property lending caps of just 12.5 per cent and 7.5 per cent.

Guo himself has revealed the extent of the challenge facing the central government as it battles to contain property-related debt risk to the wider economy amid plans to steer China towards high-end manufacturing and greater consumption. In November, he revealed that propertyrelated loans account for 39 per cent of all bank lending in China, significantly higher than the 28.8 per cent acknowledged officially by the central bank which Guo oversees as a Communist Party chief. The gap between the two figures points to the large chunk of loans in China funnelled into property, contravening local rules. Bank loans to help small businesses amid the pandemic have in some cases been channelled instead into dummy shell companies and used illegally for real estate investments, according to the South China Morning Post.

Large but unknown sums also reach the property sector from trusts or locally owned investment firms which function like banks with little government oversight, the increasingly restricted peer-to-peer lending sector, and wealthy groups and families who invest capital directly with developers, says Andrew Collier, managing director of Orient Capital Research in Hong Kong and author of Shadow Banking and the Rise of Capitalism in China. “The regulators have become tighter on examining the balance sheets of the property developers,” says Collier. “Yet, there are still ways to get around the debt limits.” Collier correctly predicted that state firms would come to the rescue of China Evergrande, averting a property-inducted financial crisis in China. He expects weaker economic conditions in China during the remainder of this year. In the longer term, the inevitable result of government policy will be towards tighter credit, even if in the shortterm household loans reached record levels in January, up 26 per cent to CNY944.8bn compared to a year

HOUSE PRICE GROWTH IN MAJOR CITIES LIKE SHANGHAI IS SET TO BE CURBED WITH THE GOVERNMENT ABOUT TO TIGHTEN REGULATION TO CONTAIN PROPERTYRELATED DEBT RISK

earlier. After the Chinese New Year, there were still few signs of policy impact outside of a small increase in mortgage rates by 4 basis points, according to Rong360.com, an online loan service that tracks borrowing costs. The new government checks and restrictions on bank loans to the property sector were not designed to rein in home price growth, says James , Savills head of China research in Shanghai. But further policy restrictions were expected to be announced by the government this year after government delegates met in Beijing in early March for the Two Sessions political meetings which steer policy, and these would likely target surging post-lockdown property prices. “Most (restrictions) will have the intention of curbing price growth in leading first and second-tier cities such as Shanghai and Beijing that saw strong growth in 2020 and the first month of 2021,” added . “They will also serve to stimulate demand for lower-tier cities and to support those local markets.”

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1. CONTINGENTS FROM PARBURY INVESTMENTS CO., LTD., WINNER OF BEST MIXED USE DEVELOPMENT FOR TK CENTRAL, MINGLE AT THE COCKTAIL RECEPTION

2. AWARDS CHAIRPERSON AND KEY REAL ESTATE CO., LTD. FOUNDER SORN SEAP STRIKES A POSE WITH THE JUDGING PANEL 3. DELEGATES OF MERIDIAN INTERNATIONAL HOLDING (CAMBODIA) LTD. TAKE THE STAGE TO ACCEPT THEIR EIGHTH AND FINAL WIN OF THE NIGHT, THE COVETED AWARD FOR BEST DEVELOPER 4. THE TROPHY FOR THE CAMBODIA REAL ESTATE PERSONALITY TAKES ITS PLACE OF HONOUR ON THE PODIUM OF THE SOFITEL PHNOM PENH PHOKEETHRA BALLROOM

5. THE AWARDS PRESENTATION WRAPS UP WITH A CASCADE OF CONFETTI ON AWARDEES, ORGANISERS, AND GUESTS ONSTAGE AT THE SOFITEL PHNOM PENH PHOKEETHRA BALLROOM 6. LIDA DIEP, FINANCE DIRECTOR OF URBANLAND INVESTMENT CO., LTD., LOOKS ON AS HUSBAND HOK KANG, THE COMPANY’S FOUNDER AND MANAGING DIRECTOR, ACCEPTS THE TROPHY FOR CAMBODIA REAL ESTATE PERSONALITY OF THE YEAR

The Khmer property sector’s brightest luminaries celebrated the year’s biggest achievements at the 5th Annual PropertyGuru Cambodia Property Awards on 4 September 2020. Honourees hailing from Greater Phnom Penh to Siem Reap graced the ceremonies at the Sofitel Phnom Penh Phokeethra to claim around 30 trophies and nearly 25 Highly Commended distinctions. Garnering eight wins, Meridian International Holding (Cambodia) Ltd. emerged as the gala night’s biggest victor (Best Developer), landing multiple laurels for its Flatiron project. Best Breakthrough Developer winner Urban Hub (Cambodia) Co., Ltd. scored major prizes for Urban Village and Factory Phnom Penh while four-time Best Developer award winner Peng Huoth Group returned to the stage once more as Best Lifestyle Developer, gaining acclaim for the vast township project Star Platinum Eco Collection Phase I. Hok Kang, founder of Urbanland Asia Investment Co., Ltd and HKA & Partners, was honoured as Cambodia Real Estate Personality of the Year.

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7. BEN LI, EXECUTIVE DIRECTOR OF URBAN HUB (CAMBODIA) CO., LTD., AND THE REST OF HIS TEAM WATCH A SPECIAL MESSAGE BY THE COMPANY

8. ATTENDEES FINISH THE PROGRAMME WITH A RESOUNDING TOAST TO THE FUTURE OF KHMER REAL ESTATE

THE JUDGES CHAIRPERSON Sorn Seap Founder/Director, Key Real Estate Co., Ltd David Littlejohn Sales and Marketing Manager, Comin Khmere Jovany Antonio Managing Director, D.A.&G. Michel Cassagnes Managing Director, Archetype Cambodia Pak Chanlino Managing Partner & Attorney-At-Law, Vinaya Law Firm Simon Griffiths Managing Director, The Mall Company Dr. Simon Vancliff CEO, WB Sport Village Co., Ltd. Thida Ann Managing Director, CBRE Cambodia Jenny Chea Sok You Architect & Managing Director, CMED Construction

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THE WINNERS DEVELOPER AWARDS Best Developer Winner: Meridian International Holding (Cambodia) Ltd. Best Breakthrough Developer Winner: Urban Hub (Cambodia) Co., Ltd. Highly Commended: Morganford Investment (Cambodia) Co., Ltd. Best Lifestyle Developer Winner: Peng Huoth Group Highly Commended: • Meridian International Holding (Cambodia) Ltd. • Morganford Investment (Cambodia) Co., Ltd. • The Leedonheights Condominium Co., Ltd. • Urban Hub (Cambodia) Co., Ltd. Best Mixed Use Developer Winner: Meridian International Holding (Cambodia) Ltd. Highly Commended: Parbury Investments Co., Ltd. DEVELOPMENT AWARDS Best Condo Development (Phnom Penh) Winner: Urban Village and Factory Phnom Penh by Urban Hub (Cambodia) Co., Ltd Highly Commended: Morgan EnMaison by Morganford Investment (Cambodia) Co., Ltd. Best Condo Development (Greater Phnom Penh) Winner: La Vista One by Yin Yi Venture Co., Ltd. Highly Commended: Leedon Heights by The Leedonheights Condominium Co., Ltd.

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Best Housing Development (Phnom Penh) Winner: Star Platinum Eco Collection Phase I by Peng Huoth Group

Best Co-Working Space Winner: Urban Village and Factory Phnom Penh by Urban Hub (Cambodia) Co., Ltd.

Best Residential Development (SiemReap) Winner: Rose Apple Square by Urban Living Solutions Co., Ltd.

DESIGN AWARDS

Best Township Development (Phnom Penh) Winner: Star Platinum Eco Collection Phase I by Peng Huoth Group Best Township Development (Siem Reap) Winner: Bakong Village by Bakong Village Co., Ltd. Best Mixed Use Development Winner: TK Central by Parbury Investments Co., Ltd. Highly Commended: • Bakong Village by Bakong Village Co., Ltd. • Flatiron by Meridian • Morgan EnMaison by Morganford Investment (Cambodia) Co., Ltd. • Rose Apple Square by Urban Living Solutions Co., Ltd. Best Office Development Winner: Morgan Tower by Morganford Investment (Cambodia) Co., Ltd. Highly Commended: • Amass Central Tower by GL KO • Flatiron by Meridian • Urban Village and Factory Phnom Penh by Urban Hub (Cambodia) Co., Ltd. Best Serviced Apartment Development Winner: Flatiron by Meridian Highly Commended: Le Condé BKK1 by Wang Fu Guo Ji Property Development Co., Ltd.

