PropertyGuru Property Report No.188 (February - March 2025)
Discover an elevated living experience within Melbourne’s most livable parkside precinct.
The next residential release at Melbourne Square is designed to engage and enhance the senses. Set on an elegant, treelined boulevard, no other inner-city address offers such a breadth of amenity and sense of community.
Already with a full-line Woolworths supermarket and childcare centre, café and retail offerings, this masterplanned precinct will continue to take shape as the only Southbank development with an expansive 3,745m2 park boasting established gardens, waterfall and leafy grounds.
Designed by international award-winner Cox Architecture with interior design partners CARR, this geometrically intricate residential building presents uninterrupted vistas from the city skyline to the bay, gardens, and parks.
blvdmsq.com
1, 2 & 3 bedrooms and penthouses available. Visit the website to find out more.
Artist’s Impression.
OSK Property is delighted to have received four prestigious awards for BLVD at the PropertyGuru Asia Awards Australia 2024.
Best Apartment Development (Australia).
Best Wellness Residential Development.
Best Integrated Work from Home Development.
Best Apartment Interior Design.
Middle.
Bottom. Level 8 Podium Club Gardens.
Left. Kennedy Park, Melbourne Square.
Level 55 Skye Club Lounge.
Artist’s Impression.
Artist’s Impression.
Lentor Mansion by GuocoLand and Hong Leong Holdings Limited
Lentor Mansion by GuocoLand and Hong Leong Holdings Limited
Lentor Mansion by GuocoLand and Hong Leong Holdings Limited
Lentor Mansion by GuocoLand and Hong Leong Holdings Limited
The Assembly Place (TAP) is a homegrown co-living operator founded in 2019 with a single home. AT TAP, we work towards providing comfortable and fussfree living spaces that you can call home. We have placed community building at the heart of our mission, benefitting over 3600 members from more than 80 nationalities.
Since 2019, TAP has grown leaps and bounds with strength in placemaking. Today, we have purpose-built co-living spaces, co-living units, landed houses, shophouses as well as co-living hotels , serviced apartments and student accommodation across multiple locations in Singapore.
Liam Aran Barnes, Bill Charles, Steve Finch, George Styllis, Jonathan Evans
CREATIVE & MARKETING
Head of Creative
Ausanee Dejtanasoontorn (Jane)
Senior Graphic Designer
Poramin Leelasatjarana (Min)
Digital Marketing Executive
Anawat Intagosee (Fair)
Senior Manager, Media & Marketing Services
Nate Dacua
Senior Executive, Media & Marketing Services
Piyachanok Raungpaka
Senior Product Lifecycle & Brand Manager
Marco Bagna-Dulyachinda
REGIONAL SALES & DISTRIBUTION
Director of Sales
Udomluk Suwan
Head of Regional Sales
Orathai Chirapornchai
Australia
Watcharaphon Chaisuk
Cambodia
Phumet Puttasimma
China (Mainland, Hong Kong, Macau)
Kai Lok Kwok
Yiming Li
India & Australia
Monika Singh
Indonesia
Wulan Putri
Japan
Tony Thirayut
Malaysia
June Fong
Jess Lee
Philippines
Marylourd Pique
Singapore
Alicia Loh
Thailand
Kritchaorn Rattanapan
Vietnam
Nguyen Tran Minh Quan
Sponsorships
Priyamani Srimokla
Distribution Manager
Rattanaphorn Pongprasert
General Enquiries
awards@propertyguru.com
Advertising Enquiries petch@propertyguru.com
Distribution Enquiries ying@propertyguru.com
Immerse in these space-saving furnishings and clever storage solutions for the loo
Ease into the new lunar year with these auspicious homewares and gifts
An extensive renovation has lent heft to Playford
Marriott’s Penny Trinh is driving the hospitality giant’s footprint across Asia with bold ambitions
Sybarite co-founders Torquil McIntosh and Simon Mitchell bring a visionary approach to retail and experiential design
Neighbourhood Watch: Haiphong
The Vietnamese port’s gilded location, economic potency, and underrated colonial charm is capturing the imagination of investors and developers alike
Special feature: Best of all worlds
Branded residences combining the conveniences of luxury hotels with the privacy of homeownership are proliferating around Asia
Destination: The Philippines
Developers and investors are adapting to pressures while tapping into numerous advantages to drive the nation’s real estate sector
Dispatch: Move on up
Rental markets around Asia are booming as countries race to attract remote workers with tailored visa programs
Destination: Indonesia
Bali’s formula of culture-rich island bliss is sending its rental market soaring, but other parts of Indonesia are faring less successfully
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Dispatch: Port in the storm
Indebted developers in China sell off hospitality assets to drive growth and a positive outlook for the country’s real estate market
Above & Beyond
Gold Coast’s most anticipated new development, has quickly become one of Queensland’s most sought-after addresses.
70% OF RESIDENCES SOLD
Situated between the iconic beaches of Surfers Paradise and the serene Nerang River, this stunning development o ers unrivalled access to the best of the Gold Coast—world-class dining, shopping, and beachside leisure right at your doorstep.
Award-Winning Design
Best Apartment Architectural Design & Sustainable Design at the 2024 PropertyGuru Asia Property Awards.
Exclusive Dining
Private Dining Room & Outdoor Terrace on Level 51, plus BBQ and kitchen facilities on Level 4 for entertaining.
A wellness hub featuring a state-of-the-art gym, spa, yoga deck, & lap pool, designed for relaxation & rejuvenation.
Work-from-Home Spaces
Dedicated co-working areas, a library, & resident lounges for modern, fl exible living.
Stratos
The Gold Coast’s highest plunge pool, indoor lounge, & expansive rooftop terrace o ering sweeping views of the coastline & hinterland.
Electric Rideshare Fleet
Eco-friendly car-sharing options to promote sustainable, low-impact living.
Club Vista
It is a testament to the dynamism of Asia’s property market that the concept of hospitality residences has evolved so dramatically in recent years.
Once seen as niche ventures designed to entice a select group of affluent travellers, hospitalitybranded residences have now become integral to the luxury real estate landscape. As global travel resumes with renewed vigour and property buyers increasingly prioritise lifestyle-driven investments, these residences are emerging as the nexus of opulence, convenience, and community.
In this issue, we delve into the latest trends shaping this dynamic sector. Our special report examines some of the most thrilling hospitality residences around Asia, with entries from spots as varied as Borneo and Hokkaido in Japan.
On a related note, we get the lowdown on the revamped Playford Hotel in Adelaide, one of the most iconic properties in South Australia, while our Design Focus hones in on London-based practice Sybarite, which has made a splash globally with its work in the area of luxury retail and hospitality. Elsewhere, travel hotspots like Bali and the paradise islands of the Philippines figure prominently in our regular market updates, we look at how hospitality is injecting some spark into China’s real estate scene, and run the rule over the various visa schemes being rolled out across Asia to entice remote workers.
This issue underscores one certainty: as the lines between luxury travel and property ownership blur, the appeal of hospitality residences shows no signs of waning. We hope you enjoy the journey.
St Marco Park, a new premium residential neighbourhood set within 55 acres of freehold land in the thriving township of Kulai Be charmed by an elaborate and grand European style entrance and feel secured within gated and guarded homes amidst an abundance of lush green landscapes. With spacious interiors coupled with facilities like playgrounds, this is the perfect place for families to cherish quality time together, while raising kids in a healthy, wholesome environment.
ADVERTORIAL
HILL OF A DEAL
Freehold properties in Singapore are gaining value, offering families and investors a way to secure their legacy and grow their wealth in emerging areas like the Greater Southern Waterfront
Singapore’s land scarcity continues to shape the landscape of real estate, making freehold properties an increasingly rare and valuable asset. Due to the country’s limited land resources, freehold properties are becoming harder to come by, especially as the government increasingly sells leasehold land to meet urban development needs. This scarcity is driving up demand for freehold properties, which can only be acquired through existing freehold units available on the market. As supply dwindles, the investment potential of freehold properties becomes even more apparent.
Over time, freehold properties are known to offer superior capital preservation, often outperforming leasehold properties in the long run. The narrowing price gap between freehold and leasehold options makes it even more attractive to invest in freehold real estate today, as buyers seek to secure valuable assets before prices rise further.
Situated along Singapore’s west coast, The Hillshore has pride of place near the Greater Southern Waterfront, one of the country’s most ambitious urban rejuvenation projects. An economic hub promising a diverse mix of uses, the Greater Southern Waterfront is a prime example of how Singapore is managing its limited waterfront space.
The Hillshore, developed by FRX Capital Private Limited, is an exclusive freehold condominium. Strategically located just a five-minute walk from Haw Par Villa MRT, The Hillshore promises seamless connectivity. With the Circle Line set to complete in 2026, residents will benefit from enhanced access to key districts across Singapore. For drivers, major transport links such as West Coast Highway and Ayer Rajah Expressway are within minutes, ensuring effortless commutes.
The Hillshore has garnered prestigious accolades, solidifying its status as a premier development. Among its notable awards are Best Boutique
Condo Architectural Design, and Highly Commended for Best Boutique Condo Development while FRX Capital Private Limited won Best Boutique Developer.
Surrounded by tranquillity, The Hillshore offers proximity to an array of green spaces and recreational areas. From future park connectors to West Coast Park, Labrador Park, Pasir Panjang Park, and Kent Ridge Park, nature is always within reach. Residents can enjoy a harmonious balance of urban convenience and natural beauty.
Furthermore, The Hillshore redefines modern living by offering unparalleled flexibility in unit layouts. Unlike government-tendered lands, which specified pre-fabrication requirements, The Hillshore adopts minimal prefabrication. This unique feature allows homeowners to expand, combine, or reconfigure their spaces to suit evolving needs. Each unit is adorned with highquality finishes and cutting-edge smart home systems, creating a seamless blend of style and technology.
Connected to the hustle yet tranquil as a home, The Hillshore will contribute to and become part of the economic growth redefining the west coast in years to come.
In land-scarce Singapore, freehold properties are becoming increasingly rare. With the government predominantly releasing leasehold land, existing freehold developments like The Hillshore represent a diminishing yet highly desirable asset class. Freehold properties not only offer superior capital preservation but also ensure long-term value appreciation. As the price gap between leasehold and freehold narrows, The Hillshore
ARTIST’S IMPRESSION
presents an enticing investment opportunity.
Historically, freehold properties have demonstrated better capital preservation over extended periods, making them a preferred choice for long-term investors. For families, upgraders, and end users seeking stability, freehold homes present an abundance of investment opportunities.
For those looking to generate rental income as well as preserve capital, purchasing a freehold unit has never been more attractive. The Hillshore’s prime location places it near prestigious institutions such as NUS and dynamic business hubs including One-North, Science Park, Mapletree Business City, and VivoCity. This proximity not only enhances lifestyle convenience but also bolsters rental potential and investment returns.
In view of the narrowing price gap between freehold and leasehold properties in Singapore, The Hillshore offers a rare proposition: freehold luxury at leasehold prices, starting from just SGD23XX per sq ft. Comparable 99-year leasehold projects in the OCR and RCR command similar or even higher prices, making The Hillshore an exceptional deal.
The location itself is a defining characteristic of The Hillshore. It offers some of the greatest natural shows in Singapore: panoramic views of the Greater Southern Waterfront. The units are spectacles themselves, boasting ceilings that soar 3.2 metres high in standard units—reaching 4.6 metres high in select units and even 6 metres high in penthouse units. The added vertical space creates a sense of grandeur and openness, elevating the overall living experience.
Each unit at The Hillshore is thoughtfully designed to maximize both comfort and functionality, offering flexiblility in the layouts. Three- and four-bedroom units come with dedicated helper’s toilets—a thoughtful addition for larger households. Furthermore, the
availability of a 1-to-1 parking space ratio is a rare feature for condominiums located near MRT stations.
The Hillshore is more than just a residence—it is a lasting legacy. Whether you’re seeking a luxurious home or a valuable investment, The Hillshore offers unmatched benefits in location, design, and long-term value. Don’t miss this rare chance to own a piece of Singapore’s freehold future.
