PropertyGuru Property Report No.184 (June-July 2024)

Transforming our Future

Award-winning, multi-disciplinary designers creating and delivering experiential commercial developments.

MixC Nanjing Nanjing, China

K11 ATELIER 11 SKIES Hong Kong, China

ITC Shanghai Shanghai, China

Grand Jeté is a low-density residential development located in Tuen Mun, Hong Kong. Providing 800 residential units, Grand Jeté is developed jointly by CK Asset Holdings Limited and Sun Hung Kai Properties Limited, two of the largest property developers in Hong Kong.

Located in a natural hillside with spectacular mountain and sea views, Grand Jeté is designed to embrace the elegance of nature. It aims to bring nature into life by seamlessly incorporating the surrounding environment into its architecture while providing a relaxing and healthy living environment for the residents. Together with the extensive clubhouse facilities, the four residential towers of Grand Jeté form a circular shape. Regardless of whether residential flats face the sea view or the mountain view, the master layout plan intelligently brings the outside in to allow each of the residents to enjoy the natural environment from the inside.

The Club Relaxcation is the private clubhouse of Grand Jeté. Its unique and expressive building form features a biophilic design by incorporating different natural elements into the exterior and interior. To enhance the connection between the occupants and surrounding landscape, the clubhouse provides different communal facilities that contain elements of nature, including the spacious “Greenview Pool”, “The Green Lawn”, “Celestial Eden” and “The Ruby Trail”. In addition to outdoor amenities, the clubhouse provides over 30 communal facilities for residents’ enjoyment, such as the Ball Count and Game Room.

The project is located in Tianfu New Area, Chengdu. The property owner, China Merchants Shekou, aims to build into a commercial version of Garden City 2.0 Park, one of its product series. As a result, the “Garden City” series brand has been fully upgraded.In terms of its design, the problem of the commercial annex built on the original site being separated due to the municipal corridor was solved through a partially connecting bridge on the second oor and an overpass connecting the interior commercial space on the third oor and above, making it a highlight of the project. Benoy studied the characteristics of the entire building with the intention of shaping a distinctive IP for China Merchants. At the same time, in response to the ecological development concept of Tianfu New Area, the team created a “high oxygen content” immersive shopping centre. The entire building has 8 oors (5 above ground, 3 underground), with a 3-story atrium in the commercial space that forms an iconic “mountain climbing” immersive scene. A vibrant commercial atmosphere is created through pillars that simulate growing trees.

Highly Commended

Best Retail Architectural Design (Mainland China) Wuhan Joy City

Wuhan Joy City represents the “beating heart” of Guanggu and serves as a fresh landmark lighting up the Wuhan Tech district. Comprising a total building volume of around 450,000 m², Wuhan Joy City includes a six-storey Joy City commercial building of 136,000 m² and two of ce buildings with a total oor area of 114,000 m². The project has a target clientèle of young, emerging middle-class elites aged 18 – 35 and hopes to tap into the industries and rms located in Guanggu and the surrounding areas. Combining Joy City’s focus on young consumers, fashion, trends and modern tastes with the characteristics of consumers in Guanggu, the project aims to provide a multi-functional complex that caters to the entertainment, technology and social needs of this target demographic.

Wuhan Joy City in Guanggu takes “Light” as its design concept as it transforms the commercial buildings into huge energy rings. The buildings act as vessels, using light to weave a tale that is bursting with energy, vitality and endless possibilities.

Scope

Project

Client

2023

WINNER

BSD City by Sinar Mas Land

BEST MEGA TOWNSHIP DEVELOPMENT (ASIA)

by Sinar Mas Land

Biomedical Campus, formerly known as Knowledge Hub, is the premier office building dedicated for health-tech startups and also accomodates beauty sector tenants.

Biomedical Campus is envisioned to be the number one target for medical tourism in Indonesia, addresing to the community's needs for the best healthcare facilities in the country.

LEARN MORE

Member of

WINNER

BEST BREAKTHROUGH DEVELOPER (ASIA)

PT Sinar Mitbana Mas

2023

A home without boundaries

WINNER

Layton at NavaPark

by PT. Bumi Parama Wisesa, Hongkong Land & Sinar Mas

Land Joint Venture BEST

Home is a Reflection of Elegance

Expanding the previous great success story, NavaPark has chosen to adopt a similar aesthetic for Layton, as they have with the other clusters within the development. Layton is more than simply a place to live; it is a way of life, a representation of elegance and sophistication that was unparalleled in the area.

ISSUE 184

Publisher

Jules Kay

Editor

Duncan Forgan

Deputy Editor

Al Gerard de la Cruz

Senior Editor

Richard Allan Aquino

Digital Editor

Gynen Kyra Toriano

Editorial Contributors

Liam Aran Barnes, Bill Charles, Steve Finch, George Styllis, Jonathan Evans

Head of Creative

Ausanee Dejtanasoontorn (Jane)

Senior Graphic Designer

Poramin Leelasatjarana (Min)

Digital Marketing Executive

Anawat Intagosee (Fair)

Media Relations & Marketing Services Manager

Nate Dacua

Media Relations & Marketing Services Executive

Piyachanok Raungpaka

Senior Product Lifecycle & Brand Manager

Marco Bagna-Dulyachinda

Director of Sales

Udomluk Suwan

Head of Regional Sales

Orathai Chirapornchai

Solutions Manager (Australia)

Watcharaphon Chaisuk

Solutions Manager (Cambodia)

Phumet Puttasimma

Solutions Manager (China and Australia)

Kai Lok Kwok

Solutions Manager (China)

Yiming Li

Solutions Manager (India and Sri Lanka)

Monika Singh

Senior Account Manager (Indonesia)

Wulan Putri

Head of Awards (Malaysia)

June Fong

Assistant Manager, Awards (Malaysia)

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Senior Solutions Manager (Philippines)

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Solutions Manager (Philippines)

Maria Elena Sta. Maria

Awards Manager (Singapore)

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Senior Account Director (Thailand)

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Head of Awards & Developer Business (Vietnam)

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KDN PPS 1662/10/2012 (022863)

As artificial intelligence advances, so do robotics and their cohorts

The furniture of tomorrow is smart, adaptable, and never boring

Decorate your abode with these futuristic-looking accessories

Project Confidential: Apple of the archipelago

Digital Hub within BSD City has been earmarked as Indonesia’s answer to Silicon Valley

Interview: Shooting for the moon

Jirayut “Topp” Srupsrisopa, CEO of Thai crypto exchange Bitkub, is a true believer in the potential of digitised finance

Design Focus: Less is a bore

Andrea Savage is capitalising on a trend for maximalism via vibrant, flamboyant interior design

104

Neighbourhood Watch: Jardine’s Lookout

With its sumptuous harbour vistas, this low-density area is one of the most sought-after in Hong Kong

112

Destination: Malaysia

Malaysia’s upturn in fortunes is especially prevalent in secondary destinations such as Selangor and Johor

Special feature: Redrawing the lines

From property valuation to measuring sustainability, AI is impacting nearly every aspect of Asia’s real estate industry

126

Dispatch: Son is rising

Hun Manet is overseeing decent economic growth and widening access to the country’s real estate market for foreigners

Destination: Singapore

The Lion City’s regulatory strength continues to exert appeal for international investors

129

Dispatch: Cashing in on chips

Penang’s booming semiconductor industry has created ripples within the local real estate sector

EDITOR’S NOTE

If the future was now, and AI was at least somewhat sentient, you could forgive our “smart” assistants (and potential overlords) for getting ideas above their station.

Few topics are hotter than the simulation of human intelligence processes by machines, with screeds of column inches devoted to the leaps and bounds made in the scientific field.

At the risk of boosting the bots’ egos even further, we’ve added to the mountain of analysis on the subject in this, our Tech Issue.

AI-driven applications and other disruptive technologies are shaking up the real estate sector and will continue to do so.

With each passing day, month or year, the onward march of technology is changing the way people build and how they invest, design and employ.

Our special feature examines some of the ways that AI is altering the real estate landscape in ways ranging from measuring sustainability to revolutionising video marketing.

Elsewhere, we chat to Thailand’s cryptocurrency pin-up boy Jirayut “Topp” Srupsrisopa, get the inside track on Indonesia’s rival to Silicon Valley, speak to tech-forward interiors maven Andrea Savage, and round up some of the coolest tech items on the market in our Details section.

On a more traditional tack, we examine the markets in Malaysia and Singapore, hit the Hong Kong heights in Jardine’s Lookout, and cast an eye over Hun Manet’s first year in power in Cambodia.

Enjoy!

Duncan Forgan Property Report duncan@propertyguru.com

RISE OF THE MACHINES

As generative artificial intelligence advances, so do robotics and their cohorts

Samsung this year introduced a more powerful version of its smart home assistant Ballie. A fast learner, it can get familiar with its users quickly and personalise services accordingly. The highly peripatetic device can answer calls, connect to home appliances, and project videos on surfaces.

Price upon request, samsung.com

K-BOT

GARDEN GUARDIAN

Equipped with a mowing tool and titanium blades, the Willow robot works as well outdoors as it does indoors, autonomously tending to your garden and dodging obstacles along the way; it can even flee from rain. It can also roam around during gatherings and take pictures.

USD299, eeve.com

PALLING AROUND

Eilik interacts with humans as skillfully as it does with robots of its kind. Seemingly emotionally intelligent, Eilik has a bright OLED screen that displays myriad “facial” expressions. Responsive to touch and sensitive to vibration, it exudes a lifelike presence despite limited mobility.

From USD139.99, energizelab.com

SILENT WORKER

TP-Link’s Tapo RV30 is a relatively quiet robot vacuum cleaner, able to keep noise levels at 55 decibels. Powered by Lidar navigation with 4200Pa Hyper Suction capabilities, this selfemptying robot cleaner swiftly maps out your floors and learns how to navigate them over time.

From USD229, tapo.com

LOQUACIOUS LEARNER

Kids can learn about programming through Winky, a robotic assistant that can communicate back and forth through microphones and a loudspeaker, with a rotating head for good measure. This learning machine also features a gyroscope as well as motion detectors.

EUR249.90, heywinky.com

AHEAD OF THE CURVE

The furniture of tomorrow is smart, adaptable, and never boring

CONFIGURABLE COMFORT

The six pieces of the all-leather Vance sectional can be separated or combined as a whole, complemented by USB ports, wireless chargers, and cupholders. Featuring soft memory foam cushions and multiple reclining options, this modular sectional caters to various seating preferences, including Zero Gravity.

USD3,995, livingspaces.com

CHARGE FORWARD

The Diva Smart Side Table’s wooden look belies its tech accoutrements, which include a wireless charger, Bluetooth speaker, master control panel, USB port, and inbuilt lamp pole. An attractive bedside companion, the table stands on rose gold legs and comes with a matte finish.

SGD499, home-futuristicgroup.com

ELECTRONIC DREAMS

With a wireless remote, Casper’s Adjustable Base Max bed frame electronically moves your mattress to accommodate myriad sleeping positions, lifting your head and torso as you please. It also keeps you from stumbling in the dark with strategic under-bed lighting.

USD2,495, casper.com

WE HAVE LIFTOFF

Set your young astronauts on a cosmic journey with the Space Shuttle Bed, a bunk bed that transforms into a playhouse or reading nook. Along with a “cockpit” complete with a dashboard decal and “launch” equipment, this versatile bed fuels the imagination.

USD2,195, playhousedesigns.com

MISSION TO MASSAGE

Drift off into the weightlessness of space with the Osaki OSChamp massage chair. With various massaging styles to choose from, this Zero-Gravity, Bluetooth-enabled seat can recline down to a comfy supine position. It also utilises airbags for a full-body experience, including an outstanding footand-calf massage.

From USD1,999, osakiusa.com

CYBER SPACE

Decorate your abode as if you’re living in the year 3024 with these futuristic-looking accessories

CELESTIAL DOMICILE

The Dark Skys DS-1 can project over 4 million stars onto the surfaces of your room in HD quality, with random pops of shooting stars for added realism. Renowned for Chrome on Glass star discs, the projector delivers planetarium-quality scenes for a galactic experience.

USD599.95, dark-skys.com

SHOE-IN

Show off your sneakers with the X-Float Levitating Shoe Display Floating Sneaker Stand. Thanks to powerful electromagnetic currents, your shoes will not only hover in the air, but also rotate all the way around, all under the bright lights of a built-in LED lamp.

From USD179, levitatingshoedisplays.com

ACROSS THE SPECTRUM

Upgrade from your fairy lights to Govee’s RGBIC-tech-powered neon rope lights, offering 16 million colours and animated effects synced to music. With a silicone exterior, they are very pliable, bending and curving to your chosen shapes. A companion app gives you hands-free access to features.

From USD42.99, govee.com

FLYING ROCK

Unlike other floating planters on the market, Kiyoming offers one designed with a marble finish, giving this otherwise resin product the semblance of stone. It can suspend small plants like bonsai and succulents in mid-air, spinning them 360 degrees around in an entrancing state.

USD65, amazon.com

MADE YOU LOOK

An attention-grabbing piece in any room, the Simplehuman sensor mirror trio gives you the option to magnify your reflection thrice until you can see details like eyebrows. Its lighting system glows like the sun and activates at your approach via a motion sensor.

USD300,simplehuman.com

The Possibilities of Tomorrow

Asia becomes fertile ground for design opportunities that build on ESG benchmarks, as a changing global neighbourhood calls for an infusion of vitality into the very architectural fabric of our cities

Always at the forefront of design, Asia has become a rich training ground for architectural experts and leaders exploring development potential. Where others follow, the world’s largest, most diverse continent leads: the next generation of design can be found all over it, from the futuristic cities of China to the fast-growing capitals of Southeast Asia.

Award-winning architecture and design studio Lead8 has grown its expertise from the ground up in Asia. Surrounded by diverse cultures, languages, and people, the design firm has acquired specialist insight into context, placemaking, and building narratives through its extensive portfolio.

The company is now expanding further afield, with its design work resonating

strongly with the ambition, vision, and aspiration of property developers, operators, and owners worldwide.

As the discourse on environmental, social, and governance (ESG) benchmarks grow louder with rising global temperatures, the built spaces of Asia are coming into sharper focus. Design proposals across the region are extending beyond their own footprints and having greater impact on cities.

Real estate developments in Asia have become not so much standalone built environments as entire ecosystems—a design philosophy and approach promoted by Lead8.

The concept encompasses the idea of looking beyond a site boundary to enhance and have a greater impact

on the wider city. ITC Shanghai, one of the city’s largest developments under construction brings this vision to life. As part of Lead8’s scope, a series of footbridges physically stitch the mega integrated scheme with the district, connecting to major commercial buildings and heritage sites nearby.

Lead8 is also designing other ESG-led projects such as the preservation of cultural buildings in Nanjing with the latest MixC development. Working within a 700-year-old neighbourhood, the scheme reimagines the long-term protection and continuation of the traditional street texture and urban grain.

The design firm has also turned its focus to the transformation of the famous Huaihai Commercial Circle with

ADVERTORIAL

K11 Shanghai, Huaihai Middle Road; a future cultural district integrated with nature, history, retail, dining and art. These projects emphasise and invest in good placemaking, unlocking greater social value for built environments.

More and more developers in Asia have seen the business case for ESG, propelled by new strategies, products, and materials that have come online. Collaborating with design leaders such as Lead8, developers have gained a better understanding of efficiency and renewable energy. Reducing embodied carbon through material selection and reuse, as well as seeking operational carbon reductions, now informs the direction of any project.

Furthermore, Lead8 has developed its own green initiatives like the “Fifth

Season”, a concept that offers a path to a more sustainable, harmonious coexistence with nature.

“With the investment in ESG within the industry, we can deliver more climateready and healthy buildings that bring long-term value to stakeholders, communities, and cities,” says David Buffonge, co-founder and executive director of Lead8.