Best Condo Architectural Design Winner: Morgan EnMaison by Morganford Investment (Cambodia) Co., Ltd. Best Housing Architectural Design Winner: Bakong Village by Bakong Village Co., Ltd. Highly Commended: Star Platinum Eco Collection Phase I by Peng Huoth Group Best Mixed-Use Architectural Design Winner: Flatiron by Meridian Best Office Architectural Design Winner: Morgan Tower by Morganford Investment (Cambodia) Co., Ltd. Highly Commended: Urban Village and Factory Phnom Penh by Urban Hub (Cambodia) Co., Ltd.

Best Serviced Apartment Interior Design Winner: Le Condé BKK1 by Wang Fu Guo Ji Property Development Co., Ltd. Highly Commended: Flatiron by Meridian

(Cambodia) Co., Ltd.

Best Condo Landscape Architectural Design Winner: Leedon Heights by The Leedonheights Condominium Co., Ltd. Highly Commended: La Vista One by Yin Yi Venture Co., Ltd.

SPECIAL AWARDS

Best Housing Landscape Architectural Design Winner: Star Mera Garden by Peng Huoth Group Best Commercial Landscape Architectural Design Winner: Rose Apple Square by Urban Living Solutions Co., Ltd. Highly Commended: • Flatiron by Meridian • Morgan EnMaison by Morganford Investment (Cambodia) Co., Ltd. BEST OF CAMBODIA AWARDS

Best Retail Architectural Design Winner: PH Eco Mall by Peng Huoth Group Best Serviced Apartment Architectural Design Winner: Flatiron by Meridian Highly Commended: • Le Condé BKK1 by Wang Fu Guo Ji Property Development Co., Ltd. • TK Central by Parbury Investments Co., Ltd. Best Mixed-Use Interior Design Winner: Flatiron by Meridian

Best Condo Development (Cambodia) Winner: Urban Village and Factory Phnom Penh by Urban Hub

Best Housing Development (Cambodia) Winner: Star Platinum Eco Collection Phase I by Peng Huoth Group

WITH THANKS TO: • Platinum Sponsor: Hitachi Elevators & Escalators

Special Recognition for ESG Winner: Peng Huoth Group Special Recognition for CSR Winners: • Meridian International Holding (Cambodia) Ltd. • Peng Huoth Group

• Gold sponsor: CBRE Cambodia • Silver sponsors: Jotun and CAM Business Consultancy • Official magazine: PropertyGuru Property Report

Special Recognition in Sustainable Design Winner: Meridian International Holding (Cambodia) Ltd. PUBLISHER’S CHOICE Cambodia Real Estate Personality of the Year Winner: Hok Kang, Founder and Managing Director of Urbanland Investment Co., Ltd, Founder of Hok Kang Architects

• Media partners: BizKhmer, Construction & Property, Siemreap.net, and Southeast Asia Globe • Official PR partner: Two Way PR • Official charity partner: Right To Play • Official supervisor:

BDO Cambodia supervisors:

• Lim Seng Siew, Partner, BDO

• Va Dalis, Assistant Manager, BDO • Phan Darasy, Senior Associate, BDO

Best Office Interior Design Winner: Morgan Tower by Morganford Investment (Cambodia) Co., Ltd.

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1. SARENA CHEAH, MANAGING DIRECTOR OF SUNWAY PROPERTY, HOLDS THE TROPHY FOR MALAYSIA REAL ESTATE PERSONALITY OF THE YEAR

2. JUBILATION INSIDE THE TROPICANA CORPORATION BERHAD OFFICES AS THE TEAM RECEIVE TROPHIES AND CERTIFICATES 3. FIELDMAN CONSTRUCTION SDN BHD RECEIVES THE SOUGHT-AFTER TITLE OF BEST BOUTIQUE DEVELOPER 4. IDEAL PROPERTY GROUP COLLECTS THE BEST AFFORDABLE HOMES DEVELOPER TROPHY, AMONG OTHER AWARDS 5. MATRIX CONCEPTS GROUP MANAGING DIRECTOR HO KONG SOON WITH PROPERTYGURU MALAYSIA COUNTRY MANAGER SHELDON FERNANDEZ

6. AME DEVELOPMENT SDN. BHD. ACCEPT THEIR PRIZES INSIDE THE I-PARK@SENAI AIRPORT CITY OFFICE 7. DATUK HO HON SANG, CEO OF MAH SING GROUP BERHAD, (RIGHT) ACCEPTS THE BEST LIFESTYLE DEVELOPER TROPHY 8. MINOR INTERNATIONAL AND THEMED ATTRACTIONS RESORTS & HOTELS SHOW OFF THEIR WINS FROM ANANTARA DESARU COAST RESIDENCES

THE JUDGES For the first time in its seven-year history, the PropertyGuru Asia Property Awards (Malaysia) programme was held as a virtual gala event and awards presentation. The immersive, interactive online broadcast, which aired 15 September 2020, was an inclusive ceremony that drew property seekers, real estate agents, overseas developers, and industry stakeholders alike. This year, Malaysia’s leading real estate awards programme presented 35 categories to the outstanding builders of the country’s skylines and spaces, including Tropicana Corporation Berhad, which received the title of Best Developer; Fieldman Construction Sdn Bhd (Best Boutique Developer); Matrix Concepts Group (Best Mega Township Developer), Mah Sing Group Berhad (Best Lifestyle Developer), AME Development Sdn. Bhd. (Best Industrial Developer), and Ideal Property Group (Best Affordable Homes Developer). In another first for the programme, Sarena Cheah, managing director of Sunway Berhad’s property division, became the first woman to receive the Malaysia Real Estate Personality of the Year title.

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HONORARY PRESIDENT OF PANELS Your Highness Tunku Besar Seri Menanti, Tunku Ali Redhauddin ibni Tuanku Muhriz Chairman of PropertyGuru Malaysia CHAIRPERSON Prem Kumar Deputy Managing Director, Jones Lang Wootton Ar. Mustapha Kamal Zulkarnain Founder and Principal, Arkitek Mustapha Kamal Blaine Robert CEO/Creative Director, Blaine Robert Design Boon Che Wee Director, GRA Architects Chris Tia Principal and Managing Partner, Tia & Noordin Datuk Ar Hj Saiful Anuar Abdul Aziz Principal of Arte Axis Design Group Dr. Daniele Gambero CEO & Propenomist, REI Group of Companies Ir. Dr. Zulhkiple A Bakar Principal, Perunding ZNA Sr LOW Han Hoe Senior Manager, Investment & Agency Nawawi Tie Leung Real Estate Consultants Sdn Bhd Tan Hui Yin Partner of Tan Chap & Associates Sr. Engad Ravana Principal of ER Consult

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THE WINNERS DEVELOPER AWARDS Best Developer Winner: Tropicana Corporation Berhad Best Boutique Developer Winner: Fieldman Construction Sdn Bhd Best Mega Township Developer Winner: Matrix Concepts Group Highly Commended: • KLK Land • Tanah Sutera Development Sdn Bhd • Tropicana Corporation Berhad • UMLand Best Lifestyle Developer Winner: Mah Sing Group Berhad Best Industrial Developer Winner: AME Development Sdn. Bhd. Best Affordable Homes Developer Winner: Ideal Property Group Highly Commended: Fieldman Construction Sdn Bhd DEVELOPMENT AWARDS Best High End Condo Development (Central) Winner: Tropicana Grandhill by Tropicana Corporation Berhad Best Mid End Condo/Apartment Development (Central) Winner: Waltz Residences by WCT Land Sdn Bhd Best Mass Market Condo/Apartment Development (Central) Winner: M Oscar by Mah Sing Group Berhad Highly Commended: Horizon Suites by Horizon L&L Sdn Bhd Best Waterfront Development Winner: Residensi AVA @ KIARA BAY by UEM Sunrise Berhad and Melati Ehsan Group

