PropertyGuru Property Report Issue No.166 (June - July 2021) by PropertyGuru Property Report

SRI LANKA WITHSTANDS STORM

BANGKOKIANS TAKE TO THE PARQ 56

108 GREEN MOMENTUM GROWS IN ASIA

EQUALITY HITS A WALL IN ISRAEL 120

123 CHINA’S LAND PORTIONS RESTRICTED

GREATER JAKARTA’S HIGH-FLYER 90

USD10; SGD13; IDR135,000; MYR41; THB330

NO. 166 PROPERTY-REPORT.COM

Jinmao: Long Hua Jinmao Palace

COB: Mansion of Renaissance

Excellence: Royal Valley

Aoyuan: Island Mansion

Times · Longfor: Dream Land

HZS Design

CIFI Group: Park Mansion

CIFI Group: Grand World

Aoyuan: Mansion On Cloud

Yango · Sunye Group: The Peninsula

HZS Design

2020 Asia Property Awards received by HZS

Yango: River Land

PLANNING | ARCHITECTURE | LANDSCAPE CULTURAL TOURISM | INTERIOR

ABOUT HZS HZS is an multi-disciplinary design ﬁrm striving to provide“integrated”services of planning, architecture and landscape design to our clients. Founded for several years, HZS always concentrates on comprehensive design with seamless joint of planning, architecture and landscape and ensures that all design can be perfectly constructed.

http://www.hzsusa.com/en/index.php 021-23085200 No.355 Guangzhong West Road, 27-30th FL, Baohua Center, Shanghai, China 4

HZS has about 900 employees worldwide and our core design team includes dozens of registered planners, architects and landscape designers home and abroad. Our projects all over the world embrace retail, residential, civic building, culture, resort and hotel. The global experience of the HZS partnership combined with the strong technical knowledge gained from over 200 international projects contribute signiﬁcantly to our ability to realize this core mission in design ﬁeld. 5

UOL

WINNER

GuocoLand

BEST DEVELOPER (ASIA)

BEST MIXED USE DEVELOPER

GuocoLand

ARTIST’S IMPRESSION

Soilbuild

WINNER

BEST INDUSTRIAL DEVELOPMENT

BEST GREEN DEVELOPMENT

BEST INDUSTRIAL SMART BUILDING DEVELOPMENT

Solaris @ Tai Seng by Soilbuild Group Holdings Ltd

Soilbuild

Bringing Work to Life

Work-Life Balance Revolutionized

JEG Tower @ One Acacia is Cebu City’s newest PEZA accredited building. This 22-storey, Grade A establishment is developed by JEG Development Corporation, one of the frontrunners of sustainable real estate in the country. Being one of the few LEED Precertified Silver buildings in the CBD, JEG Tower @ One Acacia is an iconic landmark, offering the most ideal working environment to local and multinational business occupiers.

With its future-proof design and top-grade technology, JEG Tower @ One Acacia is the best place to work in Cebu City.

SCHEDULE A VIEWING WITH US. Scan the QR code to explore the building through a virtual and interactive tour.

For more information, visit our website at jegtower.com JEG Tower

jegtower.com

JEG Development Corp.

SOLE LEASING AGENCY

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

WINNER

BEST BREAKTHROUGH DEVELOPER (INDIA)

BEST BREAKTHROUGH DEVELOPER

BEST GREEN DEVELOPMENT

BEST OFFICE DEVELOPMENT

Brookﬁeld Properties

Candor TechSpace, Sector 21, Gurugram by Brookfield Properties

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

Learn More : www.brookfieldproperties.com

On Sale Now

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

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

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

• • • • •

Project Planning Project Management Development Real Estate Sales Property Management

WINNER BEST HOSPITALITY DEVELOPMENT (GREATER NISEKO)

BEST HOTEL DEVELOPMENT

The Vale Rusutsu by Niseko Alpine Developments Co Ltd.

WINNER BEST DEVELOPER

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

The Vale Niseko

www.thevalerusutsu.com

Message us directly at enquiries@thevalerusutsu.com

Contact developments@nisade.com to discuss your next project

Niseko Alpine Developments Co Ltd.

WINNER BEST APARTMENT DEVELOPMENT (VICTORIA)

One Adams Street South Yarra 3141 by Balfour Group

Gamuda Land Vietnam

PERTH IS CURRENTLY AUSTRALIA’S FASTEST GROWING PROPERTY MARKET 2021

HIGHLY COMMENDED BEST HOUSING ARCHITECTURAL DESIGN (BANGKOK)

The MOMENTO by Best Property Co., Ltd.

H O F U D O M S U K, the 7 units private home ofﬁce located only

600 meters from BTS Udomsuk, boasts its own idiosyncratic architectural characteristics, from the functionally and aesthetically separated ofﬁce and living spaces. Each unit houses 3 stories, one mezzanine and a basement with the overall width that is wider than most shophouse buildings.

The periphery of the ground floor is expanded with the floor that is sunken be 0.9 meters below the street level while the first floor is elevate 2 meters above, enabling the entire area to function as a parking space that can accommodate 5-8 vehicles. Next to the parking area is the functional space on the ground floor designed to be easily accessible to serve the more public functionalities. This particular area houses a mid-sized office space that can accommodate approximately 15-20 working staffs. HOF adds a patio at the front to physically link the interior and exterior spaces together while facilitating interactions between users and the surrounding context. In the meantime, additional details such as tree containers are included to the space to render the comfortable and naturally pleasant atmosphere with the green of the trees contributing as a decorative element to the overall program.

The design of the functional program of the second floor applies and translates the spatial characteristics of a traditional Thai house, which includes the presence of a semi-outdoor patio. When leaving the elevator, dwellers are greeted with the patio before the space gradually transitions into the indoor functional space. Sliding doors are used to enable flexible adaptation of the spatial functionalities to suit the residents’ varying preferences as the area can be used as a living space, to accommodate a small gathering, a small garden or a space for the family’s pets. The patio also freely separates the common area from the more private living spaces while still being naturally included as a part of the house’s functional program. Such spatial allocation exposes the house’s exterior surface to the presence of nature, allowing more openings to be added to maximize natural airflow and ventilation. The third floor is where the master bedroom is located. The limitation determined by the building laws and regulations results in the gable-roofed structure, which is designed to optimize the spaciousness and height of the space. The master bedroom also serves as one of the project’s most appealing and marketed features. The 5-8meter long dressing room connects the sleeping quarter to the large master bathroom with the size and spaciousness that can accommodate two users at the time. The area further to the end of the bathroom is lit with the light coming from the above skylight, offering users a sense of privacy and the pleasant ambience brought about by the presence of the sunlight.

HOF designs the interior of the building to be an open plan to allow users to adjust and partition the functional spaces according their preferences and working style with one male and female restroom included as a part of the floor plan. With the intention to clearly separate the working life from the personal life, the living quarter situated on the next floor contains an interesting hierarchy of private spaces. The elevator grants inhabitants direct access to the living area on the second floor from the parking area of the house without having to enter the office on the ground floor.

“ HOME THAT WORKS WORK AT HOME ” 37 www.uni-living.co.th / +66(0)98 283 8787

ISSUE 166 Publisher Jules Kay Editor Duncan Forgan Deputy Editor Al Gerard de la Cruz Senior Editor Richard Allan Aquino Digital Editor Gynen Kyra Toriano Media Relations & Martketing Services Manager Thaddeus Siu Senior Media Relations Executive Tanattha Saengmorakot Media Relations & Marketing Services Executive Piyachanok Raungpaka Product Lifecycle Marketing Manager Marco Dulyachinda Editorial Contributors Liam Aran Barnes, Bill Bredesen, Diana Hubbell, Steve Finch, George Styllis, Jonathan Evans Head of Creative Ausanee Dejtanasoontorn Senior Graphic Designer Poramin Leelasatjarana Sales Director Udomluk Suwan Regional Manager of Awards Sponsorship Kanittha Srithongsuk Business Development Executive, Sponsor Partnership Priyamani Srimokla (Priya) Amonlapa Somtaveesilp (Mickey) Regional Solutions Manager Orathai Chirapornchai Solutions Manager (Australia) Watcharaphon Chaisuk (Jeff) Solutions Manager (Cambodia) Phumet Puttasimma Solutions Manager (India and Sri Lanka) Monika Singh Solutions Manager (Indonesia) Amanda Michelle Wulan Putri Solutions Manager (Mainland China, Hong Kong and Macau) Huiqing Xia (Summer) Kai Lok Solutions Executive (Malaysia) Samuel Poon Solutions Manager (Myanmar) Nyan Zaw Aung (Jordan) Solutions Manager (Philippines) Marylourd Pique Maria Elena Sta. Maria Business Development Manager, Corporate Sales (Singapore) Alicia Loh Solutions Manager (Thailand) Kritchaorn Rattanapan Rattanarat Srisangsuk Solutions Manager (Vietnam) Quan Nguyen Distribution Manager Rattanaphorn Pongprasert Editorial Enquiries duncan@propertyguru.com Advertising Enquiries petch@propertyguru.com Distribution Enquiries ying@propertyguru.com PropertyGuru Property Report is published six times a year by

CONTENTS | Issue 166

Editor’s Note: On pages 84-85 of Issue 164, an image of Greenfield Residence was used to represent a development within the Bandar Sunway project. We’d like to clarify that the Greenfield project shown in the photo was not developed by Sunway Group. We apologise for the confusion.

100

Trends

Style

Gadgets

Saving the planet doesn’t mean sacrificing anything in the style department for these furniture makers

From fighting disease to reducing stress, gardening offers a rewarding route to health

Devices that prove that you can keep the cool factor when adopting eco-friendly technology

Neighbourhood Watch: Tangerang

Destination: Sri Lanka

Destination: Thailand

Home to Jakarta’s international airport, Tangerang is emerging as a viable investment destination thanks to its lifestyle and infrastructural perks

Debt-distressed Sri Lanka has had a hard time of it recently, but the resilience of its property sector provides at least some grounds for optimism

Thailand’s pandemic nightmare is not yet over. And with national vaccination efforts proceeding slowly, investor confidence in the country’s real estate market is suffering

108

120

123

Project Confidential: Healthy working culture

Interview: Let there be light

Design Focus: Designs for life

In depth: Everything’s gone green

Dispatch: Dividends in division

Dispatch: Portion control

With its green credentials and high-tech trimmings embodying modern office development, The PARQ provides an urban oasis in Bangkok for its tenants

By converting empty softdrink bottles into solar lamps, Illac Diaz has illuminated the lives of people in rural areas in The Philippines and beyond

A teenage prodigy from a family of architects, Medi Korasani continues to hone his passion for architecture as director of Melbourne-based DW Architects & Interiors

With sustainability in sharper focus than ever before, visionary entrepreneurs around Asia are helping to steer the real estate industry on a mindful track

In the Middle East, one of the world’s most disputed areas has become the site of an unlikely real estate boom

As China’s central government aims to rein in runaway real estate prices, new measures restrict land auctions to three per year in large cities including Beijing and Shanghai

HIGHLY COMMENDED

EDITOR’S NOTE

BEST TOWNHOUSE DEVELOPMENT (NEW SOUTH WALES)

Issue 166

Mount Street Residences by THIRDi Group

A modicum of soul-searching is never a bad thing for any sector. And, so it is for the real estate industry, which has much to reflect upon as the new decade gets into its swing. According to the United Nations, the global real estate industry accounts for somewhere between 30 and 40 percent of the world’s carbon emissions.

CMY

A silver lining of the global pandemic and its associated lockdowns has been an improvement in air quality in some of Asia’s cities. Nevertheless, you’d struggle to grasp for the positives when battling through toxic smog in pollution hotspots such as New Delhi, Jakarta and Bangkok. Thankfully, developers, designers, consultancies, architects and other key sector figures are taking a long hard look at the future and coming up with innovative ways of righting past wrongs. Our special feature this month puts the spotlight on these efforts. We’ve spoken to four high-profile disruptors whose efforts to right established wrongs include the adoption of sustainable construction materials, the greening of urban landscapes and decarbonising energy-sapping large-scale buildings. Also on an eco-conscious tack, we catch up with Illac Diaz, whose Liter of Light initiative is helping poor people around the world escape energy poverty. Elsewhere, there’s market news from Sri Lanka and Thailand, analysis of the Middle East’s most controversial real estate boom and a deep dive on arguably the greenest office building in Bangkok. Hope you enjoy the issue!

Timeless inner-city townhouses oﬀering residents the pinnacle of luxury living in the heart of Pyrmont. Only two 3 & 4 bedroom with 4 – 5 bathroom and oversized lock up garage remaining! Our Beautiful display is now open.

ENQUIRE NOW TO SECURE YOUR PLACE IN MOUNT STREET RESIDENCES!

Duncan Forgan Property Report duncan@propertyguru.com 44

mountstreetresidencespyrmont.com.au | 02 9409 7200

ADVERTORIAL

PURSUIT OF EXCELLENCE From luxurious homes to revitalised urban areas, HZS Design’ s influence throughout China’s major cities continues to be felt, 15 years after its founding.

Financial Reform Pilot Zone, and Capital University of Economics and Business. To overcome the site’s challenges, HZS drew inspiration from northern China’s courtyard homes. Borrowing from this traditional concept, the buildings of One Sino Residences propose a fresh vision of residential living: a series of building modules with a sequence of courtyard spaces, each with its own function and aesthetic. From luxurious homes to revitalised urban areas, HZS Design’ s influence throughout China’s major cities continues to be felt, 15 years after its founding. Architecture in China is as old as civilisation itself. For thousands of years, Chinese design has made an indelible mark on the way homes and cities across Asia Pacific have evolved. In the 21st century, China continues to push the boundaries of architecture, catalysed by innovations in construction and the growth of cities across the mainland. Contributing to this rich tradition in architecture and design is the comprehensive, multidisciplinary design firm known as HZS Design. HZS’ influence on the architecture and design of communities and homes across mainland China cannot be overstated. Nearly half of all luxury residential communities in China’s first and second tier cities owe their planning and design to HZS. The firm’s practice is also responsible for many urban revitalization and large-scale urban planning projects across the country including mixed-use commercial complexes, hotels, and tourist-oriented and resort properties.