Name of the Housing Developer: Hillside View Development Pte. Ltd. • Licence Number of the Housing Developer: Housing Developer’s Licence Number C1450 • Tenure of Land: Estate in Fee Simple • Encumbrance: Mortgage in Favour of Hong Leong Finance Limited • Expected Date of Vacant Possession: 30 June 2027 • Expected Date of Legal Completion: 30 June 2030 • Location of the Housing Project: 292 Pasir Panjang Road Singapore comprised in Lot 5130C of Mukim 03.
ARTIST’S IMPRESSION
ARTIST’S IMPRESSION
HIGH RESOLUTIONS
These gadgets could help you make good on your vows over the next 12 months
HIGHS AND LOWS
Aktiia’s bracelet tracks your blood pressure discreetly 24/7, taking over 800 measurements monthly sans the stressful anticipation of manual readings. Data syncs to a smartphone app, making it easy to share insights with loved ones or medical practitioners.
From GBP188.89, aktiia.com
FINGERS ON DECK
The Loupedeck Live S represents a productivity hack for streamers, creators, and multitaskers. With touchsensitive buttons and tactile dials, it allows real-time task automation, seamless scene switching, audio adjustments, and intuitive control—all from one compact console.
EUR199, loupedeck.com
FITNESS JOURNEY
Elevate your health with MorphoScan’s smart scale, powered by Bioelectrical Impedance Analysis (BIA). Capable of tracking over 50 metrics—including body fat, muscle mass, and metabolic age—the scale could just help you make informed lifestyle changes.
From USD119.99, renpho.com
FOLDING FUTURE
The Huawei Mate XT, the world’s first trifolding smartphone, unfolds into a 10.2-inch tablet-sized screen and collapses into a portable 6.4-inch device. Such revolutionary design is set to change the game for mobility, portability, and versatility among phones.
CNY19,999, huawei.com
OFF-ROAD CHAMP
The Lectric XPeak 2.0 eBike combines a 750-watt motor (peaking at 1,310 watts), advanced torque sensors, and an 8-speed Shimano drivetrain for trail-ready power and swiftness. With up to 60 miles of range, it’s a winning option for those resolving to be fitter.
From USD1,399, lectricebikes.com
Eden at Botanica CT by Eden at Botanica CT Sdn Bhd
BATHROOM SWINGING
Immerse in these space-saving furnishings and clever storage solutions for the loo
FARMHOUSE FLAIR
The Glancy linen cabinet features crown moulding, louvred doors, and shaker-style legs crafted from engineered wood. With fixed and adjustable shelves, plus anti-tipping hardware, this slim, freestanding wonder is ideal for maximising storage in small bathroom spaces.
USD154.99, target.com
PRETTY GO-ROUND
For easy access to cosmetics, the Dimcapo organiser rotates 360 degrees and offers spacious storage on two or three tiers of durable acrylic. Rustproof and elegant with gold accents, it includes raised tray edges to keep items secure.
USD26.99, amazon.com
STEEL HERE
With its slender frame, the Honey-Can-Do vertical storage unit squeezes into tight bathroom spaces. Its four chrome-finished shelves provide ample room for essentials and can even stand above the toilet, provided the lid doesn’t hit the lowest shelf.
USD39.99, amazon.com
THE NIFTY FIFTIES
Boasting a Carrara marble or premiumgrade quartz countertop, this customisable vanity by West Elm stands on a kiln-dried eucalyptus wood base with slanted legs and built-in levellers. Available in various sizes and finishes, it’s a great combo of 1950s-inspired design and 21st-century function.
USD1,055, westelm.com
STEP IT UP
This storage solution of solid pine has a distinctive ladder design featuring four differently sized tiers in an off-white finish. Equipped with protective plastic guides, it’s both stylish and sturdy, providing storage for heavy items across all shelves.
USD269, potterybarn.com
Gated & Guarded Spacious 28’ Homes Car Porch fits up to 3 cars
An all-new Gated and Guarded community, each house in TAMAN GAPAM PERDANA features a generous 28’ x 70’ layout, ensuring ample space for your comfort.
Its central Leisure Area is perfect for morning jogs & evening strolls, while the beautifully landscaped Public Lake Park in its vicinity is thoughtfully designed for the relaxation of all.
Public Lake Park “Family Store” within the development
SEALED WITH A HISS
Ease into the Year of the Wood Snake with these auspicious homewares
SHEDDING SKIN
The Scotch brand has partnered with Asian-American artist James Jean for this year’s serpentine take on Blue Label. Featuring the zodiac animal mid-moult, the limited-edition bottles signify growth and renewal, making them collector’s gems.
EUR239.99, johnniewalker.com
Solar-Ready First Freehold Homes in Melaka
Taman Bertam Heights’ thoughtfully designed neighbourhood includes guarded entrances for safety and an array of facilities at the Exclusive Clubhouse, including a swimming pool and gym, fostering a sense of community.
Precinct 2 is equipped with Solar PV systems, empowering residents to embrace energy efficiency. High-speed broadband connectivity ensures residents stay seamlessly connected.
DETAILS | Style
REPTILIAN ERA
A rose gold snake, peeking through mother-of-pearl and gold leaves, stars in Dior’s Grand Soir featuring a Toile de Jouy dial. Complemented by pink-gold hour and minute hands, this timekeeper is limited to only 38 pieces worldwide.
EUR38,500, dior.com
GOLDEN COILS
This porcelain platter bursts with colourful decals, depicting a golden snake amid clouds, chrysanthemums, and a red pagoda. Fully glazed, microwavable, and dishwashersafe, it makes for a very artful centrepiece for Lunar New Year feasts.
USD49.95, williams-sonoma.com
SCALED TO PERFECTION
Mark the Lunar New Year with this green crystal figurine featuring nearly 400 facets, a red metal tongue, and fulu symbols in champagne gold accents. It’s not only a decorative piece but also a symbol of prosperity and luck.
USD199, swarovski.com
FANG-TASTIC OBSERVER
Honour the Year of the Snake with a crystal figurine designed by sculptor Allison Hawke for Baccarat. Capturing the serpent’s elegant form, stately demeanour, and discerning nature, this French-made creation is one luminous talisman for 2025.
USD450, baccarat.com
PLAY FOR TODAY
An extensive renovation has lent heft to The Playford Adelaide, an iconic hotel with connections to influential political and media figures
BY AL GERARD DE LA CRUZ
THE PLAYFORD’S ALL-DAY DINING VENUE IS NOW A DESTINATION RESTAURANT AND BAR, FEATURING A REVAMPED LAYOUT AND AN ALL-ENCOMPASSING, ARTISTICALLY CRAFTED LIGHTING SCULPTURE
With its ties to major figures, one address in South Australia packs a lot of punch. The award-winning Playford Adelaide at 120 North Terrace recently completed a AUD25-million (USD15 million) renovation befitting of its nominal association. The makeover comes as owner Daniel Sparr takes the reins of the family business from his father, the late Bill Sparr.
The hotel is not only the namesake of Thomas Playford, the Festival State’s longest-serving premier, but was also where Rupert Murdoch sowed the seeds of his media empire.
The elder Sparr acquired the property, formerly the headquarters of The News, in the late 1990s and redeveloped it in the Art Nouveau style, demolishing the building and dramatically reforming its shell. By 2014, The Playford joined Accor’s MGallery Collection of boutique hotels, a rebrand Daniel calls a “natural fit” for the property.
“The Playford hotel, built on the site of Rupert Murdoch’s first newspaper in Adelaide, has always held a special significance as Adelaide’s leading boutique hotel,” says Steven Finlayson, the hotel’s general manager. “The plan for The Playford now
is to capitalise on the rejuvenated building with exceptional service and outstanding food and beverage offerings.”
Art has never been an afterthought at The Playford, and the refurbishments are careful to reflect that. Over the years, the Sparrs have decked the hotel with paintings, sculptures, photographs, and works from artists like David Bromley and Alex Frayne. But to court a new generation of guests, Daniel tasked Melbourne’s Hachem Architecture Pty Ltd to do a 2020s rendition of the century-old art movement that his father revived.
“When we sat down with him, I was very clear about our direction. He was also very clear about his objectives as well,” says Fady Hachem, founder of the design practice. “The brief was to keep it as close to the original as possible but put some contemporary twist to it. And that’s what we’ve done: We want to make sure we’ve romanticised the Art Nouveau period, but at the same time make it a more contemporary approach to the idea, making sure that we get good touchpoints around each of the assets.”
The Playford follows a narrative of the maestro, his muse, and their mansion. The hotel’s common areas reflect the maestro’s worldly, peripatetic character with a traditionally masculine aesthetic featuring browns, brass, and stone. The private spaces exude more feminine energy, with a focus on bedrooms and boudoirs.
The refinement of materials steps up through the room categories: a light palette for the standard Sunrise rooms; more wall panelling details, upgraded fittings, and a pop of dusty pink in the larger Dusk rooms; and a rich palette of emerald, sage, and olive for the higher-grade, high-ceilinged, loft-style After Dark rooms. Shades of greens move on to the private courtyard rooms, lined with a landscape bed full of the sunny state’s natural bounty.
Playing with colours, materials, and lighting allowed the consultants to refresh The Playford without destroying too much. The renovation encompassed 60% of the space, with construction company Chroma Group preserving enduring elements such as the colonnades, flooring, and ceilings. The ballroom, with its balcony views and floor-to-ceiling windows, was also left largely untouched.
Only small portions of the building had to be reconstructed. The design team accounted for any demolitions in surveys, ensuring accurate documentation and delivery on all sides.
“If we were to tear down the hotel and rebuild it, it would’ve been easier in terms of our process,” says Hachem. “We had to be very careful on how we were delivering the design to not make those areas that we haven’t really focused on looking old and tired while the new one is looking fresh and exciting. We had to very carefully balance the two.”
More so than the design process, the pandemic challenged the renovation, which gained permission for construction in 2021. The government used the hotel to house travellers during quarantine. But rather than haphazardly reopen doors, the renovation team waited for high-quality building materials from abroad, including essential pieces of joinery, and regrouped its construction workers.
Creating prototypes for the hotel’s lighting installations took months. Hachem worked with several consultants to manufacture the illuminations, running the gamut from flower drops above the reception area to customised
THIS PROJECT ELEVATED ADELAIDE IN TERMS OF EXPECTATION. TO THE CLIENT’S CREDIT, HE ALLOWED US TO PUSH IT. IT CAN COMPETE ON A WORLD STAGE, BUT IT BELONGS IN ADELAIDE, AND IT BELONGS IN THAT BUILDING
LET THERE BE LIGHT
Since its renovation, The Playford hotel in Adelaide has gained more picturesque spots than ever. Critics have raved about Luma in particular, a spectacular destination with culinary and mixological offerings to match.
The centre of attraction is a light sculpture that covers the ceiling of the restaurant and bar. Melbournebased design practice Hachem Architecture Pty Ltd designed the installation, with its distinctive, wavelike patterns, through 3D programs, taking notes from extensive research into Art Nouveau.
Lighting consultant Major Graphics went through four prototypes to create the piece, broken down into twoto three-metre lengths before it achieved its current form. At the end of the process, the team would carve timber and make a mould to accommodate the LED, the wood undulating with the form of the light.
“The actual manufacturing of it is just as beautiful in terms of the props that they needed to create the light itself,” says Fady Hachem, founder of Hachem Architecture.
Hanging the installation though was another beast to overcome. The metal stringers needed to skirt the cove as well as the air-conditioning grills, sprinklers, and other existing services in the ceiling.
The installation is part of Hachem’s strategy to reposition The Playford. The hotel was an instant sensation when it fully reopened in 2022, but Hachem was in for a pleasant surprise when he revisited the property a month later.
“All I saw was people taking pictures,” he recalls. “It really became a showpiece for them. It really became a destination, a talking point.”
In addition to designing the illumination, Hachem reshaped the layout of the restaurant and extended the bar. They also added more booths to the restaurant, giving diners more options for sitting other than low chairs and tables.
In the middle of the space is an amphitheatre, treating drinkers and diners to a show as Luma taps into the cultural heartbeat of Adelaide’s entertainment and art precinct.
“Fundamentally, we didn’t just look at the project as just an exercise in making it more functional or pretty but an exercise in drawing more people to the hotel,” says Hachem.
CHANDELIERS WITH CUSTOM-DESIGNED CRYSTAL PIECES AND OTHER PLUSH EMBELLISHMENTS WERE CRAFTED EXCLUSIVELY FOR THE PROJECT
chandeliers with cascading crystals in the loft rooms.