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Best Luxury Landed Development Winner: Anantara Desaru Coast Residences by Minor International and Themed Attractions Resorts & Hotels Best Landed Development (Central) Winner: Tropicana Aman - Dalia Residences by Tropicana Corporation Berha Best Cluster Brownfield Development (Central) Winner: Karya Residensi by Selaman Sdn Bhd Best Condo/Apartment Development (Southern) Winner: AMBER HEIGHTS By UMLand Seri Alam Highly Commended: Paradigm Residence by WCT Land Sdn Bhd Best High End Landed Development (Southern) Winner: Sutera Ideal by Tanah Sutera Development Sdn Bhd Highly Commended: Mahligai @ Nusa Damai by Temokin Development Sdn. Bhd. Best Mid End Landed Development (Southern) Winner: Ayera Residences by Tropicana Danga Cove Sdn Bhd Highly Commended: D’Art 18 Collection III by PH World Best Landed Development (Southern) Winner: St Marco Park - Phase 1 by Casa Bayu Idaman Sdn Bhd Highly Commended: Sierra Heights (Daintree Residence) by Kemajuan Tong Tor Sdn Bhd Best Condo/Apartment Development (Northern) Winner: The Horizon @ Ipoh by DreamLike Development Sdn Bhd

Matrix Concepts Group Highly Commended: • Taman Sutera Utama by Tanah Sutera Development Sdn Bhd • Tropicana Aman by Tropicana Corporation Berhad Best Township Development Winner: SIERRA HEIGHTS by Kemajuan Tong Tor Sdn Bhd

BEST OF MALAYSIA AWARDS Best Condo Development (Malaysia) Winner: Tropicana Grandhill by Tropicana Corporation Berhad Best Landed Development (Malaysia) Winner: Anantara Desaru Coast Residences by Minor International and Themed Attractions Resorts & Hotels SPECIAL RECOGNITION AWARDS

Best Hotel Development Winner: Courtyard by Marriott, Penang @ Tropicana 218 Macalister by Tropicana Corporation Berhad Best Industrial Development Winner: i-Park@Senai Airport City by iPark Development Sdn Bhd Best Mixed Use Development Winner: Tropicana Gardens by Tropicana Corporation Berhad Best Retail Development Winner: Uno @ Bukit Raja by Rivertree Signatures Highly Commended: • Oasis 3 by Tropicana Danga Cove Sdn Bhd • Vervea by Aspen Group & IKEA Southeast Asia DESIGN AWARDS Best Condo/Apartment Architectural Design Winner: Novo Ampang By Alfranko Development Sdn Bhd Best Housing Architectural Design Winner: D’Art 18 Collection III by PH World Highly Commended: Ayera Residences by Tropicana Danga Cove Sdn Bhd

Special Recognition for ESG (Environmental, Social, Governance) Winners: • AME Development Sdn. Bhd. • KLK Land • Mah Sing Group Berhad • Tanah Sutera Development Sdn Bhd • Tropicana Corporation Berhad • UMLand Special Recognition for CSR (Corporate Social Responsibility) Winners: • AME Development Sdn. Bhd. • Fieldman Construction Sdn Bhd • Ideal Property Group • KLK Land • Mah Sing Group Berhad • Tanah Sutera Development Sdn Bhd • Tropicana Corporation Berhad • UMLand

Special Recognition in Sustainable Construction Winners: • AME Development Sdn. Bhd. • KLK Land • Mah Sing Group Berhad • Tanah Sutera Development Sdn Bhd Special Recognition in Sustainable Design Winners: • AME Development Sdn. Bhd. • Ideal Property Group • Mah Sing Group Berhad Special Recognition for Building Communities Winners: • AME Development Sdn. Bhd. • Ideal Property Group • Mah Sing Group Berhad • Tanah Sutera Development Sdn Bhd • UMLand PUBLISHER’S CHOICE Malaysia Real Estate Personality of the Year Winner: Sarena Cheah, Managing Director, Property Division, Sunway Berhad

WITH THANKS TO: • Platinum Sponsor: Kohler • Official portal partner: PropertyGuru.com.my • Official magazine: PropertyGuru Property Report • Media partners: Business Today, Kopi and Property, Malaysian Business, The Grid, and Top 10 of Malaysia • Official PR partner: Klareco Communications • Official charity partner: Right To Play • Official supplier: CornerStone Wines • Official supervisor:

BDO Malaysia supervisors:

• Pang Zhi Hao, Partner, BDO

• Lu Yan Fen, Director, Audit, BDO PLT

Best Landscape Architectural Design Winner: QuayWest Residence by Asia Green Group

Best Mega Township Development Winner: Bandar Sri Sendayan by 145

1. COCA HUYNH, CREATIVE DIRECTOR OF KIEN A CORPORATION, TAKES THE STAGE

2. LE KHAC HIEP, VICE-CHAIRMAN OF VINGROUP, ACCEPTS THE REAL ESTATE PERSONALITY OF THE YEAR AWARD ON BEHALF OF MR. PHAM NHAT VUONG 3. THE GAMUDA LAND VIETNAM TEAM ACCEPT THE BEST DEVELOPER AWARD 4. BATDONGSAN.COM.VN CEO ROBERT VU WITH AWARDS CHAIRPERSON THIEN DUONG 5. TRIUMPHANT AWARDEES TAKE ONE MORE SNAP AFTER THE CONFETTI DROP 6. SONKIM LAND CORPORATION RECEIVES THE BEST BOUTIQUE DEVELOPER TITLE 7. ORGANISERS, JUDGES AND GUESTS SOCIALISE AT THE RECEPTION

8. CHEERING FOR THE CONTINUED SUCCESS OF VIETNAMESE REAL ESTATE

The PropertyGuru Vietnam Property Awards programme celebrated one of its most stellar editions yet with a blacktie gala dinner and awards ceremony on 9 October 2020 at the InterContinental Saigon in Ho Chi Minh City. Around 85 awardees, ranging from major development firms like Gamuda Land Vietnam to respected boutique developers like SonKim Land Corporation, appeared at the event. Marking its sixth annual edition, the 2020 awards ceremony is notable for having honoured Vingroup chairperson Pham Nhat Vuong, founder of Vietnam’s largest private conglomerate and the nation’s first billionaire, as Vietnam Real Estate Personality of the Year. It also saw the presentation of the Best Lifestyle Developer title to former Best Developer winner Kien A Corporation, which won all eight of its nominations. Overall, the latest Vietnam ceremonies served as a jovial celebration of the country’s rising crop of industrial developments; townships, new urban areas, and masterplanned communities; and mixed-use sites.

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THE JUDGES CHAIRPERSON Thien Duong Managing Director, Transform Architecture Hang Dang Managing Director, CBRE (Vietnam) Co, Ltd. John Reeves Founder & Designer, REEVESdesign Edward Haysom General Director, HAYSOM Architects Vietnam David McDonald General Director, WT Partnership (Vietnam) LLC Duc Truong CEO, OJS Investment & Consulting Ltd., Chairman, Edison Academy Vietnam Ltd. Mauro Gasparotti Director, Savills Hotels APAC Jean-Francois Chevance Group Director of Hospitality and Design Archetype Group Paul D. Volodarsky Senior Associate, Deputy Head of Regional Real Estate, DFDL Legal and Tax Chau Ta Executive Director - Legal Transactions, SC Capital Partners Pte Ltd. Alex Crane Managing Director, Cushman & Wakefield Vietnam