HZS’ professionalism and creative, innovative ideas shine through in its diverse commissions. Founded in 2006 by two design luminaries—Renzo Zhang and Craig Studer—HZS has grown to offer a range of services spanning seamlessly across multiple disciplines, including urban planning, architecture, cultural tourism, landscape and interior design. Over 1,200 registered urban planners, architects, landscape architects, interior designers, and other specialists, distributed between six locations make up the HZS team. The pooled creative efforts of HZS designers have led to some of the most impressive projects in China. A more recent example is One Sino Residences, the latest in a series of collaborations between HZS and China Overseas Property, following such luxury housing communities as Time River, Wangjing Elite Villa, and Essence of Fortune. The location of One Sino Residences is highly strategic but the site presented a set of spatial challenges, which HZS skillfully overcame. Situated adjacent to the Third Ring Road in southwestern Beijing, the site stands in the middle of three national economic and cultural centres: surrounded by the Fengtai Headquarters, Lize Business District, Capital

The courtyard spaces take residents and guests from the noisy city streets into private sanctums within the community. Five building modules are created, arranged in a staggered layout from front to back, with the corner of each block cantilevered over a reflecting pool, whose light ripples to add a dynamic element to the building surrounds. Overall, the architectural design was conceived like the curves of a sports car, resulting in harmonious proportions, and evoking a sense of motion and stability—as if the structure is cutting through the air. This automotive inspiration is apparent in the building’s streamlined façade, which sports grey aluminum panels, fabricated through prerolled coating technology and assembled to a precision of one millimeter. With its rounded forms and curved corners, the building modules’ undulating mass recall the mountains to Beijing’s west.

spaces, is full of drama. A sunken courtyard, for instance, brings light to underground spaces while the Four Seasons Flower Hall synchronizes well with the reflecting pool. Rear garden areas are also finely detailed: creating a unique three-dimensional landscape of folded edges and stretched, angular forms. HZS has received many awards and titles over the years— and deservedly so. The company has earned 125 Kinpan Awards, among the most sought-after accolades in the field of architecture and design in China. It has also accumulated various honours at the PropertyGuru Asia Property Awards, the most exclusive and prestigious real estate awards programme in Asia Pacific. In 2020 alone, HZS received 10 PropertyGuru Asia Property Awards. As it enters its 15th year, HZS will surely continue to scale more achievements in the planning and design of homes and cities across China. History is truly being made.

The homes are designed and laid out to have optimum living spaces with strong, rectilinear configurations—7 metres wide and 5.6 metres deep—giving a large sense of scale, broadening views, and maximizing natural light. HZS was also responsible for the site design on the property. The landscape design, which forms both open and closed

DETAILS | Trends

KNOCK ON WOOD

SOFA SO GOOD The Essential Sofa comes with a choice of sustainable fabrics like velvet derived from recycled water bottles and poly upcycled from olefin. Made with FSCcertified wood, it has wide arms for easy lounging and also has removable back pillows

Saving the planet doesn’t mean sacrificing anything in the style department for these furniture makers

$1,145, sabai.design

CHEST FEVER The Java Teak Chest, part of ABC Home’s Goodwood collection, is made from sustainably sourced, reclaimed timber in Indonesia. Finished with natural white varnish, the chest catches the eye with its asymmetrical drawers accentuated by bronze knobs.

$1,180, abchome.com VEGGING OUT

IN THE CHAIR Legendary American furniture manufacturer Emeco tapped English product designer Jasper Morrison to create the Alfi chairs. The collection is sourced from 100% reclaimed materials, such as polypropylene mixed with wood fibre, creating a distinct speckled texture.

From $365, emeco.net

The Avocado mattress is as eco-friendly as it is comfy. It is made with organic latex, cotton and wool with prestigious fabric certifications, including GOLS, OEKO-TEX and Greenguard Gold. It also employs hundreds in eco-friendly factories across India.

From $999, avocadogreenmattress.com

WEAVING MAGIC In Cirebon, Indonesia, master artisans in a fairtrade workshop weave the Lindu Cane Lounge Chair out of natural manau rattan and cane. With its cocoonstyle backing and roomy seat, this chair is one guiltfree, stylish place to rest those hips.

$895, the-citizenry.com

DETAILS | Style

SOWING T HE SEEDS OF LOVE

BEAST OF BURDEN With its 1,400-pound capacity, strong steel-frame construction, and pneumatic turf tires, the Gorilla Cart GOR1400-COM (-C) can haul everything from planters to timber to grocery across tough terrain, with a patented 2-in-1 handle for pulling by hand or vehicle.

From fighting disease to reducing stress, gardening offers a rewarding route to health

$300, gorillacarts.com

ROYAL COVER Gold Leaf Soft Touch Gloves are used by gardeners at Buckingham Palace, and they can be yours as well. With palms in soft deerskin and backs of nylon, lycra and foam, these gloves are worth every pound.

£23, goldleaf-gloves.com

TOP BRASS

ROUND THE EARTH Water your plants in style with the Eva Solo Globe whose globular silhouette lends it an almost sci-fi look. Aesthetics aside, this steel-and-plastic watering can does the job well with a nine-litre capacity and versatile spout that can do everything from pour to shower.

€49.95, evasolo.com

These watertight aluminium planters by CB2 come in a winning textured brass finish, perfect for indoor use and impressing guests. These gorgeous statement pieces, which are made in India, can easily be cleaned with a soft cloth.

$249, cb2.com

BUTTERFLY ON WHEELS Urban farming is made convenient with the Foreman raised garden bed, which runs on four lockable wheels so you can take it indoors and outdoors with ease. The bed itself is made of premium HPL plastic (solid phenolic), with aircraft-quality aluminium extruded profiles.

From $299, foremanstore.com

DETAILS | Gadgets

NEW METAL

GREEN LIGHT For illumination on the go, try out the BioLite SolarHome solar lighting system. This kit comprises a 6W solar panel, a wall-mounted control box, three overhead lights, and a motion sensor—the most complete, portable way to get off the grid.

You can maintain the cool factor when adopting eco-friendly technology as the following devices will show you

$149.95, bioliteenergy.com

POWER HOUSE Standing 15 inches tall, the SuperCharge7 is a charging station and power backup kit in one. It contains a 7Ah 12-volt solar rechargeable battery, good for six hours of use, and a 6W on-board solar panel, able to supply 84wh of power.

$129, solarsynthesis.us

SOUL MUSIC Each time you buy LSTN headphones, you provide deaf children with hearing aids. These Bluetooth headphones are made with reclaimed wood, with the option of zebra-like stripes for visual impact, as well as vegan leather pads.

$179.99, lstnsound.com

PURE IMAGINATION LARQ is the “world’s first self-cleaning bottle”. It works by UV-C technology, purifying your water every two hours through a long-lasting battery that can be recharged through USB. Portions of proceeds go to the non-profit One Percent for the Planet.

Up to $95, livelarq.com

SOLAR FLAIR The Seiko Solar Watch (SUP250 for women, SUP880 for men) is one elegant do-gooder, with a quartz movement that draws power from solar cells, eschewing batteries. It has that classic Tanko-style design, with an 18mm gold-tone stainless steel case and a Cabochon crown.

From $141, seikowatches.com

ADVERTORIAL

CROWNING GLORY

Wallich Residence, for instance, is just one of many fascinating aspects of Guoco Tower. The skyscraper, affectionately nicknamed “Vertical City”, also contains a 150,000-squarefoot urban park, surrounded by 100,000 sq ft of lifestyle and food retail concepts and 223 Sofitel-branded hotel rooms. The tower is also GuocoLand’s first premium grade A office building, with 890,000 sq ft of commercial spaces.

Venturing beyond standalone projects and refining the art of placemaking, GuocoLand redefines what it means to be a luxury developer in Singapore

A triumph of placemaking, Guoco Tower has had a positive knock-on effect on the wider Tanjong Pagar communithy. GuocoLand’s accomplishments in health and hygiene even predate the pandemic. Bearing the highest green certifications from both the USGBC and BCA, Guoco Tower maintains high indoor air quality and boasts advanced HVAC systems. Just like Guoco Tower, Guoco Midtown, the company’s upcoming 3.2-hectare integrated development along Beach Road and the Ophir-Rochor corridor, utilises a state-of-theart air filtration system, ultraviolet germicidal irradiation technology, and contactless features.

GUOCO TOWER / WALLICH RESIDENCE

Building for the top end of the real estate market is an art form mastered only by a few property development brands. For many developers, satisfying the real estate requirements of high net worth individuals (HNWI) can be a very arduous task.

In Tanjong Pagar, GuocoLand built the 290-metre high Guoco Tower, Singapore’s tallest skyscraper. On top of it, the company built Wallich Residence, Singapore’s tallest address with 181 residential units, which include the country’s largest, highest penthouse.

GuocoLand, the developer behind Guoco Tower, Wallich Residence, Martin Modern and Meyer Mansion, has been a thought leader on this front. Trusted by multitudes of property seekers in Singapore and abroad, the company continuously innovates on luxury residential products as well as the larger communities around them.

Martin Modern, the first GuocoLand development Cheng oversaw from land acquisition to launch, originated from a need to redefine upscale Singapore homes. “We began by asking what constitutes luxury in modern life,” Cheng stated. “We realised modern lives are very hectic, and the home should be a place where time slows down, and people can recharge physically and mentally.”

GuocoLand has come a long way from its trailblazing projects like Leedon Residence, one of the largest freehold residential developments in District 10, and Goodwood Residence, the exclusive 2.5-hectare freehold development in the OrchardScotts area. A good predictor of emerging trends, the company has recently expanded its horizons to developing leasehold properties, even those situated beyond Districts 9, 10 and 11. ‘’More leasehold properties are actually commanding premium prices, and highly desirable locations are emerging in parts of the Central Business District, such as Tanjong Pagar,” according to Cheng Hsing Yao, Group Managing Director of GuocoLand.

MARTIN MODERN

The GuocoLand team also understand that high net worth property seekers today are attracted to projects that contribute to and function in tandem with the community. Many GuocoLand residential projects are designed as part of integrated developments, synergising with adjacent properties and opening their spaces to the public. “In recent times, we find that high-end buyers give priority to living in a like-minded community,” stated Cheng. “This is because they recognise that the community can eventually become an extension of their social circle.’’

Guoco Midtown will be to Beach Road and Ophir-Rochor as Guoco Tower is to Tanjong Pagar. With 770,000 sq ft of premium grade A office space, the development connects three office micromarkets: City Hall, Marina Centre and Bugis. Guoco Midtown contains luxury apartment developments— Midtown Modern and Midtown Bay, with more than 700 units on offer. It also includes three concept retail clusters, over 20 concept gardens and public spaces, and a purposebuilt business and social networking club. “By introducing new concepts based on live-work-play trends, this development will attract a whole new community of businesses, talents, residents and visitors,” stated Cheng. “We believe it will redefine the area, and possibly create a new district identity.” Always at the forefront of trends and unafraid to look at the big picture, GuocoLand continues to bring transformative change to Singapore. Truly, the success of every GuocoLand project is also the success of the wider community.

For this project, the company tapped award-winning ip:li Architects to turn a 1.6-hectare riverside site in District 9’s Robertson Quay into a verdant 450-unit leasehold development—a “home within a botanical garden”. The next generation of luxury also entails efficient layouts and flexible spaces. Meyer Mansion, GuocoLand’s freehold project along Meyer Road, offers eight unique layout types, with only 25 units for every layout. Set on an elevated vantage point, the development captures spectacular views of the Singapore Strait. MEYER MANSION 55

HEALTHY WORKING CULTURE With its green credentials and high-tech trimmings embodying modern office development, The PARQ provides an urban oasis in Bangkok for its tenants BY AL GERARD DE LA CRUZ

LINKED TO POSITIVE HEALTH OUTCOMES, CONTEMPORARY SCULPTURES AND PERMANENT ART INSTALLATIONS MAXIMISE THE POTENTIAL OF SPACES IN AND AROUND THE PARQ

n a garden at The PARQ in Bangkok, a pithy quote is debossed on the ground. It reads: “A healthy outside starts from the inside.”

The phrase encapsulates the new mixed-use development. The THB8bn ($255m) project, being developed by TCC Assets Co., Ltd. with Frasers Property Holdings (Thailand) Co., Ltd. as development manager, is tracking for both LEED and WELL certifications—a duality rare for mixed-use Bangkok projects of its scale. With The PARQ, TCC Assets crusades for what the project’s slogan calls “Life Well Balanced”, offering urbanites a sustainable, healthy spot to earn a crust. “Many people spend more time at their workplace than they do at home,” says Kamolnai Chaixanien, executive director of TCC Assets (Thailand) Co., Ltd. “According to our extensive research, these individuals are looking for a working environment where they can experience a more effective, enjoyable way to have a better work-life balance.” TCC Group gained the rights to develop The PARQ on a 38,400-square-metre (24 rai) leasehold plot owned by Thailand’s Crown Property Bureau at the corner of the Rama IV and Ratchadaphisek roads, also known as the Klongtoey intersection. “PARQ” pays homage to the verdant landmarks nearby: Benjakitti Park and the Queen Sirikit National Convention Centre, whose namesake MRT station exits straight onto the development. Together with neighbouring developments like FYI Centre and ThaiBev Quarter, The PARQ adds to the Queen Sirikit Centre node, a blossoming MICE hub with TCC Group at its helm. “The built environment has a profound impact on people’s wellbeing and productivity—and the world requires sustainable changes—so we created The PARQ as a place where a high quality of life and sustainability all cohabit the same space,” says Kamolnai. The PARQ received WELL precertification from the International WELL Building Institute (IWBI), and it has proven prescient in the pandemic era. The building, which topped off in 2019, runs on a premium filtering system, circulating indoor air rated 30% cleaner than international standards. Autonomous robots roam the premises, dashing pathogens with UVC rays. Visits to The PARQ are contactless, with the help of a proprietary mobile app, smart self-service registration 58

NOW A CONSPICUOUS LANDMARK ABOVE RAMA IV ROAD, THE PARQ APPEARS LIKE GENTLE, CONTINUOUS WAVES OF SMOOTH LAMINATED LOW-E GLASS, WHICH SERVES TO REDUCE THE HEAT LOAD OF THE L-SHAPED, INTERLOCKING TOWERS

THE BUILT ENVIRONMENT HAS A PROFOUND IMPACT ON PEOPLE’S WELLBEING AND PRODUCTIVITY—AND THE WORLD REQUIRES SUSTAINABLE CHANGES—SO WE CREATED THE PARQ AS A PLACE WHERE A HIGH QUALITY OF LIFE AND SUSTAINABILITY ALL COHABIT THE SAME SPACE

kiosks, and facial recognition technology. Lifts run on an up-to-date destination control system, reducing waiting times and decongesting the lobbies. Washrooms contain touchless fixtures, including faucets that double as hand driers. The 130,000-sqm edifice guns for LEED Gold v4, the US Green Building Council’s (USGBC) next-generation benchmark for sustainable property development. Codifying The PARQ’s eco-conscious design concept is Palmer & Turner (Thailand) Ltd., the architecture practice behind TCC Assets’ LEED Platinumcertified Park Ventures Ecoplex. “Each design team member must provide a thorough review of the credits that they are responsible for, to provide confirmation of their feasibility and to provide information to the other members that such solutions may be incorporated into the overall design,” explains Sern Vithespongse, director at P&T Thailand. Waves of laminated low-E glass, lined with vertical and horizontal fins, clad the L-shaped, interlocking towers comprising The PARQ. By employing such a high-performing curtain wall, P&T was able to cut down solar heat by as much as 75%. The facade also embodies the paradox of the Klongtoey intersection, famed for the chaotic 60

market of the same name and the serene green lung of Benjakitti. “It was against this backdrop that we created the building, which reflects the old Chinese philosophy of yin and yang as the design concept,” says Sern. “The two main towers are seemingly opposite and contrary, yet they coexist and complement each other in harmony.” A high-efficiency chiller plant, along with low-maintenance mechanical and electrical systems, also helps The PARQ meet its green marks. An IoT platform meanwhile detects sunlight and room occupancy, automatically adjusting the brightness of the lighting system. To reduce greenhouse gas emissions, TCC Assets also invested in waste management facilities and technology. These include a cutting-edge “dust drum” that extracts liquid from waste, making it lighter for transport. “It was challenging for us to meet USGBC’s LEED Version 4 requirements at the beginning,” relates Kamolnai. “We learned a lot through the design and construction process. We believe LEED will elevate standard practices in Thailand, so we are proud to be a pioneer in achieving this new version of LEED.” Thai Obayashi Corporation Limited began construction on The PARQ in 2017. By June 2019, the building was structurally completed, and tenants from Minor Group to 3M followed. 61