The headiest display is above Luma, the hotel’s acclaimed restaurant and bar, which can be glimpsed from the road. Hachem used 3D graphic programs to design the undulating LED installation, manufactured by Melbourne signage specialists Major Graphics.
“When people stop in the traffic, we want their heads to turn to the left and see this amazing sculpture in there and get drawn into it,” says Hachem, calling it an “art piece.”
The light sculpture caught the eye of South Australia premier Peter Malinauskas who attended the hotel’s relaunch.
“He was super impressed with what we’re doing,” says Hachem. “This project elevated Adelaide in terms of expectation. Work that we do in Melbourne, Singapore, and Sydney are more elevated than what would typically be done in Adelaide, but to the client’s credit, he allowed us to push it. Now it can compete on a world stage.”
Receiving leaders and turning heads, The Playford is as much a place to stay as a local institution. In a state with a bright cultural scene, the pageantry of its renovation is par for the course. “It doesn’t look like you can see this project in another city. It belongs in Adelaide and it belongs in that building.”
BRAND ON A RUN
Marriott’s Penny Trinh is driving the hospitality giant’s footprint across Asia with record-breaking projects and bold ambitions
BY AL GERARD DE LA CRUZ
TRINH SAW MARRIOTT GAINING MOMENTUM ACROSS ASIA PACIFIC WITH GROWING SIGNINGS—INCLUDING JW MARRIOTT RESIDENCES, JEJU—LEVERAGING ITS DIVERSE BRAND PORTFOLIO TO ENHANCE PROJECT APPEAL AND OFFER UNMATCHED VALUE TO DEVELOPERS
When you reach a certain level of wealth—when you already have multiple homes and fancy cars—the next thing you’re looking at is a bold investment and the long-term appreciation of your asset
Nothing grabs attention and puts travellers at ease quite like the Marriott name splayed across the side of a hotel. But now, the globally recognised multinational—which includes 16 residential brands ranging from The Ritz-Carlton to the Autograph Collection—is leaving an even greater mark on homes across Asia Pacific.
Marriott was on a roll last year, with nearly 100 project signings in the region. One of the faces of this movement is Penny Trinh, vicepresident for mixed-use development in Asia Pacific at Marriott International, where she’s steering the growth of branded residences across the region, excluding Greater China.
Before transitioning to a more residentialfocused role in 2022, Trinh spent over a decade driving Marriott’s hotel development efforts across Vietnam and Thailand. Feathers in her cap include executing 60 hotel transactions, totalling over 17,000 rooms. She was central to high-profile portfolio deals such as Thailand’s largest single transaction in 2013, which encompassed seven hotels and more than 3,000 rooms. In 2022, she helped orchestrate one of Vietnam’s biggest transactions, involving eight hotels and over 2,500 rooms.
AS DEMAND FOR TURNKEY, FULLY FURNISHED HOMES GROWS ACROSS ASIA PACIFIC, MARRIOTT EXPANDS ITS BRANDED RESIDENCES PORTFOLIO, OFFERING FIRST-CLASS STAYS—AND STAYCATIONS—IN MEGACITIES LIKE JAKARTA
Interestingly, Trinh didn’t set out to enter the hospitality world—it all started “by chance,” she recalls. While studying business administration and international business at Wheeling Jesuit University, she landed an internship with a Vietnamese company aspiring to develop hotels in partnership with international brands.
“At that time, Vietnam was experiencing a hotel boom,” she says. “There was a lot of interest from hotel operators, and I got firsthand experience seeing the vision and working on the ownership side. So that got me very interested.”
Joining Marriott gave her the chance to work alongside a global operator and harness Vietnam’s incredible potential for growth, promoting her homeland as a hospitality magnet.
Her efforts yielded dividends. In 2017, Trinh achieved a record signing year for Marriott in Vietnam, adding 1,000 units to the company’s portfolio.
Now based in Bangkok, she is especially proud of her contribution to The Ritz-Carlton Residences, Hanoi in the vibrant Old Quarter of the Vietnamese capital with its Parisian, Haussmann-style design.
“It is a great representation of the brand,” says Trinh. “I’m very proud of that project.”
Last year, Trinh oversaw the signing of India’s largest branded residences project and its first standalone residential property under the Westin name, without a hotel onsite.
Her rise at Marriott coincides with the growth of its loyalty program, Marriott Bonvoy, which surpassed 200 million registered members in 2024. Last year also marked the launch of ONVIA, a fully integrated recognition platform for branded residence owners.
Trinh’s impressive signings intersect with Marriott’s intent to extend its residential footprint further across Asia. Yet, with a vast footprint comes weighty environmental responsibilities, and the company acknowledges these.
“As Mr. Marriott has said, ‘We’re all guests on this planet,’” she reflects.
What are the biggest trends changing the hospitality and mixed-use sectors in Asia Pacific, and how is Marriott responding to these changes?
As the landscape evolves, so do people’s needs. In Asia Pacific, more consumers are seeking residential options that offer turnkey convenience, enabling homebuyers to move right into a fully furnished home and “lock up and leave.”
While branded residential has historically been more in the ultra-luxury space, we have seen demand growing across chain scales and price points. Because of this, we’ve been able to leverage our brand portfolio to expand branded residences into the upscale and upper upscale brand tiers—such as Autograph Collection, Marriott, and Westin— and implement amenities that meet their lifestyle needs, with options in the upscale, premium, and luxury segments.
What are the main financial factors that influence the decision to develop a mixeduse project rather than a standalone hotel?
Because the financing environment remains challenging, especially for new builds, many developers have found that mixed-use projects and branded residences can provide added cost benefits while helping to diversify their portfolios. Mixed-use developments, which often include a hotel and branded residence, offer multiple revenue streams for our development partners.
While Marriott has been developing branded residences for nearly 25 years—long before the current financing environment—this, along with consumer interest, has fuelled growth in mixed-use projects. The pandemic also played a key role in reshaping how and where people choose to live.
How do you ensure smooth integration between components of a mixed-use project?
Similar to hotels, we want to be involved with the developer from day one at the planning stage for residential projects. Our technical team will be working very closely with the developer to ensure that the owner component makes sense in terms of traffic
flow, safety, and security. That can not just impact the privacy and security of the resident unit owner but also later on impact the operational cost of the whole complex.
That’s because each of the components has to be responsible for its own costs, and there is sharing among all the components. Once we have a really good and precise design, that will be helpful in terms of later on when we have that conversation on an annual basis. Every party involved would feel it’s fair and equitable.
And obviously, when it comes to documentation of the residential documents, how the mixed-use development will be governed is also very important. We have that conversation from day one with the developer.
How do you evaluate a developer’s reputation when entering new markets? And how do you nurture longterm relationships with developers?
Thirty percent of our projects are with existing owners, at least in APAC. So, we are growing both on the hotel and residential sides based on the platform we already have, and we appreciate that. The reason they keep coming back to us is because we deliver results for them on both hotel and, hopefully, residential projects as well. So, that’s a good starting point.
With newer developers, you do a lot of research, talk to consultants on the ground, and speak with existing business partners to understand the reputation of the developer. It’s different from a hotel in the sense that the make-orbreak of a project is actually at the sales launch. If it’s not a successful sales launch because the developer doesn’t have the experience to plan properly in terms of sales, the physical product, or marketing—and also due to their reputation in
FEATURING PARISIAN-INSPIRED ARCHITECTURE, THE RITZ-CARLTON RESIDENCES IN HANOI’S HISTORIC OLD QUARTER REFLECTS TRINH’S YEARS-LONG EFFORTS TO ESTABLISH VIETNAM ON THE GLOBAL STAGE
the market—it would be very difficult for them to succeed. We have to watch all of that before making a decision, as it also impacts the kind of brand offering we can give them, especially when it comes to the luxury tier.
What made Marriott decide to expand further into Southeast Asia in recent years?
It’s all about supply and demand. People have a high level of disposable income and a strong appreciation for the brand. I would say that when you reach a certain level of wealth— when you already have multiple homes and fancy cars—the next thing you’re looking at is a bold investment and the longterm appreciation of your asset, which comes together with the brand value. That’s where branded residences fit in very well. We see that trend going very strong in the Southeast Asia markets.
In these markets, the development costs are still quite reasonable, allowing people to acquire assets without much
of an issue. Lastly, in terms of services, labour costs remain affordable. That’s why we can offer a wide range of services. These factors have helped propel emerging markets like the Philippines, Malaysia, Vietnam, and Thailand forward.
What is your vision for the future of hotels, branded residences, and mixed-use developments in Asia?
In terms of geographic demand, there is no one-size-fitsall approach for what brands work in what demographic— we have residences in the middle of cities at The RitzCarlton Residences, Bangkok as well as more resort-style destinations such as JW Marriott Residences Panglao Island. We’re always listening to and looking at our prospective owners and what developers are interested in. The benefit of the breadth and depth of our portfolio is that we can match the needs of owners looking for any style or type of destination.
Meeting of minds
Sybarite co-founders Torquil McIntosh and Simon Mitchell bring a boundary-pushing approach to retail and experiential design
BY LIAM ARAN BARNES
From gin and tonic to Lennon and McCartney, the best partnerships thrive on complementary strengths, creating something greater than the sum of their parts. The same principle applies in architecture, where balance and purpose underpin the most enduring collaborations.
Torquil McIntosh and Simon Mitchell laid the foundations of their collaboration at Future Systems, a London-based firm known for its unconventional approach. There, they worked on projects like the Lord’s Media Centre and Selfridges Birmingham, celebrated for their innovative designs. These experiences shaped a shared language of design, blending technical precision with creativity.
“The ‘cementing moment’ was an immediate and intrinsic connection around our design thinking and approach to architectural concepts, as well as a love for retail and all the experiences that could potentially bolt on to that,” they explain.
In 2002, they co-founded Sybarite as a creative collective to challenge conventions and push boundaries.
For over two decades, the co-founders have built a partnership rooted in their complementary strengths. Their process is one of continual refinement, pushing ideas to their limit in terms of innovation and bringing a sense of purity through a constant dialogue.
“It wasn’t just about working together on certain projects,” they explain. “It was about cultivating a unique studio culture. The name ‘Sybarite,’ meaning ‘devotee of luxury and pleasure, from the fine to the futuristic,’ reflected our ambition to create a collective of innovators who shared our passion for redefining retail and lifestyle design.”
From its base in London, Sybarite has grown into a global practice, delivering over 2,800 projects across sectors ranging from luxury retail to hospitality. Their work is defined by a consistent ability to balance innovation with storytelling, exploring the intersection of design, functionality, and consumer experience.
This approach is perhaps most vividly realised in their collaboration with SKP, one of China’s largest luxury department store groups. What began as a singular vision for SKP Beijing evolved into a transformative journey spanning multiple cities, each iteration offering a unique cultural and architectural narrative.
SKP Chengdu, for example, presented a set of challenges that demanded a creative response.
“When we first visited the site, it was essentially a 30-metredeep excavated hole in the ground,” Mitchell recalls. “We
SYBARITE HAS GROWN INTO A GLOBAL PRACTICE, DELIVERING OVER 2,800 PROJECTS ACROSS SECTORS RANGING FROM LUXURY RETAIL TO HOSPITALITY
At the heart of everything we do is an eagerness to explore. It drives us to look beyond the brief, to consider what a space could mean— not just today, but in years to come
weren’t allowed to build anything above 1.5 metres at ground level, which forced us to reimagine the entire concept of a department store.”
Faced with these constraints, the team embraced the challenge, delivering a design that redefined both the retail experience and the urban landscape. With 75% green coverage, the Botanical Quilt incorporated natural materials and greenery to create a light-filled environment, transforming what could have been a subterranean challenge into an inviting, sustainable space.
“This was more than a retail project,” McIntosh reflects. “It became a statement about how design can contribute to sustainability while meeting the needs of a modern consumer.”
The SKP collaboration is emblematic of Sybarite’s belief that retail spaces can be more than functional—they can be immersive stages where architecture and storytelling merge.
“Retail is theatre,” McIntosh says. “Through retail design, we invite customers to immerse themselves in the brand world and narrative, curating a journey filled with anticipation, discovery, and wonder.”