ESG has latched onto mainstream conversation at a time of increasing change and the shifting of international economies. In places like Singapore, Japan, Taiwan, Thailand, Saudi Arabia, the UK and North America, projects are evolving alongside their cities and emerging from different typologies and sectors.

While set within amazing locations, many well-connected projects have the ability to unlock further potential and be enhanced by a renewed design perspective. Lead8’s designs are helping urban developers, by harnessing the potential of existing infrastructure, connecting new masterplans, creating 10-minute neighbourhoods, encouraging diversified programming, and delivering green, sustainable urban realms.

Across the world, there is a rise in cities and neighbourhoods being built entirely from scratch. Working on a blank canvas, Lead8 has joined some of the best creative talents in the market to define new guidelines and formats for metropolises coming to life for the first time in Asia and beyond.

“Every economy has different challenges, through climate, culture, infrastructure, history, preservation, and more,” says Simon Chua, cofounder and executive director of Lead8. “It is the contribution of designers and design interventions in these areas that can accumulate and significantly impact the world around us.”

At Lead8, design leaders are redefining and urging on the possibilities of tomorrow. The promise of new frontiers brings opportunities to guide and shape the world, enhance environments, and redefine our relationship with places and spaces.

APPLE OF THE ARCHIPELAGO

Spurred by startup culture and Indonesia’s key role in the global tech supply chain, Digital Hub within BSD City has been earmarked as the nation’s answer to Silicon Valley

BY AL GERARD DE LA CRUZ

Indonesia was one of the stopovers for Apple chief executive Tim Cook during a whirlwind tour through Southeast Asia in April.

On his agenda was a visit to the Apple Developer Academy, the region’s first iOS-based application development centre.

Cook’s visit foregrounds the archipelago’s growing prominence in the supply chains of global tech companies. If nothing else, it spotlights the mega township where the academy is situated: BSD City.

Little more than a swampy rubber plantation in 1984, the 6,000-hectare planned community has entered its latest era of reinvention, that of a technologically literate city. Rising within BSD City is Digital Hub, a 26-hectare ecosystem being built just for startups, tech companies, and the like—a contender for the title of Silicon Valley of Indonesia.

Digital Hub came out of a trip Michael Widjaja, CEO of developer Sinar Mas Land, took with a friend to the US several years ago. Acting on his friend’s warning—startup culture was on the rise, and the digital economy might just upend brick-and-mortar enterprises—Widjaja brainstormed for possible contingencies to ride out the disruption.

The solution, it turned out, had been hiding in plain sight. Filled with many educational institutions as well as residential projects home to 450,000 people, BSD City presented itself as a pre-existing, organic incubator for startups.

Indonesia had room for this level of innovation. The nation had been predicted to have a deficit of 9 million digitally talented workers by 2023, according to a study by the consultancy McKinsey.

“The key to developing talent is through the education system, incubators and accelerators, startup development, DIGITAL

DIGITAL HUB ALLOWS COLLABORATION, INNOVATION, AND WORK-RELATED ACTIVITIES TO OCCUR NOT JUST IN ITS OFFICES BUT ALSO ON PLAZAS, SIDEWALKS, AND SHADED OUTDOOR SPACES

and experience gained in other firms,” says Irawan Harahap, CEO of digital tech ecosystem and development for Sinar Mas Land. “Digital Hub is not a residential project. Digital Hub is a commercial project…aimed at digital industry players to meet, exchange ideas, and collaborate.”

Digital Hub is a group effort, too, involving the masterplans of NBBJ, the Seattle-based architecture firm commissioned by companies like Amazon, Google, Microsoft, Alibaba, Samsung, and Tencent.

“To foster interaction and collaboration among tech companies, startups, and educational institutions, we focused on designing a layout that encourages them. We also incorporated sustainable practices and green spaces to create an inviting atmosphere,” says Harahap. “Our partnership with NBBJ…and our internal project management expertise helped us overcome the challenges and successfully build an ecosystem that drives innovation and collaboration.”

Sinar Mas Land covered the Digital Hub site with fibre optic connections while the township itself has a multi-modal transportation network, with toll roads speedily linking it to Jakarta.

Sinar Mas Land has also partnered with Japan’s Mitsubishi Corporation and Singapore’s Surbana Jurong to build a transit-oriented project, TOD Intermoda BSD City. It integrates diverse transportation systems from a commuter line to shuttle services and electric buses.

“Cities need to act to address growing gridlock, create productive environments, and meet housing and healthcare needs—the core infrastructure that BSD City already has,” says Harahap. “Its well-built infrastructure differentiates Digital Hub from other places and cities in Indonesia— Digital Hub is in BSD City [and] BSD City has complete infrastructure.”

CITIES NEED TO ACT TO ADDRESS GROWING GRIDLOCK, CREATE PRODUCTIVE ENVIRONMENTS, AND MEET HOUSING AND HEALTHCARE NEEDS

DIGITAL HUB IS PART OF BSD CITY, A PLANNED COMMUNITY THAT HAS BEEN CONTINUALLY EXPANDING SINCE ITS EMERGENCE IN 1984

With contractor PT TATA at the helm, construction on Digital Hub commenced in May 2017, a milestone for Sinar Mas Land. However, it was not until December 2021 that the inaugural building, Knowledge Hub, would begin construction. Amid hurdles posed by the Covid-19 pandemic, Knowledge Hub persevered, reaching its topping-off ceremony in March 2023.

“Our primary challenge in creating Digital Hub was designing a cutting-edge environment that encouraged innovation and collaboration,” says Harahap. “We had to construct a robust infrastructure to facilitate high-speed data connectivity, offer modern office spaces, and foster a sense of community and sustainability.”

Then, in December, Sinar Mas Land relaunched Knowledge Hub as a project called Biomedical Campus.

The rebrand broadens the building’s original purpose, from siring future leaders in the infotech sphere to welcoming medical professionals, whose practice has increasingly intersected with technology over the years. Covering approximately 11,800 square metres of land with a building area of around 31,800 sqm, the Smart Building of the Biomedical Campus can house clinics, pharmacies, diagnostic centres, and laboratories.

The developer is disbursing investment funds of IDR2 trillion on the project over the next few years. “Hopefully the Biomedical Campus can become a magnet for leading companies from all over the world to make Indonesia a place to develop health research and technology,” says Widjaja.

The relaunch came just several months after the health ministry’s 2023 Rakerkesnas or national work meeting, which vowed to increase the number of healthcare facilities and improve the quality of medical professionals in Indonesia.

“As we all know, Indonesia will have a demographic bonus until 2038. We will have a productive generation, and, remember, to be productive, one must be healthy,” says Airlangga Hartarto, the coordinating minister for economic affairs, in a statement. “The presence of the Biomedical Campus is crucial to creating a centre of excellence in digital-based education.”

Biomedical Campus also ties into Indonesia’s latest efforts to boost medical tourism domestically. The nation continues to see millions of its citizens going overseas every year for medical treatment.

“The Biomedical Campus, representing BSD City, aims to become Indonesia’s premier destination for medical tourism, fulfilling the community’s need for top-quality healthcare

INTEGRATING DIGITAL TWIN SYSTEMS FROM MICROSOFT, THE SMART BUILDING OF THE BIOMEDICAL CAMPUS OPERATES

A VISITOR MANAGEMENT SYSTEM, PROVIDING FAST ACCESS THROUGH FACIAL RECOGNITION OR QR CODE

facilities,” explains Harahap. “This vision is to bridge the gap of the reality that many Indonesians seek treatment abroad because domestic health services and medical technology are not up to par.”

Eyeing completion in 2024, the Biomedical Campus has inked partnerships with organisations in the health sector such as Asa Ren, Careoth Inc., PT Etana Biotechnologies Indonesia, Fullerton Health Indonesia, Pathgen Diagnostic Tekno, and Pyridam Farma.

Sinar Mas Land is using Microsoft’s Azure Digital Twins to automate various building management systems in Digital Hub. The systems are designed to optimise the efficient, cost-effective allocation of resources and support occupant comfort.

Digital Hub is expected to gracefully ride the wave of nascent industries such as generative AI. In November, Sinar Mas Land announced that it had tapped Microsoft to incorporate chatbot tech, alongside Azure’s OpenAI Service and Cognitive Search, to power the “ask” feature in the hub’s OneSmile application.

Digital Hub is also designed to operate with a visitor management system (VMS), expediting and securing access to the campus via face recognition and QR code entry.

The hub is currently a mix of commercial lots, in sizes ranging from 3,000 sqm to two hectares, plus strata-title business lofts. Sinar Mas Land has invited the startup Imajin to put up the Advance Manufacturing Centre and Makerspace. These spaces allow would-be innovators to ideate product prototypes, use advanced machinery, and execute solutions for the manufacturing industry, a pillar of the Indonesian economy.

With Digital Hub, Sinar Mas Land does not just aim to create a tech-oriented component of BSD City but also remould an entire township. “Digital Hub is a starting point for BSD City to transform into a smart city fully,” says Harahap.

“Nations that are slowly adopting digital technologies risk falling further behind in a short time due to the rapid pace of technological advancement. Indonesia has yet to make significant strides in the digital revolution, but this presents an opportunity for growth.”

HIRING SQUAD

Sinar Mas Land has positioned Digital Hub as a fount of tech talent in Indonesia as well as a growth engine for the job market. The hub runs programmes such as DigitalHub Next Action (DNA), designed to grow a skilled workforce in the digital fields.

“Digital Hub offers features and services that a typical Indonesian city might need more regarding digital infrastructure, smart solutions, and an innovation hub,” says Irawan Harahap, CEO of digital tech ecosystem and development for developer Sinar Mas Land. “Job creation through ecosystems in Digital Hub improves the local economy, benefiting citizens and foreigners seeking employment and building a better future.”

By embracing digitisation efforts, Indonesia could have the potential to unlock a level of growth worth USD150 billion in annual economic impact by 2025, according to a study by McKinsey. In 2023 alone, Indonesia stood to gain up to 23 million jobs just by transitioning to digital technologies and providing workers with the appropriate skills.

With a growing base of digital consumers across the archipelago, the disclosed funding for startups in Indonesia hit an estimated USD1.7 billion as early as 2016. This was a dramatic surge.

“The circumstance highlighted a paradox in Indonesia: low digitisation across industries yet a booming startup scene,” says Harahap.

Digitisation efforts would constitute a boon to BSD City since the smartening of cities is estimated to increase their income by up to 50 times per capita. Overall, the proper management of growth is crucial to advancing Indonesia’s economic and human development—feats achievable through urbanisation and the digital economy.

“These two factors can propel the country to the next level, but only if managed effectively,” says Harahap.

JIRAYUT “TOPP” SRUPSRISOPA IS EVANGELICAL ABOUT THE POTENTIAL FOR BLOCKCHAIN TECHNOLOGY

Shooting for the moon

Jirayut “Topp” Srupsrisopa, CEO of Thai crypto exchange Bitkub, is a true believer in the potential of digitised finance to revolutionise real estate ownership and transactions

BY BILL CHARLES

BITKUB NOW HAS MORE THAN 5 MILLION CUSTOMERS IN THAILAND, APPROXIMATELY 7% OF THE COUNTRY’S POPULATION

We’re heading toward a future where anything that can be digitised will be digitised. All the world’s processes, anything with a value around us, will be digitised and tokenised, including real estate

The Bangkok-based cryptocurrency exchange Bitkub is a juggernaut. Launched in early 2018, it has quickly become the largest digital asset group in Southeast Asia. The company experienced eye-watering growth in its first half-dozen years in operation, including 1,000% growth in each of its first three years and 2,000% in its fourth.

Bitkub today boasts more than 5 million customers in Thailand—around 7% of the country’s population—and one in 10 smartphones there has Bitkub’s app on it.

The company is led by youthful CEO Jirayut “Topp” Srupsrisopa, who has become the literal face of cryptocurrency in Thailand, his likeness gazing down from massive green billboards throughout the capital and beyond. Indeed, Topp is practically inseparable from the Bitkub brand itself.

BITKUB HAS ADOPTED AN AGGRESSIVE MARKETING STRATEGY, WHICH IS PAYING OFF AS IT GAINS MORE BRAND RECOGNITION

After attending high school in New Zealand, he completed his undergraduate and graduate studies in the UK, where he received a master’s degree in economics from Oxford in 2013. His favourite subject, he says, was monetary history, a subject that prepared him to keenly anticipate the already unfolding economic changes—including the revolutionary potential of cryptocurrency. “I knew that money changes every 50 years and I was convinced 10 years ago that this would be the future of money,” he says.

“It’s the most decentralised in terms of computing power,” he says, referring to Bitcoin in particular. “And the collective computing power. It is one of the highest, most stable, resilient blockchains out there. It cannot be manipulated by any particular entity. It’s the first-ever public infrastructure for payments, except for physical cash, but cash is very hard to move.”

Of course, anyone who has followed cryptocurrency prices in recent years knows it hasn’t all been a smooth ride. Topp has steered Bitkub through turbulent periods of gut-churning volatility, including the fallout from scandals that saw the collapse of the FTX exchange and the Luna cryptocurrency.

But despite the ups and downs, Topp says he has remained steadfast in his belief in the underlying blockchain technology and its role in the future, including in real estate.

Tell us about the tokenisation of real estate. What does that mean?

We’re heading toward a future where anything that can be digitised will be digitised, especially with AI coming. All the world’s processes, anything with a value around us, will be digitised and tokenised, including real estate.

TOPP SAYS CRYPTOCURRENCY CAN HELP CHINESE INVESTORS

NEGOTIATE THEIR COUNTRY’S STRICT CAPITAL CONTROLS AND SEAMLESSLY PURCHASE PROPERTY IN DESTINATIONS LIKE THAILAND

This democratises investment opportunities for many people. For example, in Bangkok, one condominium unit costs something like 10 million baht (USD270,000). And you can only serve a middle-class or upper-middle-class group of clients. People at the bottom of the pyramid can’t afford it. They cannot rent it out for passive income since they’d have to buy the whole unit.

Now we are turning things around. We can fractionalise apartment floors or condo rooms into fractional ownership, smaller pieces, and smaller units, where ownership is per square metre, or per coin. We can tap a lower group of the pyramid. And when there’s a dividend from the rental fee, you give them out on a pro-rata basis. If you own more square metres or more coins, you get more dividends.

At what point do you think this concept will be more widespread?

I would say less than five years. That’s when AI will already be human-level smart. That’s a pretty conservative estimate.

One other thing with this. Once we tokenise real estate into digital units, we can now play around with these tokens—not just as ownership of real estate or fractional ownership, but you can use smaller units as payments. For example, if we were to go out for dinner today and I didn’t bring any cash and you paid, I could go home and wire you a fraction of a condo as payment. And you could liquidate that in real time on the secondary market.

What other ways is this technology being used in the real estate sector?

To remit money. For example, China has capital controls. If you want to wire money out of China to buy a condo in Thailand, traditional real estate firms would have to keep opening new bank accounts every week because the government would keep shutting down their international bank accounts.

But with Bitcoin you can stay in your house, moving your thumbs on your phone to wire as much money as you want. And within 30 minutes, money would hit the bank here (in Thailand). You can buy real estate in a frictionless manner. In the past, you could not buy real estate in another country with a phone connected to the internet.

The price fluctuation of Bitcoin is cited as a concern for transactions like that. When do you think there will be a flattening out of the price?

This is basic finance. When the user base is small, volatility is

high. When the user base gets bigger, volatility drops. But in the meantime, you can use stable coins for remittances. It’s perfectly stable: one-to-one.

Bitkub is also a payment processor, so we convert to fiat. We humanise the flow without the real estate firm knowing what’s happening on the back end. So, when customers or crypto nomads want to buy a condo in Thailand, they wire us crypto, and we auto-sell it at the market rate at that moment. And then we wire it to the real estate developer without informing them what types of tokens their client paid for the condo with. The developer doesn’t need to know—just that the money hit their bank account.

How do you think smart contracts will change the nature of real estate transactions?