OCCUPYING THE BUILDING’S LOWER FLOORS, THE PARQ LIFE CONTAINS RETAIL OFFERINGS CURATED TO MATCH EVERYDAY NEEDS AND PROMOTE WORK-LIFE BALANCE—FROM HEALTHY F&B OPTIONS TO AN UPSCALE FITNESS CENTRE—IN WELL-LANDSCAPED LETTABLE SPACES WITH QUALITY INDOOR AIR

project in advanced phases, to join a “forest district” encompassing the ecological corridor around Benjakitti. Plans include a hospital, finally fledging the project into a medical destination. “This will turn The PARQ into a complex of small communities and further enhance its ‘wellness’ concept,” comments Sern. The PARQ also plays into TCC Group’s grand scheme for Rama IV Road. Through affiliate Golden Land Property Development Plc, the company opened late last year the student-oriented project Samyan MitrTown on a leasehold plot by Chulalongkorn University. One Bangkok, TCC Assets and Frasers’ 104-rai integrated district at the corner of Rama IV and Wireless roads, could open by 2025. Such mixed-use projects will establish Rama IV Road as an “important commercial corridor”, according to Panote Sirivadhanabhakdi, Group CEO of Frasers Property Limited. Back at Q Garden, one of the quotes on the ground seems to read in agreement: “You just have to get it going.”

P&T designed the rectangular, column-free office plates comprising The PARQ Workplace to be some of Thailand’s roomiest, at 5,200 sqm per floor. They span around 14m in width from glass wall to service core wall, with ceilings reaching heights of three metres. “This allows greater flexibility for tenants to design their floor plans and layout,” says Sern. The PARQ Life, the building’s retail podium, formally opened in September 2020. Interior design firm PIA styled the three-level podium, offering 12,000 sqm of leasable space occupied by the likes of Jetts Black, the first in Thailand. The Q Steps, a staircaselike public area intercut with platforms and seating, occupies the soaring atrium. The third floor of the podium spills outdoors to a 3,400-sqm common area called Q Garden, where meandering pathways take harried workers to leafy, secluded pockets of nature—or at least give them instant pep talks via inspirational quotes scrawled on concrete. Landscape architecture firm Shma Company Limited curated the flora carpeting The PARQ—all 7,000 sqm. 62

Nourished with recycled water through drip irrigation, the plantings include edible, cookable vegetables. The developers are as much invested in the culturing of The PARQ occupants as their well-being. The site permanently houses some modern art installations, like “The Cocoon” by Sanitas Studio, on display at the Q Garden. The garden itself lies next to an exhibition space by the Bangkok Art Biennale.

ROYAL ROAD RISES Bangkok’s Rama IV Road has been around since 1857, but it will take on added, unprecedented import this decade. The 9.4-kilometre thoroughfare is lined with mixed-use projects near key MRT stations. With a reported investment value of THB120bn, TCC Group’s One Bangkok at the junction of Rama IV and Wireless roads near the Lumpini MRT station will become Thailand’s largest fully integrated district upon completion in 2025. The colossal city-within-a-city is 1.5km away from The PARQ, TCC’s recently opened green building south of Queen Sirikit National Convention Center (QSNCC), which is managed by a TCC subsidiary. In addition, Golden Land Property Development Plc, an affiliate of TCC Group, opened late last year the 222,000-square-metre “urban life library” known as Samyan MitrTown near Sam Yan station. Rama IV Road will undergo rapid changes in coming years, according to Panote Sirivadhanabhakdi, director of TCC Assets and group CEO of Frasers Property Limited, in a statement. “We expect that the area will undergo rapid development given the accessibility by the MRT.” Dusit Thani Plc and Central Pattana Plc, on the other hand, are jointly developing Dusit Central Park, a 23-rai mixed-use project at the corner of Rama IV and Silom roads. The project is anticipated to open by 2024.

“Exposure to art is associated with relief from stress and mental fatigue as it could help people refresh, recharge and refocus,” Kamolnai says, citing research from Exeter University. “Displaying art in the workplace can boost positive emotions and creativity and elevates team cohesiveness. “For us, art pieces have become very important elements to maximise the potential of the space as well as promote corporate values,” he adds. Tenants find more visual reprieve outside the site. P&T configured the central core design to have tenants face the outer perimeter of the glass curtain wall, affording them panoramic views of the city. The PARQ will eventually bud into a 320,000-sqm 63

Let there be light By converting empty soft-drink bottles into solar lamps, Illac Diaz has illuminated the lives of people in rural areas around the Philippines and beyond BY BILL BREDESEN

be assembled in just 30 minutes—and last for five years. The group’s unique mission—along with its savvy Internet marketing—has caught the attention of international celebrities, politicians and corporations, all of whom have been eager to become a part of it. When Liter of Light uploaded a video in 2014 that ultimately racked up some 60 million views, PepsiCo saw an opportunity to ride the wave of positive publicity. “Pepsi realised we were using their plastic bottles,” Diaz says. “Soft drink bottles are thicker than water bottles, so they work better in these types of lights. Pepsi loved it so much they gave us funds to expand in seven countries.” Before long, Liter of Light counted among its global ambassadors the world’s fastest man Usain Bolt, tennis superstar Serena Williams, social media personality Jerome Jarre and American singer-songwriter Usher. Ordinary people from all corners of the planet began reaching out to Diaz and asking him how they could bring Liter of Light to their own countries. Diaz, who wrote his university thesis on how countries on the front lines of climate change would need to adapt their urban and rural architecture, was thrust into the reality of the issue in November 2013 when Typhoon Haiyan made landfall in the Philippines, killing thousands of people and destroying millions of homes. Overnight, Diaz’s focus shifted from architecture to emergency lighting. Tell us a bit about the origin of Liter of Light.

llac Diaz has captured imaginations around the world with his grassroots social enterprise Liter of Light, a Philippines-based organisation that promotes simple DIY technology to help people living in rural areas with limited or no access to electricity create affordable and sustainable solar light. The 49-year-old MIT and Harvard graduate, whose work has been recognised by the 66

United Nations, is a four-time TEDx speaker, holding audiences rapt as he describes the innovative but curiously straightforward process of converting regular two-litre soft drink bottles into durable and efficient solar lamps. His organisation today operates in 32 countries, with a staff of 220, and helps provide light to around 1 million people a year. Some of the solar-powered lights can

A FOUR-TIME TEDX SPEAKER, ILLAC DIAZ HAS CAPTURED IMAGINATIONS AROUND THE WORLD BY HELPING RURAL POPULATIONS IN THE PHILIPPINES AND BEYOND TO CREATE AFFORDABLE AND SUSTAINABLE SOLAR LIGHT

The more money you spend buying carbon-based products, the more money that goes out of the village. By going solar for the next five years, you save that money and it stays in the village

Liter of Light came about in the aftermath of Typhoon Haiyan, which was the first Category 5 typhoon to hit land in the Philippines. At the time, my work was building schools in the area. I was also tinkering around with how to help women get more work producing solar lights and renting them out. Before, they were using kerosene lamps in these villages, which needed to be refilled regularly, but solar lights were something that could be built and repaired locally.

BY ADOPTING SOLAR LIGHTING, VILLAGERS HAVE TRANSITIONED AWAY FROM KEROSENE LAMPS WHICH NEED TO BE REFILLED REGULARLY AND ARE SIGNIFICANTLY MORE WASTEFUL

After the typhoon hit, most donations were clothes and food. We started saying, “What about light?” There were increasing reports of crimes against women who were bringing food and money from aid stations to tents. Also, kids were rolling around in the tents and getting burned by the kerosene lamps. We said we could build solar lights by hand with local parts—and do it now. We asked corporate donors to help us get started. Soon thousands of people were involved, bringing parts to our headquarters to assemble them into house lights and streetlights. We realised we were onto something. How does the organisation work? Solar technology is out in the open. Just go on YouTube and you’ll see that the DIY market is very powerful. The social enterprise part is more difficult to navigate. We coordinate with corporate donors and then work mostly with women cooperatives in the villages. The whole idea is transferring knowledge to locals. These co-ops are powerful because they will be there for years. The women and young people do excellent work because they rent their lights out to others in the community. They should be the engines for sustainability. We don’t have any factories in 32 countries. Everything has to be built and maintained locally in the villages. We help establish a transport network between the rural areas and the markets where they sell their goods. On the way to the markets, the trucks are full of products to sell. We meet them at the markets and send them back with the parts they need. That’s how we maintain villages that are kilometres apart without burning through money on logistics. What types of lights do you help people build? We don’t do big lights. ten-watt solar is the max we do. If you need a reading lamp, you can rent a 1-watt solar light. We’re not going crazy. We make lights that are four or five times brighter than a flame. Then we do mobile charging stations, so people in villages don’t have to go to the city just to charge their phones. And we also teach them how to make streetlights. 68

WITH LIMITED CASHFLOW IN RURAL COMMUNITIES, THE LITER OF LIGHT INITIATIVE IS HELPING PEOPLE TO SAVE MONEY ON POWER AND LIGHTING

THE PROJECT HAS BEEN A HUGE HIT WITH YOUNG PEOPLE WHO HAVE TAKEN TO BUILDING THE SOLAR LAMPS AND THEN PUBLICISING THEM ON THEIR SOCIAL MEDIA ACCOUNTS

What has been the economic impact of your work?

during the pandemic. Why don’t we ask corporate donors to deliver parts to people’s houses and they can build lights at home, put them on Instagram to prove they did it, and then challenge other people to do the same?”

Thirty-five percent of income in villages is generally used for power and lighting. If the people don’t have kerosene, they’ll burn wood, which they also have to buy. So it’s a big burden for these communities to source something carbon-based. It’s also very toxic. Plus, the more money you spend buying carbon-based products, the more money that goes out of the village. By going solar for the next five years, you save that money and it stays in the village. After we introduced streetlights and hand lights we noticed a 70% drop in crimes against women. By working with local co-ops you also create 70

institutional memory. They used to sell kerosene but are now shifting to “greener” jobs. To us, green jobs are not about buying imported solar products and reselling them. It’s about building local economies with local knowledge. We’re using old plastic bottles. My idea is not the technology. It’s just to show people what’s possible. Then let the innovation of locals lead to the creation of better products. What types of projects is Liter of Light undertaking at the moment? I remember a movie called Pay It Forward where this kid would do something good and then challenge other people to do something good in payment for what he did. We said, “Wait a minute. People are stuck in their homes for the next few months

It started with 10 people, then another 10. Soon it was 100, then 1,000, and then 3,000. When it hit 3,000 we knew it was going viral. Parents liked this project because it taught kids about solar lights and sustainable energy. And kids loved building them and showing them online. Some of the kids started to challenge congressmen and senators in the Philippines. The Light it Forward Philippines challenge currently has around 400 celebrities taking part. It’s going crazy.

What’s next? We know that kids are struggling with being stuck at home. So we’ve also started enlisting them to make some of the largest solar artworks in the world— like 200 metres across. There are thousands of people helping build it. Now with the advent of the 75th anniversary of the UN, one city mayor called us and asked if we want to use his city as a canvas. So we’re taking over all the public parks and we’re doing artworks related to the UN’s 17 sustainable development goals (SDGs) to transform our world. What better way is there to talk about the future?

Designs for life A teenage prodigy from a family of architects, Medi Korasani continues to hone his passion for design as director of Melbourne-based DW Architects & Interiors BY DIANA HUBBELL

or Medi Korasani, director of the Melbourne-based DW Architects & Interiors, design has been a calling. Born into a family of architects, he grew up flipping through blueprints the way other children look at colouring books. When Korasani was a boy, his father taught him the basic tricks of the trade and forced him to think critically about finding solutions. “You know when people ask their kids to stand in the corner when they’re naughty? I would be asked to resolve a floor plan,” Korasani says with a laugh. “It was my father’s dream for me to become an architect and take over his company.” By the time he was a teenager, he had already graduated to studying the largescale projects his father’s firm was working on around the Middle East. After a visit to the UK to learn how to use the then cutting-edge AutoCAD software for 3D rendering, he was responsible for passing that knowledge on to architects decades his senior. “I became an AutoCAD teacher for my dad’s company. I was 11 or 12 years old and I was supposed to teach all these old guys how to use a computer,” he says. “From that point on, I started working part-time at my dad’s company. I knew how to make a dollar by the time I was 15.” That sense of self-reliance and a love of problem-solving have stayed with Korasani throughout his career. The projects that make him light up are never the easy ones, but the ones with some inherent challenge. Yet while he relishes tackling these obstacles, he’s not in it for glory. He learned at the age of 18, when he designed his first physical building, that it was better to set his ego aside. Though the project was a simple car park, it left a lasting impression on him. “I came to understand how important it is when you design for people—not just as an artist or an architect thinking in the abstract,” Korasani says. “I started thinking about people, about the use of space, about the different needs that individuals have. Talking to the people who lived in my design changed my whole perspective.”

You can go out of fashion in a matter of a couple of years. Functional design principles never go out of style. If you’re doing things for fashion instead of thinking of the user, you’re doing it wrong

MEDI KORASANI’S LIFELONG DEVOTION TO HIS CRAFT HAS HELPED DW ARCHITECTS & INTERIORS EMERGE AS ONE OF AUSTRALIA’S MOST DYNAMIC PRACTICES

By the time Korasani branched out from his father’s architectural firm and founded his own, he was deeply committed to creating the kind of functional spaces that people would genuinely enjoy living in, even as their demands shifted over the years. “We build something once, but it’s going to be used for the next 30 to 60 years, if not more. Our lifestyles evolve and change,” Korasani says. “So, I started thinking more futuristically about how to use space efficiently. It’s not about having a certain style but more about keeping things simple. As they say, classics never get old.” At a certain point, it was only natural to bring that philosophy from exterior to interior. When a clash of ideals meant parting ways with an interior designer on a project, Korasani simply resolved to do it in-house. Today, DW Architects & Interiors has an extensive interior design department. “To me, architecture is not supposed to put walls between spaces,” Korasani says. “Any space you create internally has an extension outside. Like when you start thinking of drawing lines so that both sides of the divide are aesthetically beautiful and functional.”