This philosophy underpins many of Sybarite’s iconic projects, including their work with Ferrari’s flagship stores. Tasked with creating a space that embodied the luxury car brand’s DNA, Sybarite approached the design as a multi-layered narrative, subtly integrating Ferrari’s iconic elements.
The prancing horse, Ferrari red, and the Italian flag were reimagined in understated yet unmistakable ways, creating a space that resonates with the brand’s history while presenting it in a fresh, contemporary context.
Another example is their work with Marni, where Sybarite transformed the brand’s stores into exploratory playgrounds that blurred the line between retail and exhibition spaces.
“The greatest desire for any retail store or brand is that a customer will discover something new, will become intrigued, and will want to ‘join’ their brand,” Mitchell reflects.
Over two decades, Sybarite has cultivated a reputation for shaping spaces that evolve with consumer expectations. Their approach balances heritage with forward-thinking design, adapting to the shifting intersections of retail, hospitality, and technology.
“We see design as a bridge between past and future,” McIntosh explains, “rooted in tradition but always looking ahead.”
This adaptability has allowed Sybarite to expand its influence beyond traditional retail design, exploring intersections with hospitality, art, and technology. Projects like their collaboration with Al Khozama in Saudi Arabia demonstrate this agility.
“It’s about honouring the past while crafting a vision for the future,” McIntosh says.
Looking ahead, McIntosh and Mitchell are focused on designing hybrid spaces that blend retail, hospitality, and experiential needs.
“The future of architecture isn’t just about what we build but how we build it—thoughtfully, responsibly, and with purpose,” McIntosh says. “At the heart of everything we do is an eagerness to explore.”
“It drives us to look beyond the brief, to consider what a space could mean—not just today, but in years to come.”
Their designs reflect an understanding of how people live, shop, and connect. With every project, Sybarite reaffirms its belief that architecture is more than a physical space—it is a narrative brought to life.
“Good design is never static,” Mitchell reflects. “It evolves, just like the people who inhabit it—just like the partnerships that make it possible.”
SKP Wuhan is a curated destination where the department store and pedestrianised retail promenade, K Avenue, creatively connect. Covering 130,000 square metres, the design integrates indoor and outdoor spaces to create an engaging shopping experience. “This project was about crafting a journey,” McIntosh explains, “where every transition feels purposeful and inspiring.” With more than 1,000 international first-tier brands, SKP Wuhan positions itself as a hub for high-end commerce while embracing the city’s youth culture.
SKP Wuhan – Wuhan, China
SKP Chengdu redefined subterranean retail, transforming a challenging site into a blueprint for sustainable mixed-use spaces. “We couldn’t build above 1.5 metres at ground level,” Mitchell recalls, “so we reimagined retail from the ground down.” The Botanical Quilt design features 75% green coverage, biophilic elements, and a light-filled environment, creating a sustainable, community-focused destination. This project not only rethinks department stores but also demonstrates how design can enhance urban landscapes. “It’s about meeting modern consumer needs while contributing to sustainability,” McIntosh adds.
SKP Chengdu – Chengdu, China
Each SKP-S location offers a unique narrative, taking customers on a journey through imaginative retail environments. “Every store represents its city while connecting to a larger story,” McIntosh explains. From Beijing’s Journey to Mars to Wuhan’s Paradox Universe, these spaces challenge traditional retail by integrating art, technology, and storytelling. The episodic nature ensures each SKP-S is distinct yet interconnected, inviting customers to explore new dimensions. This boundarypushing approach redefines luxury retail as a series of transformative experiences.
SKP-S (Beijing, Xi’an, Chengdu, Wuhan) – Various Cities, China
DT51 – Beijing, China
DT51 transforms the Ya’ao neighbourhood in North Beijing into a vibrant community retail hub. Spanning 83,000 sqm across eight floors, the project revitalises idle industrial land near the Olympic Village with green partitions and curated brands. “This was about creating something fresh and local while adapting our design principles,” McIntosh says. Combining the energy of Datun’s youthful residents with Sybarite’s signature codes, DT51 balances functionality and style. The result is a space that feels both contemporary and deeply rooted in its community.
S.T. Dupont Hong Kong –Hong Kong, China
Sybarite reimagined S.T. Dupont’s boutique concept, inspired by the Maison’s iconic 1941 lighter. “We wanted to reflect Dupont’s elegance and craftsmanship while giving it a modern edge,” Mitchell explains. Located in Pacific Place’s Harvey Nichols, the design incorporates luxury materials, the Maison’s signature diamond pattern, and graphic linearity. The boutique pays homage to Dupont’s heritage while engaging a contemporary audience. This new concept captures the sophistication of the brand, aligning its storied past with the future of luxury retail.
In Beijing’s 798 Art District, HdM Gallery merges the industrial heritage of its location with a contemporary art focus. “Our challenge was to honour the district’s DNA while crafting a space with global resonance,” McIntosh explains. The reimagined factory building now serves as a hub for established and emerging contemporary Chinese artists, bridging the area’s artistic traditions with an international perspective. By blending history with innovation, Sybarite’s design enhances the gallery’s role within Beijing’s thriving cultural landscape.
HdM Gallery – Beijing, China
Red River rocks
BY JONATHAN EVANS
Haiphong’s gilded location, economic potency, and underrated colonial charm have captured the imagination of investors and developers alike
This ambitious 36-storey address with 1,578 units from architects ADU is scheduled for completion in early 2026. Blending highclass community living with 10,000 sqm of lush parkland, the airy, neoclassical interior fuses Haiphong’s colonial era with a touch of modern Seoul and is surrounded by two rivers. Facilities include co-working spaces, a sports room, a library, several kids’ activity areas, and Sky Club’s rooftop with an infinity pool. The alfresco space is the real showpiece, presenting an attractive tree-lined garden with walking paths, a tennis court, playgrounds, a pavilion lounge, chess and yoga areas, vegetable plots, and BBQ facilities. Arranged into three zones— family, community, and sports—Gem Park ultimately enables people of all ages to grow together.
A collaboration from Mercurio Design Lab architects with developer DOJILAND, this unapologetically grandiose 40-level property with nearly 1,000 units is due to be unveiled by the end of 2026. The goldlaced lobby, filled with bespoke materials, artworks, and crystal chandeliers, sets the tone immediately, while the rooftop resembles the shape of a crown, hence the name. A covered 21st-floor sky park features an infinity pool, running track, and Japanese-style onsen. The top two floors offer penthouse suites and a sky villa, while the ground floor sports a supermarket and kindergarten. Prospective residents can choose from 1.5-bedroom, two-bedroom, or 3.5-bedroom apartments, ranging from youthful and high-tech to luxurious and fit for royalty.
Haiphong Opera House
Colonial authorities cleared a local market in the late 19th century and constructed this neoclassical masterpiece with its lavish Gothic interior, now recognised as a national monument. Opened in 1912, and modelled on Paris’ Palais Garnier, the theatre’s winding staircases, plush seating, gold-trimmed dome, and opulent paintings catered mainly to French soldiers and expatriates. In its meeting rooms, the colonialists mapped out their plans for the city’s subjugated residents. But Municipal Theatre Square was also the site of historical milestones: In 1945, the Vietnamese rallied to abolish Japanese invaders. A year later, Viet Minh forces fatally clashed with French opera staff. In 1955, thousands welcomed the Vietnamese army as they liberated Haiphong from the French.
Gem Park
Golden Crown
Haiphong, Vietnam’s third-largest city, is one of the country’s most important maritime ports. The first location in mainland Southeast Asia to have electricity, it’s known for its proximity to Cat Ba Island (see below), which is nowadays a popular alternative—or addition to—Halong Bay tours. Haiphong is also the base for Vietnam’s naval headquarters and is a major manufacturing stronghold. With several top-ranking education institutions, the city’s surging appeal is now enticing builders of elegant real estate.
4
Cat Ba Island
Cat Ba is a magnet for adventure tourism with hiking, mountain biking, kayaking, and beachcombing among its draws. An ecologically diverse national park lies at its heart, conserving resident fauna and marine ecosystems including coral, sea turtles, giant squirrels, and the endangered golden-headed langur. Tourism substantially increased in the noughties thanks to infrastructure development, lining the island’s coastline with hotels, but also damaging the island’s ecology and biodiversity along with overfishing and water pollution. Hospital Cave, near Cat Ba Town—a three-storey, bomb-proof hospital and safe house for the Viet Cong—remains a potent reminder of the Vietnam War.
5
A stately address in the centre of Haiphong since 1943, inspired by European-style villas, boutique hotel Le Manoir des Arts offers many delights besides its pillarfestooned interior design and plush furnishings—most notably with its choice of food and drink outlets. There’s Bonne Vie restaurant, a tasteful and taste-filled Franco-Vietnamese outlet; the Manoir Café, both inside and spilling outside the hotel in the attractive garden; and the Gentleman Lounge, conjuring up a romantic atmosphere as it serves fine wines, cocktails, and bar snacks to patrons seated at candlelit tables. The bedrooms, ranging from premium to deluxe twin, are a study in classical French elegance and comfort, decorated in unobtrusive light blue or bolder red. A seductive swimming pool to the rear of the grand villa seals the deal.
6
Dragon Golf Links
Designed by Australia’s one-time world number one Greg Norman, Dragon Golf Links lies just 15 minutes from Haiphong on the Halong Bay coast and has 27 holes throughout four miles. Alongside the Gulf of Tonkin, this course affords golfers stunning views of the surrounding aquascape, its lush fairways rolling through undulating terrain. Its holes are shaped by the area’s native vegetation, sand dunes, and coastal winds. Beyond the sporting and scenic pleasures, the clubhouse is equipped with high-grade amenities, including a store and restaurant serving Vietnamese cuisine.
Manoir des Arts Hotel
OPPORTUNITIES KNOCK
Developers and investors in the Philippines are adapting to pressures while tapping into numerous advantages to drive the nation’s real estate sector
BY LIAM ARAN BARNES
METRO MANILA FINDS ITSELF AT A CROSSROADS WITH UNSOLD CONDOMINIUM UNITS SOARING DUE TO ELEVATED MORTGAGE RATES AND OTHER FACTORS
In Metro Manila, skyscrapers with unlit windows are silent witnesses to unsold inventory. Meanwhile, just a few hundred miles south, Cebu’s coastline bursts with energy, where vibrant beachfront developments reflect the optimism of a booming tourism industry and a growing middle class.
These contrasting scenes encapsulate the complexities of the Philippine residential property market in 2025—a sector grappling with challenges while brimming with opportunities for reinvention.
The market is defined by resilience. Developers and investors are adapting to global economic pressures and domestic challenges—elevated mortgage rates, affordability gaps, and a glut of unsold units—but they are reshaping the sector by tapping into infrastructure
advancements, regional growth, and shifting consumer demands.
Key projects such as the Metro Manila Subway and North-South Commuter Railway are alleviating urban congestion while also creating new hubs for development, paving the way for the next phase of growth. The Metro Manila Subway, once finished, is expected to slash travel times, reducing the commute between Valenzuela and NAIA from 1 hour and 30 minutes to just 35 minutes.
Such improvements have already sparked interest in transit-oriented developments, with developers planning mixed-use projects around key stations to capitalise on the anticipated demand.
“The Philippines remains one of Southeast Asia’s most
The Philippines remains one of Southeast Asia’s most dynamic property markets. The fundamentals—strong GDP growth, an emerging middle class, and aggressive infrastructure development—are impossible to overlook for long-term players
dynamic property markets,” says Philip Mareschal, head of property asset management at JLL Philippines. “While challenges like oversupply exist, the fundamentals— strong GDP growth, an emerging middle class, and aggressive infrastructure development—are impossible to overlook for long-term players.”
The broader economic outlook bolsters this optimism, setting the Philippine market apart as one of the region’s most dynamic. While Thailand and Vietnam focus on luxury hospitality, the Philippines is carving its niche by blending residential innovation with infrastructure-driven growth.
The Asian Development Bank projects the Philippines’ GDP to grow by 6.2% in 2025, driven by robust domestic consumption and overseas Filipino worker (OFW) remittances. The government’s “Build Better More” program adds further momentum, creating growth corridors that allow developers to address evolving consumer needs.