When real estate deeds become digital or with fractional ownership of real estate, then we can do more applications with smart contracts. We can create predetermined conditions for different events to trigger and execute— manual work without people acting as an intermediary. So,

it’s going to cut out middlemen first. Second, it’s going to create new business models, because when the marginal cost of execution goes to zero, it’s going to trigger new behaviours and new business models.

Are there threats to this happening from the regulatory or government side? Or is this technology an unstoppable force?

Unless you shut down the internet, it’s not feasible to prevent it. It’s not possible to shut down the internet. So, it’s an unstoppable force. You must live with this technology. You cannot effectively ban it unless you tell everyone to stop using the internet. There’s no way backwards. You can only govern the technology with all the players involved.

During the cryptocurrency pullback, everybody was afraid. How did you keep customers calm amid concerns over the exchanges themselves going under and the money not being there?

A lot of education. I also showed my face everywhere. I’m not hiding anything. I showed who is behind the company, who the backers are, and who the operators are. I shared all my personal stories and the stories of the company. I have a huge follower base in Thailand now, even more than the company, to be honest. Transparency is the best way—to be transparent with the customers and in communication is very important. The downside is that sometimes I get blamed for everything that goes wrong. FTX was my fault. Luna was my fault because I’m the face of the company.

What is your thought about where it goes from here?

I’m a long-term believer. I’ve been doing this for 11 years now. I would have left a long time ago if I wasn’t a believer. I believe in Bitcoin and the tokenisation concept.

Do you have any predictions for the price of Bitcoin?

That’s a billion-dollar question.

Less is a bore

Andrea Savage is capitalising on a trend for maximalism via vibrant, flamboyant interior design for a roll call of cutting-edge enterprises and culturally attuned clients

BY LIAM ARAN BARNES

Minimalism is dead. Long live maximalism. Or so Andrea Savage would have us believe.

For the past decade, the mantra “less is more” reigned supreme, promising a pared-back antidote to the fastpaced, post-financial crisis world. “Slow life” publications like Kinfolk overflowed with blank spaces, championing clean aesthetics and muted spaces. Meanwhile, Marie Kondo and other decluttering gurus promised that shedding stuff would solve all our problems.

This start-up chic, millennial-targeted minimalism had seemingly whitewashed walls, exposed bricks and beams, and dispensed with every excess or hint of excitement from San Francisco offices to Singaporean shopping centres, and almost every AirBnB listing in between.

It comes, then, as something of a jolt to be confronted with the interiors of Savage’s A Life By Design studio. More is more would be an understatement to describe these odes to opulence where layers of kaleidoscopic patterns and eclectic collections harmonise to create spaces that crackle with personality and life.

“I love it when spaces are abundant and majestic,” explains Savage, a former high-fashion model, TV presenter, and award-winning design consultant. “I am a maximalist at heart and embrace it all, all the highs and all the lows.”

As a partner at Design Intervention, her client roster over the years reads like a who’s who of cutting-edge enterprises and culturally attuned individuals, each seeking spaces that celebrate their brand identity or personal ethos. Savage’s designs encourage occupants to revel in richness, with spaces that are not just filled but thoughtfully curated with objects and art that have stories to tell.

“I believe everyone should have access to a life of abundance,” she says. “We wanted to challenge the expression ‘you cannot have your cake and eat it too.’ Instead of accepting it as a limitation, we wanted to view it as an opportunity, an invitation to cultivate abundance and relish its rewards.”

This philosophy is evident in several high-end residential projects, such as private homes in Singapore and a midcentury modern residence in Australia, all showcasing her signature style of vibrant and dynamic interiors. In commercial spaces, Savage has created unique customer experiences. For instance, the Lontessa Retail Boutique in Singapore features an immersive shopping environment that highlights the brand’s identity through thoughtful design choices that resonate with customers.

ANDREA SAVAGE HAS RECEIVED NUMEROUS INDUSTRY ACCOLADES SINCE SWAPPING THE CATWALK FOR THE DRAFTING TABLE MORE THAN A DECADE AGO

We wanted to challenge the expression ‘you cannot have your cake and eat it too.’ Instead of accepting it as a limitation, we wanted to view it as an opportunity, an invitation to cultivate abundance

Since swapping the catwalk for the drafting table more than a decade ago, Savage has received numerous industry accolades. These include the Tatler Design Award and other titles for Design Intervention’s Nassim Road project. Savage, however, cites her inclusion in the Andrew Martin Interior Design Review, a compilation of 100 top designers’ works from around the world, as the ultimate recognition.

“Inclusion in the bible of the design world was the epitome of having made it,” she says. “So much heart and passion was dedicated to getting us to that place and I gave it everything I had. I’m not sure my children have quite forgiven me for that yet!”

Reflecting her commitment to transformative design, Savage launched A Life By Design in 2023, co-founding the firm with her husband Cameron Richards, a tech entrepreneur and data strategist, alongside bestselling author and “empathy advocate” Mimi Nicklin.

Together, they envisioned a firm that merged high design with high technology and empathy, aiming to transform personal and commercial spaces into vibrant, inspiring environments. This vision was grounded in the belief that good design should be accessible to everyone and that spaces can profoundly affect our wellbeing and productivity.

“The essence of our work is about creating impact,” she says. “We integrate luxurious textures, smart technology, and sustainable practices in our projects, making them visually stunning and also optimised for environmental and emotional well-being.”

Over the past year or so, their Singapore-based studio has become a laboratory for innovative design thinking. Already boasting a presence in Australia, New Zealand, Malaysia, and Dubai,

A Life By Design is now focused on merging product design and lifestyle enhancement with cutting-edge technology across three core sectors: offering high-end residential and commercial architectural services; fostering a B2B marketplace that empowers designers, architects, and developers to excel and innovate; and providing digital branding and market intelligence services to property developers.

At the heart of A Life By Design is a profound integration of advanced technology, which is pivotal in shaping how they conceive, design, and deliver spaces. Embracing tools like artificial intelligence, the firm enhances the creative and operational processes, making design both more innovative and efficient. But this commitment to merging technology with design is not just about staying current; it’s about pushing boundaries and leading innovation in every project they undertake, according to Savage.

“Technology such as AI is integral to what we do. It’s not here to replace designers and architects—it’s here as an enhancer,” she says. “We embrace its capabilities, which are amazing tools. We use it to amplify creativity and efficiency, giving us that competitive edge. But the real key is combining human-centred expertise in design to get the best in innovation and the development of luxury projects.”

As A Life By Design propels forward, it does so in stark contrast to the minimalist wave of the past decade, redefining spaces with a bold assertion that more truly is more. The firm, born from a vision to make great design accessible and integral to daily life, looks set to continue as a loud rebuttal to the minimalist mantra, merging the vibrant chaos of maximalism with the precision of modern technology.

Private residential unit, Singapore

The transformation of a 60-sqm apartment with 4.3m-high ceilings into a harmonious sanctuary of luxury and comfort showcases the power of innovative design solutions. By embracing a layered lighting approach, the space bathes in a warm, inviting glow that accentuates its lofty ceilings without compromising the cosy ambience.

The selection of proportionate furniture alongside the considered placement of soft textiles and mirrors, meanwhile, mitigates the challenges posed by the high ceilings and compact floor plan while creating the illusion of a more expansive, integrated living environment. The seamless extension of the living space into the balcony further enhances the apartment’s openness, offering a cohesive retreat that feels both luxurious and inviting.

“This blend of design elements successfully turns potential obstacles into the apartment’s most captivating features, illustrating that with creativity and thoughtful planning, small spaces can indeed embody grand living,” says Savage, adding that the reconfiguration transforms the available space to showcase functionality.

Short-term accommodation units, Australia

In their latest venture into the short-stay accommodation sector, A Life By Design has reimagined the traditional expectations of these spaces. Starting with the fundamental architectural skeleton, the firm creates environments that do more than merely accommodate—they inspire, according to Savage.

“Our strategy involves intertwining vibrant textures and bespoke details to breathe life and depth into every corner,” she explains.

By reimagining each unit, A Life By Design hopes to elevate temporary stays into memorable experiences that leave a lasting impression on those who pass through their doors.

The restoration of this 1920s Art Deco bungalow in Singapore tastefully preserved the architectural essence while introducing a modern, multigenerational living space. “One of my most cherished projects, this project exemplifies the power of design in translating a client’s vision into a space that truly reflects their lifestyle,” notes Savage.

Merging Californian ranch style with neoclassical elements, the design utilises a stark white base palette, complemented by an extension that caters to family needs. This transformation showcases a sophisticated array of rich textures and exacting details, with natural materials set against bold black stone, crafting a bespoke ambience of refined living.

Ringwood Road bungalow, Singapore

Mid-century home, Perth, Australia

Intricately blending Savage’s vision with the client’s love for mid-century design, the private home marries interior and exterior seamlessly. Situated in Perth, the house features materials tailored for both durability and flair to withstand the region’s hot summers while supporting daily family life.

The design prioritises natural lighting, which dictates a vibrant yet refined colour scheme that enhances the client’s eclectic art collection. “This light-filled, playful home remains true to mid-century design principles,” Savage says. The outcome is a playful yet sophisticated space that adheres faithfully to mid-century design tenets, offering a fresh take on classic aesthetics.

Beverly Hills residence, California, USA

This expansive city apartment is a paradigm of luxury and historical charm, designed to elegantly accommodate a large family. The interior features marble flooring and striking backlit onyx, set against white walls with contemporary classical mouldings, creating a fresh and vibrant atmosphere.

The space is personalised with vintage Turkish doors and exquisite mother-of-pearl inlays, complemented by stucco paint finishes that enrich the narrative. Ethereal bedrooms with soft textures and metallic finishes enhance the luxurious feel. This design not only foregrounds high-end materials but also incorporates unique historical elements, crafting an “elegant and storied domestic environment,” according to Savage.

Singapore

A maximalist design balances bold expression with architectural elegance. Its interior features a dramatic interplay of vivid colours set against a black-and-white base, creating a visually striking effect. The space highlights black and white marble, complemented by a monochromatic staircase with Art Deco-inspired gilt-and-glass balustrades, which, Savage says, “radiate luxury and playfulness, embodying a sophisticated aesthetic.”

Rooms are decorated with bold-patterned wallpaper displaying intricate Egyptian motifs, adding historical depth. Classic wall mouldings and white surfaces temper the vibrancy while gold accents and mirrored elements infuse opulence.

Private penthouse,

King of the hills

BY JONATHAN EVANS

With its low-density residential properties and sumptuous harbour vistas, Jardine’s Lookout is one of the most sought-after neighbourhoods in Hong Kong

Jardini

Residences in this venerated beauty spot are getting taller. This upwardly mobile trend is evidenced by this latest development from CITIC Pacific, which hired Wong Tung & Partners to build a 22-storey, 114-unit highrise whose undulating façade is inspired by the sculptural form of clouds. Scheduled for completion by late December, the finished article will be graced by balconies and a sky garden, allowing residents to absorb the estimable vistas, while BTR (HK) Ltd.’s interiors continue the celestial visual metaphor. Its clubhouse, evoking Dover’s white cliffs, contains a gym and kids’ and adults’ pools, while a lounge’s reflective, rippling surfaces provide a painterly scene. Outside, an artistically designed, multi-layered garden complements the water features courtesy of Ko Landscape Architects.

This joint effort by CSI Properties Limited, Asia Standard International Group Limited, and Grosvenor Asia Pacific Limited has pride of place on Jardine’s Lookout. The 20-plus-storey development commands spectacular views of Hong Kong and contains ornate but functional interiors. Homes within the project have broken sales records, with a garden villa unit recently setting a new benchmark by selling at a premium price per square foot. The remarkable unit features three entrances and an in-house lift, adding to the development’s overall prestige and exclusivity.

Tai Tam Country Park

Comprising one-fifth of Hong Kong Island’s total landmass, this expansive hiking area with picnic and barbecue areas covers 1,315 hectares and is a key water-storage area for the population. Plenty of reminders remain of the battleground it became during World War II when Japanese invaders met strong British resistance. Relics include antiaircraft gun platforms and pillboxes. But the damage to the vegetation was redressed, with scrupulous reforestation ensuring the park is now an ecological wonderland. Aside from its four reservoirs, there are the towering Mount Butler and Mount Parker, acacia and pine trees, and bright flora enlivening springtime slopes. Muntjac deer, Chinese leopard cats, chestnut spiny rats, porcupines, and even venomous snakes dwell here. But for most hikers, the imperious views over Hong Kong override any potential animal hazards.

Dukes Place

Named after William Jardine, founder of the Jardine Matheson conglomerate, Jardine’s Lookout wears its history on its sleeve. Residential roads are named after famous British colonial figures, and it was also one of the first places to see battle in the Pacific chapter of World War II. These days it’s an altogether calmer district, noted for its high-net-worth homeowners, options for hiking, and prominent educational establishments. It’s also close to Hong Kong Parkview, the territory’s largest private housing estate. The Lookout’s super-prime real estate, close to country parks and hill walks, is now expanding as plush new residences join the exclusive properties already sitting pretty in this much-coveted location.

4

Hong Kong Arts Centre

An imposing edifice in central Wan Chai, this nonprofit museum and college established in 1977 is a home for the arts in Hong Kong. Its raison d’être is to promote the performing arts, visual arts, and film; it hosts a large selection of rooms intended for exhibitions (sculpture, photography, ceramics, crafts), presentations (theatres, a cinema, installations), and education (classrooms, studios). The monolithic building also supports worthy local causes, organises community projects, holds the Goethe Institute cultural centre, and spawned the Hong Kong Arts School in Shau Kei Wan, which teaches disciplines including fine art and drama. Upcoming events include an exhibition of paintings by local artist Luis Chan and a display of supernatural monsters from Japan.

5

Hong Kong Cuisine 1983

This upstairs restaurant and local favourite was rebranded and given a classicist makeover in 2022. Chef Silas Li, who started cooking professionally in the UK at 16, reimagines Chinese food as “a delicate balance between tradition and modernity”, innovative fusion cuisine rooted in familiar tastes, but underpinned by French techniques and novel combinations. For example, recommended dishes include caramelised sweet-and-sour ibérico pork with fried tofu and pork rind, and aromatic, smoked soy-sauce chicken. Chef Li’s penchant for perfumed oils also imparts unique fragrances. A range of imaginative menus is available, including vegetarian dishes, lunch, executive lunch, and dinner; rave reviews have not gone unnoticed by the South China Morning Post, which included the restaurant in its 100 Top Tables for 2024.

6

Happy Valley Racecourse

This 55,000-seater venue first opened in 1845 on swampland to satisfy the sporting whims of the British colonialists, and eventually, it also became a big hit among Hong Kong’s Chinese residents. One major incident, a fire in 1918, killed around 600 people, but since then—and especially the 90s—more facilities have been built, including football, hockey, and rugby fields inside the race track. Races are held on Wednesdays, and there’s also a museum (which contains a cinema), with four galleries located within the seven-storey stand. Venue promoters have succeeded in bringing this Victorian construction, incongruously set among the skyscrapers, firmly into the modern world. The racecourse’s “Happy Wednesday” is now also a night for entertainment, with musical performances taking place alongside a beer garden and stalls selling comfort food.

REDRAWING THE LINES

From property valuation and customer interaction to measuring sustainability and revolutionising video marketing, AI is impacting nearly every aspect of Asia’s real estate industry

BY LIAM ARAN BARNES

SAUDI ARABIA’S FANTASTICAL LINEAR MEGACITY, THE LINE, HAS RUN INTO DIFFICULTIES. BUT ITS LOFTY AMBITIONS SHOWCASE THE POTENTIAL OF AI

It looks like the end—or at least a curtailing of—The Line for Saudi Crown Prince Mohammed bin Salman’s ambitious 170-kilometre-long linear megacity. Designed as a glasswalled city of the future to transition Saudi Arabia away from oil dependency, the fantastical project, initially slated to eventually house 9 million people, has been dramatically scaled back to just 2.4 kilometres.