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THE WINNERS DEVELOPER AWARDS Best Developer Winner: Gamuda Land Vietnam Best Boutique Developer Winner: SonKim Land Corporation Highly Commended: • Gotec Land • Van Phu - Invest Investment Joint Stock Company Best Breakthrough Developer Winner: Kita Group Corporation Joint Stock Company Best Lifestyle Developer Winner: Kien A Corporation Best Mixed Use Developer Winner: Ecopark Corporation Joint Stock Company Best Sustainable Developer Winner: Viet Nam Singapore Industrial Park & Township Development Joint Stock Company (VSIP JSC) DEVELOPMENT AWARDS Best Luxury Condo Development (HCMC) Winner: The Crest Residence (The Second Phase of the Metropole Thu Thiem) by SonKim Land Corporation Highly Commended: Lumière Riverside by Masterise Homes - a member of Masterise Group Best High End Condo Development (HCMC) Winner: Masteri Centre Point by Masterise Homes – a member of Masterise Group Highly Commended: Diamond Centery by Gamuda Land HCMC JSC. Best Mid End Condo Development (HCMC) Winner: Lovera Vista by Khang Dien House Trading and Investment Joint Stock Company Best Luxury Condo Development (Hanoi) Winner: Grandeur Palace – Giang Vo by Van Phu - Invest Investment Joint Stock Company Best High End Condo Development (Hanoi) Winner: Masteri Waterfront by Masterise Homes - a member of Masterise Group Best Mid End Condo Development (Hanoi) 148

Winner: The Terra - An Hung by Van Phu Invest Investment Joint Stock Company

SonKim Land Corporation

Best Condo Development (Danang) Winner: Asiana Đà Nẵng by Gotec Land

Best Office Development Winner: Metropole Thu Thiem Office Complex 1 by SonKim Land Corporation

Best Condo Development (Northern Vietnam) Winner: Hera by National Housing Organization

Best Industrial Development Winner: Rang Dong Textile Industrial Park (Aurora IP) by Cat Tuong Real Estate Group Joint Stock Company

Best Condo Development (Southern Vietnam) Winner: CitiAvenue by Kien A Corporation

Best Resort Development Winner: Alila Bai Om by Kien A Corporation

Best Condo Development (Halong Bay) Winner: The Dragon Castle by National Housing Organization Best Luxury Housing Development (HCMC) Winner: Lavila Island by Kien A Corporation Best Housing Development (Hanoi) Winner: The Mansions, ParkCity Hanoi by Vietnam International Township Development JSC (VIDC), a member of Malaysia’s ParkCity Group Best Housing Development (Northern Vietnam) Winner: BelHomes Hai Phong by VSIP Hai Phong Co., Ltd.

Best Sporting Facility Winner: Celadon Sports & Resort Club by Gamuda Land (HCMC) Joint Stock Company Best Residential Green Development Winner: The Habitat Binh Duong by VSIPSembcorp Gateway Development Co., Ltd. Highly Commended: Diamond Lotus Riverside by Phuc Khang Corporation Best Commercial Green Development Winner: Rang Dong Textile Industrial Park (Aurora IP) by Cat Tuong Real Estate Group Joint Stock Company Highly Commended: VSIP Bac Ninh High – Rise Ready Built Factory by VSIP Bac Ninh Co., Ltd DESIGN AWARDS

Best Housing Development (Southern Vietnam) Winner: Diamond Central by Gotec Land Highly Commended: Lang Sen Viet Nam Culture - Trading - Tourism Urban Area by Phuc Khang Corporation Best Mega Township Development Winner: Ecopark Tourism and Trade Urban Area by Ecopark Corporation Joint Stock Company Best Township Development Winner: Stella Mega City by Kita Group Corporation Joint Stock Company Highly Commended: • Gamuda Gardens by Gamuda Land Vietnam LLC • Green Dragon City high-class tourism and service urban area by TTP Industrial Development Investment Group Joint Stock Company Best Mixed Use Development Winner: The Crest Residence (The Second Phase of the Metropole Thu Thiem) by

Best Condo Architectural Design Winner: Lumière Riverside by Masterise Homes - a member of Masterise Group Highly Commended: • Diamond Centery by Gamuda Land HCMC JSC. • The Crest Residence (The Second Phase of the Metropole Thu Thiem) by SonKim Land Corporation Best Housing Architectural Design Winner: Lavila Island by Kien A Corporation Highly Commended: • Grandeur Palace – Giang Vo by Van Phu Invest Investment Joint Stock Company • The Mansions, ParkCity Hanoi by Vietnam International Township Development JSC (VIDC), a member of Malaysia’s ParkCity Group Best Mixed Use Architectural Design Winner: TNR Grand Palace - Phu Yen by TNR Holdings VietNam

Best Resort Architectural Design Winner: Alila Bai Om by Kien A Corporation

Stock Company BEST OF VIETNAM AWARDS

Best Hotel Architectural Design Winner: M Garden City Hotel by Ho Khue Architects Ltd. Best Ultra Luxury Condo Interior Design Winner: The Crest Residence (The Second Phase of the Metropole Thu Thiem) by SonKim Land Corporation Best Luxury Condo Interior Design Winner: Lumière Riverside by Masterise Homes - a member of Masterise Group Best High End Condo Interior Design Winner: Masteri Waterfront by Masterise Homes - a member of Masterise Group Highly Commended: Diamond Centery by Gamuda Land HCMC JSC. Best High End Condo Landscape Architectural Design Winner: Diamond Centery by Gamuda Land HCMC JSC. Highly Commended: Masteri Centre Point by Masterise Homes – a member of Masterise Group Best Condo Landscape Architectural Design Winner: The Habitat Binh Duong by VSIPSembcorp Gateway Development Co., Ltd. Highly Commended: • Diamond Lotus Riverside by Phuc Khang Corporation • TNR Grand Palace - Thai Binh by TNR Holdings VietNam Best Commercial Landscape Architectural Design Winner: Cuu Long Eco-urban and Service area (Legacy Hill) by Hasky Hoa Binh Real Estate One Member Company Limited Highly Commended: Green Dragon City high-class tourism and service urban area by TTP Industrial Development Investment Group Joint Stock Company Best Masterplan Design Winner: Celadon City by Gamuda Land (HCMC) Joint Stock Company Highly Commended: • BelHomes Hai Phong by VSIP Hai Phong Co., Ltd. • Green Dragon City high-class tourism and service urban area by TTP Industrial Development Investment Group Joint

Best Condo Development (Vietnam) Winner: The Crest Residence (The Second Phase of the Metropole Thu Thiem) by SonKim Land Corporation Best Housing Development (Vietnam) Winner: Lavila Island by Kien A Corporation

• Gamuda Land Vietnam • Khang Dien House Trading and Investment Joint Stock Company • Kien A Corporation PUBLISHER’S CHOICE Vietnam Real Estate Personality of the Year Winner: Pham Nhat Vuong, Chairman, Vingroup

SPECIAL AWARDS Special Recognition for ESG Winners: • Ecopark Corporation Joint Stock Company • Gamuda Land Vietnam • SonKim Land Corporation • Viet Nam Singapore Industrial Park & Township Development Joint Stock Company (VSIP JSC) Special Recognition for CSR Winners: • Gotec Land • Khang Dien House Trading and Investment Joint Stock Company • Kita Group Corporation Joint Stock Company • Masterise Homes – a member of Masterise Group • SonKim Land Corporation Special Recognition in Sustainable Construction Winners: • Ecopark Corporation Joint Stock Company • Gamuda Land Vietnam • Phuc Khang Corporation • Viet Nam Singapore Industrial Park & Township Development Joint Stock Company (VSIP JSC) Special Recognition in Sustainable Design Winners: • Gamuda Land Vietnam • Khang Dien House Trading and Investment Joint Stock Company • Phuc Khang Corporation • Van Phu - Invest Investment Joint Stock Company Special Recognition for Building Communities Winners: • Ecopark Corporation Joint Stock Company

WITH THANKS TO: • Platinum Sponsor: Kohler • Official portal partner: Batdongsan.com.vn • Official local partner: Oriental Media • Official magazine: PropertyGuru Property Report • Official PR partner: T&H Communications: • Media partners: Bliss Saigon, Oi Vietnam, Vietnam News, Vietnam Heritage, and Deluxe Magazine • Official charity partner: Right To Play • Official ESG partner: Baan Dek Foundation • Official supervisor:

BDO Vietnam supervisors:

• Jeffrey Ong Peng, Audit Partner • Vu Thu Huong, Audit Manager

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1. AURUM LAND (PRIVATE) LIMITED’S ERNEST YANG (RIGHT) RECEIVES THE BEST BOUTIQUE DEVELOPER AWARD