Sustainability, naturally, factors into every project that DW Architects & Interiors takes on, although Korasani is cautious to steer away from greenwashing. He has little interest in simply slapping on a solar panel for cosmetic virtue-signaling purposes. Rather, he closely analyses each element to maximise efficiency in a real, substantive way. “As architects, we have a lot of control over what we design and how it will be used,” he says. “But the bones of a building and the way it is conceptualised in principle have to be as optimised for efficiency as possible. It’s not just about adding on some gadget.” All of this is to solve the ultimate problem: How do you create homes that people will love to live in? The results are inevitably pragmatic, often striking, and, above all, timeless. “You can go out of fashion in a matter of a couple of years. Last year, rose gold was in fashion. Two years ago, it was black,” Korasani says. “Functional design principles never go out of style. If you’re doing things for fashion instead of thinking of the user, you’re doing it wrong.”

4 Sunhill Road, Glen Iris “The question was this: how can we make this a functional space, but bring in some excitement to the building?” Korasani says of this stylish single-family home. Australians tend to be family-oriented, which meant that it was crucial to allow ample space for up to four or five children, as well as elderly parents. With high ceilings, modern furnishings, and plenty of sunlight, even a large family would never feel cramped here. “It was all about mixing the interiors and exteriors. We’re trying to confuse the brain to think in-between spaces.”

5 Morton Street, Essendon “This was a narrow site with a massive slope. That created opportunities for views, but also made for a tricky design,” Korasani says. Instead of treating the slope as an obstacle, he used it to his advantage. “We had to create a multi-level design that respected the site. We wanted some of the ‘wow’ factors that you see in a mansion, but in a very contemporary style,” he says. Knowing that a young, creative couple would be moving into space influenced his decision. “For me, it was important to bring in light and a bit of greenery. It mixes inside and outside, so you have the feeling that not only the interiors but also the exteriors are part of your home.”

32 Pine Avenue, Elwood “We realised there was a certain demographic in Elwood, which is a cool, expensive area in Melbourne,” Korasani says. “People love living there. It’s full of cafes and has its own culture and character.” To capture some of that energy and create a space that would appeal to young, affluent urban professionals, he envisioned something striking with an abundance of plants. “We thought, how can we design something that has an edgy element, but at the same time has some green, softening feel to it? When you’re inside the space, you have cathedral ceilings and skylights. It was all about maximising your ability to capture that northern light.”

80 Bulla Road, Strathmore “This project is dealing with two different interfaces,” says Korasani. “They required something a bit iconic facing one way, and something simpler the other way. So, the building works with two different aesthetic languages as a result of the different levels.” Clean, strong contrasting diagonal and vertical lines add a visually dynamic element to the front of the building, while floorto-ceiling windows on all three levels seamlessly integrate the surroundings with the sleek interior spaces, and also frame the unimpeded panorama of the glittering urban skyline. “It’s got very nice penthouses on top, which have city views.”

117 Spray Street, Elwood “A developer asked us to design this for him to live in,” says Korasani. “He’s a younger professional, so he didn’t want a large space. He wanted a minimal, efficient, optimized design.” The result certainly fits that description, with a spectacular rooftop terrace and an impressively large window with a view in the master bedroom. “It has multiple living zones—you could party in one zone and study in the other,” adds Korasani. “So, it’s not a large space, but you could still have a couple of young professionals having their own spaces.”

227-229 Cecil Street, South Melbourne “We were trying to bring a touch of New York style to it because it’s a neighbourhood that gives you that kind of feeling. [South Melbourne] used to be industrial, but because of its proximity to both the beach and the CBD, it’s a very desirable area,” says Korasani. Much like in New York, each of the four homes had a minimalist footprint, meaning efficient use of space was essential. “In terms of design principle, we wanted to go simple. We wanted to use height to create a cool townhouse feel without too much width. We’ve incorporated pretty much every element that a house has. Each has a small backyard with a barbecue, as well as what my client calls rock-star walk-in robes.”

ADVERTORIAL

FOREVER HOMES At Verticus, the latest residential project by veteran developer Soilbuild Group, property seekers find desirable, well-amenitised freehold homes meant to last generations Ltd. understands changing attitudes in the market more than anyone. Recently, the company previewed Verticus, a 162unit freehold residential development. Such units can easily be passed on to the homeowners’ children and their children’s children—endowing home buyers and investors with “True Ownership, Through Generations”. Verticus is truly a compelling place to grow old in. The art deco-inspired development, which rises 28 floors high, is designed with plenty of holistic facilities that are rare for a single high-rise residential development— living up to Balestier Road’s reputation as “Recreation Road”. In fact, the neighbourhood around Verticus is rife with parks and sports complexes.

A country whose heritage is as rich as its future is bright, Singapore is a study in contrasts, indeed. On one hand, all eyes are on the emergence of Health City Novena, a 17-hectare integrated healthcare master plan development that will solidify the city-state’s status as a global medical hub. Just adjacent is Balestier, known for its legacy of art deco architecture and history of active living. A home in Singapore’s prime city fringe location is, in itself, a very persuasive proposition for many property seekers, but many also desire residential developments with multigenerational appeal. They prefer their residential properties freehold or those that can easily be passed on to future generations. Unfortunately, new freehold launches in District 12 have been few and far between recently. Having been in the real estate and construction sectors for more than four decades, leading integrated property group Soilbuild Group Holdings

Verticus offers leisure, sporty and wellness facilities across three stunning sky gardens. The development even has a tennis court on Level 1, which is rare for single-tower developments. The Sky Stadium on the 5th floor has more than just the usual condominium lap pool; it also has a spa pool, aqua gym, leisure pool, and water lounge. There is also an “active parkland”, with gardens and alcoves for relaxation, plus an outdoor fitness area. Club Verticus and a grill-and-dine pavilion are also located in The Sky Stadium: perfect spots to meet guests and other residents. The sky terrace on the 14th storey is meanwhile described as “a luxury tree house for grownups,” with serene spaces for entertaining guests or just enjoying meditative time alone: a sky gourmet bay, sky lounge, yoga scape, rejuvenation enclave, chill out terrace, and reading carrel. This area also hosts a sky gym. On the 28th storey is Verticus’ very own Peak Garden, giving residents unobstructed city views.

Even the wellbeing of the building’s youngest residents are taken care of, with facilities such as a tots’ play yard, junior rock wall, and tête-à-terrace. Verticus caters to a full spectrum of homeowners and investors, including families with children and DINK (Dual Income No Kids) households. Property seekers can choose from spacious one-bedroom units to threebedroom premium units and the four-bedroom penthouse with a family area and study. The homes promote openplan living, with deep balconies, large paned windows, and sliding doors, expanding one’s sense of space in the abode. The bathrooms and kitchens are fitted in the finest appliance brands such as Duravit, Grohe, Brandt, Franke, Hansgrohe and De Dietrich. All units come with digital locksets and QR code access for guests, plus automation add-ons like lighting controls and motorised curtains and parcel lockers in the common area.

minutes’ walk of dining institutions like the Balestier Market, Original Herbal Shop, Boon Tong Kee, and Wheeler’s Yard. Shopping destinations like Balestier Plaza, Zhongshan Mall and Shaw Plaza are likewise just a threeto four-minute walk away. Lest residents forget the area’s history, Verticus neighbours such venerable attractions as Malay Film Productions, Sim Kwong Ho Shophouses, and Sun Yat Sen Nanyang Memorial Hall. Lim Han Qin, director of Soilbuild Group, summed it up best: “We have an affinity for Balestier as it is in a strategic city-fringe location, offering a rich heritage, is close to good food, and has easy accessibility to the CBD.” Fusing modern design, heritage, and nature, Verticus is a great home for life.

Verticus is a well-located home base for young professionals and also offers attractive rental potential for investors, especially those working in the nearby Health City Novena, with the integrated healthcare hub covering Tan Tock Seng Hospital, Mount Elizabeth Novena and Novena Medical Centre, as well as many R&D centres. Only a short walk from Toa Payoh station, Verticus is just three stops from Orchard station. It is set along Jalan Kemaman, easily accessible through the CTE or PIE. Modern conveniences, alongside timeless shops, surround Verticus. The development is just within two to four

Taking flight

Tangerang will be familiar to most travellers for housing Soekarno-Hatta international airport, Indonesia’s principal aviation hub. Though its roots as a home to the Chinese community date back centuries, Tangerang only became an autonomous city in 1993, and now showcases a surge of recent development as a major industrial, residential and retail hub. It is expanding in intriguing ways. The upscale enclave of Pantai Indah Kapuk (PIK) was built to accommodate Jakarta’s suburban overspill. Its main draws include a golf course and Angke Kapuk, a protected mangrove parkland.

BY JONATHAN EVANS

Home to Jakarta’s international airport, Tangerang is emerging as a viable investment option thanks to its lifestyle and infrastructural perks

ImajiHaus

Embarcadero Bintaro

Bandar Djakarta Alam Sutera

Wooden Bar

PIK Avenue

Benteng Heritage Museum

Part of the Greenwich Park gated community near the new town of BSD (Bumi Serpong Damai) City, ImajiHaus is managed by Sinar Mas Land. Throughout the neighbourhood there’s an emphasis on space. ImajiHaus comes with a Water Inspiration Park which instils a calm atmosphere. Its “three-and-ahalf-floor” houses with light-filled interiors are equipped with a versatile attic space thanks to a triangular roof. Adding to its exotic allure are three clubhouses named after paradise locations (Barbuda, Phi-Phi, and Bora-Bora). The overall impression is one of harmonious, family-oriented coexistence, further enhanced by the liberal use of wide wooden paths, trees, and water features, such as mini-lakes, that reinforce the garden-resort concept. The architectural design and interiors are by Denny Gondo of the locally based, award-winning Studio Air Putih practice.

This L-shaped, twin-tower edifice in South Tangerang looms large over a multicultural area of schools, shops, and transport nodes. Incorporating apartment design by Singapore’s DP Architects, the luxe condominium is aimed at millennials and young families, with seven on-site areas catering to its target demographic including a kids’ club, a wellness club with a Zen garden and yoga deck, a creative hub, and a rooftop swimming area. Also, a lifestyle mall is incorporated within the property, helping create a “one-stop” integrated living concept within Lippo Homes’ latest addition to Embarcadero Park in Lippo Karawaci—the pioneering township built on swampland in the ‘90s that was designed to promote a healthy, sustainable environment around the commercial, banking, sporting, healthcare and corporate spaces within a densely populated suburb.

A north Jakarta franchise, Bandar Djakarta’s Tangerang outlet was established in August 2009 and now tops surveys of local favourite restaurants with its seafoodcentric “eatainment” culinary brand. Bandar in Indonesian means “harbour”, a name inspired by its first branch in seaside resort Ancol, which at that time was full of fishing vessels. It combines culinary pleasures— fish, crab, squid, lobster, and shrimp feature prominently on the menu, in various permutations—with a crowd-pleasing set of live nightly music, in which audience participation is encouraged. Alam Sutera offers a garden setting with a generous capacity of 1,500 seats, and exudes a laidback vibe courtesy of picturesque views and relaxing water sounds from the fish ponds. The restaurant also has an air-conditioned indoor area, which hosts reunions, business meetings, and even weddings.

A tasteful, dimly lit nightspot decorated with portraits of iconic figures from rock history, Wooden Bar’s USP is its relatively small size, which creates a cosy, intimate ambience that makes it popular among couples as well as large-group parties. Outdoor seating is provided, but the action begins inside with a quirky decorative touch—the name refers to the choice of material in its well-crafted interiors—an elevated stage hosting frequent live-music performances and a comprehensive menu of beers from around the globe. A relative newcomer to the Serpong nightlife scene along Pasar Modern Paramount’s rows of commercial buildings, Wooden Bar has hit the ground running, retaining its popularity throughout the pandemic and recently celebrating its second anniversary.

Many of Tangerang’s malls are located within townships run by giant developers, but the six-storey PIK Avenue in Pantai Indah Kapuk is a sleek, standalone affair that showcases premium brands in an elegant space leading into the adjacent Mercure hotel. Operated by ASRI, the holding group which also manages the Mall of Indonesia in Kelapa Gading, this is more of an aspirational lifestyle destination than a shopping centre, reflecting the spending power and upwardly mobile social status of PIK’s residents. Among its dozens of cosmopolitan tenants—ranging from electronics stores and fashion outlets to numerous restaurants—standouts include French bakers Doré and La Maison, cuttingedge appliance maker Bose, diamondspecialist jewellers Frank & co, and a semialfresco branch of the upscale café Toby’s Estate, which doubles as a gathering space for the neighbourhood’s well-to-do denizens.

Tangerang’s two principal historical showcases sit within proximity of each other in the old market area of Pasar Lama, in a colourful display of syncretic architecture. Boen Tek Bio is the oldest Chinese temple in the city, dating back to 1684. Nearby lies the award-winning Benteng Heritage Museum, a historic townhouse that was repurposed as a museum by businessman Udaya Halim, and opened on the auspicious date of 11 November 2011 (11/11/11). The museum displays artifacts and cultural objects illustrating the history of Tangerang’s Benteng or Peranakan Chinese community—ethnic Chinese who assimilated into Southeast Asian society through transculturation—and that are housed in a traditional, vernacular building originally constructed in 1864.

PROVING ITS METTLE Silver linings have been hard to find for debt-distressed Sri Lanka recently, but the resilience of its property sector provides at least some grounds for optimism BY AL GERARD DE LA CRUZ

here were grim economic tidings on several fronts for Sri Lanka in 2020. In common with nations around the world, the island country was slammed by the pandemic, which all but wiped out its allimportant tourism sector. Only a year after it catalogued Sri Lanka as an upper middle-income country, meanwhile, the World Bank downgraded it to lower middle-income status in July 2020. By year’s end, the heavily indebted insular economy contracted by 3.6%, its foreign reserves exhausted by depressed foreign remittances, non-existent tourism, and underperforming exports.