The news is unlikely to shock many industry observers. After all, The Line was infamously conceived, promoted, and debated almost entirely in the digital sphere. Viewing the bleeding-edge digital renderings and videos, it may have felt like tomorrow had arrived yesterday. But the project’s scale-back illustrates the persistent gap between ambitious

virtual concepts and practical reality—even with substantial financial backing from the House of Saud.

Still, technological advancements are redefining how developers, buyers, and analysts navigate the real estate market. In Asia, in particular, firms are leading the charge to adopt and utilise the latest developments, according to Nick Myers, a real estate AI expert and co-founder of digital healthcare start-up RedFox AI.

“Asia has historically always been a market that tends to readily adopt and utilise new technologies far before their North American and European counterparts,” he says. “When it comes to using AI in the real estate sector some of

the primary use cases across Asia have been assisting with property valuation and investment decisions, automated customer interaction via intelligent chatbots, operational efficiency, and increased sustainability through smart buildings.”

The latest artificial intelligence-backed tools like Sora and Gemini are being specifically tailored to address unique challenges in the region’s real estate market. Sora focuses on revolutionising real estate video marketing by using AI to efficiently generate high-quality property videos. Meanwhile, large language models like Gemini process vast amounts of data to identify trends, predict market fluctuations, and even generate reports. This is invaluable for informed decision-

making, especially in fast-growing Asian markets with limited historical data.

“In Asia’s diverse markets, AI chatbots equipped with real-time language translation are transforming customer service by providing instant, multilingual support to potential tenants, leading to higher engagement and faster leasing cycles,” explains Dr Ken Ip, chairman of the Hong Kong-based Asia MarTech Society. “AI-enabled virtual assistants also streamline administrative tasks, such as lease management and documentation, freeing up property managers’ time for more strategic activities.”

AI’s capacity to analyse large datasets also enables it to forecast environmental impacts and optimise the energy efficiency of buildings, thereby reducing their carbon footprint. “AI is already being used to optimise building efficiency to reduce energy consumption and manage resources in places like Singapore,” according to Myers. “This is just the precursor to true ‘intelligent buildings’ that will be entirely self-sufficient at some point in the not-too-distant future.”

One company that has embraced AI’s potential to improve sustainability is Thailand-based Magnolia Quality Development Corporation (MQDC). Amongst its initiatives, the firm has integrated IoT technology, enhanced with AI, for environmental management.

“Climate change is, of course, a big concern for all developers, but AI is like having a super-powered brain on our side,” says Kittikun Potivanakul, MQDC’s chief technology officer. “It crunches tons of data on weather patterns and rising sea levels, helping us design smarter buildings.”

One of MQDC’s recent leaps in AI adoption is the development of its “Virtual Gallery and AI Agent”. The initiative bridges the real and virtual worlds, offering an immersive property viewing experience with multilingual AI agents trained with data from the sales teams.

Despite the strides in technology, a lingering concern in the real estate industry is the potential for AI to replace human

Asia has historically always been a market that tends to readily adopt and utilise new technologies far before their North American and European counterparts

roles. Kittikun emphasises that the reality is more about enhancement than replacement.

“One of the biggest misconceptions about AI in real estate is that it’s replacing agents,” he says. “While AI excels at data analysis and automation, the human touch remains crucial. Here in Asia, where cultural nuances and personal connections are critical, AI can empower agents to become more efficient by streamlining tasks like property matching and market analysis, freeing them to focus on building relationships.”

Ip also reiterates the importance of addressing these issues, particularly in ensuring a smooth transition for workers affected by AI integration. Upskilling programmes, such as those initiated by governments in Singapore and South Korea, are essential. These programmes focus on enhancing skills in data analysis and AI technology management, preparing the workforce for new roles that AI will eventually require.

Training initiatives in Singapore, for example, offer a wide array of courses that are available through the SkillsFuture programme. These courses aim to upskill participants in various tech-driven fields, including AI applications in business and managing digital transformation projects. Similarly, South Korea’s Digital New Deal invests heavily in training the workforce in data science and AI, helping to mitigate job displacement risks by equipping workers with the skills needed for tomorrow.

Moreover, the ethical use of AI is paramount to maintaining trust and integrity within the industry. Future regulations, as anticipated by experts, are likely to address data privacy, transparency, and the unbiased use of AI. Ensuring that systems are explainable and that their processes are clear will be essential in upholding ethical standards and fostering a responsible integration of technology, according to Ip.

MAGNOLIA QUALITY DEVELOPMENT CORPORATION (MQDC)

HAS INTEGRATED IOT TECHNOLOGY, ENHANCED WITH AI, FOR ENVIRONMENTAL MANAGEMENT IN PROJECTS LIKE

MAGNOLIAS RATCHADAMRI BOULEVARD IN BANGKOK

TO SERVE AND PROTECT

Implementing AI in the real estate sector faces several key challenges. Data privacy and security top the list, according to Myers, with the need for stringent measures to protect sensitive information.

“Ensuring that there is proper regulation in place by state governments is crucial to tackling this challenge head-on,” he explains, highlighting the absence of data protection regulations in ASEAN countries. This is in contrast with the European Union’s GDPR and Artificial Intelligence Act, which ensure AI systems are safe, transparent, and non-discriminatory.

Another significant hurdle is the integration of AI with existing systems. Real estate platforms and databases like CRM systems and MLS need AI solutions that can seamlessly connect with various data formats.

“Collaboration with IT specialists to ensure smooth integration is vital,” he adds, emphasising the need for flexible and compatible AI solutions.

Agent adoption and training also pose challenges. Resistance from real estate agents, often stemming from fears of job displacement or the perceived complexity of AI tools, needs to be addressed through clear communication about the benefits of AI— enhancing capabilities rather than replacing jobs.

SCHOOLS AND UNIVERSITIES AROUND ASIA ARE OFFERING STUDENTS A WIDE RANGE OF COURSES TO EQUIP THEM WITH DATA SCIENCE AND AI KNOWLEDGE

“As AI becomes more integrated into the industry, it is crucial to establish ethical frameworks and standards to ensure fair and equitable use of these technologies,” he says. “Collaboration between industry stakeholders, policymakers, and technology providers will be essential in shaping regulations that balance innovation and ethical considerations in the real estate sector.”

Regulatory bodies around the world are beginning to respond with guidelines that mandate not only transparency but also accountability in AI deployments. For instance, the European Union’s proposed Artificial Intelligence Act is a comprehensive approach aimed at safeguarding fundamental rights and safety by enforcing strict adherence to ethical standards across various applications of AI.

In the real estate sector, these standards could prevent the misuse of AI in critical areas such as credit scoring, property valuations, and customer interactions, ensuring that AI aids rather than alienates stakeholders. Tools and methodologies such as algorithmic impact assessments and AI audits are also being discussed as ways to implement these ethical standards.

“By working together, developers, users, and regulators can ensure that AI technologies are used to benefit all parties and

sustain trust in the rapidly evolving real estate landscape,” Ip says.

The downsizing of The Line might symbolise a recalibration of expectations, but it also underscores the pursuit of innovative, practical urban development. As Asia leads in AI integration within real estate, it sets a global example for aligning ambitious tech-driven projects with market and regulatory realities.

The region’s proactive approach, particularly through sustainable initiatives in Singapore and corporate ventures like smart building technologies, illustrates the critical role of AI in fostering environmentally responsible urban futures. It also emphasises the importance of collaboration across disciplines to ensure that technology enhances, rather than complicates, built environments.

“The future of real estate development depends on a cooperative strategy where technologists, policymakers, and the community converge to ensure AI’s ethical and effective integration,” Myers says. “This multidisciplinary collaboration is essential for turning visionary concepts into functional and sustainable realities that redefine our interaction with urban environments.”

THE INTEGRATION OF ADVANCED TOOLS SUCH AS COMPUTER VISION IS SET TO REDEFINE THE REAL ESTATE LANDSCAPE BEYOND VIRTUAL REALITY MARKETING

IT’S A VISION THING

AI innovations like Sora and Gemini are redefining the real estate landscape beyond traditional marketing and data analysis. These technologies are also set to revolutionise property management and customer interactions through the integration of advanced tools such as computer vision.

Ip underscores the transformative potential of this technology. “The advancement of computer vision technology is the single most exciting AI innovation that will transform the real estate industry,” he says. “It allows professionals to extract valuable insights from visual data, enhancing everything from property listings to inspections.”

Computer vision enables real estate professionals to automatically identify and catalogue property features from images, significantly speeding up listing processes and improving the accuracy of

property descriptions. For instance, AI-powered image recognition can detect architectural styles, property conditions, and even furnishings, which can be directly included in listing details without manual input.

Moreover, computer vision is improving customer interaction by enabling more immersive virtual tours and augmented reality experiences. Prospective buyers or renters can explore properties in detailed, virtual environments that offer a realistic sense of space and layout that is especially beneficial in today’s market where remote transactions are becoming more common.

SAFE FROM HARM

Singapore’s regulatory strength continues to exert appeal for international investors while a flotilla of new housing supply spells good news for local home seekers

BY AL GERARD DE LA CRUZ

AROUND 185 HOUSING DEVELOPMENT BOARD (HDB) RESALE FLATS

SOLD FOR AT LEAST

Balancing the aspirations of homebuyers with the broader goals of the community, Singapore seeks ways to become a haven for not only international investors but also underserved segments of its housing market.

Every minute, hundreds of tonnes of cargo pass through Singapore, Southeast Asia’s busiest seaport. It’s a poignant symbol of the country as a safe harbour, an anchor of stability in geopolitically tense times.

Singapore’s regulatory strength and sterling reputation have offered the property market a degree of insulation from external unrest, trade tensions, and economic deceleration from 2023.

Amid local inflationary pressures, elevated interest rates, and cooling measures, many homeowners saw no urgency to sell assets, and asking prices remained high despite signs of moderating growth.

Now the city-state is making its public housing system more inclusive and accessible than ever.

A flotilla of new supply, the biggest since 2017, berthed at the market last year with the completion of 21,400 Housing and Development Board (HDB) flats, the country’s public homes,

in addition to 20,400 units from private developers. State land tenders or Government Land Sales (GLS) last year are expected to yield 9,250 residential units, a decade-high record for the land-scarce island nation.

“For property seekers and sellers, this likely means that we’ll have a steady supply of new homes coming to the market in the coming years, reducing the kind of fluctuations we’ve experienced, for instance, in the rental market which took off between mid-2021 and late 2023,” recalls Kristin Thorsteins, head of partnerships for growth in APAC at workspace provider IWG plc.

Property seekers found recourse in HDB’s resale marketplace during the pandemic when construction delays undermined the completion of the board’s highly desired Build-To-Order (BTO) offerings.

That demand continues, buoyed in part by private homeowners hoping to downgrade to a public flat. Around 185 resale flats were sold for at least SGD1 million in Q1 2024, breaking a record that had just been set in the previous quarter, according to flash estimates from the board.

“Larger HDB flats emerge as a value proposition, especially when compared to private homes of similar size and location, which command a substantially higher price,” says Dr Nai Jia

JURONG

EAST IS AMONG THE AREAS ASSERTING ITSELF AS A PRIME RESIDENTIAL AND COMMERCIAL DESTINATION IN SINGAPORE

WORLD OF WORK

Singapore’s office market surpassed most regional markets in terms of occupancy, with rates in the CBD alone nearing 95%, second to Seoul, according to Knight Frank.

But flexible work arrangements (FWAs) are still above pre-pandemic levels in the city-state. A Knight Frank survey suggests that 80% of occupiers anticipate a four-day workweek to gain more traction by 2025, potentially reducing office space needs.

“During Covid-19, all the developers went out of their way to make homes suitable for hybrid work, carving out a dedicated workspace wherever possible,” says Kristin Thorsteins, head of partnerships for growth in APAC at workspace provider IWG plc. “This remains in demand, although most bosses in Singapore expect to see people back at least four days a week.”

The influx of new developments in 2024 may also add to vacancies in older buildings as tenants relocate to higher-quality sites. “Occupiers expect spaces that can be easily reconfigured to accommodate changing team sizes and work styles, be that for focused work or teamwork, brainstorming, and creative thinking,” says Thorsteins.

Then again, there’s the looming threat of automation. Widespread layoffs in the global tech industry have already caused a slight dip in demand for co-working spaces and flex-space options, she reports.

“Sectors like tech and banking are already downsizing or considering returning space, hinting at potential disruption from artificial intelligence,” says Thorsteins. “Consulting, law, and financial services, traditionally large consumers of office space, could be impacted by AI.”

The shift towards more inclusive housing policies demonstrates Singapore’s commitment to adapt to demographic trends and the diverse needs of its population

Lee, head of real estate intelligence, data, and software solutions at proptech company PropertyGuru Group. “This trend reflects a broader market behaviour where buyers prioritise value and affordability amidst economic uncertainties.”

Still, in the spacious, suburban areas of OCR (Outside Central Region), some 1,275 new private homes were sold in Q1, the highest quarterly sales in the neighbourhood since 2021, reports real estate agency OrangeTee.

“Although the pace of sales in the private residential market has quietened from the heady days in 2021 and 2022, with homebuyers no longer showing the frenetic urgency on the back of limited options and fear of missing out, buyers are still able to identify value opportunities and acquire suitable properties for owner-occupation,” says Leonard Tay, head of research at real estate advisor Knight Frank Singapore.

Prices of private condominiums and apartments increased by 1% in the first quarter, but that is down from the 2.3% expansion in Q4 2023, according to flash estimates by the Urban Redevelopment Authority (URA). Those of their landed counterparts slowed down from 4.6% to 3.4%, too.

“While the underlying demand for private homes remains strong, there is a decline in transaction volumes in the first quarter, reflecting a more discerning buyer behaviour,” says Dr Nai Jia.

Absent tighter monetary policies, private home prices could still grow by around 3% to 6% this year, with HDB resale prices rising

by up to 5%, OrangeTee predicts. The US Federal Reserve, which typically influences Singapore interest rates, announced in January that rates would hold steady at a range of 5.25% to 5.5%.

“If interest rates moderate in the upcoming months, buying sentiment may pick up in the second half of this year,” reports Christine Sun, chief researcher at OrangeTee. “As mortgages become more affordable and financial costs improve, home buyers may feel more motivated to purchase or upgrade their homes.”

In addition to downgraders, demand for HDB resale homes also stemmed from firsttime buyers unwilling to wait for BTO sales launches, which now happen thrice a year instead of four. That could now change with the imminent launch of 19,600 BTO flats this year—and a tectonic shift in public housing policy.

During his National Day Rally speech in August, former Prime Minister Lee Hsien Loong revealed plans to abolish the classification of HDB estates as “mature” and “non-mature”, favouring the reclassification of BTO projects instead.

Starting H2 2024, BTO projects are classified according to Standard, Plus, and Prime tiers, the former being the cheapest and most ubiquitous and the latter being the choicest in terms of location. The framework, the prime minister says, should “maintain a good social mix in every town and every region.”

The new framework could be a boon to an oft-overlooked segment of Singaporean

SINGAPORE’S OFFICE MARKET SURPASSED MOST REGIONAL MARKETS IN TERMS OF OCCUPANCY, WITH RATES IN THE CBD ALONE NEARING 95%

society: singles. The dramatic reshuffle allows singles to buy two-room flexi flats across all types of BTO projects; they were previously forbidden from buying flats in mature estates.

“More and more Singaporeans are choosing to be single,” Lee Hsien says. “Singles too hope to own their homes and have more housing choices. We hear your concerns.”

Plans to upgrade existing HDB homes and precincts are also underway, promoting active ageing-in-place with seniorfriendly fittings, infrastructures, and facilities.

Although some think the policies are lacking in some respects—singles younger than age 35 still cannot buy the flats, for example—two in five Singaporeans think the new policies would make public homes more affordable and accessible for all, according to respondents surveyed for PropertyGuru’s Singapore Consumer Sentiment Study in H1 2024.