2. GUOCOLAND GROUP MANAGING DIRECTOR CHENG HSING YAO ACCEPTS THE REAL ESTATE PERSONALITY OF THE YEAR AWARD FROM TAN TEE KHOON, COUNTRY MANAGER FOR PROPERTYGURU SINGAPORE 3. OOI CHEE ENG AND JENNY HO OF BUKIT SEMBAWANG ESTATES LIMITED, WINNER OF BEST LANDED DEVELOPER, BESIDE PROPERTYGURU’S TAN TEE KHOON 4. LIM HAN QIN OF SOILBUILD GROUP HOLDINGS LTD (RIGHT) HOLDS THE BEST INDUSTRIAL DEVELOPER TROPHY 5. YEN CHONG OF QINGJIAN REALTY (SOUTH PACIFIC) GROUP PTE LTD (RIGHT) ACCEPTS THE BEST RESIDENTIAL DEVELOPER TROPHY

6. THE BEST BREAKTHROUGH DEVELOPER TITLE GOES TO MACLY GROUP 7. THE AWARD FOR BEST LIFESTYLE DEVELOPER IS PRESENTED TO WING TAI ASIA’S STACEY OW YEONG (RIGHT) 8. EL DEVELOPMENT (HORIZON) PTE LTD’S LIM YEW SOON (RIGHT) ACCEPTS A TOP AWARD FOR PULLMAN RESIDENCES, NEWTON

The momentous 10th edition of Singapore’s most prestigious real estate awards programme also served as its first virtual gala event, broadcast worldwide via AsiaPropertyAwards. com and partner channels. GuocoLand was the night’s biggest victor, garnering the title of Best Developer, multiple coveted accolades for Wallich Residence, and the Real Estate Personality of the Year award for Group Managing Director Cheng Hsing Yao. Aurum Land (Private) Limited received the title of Best Boutique Developer this year, while former Best Developer winner UOL Group Limited clinched accolades for its Avenue South Residence and Clavon projects. Almost 40 titles were presented in this landmark edition of the awards, including several never-before-presented titles for developers: Bukit Sembawang Estates Limited (Best Landed Developer); GuocoLand (Best Mixed Use Developer); Macly Group (Best Breakthrough Developer); Soilbuild Group Holdings Ltd (Best Industrial Developer); Qingjian Realty (South Pacific) Group Pte Ltd (Best Residential Developer); and Wing Tai Asia (Best Lifestyle Developer).

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THE JUDGES CHAIRPERSON Wenhui Lim Partner, SPARK Architects Benedict Andrew Lim Principal Independent Advisor, Independent Advisory Henry Woon Director, Atelier Ten Kristin Thorsteins Partner, Portman Investment Greg Shand Architect, Robert Greg Shand Architects Chua Shang Chai Partner, Dentons Rodyk & Davidson LLP Joelle Chen Sustainability Director, Singapore, Lendlease Carolina Fagnani Senior Director, Development, South East Asia and Pacific, Radisson Hotel Group

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THE WINNERS DEVELOPER AWARDS Best Developer Winner: GuocoLand Best Boutique Developer Winner: Aurum Land (Private) Limited Best Breakthrough Developer Winner: Macly Group Best Landed Developer Winner: Bukit Sembawang Estates Limited Best Mixed Use Developer Winner: GuocoLand Best Industrial Developer Winner: Soilbuild Group Holdings Ltd Best Lifestyle Developer Winner: Wing Tai Asia Best Residential Developer Winner: Qingjian Realty (South Pacific) Group Pte Ltd DEVELOPMENT AWARDS Best Ultra Luxury Condo Development (Completed) Winner: Wallich Residence by GuocoLand Best Luxury Condo Development Winner: Pullman Residences, Newton by EL Development (Horizon) Pte Ltd Highly Commended: Midtown Bay by GuocoLand Best Boutique Condo Development Winner: Nyon by Aurum Land (Private) Limited Highly Commended: • Iveria by Macly Iveria Pte Ltd • Verticus by Soilbuild Group Holdings Ltd

UOL Group Limited, UIC Limited and Kheng Leong Company Best Private Condo Development Winner: Forett at Bukit Timah by Qingjian Perennial (Bukit Timah) Pte Ltd Highly Commended: Wilshire Residences by TE2KS-RH Pte Ltd (JV with Tong Eng Group & Roxy Pacific Holdings) Best Landed Housing Development Winner: Luxus Hills Contemporary Collection by Bukit Sembawang Estates Limited Best Strata Housing Development Winner: Parkwood Collection by Fantasia (Park) Pte Ltd Best Industrial Development Winner: Solaris @ Tai Seng by Soilbuild Group Holdings Ltd Best Integrated Development Winner: The Woodleigh Residences by Kajima Development Pte. Ltd. and Singapore Press Holdings Ltd. Best Mixed Use Development Winner: Guoco Midtown by GuocoLand Best Green Development Winner: Solaris @ Tai Seng by Soilbuild Group Holdings Ltd Best Industrial Smart Building Development Winner: Solaris @ Tai Seng by Soilbuild Group Holdings Ltd Best Residential Smart Building Development Winner: The M @ Middle Road by Wing Tai Asia

DESIGN AWARDS Best Luxury Condo Architectural Design Winner: Pullman Residences, Newton by EL Development (Horizon) Pte Ltd Highly Commended: Midtown Bay by GuocoLand Best Boutique Condo Architectural Design Winner: The Hyde by Aurum Land (Private) Limited Highly Commended: Verticus by Soilbuild Group Holdings Ltd

Best Luxury Condo Landscape Architectural Design Winner: Pullman Residences, Newton by EL Development (Horizon) Pte Ltd Highly Commended: Midtown Bay by GuocoLand Best Private Condo Landscape Architectural Design Winner: Forett at Bukit Timah by Qingjian Perennial (Bukit Timah) Pte Ltd Highly Commended: Clavon by UOL Group Limited and UIC Limited BEST OF SINGAPORE AWARDS

Best Private Condo Architectural Design Winner: Clavon by UOL Group Limited and UIC Limited Highly Commended: Forett at Bukit Timah by Qingjian Perennial (Bukit Timah) Pte Ltd Best Mega-Scale Condo Architectural Design Winner: Avenue South Residence by UOL Group Limited, UIC Limited and Kheng Leong Company Best Sales Gallery Architectural Design Winner: JadeScape by Qingjian Realty (Marymount) Pte Ltd Highly Commended: • Avenue South Residence by UOL Group Limited, UIC Limited and Kheng Leong Company • Forett at Bukit Timah by Qingjian Perennial (Bukit Timah) Pte Ltd

Best Condo Development (Singapore) Winner: Wallich Residence by GuocoLand Best Housing Development (Singapore) Winner: Luxus Hills Contemporary Collection by Bukit Sembawang Estates Limited

SPECIAL AWARDS Special Recognition for ESG Winner: UOL Group Limited Special Recognition in Sustainable Construction Winner: Soilbuild Group Holdings Ltd Winner: UOL Group Limited Special Recognition in Sustainable Design Winner: GuocoLand Special Recognition for Building Communities Winner: GuocoLand Winner: Kajima Development Pte. Ltd. and Singapore Press Holdings Ltd. Winner: UOL Group Limited PUBLISHER’S CHOICE Singapore Real Estate Personality of the Year Winner: Cheng Hsing Yao, Group Managing Director, GuocoLand

WITH THANKS TO: • Platinum Sponsor: Kohler • Official portal partner: PropertyGuru.com.sg • Official magazine: PropertyGuru Property Report • Official PR partner: Klareco Communications • Media partner: Archibazaar • Official charity partner: Right To Play • Official ESG partner: Baan Dek Foundation • Official supervisor:

BDO Singapore supervisors:

• Roger Loo, Executive Director,

Management Consulting Services

• Zee Chang Teng, Christopher

Manager, Management Consulting Services

Best Luxury Condo Interior Design Winner: Pullman Residences, Newton by EL Development (Horizon) Pte Ltd Best Private Condo Interior Design Winner: The M @ Middle Road by Wing Tai Asia