However, Metro Manila, traditionally the engine of the Philippine property market, finds itself at a crossroads. By Q3 2024, unsold condominium units in the capital had reached 75,300, a figure Colliers Philippines estimates will take 5.8 years to absorb at current take-up rates. Vacancy rates in the secondary residential market have risen to 17.4%, driven in part by the exodus of workers from Philippine Offshore Gaming Operators (POGOs), which once fuelled demand.
“Elevated mortgage rates and the POGO exodus have hit Metro Manila hard,” says Joey Bondoc, director of Research at Colliers Philippines. “But luxury and transitlinked developments are carving out success stories.”
Despite broader market challenges, luxury developments are thriving. Developers like Rockwell and Alveo are reporting strong sales in premium properties, driven by high-net-worth individuals and expatriates seeking prime urban locations with lifestyle amenities. Alveo Land, for example, achieved PHP12.7 billion (USD223.45 million) in gross take-up during Q1 2024, marking a record high for the developer.
Metro Manila’s oversupply may cast a shadow, but beyond the capital’s borders, regions like Cebu and Iloilo are emerging as bright spots, driving growth and showcasing the potential of regional markets.
In Cebu, its strategic location, thriving ITBPM sector, and strong demand for midmarket housing have made it a magnet for developers. The expansion of MactanCebu International Airport and enhanced seaports amplify its appeal to both local and international investors.
“Cebu’s strategic position as a central hub in the Visayas, combined with its booming economy and accessibility, positions it as one of the Philippines’ most promising real estate markets,” says Bondoc.
Emerging markets such as Iloilo, Palawan, and Bohol are also gaining traction. These markets are benefiting from improved infrastructure and rising economic activity. In Iloilo, the Jalaur River Multipurpose Project enhances water management and creates opportunities for mid-market housing.
Palawan’s eco-tourism boom, meanwhile, is driving demand for sustainable, highluxury developments appealing to affluent buyers. Bohol, with its pristine beaches and growing tourism sector, offers similar prospects for lifestyle-focused projects.
“Developers should look at Ilocos, Palawan, and Bohol,” Bondoc suggests. “These are thriving property investment sites outside the established prime spots.”
Affordability continues to be a challenge, especially in Metro Manila, where mid-
DELAYS TODAY, DIVIDENDS TOMORROW
Infrastructure projects like the Metro Manila Subway and the North-South Commuter Railway are transformative undertakings, but delays have dampened short-term investor enthusiasm. Originally slated for completion in 2025, parts of the subway system are now expected to open in 2027. This has slowed urban development around proposed stations, with Colliers Philippines noting reduced take-up rates for transitoriented developments.
However, these delays shouldn’t overshadow the long-term potential. Once completed, these projects are expected to slash commute times significantly, making previously inaccessible areas viable for both residential and commercial development. For instance, the Metro Manila Subway will cut travel from Valenzuela to NAIA from 1.5 hours to just 35 minutes, while the NorthSouth Commuter Railway will connect key economic hubs, spurring growth along its route.
The Asian Development Bank forecasts that infrastructure investments will drive 6-7% annual real estate growth over the next decade, especially in underdeveloped regions. Projects like the Samal IslandDavao Bridge will enhance connectivity in Mindanao, while improvements in Cebu’s seaports and airports are already attracting investors.
INFRASTRUCTURE IMPROVEMENTS HAVE SPARKED INTEREST IN TRANSITORIENTED DEVELOPMENTS IN METRO MANILA
GREEN DEVELOPMENTS DRIVE VALUE
market units make up 57% of unsold inventory as of Q3 2024. To address this, developers are experimenting with smaller units, modular construction, and flexible financing options such as rent-to-own schemes and extended payment terms.
Buyers, particularly young professionals and families, now prioritise features like wellness amenities, green spaces, and integrated communities over sheer size. Developers are responding by designing properties that cater to this lifestyle shift—combining smart technologies, rooftop gardens, and co-living spaces to create the homes of the future.
Sustainability has also become a critical component of new developments. Energy-efficient designs, water recycling systems, and green certifications are now standard features in residential projects. “Sustainability efforts are not just about attracting buyers; they position developers as leaders in a market focused on long-term viability,” Mareschal explains.
Looking ahead, the Philippine residential property market is projected to grow steadily, with its total value expected to reach USD5.82 trillion by 2025. This growth will be driven by emerging trends such as leisure-oriented developments, co-living spaces, and integrated lifestyle
Sustainability has moved from being a trend to an essential pillar of the Philippine property market. Developers are integrating eco-friendly features like energy-efficient designs, water recycling systems, and solar panels, not just to attract buyers but to future-proof their projects. Green certifications, such as LEED, EDGE, and BERDE, are increasingly sought after, with the Philippine Green Building Council reporting a 25% rise in certifications in 2024.
These efforts are not just about compliance— they drive tangible value. Studies from the US Green Building Council reveal that green-certified properties can command a 15-20% price premium. Buyers, particularly younger and more ecoconscious demographics, are willing to invest in homes that promise lower operational costs and align with their values.
In key markets like Palawan, Cebu, and Bohol, developers are embedding sustainability into luxury and mid-market projects. Palawan’s ecotourism boom, for instance, is spurring demand for sustainable high-end villas that blend seamlessly with natural surroundings. Similarly, urban projects in Metro Manila now regularly feature rooftop gardens, smart home systems, and solar energy solutions.
ILOILO ON THE ISLAND OF PANAY HAS EMERGED AS AN ATTRACTIVE SECONDARY DESTINATION IN THE PHILIPPINES
THE COUNTRY’S MANY PARADISE BEACH DESTINATIONS ARE CATCHING THE EYE OF INVESTORS
TACKLING THE GAP WITH INNOVATION
communities. These developments combine modern convenience, sustainability, and a renewed focus on wellness—appealing to younger, eco-conscious buyers who are prioritising quality of life just as much as location.
“We’re seeing an increasing demand for resort-style developments, including golf communities,” says Bondoc. “Developers are responding by integrating wellnessfocused amenities, such as fitness centres and green spaces, along with smart home features that cater to today’s tech-savvy and health-conscious consumers.”
As the market continues to evolve, Bondoc emphasises the crucial role of infrastructure projects in shaping its future.
“While the next five years hold promise, success depends on navigating potential bottlenecks—from infrastructure delays to lingering affordability challenges,” he says.
“But with strategic investments and innovation, the market is poised to evolve into a more resilient and futureready landscape.”
The Philippine property market is at a pivotal juncture. With infrastructure development accelerating and consumer preferences shifting, it remains one of Southeast Asia’s most compelling investment opportunities—particularly for those with a long-term vision.
Affordability remains a persistent challenge in the Philippine residential property market, particularly in Metro Manila, where mid-market units account for 57% of unsold inventory. Elevated mortgage rates and rising construction costs have placed homeownership out of reach for many middleincome buyers. Yet, developers are finding innovative ways to address this issue.
Modular construction is emerging as a key solution, allowing developers to reduce costs and build faster without compromising quality. Leading players like SMDC and DMCI are leveraging this approach to offer smaller, more affordable units designed for young professionals and starting families. These compact homes are complemented by shared amenities like co-working spaces and communal green areas, enhancing their appeal.
Flexible financing options are also gaining traction. Rent-to-own schemes, extended payment terms, and low downpayment packages are making it easier for buyers to enter the market. Government initiatives such as the Pambansang Pabahay Para sa Pilipino programme further support affordability, driving the development of mid-market housing in cities like Quezon City and Caloocan.
UNDER THE INFLUENCE
Bali’s formula of culture-rich island bliss is sending its rental market soaring, but other parts of Indonesia are faring less successfully
BY GEORGE STYLLIS
Barely a week passes without a grinning influencer uploading a video extolling Bali’s virtue, complete with sweeping shots of luxury villas and artfully arranged acai bowls.
Indonesia’s most famous tourist destination has become social media gold, drawing anyone eager for online fame or a quick buck—many of whom are only too happy to sell you a home.
Yet, beneath the gloss and self-promotion, Bali’s housing market is genuinely booming. While Jakarta and other major cities struggled to attract residential buyers, Bali emerged as one of Indonesia’s brightest real estate hotspots last year.
In 2024, Bali welcomed 6.3 million foreign visitors, surpassing pre-pandemic levels, according to official data. This surge has spurred significant gains in the island’s property market, notes Bagus Adikusumo, a senior director at Colliers Indonesia.
“The property market is very active in Bali right now. Residential sectors, including villas, apartments, and landed houses, are performing exceptionally well,” he says. Adikusumo highlights the high sales levels achieved by new villa developments during their launch stages.
Bali’s appeal extends to digital nomads and Western renters who have traded expensive lifestyles at home for their slice of affordable paradise. Long a favourite destination for Australian tourists, many are now opting for permanent stays.
“Anyone who’s rented in Australia knows it’s like the Hunger Games right now,” quips one expatriate. “Landlords can charge what they want and delay repairs indefinitely. As a tenant, you might as well tattoo ‘license to rip me off’ on your forehead.”
The demand for real estate in Bali is also driven by a sense of lifestyle and freedom that many international buyers seek. Bali’s picturesque landscapes, coupled with a relatively low cost of living compared to Western countries, have made it an attractive hub for expatriates.
Remote workers, in particular, have been drawn to the island’s thriving co-working spaces and vibrant social scene. This influx of residents has created a ripple effect on local businesses, from cafes and boutiques to wellness retreats, further boosting the island’s economy.
THE DEMAND FOR REAL ESTATE IN BALI IS DRIVEN BY A SENSE OF LIFESTYLE AND FREEDOM THAT MANY INTERNATIONAL BUYERS SEEK
Bali’s picturesque landscapes, coupled with a relatively low cost of living compared to Western countries, have made it an attractive hub for expatriates
ON THE RIGHT TRACK
A direct train linking Jakarta to Yogyakarta was launched in a trial run in December in the hope of making it permanent if there is enough public interest.
The journey from Gambir Station in Jakarta to Tugu Station in Yogyakarta is non-stop and takes six hours, 20 minutes less than the current trains which are indirect.
Several ministers rode the train during its two-day trial in December in a bid to drum up interest and make it a permanent fixture.
“I invite the public, especially private vehicle users travelling to or from Yogyakarta, to utilise the train service as an alternative mode of transportation,” says Transport Minister Dudy Purwagandhi, who took the train with two other ministers, and said the ride was fast and comfortable.
If the service does become permanent, it will be among the new routes that state-owned railway company PT KAI is trying to develop to encourage the use of public transport and better connect the country for tourists. It recently launched a Jakarta to Semarang route, which it says has been a success.
“Hopefully, with cooperation, synergy, and collaboration of all parties, we can continue to advance railways in Indonesia,” says Agus Harimurti Yudhoyono, the infrastructure minister.
IN SOME WAYS, BALI HAS BECOME A VICTIM OF ITS OWN SUCCESS, WITH TRAFFIC CONGESTION A MAJOR PROBLEM ON THE ISLAND’S NARROW ROADS
Bali’s real estate appetite sharply contrasts with the lukewarm demand in Jakarta and Surabaya, especially for apartments. In Jakarta, no new apartments were completed during the third quarter of last year, keeping supply at 226,815 units. While 400 additional units were expected by the fourth quarter, increasing the annual supply by just 2.5%, the figure remained low. Some apartments were even priced below IDR1 billion (USD62,000), but this failed to significantly boost sales.
“Developers are pulling back from building apartments because sales are below target,” says Ferry Salanto, head of research at Colliers Indonesia. “Large developers are focusing on landed housing, which carries lower risk.”
A similar trend emerged in Surabaya, where no new launches or completions occurred in the first half of last year due to construction delays. Projects were instead pushed to the second half of 2024.
To stoke property demand, Indonesia’s government has relied on tax breaks. While these initially bolstered sales in major cities after their 2021 introduction, their impact has since waned.
“Our findings show the VAT waiver benefits the landed housing market more than apartments. However, the effect
isn’t as strong as when the waiver was first introduced,” says Adikusumo.
Looking ahead, JLL’s senior director for Indonesia, Vivin Harsanto, predicts that landed residential properties will remain strong, as they are still the preferred choice. For apartments, she points to key factors like strategic locations, reputable developers, and unique selling points as critical to success.