WORK IS STILL ONGOING ON COLOMBO’S PORT CITY, AN AMBITIOUS 269-HECTARE CHINESE-FUNDED DEVELOPMENT WHICH CHINESE PREMIER XI JINPING SAID HE HOPED WOULD BE “COMPLETED SOON”

But don’t cry for Sri Lanka just yet. The teardrop-shaped island may yet find consolation in real estate. Ignoring the closure of the land registry and transaction delays during two lockdowns, the buy-to-live residential real estate market has performed solidly for a nation with a long history of unrest, according to Roshan Madawela, founding director and chief executive officer of the consultancy Research Intelligence Unit (RIU). “It’s been a tough two years since the bombings,” Madawela says, referring to the devastating Easter Sunday attack in 2019, “but sales continue to happen, and they have been increasing despite Covid-19.” Tier-three or semi-luxury apartment projects were absorbed by up to 60% last year, compared to 70% the previous year. “I don’t think the word ‘recovery’ is appropriate. The market has proven to be resilient, and ‘resilient’ will become ‘resurgent’ as we move forward.” Alongside developer discounts, the lowinterest-rate environment has fomented borrowing, sending house prices north of 20% since the second quarter of 2020, according to credit rating agency ICRA Lanka. The series of key interest rate cuts during the pandemic have undercut yields of the fixed deposit: the investment scheme of choice for many Sri Lankans. With capital gains hovering at 8%, residential property scans as a vigorous alternative. “We’ve noticed that people have 94

I don’t think the word ‘recovery’ is appropriate. The market has proven to be resilient, and ‘resilient’ will become ‘resurgent’ as we move forward

WORK AND SHOP Office buildings in Sri Lanka have been in “survival” mode due to pandemic-induced paradigm shifts in working arrangements, as well as the enduring repercussions of the 2019 Easter Sunday blasts, according to Roshan Madawela, founder and chief executive of the consultancy Research Intelligence Unit (RIU). Although leasing rates have held firm, an estimated 5% to 10% of large companies have switched from grade A to grade B office spaces. Commercial developers, in turn, have extended grace periods for rents and utilised deposits to cover delinquent tenants. “Companies in grade A offices have downgraded because of the general depression in business, but for the most

part, these developers have held onto their clients,” says Madawela. The struggle is more palpable in retail spaces. Leasing rates at shopping malls have sunk by as much as 50% due to a dearth of tourists and a general drop in domestic footfall, exacerbated by two lockdowns. “The rationale and the feasibility for having high-end malls in Sri Lanka were based on very encouraging growth in tourism,” says Madawela. “From millions of tourists per annum, it has come pretty much close to zero, so naturally the mall footfall has been very low. As a result, the developers have had to give serious lease concessions to keep retailers and essentially ensure their survival.” 95

taken money out of fixed deposits and put it in property because capital gains have always been up,” says Madawela. “Property is always a good option amongst the other asset classes.” Low lending rates have even ratcheted up interest in freehold land, with apartments priced below LKR30m ($154,000) seeing “continuous” demand from domestic Sri Lankans, according to Nirmal de Silva, founder and chief executive officer of the advisory Paramount Realty. “Because of the low interest rate regime, it’s a good time to invest in real estate as opposed to keeping your money in the bank or a fixed income instrument.”

INTERNATIONAL TOURISM HAS BEEN ALL BUT WIPED OUT BY THE GLOBAL PANDEMIC, BUT SRI LANKA’S STRONG APPEAL AS A DESTINATION OFFERS HOPE FOR THE FUTURE

Rental yields, however, hang at 3% or 4%, down from 7% in 2019, as developers and hoteliers alike lose out on foreigners and expatriates. In normal times, the Sri Lankan diaspora—numbering three million people scattered from the UK to Saudi Arabia—would account for as high as 30% of apartment sales, especially in Colombo 1. Apartments in the prime colonial section of the metropolis brim with tier-one apartments at prices between $1m and $15m. “When the airport opens and the normal flow of traffic comes in, rental yields would go back up, but I don’t think they will return to what it was two years ago,” predicts Madawela. “It will probably normalise to the Asian average.”

The depreciation of the rupee, which hit LKR203 against the US dollar in April, following the slump of foreign reserves to a 12-year low of $4.05bn, could shore up interest from international buyers besides the diaspora. But such buyers only constitute around 5% of the top end of the market. “The concept of non-Sri Lankans coming in to buy apartments and holiday homes is at a very nascent stage,” says Madawela. Among other interim fiscal measures to safeguard the currency, Sri Lanka has banned imports of non-essential commodities for more than a year. This, however, could have

SLOWLY BUT SURELY The government has initiated a program to safely breathe life into tourism, a pillar of the island’s economy. After tentatively reopening its international airports in January 2021, Sri Lanka ushered in roughly 4,000 tourist arrivals. It is a far cry from the two million who ordinarily come to the country every year, but at least it is a start. The program entails staying two weeks in an enclosed hotel, with the option to join a designated tour to sites of interest. Afterwards, the guest will be allowed to walk around unsupervised, contingent on a negative polymerase chain reaction (PCR) test. It bears remembering, however, that many of the western countries whence most tourists hail still have not opened their borders. Subsequently, hotel occupancy has descended from pre-coronavirus levels of 70% to 80% to 10% to 20%, with massive discounts on offer. “We have seen people being innovative, and many hotel operators have gotten into the quarantine business,” says Roshan Madawela, founder and chief executive officer of the consultancy Research Intelligence Unit. “I don’t think they made a lot of money, but then who knows? I’m sure the margins they make might be pretty good because they’re not spending much.” “I think we, as a nation, we have a lot of precautions that have been taken in terms of making it a safe environment for tourists,” says Nirmal de Silva, chief executive of the advisory Paramount Realty. “But to see the real potential of tourism back to what it was before Covid-19, I think it will take us at least one year more.”

SRI LANKA’S PRESIDENT GOTABAYA RAJAPAKSA (RIGHT) AND PRIME MINISTER MAHINDA RAJAPAKSA (LEFT) HAVE BOLSTERED DOMESTIC SUPPORT THANKS TO THE GOVERNMENT’S DEFT HANDLING OF CONDOMINIUM LEVIES AND THE INTRODUCTION OF REITS

KANDY, AN IDYLLIC CITY IN SRI LANKA’S MOUNTAINOUS CENTRE, WILL SOON BENEFIT FROM BETTER TRANSPORT LINKS THANKS TO NEW HIGHWAY INFRASTRUCTURE

President Xi Jinping said he hoped to see the Port City of Colombo, the 269-hectare Belt and Road reclamation project near Galle Face Green, “completed soon.”

the unwanted effect of inflating construction costs in the next two years. The architects of these policies—President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa—remain popular at home. Polarising figures internationally, the brothers have bolstered domestic support thanks to actions including the government’s deft handling of condominium levies and the introduction of REITs in September 2020. “The previous government didn’t have a very clear policy for real estate,” says Madawela. “That uncertainty hurt the market.” Widespread distrust of multilateral creditors like the IMF among Rajapaksa allies has shoved Sri Lanka towards China for deals underwriting the island’s balance of payments (BOP) deficits. Between March and April, China and Sri Lanka inked a $1.5bn currency swap facility, followed by a $500m loan agreement. Public and publicly guaranteed debt have increased to 109.7 percent of the GDP, according to the World Bank. To increase economic competitiveness, the island needs “an exportoriented growth model” that taps the “full potential of private investment,” states Faris Hadad-Zervos, World Bank country director for Maldives, Nepal, and Sri Lanka. Sri Lanka would also do well to combat political patronage, which has led to one of the highest ratios of people working in the public sector of any country. “It resembles a communist state, and at the heart of these are huge stateowned enterprises that make massive losses each year,” says Madawela. Bilateral ties with China will continue to play a pivotal role in the island’s overall infrastructure development, says de Silva. “One thing is for sure; the Rajapaksa government has been very focused on infrastructure development, and real estate is one area which falls under that category.” In a phone conversation with Gotabaya in March, Chinese 98

Chinese government loans are fasttracking road infrastructure projects such as the Central Expressway, connecting the infamous Hambantota Port in the country’s south to the Katunayake Airport north of Colombo and the city of Kandy in the island’s mountainous centre, as well as the Colombo Outer Circular Highway, which bypasses the capital. “If you are bullish, the central, southern and northern provinces will be areas to earmark shortly,” says de Silva. Infrastructure developments will make suburban sites such as Rajagiriya in Kotte more attractive in the next few years too, according to Madawela. The developments, combined with the mainstreaming of work-from-home, will increase demand for suburban living. With the pandemic stifling launches, absorption of existing stock could rise to anywhere between 55% and 70%: a sellers’ market in the next two to three years. “The market might even reach a situation of undersupply because everything that is built is being purchased,” says Madawela. “We haven’t had many new developers coming in the last two years since the bomb attack.” Surrounded by the Indian Ocean, the revival of Sri Lanka’s fortunes will ultimately be contingent on the return of air travel. A good influx of consumer interest will translate to sales upon the opening of airports in the next 12 months. De Silva says: “As long as there is continuous improvement in policy and infrastructure, the real estate market will continue to boom because we are an island nation. We have a small land footprint and that will have great investment opportunities for both local and foreign investors. “We just need economic and political stability.”

FEELING THE PINCH Replenishing Sri Lanka’s foreign reserves and establishing a long-term solution to its debt repayment problems require a closer look at the structural imbalances in the economy. For several decades, export revenues in Sri Lanka have averaged around 50% of import expenditure. This, experts say, is anathema to the fundamental thrust of the economy to be more export-oriented. “The government needs to have a very solid program on how they are going to help Sri Lankan exporters derive export revenue,” says Nirmal de Silva, chief executive of Paramount Realty. A broad-based tax structure is also needed to plump up public coffers. Much trade in Sri Lanka takes place without taxation, mainly in illicit markets that

exist in parallel with legitimate tax markets. These have resulted in billions of dollars of government revenue leakage. In addition, patronage politics prop up the existence of redundant, lossmaking state-owned enterprises. These organisations have over-employed people whose efficiency has fallen short of expectations—it would be in Sri Lanka’s best interests to reallocate such labour. “We need to ensure that we eliminate waste and continuously work on reducing areas of corruption,” says de Silva.“We look at public financing and funding that brings us the optimum return, so we need to look at how we are going with the expenditure. We need to cut down on all unnecessary spending.”

SHOT IN THE D AR K Thailand’s pandemic nightmare is not yet over. And with national vaccination efforts proceeding slowly, investor confidence in the country’s real estate market is suffering BY GEORGE STYLLIS

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BANGKOK’S GLITTERING SKYLINE IS REPLETE WITH FLASHY CONDOMINIUMS, BUT UPTAKE ON UNITS HAS SLOWED WITH THE PANDEMIC DAMPENING INTEREST FROM INVESTORS

AIRPORT EXPANSION TAKES FLIGHT The future of Thai tourism remains uncertain, but that has not stopped the government from pushing ahead with plans to expand the country’s hub airport in Bangkok. A panel in charge of upgrading Suvarnabhumi airport approved earlier this year a THB60bn project to build three new terminals tentatively scheduled for completion by 2024. The terminals, known as the East Expansion, the West Expansion, and the North Expansion, are expected to increase the airport’s annual passenger handling capacity by a further 60 million. “We are looking ahead because the country’s main source of income is from the travel industry and air passengers account for 80% of tourist arrivals,” said Transport Minister Saksayam Chidchob. The airport had been struggling to handle pre-pandemic visitor numbers of more than 40 million a year. The expansion of the airport will coincide with a third runway. Once complete, the airport will be able to handle up to 90 flights per hour, compared with 68 currently.

hailand had for the most part returned to normal by the end of last year. Bars, clubs and restaurants were filling up, people were back at work, and domestic travel was gathering pace. While international tourists were still absent, it was widely held that Thailand had escaped the worst of the pandemic and could avoid further outbreaks. But with successive waves of the virus emerging, confidence is crumbling, and the Thai property market is feeling its worst chill yet since the pandemic began. 102

The market was already reeling last year. As travel bans and lockdowns curtailed showroom visits and viewings, sales offices closed, and new projects were stalled. But in the months that followed an initial national shutdown in April and May 2020, faith was returning with Thailand emerging as a success story in its handling of the virus. Widespread use of masks, a robust health system, and strict travel requirements appeared to be effective weapons in fighting the virus and avoiding harsh, fullscale lockdowns as seen in places like China and Europe. “Up until early this year, the real estate market in Thailand was proceeding almost as normal,” comments Marciano

Birjmohun, a property consultant and former director of the Singapore-Thai Chamber of Commerce. Demand from both domestic and foreign buyers was showing signs of recovery, especially in low-rise housing popular with end-user buyers. Developers had begun offering big discounts and promotions including free furniture, zero fees on ownership transfer, down payments-free periods for up to 24 months, and zero interest on down payments. Discounts of 20% were being offered on completed developments where developers wanted to clear their backlog.

Thailand is banking on allowing vaccinated visitors to enter without quarantine from July with Phuket, followed in October by Krabi, Phang-Nga, Koh Samui, Pattaya, and Chiang Mai.

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PRIME RESORT LOCATIONS AROUND THAILAND ARE FEELING THE PINCH FROM THE LACK OF INTERNATIONAL ARRIVALS. WITH DEMAND SOFT, THERE IS VERY LITTLE NEW SUPPLY COMING ONLINE

That (Thailand’s third wave) was the straw that broke the camel’s back. Even buyers of landed properties are holding back as travelling around the country has been made difficult This brought fresh opportunities for savvy buyers and developers of landed properties, added Birjmohun. “The coronavirus was having a good effect on buyers. People realised there were deals to be made in the market. “So the first and the second wave were door openers. We had significant discounts on the resale market, we had developers with new stock adapting their prices and offering more incentives. It was a real buyer’s market.” But the onset of the third wave in March has sent the market back into reverse. “That was the straw that broke the camel’s back. Even buyers of landed properties are holding back as travelling around the country has been made difficult,” says Birjmohun. Thailand’s third wave was linked to a cluster of infections discovered at one of Bangkok’s popular nightspots. At the time of writing, the number of daily new cases had reached record highs of more than 1,000, fuelled by the more infectious British strain of the disease. The Thai government has been forced to maintain a difficult balance between aggressive restrictions to curb the spread of the virus and keeping the economic wheels moving. Thailand’s stuttering economy is already in a crisis position. The country lost more than THB2.1tn in tourism revenue last year, representing 13% of GDP.

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Birjmohun says buyers are not only looking at the situation unfolding in Thailand, but also in neighbouring Cambodia—which in April was battling its worst outbreak yet—and getting nervous. Added to that are grim scenes emerging from India and Brazil where successive waves of the virus have brought health systems close to collapse. The continuing battle against the virus bodes ill for Thailand’s secondary markets, which rely on tourists and retirees looking to buy holiday homes. “For resort destinations like Pattaya, Hua Hin and Phuket, demand is still soft and there’s very little supply coming on the market,” says Sunchai Kooakachai, director of research and consultancy at Knight Frank Thailand. “As long as quarantine measures are still being implemented, then I think market absorption will not pick up.” With tourism not expected to return to prepandemic levels until 2023 or 2024 at the earliest, the Bank of Thailand projected GDP growth of 3.2% and 4.8% for 2021 and 2022, respectively. Most analysts agree that only with a robust vaccination program can Thailand restore confidence in its real estate market, something it has been widely criticised for failing to do. As of mid-April, less than 1% of Thailand’s 69 million people had received at least one vaccine dose. The prime minister wants the ministry to vaccinate at least 70% of the population to ensure herd immunity by the end of this year.