Best Mega-Scale Condo Development Winner: Avenue South Residence by 152

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Artist’s Impression

Forett at Bukit Timah Forett at Bukit Timah is a luxurious freehold development built Forett has a choice of one-bedroom units plus a study to fivebedroom units. The smaller units have minimalist kitchens and on 360,000 sq ft of prime estate land. bathrooms, featuring porcelain tiles with stone-look finishes, The joint project by Qingjian Realty (South Pacific) Group and glossy laminated cabinets and quartz countertops. The four- and Perennial Real Estate Holdings sits on the area where Beauty five-bedroom suites have bathrooms and private lift lobbies with World rejuvenation works are ongoing, including the Integrated natural marble flooring. Tinted glass doors for master bedroom Transport Hub (ITH) at Beauty World MRT and the Community walk-in closets add a touch of modernity. Building. Residents can enjoy topnotch appliances by several high-end Nestled within a private residential enclave, Forett is minutes European brands, including Smeg, Laufen and Gessi. from Beauty World and all of the great restaurants, bars and retail offerings that Bukit Timah has to offer. Forett is also a short drive from Orchard in the east and the second CBD in the west. The development has nature on its doorstep with great schools at every turn. For those looking to start a family, Forett has nature on its doorstep with great schools at every turn. It’s the perfect place to bring up your children. With a choice of 1+ study to 5 bedroom units, Forett is a rare freehold opportunity for those looking to invest or build their legacy home.

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WINNER

BEST PRIVATE CONDO DEVELOPMENT

BEST PRIVATE CONDO LANDSCAPE ARCHITECTURAL DESIGN

Forett at Bukit Timah by Qingjian Perennial (Bukit Timah) Pte Ltd

HIGHLY COMMENDED BEST PRIVATE CONDO ARCHITECTURAL DESIGN

BEST LOW RISE CONDO LANDSCAPE ARCHITECTURAL DESIGN (ASIA)

Forett at Bukit Timah by Qingjian Perennial (Bukit Timah) Pte Ltd

FACT BOX

Toh Tuck Road, Singapore

Developer: Qingjian Perennial (Bukit Timah) Pte Ltd Product type: Apartment Architect: P&T Consultants Pte Ltd Expected Date of Vacant Possession: 6 September 2024 Tenure: Freehold Total land area: Approximately 360,000 sq ft Number of units: 633 (residential), 2 (shop units) Average unit size: 474-1,884 sq ft Facilities: 7 lawns, 5 swimming pools, 4 pavilions, 3 lounges,2 function rooms, karaoke room, theatrette, gym, playground, fitness corner, steam rooms, tennis court Sales office contact Tel: 68467778 Email: sales@cnqc.com.sg Address: Yarwood Avenue opposite King Albert Park MRT Station, Singapore

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Greentown - The Peach Garden of Future Villa In Anji FACT BOX

Zhejiang, China

Greentown Anji Taohuayuan is set on a lush terrain dominated by gentle slopes and hills in the Lingfeng resort area of Anji in China’s Zhejiang Province. The site, located in the southeast corner of the Taohuayuan Scenic Area, encompasses luxurious villas alongside dense bamboo and pine forests as well as a verdant tea garden, with two natural reservoirs and scattered natural pools. The complex terrain of the site initially hindered the creation of an effective construction plan. However, the architects took inspiration from the traditional architecture of the mountain-dwelling Dong

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people and adapted it for their plan. Consequently, the villas are arranged on the ridge or hillside, constructed in a way that they appear visually suspended among the forest canopy, with winding paths leading to areas of respite around the bamboo forest. The architecture and design of the houses eliminate the need for largescale excavation of the mountain, preventing ecological damage and effectively preserving the integrity of the environment. Tucked away in the forest, the villas have a natural, aesthetically pleasing appearance, as if they sprouted among the trees of the valley.

WINNER

HIGHLY COMMENDED

BEST HOUSING ARCHITECTURAL DESIGN (ASIA)

BEST BOUTIQUE HOUSING ARCHITECTURAL DESIGN (MAINLAND CHINA)

Peach Blossom Future Villa (Phase 2) by Bluetown Architects

Peach Blossom Future Villa (Phase 1) by Bluetown Architects

Developer: Greentown China Product type: Villa Architects: Bluetown Architects (Sa Feng, Zhao Yue, Song Chihao, Qiu Haibo, Cao Meizhen, Zhao Enshuai, He Bin) Launch date: October 2018 Completion date: May 2020 Total land area: 112,588 sqm Number of units: 230 Average unit size:160 sqm Facilities: Commercial street, playground, hotel, tea fields Price range: CNY40,000 per sqm Sales contact details: Tel:13059963117 Email: 468035989@qq.com Address: Anji Taohuayuan Engineering Department, Tianhuangping Town, Anji County, Huzhou City, Zhejiang Province, China

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Gamuda City Gamuda City transforms a slum area in South Hanoi into a well-masterplanned integrated development with a mix of uses, including high-quality housing, live-workplay hubs, and natural spaces. International organisations had tried addressing the environmental issues plaguing the site for decades. Only the development of Gamuda City was able to bring a lasting solution to the problem, with the creation of Yen So STP, the nation’s most modern sewage treatment plant. Situated at Km 1.5 Phap Van in the Yen So Ward of Hanoi, Gamuda City represented a refreshing departure from the disorganised local development approach, marred by a lack of planning and foresight for expansion. A catalytic driving force for urban regeneration, Gamuda City is a modern township with three distinct main precincts: the 78-hectare Gamuda Gardens, the 158

19-hectare Gamuda City Central, and 75-hectare Gamuda Lakes, plus an enormous green space, the 102-hectare Yen So Park, and the 10-hectare Yen So STP. Completed between 2016 and 2020, Gamuda Gardens now offers 3,392 units across various shophouses, high-rise residences, and landed homes. Gamuda City Central, to be fully completed by 2029, contains the Parc Central, a residential apartment, as well as a shopping mall, office tower, hotels, and convention-exhibition halls. Also due in 2029 is Gamuda Lakes, which will include four residential precincts and two residential apartments. The Gamuda City master plan has overall transformed physical landscapes and boosted Hanoians’ optimism for the future. The project exemplifies how planning, creativity, and conviction can realise a vision once thought impossible.

WINNER

SPECIAL RECOGNITION FOR BUILDING COMMUNITIES

SPECIAL RECOGNITION FOR ESG

GAMUDA LAND VIETNAM

WINNER

SPECIAL RECOGNITION IN SUSTAINABLE CONSTRUCTION

SPECIAL RECOGNITION IN SUSTAINABLE DESIGN

GAMUDA LAND VIETNAM

WINNER BEST DEVELOPER

GAMUDA LAND VIETNAM

FACT BOX

Hoang Mai District, Hanoi

Developer: Gamuda Land Vietnam LLC Product type: High-rise residential, landed residential, shophouses C86 M57 Y56 K40 Architect: AJC Planing Consultants Launch date: 2012 C11 M20 date: Y62 K02016-2020 (Gamuda C35 M44 Y76 K10 Completion Gardens), 2029 (Gamuda City Central and Gamuda Lakes) Total land area: 284 ha Average unit size: 37-945 sqm Facilities: Yen So park, hotels, office buildings, shopping mall, high-rise residences, landed residences, shoplots Monthly maintenance fees: $0.50 per sqm Price range: $350,000-1.64m Sales contact details: Tel: 0902 178 088 Email: gc.marketing@gamudaland.com.my Address: Km 1.5 Phap Van, Yen So Park, Yen So Ward, Hoang Mai District, Hanoi

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i-Park@Senai Airport City I-Park@Senai Airport City is a holistically integrated industrial development set on approximately 189 acres of freehold land in Senai, also known as Flagship E of Iskandar Malaysia. An industrial resort, it caters to light and medium industrial activities and merges them with commercial and lifestyle amenities to create a fully integrated hub. Located in Senai Airport City, the industrial park is strategically linked to major highways such as Skudai Highway, NorthSouth Expressway, Eastern Dispersal Link, Senai-Desaru Expressway, and Second Link Expressway. It is well connected to major international airports such as Senai International Airport & Singapore Changi Airport and seaports, including the Port of Tanjung Pelepas, Johor Port, Tanjung Langsat Port, and Jurong Port). The integrated masterplan comprises a mix of semi-detached and detached factories with a green concept. For clients with particular 160

FACT BOX

Johor, Malaysia

requirements, i-Park offers a tailored, onestop building customisation service, in addition to generic building designs for lease or sale. A gated industrial development, i-Park is protected with 24-hour security and CCTV surveillance and offers piped-in natural gas, ensuring adequate energy for commercial or industrial use. The industrial park also runs on high-speed broadband, using topnotch fiber optic technology, and contains a worker’s dormitory, giving employees a suitable accommodation that is just a walking distance from their workplace. The industrial park is designed with a resortlike environment, promoting work-life balance and healthy lifestyles among workers. It encompasses various sports facilities like a futsal court, tennis court, sand volley court, and badminton court, as well as a gymnasium and cycling lane. It also includes a linear park, clubhouse, food hall, and retail spaces.