Approximately 58% of respondents agree that the 10-year minimum occupation period (MOP) for Prime and Plus flats will contribute to stabilising prices.

“The shift towards more inclusive housing policies demonstrates Singapore’s commitment to adapt to demographic trends and the diverse needs of its population,” says Dr Nai Jia. “The government’s approach to carefully consider the allocation of limited resources—land and financial—while expanding housing choices for singles, underscores the complex task of urban planning in a resource-scarce environment.”

Earlier last year, Singapore made it clear that the housing market would skew local and side with low-income buyers. The buyer’s stamp duty (BSD) increased on higher-value residential and non-residential properties, followed by the imposition of a 60% additional buyer’s stamp duty (ABSD) on foreign buyers. The latter has since led to a reduction in listings in the Core Central Region (CCR).

GOVERNMENT PLANS TO ABOLISH THE CLASSIFICATION OF HDB ESTATES ARE EXPECTED TO BOOST YOUNGER SINGAPOREANS

“I hope that the long-term implication will be increased affordability and stability, but naturally that will depend on the interplay of various market forces and potential policy adjustments,” says Thorsteins, adding that high-net-worth individuals fleeing instability elsewhere still contributed to demand for luxury properties.

Subsequent speculation that this foreign capital would be diverted to commercial properties was not entirely unfounded. Singapore registered the highest volume of commercial real estate investment in Asia-Pacific by Q4 2023, reports Knight Frank.

“I think that the real reason is the underlying strength of Singapore’s commercial real estate market,” says Thorsteins. “Commercial property transactions are generally of much higher value than for residential.”

Various government initiatives, such as the Skills Framework and SkillsFuture, may further support employment and enhance business competitiveness in the city-state. The current turnaround in demand for global electronics can also mobilise Singapore’s manufacturing sector, which shrivelled by 4.3% in 2023 compared to 2022’s 2.7% gain.

Singapore’s GDP is projected to expand by up to 3% this year, compared to 1.1% in 2023. Yet even advanced economies must walk the tightrope between comparative advantage and the downside risks of a geopolitically fragmented, warming planet.

“The biggest macroeconomic risks would be heightening geopolitical tensions in the Middle East, which may raise oil prices and inflation,” says Dr Nai Jia. “This will reduce the possibility of any cuts in interest rates. Another risk is climate change that may lead to idiosyncratic price increases in the commodities.”

Sustained economic growth could support the continuity of robust property prices and further insulate the market against fluctuations. Seven in 10 Singaporeans intend to buy a property, with more than half planning to buy it within the next five years, according to PropertyGuru.

“Prices will likely grow at a slower pace, potentially even seeing periods of slight correction, but drastic declines seem unlikely,” says Thorsteins. “In any case, we can be sure of the government to step in if the market moves drastically in either direction. In Singapore, nothing is left to chance.”

LENTOR HILLS’ TRANSFORMATION INTO A SOUGHT-AFTER RESIDENTIAL AREA CAME TO BE WITH THE DEVELOPMENT OF HIGHQUALITY CONDOMINIUMS WITH MODERN LIVING SPACES

NEW KIDS ON THE BLOCK

Lentor Hills and Jurong East have asserted themselves as prime residential and commercial destinations in Singapore. The neighbourhoods are drawing attention for their strategically located developments and promising potential overall.

Lentor’s transformation into a sought-after residential area came to be with the development of high-quality condominiums with modern living spaces, surrounded by a walkable, pedestrian-friendly community. Its strategic location near the Lentor MRT station enhances its appeal, providing residents with convenient access to various parts of Singapore.

Recent sales in the area have been robust. Lentor Mansion, an award-winning residential project from GuocoLand, sold 75% of its units upon launching in March.

Another vibrant hub, Jurong East, is groomed for transformation with a “white site” slated for development in the area. This strategic move, part of the Government Land Sales (GLS) programme in 2023, aims to catalyse the next phase of growth in the Jurong Lake District. It will feature approximately 1,760 private residential units and 150,000 sqm of office space, enhancing the area’s appeal as a place in which to live, work, and play.

A total of SGD7.7 billion in GLS sites were awarded last year, the highest value recorded in any year since 2012.

SECONDTIER STARS

Malaysia’s residential market is showing signs of recovery following the pandemic, and the upturn in fortunes is especially prevalent in destinations such as Selangor and Johor

BY GEORGE STYLLIS

KUALA LUMPUR’S RESIDENTIAL MARKET HAS BEEN OVERSHADOWED BY THE PERFORMANCE OF SECONDARY DESTINATIONS IN MALAYSIA

Rarely do outlying areas steal the limelight from the capital when it comes to real estate. But in Malaysia, Selangor is leaving Kuala Lumpur in the shade as it surges ahead with residential demand.

The residential sector as a whole was the best-performing market last year in Malaysia and is shaping up for another good year in 2024.

In 2023, it contributed to nearly 63% of total sales, which amounted to 250,586 transactions worth MYR100.93 billion (USD21.3 billion), a year-on-year increase of 3% and 7.1%, respectively, according to Knight Frank’s executive director of research Amy Wong.

Selangor led the market with 22% of those transactions and 30% of the value. The state has seen a flurry of new launches of townships in recent years while Kuala Lumpur has not, Wong related.

In Klang Valley, Kwasa Land is developing a 2,260-acre township in Kwasa Damansara with 25,000 homes, 15 schools, and two MRT train stations.

Set among sprawling parks, forests, and shiny tower blocks, the new township will be a beacon of green innovation, says Kwasa Land’s boss Datuk Adenan Md Yusof.

“It will be developed with surrounding green spaces, great connectivity to transportation networks and also designed with the family unit in mind in meeting the lifestyle needs of Malaysians today,” he comments.

In the city of Elmina, Sime Darby is developing a 5,000-acre township near the fast-growing Guthrie Corridor expressway, which runs north-south between Rawang and Shah Alam. Described as a beacon of wellness by the developer, the project consists of 90 kilometres of jogging and cycling tracks and is set among thousands of acres of forest reserve.

The projects are driving up demand for real estate in the province as investment pours into Selangor, and Malaysia, as a

SECONDARY DESTINATIONS AROUND THE COUNTRY LIKE SARAWAK ARE BECOMING HUBS FOR NEW REAL ESTATE DEVELOPMENTS

whole, sees parts of its residential market rebound after the pandemic.

“During the pandemic, many developers were not building new units and they kept selling the existing stocks to meet cashflow demand. As a result, the demand for residential units is starting to increase more than supply,” says Ezumi Harzani, former president of the Malaysian Institute of Architects.

In Selangor, the state has seen rapid growth in manufacturing following the implementation of the government’s First Selangor Plan 2021-2025.

The plan, which was devised after the state was among several to be ravaged by flooding in 2021, aims to revive the economy with affordable housing and better access to finance.

In the first half of last year, the state recorded MYR14.75 billion investment in the manufacturing sector, higher than the MYR5.13 billion achieved over the same period last year, according to Knight Frank data.

Wong says that with the plan in place, Selangor “is poised to become a magnet for industrial development, offering a conducive environment for businesses to thrive.”

During the pandemic, many developers were not building new units and they kept selling the existing stocks to meet cashflow demand. As a result, the demand for residential units is starting to increase more than the supply

GURNEY BAY ON THE RISE

Talk to those who grew up in Penang in the 70s and many will tell you wonderful stories about Gurney Drive.

With a faraway look in their eyes, they remember the crowds on the weekend gathered around the hawker stalls or piling into the sea. Or when the famous dragon boat races were on, perched on benches watching the boats go by.

Gurney Drive was once the most beautiful part of Penang until soil erosion and the clearing away of street sellers sent it into a spiral of disrepair.

Now, a new project is hoping to restore its former glory.

Gurney Bay is the brainchild of Tanjung Pinang Development. Costing MYR200 million and scheduled for completion in 2025, the project will stretch over 24 hectares and see the installation of a promenade, kiosks, viewing deck, skate park, food stalls, and more.

“The coast along Gurney Drive is undergoing a massive makeover with the beachfront transformed into a public park,” says Jagdeep Singh Deo, chairman of the Penang local government committee.

One of the companies betting on its success is Marriott, which opened its first branded residences in Penang earlier this year.

Located on the downtown seafront in the heart of George Town’s world heritage district, the 55-storey skyscraper offers sweeping views of the sea and city.

“As one of Malaysia’s most lively leisure destinations and a hub for business travellers, Penang is an ideal destination to welcome a Marriott Hotel,” says Ramesh Jackson, Marriott International area vicepresident for Indonesia and Malaysia.

The project will comprise 223 rooms, a 24-hour gym, a steam room, and a swimming pool.

JOHOR WAS THE SECOND-BEST PERFORMING STATE FOR RESIDENTIAL REAL ESTATE TRANSACTIONS AND VALUE LAST YEAR, ACCOUNTING FOR 16.2% AND 18% OF THE TOTAL, RESPECTIVELY

Selangor’s rising star comes as another second-tier state, Johor, also performs well.

Johor was the second-best performing state for residential real estate transactions and value last year, accounting for 16.2% and 18% of the total, respectively.

By contrast, Kuala Lumpur performed with slightly more mixed results. Despite some encouraging data towards the end of the year, the city has been battered by high inflation and relatively high borrowing costs.

A total of 9,938 residential units worth MYR8.3 billion were sold in the first three quarters of 2023. Though sales volume rose slightly by 1.2%, the sales value was lower by 7.2% on the year.

Part of the reason for the disparity between Kuala Lumpur and second-tier cities is also down to their ability to tackle residential overhang and affordability.

In the third quarter of last year, the average house price stood at MYR458,751, according to Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia Berhad.

Kuala Lumpur’s average house price was a massive MYR770,543. Given a potential homebuyer can only afford to purchase a house costing MYR368,424, Kuala Lumpur remains within the budget of the wealthiest.

“As for Selangor, the average house price is MYR520,456 but affordable housing should be priced at only MYR359,388. The average house price in Sarawak is MYR504,542 but is only affordable if priced at MYR179,208,” he says.

Selangor’s appeal among buyers with smaller wallets is helping to whittle down some of the overhangs that have been in the market for decades.

According to MIDF Research, official data points to Selangor’s house price index rising as a result of resilient demand for property in the state and consequently driving down overhang from 4,500 units in Q3 2023 to 4,228 units in Q4.

“We believe that the continuous decline in the residential overhang is positive for the property sector in Selangor as it eases concern about oversupply in residential properties,” the firm says.

“Overall, we see that the outlook for the property sector in Selangor is stable and positive, supported by the stable house price outlook and easing concern about residential oversupply.”

Going forward, experts believe the rest of the year should be bright, with demand continuing to rise for terraced houses and landed properties, aided by government subsidy schemes to promote home ownership.

“In the upcoming months, we hope to see more property developers put their money back into stratified urban housing and suburban landed residential. However, it may only come with smaller scale in phases until it gains more of their confidence,” says Harzani.

JOHOR BAHRU TO BENEFIT FROM RAIL LINK

Johor Bahru’s high-rise residential market is enjoying a comeback after Covid with the help of the city’s upcoming train system.

In Q3 last year, the cumulative supply of high-rises in the southern city on the Malay Peninsula stood at 155,419 units, up 5.7% from the year before.

“The high-rise residential property market is experiencing a positive resurgence, as evidenced by a noteworthy increase in both transaction volume and value” for condominiums, apartments, and serviced apartments, says Knight Frank.

At the same time Johor Bahru, along with Iskandar Puteri in Johor and Subang Jaya in Selangor, commanded the highest rental yield of 6.23%, 5.7%, and 5.4% respectively, in the second quarter last year.

The bounce back follows a lull since the pandemic and comes as just over half the Singapore Rapid Transit System is completed, putting it on course to be finished by the end of 2026.

“The residential market is gradually gaining momentum, especially in the high-rise segment aided by the positive progress of the RTS Link project. There is improvement in the performance of selected high-rise residential projects, particularly in Johor Bahru City Centre,” says Knight Frank.

The 4km rail system will offer frustrated motorists an alternative to the city’s continually gridlocked roads. It will link Johor Bahru’s Bukit Chagar station to Singapore’s Woodlands North Station.

The 2023 edition of the PropertyGuru Asia Property Awards (Greater Niseko) was presented 8 December 2023 in an exclusive luncheon and presentation ceremony at The Athenee Hotel, a Luxury Collection Hotel, Bangkok.

Distinguishing developers in one of the world’s foremost skiing destinations, the Awards celebrated Apex Property as Best Developer in Greater Niseko. The company also received honours for its developments Hanaridge and Hanacreek.

Hanaridge was distinguished as Best Housing Development (Greater Niseko) and Best Estate Housing Development while Niseko Kyo by Rooftop RE (Japan) Pte Ltd was named Best Condo Development (Greater Niseko) and Best Luxury Hotel Condo Development.

Iconic Group accumulated wins for the projects Aura Niseko and Zia Niseko. Aki Niseko by Takuetsu Co., Ltd. also gained multiple winning titles.

Other winning projects were Hotel101-Niseko by Hotel101 Global Pte. Ltd.; Sushi Kato Setsu Niseko by Sushi Kato; and Ultimo Niseko by Blue Waves Group.

For the full list of winners, visit asiapropertyawards.com/en/award/Japan

THE JUDGES

Eddie Guillemette

Chairperson of the Awards in Greater Niseko and CEO, Midori no Ki (MnK)

Acme Wu

Marketing Director, Niseko Tourism

Bill Barnett Founder and Managing Director, C9 Hotelworks

Greg Hough

Managing Director, Niseko Portfolio and Explore Travel Group

Minoru Okubo

Representative Director, ResortPropertyJapan Co., Ltd.

Shigeru Uehara Director, Niseko Home Design, Ltd.

SPONSORS AND PARTNERS

Official magazine Property Report by PropertyGuru

Media partners Bridges and Powderlife

Supporting association Niseko Tourism

Official courier partner Ezy Express

Official supervisor HLB

THE COMPANIES DEVELOPING JAPAN’S FOREMOST SKIING DESTINATION, ALL UNDER ONE ROOF

RE (JAPAN) PTE LTD RECEIVING A GOLDEN STATUETTE FOR THE LUXURIOUS NISEKO KYO

GROUP REAPS ACCOLADES FOR ITS MIXED-USE RESORT AND HOTEL CONDO PROJECTS

KATO SETSU NISEKO IS DISTINGUISHED FOR ITS AMAZING RESTAURANT DESIGN

WINS FOR HANARIDGE AND HANACREEK, APEX PROPERTY REIGNS AS BEST DEVELOPER

ROOFTOP

ICONIC

SUSHI

WITH

BEST RESORT HOUSING DEVELOPMENT, AMONG OTHER AWARDS, GOES TO TAKUETSU CO., LTD.

HOTEL101 GLOBAL PTE. LTD. WINS BEST VALUE HOTEL CONDO DEVELOPMENT

MIDORI NO KI’S EDDIE GUILLEMETTE WELCOMES PARTICIPANTS TO THE LUNCHEON

The 4th PropertyGuru Asia Property Awards (India) were presented at The Athenee Hotel, a Luxury Collection Hotel, Bangkok on 8 December 2023.

DLF Cyber City Developers Ltd. came out on top as the year’s biggest winner, scoring the title of Best Sustainable Developer. The company also earned Special Recognitions in ESG and Sustainable Design and Construction.

A wide array of companies and projects were also given prestigious recognitions. Supreme Universal received the Special Recognition for Luxury Development while Turner House by Raiaskaran won the Special Recognition for Landmark Office Design. The Special Recognition for Redevelopment was presented to S. Raheja Realty.

The latest edition of the Awards also recognised India’s finest integrated, mixed-use, and office projects, including Brigade Cornerstone Utopia by Brigade Group and The Ark- Voyage to the Stars by Tribeca Developers & Acropolis Developer. Embassy REIT gained wins for the projects Embassy Hub Phase 1 and Embassy Manyata Block D1 & D2.