FARANG-FRIENDLY For foreigners, living in Thailand is rarely straightforward. Endless paperwork and visa rules leave many jumping through hoops or gaming the system. But that might soon come to an end, as Thailand is considering relaxing requirements for expats in a bid to lure investment and offset some of the damage caused by low tourism. The government announced in April that it is looking to overhaul its visa rules to make it easier for expats and long-term tourists to stay in the country. The proposed changes could mean foreigners would no longer have to file 90-day reports of their whereabouts. Also on the table are corporate income tax cuts, relaxed

property-holding rules, and incentives for retirees and start-up companies. “Immigration rules are the key pain points” for foreigners working in Thailand, says Chayotid Kridakorn, a former head of JPMorgan Securities (Thailand) who is leading a government task force to smooth investment into Thailand. “We want to make it easier for foreigners to live and work in Thailand.” Foreign tourist arrivals into Thailand plunged to 6.7 million last year, the lowest level in at least 12 years, while the economy suffered its biggest contraction in more than two decades.

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THAILAND’S ALL-IMPORTANT TOURISM INDUSTRY HAS BEEN DECIMATED BY THE PANDEMIC, WITH DESERTED BEACHES AND EMPTY HOTELS TESTAMENT TO THE PAIN THE SECTOR IS SUFFERING

TIME FOR RED In April, Bangkok welcomed the launch of its new Red Line, which became the first train service to run through the city’s ambitious Bang Sue Grand Station. The line stretches 41 kilometres from Rangsit in the north of Bangkok to Taling Chan in the west, through Bang Sue Grand Station. Transport Minister Saksayam Chidchob said it was hoped passengers could start using the service for free from July, with full commercial services to start in November. Bang Sue Grand Station, covering 357 hectares will be the largest rail hub in Thailand and indeed in Southeast Asia after it launches in November, with high-speed, airport, long-haul, and commuter train services. The station will serve all State Railway of Thailand lines, the Metropolitan Rapid Transit Blue Line, and the Airport Rail Link, as well as high-speed trains in the future.

But will that alone be enough? “Even with the vaccine rollout, the government will still have tight control over cross-border travel. Relying on online sales will not generate a high volume of sales,” CBRE said in a report from Q1 2021. Experts also say that Thailand will need to address problems that were apparent before the pandemic. Certain segments, particularly the condominium market, had noticeably slowed the year before 2020. A strong baht and weak yuan had caused Chinese clients—a key market for condos—to shy away, resulting in decreased liquidity in the market.

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The government hopes that one way it can offset the decline in Chinese buyers and the downturn in tourism is through foreign buyers seeking to live in Thailand. In November it announced a scheme to lure foreign buyers with a free residency visa. For purchases of one or several units amounting to THB10m ($330,200), they will receive a five-year residency visa worth THB500,000 at no charge or a discounted rate. Developers Sansiri, Nusasiri, Four Seasons, and Raimon Land have confirmed they will join the program. Birjmohun hailed this as a worthwhile incentive in a country where businesses are clamouring for Thailand’s convoluted visa rules to be loosened and simplified to attract foreign talent.

In its recent report, CBRE says holding the attention of foreign buyers will also be crucial for when the pandemic abates, and they can be allowed to easily enter the country. Up until the third wave, foreign interest held strong even if sales had diminished, it said. But the longer Thailand continues to take to achieve wide distribution of vaccines, the more it is likely to dip.

When it launches, the city’s historic Hua Lamphong station will cease operations. “In the long term, it [Bang Sue Grand Station] will become a driving force in Thailand’s ambition to become the largest rail transport hub of ASEAN,” Prime Minister Prayuth Chanocha said in December.

The CBRE report touched upon the fluidity of the situation. “There’s a high level of uncertainty surrounding Covid-19 including the new strands and side effects of the vaccine. Things could change overnight.” Ominous words and not ones that bode well for stability in the near term.

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s the business community looks towards the post-pandemic era, the search for “greener” alternatives and ideas has risen to the top of the agenda for many companies. There is increasing public focus on the climate crisis and its impacts, new policies are affecting building energy performance, and investors are demanding a greater green cache. As a result, the real estate industry at large is finally—albeit gradually—heeding the strong business case for incorporating environmental, social, and governance (ESG) factors into their operations. The World Commission on Environment and Development defines environmental sustainability as “a process of change in which the exploitation of resources, the direction of investments, the orientation of technological development and institutional change are all in harmony and enhance both current and future potential to meet human needs and aspirations.” And the building and construction industries must be part of this “process of change.”

EVERYTHING’S GONE GREEN With sustainability in sharper focus than ever before, visionary entrepreneurs around Asia are helping to steer the real estate industry on a mindful track BY LIAM ARAN BARNES

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Calls to curb resource usage and environmental impacts will continue to rise, especially as Gen Z hits adulthood. Indeed, most consumers now demand and expect sustainability-orientated products in most aspects of their lives, with 81% around the world believing it is extremely or very important for companies to have environmental improvement as an objective, according to a recent survey by global marketing research firm Nielsen. In Asia, a growing number of disruptors and innovators are revolutionising how construction companies, facilities management firms, and the public sector, as well as designers and developers, operate and adapt to the crisis. Here are four of the most forward-thinking individuals and companies from the region who are trailblazing ambitious— yet viable—routes to a greener future.

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ENTER THE DRAGON Patrick Keane, the founder of Enter Projects, promotes the use of eco-friendly and locally sourced natural materials in his commissions

If an architect is not dealing with the environmental situation and the fragility of the planet, then they are redundant. As far as I’m concerned, they are committing criminal activity

ENTER PROJECTS ESCHEWS THE USE OF NONRENEWABLE MATERIALS IN FAVOUR OF SUSTAINABLE ALTERNATIVES IN ITS WORK

What’s the story? Patrick Keane lived on five continents before relocating to Thailand in 2016. But the inspiration behind Enter Projects' envelope-pushing ventures is firmly rooted in the culture, craftsmanship, and natural materials of Southeast Asia. Born in East Africa, raised in Australia and the UK, and schooled at Princeton University, the onetime game designer specialises in using technologically aided 3D design to create interiors and exteriors that are eco-friendly, innovative, and, above all, responsive to the local climate. Eschewing non-renewable materials in favour of sustainable alternatives—most notably rattan—Keane and his Phuketbased team have racked up the accolades over the last year, including the Dezeen award for health and leisure and Interior Design New York’s “best of 2020” global award in sustainable wellness design. Now the firm plans to build on this global success and continue developing bleedingedge design concepts that not only ensure a point of difference but employ the latest 110

building methodologies to deliver cost-effective solutions across the region. Why it matters Recent awards recognised Vikasa, a nature-inspired yoga studio in the heart of Bangkok showcasing the flexibility and beauty of locally sourced bamboo. But Spice and Barley—Enter Projects’ latest project—is arguably more representative of its current trajectory. Conceived and designed for one of Thailand’s largest hospitality groups, Spice and Barley is a testament to the firm's ambition, the quality of local artisans, and the synergy between high-spec tech and traditional construction materials. At the core of the four-storey eatery, which is located on the banks of Bangkok’s Chao Phraya River, cascades a seemingly freeform installation constructed of rattan. The 3D-modelled

sculptures weave through the 300-squaremetre space and flood the ceiling to create fluid geometric shapes in a playful nod to the pouring of the bar’s signature Belgian beers. These innovative and practical techniques— the structures also subtly hide the beer and air conditioning pipes—featuring the climbing palm, native to the tropics, form part of a wider initiative called Project Rattan. The community-orientated project was launched to promote traditional Thai arts and crafts and support the severely threatened industry. According to Keane, the collaborations to date have saved three

factories from closure and kept thousands employed, while also demonstrating how versatile and available rattan is as an alternative to synthetic materials. In his own words "While everyone is paying lip service to sustainability, it needs to happen at a grassroots level. The construction industry is so far behind and, worse still, they are well aware of this fact. There's simply no excuse for using plastic or creating waste anymore—not just wastage on a building site but in structures themselves. The most important driver for us is to stay on the pulse and respond to global concerns. If an architect is not dealing with the environmental situation and the fragility of the planet, then they are redundant. As far as I’m concerned, they are committing criminal activity." 111

CHILD OF NATURE New Zealand-born Deb Noller’s idyllic upbringing has informed her vision for Switch Automation, a real estate software company that helps enterprises optimize energy usage

A lot of buildings ran as if they were fully occupied during the lockdown period. Without the proper technology, it’s not possible to make the necessary changes to save energy while unoccupied

SWITCH AUTOMATION WAS CONCEIVED WITH THE VISION OF DECARBONISING THE WORLD’S BUILDINGS, WHICH GENERATE ALMOST 40 PERCENT OF ANNUAL GLOBAL GREENHOUSE GAS EMISSIONS

What’s the story? Deb Noller was fortunate enough to grow up amidst New Zealand’s world-renowned natural landscapes—and it is a connection she has kept ever since. Although her background is in computer science, Noller spent time in the 1980s studying national park management and later combined that passion for the environment with her IT expertise to launch Switch Automation in 2014. Conceived with the vision of decarbonising the world’s buildings, which generate almost 40% of annual global greenhouse gas emissions, the real estate software company quickly established itself as an industry leader, helping large enterprises apply technology for more energy-efficient business operations. The business has grown since its inception from a nine-member team based out of Denver to a global staff of 60 located in offices in the US, Australia, and most recently Singapore. Noller is also now based in the 112

Lion City and is currently plotting Switch’s Asia expansion, which to date includes collaborations with Gaw Capital on DUO Tower and 77 Robinson Road, both in Singapore, and Dong Woo Union in South Korea. Why it matters It has long been established that buildings are responsible for over one-third of all resource consumption and greenhouse gas emissions. With real estate being the biggest asset class, sustainable investing in property seems like an obvious thing to do. As is often the case, however, the real challenge lies in the execution. So, how does Switch tangibly work with clients in an industry responsible for so much biosphere degradation? According to Noller, the engineering team tailors a plan to integrate a building’s existing devices and equipment with

the Switch Platform to measure, analyse and action data, identifying energy-reduction opportunities. By investing in technology, these building owners and operators eventually increase their revenue models, provide better occupant experiences and operate more efficiently, all while saving resources. One of the latest additions to the firm’s leading-edge portfolio of solutions is Switch Dx³, an intuitive programme that continuously scans for devices on a building network, highlighting potential network vulnerabilities and integration opportunities. It is also developing an integration with

RESET®, a set of standards, assessment tools and services to develop actionable, long-term strategies towards health and sustainability for the built environment. In her own words “Covid-19 is going to greatly accelerate the adoption of technology. A lot of buildings ran as if they were fully occupied during the lockdown period because it was easier to do than making adjustments. It didn’t cost landlords anything because tenants pay for the electricity—there’s a level of complacency there. The lockdowns also highlighted that if you’re unable to access your building, you have no visibility into what’s going on. There was a sense of helplessness without the proper technology in place to see what was happening and make the necessary changes to save energy while unoccupied.” 113

URBAN WARRIOR Kotchakorn Voraakhom, the founder of Landprocess and Porous City Network, is helping inject vital green life into Bangkok’s concrete jungle

We have seen the impact lockdowns have had on mental health. In the long term, the architecture and planning of cities needs to change to focus on walkability and accessibility — and most importantly greening

THE AWARDWINNING CHULALONGKORN UNIVERSITY CENTENARY PARK IS AN EXAMPLE OF HOW PUBLIC GREEN SPACE CAN PROVIDE RADICAL ENVIRONMENTAL SOLUTIONS

What’s the story? One of Thailand’s foremost sustainability crusaders and a global voice on urban resilience, Kotchakorn Voraakhom is behind some of the most vital public green space projects incorporated into Bangkok’s concrete jungle in recent years. In 2011, the Harvard-educated landscape designer founded Landprocess and later pioneered Porous City Network, a social enterprise working to solve urban environmental problems across Southeast Asia by aiding, engaging and educating climate-vulnerable communities about productive landscape design. Kotchakorn also works as a design consultant for Bangkok 250, a major redevelopment project celebrating the city’s 250th anniversary. Arguably Kotchakorn’s biggest achievement to date is the award-winning Chulalongkorn University Centenary Park. The visionary project in the heart of the Thai capital is an example of how public green space can rise from the asphalt to provide radical environmental solutions. Described as Bangkok’s “first critical piece of green 114

infrastructure”, the 11-acre recreational oasis features stateof-the-art water management systems integrated within the cascading landscape, which retains and redirects up to one million gallons of floodwater that would otherwise flow into city streets. Why it matters Many of the world’s major coastal cities could be all but wiped out within three decades, according to a 2019 report by Climate Central. The United Nations’ Intergovernmental Panel on Climate Change, meanwhile, recently warned that accelerated melting of ice sheets in Greenland and Antarctica will lead to sea levels rising twice as fast as in the 20th century. This is grave news for Southeast Asia’s major metropolises, many of which are located in delta regions, and makes Kotchakorn’s ventures all the more pressing.

The work that Kotchakorn and her team at Landprocess are doing is also helping to improve the carbon neutrality of cities by confronting climate futures. In 2020, global architecture platform Architizer presented the firm the A+Awards Special Honoree Award for its Thammasat University Urban Rooftop Farm project. Prioritising food security, health, and the environment, the team utilised neglected spaces to efficiently and sustainably produce food on 236,806 square feet of repurposed space, resulting in Asia’s largest organic rooftop farm. Rainwater is collected and gradually released across the park’s terraced steps, which, in turn, sustains plants grown as food for the campus

canteens. Solar panels, meanwhile, generate the clean energy used to power the pump that irrigates the farm. It’s an ingenious circular economy solution. In her own words “We have seen the impact lockdowns have had on mental health. It proves that parks and green public space are not a luxury; they are a necessity for public wellbeing. Green space has to be part of the urban infrastructure. And yet we cannot change cities in a year or two, so we have to work with existing infrastructure, which has been going in the wrong direction, in the short term. In the long term, the architecture and planning of cities need to change to focus on walkability and accessibility—and most importantly greening. But this can only happen if we completely shift our perception of what a city should be.” 115

PUTTING DOWN ROOTS Troy Carter, the co-founder of Rizome, believes that bamboo has the potential to surpass wood, steel and concrete in structural building applications

As the shift towards bamboo occurs, every new building will support a climate-positive CO2 drawdown, and create regenerative local bamboo economies in regions that need it the most

TROY CARTER BELIEVES THAT BAMBOO IS SET TO SURPASS WOOD, STEEL AND CONCRETE IN STRUCTURAL BUILDING APPLICATIONS

What’s the story? If planting one of the largest carbon sequestration projects on the planet and building the world’s first climate-positive cities sounds ambitious, that’s because they are. What is more surprising—although the company name is a clue—is the material behind this audacious goal: bamboo. After years of research and development, Troy Carter and the other co-founders at Rizome believe the perennial grass, which has been used in constructions throughout the tropics for centuries, is set to surpass wood, steel and concrete in structural building applications. A Stanford University graduate with a degree in economics, Carter was an early employee at Airbnb and E la Carte before moving on to launch, scale and sell a craft cider business. He’s now applying his startup savvy on addressing the planet’s ecological and climate crisis to plant 10 million clumps of bamboo by 2025 and sequester 10 gigatons of CO2 by 2050.