As for Bali, Adikusumo believes it will continue to outperform. “The residential market will plateau in major cities like Jakarta and Surabaya, but Bali’s property market will keep flourishing. Tourism expansion is driving foreign investment and pushing property prices higher.”
Land prices in Bali could rise by 10-15% annually, with sought-after areas like Canggu, Jimbaran, and Kuta seeing increases of up to 17% per year. Adikusumo predicts a return on investment of 12-18% within three years for properties in these areas.
Bali’s upcoming subway system—the first phase of which is slated for completion in 2028—is also expected to boost residential demand, particularly for landed properties, while creating new market opportunities.
JAKARTA’S MARKET HAS SLOWED WITH LUKEWARM DEMAND FROM BUYERS STALLING THE INTRODUCTION OF NEW INVENTORY
NEW CAPITAL GAINS
Indonesia’s ambitious plan to relocate its capital from Jakarta to Nusantara reached a milestone in September, as the new city in East Kalimantan, Borneo, officially opened its doors to the public. After years of behind-the-scenes construction, Nusantara—set to become the country’s administrative hub—welcomed its first visitors, including foreign tourists.
Key attractions like Ceremony Plaza and Kusuma Bangsa Park were among the highlights showcased to visitors, offering a glimpse into the city’s vision of harmonising modernity with sustainability. Ceremony Plaza, an expansive field framed by the State and Garuda Palaces, features amenities such as a miniamphitheatre, forest trails, and a retail gallery. Meanwhile, Kusuma Bangsa Park, spanning nearly 2,000 square metres, is adorned with sculptures by renowned Balinese artist Nyoman Nuarta.
The opening represents a significant step forward in Indonesia’s efforts to address Jakarta’s challenges of chronic flooding, overpopulation, and environmental degradation by establishing Nusantara as the new capital. The Nusantara Capital City (IKN) Authority hopes that public tours will generate excitement and support for the city’s ongoing development.
“Our goal is to allow the public to experience Nusantara firsthand and witness the progress we’ve made,” says IKN spokesperson Troy Pantouw. Pantouw, who personally guided dozens of visitors during the inaugural public tours, described a palpable sense of pride and enthusiasm among attendees.
However, ensuring sustainable growth requires addressing rogue operators and influencers. Last year, travel blogger Alex Ubin’s clip showcasing a luxurious three-storey villa in Canggu—priced at just over USD400,000—sparked controversy. Critics pointed out that the villa was a leasehold, highlighting Indonesia’s law prohibiting foreigners from directly owning land.
Concerns over scams prompted Tourism Minister Sandiaga Uno to announce a crackdown on developers violating construction and business permits.
While Bali thrives, it’s essential to note the challenges facing its infrastructure. As tourism booms, the strain on roads, water resources, and waste management systems
is becoming increasingly apparent. Local authorities have introduced measures to address these issues, such as encouraging eco-friendly practices among businesses and launching community-driven cleanup initiatives. Still, critics argue that more robust policies are needed to balance growth with sustainability.
Moreover, the island’s reliance on foreign investment presents both opportunities and risks. While foreign buyers bring significant capital into Bali’s economy, they also contribute to rising property prices, potentially making it harder for residents to afford housing. Policymakers are exploring ways to regulate foreign ownership more effectively, aiming to strike a balance between attracting investment and preserving affordability for locals.
NUSANTARA—SET TO BECOME THE COUNTRY’S ADMINISTRATIVE HUB—WELCOMED ITS FIRST VISITORS IN SEPTEMBER
The broader impact of Bali’s property boom is also felt in Indonesia’s neighbouring regions. Areas like Lombok and the Gili Islands are witnessing increased interest as buyers seek alternatives to Bali’s escalating prices. These regions, while less developed, offer similar natural beauty and a slower pace of life, positioning them as attractive options for both tourists and investors. As infrastructure in these areas improves, they may emerge as significant players in Indonesia’s real estate landscape.
With Bali aiming to attract 6.5 million foreign visitors in 2025, the promise of paradise will undoubtedly lure many. Whether this enthusiasm will extend to other key property markets in Indonesia remains uncertain.
BALI PLACES A MORATORIUM ON NEW HOTELS
Bali is facing a ban on new hotel openings amid fears that tourism is damaging the island’s culture and natural environment.
Tourism numbers finished strong for the year. However, having become such a crucial part of the economy, accounting for more than half of its growth, tourism is now the subject of concern among officials who feel it’s destroying parts of the island.
Tourism Minister Sandiaga Uno warned in August that if arrival numbers increase by just 10% more in South Bali, it will be saturated.
“We must avoid a situation like Barcelona, where tourists became public enemies,” he says. To prevent the island from reaching breaking point, Hermin Esti, a senior official at the Coordinating Ministry of Maritime and Investment Affairs, said the government had agreed to set a moratorium on the construction of new hotels, villas, and nightclubs.
It’s not clear how long it would last, but senior minister Luhut Pandjaitan told the news website Detik that it could be as much as a decade.
BEST OF ALL WORLDS
Branded residences combining the conveniences of luxury hotels with the privacy of homeownership are proliferating around Asia
BY LIAM ARAN BARNES
BANGKOK’S OLD CUSTOMS HOUSE, SOON TO BE CONVERTED INTO A LUXURY HOTEL, EXEMPLIFIES A TREND FOR TRANSFORMING HISTORIC
BUILDINGS
What makes a building stand out today? In Asia’s hospitality real estate market, it’s the ability to reflect evolving lifestyles. Developers are responding to a demand for properties that integrate luxury, culture, and sustainability—values that increasingly define how people choose to live, work, and relax.
This transformation stems from a broader post-pandemic shift in priorities. Health, meaningful connections, and purposeful design have taken centre stage, reshaping the hospitality real estate landscape across Asia.
One sector thriving amidst this evolution is branded residences. Combining the services of a luxury hotel with the privacy of homeownership, these developments have experienced a global supply surge of 180% over the past decade. In Asia, they now boast a record-breaking supply value of USD26.6 billion, comprising 68,001 units, according to a recent C9 Hotelworks report.
Thailand leads the region with a 23.3% market share, followed by the Philippines (17.3%) and South Korea (11.6%). Emerging markets like Malaysia, Vietnam, and India collectively account for 24.5%.
“Before 2020, branded residences in Asia were almost entirely tied to hotel developments,” says Bill Barnett, managing director of C9 Hotelworks. “But the game has changed. Over the past four years, standalone branded residences and mixed-use projects have grown dramatically, now accounting for 30% of new developments. This shift signals a clear appetite for more diverse and innovative concepts.”
The demand for meaningful spaces is also reshaping urban centres, where adaptive reuse is gaining momentum. In cities grappling with land shortages and rising construction costs, transforming historic buildings into vibrant, modern spaces has become a creative and sustainable solution.
A prime example is Bangkok’s Old Customs House, a 19thcentury landmark being converted into a luxury hotel by Langham Hospitality Group. The project balances colonialera architecture with contemporary design, demonstrating how heritage can be reimagined for today’s lifestyles.
“Adaptive reuse is about more than preservation—it’s about creating spaces that resonate with how people live and interact today,” explains Patrick Keane, founder of Enter Projects Asia. By repurposing structures, it’s possible to
Adaptive reuse is about more than preservation—it’s about creating spaces that resonate with how people live and interact today
conserve resources, reduce waste, and address ESG priorities. Projects like these align cost efficiencies with environmental goals, demonstrating how history and modernity can coexist.
While adaptive reuse brings the past into the present, technology is driving the future of hospitality real estate. Across Asia, smart systems and AI tools are transforming how properties operate—personalising guest experiences, improving efficiencies, and supporting sustainability goals.
Beyond convenience, intelligent HVAC systems, real-time energy monitoring, and AI-driven analytics are enabling hotels to reduce energy consumption and operational costs. These innovations align profitability with ESG priorities, helping properties meet ambitious sustainability targets while appealing to eco-conscious travellers.
“The real challenge,” notes Justin Ong, APAC regional manager at HBX Group, “is ensuring that technology enhances meaningful human connections rather than replacing them.” It’s a reminder that innovation, no matter how advanced, must ultimately serve the people who use it.
This human-centred approach is equally evident in the growing emphasis on wellbeing in property design. According to the Global Wellness Institute, the wellness real estate market is projected to grow to USD 580 billion globally by 2025.
Designs prioritising physical and mental well-being are moving beyond traditional notions of luxury. Wellness-focused developments, incorporating features like
biophilic design, eco-friendly materials, and mindfulness spaces, are becoming central to real estate planning.
“Spaces built with wellness at their core address deeper needs for balance and restoration, rather than serving as indulgent extras,” notes a recent CBRE report. However, rising construction costs and the need to ensure these features resonate with buyers remain key challenges.
None of this comes without its share of complications. The industry is grappling with rising construction expenses—up 10-15% across major Asian markets—and navigating increasingly stringent ESG (Environmental, Social, and Governance) compliance requirements.
But the rewards are clear. CBRE reports that properties with strong sustainability credentials command premiums of 8-10%, proving that buyers and investors alike are willing to pay more for homes aligned with their principles.
Looking ahead, these trends will continue to redefine Asia’s hospitality real estate market, challenging traditional concepts of living spaces. With innovation and sustainability at the forefront, these properties exemplify how the industry is embracing the evolving demands of modern living.
Coral Bay @ Sutera by GSH Corporation Limited
architecture channels natural light and sea breezes into spacious interiors constructed from eco-conscious materials suited to tropical conditions.
Residents enjoy interconnected lagoon pools, a sleek clubhouse, and a 50-metre infinity pool, linked by a 1.2-kilometre walking path that encourages outdoor exploration. A sunset pavilion and landscaped grounds offer tranquil spots for reflection, while double-gated entrances and private lifts provide privacy and security.
A short distance from the city centre, Coral Bay balances a serene waterfront setting with easy access to urban conveniences, offering a lifestyle that shifts between marina promenades, market visits, and the comforts of home.
Kiara Reserve by Minor International and Kajima
Kiara Reserve places nature at the heart of its design, offering freehold villas and apartments near Phuket’s prestigious Layan Bay. Spanning 160,000 square metres, the
development merges open-plan interiors, sustainable materials, and expansive windows inviting greenery into every space.
Residences range from three to four bedrooms, covering 251 to 829 square metres, each with private pools and terraces designed for seamless indoor-outdoor living. Communal areas, including shaded gardens and calm pools, foster a restorative atmosphere.
Managed by Minor Hotels, Kiara Reserve combines dedicated hospitality services with a location close to Layan Bay’s beaches, fresh markets, and coastal paths, blending seclusion with nearby cultural and recreational attractions.
Located alongside the balmy waters of Sutera Harbour Resort in Kota Kinabalu, Coral Bay @ Sutera spans 12 acres of coastal living. Inspired by coral formations, its
KISIN by YOICHI DREAMS
Set in the vineyard-rich hills of Yoichi, Hokkaido, KISIN introduces a lifestyle centred on wine, craft, and landscape. Designed by HIKOKONISHI ARCHITECTURE INC, each villa
Salty Jim Villa by DM Projects Group
Perched on Bali’s Bukit Peninsula, Salty Jim Villa honours traditional island architecture while embracing contemporary openness. The six villas overlook the Garuda Wisnu Kencana
is positioned to capture sweeping views of the vineyards and distant sea through large windows and carefully planned terraces.
Private wine cellars, capable of holding 1,000 bottles, and a barrel ownership programme connect residents directly with local vintners, integrating Yoichi’s winemaking traditions into daily life. Highquality craftsmanship and carefully chosen materials ensure these homes will mature gracefully over time.
KISIN offers a harmonious blend of home, heritage, and nature, inviting residents to savour the richness of Hokkaido’s cultural and natural landscapes.
statue, designed to maximise natural light and breezes for a fresh, year-round living experience.
Constructed from locally sourced wood and stone, the villas feature spacious layouts that bridge indoor and outdoor spaces. A surfinspired aesthetic runs through the interiors, with authentic boards and a striking oceanthemed painting as centrepieces.
Sustainability underpins every detail, from saltwater filtration to hydrophobic bricks and zero-waste practices. A saltwater pool, yoga shala, sauna, and spa further enhance the villas, offering a lifestyle rooted in wellness and environmental respect.