BEST INDUSTRIAL ESTATE DEVELOPMENT (ASIA)

i-Park @ Senai Airport City by IPARK DEVELOPMENT SDN. BHD.

Developer: Ipark Development Sdn Bhd Product type: Industrial park with semidetached, detached and design-built factories Architect: WDA Architects Sdn. Bhd. Launch date: Q1 2017 Completion date: 2025 (Phase 3) Total land area: 189 acres Number of units: 54 (Phases 1 and 2) Gross floor area: 12,073-60,362.36 sq ft (standard factory), 100,000-200,000 sq ft and above (customised factory) Facilities: 24-hour security with CCTV surveillance, piped-in natural gas, high-speed broadband, workers’ dormitory, clubhouse, recreational park, sports facilities, gymnasium, swimming pool, outdoor amphitheatre, jogging tracks, cycling lane, common parking bay, business centre Monthly maintenance fees: MYR0.04 per sq ft Sales office contact Tel: +6075959 999 Email: enquiry@ipark.com.my Address: 1, Jalan I-Park SAC 1, Taman Perindustrian I-Park SAC, Senai 81400, Johor, Malaysia

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The Sky One (南京宝能金融中心) The Sky One is a riverside residential development, representing the core of Nanjing Baoneng City Development’s ambitious integrated development in Nanjing. Set just 380 metres away from the Yangtze River, the project consists of various residential buildings in two plots. Plot A comprises six 15- to 17-storey residential buildings while Plot B holds nine 23- to 26-storey residential buildings. The development is planned to have a landscaped system of “one axis, two zones and fourteen gardens”, with sports and healthcare facilities for all age groups. These include the Dream Park, which offers a playground for children, a walking trail for adults, and recreational spaces for the elderly. An exclusive pet park for owners is another unique feature of the development.

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The Sky One is part of the first phase of Nanjing Baoneng City Development’s integrated development, an almost 600,000-sqm transit-oriented development (TOD) complex by the river. This phase of the integrated development offers a diversity of components including office spaces, executive apartments, riverside residences, and waterfront commercial buildings. The developer enlisted W&R Shuishi and Jiai Interior Design (Shanghai) to create the project’s bold architecture and interior design. Integrating the essence of “millennium culture” into a global architecture aesthetic, the development features a 300-metre skyscraper and a 215-metre executive apartment, standing as landmarks of the city.

FACT BOX

Nanjing, China

BEST CONDO DEVELOPMENT (MAINLAND CHINA)

The Sky One by Nanjing Baoneng City Development Co., Ltd

Developer: Nanjing Baoneng City Development Co., Ltd Product type: Condo Architect: W&R Water Stone Design Team, Jiai Interior Design (Shanghai) Co., Ltd (W&R水石设计、集艾设计) Launch date: Q1 2021 Total land area: 1.04m sqm Number of units: 1,186 Average unit size: 165 sqm Facilities: Children’s playground, fitness equipment, pet park, jogging station Sales contact details: Tel: +862588889999 Email: xuesong01@58.com Address: Yanziji Planning Exhibition Center, Nanjing, China

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AKR Gallery West AKR Gallery West is a superblock development in West Jakarta. Strategically located in the Kebon Jeruk Area, the project has a unique combination of office towers, business centres, apartments, housing, retail areas, and hotels, with the addition of the famous Museum of Modern and Contemporary Art in Nusantara (Museum MACAN). Modern, practical and strategic, AKR Gallery West is a dynamic live-workplay environment, especially for young property seekers, in West Jakarta. Bringing a touch of culture into Jakarta, the development hosts the MACAN Museum, an attraction hailed by The New York Times as one of Indonesia’s best museums. MACAN Museum is known for art installations and exhibits by the likes of Yayoi Kusama and

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FACT BOX

West Jakarta, Indonesia

remains a popular destination among the youth. Exclusive housing complexes are connected to the superblock, including Permata Hijau and Puri Indah. The development is also surrounded by major shopping centres, hospitals, schools, and universities. AKR Gallery West has the best location at the heart of West Jakarta. AKR Gallery West sits at the intersection between Jl. Perjuangan and Jl. Panjang beside the Kebon Jeruk toll exit gate. This location is easily accessible from the Golden Triangle area and Soekarno-Hatta International Airport, which is only 20 minutes away, via the Jakarta Outer and Inner Ring Road toll roads.

WINNER BEST CONDO DEVELOPMENT (JAKARTA)

AKR Gallery West Residences by PT AKR Land Development

Developer: PT AKR Land Development Product type: Apartment Architect: ARK Design Launch date: 2015 Completion date: 2020 Total land area: 2 ha Number of units: 375 Average unit size: 85.8 sqm Price range: IDR1.2 bn Monthly maintenance fees: IDR18,000 per sqm Facilities: Swimming pool, gym, jogging track, kids’ playground, parking building, mini-market, ATM,branded café resto, tripleplay internet Sales contact details: Tel: 0215308999, 081296880670 Email: marketing@akrland.com Website: www.gallerywest.com

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HARRIS Suites Puri Mansion Jl. Lingkar Luar, Jakarta Barat

The hotel is unique in that all its rooms feature a private balcony with views of the outdoor Olympic-size swimming pool. The rooms are spacious and stylish, equipped with state-of-theart digital in-room entertainment

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as well free WiFi with speeds of up to 100mbps. It also has facilities for young guests in the Dino Kids Club and the kiddie pool. In addition, the hotel contains a garden, restaurant, café, fitness centre, spa, ballroom, and meeting rooms. With such amenities and features, HARRIS Suites Puri Mansion is an ideal hotel for business and leisure travellers looking for a resort-like accommodation at the centre of the city.

FACT BOX

HARRIS Suites Puri Mansion is an upscale hotel along Jalan Lingkar Luar in West Jakarta. Set in a lush tropical garden and tranquil area of Puri Mansion Estate Kembangan, the hotel is only a 20-minute drive from the Soekarno-Hatta International Airport and located in the Puri business district, home to many established shopping malls.

BEST HOTEL INTERIOR DESIGN (ASIA)

HARRIS Suites Puri Mansion by Agung Sedayu Group

Developer: Agung Sedayu Group Product type: Hotel Architects: PT Ong & Ong & PT Megatika International Launch date: October 2021 Total land area: 14,721 sqm Number of rooms: 192 Average unit size: 26 sqm (HARRIS Room), 39 sqm (one-bedroom suite), 48 sqm (two-bedroom suite) Facilities: Meeting rooms, ballroom, cafe, gym, spa, Olympic-size swimming pool, kiddie pool, Dino Kids Club Reservation contact details: Tel: +62-21-54336060, +62-822-1157-6060 Email: res-harris-purimansion@tauzia.com Website: harrishotels.com/en-us/PuriMansion

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PIK2 Sedayu Indo City PIK2 Sedayu Indo City is a 3,000-hectare mega-development by Agung Sedayu Group and Salim Group. It is an extension of the highly successful Pantai Indah Kapuk (PIK1), the integrated township is envisioned as a new economic hub and property investment destination with residential areas, commercial zones, hotels and resorts, hospitals, recreational facilities, and more.