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Why it matters Cement and steel account for about 7% and 8%, respectively, of global emissions annually, while wood harvests lead to 18.7 million acres of deforestation across the planet every year. Moreover, carbon offset reforestation projects to date have proven to be notoriously difficult to get verified, track, and demonstrate meaningful sequestration. Bamboo, on the other hand, uses only 8% of the land occupied by wood harvests, and its root structure—rhizome—restores watersheds and prevents erosion. Rizome’s harvests and manufacturing, according to Carter, have now reached a level of efficiency that allows them to develop bamboo at the same price as wood. This has been achieved through a vast network of small farmers and indigenous groups throughout Southeast Asia. The

bamboo is split lengthwise into long slats and treated with high-pressure borate to ensure longevity and fire resistance before it is bonded into plywood or thick timbers. The firm now intends to scale and provide a consistent supply chain to the largest engineered lumber manufacturers and building developers globally. Rizome addresses each aspect of the 17 United Nations’ Sustainable Development Goals (SDG) throughout the supply chain. For instance, reforestation and employment initiatives in the Philippines, particularly Mindanao, are backed by indigenous groups and farmers—many of whom have suffered

the consequences of deforestation through legal and illegal logging across several decades. Indeed, the company plans on being one of the first Sustainable Development Verified Impact Standard projects under the UN’. In his own words “Engineered bamboo lumber is the material technology that will launch a regenerative urban revolution. We believe that one of the largest disruptions in construction materials in the coming decades will be the widespread adoption of structural bamboo. As this shift occurs, every new building will support a climate-positive CO2 drawdown, and create regenerative local bamboo economies in regions that need them the most.”

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ADVERTORIAL

Sun, Sea and SANDS The elements come together to make Manila’s SMDC Sands Residences one of the most auspicious property investments of 2021

ng Pilipinas, Department of Finance, National Museum, National Library, Philippine Gaming Corporation, and the Central Post Office. It also stands close to the US Embassy, as well as renowned national landmarks like Malate Church, Rajah Suliman Park, Manila Yacht Club, Cultural Center of the Philippines, The Coconut Palace, Philippine Navy headquarters, Metropolitan Theater, Binondo-Intramuros Bridge, and Rizal Park. Harbor Square, where tourists take a ferry to historic Corregidor Island, is also nearby. With its rich history and culture, Manila remains the best place to invest in a property in the Philippines. The Philippine capital is being groomed as the next big destination for property investment, with Manila Mayor Isko Moreno determined to mobilise the city’s digital transformation over the next few years while preserving its environment. Moreno’s plans for the city have gained support from the US, UK, Australia, China, Israel, Japan, New Zealand, Panama, Russia, Saudi Arabia, Singapore, and the European Union.

Despite the pandemic, enterprising individuals in the Philippines continue to be resilient, courting auspicious opportunities to advance in business and life in 2021. For many of these individuals, an asset like real estate investment is a dependable way not only to preserve wealth but also to find additional sources of income. It can be easily rented out while they are working somewhere else or even used during business trips. With a property to call one’s own, a real estate investor will be able to anticipate a good cash flow far into the future, and expect the value of the asset to continue to increase.

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One investment you can make this year lies in the heart of Manila—SMDC Sands Residences. Around the world, properties near the sea, bay or lake command a premium—and SMDC Sands Residences is no exception. A project of revered Filipino developer SMDC, Sands Residences is located along the waterfront thoroughfare known as Roxas Boulevard, with a front-row view to the world-famous Manila Bay sunsets. Rising 51 floors high, the tower has 43 residential floors, offering units ranging in size from 21 sqm to 38 sqm. The project neighbours important public institutions such as the Department of Foreign Affairs, Bangko Sentral

One of SMDC Sands Residences’ unique propositions is that it offers hotel-like residential living to homeowners and their guests. Residents have a responsive front desk, concierge, and on-demand services at their disposal, with doormen who give everyone a preferential VVIP treatment. SMDC Sands Residences boasts a visually appealing design, reflecting its outdoor scenery.

space and a view of the sea and the Manila skyline—a great way to complete one’s staycation-at-home experience. SMDC Sands Residences puts a premium on security and convenience. All common areas have CCTV surveillance 24 hours a day, providing peace of mind to residents, tenants and guests, including out-of-towners and long-staying expatriates. To many investors, water is an auspicious element as it represents constant flow. With its enviable location along breezy Roxas Boulevard, coupled with grand hotel-like amenities and leisure experiences, SMDC Sand Residences will certainly keep the returns flowing for years to come. Moreover, now that the world economy is on the way to recovery and prospects continue to be positive for the economic progress of Manila, all roads will surely lead to SMDC Sands Residences.

The gold-and-white colour palette signifies luxury and brilliance. A high ceiling and spacious grand lobby—which evokes the sunset, sandy beach, and a clear sky—give residents a sense of arrival and grandeur. The development is not only a magnificent home. It comes with an integrated retail centre, filled with shops and restaurants. It also has a pool, gym, and function rooms, catering to residents’ recreational and physical activity requirements. SMDC made sure to make the most of its prime location with a sunset lounge that overlooks Manila Bay. The development also contains The Bar, a place where residents can enjoy cocktails and drinks with friends amid pockets of natural

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THE FACT THAT THE WEST BANK HAS NOT BEEN FORMALLY ANNEXED DOES NOT STOP ISRAEL FROM TREATING IT AS IF IT WERE ITS OWN TERRITORY, PARTICULARLY WHEN IT COMES TO THE MASSIVE RESOURCES ISRAEL INVESTS IN DEVELOPING SETTLEMENTS AND ESTABLISHING INFRASTRUCTURE TO SERVE THEIR RESIDENTS

In January 2020, Trump unveiled a controversial plan dubbed Peace to Prosperity, which essentially endorsed Israel’s right to build in the territory and shifted the US’s 40-year stance that such settlements are “inconsistent with international law”.

Dividends in division With an emboldened Israel pushing forward with its construction of illegal settlements in Palestinian territory, one of the world’s most disputed areas has become the site of an unlikely real estate boom By Liam Aran Barnes

n the evening of 3 November last year, the eyes of the world fixed on the fates of two septuagenarian men. It would eventually take six weeks for Joe Biden to officially beat Donald Trump and be declared the 46th president of the United States. But that same night—in the northern Jordan Valley, a cool 10,000 or so kilometres from Washington DC— bulldozers operating under the cover of darkness sealed the grim fates of 11 families within a matter of hours.

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A BARBED WIRE FENCE SEALS OFF ACCESS TO AN UNDERCONSTRUCTION ISRAELI SETTLEMENT IN THE WEST BANK

For the second time in a week, the Palestinian village of Khirbet Humsa was demolished, leaving 74 people homeless and helpless. As their lives turned to rubble around them, it was unlikely that the inhabitants had time to pay heed to what was unfolding in the US. Yet the policies of former president Trump helped clear the way for the Israeli government’s destruction of Khirbet Humsa and other villages like it and its ongoing illegal occupation of the West Bank.

Although most of the international community continues to view them as illegal, the proposed agreement, signed by Israeli Prime Minister Benjamin Netanyahu and swiftly dismissed by the Palestinians, specified that Israel should be the only state with full sovereignty and control over the entire area west of the Jordan River. Such an annexation would make a potential Palestinian state almost impossible. Israel has built more than 280 settlements in the West Bank, home to over 440,000 Jewish settlers (excluding annexed East Jerusalem), since seizing the territory from Jordan during the Six-Day War in 1967, according to B’Tselem, an Israeli antioccupation NGO. These range from tiny, farflung outposts to full-fledged cities, such as Ariel, Beitar Illit, Ma’ale Adumim and Modi’in Illit, with populations ranging from 20,000 to 80,000 in the latter. “The fact that the West Bank has not been formally annexed does not stop Israel from treating it as if it were its own territory, particularly when it comes to the massive resources Israel invests in developing settlements and establishing infrastructure to serve their residents,” says Roy Yellin, B’Tselem’s head of public

outreach. “Thanks to this policy, more than two million dunams (about 1,000 square metres) of Palestinian land have been stolen, by official and unofficial means.” Many of the settlements are accessed via roads that avoid Palestinian areas, and an increasing number of bus lines directly serve them. The changes mean that many settlers can live their lives largely avoiding contact with the Palestinian villages around them. High fences and checkpoints often separate these settlements from the West Bank’s 2.7 million Palestinians, restricting their movement and essentially barring them from these areas. Traditionally deemed frontier locations, primarily appealing to ideological Zionists—committed to the principle of living in what they call Judea and Samaria, the biblical heartland of Israel—and Israelis in search of lower living costs, the settlements have become increasingly attractive investments, with property prices outstripping those in Israel proper in recent years. The boom was fuelled further by the Trump administration’s policy shift last year. “The first thing people search for in real estate is security,” Daniel Wach, owner of brokerage Shorashim in the settlement of Eli, told Bloomberg Businessweek in June 2020. He believes that annexation could boost values by more than 20% over the next two years. “Judea and Samaria always had a question mark, and a question mark is not good for real estate. They’re now

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Dispatch has grown to include 700 residential units. On its website, the company describes it as a “new, young and lively settlement in Western Samaria [where] currently about 400 families reside. And in the coming year about 100 additional families are anticipated to join the community.”

putting on an exclamation point.” Wach added that in the nearby settlement of Kfar Saba, located across the “green line”—the internationally recognised border separating pre-1967 Israel from the occupied Palestinian territories—a sevenroom apartment on a 200-square-metre land plot costs an estimated ILS4.5m (USD1.3m). The Israeli government meanwhile offers a slew of benefits and incentives to settlers through both official and unofficial channels. Housing benefits are the most significant, allowing families that lack capital or substantial sources of income to buy homes in settlements. These benefits partly explain the rapid population growth in the large ultra-orthodox settlements in the West Bank—Modi’in Illit and Beitar Illit. In addition, significant tax benefits of up to ILS200,000 per taxpayer are offered to residents of about 30 settlements, according to B’Tselem. Some Israeli real estate firms are now exclusively focused on constructing and developing settlements, including Harei Zahav, which has built more than 20 settlements since launching 24 years ago. Since construction began in 2013, its “flagship” project, Leshem, which sits just 25 minutes from the Israeli capital Tel Aviv,

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THE CLOSE RELATIONSHIP BETWEEN FORMER US PRESIDENT DONALD TRUMP AND ISRAELI PRIME MINISTER BENJAMIN NETANYAHU EMBOLDENED JEWISH SETTLERS

Israeli annexation plans, however, were supposedly suspended last August as part of a deal struck with the United Arab Emirates, and later Bahrain, to normalise diplomatic ties. With an election looming in Israel—the fourth in two years—and Trump’s presidency coming to a close, Netanyahu announced plans in January this year to build about 800 new homes in the settlements, although it gave no starting date for construction. This is in addition to the more than 12,000 settlement homes advanced in 2020, by far the largest number of approvals since Trump took office in early 2017 and the highest since settlement watchdog Peace Now began recording the figures in 2012.

Portion control

“While de jure annexation may be suspended, the de facto annexation of settlement expansion is clearly continuing,” a recent Peace Now statement declared.

As China’s central government aims to rein in runaway real estate prices, new measures will restrict land auctions to three per year in large cities including Beijing and Shanghai

This disregard for international law and the rights of Palestinians look set to further entrench Israel’s hold on the West Bank, clearly demonstrating the regime’s longterm plans. And while Biden’s ascent to the Oval Office may offer a glimmer of hope for Palestine’s persecuted population, the US’s historical support of Israel suggests the construction of settlements and subsequent soaring property prices will continue long into the future. “Palestinians are forced to look on as they are dispossessed of more and more land, while communities and infrastructure are built for Jewish citizens,” says Yellin. “Two decades into the 21st century, Israel appears more determined than ever to continue upholding and perpetuating an apartheid regime throughout the area under its control, well into the coming decades.”

By Steve Finch

hina’s government rarely times announcements by accident. A day after the Chinese New Year holiday, and exactly two weeks before the start of the country’s largest political meetings of the year—the “two sessions”—Beijing’s bureaucrats coined their latest policy term.

Within days, the city governments of Tianjin and Zhengzhou dutifully arranged meetings to discuss these new regulations, quickly followed by officials in other major cities. All hastily issued notices employing the new watchwords set to instruct China’s property market: liang jizhong, or the “two centralisations”.

CHINA’S 22 LARGEST CITIES WILL BE RESTRICTED TO JUST THREE LAND AUCTIONS EACH PER YEAR IN A BID TO END PANIC BUYING BY DEVELOPERS

The policy requires China’s 22 largest cities to hold just three land auctions each per year. It also requires them to publish timetables well in advance with details of the plots available in a bid to end panic buying by developers, which have driven up land prices and, in turn, the cost of owning a home in China. Municipal governments are also required to increase the area of land available over time, thereby guaranteeing adequate supply. A Chinese journalist compared the new policy to a formal meal at which diners would now be instructed to form an orderly queue, having been shown the menu well in advance. This would contrast with the previous

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THE NEW POLICY IS COMPARABLE TO A FORMAL MEAL AT WHICH DINERS WILL NOW BE INSTRUCTED TO FORM AN ORDERLY QUEUE AS OPPOSED TO THE PREVIOUS SYSTEM: A LAST-MINUTE, ALL-YOU-CANEAT BUFFET

system: a last-minute, all-you-can-eat buffet with limited and unpredictable supplies of everyone’s favourite dishes.

policy instituted by Beijing and wedded to a raft of further restrictions implemented at the city level.

“We don’t think they will extend this policy to small cities,” says Jessie Chen, a chartered surveyor for mainland China at property valuation firm RHL International in Hong Kong. “In China, the property market is always booming, but the focus is usually just on the top cities.”

Following the announcement of its first land auction under the new system at the end of March, Beijing introduced a new letter it requires bidding companies to sign, which enforces caps on home prices. Some cities have also introduced a new circuit-breaker system by which a lottery kicks in once bids climb too high on any one plot.

Since China’s first land auction experiment in 1987 in Shenzhen, the system has been a major driver of wealth. But it has also resulted in state-sponsored corruption and spiraling house prices. In 2002, the central government banned negotiated sales which equated to secretive deals between city officials and developers. But the new compulsory auction systems, though more transparent and regulated, could still suffer manipulation, according to a landmark study by the RAND Journal of Economics in 2013. Since then, land prices have continued to accelerate, causing a housing headache for the central government.

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Private developers have given mixed reactions to the new land auction policy. Hong Kong-listed Sino-Ocean Group, a developer in 50 cities across the mainland, was among the first to publicly comment, stating in a recent annual report its plans to abide by the “two centralisations” policy and “control investment risks”. Other developers have privately told journalists the new policy has created an extra workload for their valuation teams, pushing up costs, while publicly stating they embraced the new auction format to placate the government.

“We will keep land and housing prices— as well as market expectations—stable,” said Prime Minister Li Keqiang addressing legislators in Beijing at the two sessions in March. “We will address prominent housing issues in large cities, making every effort to address the housing difficulties faced by our people, especially new urban residents, and young people.”