Meypearl Harmony Phu Quoc by Tan A Dai Thanh –Meyland
Meypearl Harmony Phu Quoc offers a fresh perspective on modern coastal living in Vietnam’s premier island destination. Part of the Meyhomes Capital Phu Quoc Pure
The Residences at Terrazas de
Punta
Urban scheme, the 17,409-square-metre development places 19-storey towers just steps from the shoreline.
Apartments, averaging 60 square metres, incorporate sustainable features such as salt electrolysis water treatment. Shared facilities, including wellness rooms and landscaped courtyards, balance urban energy with the tranquillity of island life.
As Phu Quoc grows as a Southeast Asian hub, Meypearl Harmony offers a home that blends convenience with a connection to the island’s natural and cultural identity.
Fuego by Landco Pacific Corporation
Nestled on a hillside in Nasugbu, Batangas, The Residences at Terrazas de Punta Fuego combines regional design elements with sweeping views of the bay and surrounding
forests. Designed by Broadway Malyan, the 12-storey building incorporates pitched roofs, stucco finishes, and open corridors that invite light and airflow.
Replacing standard hallways with central courtyards and single-loaded corridors ensures each unit enjoys uninterrupted views and privacy. Amenities include a fitness centre, sauna, swimming pool, and direct beach access. Residents also gain associate membership at Club Punta Fuego, offering exclusive access to a golf course, yacht facilities, and other maritime pursuits.
The development reflects a careful integration of architecture and environment, creating a retreat attuned to recreation, comfort, and the rhythms of the sea.
With breathtaking views over Milson Park and Sydney Harbour, and just moments from the charm of Kirribilli, this limited collection of nine bespoke residences redefines luxury living. From serene garden villas to the exclusive penthouse, each home is crafted to harmonize with Kirribilli’s unique character while introducing a contemporary elegance that elevates the neighborhood’s prestige.
This is your opportunity to embrace a lifestyle of unparalleled sophistication
www.beauchampsydney.com.au A ONE-OF-A-KIND Home for a One-of-a-Kind
Winners of the 7th PropertyGuru Asia Property Awards (Australia) were revealed at the Grand Hyatt Melbourne on 11 October 2024.
BHC Property was crowned Best Developer while Polytec Australia was awarded Best Boutique Developer. MRCB International made history, winning the inaugural Sustainable Design Award.
OSK Property gained the Best Apartment Development (Australia) title for BLVD as Hexa and IFD scooped the prize for Best Townhouse Development (Australia).
Blairgrove Group emerged as one of the most awarded companies of the year, winning for The Burwood Chinatown and The Grand Shanghai Hotel. Blairgrove Group also won for the Leichhardt Hotel, joining other award-winning historic properties like The Playford Adelaide – MGallery by Hachem Architecture Pty Ltd.
Sydney Ma, managing director of Top Spring Australia, received the Australia Real Estate Personality of the Year award from the editorial team of Property Report by PropertyGuru.
For the full list of winners, visit asiapropertyawards.com/en/award/australia
THE JUDGES
Ivan Lam, Chairperson of the Awards in Australia and Executive Director, International Business, Charter Keck Cramer
Lui Violanti, Vice-Chairperson of the Awards in Australia and Regional Manager for Western Australia, Inhabit Group
Benson Zhou, Director, Hotels, CBD and Metropolitan Sales, and State Head, Asia Markets, Savills Australia
Catherine Tan, Senior Interior Designer, Interite
Jackson Liew, Director, Cameron Chisholm Nicol
Karen Kong, Head of Property Lending, Bendigo Bank
Karl Fu, Partner, Asian Markets, Winning Commercial
Michelle Tay, Group Executive Director, The SILC Group
Peter Li, General Manager, Plus Agency
Richard Newling Ward, Director, Bayleyward
Shanker Ramakrishnan, Director, SR Business & Finance Consulting Pty Ltd
Steven Yu, Founder and CEO, Valorton Group
SPONSOR AND PARTNERS
Silver sponsor Sub-Zero Wolf
Supporting associations
Australasia Property Advisory Association, Australia Malaysia Business Council Victoria, Australian Property Developers Association, and Melbourne Chinatown Association
Official magazine
Property Report by PropertyGuru
Official publicity partner Good Talent Media
Media partners
Australian Property Investor Magazine, Australian Property Journal, Marketing In Asia, PhilTimes.com.au, The Property Tribune, and Your Investment Property Magazine
Official supervisor
HLB
AWARDEES GATHERED ONCE AGAIN AT THE GRAND HYATT MELBOURNE
SYDNEY MA ACCEPTS THE AUSTRALIA REAL ESTATE PERSONALITY OF THE YEAR AWARD
MRCB INTERNATIONAL CLINCHES FIRST-EVER SUSTAINABLE DESIGN AWARD
OSK PROPERTY GAINS A BEST OF AUSTRALIA TITLE, AMONG OTHER TROPHIES
AND THE BEST BOUTIQUE DEVELOPER AWARD GOES TO POLYTEC AUSTRALIA
BHC PROPERTY’S WINNING MOMENT AS BEST DEVELOPER
JUST ONE OF MANY WINNING MOMENTS FOR BLAIRGROVE GROUP
HEXA AND IFD CELEBRATE A BEST OF AUSTRALIA VICTORY
The 11th PropertyGuru Asia Awards Malaysia in partnership with iProperty marked the highest achievements of the real estate industry on 25 October 2024 at The St. Regis Kuala Lumpur.
AME Development Sdn Bhd triumphed as Best Developer (Malaysia), Best Industrial Developer, and Best Sustainable Developer.
Malton Berhad was recognised as Best Developer (Central Malaysia) while Berinda Group received the Best Developer (Southern Malaysia) title. GSH Corporation Limited was celebrated as Best Luxury Developer as Astaka Padu Sdn Bhd took the Best Lifestyle Developer title. Matrix Concepts Holdings Berhad won Best Community Developer.
Iskandar Investment Berhad scored the inaugural Low Carbon Champion title while Tanah Sutera Development Sdn. Bhd. emerged as Social Impact Champion, a title it shares with Iskandar Investment Berhad. Lendlease & TRX City Sdn Bhd were jointly named Sustainable Design Champion.
Dato’ Tengku Ab. Aziz Tengku Mahmud, CEO of PNB Merdeka Ventures, was hailed Malaysia Real Estate Personality of the Year.
For the full list of winners, visit asiapropertyawards.com/en/award/malaysia
THE JUDGES
Datuk Ar. Ezumi Harzani Ismail, Chairperson of the Awards in Malaysia and President, Malaysian Institute of Architects (PAM) 2020-2022
Chris Tia, Vice-Chairperson of the Awards in Malaysia and Principal and Managing Partner, Tia & Noordin
Adjunct Professor IDr Joe WH Chan, Vice-President, The Malaysian Institute of Interior Designers (MIID) 2022-2024
Ar. Dr. Serina Hijjas, President, Malaysia Green Building Council 2023-2025
Ar. Mustapha Kamal Bin Zulkarnain, Founder and Principal, Arkitek Mustapha Kamal
Assoc. Prof. LAr. Dr Nor Atiah Ismail, President, Institute of Landscape Architects Malaysia (ILAM)
Datin TPr Hjh Noraida Saludin, President, Malaysian Institute of Planners (MIP)
Dato’ Sr Lau Wai Seang, President, Royal Institution of Surveyors Malaysia (RISM) 2017-2018
Dr. Daniele Gambero, President, Malaysia Proptech Association (MPA)
Ho Chin Soon, Chairman, Ho Chin Soon Research
Ir. Dr. Zulhkiple A Bakar, Managing Director, Perunding ZAB Sdn Bhd
Ir Ashwin Thurairajah, Executive Director, GreenRe Sdn Bhd
Janice Chin, Director, Capital Markets at JLL Appraisal & Property Services Sdn. Bhd.
PMgr Sr Low Han Hoe, Registered Valuer, Property Manager & Estate Agent
Sr Engad Ravana, Managing Director, ER Consult Sdn. Bhd.
Sr Subramaniam A/L Arumugam, President, Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS)
Tan Hui Yin, Partner, Tan Chap & Associates
YBrs Sr Haji Ishak Bin Ismail, President, Malaysian Institute of Property & Facility Managers (MIPFM) 2023-2025
PARTNERS
Official portal partners
PropertyGuru.com.my and iProperty.com.my
Official ESG knowledge partners
GreenRE and Malaysia Green Building Council
Official magazine
Property Report by PropertyGuru
Media partners
Kopi & Property, Marketing In Asia, Niaga Times, Penang Property Talk, The Grid Asia, The Malaysia Voice, and Top 10 Malaysia
Supporting partner
REHDA Institute
Official supervisor
HLB
THE CLASS OF 2024 CELEBRATES EXCELLENCE
GROUP CLAIMS THE BEST DEVELOPER (SOUTHERN MALAYSIA) TITLE
PADU SDN BHD RECOGNISED AS BEST LIFESTYLE DEVELOPER
DEVELOPMENT SDN BHD TAKES THE YEAR’S MOST COVETED TROPHY
AS BEST DEVELOPER (CENTRAL
CORPORATION LIMITED IMPRESSES AS BEST LUXURY DEVELOPER
MATRIX CONCEPTS HOLDINGS BERHAD WINS BEST COMMUNITY DEVELOPER
DATO’ TENGKU AB. AZIZ TENGKU MAHMUD DELIVERS HIS WINNER’S SPEECH
BERINDA
ASTAKA
AME
MALTON BERHAD IS HONOURED
MALAYSIA)
GSH
The winners of the 14th PropertyGuru Asia Property Awards (Singapore) were announced 8 November 2024 at The RitzCarlton, Millenia Singapore.
UOL Group Limited, winner of the coveted Best Developer award, also garnered the Best Hospitality Developer, Best Residential Developer, and Best Sustainable Developer titles.
FRX Capital Private Limited, awarded Best Boutique Developer and Best Landed Developer, won the prestigious Best Housing Development (Singapore) title for Mount Rosie Signature Collection.
Lentor Mansion by GuocoLand and Hong Leong Holdings Limited won Best Condo Development (Singapore).
Kingsford Development Pte. Ltd. was recognised as Best Transnational Developer while TID Pte. Ltd. was named Best Lifestyle Developer. The Assembly Place won Best Co Living Operator.
Lim Yew Soon, managing director of EL Development Pte Ltd, received the Singapore Real Estate Personality of the Year award while Jerome Ng, director for business development at Chiu Teng Group, received the Rising Star award.
For the full list of winners, visit asiapropertyawards.com/en/award/singapore
THE JUDGES
Kristin Thorsteins, Chairperson of the Awards in Singapore and Co-Founder and Managing Partner, Portman Investment Pte Ltd
D+A, Gazet International, SquareRooms, and Top 10 Singapore
Supporting association Singapore Estate Agents Association
Official supervisor HLB
SINGAPORE’S TOP DEVELOPERS SHINE ON ONE STAGE
THE SINGAPORE REAL ESTATE PERSONALITY OF THE YEAR IS LIM YEW SOON OF EL DEVELOPMENT PTE LTD
TID PTE. LTD. IS THE YEAR’S BEST LIFESTYLE DEVELOPER
UOL GROUP LIMITED CLAIMS BEST DEVELOPER FOR THE THIRD TIME
JEROME NG OF CHIU TENG GROUP ACCEPTING THE RISING STAR AWARD
Move on up
Rental markets around Asia are booming as countries race to attract a mobile workforce with tailored visa programs
By Liam Aran Barnes
Not so long ago, trading an office desk for a beachfront villa in Phuket or a coworking space in Bali felt like a far-fetched fantasy. Today, the rise of digital nomads has redefined remote work, transforming cities, resort towns, and real estate markets across Asia.
Governments are now racing to attract this mobile workforce with tailored visa programmes designed to lure global professionals. From Thailand’s Destination Thailand Visa (DTV) to Indonesia’s longawaited Remote Worker Visa, the competition
FROM THAILAND’S DESTINATION
THAILAND VISA (DTV) TO INDONESIA’S LONGAWAITED REMOTE WORKER VISA, THE COMPETITION TO ATTRACT DIGITAL NOMADS IS HEATING UP
is heating up—driving innovation in housing, infrastructure, and local economies.