For the full list of winners, visit asiapropertyawards.com/en/award/India

THE JUDGES

Ajai A Kapoor

Chairperson of the Awards in India and CEO of 360 degrees – Real Estate Services

Avinash Khater Founder Chairman, The Real Estate Kings (TREK)

Jitender Girdhar Co-Founder & Director, Qonqests Technical Solutions and VDC Technologies

Madhav Raman Co-Founder, Anagram Architects

Ravi Ahuja India Real Estate Services

Shradha Batra Mithal Director, Alto Vita

Sidhartha Talwar Principal and Co-Founder, Studio Lotus

SPONSORS AND PARTNERS

Official portal partner Housing.com

Official marketing partner SHK360

Official magazine Property Report by PropertyGuru

Media partner The Hindu

Supporting association IFC – Excellence in Design for Greater Efficiencies

Official courier partner Ezy Express

Official supervisor HLB

SUPREME UNIVERSAL GARNERS THE SPECIAL RECOGNITION FOR LUXURY DEVELOPMENT

ASIA PROPERTY AWARDS’ JULES KAY GRACIOUSLY HOSTS THE

HUB PHASE 1 RAISES THE GOLD STANDARD FOR OFFICE DEVELOPMENTS

PROPERTYGURU GROUP’S JEREMY WILLIAMS COMES IN SUPPORT OF THE CEREMONIES

A CLASS PHOTO TO MARK THE FOURTH OUTING OF THE EVENT

S. RAHEJA REALTY GETS THE SPECIAL RECOGNITION FOR REDEVELOPMENT

EMBASSY

A TOP DISTINCTION FOR THE ARCHITECTURE OF EMBASSY MANYATA BLOCK D1 & D2

PROPERTYGURU

EVENT

CHAIRPERSON AJAI A KAPOOR OPENING THE AWARDS PRESENTATION

The regional winners of the 18th Annual PropertyGuru Asia Property Awards Grand Final were revealed on the evening of 8 December 2023 at The Athenee Hotel, a Luxury Collection Hotel, Bangkok.

In one of five regional wins for developers from Singapore, GuocoLand won the most coveted golden statuette of the year, Best Developer (Asia), for the third time in awards history.

Developers from Indonesia gained eight regional wins, the most of any country, followed by the Philippines with seven regional wins. Vietnam and Thailand were also well represented at the ceremony with six regional wins each.

Five golden statuettes went to developers from Australia while Malaysia and Cambodia each gained four regional wins. Distinguished projects in Greater Niseko, Hong Kong, Macau, and Mainland China also soared to regional acclaim during the night.

Dr. Allan Zeman, the legendary founder and chairman of Lan Kwai Fong Group, came to accept the Icon Award.

For the full list of winners, visit asiapropertyawards.com/en/award/GrandFinal

THE JURY

Thien Duong

Chairperson of the Grand Final and General Director, Group GSA (Vietnam)

Ajai A Kapoor

CEO, 360 degrees – Real Estate Services (India)

Cyndy Tan Jarabata

President of TAJARA Leisure & Hospitality Group Inc. (Philippines)

Eddie Guillemette

CEO, Midori no Ki (Greater Niseko)

Datuk Ar. Ezumi Harzani Ismail

President, Malaysian Institute of Architects: 2020-2022 (Malaysia)

Ken Ip

Assistant General Manager and Group Head of Marketing, B.S.C. Group (Mainland China)

Kristin Thorsteins

Head of Partnership Growth for APAC at IWG plc (Singapore)

Lui Violanti

Regional Manager for Western Australia, Inhabit Group (Australia)

Paul Tse

President, Board of Directors, Macao Association of Building Contractors and Developers (Hong Kong and Macau)

Sorn Seap

Executive Vice President, Cambodian Valuers and Estate Agents Association (Cambodia)

Suphin Mechuchep

CEO, Sen X Group PCL (Thailand)

Vivin Harsanto

Senior Director and Head of Advisory, JLL Indonesia (Indonesia)

SPONSORS AND PARTNERS

Platinum sponsor Kohler

Silver sponsors

Dongpeng Ceramic Subzero Wolf

Official portal partner

PropertyGuru

Official magazine

Property Report by PropertyGuru

Official publicity partner

Artemis Associates

Media partners

Bridges, d+a Magazine, Housing.com, Manila Bulletin, Powderlife, and The Manila Times

Official beverage partner Fah Mai Holdings

Supporting partners

IFC-EDGE and REHDA Institute

Official supervisor

HLB

THE FINEST DEVELOPERS OF ASIA PACIFIC, GATHERED ON ONE STAGE IN

ABOITIZ INFRACAPITAL ECONOMIC ESTATES ACCEPTS THE BEST INDUSTRIAL DEVELOPER (ASIA) TROPHY

BANGKOK

THE ICONIC ALLAN ZEMAN DELIVERS HIS ACCEPTANCE SPEECH

PERBADANAN KEMAJUAN NEGERI SELANGOR (PKNS) WINS BEST AFFORDABLE HOMES DEVELOPER (ASIA)

DORA CHNG ACCEPTS THE NIGHT’S MOST PRESTIGIOUS TITLE FOR GUOCOLAND

SONKIM LAND CORPORATION IS HAILED BEST LUXURY DEVELOPER (ASIA)

SALVO REPRESENTS AUSTRALIA WITH BEST LIFESTYLE DEVELOPER (ASIA) WIN

PT SINAR MITBANA MAS IS NAMED BEST BREAKTHROUGH DEVELOPER (ASIA)

Son is rising

After a year in charge in Cambodia, Hun Manet is overseeing decent economic growth and is widening access to the country’s real estate market for foreigners

By Liam Aran Barnes

Meet the new boss. Same as the old boss. Or at least that is the consensus of many observers one year into Cambodian Prime Minister Hun Manet’s tenure.

It comes as little surprise that Hun Sen’s eldest son is maintaining the status quo of his predecessor who led the Southeast Asian nation for almost four decades.

But what have these inaugural 12 months in charge meant for Cambodia’s economy— and its hugely significant real estate and construction sector?

HUN MANET’S FIRST YEAR IN CHARGE HAS INSPIRED CAUTIOUS OPTIMISM AMONG REAL ESTATE EXPERTS

Following an initially sluggish recovery from the pandemic, the Asian Development Bank expects Cambodia’s economy to grow by 5.8% in 2024. Still, the figure is some way off the pre-Covid annual growth rate of 7.6% between 1995 and 2019.

A key factor for this relative slowdown is the poor performance of the country’s real estate and construction sector, which reportedly contributes about 10% to GDP. The sector grew by only 0.5% in 2023 and 0.2% in 2022, and the Cambodian Valuers and Estate Agents Association (CVEA) says it may take another three years to reach pre-pandemic levels.

RELAXING CERTAIN REGULATIONS WILL MAKE IT EASIER FOR FOREIGN INVESTORS TO PURCHASE PROPERTY AND INVEST IN LARGE-SCALE PROJECTS, AS WELL AS ALLOWING FOREIGNERS TO USE CAMBODIAN REPRESENTATIVES FOR PROPERTY

PURCHASES

“Everything always has a history and a journey. I believe improvement will come around 2026-27, possibly mirroring the peak conditions of 2018-19,” notes Sorn Seap, the CVEA chairman and chairperson of the PropertyGuru Cambodia Property Awards’ judging panel.

Amongst the major issues currently facing the industry is the soaring inventory levels. As of Q3 2023, the capital Phnom Penh was home to more than 53,000 completed condominium units. The high supply has considerably intensified competition, particularly in the condominium market.

This has exerted considerable pressure on pricing and occupancy rates, with developers and landlords competing fiercely with one another for the same pool of tenants. Subsequently, 2023 witnessed the lowest number of landed property launches in Cambodia in a decade, according to Lawrence Lennon, managing director of CBRE Cambodia.

“It’s great if you’re a consumer, a buyer or a renter, there’s never been a better time to find quality stock, quality shopping malls, quality offices, great condominiums and great locations, but the reality is, if you’re on the sell-side, if you’re a landlord, it’s very challenging,” he said at a CBRE event earlier this year.

A wider concern for the country’s coffers is the rise in personal debt in recent years. As of late 2023, consumer finance debt reached a record high of more than USD

15 billion, according to the Credit Bureau of Cambodia, with an increase in late payments, indicating rising default risks, especially in personal finance loans.

The economic conditions affecting borrowers’ ability to service their debts further complicate the situation. High levels of debt in Cambodia’s real estate sector highlight the challenges of financial management among consumers and reflect broader economic vulnerabilities, with the World Bank recently noting that it could impact the nation’s macro-financial stability.

The government is already working with the National Bank of Cambodia to implement stricter lending regulations in response to the high levels of personal and corporate debt, particularly within the real estate sector. These measures are designed to curb excessive borrowing and ensure financial institutions engage in responsible lending practices.

Elsewhere, Hun Manet’s government has continued to encourage foreign investment to boost the sector. This includes relaxing certain regulations to make it easier for foreign investors to purchase property and invest in large-scale projects, as well as allowing foreigners to use Cambodian representatives for property purchases, where the land titles would list a Cambodian as the owner, but separate contracts would protect the foreign investor’s interests.

“The new policies include significant tax incentives, particularly for properties below USD70,000, making ownership transfer dutyfree, and allowing developers to reduce tax payments by splitting them into manageable amounts,” explains Seap.

He adds that Sihanoukville will likely benefit from these initiatives. Before the pandemic, the city had become a hotbed for Chinese investors, reshaping its economy and landscape with the rapid construction of buildings and casinos. This growth, however, led to challenges including environmental damage, labour issues, and displacement of locals. The retreat of investors due to Covid-19 and China’s overseas gambling restrictions then left the city with numerous unfinished projects.

“Promising real estate markets are those with well-developed transportation infrastructure and the potential for owners to earn quick returns or high profits,” according to Seap. “In

SOARING INVENTORY LEVELS IN PHNOM PENH HAVE CONSIDERABLY INTENSIFIED COMPETITION BETWEEN DEVELOPERS

particular, coastal Preah Sihanouk province, which currently has many unfinished projects, will experience rapid growth in the future. This belief is based on the patterns observed in the Chinese real estate market, where rapid development often begins in coastal cities.”

As Hun Manet’s first year at the helm concludes, the sector remains a mixed bag of challenges and gradual revitalisations. Initiatives to attract foreign investment and manage soaring personal debt at least reflect a nuanced approach to economic stewardship. And with significant policies targeting areas like Sihanoukville, cautious optimism abounds for a recovery in an industry that remains essential to the country’s economic growth.

Cashing in on chips

Penang has been one of the main beneficiaries of the US-China tech war. But its booming semiconductor industry has created ripples within the local real estate sector

By Steve Finch

Dredging boats plying a route along the coast of Perak state in Malaysia have dumped millions of cubic metres of sand off Penang since the end of last year.

Following years of delays amid legal challenges, this construction project is focused on building Malaysia’s newest gambit in the rapidly expanding global chip industry.

Dubbed Silicon Island, a nod to the semiconductor industry, 50% of this newly reclaimed site of 920 hectares will be

PENANG HAS BECOME A HUB FOR GLOBAL PLAYERS IN THE SEMICONDUCTOR INDUSTRY

designated as industrial land, with the island due for completion in 2031.

Before this target date, Penang is adding another three industrial parks with more than 475 hectares of capacity “in a bid to stimulate the industrial sector’s growth”, says Loo Lee Lian, CEO of InvestPenang, a non-profit of the Penang state.

Penang’s scramble to add industrial real estate capacity signifies the extent to which the state, Malaysia’s second smallest by land area, has become a victim of its success in attracting global players in the semiconductor industry.

WITH THE CURRENT GLOBAL LANDSCAPE, MALAYSIA RETAINS ITS NEUTRAL STANCE IN THE US-CHINA TRADE WAR, AND PENANG IS IN THE SWEET SPOT TO ATTRACT INVESTMENT FROM GLOBAL SEMICONDUCTOR COMPANIES

The state now accounts for 13% of the world market for chip testing, packaging, and assembly, a lower-skilled segment of the industry currently dominated by China, according to the Malaysian Investment Development Authority.

This tiny northwestern corner of Malaysia has become the go-to global chip production hub following the global pandemic when China and its industrial base endured lengthier lockdowns than most. It has also benefited from ongoing trade restrictions by the US on China.

As a result, the tenants of Penang’s industrial parks have come to read like a who’s who of the global semiconductor industry. Intel, Infineon, and Texas Instruments have all spent billions of dollars starting up or expanding in Penang in recent years.

In August 2023, Bosch opened a new 100,000-square-metre semiconductor and sensor testing facility in Penang, thereby cementing the state as the company’s largest manufacturing site in Southeast Asia.

“We chose to invest in Penang for its high level of semi conductor knowledge and skilled workforce,” says Klaus Maeder, a member of Bosch’s Mobility Sector Board. “The proximity to business partners and customers is another advantage, as it will shorten delivery times and distances for the chips.”

The expanding presence of the chip industry and associated companies has created

knock-on effects within the local property sector.

Gelugor and Bayan Baru, close to the Bayan Lepas Industrial Park which houses multinationals including Intel, command among the highest office rents on Penang Island at up to MYR56 (USD11.70) per sqm, according to data from agents CBRE-WTW.

However, the sharp increase in activity in the industrial sector in Penang has caused prices to soar as space has become scarce. In the third quarter of the last year, the same period in which Bosch opened its new sprawling facility, transactions on vacant land tripled compared to a year earlier to MYR215 million (USD50 million), according to data from Malaysia’s National Property Information Centre.

Growth in industrial transactions has been driven by a sharp upturn in multinationals relocating or expanding to Penang. Last year, the state attracted USD12.8 billion in foreign direct investment, more than for the previous seven years combined, according to data from the World Economic Forum.

Geopolitics have become a major factor in the redistribution of chip-making assets as multinationals have attempted to pivot or spread risk away from China. In March, the US issued a third round of stricter rules, first introduced in October 2022, which have aimed to restrict China’s access to advanced artificial intelligence chips manufactured with US input, causing multinationals to look outside of China.

“With the current global landscape, Malaysia retains its neutral stance in the US-China trade war, and Penang is in the sweet spot to attract investment from global semiconductor companies,” says Lian of InvestPenang.

Other countries in the region are also starting to draw semiconductor sector investment, with Vietnam and India the other main beneficiaries besides Malaysia, the Economist Intelligence Unit reported in February.

In September last year, US President Joe Biden visited Hanoi to sign a series of cooperation agreements designed to counterbalance China. In February, Vietnam announced a new national semiconductor strategy including tax breaks for foreign investors. Samsung remains the largest chip-making foreign investor in Vietnam with factories dotted down the length of the country. The South Korean firm recently announced plans for further expansion which would take its total investment in the country to USD20 billion.

THIS YEAR VIETNAM ANNOUNCED A NEW NATIONAL SEMI CONDUCTOR STRATEGY INCLUDING TAX BREAKS FOR FOREIGN INVESTORS

When Vietnam’s Foreign Minister Bui Thanh Son visited Washington in March, his counterpart, Secretary of State Antony Blinken, made repeated emphasis on the chip industry in a clear sign that the US sees this Southeast Asian country as the latest major centre of semiconductor production and testing.

By the end of last year, Vietnam was already the third-largest exporter of chips to the US behind Taiwan and Malaysia, with shipments growing 75% to 562 million units in February 2023 alone, according to Arc Group, a global investment advisory with offices in Ho Chi Minh City.

“Vietnam’s semiconductor industry is rapidly evolving into a global hub,” it says.

“The nation is poised to meet growing semiconductor demand and capture a significant share in the projected USD1-trillion global market by 2030.”

Ixora Antara Gapi, Malaysia

Ixora is a newly launched residential project in Antara Gapi, a master-planned development in Serendah, Selangor. Strategically located near the towns of Hulu Yam and Batang Kali as well as mature neighbourhoods like Rawang and Batu Caves, the development is set to have a long-term positive economic impact on surrounding areas, especially the Sungai Chik subdistrict.