PIK2 will be host to many world-class communal amenities and green areas. The waterfront urban area has an estimated four-kilometre-long white sand beach with a beach club, marina centre and jetty, plus hotels (Seaview) and a water park. This seaside city also hosts the Sedayu Watertown as well as a ±60-hectare greenbelt, set next to a ±10-kilometre-long bicycle and jogging track.

Located next to PIK1, the development is only around seven minutes away from Soekarno-Hatta International Airport and easily accessible from Sudirman via Inner and Outer Ring Roads. Within the development, an extensive Light Rail Transit (LRT) network as well as Bus Rail Transit (BRT) and Local Feeder Bus systems will take residents and visitors around the lifestyle facilities.

Mata Elang International Stadium will form another major component of PIK2. In addition to a concert area and convention centre, the stadium will contain the largest exhibition centre in Southeast Asia with an area up to ±100,000 sqm and a capacity for ±60,000 people.

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PIK2 will also be home to the Youth Centre and Edu City, equipping the project with its own private schools and academic institutions.

FACT BOX

Indonesia

BEST TOWNSHIP MASTERPLAN DESIGN (ASIA)

PIK 2 Sedayu Indo City by Agung Sedayu Group & Salim Group

Developer: Agung Sedayu Group & Salim Group Product type: Housing, commercial, etc Architect: AECOM, Belt Collins, DDG, DP Architect, HOK, Meinhardt, Callison RTKL, SOM, Townland, Witteveen Bos, Grain & Green, Urban+, Megatika, Airmas Asri, and Litac Launch date: November 2015 Completion date: November 2023 Total land area: ±3,000 ha Number of units: Around 20,000 (landed residences), ±20,000 (apartments), ±1,000 (shophouses and SoHo), ±500 (business centres), etc. Average unit size: ±1,000 sq ft Price range: IDR198m-5bn Facilities: Beach club, marina and jetty, concert stadium and exhibition center, international school, fresh market, sports club, outdoor sports, places of worship, culinary spaces, kid-friendly zones, etc. Sales contact details: Tel: +6221 588.8000 Email: marketing@pik2.com Website: www.pik2.com

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La Viz Mansion La Viz Mansion is a 37-floor luxury condominium development, one of several residential projects planned for the massive Pakuwon Mall Superblock of West Surabaya. Easily accessible from any part of Surabaya via the Inner Ring Road, La Viz Mansion provides direct access to Pakuwon Mall, the preeminent shopping centre in the city with 180,000 sqm of retail and F&B choices. The design of the development, conceived by DP Architect Singapore, evokes European glamour and style, with residents welcomed into a grand lobby containing the Glass House—a semi-outdoor lounge with Frenchstyle windows and roof. Topped by an eight-metre high ceiling, the lobby also contains such spacious 170

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Pakuwon Mall Superblock, Surabaya areas as a library, lounge, library, and multifunction hall. Other premium facilities on offer at the development include a sky pool, jacuzzi, gym, multisport centre, playground, and refuge garden. La Viz Mansion ensures the privacy of residents with seven lifts that serve only nine units per floor. The Interlock layouts of the condominiums, with their double ceilings, make the units more spacious and assures unobstructed city views through the glass façade. Homes are protected with a 24/7 security system. Sprawling for 14.6 hectares, the Pakuwon Mall Superblock is an amalgamation of brilliant concepts by numerous talented designers from around the world.

BEST MIXED USE DEVELOPMENT (INDONESIA)

Pakuwon Mall Superblock by PT Pakuwon Permai (Pakuwon Group)

Developer: PT. Pakuwon Permai Product type: Condominium Architect: Design Global Indonesia, Airmas Asri Architect, DP Architect Launch date: April 2017 Completion date: December 2020 Total land area: 14.6 ha (superblock) Number of units: 275 Average unit size: 100 sqm Price range: IDR1.5-15bn (US$105,0001m), VAT exclusive Monthly maintenance fees: IDR30,000 per sqm (US$2.5 per sqm) Facilities: Private drop-off, grand lobby, concierge, residents’ lounge, library, private lift, sky pool, jacuzzi, gym, multisport centre, children’s playground, garden, 24-hour security system Sales contact details: Tel: +6231- 7391888 Email: info@pakuwonresidential.com Website: pakuwonresidential.com/ pages/12/la-viz-mansion 171

The Westin Surabaya Westin Surabaya comprises the hotel component of the Pakuwon Mall Superblock. Located in the high-end district of West Surabaya, the hotel has direct access to Indonesia’s largest shopping centre, Pakuwon Mall. The guests’ sensory-filled journey begins with the Sky Lobby. Also known as the city’s tallest lobby, this communal area has Surabaya’s breathtaking skyline as backdrop. The Sky Lounge offers fine cocktails while the elegant Magnolia restaurant serves delectable dishes. The hotel is also home to the largest grand ballroom in East Java, suitable for high-capacity events, as well as three outdoor pools. Rooms are made comfortable with the Heavenly® Bed, designed with 172

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Pakuwon Mall Superblock, Surabaya a supportive pillowtop mattress to promote restorative rest and slumber. Meanwhile, rooms on the Westin Club floor receive special access to the Westin Club Lounge. In addition, Westin Surabaya boasts a 24/7 business centre. In addition to the Service Express® and concierge desk, Westin also offers the Run Concierge program, an innovative solution for travelers who want to stay active during their holidays—the WestinWORKOUT® Fitness Studio is open 24 hours a day. Guests can also take advantage of the hotel’s Express Checkout systems. Onsite underground parking and valet parking are available.

BEST HOSPITALITY ARCHITECTURAL DESIGN (INDONESIA)

The Westin Surabaya by PT Pakuwon Permai (Pakuwon Group)

Developer: PT. Pakuwon Permai Product type: Hotel Architect: DP Architects Singapore (superblock concept design), Airmas Asri Architect Indonesia (concept design), Genius Loci Asia Singapore and The GA Group UK (interior design), PT. Beringin Hijau Indonesia (landscape design) Launch date: December 2020 Number of rooms: 204 Average unit size: 41 sqm Price range: IDR1.38m (US$95.70) Facilities: Business center, fitness studio, concierge, restaurant, underground parking, outdoor pools, sky lounge, grand ballroom, convention centre, valet parking, club, lounge Sales contact details: Tel: 031 - 2971 0000 Email: wi.subwi.sales@westin.com Website: www.westinsurabaya.com

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HIGHLY COMMENDED C

BEST CONDO DEVELOPMENT (JAKARTA)

Tamansari Skyhive Apartment by PT Wijaya Karya Realty Tbk (WIKA Realty)

CMY

TAMANSARI SKYHIVE A Place to Stay, Connect and Inspire

Tamansari Skyhive Apartment is developed by PT. WIKA Realty which has many portfolio projects within 21 years of its operation in Indonesia. It is located at CBD Cawang, which is known as Jakarta’s Newest Hub and one of the most prestigious areas in Jakarta. Tamansari Skyhive is surrounded by many modes of public transportations such as busway, LRT, highway, and Jakarta-Bandung high speed train. In addition, it is also relatively close to Halim Perdanakusuma Airport, making it easy for the residents to travel using airplanes.

PEDESTRIANS NEAR THE FAMOUS SHIBUYA CROSSWALK IN TOKYO, THE WORLD’S MOST POPULOUS METROPOLIS WITH AROUND 38 MILLION INHABITANTS OR ROUGHLY THE SAME POPULATION AS IRAQ. ALLEN.G/SHUTTERSTOCK

In order to give an exclusive living for the residents, we present a main attraction at the Apartment’s Rooftop called Sky Point where we provide luxurious facilities such as gym, yoga deck, BBQ area, tranquil garden, swimming pool and resto to maintain the wellbeing of the residents.

www.tamansariskyhive.com

To fulfill the daily needs of the residents, we also provide a co-working space, mini market, children playground, jogging track, coffee shop and prayer rooms. The lobby is designed to be two times bigger of its standard to impress a spacious and luxury Apartment. Putting on a modern concept of living, the unit rooms are integrated with home automation systems, ready to drink water and are fully furnished which can make life much easier.

hello@tamansariskyhive.com

Find your inspiration at the best place to stay at Tamansari Skyhive Apartment.

Fore more information : +6281 1808 6200

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