“Asia is rewriting the rulebook to attract a new kind of global citizen—digital nomads who want flexible visas, affordable rentals, and community-driven spaces. It is a race to build policies and places that match their lifestyle,” says Bill Barnett, managing director of C9 Hotelworks.
Thailand’s DTV, introduced in 2024, offers five-year stays with multiple 180-day entries, opening the door for long-term remote
Dispatch
ASIA IS REWRITING THE RULEBOOK TO ATTRACT A NEW KIND OF GLOBAL CITIZEN—DIGITAL NOMADS WHO WANT FLEXIBLE VISAS, AFFORDABLE RENTALS, AND COMMUNITY-DRIVEN SPACES
workers. Indonesia’s Remote Worker Visa (E33G Programme) provides a streamlined path for nomads seeking extended stays in popular destinations like Bali and Lombok.
South Korea’s Workation Visa, meanwhile, takes a different approach, offering two-year residencies to families and professionals with significant earning power. Malaysia’s DE Rantau Nomad Pass has also gained traction, strengthening hubs like Penang and Kuala Lumpur by attracting mid- to high-income remote workers.
“The rental market serves as the primary source of income for most real estate agencies,” says Marciano Birjmohun, vice chairman of the Singapore-Thai Chamber of Commerce. “There is a steady stream of digital nomads seeking affordable rental options, often priced significantly lower than in their home countries.”
This surge in demand has created ripple effects across Asia’s real estate markets. In hotspots like Phuket and Bali, furnished rental properties are becoming the backbone of local economies, attracting digital nomads and longstay relocators from Europe and North America. Barnett describes these destinations as “safe havens” for those seeking stability amid global turbulence.
Developers are also tapping into the growing appeal of co-living spaces, offering communitycentric, sustainable housing tailored to the needs of remote workers. In Phuket, HOMA integrates coworking areas, communal kitchens, and ecoconscious amenities like solar panels and waste management systems. Its design encourages long-term stays and community engagement, with networking events, wellness programmes, and visa support for international residents.
Similarly, lyf properties in Singapore and Japan reimagine urban living by combining short-term
leases with features like bike-sharing stations, social kitchens, and on-site gardens.
“We aim to be the community hub in every location we’re in, integrating our guests into the fabric of local life,” says Adeline Phua, managing partner of lyf.
While major hubs continue to attract the lion’s share of digital nomads, a quieter shift is underway. Secondary destinations such as Chiang Mai and Lombok are gaining momentum, offering flexibility and affordability. In Chiang Mai, monthly expenses average just USD1,125, while reliable internet speeds of 100Mbps provide essential connectivity for remote workers. Moreover, although smaller in its nomadic community, Lombok appeals to those seeking a tranquil and cost-effective alternative to bustling hubs like Bali.
The Asia-Pacific co-living market, projected to grow at a compound annual growth rate (CAGR) of 17.9% through 2025, underscores the rising demand for flexible, community-driven housing. These trends reflect how secondary destinations are carving out a niche in the digital nomad landscape, blending affordability, flexibility, and community-focused living.
“The DTV scheme in Thailand has created an influx of budget-conscious users with variable income streams,” Birjmohun says. “The rental market will continue to benefit in the low- to middle-segment, but digital nomads often lack the means or intention to acquire property long-term—that’s why they are ‘nomads,’ people who move from place to place.”
Indeed, this influx presents unique challenges for developers and policymakers. Affordability remains a significant concern, as price-sensitive nomads often limit their broader economic impact, Birjmohun adds. For developers, the
challenge lies in catering to this demographic while maintaining profitability in markets dominated by luxury developments.
Infrastructure strain is another issue, particularly in island destinations like Bali and Phuket. Barnett notes Phuket’s rapid growth, with 14,000 new hotel rooms expected over the next five years, many incorporating real estate components.
“Real estate components will capture demand from long-stay visitors,” he explains. “But careful planning will be essential to avoid further stress on local resources and the environment.”
The changing demographics of digital nomads—now including families, retirees, and entrepreneurs—are also driving demand for international schools, healthcare, and familyfriendly amenities. Developers are responding by blending community-centric housing with tailored services, meeting the needs of this evolving demographic, according to Barnett.
Beyond housing, digital nomads are fuelling local economies by spending in co-working spaces, cafés, and gyms. Many also launch start-ups, creating jobs and
CHIANG MAI, WITH ITS BIGCITY AMENITIES, RELAXED VIBE, AND ACCESS TO STUNNING SCENERY, HAS BECOME A FAVOURITE FOR REMOTE WORKERS
forging connections with local suppliers. lyf’s Sustainafest, for example, showcases local entrepreneurs and community businesses, amplifying grassroots economic benefits.
“We support community enterprises and start-ups by showcasing their concepts in our spaces,” says Phua.
Indeed, the influence of digital nomads extends far beyond rental markets and coliving spaces. Their presence energises local economies, fosters entrepreneurship, and forges meaningful connections between global citizens and local communities. But their influx also raises pressing challenges for developers and policymakers, from managing affordability to embedding sustainability into urban planning.
As secondary destinations gain momentum alongside established hubs, Asia can lead by example—crafting systems that balance the needs of nomads with those of local communities. By fostering collaboration and innovation, the region can ensure this transient workforce contributes meaningfully to the places they call home, even if only temporarily.
Port in the storm
Indebted developers sell off hospitality assets to drive growth and a positive outlook for China’s hospitality real estate market
By Steve Finch
In autumn, the Chinese central government introduced several policy measures designed to release credit to developers to complete “white-listed” projects—the thousands of buildings struggling to finish construction amid the country’s property crisis.
However, these measures target the residential sector, while the hotel and alternative retail sub-sectors are experiencing a notable boom.
SHANGHAI HAS WITNESSED A VIBRANT HOTEL TRANSACTIONS MARKET, BUOYED BY ASSET SALES AND PRICE ADJUSTMENTS INVOLVING CHINA’S LARGEST DEVELOPERS
Residual liquidity and debt issues in the residential sector have not hindered hospitality; rather, they have driven activity as struggling developers have sold off hotels and related assets, leading to increased transactions and investment growth. In China’s troubled property market, hospitality is a rare bright spot.
Shanghai has witnessed a vibrant hotel transactions market, buoyed by asset sales and price adjustments involving China’s
OVERALL, CHINA RECORDED SOME OF THE HIGHEST HOTEL INVESTMENT GROWTH IN THE ASIA-PACIFIC REGION DURING THE FIRST HALF OF 2024, WITH A 126% INCREASE, SURPASSED ONLY BY SINGAPORE AMONG MAJOR MARKETS
largest developers. Early in 2024, Wanda Group sold the luxury Wanda Reign hotel—a USD500-million property designed by British starchitect Norman Foster, located on the Bund—to Indonesian tycoon Sukanto Tanoto for less than half its original price. This sale was part of Wanda’s broader efforts to restructure debt.
Other significant rebranding occurred in Shanghai, such as the Jiulong Hotel on the North Bund becoming a 315-room Sofitel asset, and the New World Hotel transforming into the 249-room Hyatt Centric Zhongshan Park.
In Chengdu, the state-owned Dajia Insurance Company, established to manage the debts of the defunct Anbang Insurance Group, sold cut-price assets to a local consortium of state-owned companies. These included a luxury hotel in Chengdu Financial Plaza, which was sold for approximately USD370 million, marking the largest hotel deal in China during the first half of 2024, according to Real Capital Analytics.
Among China’s property investment subsectors, hotels recorded the strongest growth in 2024, expanding 82% by midSeptember compared to the previous year, according to Savills data.
“Despite the challenging economic environment, there are signs of increased activity in the investment market. This improvement is driven by the availability of more high-quality assets, continued monetary easing, and asset repricing,” says James Macdonald, head of China research at Savills in Shanghai.
Overall, China recorded some of the highest hotel investment growth in the Asia-Pacific region during the first half of 2024, with a 126% increase, surpassed only by Singapore among major markets, according to Savills.
Cut-price asset sales were a key market driver, but other factors also contributed to the hospitality sector’s strong recovery, said Zhou Tao, managing director and head of the Hotels and Hospitality Group at JLL Greater China. In 2024, the Chinese government expanded its visa-free policies to boost its post-pandemic tourism sector, leading to an 86% surge in overseas visitors in the first 11 months of the year. “As the list of visa-free countries continues to expand, we anticipate a further influx of international visitors in 2025,” Zhou says.
Data suggests significant potential for further inbound tourism growth in the near term. Visitor arrivals in the first three quarters of 2024 reached 95 million, or 87% of the volume during the same period in 2019, according to Chinese government data. In contrast, Japan has already exceeded its 2019 tourism levels, while Thailand, Malaysia, Vietnam, Singapore, and South Korea have recaptured a greater share of pre-pandemic visitors compared to China.
Zhou noted that a recent hotel operators’ sentiment survey conducted by JLL in China indicated optimism for 2025. “They anticipate their revenue and Gross Operating Profit (GOP) will surpass those of 2024,” he adds.
The retail sector, including restaurants and leisure spaces, has been another standout
in China’s otherwise depressed property market. While hotel investments soared 82% in September, the retail sub-sector recorded the second-highest growth rate, expanding by 50% over the same period. A key feature of the retail resurgence has been the refresh of large retail spaces in major cities, typically through expanded leisure offerings aimed at luring post-pandemic consumers back from online shopping.
As part of efforts to revitalise its hospitality sector, the Chinese government has supported private sector initiatives with promotional campaigns. In Beijing, authorities launched a tourism promotion campaign centred on retail, dining, and culture to boost the summer and midautumn festival seasons in the second half of 2024.
In Shanghai, Gate M in Xuhui Riverside emerged as a significant new addition to the city’s retail and hospitality sector in late 2024. Combining art, culture, entertainment,
DATA SUGGESTS SIGNIFICANT POTENTIAL FOR INBOUND TOURISM GROWTH IN CHINA IN THE SHORT TERM
and sports, the venue emphasises hospitality and leisure over traditional retail competition in older downtown areas.
Hangzhou debuted two major downtown retail and leisure developments in the third quarter. Chezlotus, located near the Olympic Sports Centre, features sports venues, restaurants, and a pet-friendly street—a novel concept in China designed to broaden its clientele. ICON Hangzhou, near the West Lake area, introduced nightlife-focused hospitality offerings, including karaoke.
Similar innovations appeared in other major cities in late 2024, such as Tianjin, where Longfor Tianjin Meijiang Paradise Walk launched. This development features allday dining and social spaces, contributing to what Vincent Li of Savills Research China described as “accelerating the formation of Tianjin’s new retail landscape in non-primary retail” areas like food and drink, leisure, and other hospitality offerings.
MEYER BLUE
83 Meyer Road, Singapore
MEYER BLUE is a rare freehold residential development in the prime District 15 of Singapore. A true-blue coastal development with breathtaking views of the sea and the city, MEYER BLUE is just a sixminute walk from the Katong Park MRT station. Additionally, it is just minutes’ drive from the exhilarating CBD and Marina Bay District.
MEYER BLUE is set in a prestigious locale that enjoys the nostalgic charm of the Katong and Joo Chiat neighbourhood, where street shopping, a vibrant coffee culture, and gourmet paradise offer ample choices for food enthusiasts. It exudes the vibe of coastal living that embodies a blend of nature, recreation, and adventure.
The development itself offers a wide array of amenities, including the Coastal Gym, Kid’s Play Area and Pool, Gourmet Pavilion, Wellness Pavilion, and Spa Cove. Residents can also enjoy the function rooms (The Pacific and The Atlantic), the Social Lounge, 40-metre Lap Pool, and Archipelago Pool. Additionally, The Meyer Club, located on the 26th storey, features the Sky Terrace, Sky Lawn, Sky Gym, and Club Lounge, providing breathtaking views and an elevated living experience.
MEYER BLUE provides a canvas for exciting lifestyle opportunities and recreational spaces—a place to reflect, relax, and revitalise.
Developer: UOL Group Limited, Singapore Land Group Limited
Product type: Condominium
Architect: P&T Consultants
Launch date: TBA
Estimated completion date: 2028
Total land area: 96,672 sq ft
Number of units: 226
Average unit size: 667-2,992 sq ft
Facilities: The Meyer Club at 26th Storey, Archipelago Pool, Lap Pool, Gyms, Pavilions, Spa Cove, Function Rooms, Lounges, and more