Ixora features a modern contemporary design, giving the homes a trendy, tropical atmosphere. With built-up sizes ranging from 1,708.68 sq ft to 1,872.51 sq ft, the units at Ixora feature an open-plan concept with no crossbeams and partition walls, making the homes feel even more spacious.

The layout of units carefully considers ventilation, lighting, and views. These homes are also flexible, suitable for renovation works.

Each unit contains up to four bedrooms and three bathrooms and boasts high ceilings on the ground and first floors. One of the bathrooms is located on ground level and designed with a no-drop ramp for wheelchair use, making it suitable for elders and PWD.

Ixora follows passive design and ESG practices, using environmentally friendly building materials. It also takes advantage of solar lighting, natural ventilation and lighting, rainwater collection systems, dualflush systems, and anti-roach flooring with trap covers.

Endowed with a wide parking space, Ixora is easily accessible from LATAR Highway Exit Tanjung Malim, Guthrie Highway, Rawang Bypass, and Rawang Federal Road – Tanjung Malim. Ixora is also close to a university (UIA Gombak), primary and secondary schools, a police station, bomba, grocery store, hypermarket (Lotus), and commuter station.

Developer: Perbadanan Kemajuan Negeri Selangor (PKNS)

Product type: 2-storey terrace homes

Architect: AJSR

Launch date: February 2024

Completion date: August 2025

Total land area: 9.01 acres

Number of units: 90 (Phase 1)

Unit size: 1,708.68-1,872.51 sq ft

Facilities: Primary and secondary school, UIA

Gombak, police station and bomba, grocery shop, hypermarket (Lotus), and commuter station

Monthly maintenance fees: None

Price range: MYR588,000-MYR728,000

Contact:

Phone number: 03 5502 0188, 010 928 0188

Email: marketing@pkns.gov.my

Address: Bangunan Ibu Pejabat PKNS, 1st Floor, Block B, No. 2, Jalan Indah 14/8, Seksyen 14, 40000

Shah Alam, Selangor, Malaysia

Website: www.pkns.gov.my

The Lume Shoreline, Andaman, Malaysia

Nestled in the splendour of Andaman, The Lume by Eastern & Oriental Berhad (E&O) emerges as a beacon of luxury living, a unique freehold condominium oasis conceived for those who yearn for tranquillity and intimacy amidst nature’s grandeur.

This exclusive haven offers unparalleled privacy and exclusivity of 261 limited units with just six units per floor, ensuring a sense of exclusivity rarely found amidst the hustle of city life.

Owning a piece of The Lume is securing a legacy for generations to come.

Crafted with meticulous attention, The Lume unfolds as an exclusive haven that caters to every facet of modern living. From a stateof-the-art gym to a gleaming lap pool and a running path that inspires an active lifestyle, The Lume nurtures well-being. Thoughtfully curated social spaces cultivate a sense of

community, offering reposeful spots for relaxation and connection.

The ethos of serenity is intricately woven into the fabric of The Lume. Elevating the concept of luxury, The Lume boasts private terraces that open up to sweeping views, framing the sublime beauty of Andaman. The residences bask in the glow of natural light, spacious and welcoming.

At the heart of The Lume is a profound commitment to sustainability, evidenced by Andaman’s provisional Platinum GreenRE certification. Lush parks, vibrant landscapes, and a mesmerizing seafront promenade envelop residents in nature’s embrace. Here, tranquillity is a constant companion.

Transcending the ordinary, The Lume is not just a residence, it is a sanctuary where life’s finest moments are cherished.

Andaman by Eastern & Oriental Berhad

TOWNSHIP MASTERPLAN DESIGN (ASIA)

Developer: Persada Mentari Sdn Bhd

Product type: Condominium

Architect: GDP Architects

Launch date: June 2024

Completion date: May 2028

Total land area: 3.16 acres

Number of units: 261

Average unit size: 1,722-2,874 sq ft

Facilities: Business lounge, outdoor lounge, garden lounge, viewing lounge, co-working lounge, lap pool, spa pool, family pool, paddle pool, pool lounge, viewing deck, playgrounds, forest pavilion, water maze, gym, facility room, multi-purpose hall, function room, concierge, terrace and more

Monthly maintenance fees: MYR0.40 per sq ft

Price range: From MYR2 million (estimated)

Contact:

Phone number: +6013 408 8999

Email: living@easternandoriental.com

Address: E&O Gallery, Andaman, Penang, Malaysia

FACT

FourE-Com Center

Pasay City, Philippines

FourE-Com Center is a trio of 15-storey, mixed-use buildings at the Mall of Asia Complex in Pasay City, Philippines.

The crystal-inspired structure interplays around a common sky garden, an expansive open-air retreat for residents on the 5th level. The structure is accentuated by a Filipino-inspired, landscaped ziggurat perimeter, helping balance heat exchange within the complex.

FourE-Com Center offers open-layout floorplates that accommodate a variety of space requirements. It has reserved parking spaces for EV vehicles and shower rooms for bikers, promoting a low-carbon-footprint lifestyle in its building operations.

The building boasts a plethora of modern amenities aimed at enhancing both sustainability and comfort. Security is paramount, ensured by a state-of-the-art

system comprising security turnstiles, CCTV surveillance, and walkthrough metal detectors.

The building’s operations are monitored seamlessly through a robust Building Management System (BMS) while energyefficient LED lighting with motion-sensor switches illuminates spaces. Natural light floods in through full-height double-glazed windows with high-performance heatreflective glass while motion-triggered escalators effortlessly transport occupants.

A VRF air-conditioning system keeps indoor environments comfortable year-round. Safety measures extend to carbon monoxide sensors at parking floors, ensuring a healthy, breathable environment for all. Meanwhile, greywater recycling facilities and water-efficient plumbing fixtures ensure sustainable water usage.

Developer: SM Prime Holdings Inc.

Product type: Mixed-use building (office & retail)

Design Architect: Arquitectonica

Launch Date: March 2023

Completion Date: 2022

Total land area: 19,983 sqm (215,095 sq ft)

Number of units: 174 units (55 retail units, 5 showrooms, 114 offices)

Average unit size: 90-3,200 sqm

Facilities: Sky garden, state-of-the-art security system, Building Management System (BMS), LED lighting fixtures with motion-sensor switches, motiontriggered escalators, VRF air-conditioning system, and more

Average monthly maintenance fees: PHP160 per sqm

Price range: PHP900-2,000 per sqm (office & retail)

Contact:

Phone: +63 917 557 8058

Email: offices@smprime.com

Address: 7th Floor, MOA Square, Seashell Lane cor. Coral Way, Mall of Asia Complex, Pasay City, Philippines

New Metropolis Guangzhou, China

New Metropolis, situated in Hanxi Cun, Zhong Cun Street, Pan Yu, Guangzhou, is a cutting-edge mixed-use development by New World China and P&T Group. Spanning 474,069 square metres, it hosts 1,300 units ranging from 77 to 133 square metres, providing residents with a diverse array of living options, aiming to redefine urban living with its seamless blend of residential luxury and commercial sophistication.

The project’s centrepiece is a striking 36-storey office tower featuring a unique zigzag design and sky gardens offering breathtaking panoramic views. Below, an 80,000-squaremetre shopping mall complements the tower with landscaped spaces and natural light, fostering a vibrant retail environment.

Designed for connectivity, the development seamlessly integrates with the underground subway, ensuring easy access for commuters. Placed adjacent to an urban green park, the residential towers create a harmonious balance between nature and modern living.

Architecturally, New Metropolis prioritises human-scale design, with a podium façade broken down into smaller

masses, creating an inviting streetscape. One may expect large skylights and a multi-level atrium bathing the mall in natural light, further enhancing the shopping experience.

Overall, New Metropolis offers an excellent sustainable urban living experience with its modern infrastructure, expansive green spaces, and a cohesive community environment. It’s a testament to New World China’s commitment to create thriving, liveable spaces gracing the urban landscape in Guangzhou.

Developer: New World China

Product type: Mixed-use/condominium

Architect: P&T Group

Launch date: September 2021

Completion date: October 2024

Total land area: 474,069 sqm

Number of units: 1,300

Average unit size: 77-133 sqm

Facilities: 80,000-sqm shopping mall, sky gardens, office building, and more

Monthly maintenance fees: CNY4.5 per sqm

Contact: Phone: 8620-39313888

Email: dingmin@gz.nwcl.com.cn

THE ZORA BSD

BSD City, Indonesia

Project The Zora is a planned residential enclave in one of Indonesia’s most dynamic urban centres. Situated within the thriving economic hub of BSD City in Tangerang, Project The Zora enjoys a prime location and offers a balance of tranquillity and convenience, with easy access to essential amenities, transportation networks, and recreational facilities.

Project The Zora comprises meticulously designed homes that blend contemporary elegance with sustainable features. Residents can enjoy a harmonious living environment that promotes wellbeing and comfort. The project also presents lucrative investment opportunities, thanks to its strategic location with continuous growth potential.

At the heart of Project The Zora lies a plethora of world-class facilities, from lush green spaces and recreational areas to state-of-the-art fitness centres and community hubs. Sustainable design principles are incorporated throughout

the development, including low-E glass, solar-powered heating systems, and waste segregation facilities, ensuring a greener, more environmentally friendly community.

Showcasing Indonesian and Japanese values, the development embraces cultural diversity and harmony. The project contains thoughtfully curated public spaces such as the NAMI, OHANA, HOSHI, and HANABI Gardens, providing residents with recreational and leisure options on their doorstep. In addition, the exclusive Samasana Club House offer access to premium amenities such as an onsen pool, tennis court, and Japanese-inspired relaxation areas.

Project The Zora benefits from its proximity to a wealth of amenities, from shopping centres and schools to healthcare facilities and transportation hubs. Additionally, the development is strategically located near major highways and future transportation projects, providing seamless connectivity to Jakarta and beyond.

2023 WINNER PT. BSD Diamond Development

LIFESTYLE DEVELOPER (INDONESIA)

Developer: PT. BSD Diamond Development

Product type: Mixed Use (Landed house, shophouses, and commercial lots)

Architect: Nataneka Asimetris (landed house), Metaphor Indonesia (interior designer)

Launch date: 2017

Completion date: 2025

Total land area: 19 ha

Number of units: 432

Average unit size: 120-240 sqm

Price range: IDR 7.5-14.4 billion (USD500,000960,000)

Monthly maintenance fees: IDR1.2-2.5 million (USD80-165)

Facilities: Clubhouse (onsen pool, sauna, gym area, semi outdoor pool, tennis court, skate park, etc), kids playground, jogging track, and community area

Contact:

Phone number: 021 50 368 368

Address: My Republic Plaza (GOP 6), Jl. Grand Boulevard, BSD Green Office Park, fl. 2B unit 11B – 12, Cisauk, Tangerang 15345, Indonesia Website: www.thezora.com

Solitaire on Cecil 148 Cecil Street, Singapore

Solitaire on Cecil is a rare, premium, freehold Grade-A commercial development in the heart of Singapore’s Central Business District (CBD).

Strategically located on 148 Cecil Street, the 20-storey development is within 3 to 8 minutes’ walk from major train stations (Raffles Place, Telok Ayer, Tanjong Pagar, and Shenton Way) and easily accessible to major expressways ECP, MCE, and CTE.

With the government’s restriction of strata sub-division within CBD, future supply of prime strata office spaces will be limited. Solitaire on Cecil offers approximately 190,000 sq ft of high-quality, freehold strata office spaces with excellent views of the CBD and the Telok Ayer Conservation precinct.

A double-volume, 9-metre-high through-block link provides a fully sheltered walkway connecting Cecil Street to Stanley Street. Occupants have access to over 160 acclaimed F&B concepts and Michelin star restaurants, as well as entertainment options.

A grand double-volume ceiling, spanning over 9 metres, welcomes guests at the main lobby, accompanied by a dedicated concierge. Solitaire on Cecil also features advanced technology, including a self-registration kiosk for visitors and touchless lift access.

Each office level has a regular floor plate of 13,000 sq ft and a floor-to-floor height of 4.9m. Its large windows allow ample natural light and ventilation while indoor air quality is constantly monitored in real time alongside UV air purifiers. Each unit is fitted with sanitary and pantry’s provision.

Solitaire on Cecil has been awarded the Green Mark Platinum Certification and features over 27,000 sq ft of wellness and collaborative spaces, spanning over three levels.

Solitaire on Cecil is designed to exceed the expectations of the discerning few.

Artist’s Impression

Artist’s Impression

Artist’s Impression

Developer: TE Capital Partners and LaSalle Investment Management

Product type: Freehold Grade-A commercial development

Architect: DP Architects

Launch date: March 2023

Completion date: December 2031

Total land area: 19,536 sq ft

Number of units: 15 floors (office space), 2 restaurants (on Level 1)

Average unit size: Approx. 13,000 sq ft per floor

(office space), 936 & 1,410 sq ft (restaurants)

Facilities: End-of-trip with shower facilities, multi-function room, relaxation and social deck, entertainment square, outdoor parkour area, indoor fitness gym, grand waterfall, yoga lawn, The Observatory, sky dining and social lounge, and more

Monthly maintenance fees: SGD0.80 psv (estimated)

Price range: SGD4,300 per sq ft

Contact:

Phone number: 6226 6333

Email: solitaireoncecil@tecapitalasia.com

Address: 101 Cecil Street #08-01/13 Tong Eng Building, Singapore 069533

Artist’s Impression

Park Kiara @ ParkCity Hanoi Ha

Dong District, Hanoi

Park Kiara is a high-rise residential development built around the concept of New Urbanism, which emphasises self-efficiency, holistic living, and strong community ties.

At Park Kiara, residents can enjoy large indoor spaces that seamlessly merge with the outdoors, creating a natural, harmonious living environment perfect for relaxation and recreation.

Park Kiara is a low-density apartment development with only eight to nine units per floor and four lifts at the core. The project features a three-level open car parking area with a one-of-a-kind design distinct from other condominium projects in Hanoi. Every apartment comes with an attached car-parking bay, a rare feature for apartment developments in the city.

Park Kiara comprises two 31-storey towers, containing a total of 432 units with built-up sizes ranging from 60.49 sqm to 232.96 sqm. These homes range from one-bedroom units to two-storey penthouses, all designed with full-height windows and generous floor-to-ceiling heights that invite plenty of natural light and ventilation.

Its layouts are thoughtfully designed to ensure that every unit is a corner unit with at least two to three kinds of views.

Residents can look out to stunning panoramic views of the surrounding parks and cityscape.

The two towers are linked on the fourth level via a resortstyle facility deck, promoting a close-knit community with enjoyable facilities for residents of all ages.

Residents have convenient access to various amenities surrounding Park Kiara, including the newly opened TOPS market at The LINC shopping mall. This neighbourhood mall gives residents access to various entertainment options, leisure activities, and social gatherings close to their homes.

Developer: ParkCity

Product type: High-rise condo/apartment

Architect: P&T Consultants (Vietnam) Co., Ltd

Launch date: November 2019

Completion date: August 2022

Total land area: 7,301 sqm

Number of units: 432

Average unit size: 98.24 sqm

Facilities: Jogging path, lounges, lap pool, kid’s pool, meditation garden, outdoor communal senior fitness area, outdoor yoga area, outdoor reading area, media room, game room, BBQ area, floating gym, library, and sky gardens

Monthly maintenance fees: VND12,000 per sqm

Price range: VND2.2-13.388 million

Contact:

Phone number: +84 936 793 338

Email: sales@parkcityhanoi.biz

Address: ParkCity Hanoi, Le Trong Tan Road, La Khe Ward, Ha Dong District, Hanoi, Vietnam

Est8 @ Seputeh

Seputeh,

Malaysia

Est8 is a distinctive residential enclave within walking distance of many of Kuala Lumpur’s most sought-after shopping, transport, and entertainment destinations.

Located a few hundred metres from Mid Valley megamall and The Gardens Mall, Est8 is close to major road links and connected by a covered walkway to the LRT and KTM.

Est8 features over 40 distinctive facilities designed around the Valley of Dreams concept, the iconic masterplan behind the development’s lifestyle offering. Premium facilities include the Kaleidoscope Kitchen, a celebrity kitchen to entertain and dine with friends and family, The Secret Burrows and Grand Burrow, a state-of-the-art business centre and multipurpose hall. It also has The Wonderglades, a serene area featuring a 50-metre lap pool; fountain; allpurpose gym; play areas; and winding paths.

Est8 is naturally cooled with true cross ventilation, while the masterplan includes extensive green spaces which greatly exceed planning requirements. A safe and secure haven, Est8 features an array of private spaces, hidden gardens, and secluded walks connecting you to nature, yourself, and community.

At the heart of Est8’s design concept are many eye-catching, inspiring public art works and innovative sculptures. Combining urban art and green community, the distinctive gardens at Est8 (Floating Garden, Cloud Maze, Flutter Meadow, Paradise Blue, and Garden of Giants) are as visually pleasing as they are functional, designed by landscaping experts to elevate wellbeing and stimulate the imagination for all ages and lifestyles.

Developer: Eupe Corporation Berhad

Product type: Serviced apartment

Architect: Arkitek MAA Sdn Bhd

Launch date: November 2021

Completion date: May 2026

Total land area: 2.9 acres

Number of units: 821

Average unit size: 543–1,947 sq ft

Facilities: Facilities: Kaleidoscope Kitchen, Kaleidoscope Courtyard, 5 unique Sky Gardens, forest trails, business centre, multipurpose hall, outdoor fitness area, gym, changing room, pools, kids’ fountain, outdoor showers, whirlpool, sundeck, waterfall, and more

Monthly maintenance fees: MYR0.44

(inclusive of sinking fund)

Average price range: MYR850 per sq ft

Contact:

Phone number: +6017-275 7188

Email: marketingkl@eupe.com.my

Address: Est8 Sales Gallery, No. 21, Jalan Pantai Baharu, Bangsar South, 59100 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

HIERA BSD Tangerang, Indonesia

Hiera is a mixed-use site envisioned as the “Heartland of BSD City.” It draws inspiration from the Japanese character “ 平和,” symbolising peace and harmony and a guiding principle for the development. Emulating the vibrant cores of Singapore and Japan, Hiera is designed to foster community engagement and serve as a hub for various activities.

Strategically situated within BSD City, Hiera offers a unique blend of lifestyle and investment opportunities. Its location provides easy access to essential amenities and transportation hubs, ensuring convenience for residents and attracting potential investors.

At the heart of Hiera lies a pedestrian-friendly commercial district, seamlessly integrating retail outlets, dining establishments, and recreational facilities. This vibrant hub not only caters to residents’ daily needs but also fosters a lively atmosphere conducive to social interactions and leisure activities.

Moreover, Hiera boasts state-of-the-art facilities, including modern recreational centres, fitness facilities, and green spaces, promoting a healthy and active lifestyle among its inhabitants. The incorporation of sustainable practices and eco-friendly initiatives further enhances the appeal of this innovative development.

Hiera is intended to foster a sense of belonging and cohesion among its residents. Through carefully curated events, workshops, and cultural activities, residents are encouraged to actively participate in shaping the vibrant tapestry of Hiera’s community.

In addition to its facilities and lifestyle offerings, Hiera benefits from its proximity to a diverse range of amenities. From educational institutions and healthcare facilities to entertainment venues and commercial hubs, residents enjoy easy access to everything they need for a fulfilling lifestyle.

Sinar Mitbana Mas

DEVELOPER (ASIA)

Developer: PT. Sinar Mitbana Mas

Product type: Mixed-use

Architect: Nataneka Asimetris (landed house)

Interior designer: Genius Loci and AXIS

Launch date: 2022

Completion date: 2025-2038

Total land area: 108 ha

Number of units: 2,000 (landed house), 9,000 (apartment)

Average unit size: 118-225 sqm

Price range: IDR2.7-4.8 billion (USD171,612-305,072)

Facilities: Clubhouse, entertainment venue, transport hub, green loop, green belt, lakes, and community gardens

Contact:

Phone number: 021 5051 9988, 088 9999 0 9988

Address: HIERA Marketing Gallery, The Breeze unit L.03 Jl. BSD Grand Boulevard, Sampora, BSD, Kabupaten Tangerang, Banten 15345, Indonesia

Website: www.hiera.co.id

BSD City Tangerang, Banten, Indonesia

Encompassing a total land area of 6,000 hectares, half the size of Paris, BSD City is a mega township development, which offers the largest, most complete, and integrated township development in Indonesia. It has been developed for more than 40 years by Sinar Mas Land, one of Southeast Asia’s leading property developers.

The vision of BSD City is to provide an ecosystem and community with the bestquality homes, high-tech capabilities, and professionally managed business spaces, coupled with exciting entertainment and health facilities. It has a meticulously designed urban environment that blends residential areas with educational institutions, business centres, leisure facilities, and more.

At BSD City, people will experience an unparalleled quality of life with first-rate infrastructures, complete amenities, comfortable homes and environment, business spaces, shopping, education,

and leisure all coming together to create a better and healthier environment for raising families and uniting communities.

Several toll roads connect BSD City to Jakarta and other satellite cities. BSD City is also accessible through public transport options such as commuter line and feeder bus.

There are three railway stations of commuter line while the feeder bus has various routes from within and outside BSD City. BSD City Intermoda Transit Oriented Development (TOD) connects transportation from within and outside the township through KRL Commuter Line while the free shuttle bus BSD Link connects several important locations within BSD City itself.

Home to environment-friendly buildings like BSD Green Office Park, BSD City is dedicated to responsible business practices and environmental stewardship. The development of BSD City will continue, with many opportunities ahead.

Developer: Sinar Mas Land

Product type: Residential (housing, apartments), offices, commercial/business centres (business loft, shophouses)

Launch date: 1984

Total land area: 6,000 ha

Number of houses built: 40,000 units

Facilities: Indonesia Convention & Exhibition (ICE BSD City), shopping malls, resorts and entertainment centres, golf course, hotel, places of worship, educational institutions (formal schools, universities, informal education centres), health centres (hospitals, clinics), market, toll access, pedestrian, city park, green pathway, and many more

Contact:

Phone number: +6221 5315 9000

Email: marketing@sinarmasland.com

Website: www.bsdcity.com

Biomedical Campus at Digital Hub Tangerang, Indonesia

Biomedical Campus, formerly known as Knowledge Hub, is the first integrated office development in Indonesia that is dedicated to digital and tech companies as well as the medical sector.

Part of Digital Hub, an expansive, sustainable centre for technology commerce within BSD City, Biomedical Campus is positioned to transform lifestyles and work dynamics. It is equipped with health tech innovations and medical facilities such as clinics, pharmacies, a diagnostic centre, and laboratories. These cutting-edge facilities are equipped with the latest advancements in health-related tech.

Biomedical Campus integrates a biomedical ecosystem with existing education and digital ecosystems in BSD City, envisioned as a leading medical tourism destination in Indonesia. The establishment of Biomedical Campus aligns with the Indonesian government’s health programmes. Biomedical Campus is also aimed at attracting outstanding talent to Digital Hub.

Set on an 11,800-sqm site with an area of approximately 31,800 sqm, the Smart Building at Biomedical Campus holds office spaces, a smart business centre, experience centre, makerspace, and F&B facilities. The building integrates digital twin systems from Microsoft and strives to optimise resource utilisation, which ensures efficiency and costeffectiveness.

Biomedical Campus’ systems and subsystems are designed using VMS (Visitor Management System), which provides ease of access through FR (Face Recognition) or QR (Quick Response) Code entry.

Biomedical Campus provides an environment that fosters a tech-savvy lifestyle for business entrepreneurs, digital startups, and corporate teams as well as a working culture that promotes social interaction, collaboration, and knowledge-sharing. This smart building will offer a smart experience for tenants and visitors alike.

Developer: Sinar Mas Land

Product type: Smart building development

Architect: NBBJ

Launch date: June 2024

Completion date: June 2024

Total land area: 11,800 m2

Number of units: 50 (Science Tower), 34 (Knowledge Tower)

Average unit size: 100-500 sqm per zone

Facilities: Experience Center, Advance Manufacturing Center or IAMC (Imajin Advanced Manufacturing Center), Makerspace, Imajineering Room, digital public amenities, network infrastructure, CCTV, command center, hi-speed public Wi-Fi, cloud rendering farm, smart future workspace, car and motorcycle access, waste room, wet pantry, nursery room, food court, shower room, emergency stairs, ablution room, musholla, retail space, drivers’ room, and more

Contact:

Phone number: Ricke (+6812-9908-8224), Nabila (+62822-1304-4306)

Email: ricke.adriana@sinarmasland.com, nabila.julianti@sinarmasland.com

LAYTON at NavaPark

BSD City, Indonesia

Layton is a luxury residential development inside the tranquil neighbourhood of NavaPark in the heart of BSD City. This cluster blends naturally with the Cisadane river, giving a sense of living in a natural park. Integrated with NavaPark Country Club, Layton enjoys top-notch facilities with multiple access from all directions.

Developed by Sinarmas Land and Hongkong Land, Layton at NavaPark offers a luxurious waterfront lifestyle within BSD City. Its strategic positioning ensures seamless access to key destinations such as Pondok Indah, Puri Indah, and the International Airport.

Layton at NavaPark ensures a superior standard of living with premium residences. It also caters to residents’ diverse needs with space for various ventures including cafés and live music venues.

Residents may benefit from proximity to an array of top-tier amenities, including AEON Mall BSD, Swiss German University BSD, and

Damai Indah Golf. Additionally, Layton at NavaPark features The Botanic Park, a lush, picturesque area that doubles as a pedestrian and cycling pathway, enhancing connectivity within BSD City.

Living in Layton at NavaPark is enriched with leisure options. Ocean Park BSD, located close to Layton at NavaPark, caters to families looking for aquatic adventures while nearby Teraskota Entertainment Centre is a bustling complex offering dining and entertainment options.

Nearby places of learning include Binus International School and Pendidikan Internasional Jakarta Nanyang School. Layton at NavaPark is also close to EKA Hospital, giving residents access to quality healthcare services.

Layton at NavaPark offers an unparalleled blend of luxury, convenience, and connectivity, setting a new standard for upscale living in BSD City.

Layton at NavaPark by PT. Bumi Parama Wisesa, Hongkong Land & Sinar Mas Land Joint Venture

Developer: PT Bumi Parama Wisesa (Joint Venture Hongkong Land & Sinar Mas Land)

Product type: Landed House

Architect: P&T Singapore (Building Architect), via. Architect HongKong (Interior Designer), Siura Studio Singapore (Landscape)

Launch date: March 2023 (Phase 1)

Completion date: April 2025 (Phase 1) –January 2026 (Phase 3)

Total land area: 7.7 ha

Number of units (landed house): 105

Average unit size: 463-635 sqm (building) / 300-943 sqm (land)

Price range: IDR16.2-60.2 bio

Facilities: Clubhouse, May Star restaurant, entertainment venue, transport hub, green loop, green belt, lakes, community and botanical gardens, and more

Contact:

Phone number: 021-2958 0282, 0881 7787 877

Email: info@navapark.id

Address: NavaPark Marketing Gallery, Jl. Raya Grand Boulevard BSD City, Tangerang, Indonesia Website: www.navapark.id

Rainbow Springs Condovillas Banten, Indonesia

Rainbow Springs Condovillas is a low-rise residential cluster in the Springs residential area of Summarecon Serpong, an integrated community in Tangerang Regency.

Located on the shores of Lake Grisea, this area is just 21 kilometers of Greater Jakarta and accessible via the Jakarta-Merak toll road.

Rainbow Springs Condovillas combines the concept of a condominium with a villa, resulting in a spacious design with more natural light, more privacy, and beautiful garden views. This residential cluster follows a biophilic design, producing a space that can improve the human condition physically and mentally.

Rainbow Springs Condovillas was designed with the need for multi-storey housing that adapts to Indonesian families’ preference for living in landed houses. The design also caters to parents living with children as well as newly married couples and senior citizens. The low-rise apartments come in unit types

of two to four bedrooms, with a private car park area provided on the lower ground floor of each building.

Amenities at Rainbow Springs Condovillas include Eco Village, a quaint village-like area, and Blooming Oasis, a play area.

Green spaces include Eco Explore Garden, Labyrinth Maze Garden, Contemplating Sanctuary, Woodland Quest Garden, and Lakefront Esplanade Garden. Lagoon, another facility, gives residents the feel of being on a private beach.

The project’s Club House additionally boasts a rooftop garden. Gymnastic Quarter and Leisure Escapade meanwhile offer adults a place for exercise.

At Rainbow Springs Condovillas, all facilities are designed to be PWD-friendly. Rainbow Spring Condovillas is part of the Summarecon Serpong integrated area with schools, hospitals, shop-ping complexes, offices, and more.

RAINBOW SPRINGS CONDOVILLAS by Summarecon Serpong

(ASIA)

Developer: Summarecon Serpong

Architect: Adi Purnomo

Launch date: May 2015

Completion date: March 2023

Total land area: 81.924 sqm

Number of units: 740

Average unit size: 100 sqm

Price range: USD94,000-188,000

Monthly maintenance fees: IDR14.430 per sqm or USD0.9 per sqm

Facilities: Tree house, outdoor fitness facilities, lakefront walkway, pedestrian path, jogging track, lake dock, aromatic garden, viewing deck, fish pond, club house, swimming pool, roof garden, reflexology path, lawn field, eco village, labyrinth garden, wishing well, urban farm, forest lagoon, river play, ropes playground, cubby house, skateboard park, 3 on 3 basketball, reflecting pond, herbs garden, butterfly park, meditate park, etc

Contact:

Phone number: 021-5421 0008, 0811 1409 008 Website: www.summareconserpong.com

The OpusK The Metropole Thu

Thiem, Ho Chi Minh City

The OpusK is a mixed-use development in the new district of Thu Thiem, set to become the new CBD of Ho Chi Minh City.

The OpusK is designed by a world-class team of architects and features a unique, eye-catching design. Developed with a live-work-play design concept in mind, The OpusK comprises a 36-storey mixed-use tower and a 24-storey office tower in a prime location with easy access to the city centre and the new financial district.

The mixed-use tower offers luxury boutique offices from the sixth to 24th floors, with luxury condominiums on top from the 25th to 36th floors.

The luxury boutique offices at The Opusk are perfect for entrepreneurs and small businesses while the luxury condos are ideal for families and couples. The development houses a wide range of premium facilities, including a swimming pool, gym, spa, library, rooftop garden, sky lounge, and play area.

The OpusK offers residents the convenience of living, working, and playing all in one place, responding to the needs of young professionals and families looking for a modern, convenient lifestyle in HCMC. Truly, The OpusK is a great place where people can thrive both professionally and personally.

Developer: SonKim Land Corporation

Product type: Office/residential

Architect: DMP/NQHARCHITECTS

Launch date: November 2022

Completion date: 2026

Total land area: 1.32 million sqm

Number of residential units: 119

Number of boutique office units: 108

Average unit size: 84-172 sqm

Facilities: Swimming pool, pool bar, wellness spa, gym, yoga, outdoor lounge, meeting room, conference room, event lounge, and more

Price range: VND232-457 million

Contact:

Phone number: (84) 905 85 9988

Sales gallery address: 53 - 55 Nguyen Dinh Chieu, Ward 6, District 3, HCMC, Vietnam

SOUTHEAST ASIA’S FIRST HIGH-SPEED RAILWAY, APTLY NAMED WHOOSH, TRAVELS AT A SPEED OF 217 MPH BETWEEN JAKARTA AND BANDUNG IN JAVA, INDONESIA. ANNEKE SELESTIYANTA/SHUTTERSTOCK