Many stocks soared in response as analysts predicted the policy would favor larger developers with stable financials. China Resources Land saw its share price jump 11%, and Country Garden was up 7% the day after Qingdao became the first city administration to issue an online confirmation of the new policy.

There are signs that the “two centralisations” will form the backbone of a new land sales

“It might lead to a more rapid consolidation of the developer market as the bigger players

can allocate more resources to reviewing potential land plots and setting up financing to bid on multiple plots,” says James MacDonald, head of Greater China research at Savills in Shanghai. “The smaller guys might find this more challenging.” Many cities are stating they now require bidders make an advance deposit of at least 20% amid a tight credit climate engineered by the central government, which has ordered a clampdown on unauthorised lending to the property market. Last year, the central government announced yet another new policy called the “three red lines” which limits developers from certain activities, including borrowing of their liabilities become too high. As a result, a handful of companies including debt-laden Evergrande Group have faced restrictions, and the new auction system has prompted some cities to restrict land bids by such firms altogether. “Leading developers with significant capital advantages and more mature operations may be relatively calmer under the new [land] transfer regulations,” says Central Wealth

THE COOLING MEASURE WAS ANNOUNCED IN THE WAKE OF CHINA’S LARGEST POLITICAL MEETINGS: THE ANNUAL ‘TWO SESSIONS’ HELD IN BEIJING

Asset Management analysts Hongfei Cai and Lianxin Zhuge. With many among China’s 22 largest cities yet to hold land auctions under the new system, analysts said it remained too early to tell whether the policy would achieve its stated goal of curbing land and property prices. “It is hard to identify the impact of the policy when there are so many other factors that could influence price,” adds MacDonald of Savills. Still, China’s overall policy direction on real estate appears clearer than ever. State officials have in recent weeks cited President Xi Jinping’s property mantra that “houses are for living, not for speculation” with increasing regularity, adding a raft of new price-curbing restrictions as China posted a record 18.3% GDP growth in the first quarter. In Shanghai’s new homes market, local officials introduced ten such new measures in the first quarter alone, says Savills China in a market update in April: “It is expected that the policy environment will remain strict throughout the year.”

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1. INVEST ISLANDS’ ANAS MOUKHLIS WITH THE BEST UPCOMING HOTEL DEVELOPMENT TROPHY

2. THE ARIOBIMO LAGUNA PERKASA TEAM SAFELY ACCEPTS ACCOLADES FOR SENAYAN PARK 3. PT JABABEKA TBK CLAIMS THE BEST INDUSTRIAL DEVELOPER TITLE AND OTHER TROPHIES 4. PARAMOUNT LAND’S M. NAWAWI SHOWS OFF HIS BEST HOUSING DEVELOPMENT WIN 5. PT. MAHKOTA SENTOSA UTAMA POSE WITH THEIR AWARDS IN THE CBD CATEGORIES 6. SOUTHCITY’S STEVIE FAVERIUS JAYA ACCEPTS AN ACCOLADE FOR THE PARC

7. HAN XU OF SWANCITY FLAUNTS MULTIPLE TITLES FOR DAISAN 8. EASTON URBAN KAPITAL’S WILLIAM LIUSUDARSO ACCEPTING HONOURS FOR SOMERHILL HOUSE

On 5 November 2020, the PropertyGuru Indonesia Property Awards broadcast its first virtual gala edition—sixth overall— in a regionwide event that showcased over 40 marks of excellence for real estate, from Jakarta to the island markets. Around 25 companies competed in this edition, including Sinar Mas Land which won Best Developer and the coveted Best Housing Development (Indonesia) title for Caelus at Greenwich Park BSD City, plus two other awards. Tanrise Property was awarded Best Boutique Developer while PT Jababeka Tbk and PT Urban Jakarta Propertindo, Tbk became the first recipients of the Best Industrial Developer and Best Breakthrough Developer awards, respectively. Lippo Group won Best Mixed Use Developer and Best Condo Development (Indonesia), among other sought-after honours. PT Pakuwon Permai (Pakuwon Group) gained wins for the projects Pakuwon Mall Superblock and The Westin Surabaya while its chairman Alexander Tedja claimed the title of Indonesia Real Estate Personality of the Year.

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THE JUDGES CHAIRPERSON Doddy A. Tjahjadi Managing Director, PTI Architects Bagus Adikusumo Senior Director | Office Services, PT. Colliers International Indonesia Bernardus Djonoputro Executive Director, Strategy And Transactions - Ernst & Young Cornel B. Juniarto Senior Partner, Hermawan Juniarto & Partners (Member of Deloitte Legal Network) Djinadi Gunawan Managing Director, PT Meinhardt Indonesia Gavin Cox Director, WT Partnership Hendra Hartono CEO, PT. Leads Property Services Indonesia Ian Reynolds Managing Director, Reynolds Partnership PT. Lina Gan Founder and Editor-in-Chief, Indonesia Design

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THE WINNERS DEVELOPER AWARDS Best Developer Winner: Sinar Mas Land Best Boutique Developer Winner: Tanrise Property Best Breakthrough Developer Winner: PT Urban Jakarta Propertindo, Tbk Highly Commended: PT AKR Land Development Best Industrial Developer Winner: PT Jababeka Tbk Best Mixed Use Developer Winner: Lippo Group

Best Housing Development Winner: Nara Village by Paramount Land Highly Commended: • Anabuki Residence Jatiasih by PT Anabuki Property Indonesia • Emerald Residence, Tangerang by Emerald Land Development • Neo Park @ Emerald Neopolis, Karawang by Emerald Land Development Best High End Housing Development Winner: Caelus at Greenwich Park BSD City by Sinar Mas Land Best Low Cost Housing Development Winner: Red Palm at Triraksa Village 2 by PT Mitra Usaha Perkasa (Badak Perkasa Group)

DEVELOPMENT AWARDS Best Condo Development (Jakarta) Winner: AKR Gallery West Residences by PT AKR Land Development Highly Commended: Tamansari Skyhive Apartment by PT Wijaya Karya Realty Tbk (WIKA Realty) Best Affordable Condo Development (Jakarta) Winner: Embarcadero by PT Lippo Karawaci Tbk Best Condo Development (Greater Jakarta) Winner: Orange County by Lippo Group Best Affordable Condo Development (Greater Jakarta) Winner: The Parc by SouthCity Best Condo Development (Greater Indonesia) Winner: Hegarmanah Residence by PT Hegar Amanah Jaya Bersama Highly Commended: 31 Sudirman Suites by PT Indonesian Paradise Property Tbk Best Low Rise Residential Development (Bali) Winner: Lavaya Residence & Resort Bali by GandaLand

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Best Upcoming Hotel Development Winner: Torok Hill Resort by Invest Islands DESIGN AWARDS Best Condo Architectural Design Winner: ARC 100 by Tanrise Property Best Condo Interior Design Winner: 31 Sudirman Suites by PT Indonesian Paradise Property Tbk Highly Commended: Hillcrest House / Fairview House by PT Lippo Karawaci Tbk Best High End Residential Architectural Design Winner: Sky Home at AKR Gallery West Residences by PT AKR Land Development

Best Millennial Housing Development Winner: Imajihaus at Greenwich Park BSD City by Sinar Mas Land

Best Housing Architectural Design Winner: Daisan by SwanCity and Mitsubishi Estate Residence Highly Commended: • Anabuki Residence Jatiasih by PT Anabuki Property Indonesia • Waterfront Estates by PT Lippo Cikarang Tbk

Best SOHO Development Winner: SOHO Flex/Space by PT Lippo Karawaci Tbk

Best Housing Interior Design Winner: Waterfront Estates by PT Lippo Cikarang Tbk

Best Town House Development Winner: Somerhill House by Easton Urban Kapital

Best Township Development Winner: Lippo Village by PT Lippo Karawaci Tbk Highly Commended: AKR Grand Kawanua International City by PT AKR Land Development Best Industrial Estate Development Winner: Jababeka Industrial Estate by PT Jababeka Tbk Best Mixed Use Development Winner: Pakuwon Mall Superblock by PT Pakuwon Permai (Pakuwon Group) Highly Commended: Sahid Kuta Lifestyle Resort by PT Indonesian Paradise Property Tbk Best Retail Development Winner: Mal Ciputra Tangerang by Ciputra Group Highly Commended: Senayan Park by Ariobimo Laguna Perkasa

Best Housing Landscape Architectural Design Winner: Daisan by SwanCity and Mitsubishi Estate Residence Highly Commended: Waterfront Estates by PT Lippo Cikarang Tbk Best Township Masterplan Design Winner: PIK 2 Sedayu Indo City by Agung Sedayu Group & Salim Group Highly Commended: AKR Grand Estate Marina City by PT AKR Surabaya Land Corporindo

Best Mixed Use Architectural Design Winner: Sahid Kuta Lifestyle Resort by PT Indonesian Paradise Property Tbk Highly Commended: • Orange County by Lippo Group • Tamansari Equine Pulomas by PT Wijaya Karya Realty Tbk (WIKA Realty) Best Retail Architectural Design Winner: Senayan Park by Ariobimo Laguna Perkasa Best Retail Landscape Architectural Design Winner: Senayan Park by Ariobimo Laguna Perkasa Best Hotel Architectural Design Winner: The Westin Surabaya by PT Pakuwon Permai (Pakuwon Group) Best Hotel Interior Design Winner: HARRIS Suites Puri Mansion by Agung Sedayu Group BEST OF INDONESIA AWARDS Best Housing Development (Indonesia) Winner: Caelus at Greenwich Park BSD City by Sinar Mas Land Best Condo Development (Indonesia) Winner: Orange County by Lippo Group

SPECIAL AWARDS Special Recognition for Transport Infrastructure Development Winner: Acceleration in Construction of Toll Roads by Ministry of Public Works and Housing

WITH THANKS TO:

Special Recognition for Innovative Banking Industry Development Winner: PT. Bank Negara Indonesia (Persero) Tbk

• Platinum Sponsor: Kohler

Special Recognition for Cultural Conservation Winner: The Indigenous House Conservation Movement by Rumah Asuh PUBLISHER’S CHOICE Indonesia Real Estate Personality of the Year Winner: Alexander Tedja, Chairman, PT. Pakuwon Jati Tbk

• Gold sponsor: Hitachi Elevators and Escalators • Official portal partner: Rumah.com • Official magazine: PropertyGuru Property Report • Official PR partner: Dreamhub Consultants • Official charity partner: Right To Play • Official ESG partner: Baan Dek Foundation • Official supervisor:

BDO Indonesia supervisor:

• Indrotjahjono S., Partner

Best CBD Masterplan Design (Greater Jakarta) Winner: Meikarta by PT. Mahkota Sentosa Utama Best CBD Landscape Architectural Design Winner: Meikarta by PT. Mahkota Sentosa Utama

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1. PRAKASIT PHORNPRAPHA, DIRECTOR OF HITACHI ELEVATOR (THAILAND) CO., LTD., SPEAKS ON BEHALF OF THE PLATINUM SPONSOR

2. TCC ASSETS’ KAMOLNAI CHAIXANIEN WITH PROPERTYGURU ASIA PROPERTY AWARDS’ JULES KAY 3. BEST BOUTIQUE DEVELOPER WINNER HABITAT GROUP WOULD GO ON TO WIN MORE AWARDS AT THE 2020 GRAND FINAL 4. VALÉRIE IMBERTY-VIALARD ACCEPTS AN AWARD FOR REAL ESTATE ENGINEERING SAMUI CO., LTD., WINNER OF BEST BREAKTHROUGH DEVELOPER 5. AWARDEES TAKE HEALTH PRECAUTIONS DURING THE TRADITIONAL ANNUAL CLASS PHOTO

6. SUPALAI PCL’S PRATEEP TANGMATITHAM HOLDS THE REAL ESTATE PERSONALITY OF THE YEAR TROPHY WITH AJCHARA TANGMATITHAM 7. SOMSAKUL SANGSUWAN OF ORIGIN PROPERTY PUBLIC COMPANY LIMITED ACCEPTS THE TROPHY FOR BEST DEVELOPER 8. A VICTORIOUS MOMENT FOR PROUD REAL ESTATE PUBLIC COMPANY’S INTERCONTINENTAL RESIDENCES HUA HIN, WINNER OF BEST CONDO DEVELOPMENT (THAILAND)

The PropertyGuru Thailand Property Awards did it again— extending its record as the longest-running real estate awards programme in the country. The milestone 15th edition of the programme pushed through on 18 November 2020 with a black-tie, multi-course gala dinner and awards ceremony at The Athenee Hotel, a Luxury Collection Hotel, Bangkok. Origin Property Public Company Limited bested 30 shortlisted companies for the ultimate accolade of Best Developer, one of 44 categories showcasing the nation’s outstanding developers, developments, and designs in an extraordinary year. A total of 37 projects in locations as diverse as Greater Bangkok, Hua Hin, Phuket, Samui, Khao Yai, and the Eastern Seaboard were laurelled at the gala event. Dr. Prateep Tangmatitham, chairman of the board and chief executive officer of Supalai Public Company, was among the night’s VIPs. He received the trophy for Thailand Real Estate Personality of the Year, celebrating over 40 years of success in property development.

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5 THE JUDGES CHAIRPERSON Suphin Mechuchep Managing Director, JLL Arunee Thiemhong President, Thai Real Estate Sales and Marketing Association Chaivut Saengaram, Ph.D. Chief Operating Officer, Chuchawal – Royal Haskoning Ltd. Chaiyuth Pete Thirangoon Director, Akatan Company Limited Charles Blocker CEO & Founder, IC Partners Limited Leong Choong Peng Director, Australian Institute of Quantity Surveyors, Consultant Chartered Surveyor Marciano Birjmohun Director, The Singapore-Thai Chambers of Commerce Dr. Phongthon Tharachai CEO, Project Planning Service Public Company Limited Sasivimol Sinthawanarong Design Principal, JARKEN Co., Ltd. Professor Sonthya Vanichvatana, Ph.D Associate Architect, MRICS, Chairperson of the Department of Real Estate, MSME School of Management and Economics, Assumption University Tawatchai Kobkaikit Managing Director, TK Studio

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THE WINNERS DEVELOPER AWARDS Best Developer Winner: Origin Property Public Company Limited Best Boutique Developer Winner: Habitat Group Highly Commended: • Sisaran Group Co., Ltd • Toscana Valley Company Limited • Utopia Corporation Co Ltd

Best Luxury Villa Development (Samui)      Winner: Istani Villas by Idea Development Best Housing Development (Samui) Winner: Sumalee by Tropical Life Residence by Real Estate Engineering Samui Co., Ltd Best Residential Development (Hua Hin) Winner: Falcon Hill by Falcon Hill Development Limited

Best Breakthrough Developer Winner: Real Estate Engineering Samui Co., Ltd Highly Commended: Thamdee 2020 Co., Ltd

Best Luxury Condo Development (Hua Hin) Winner: InterContinental Residences Hua Hin by Proud Real Estate Public Company Limited

Best Sustainable Developer Winner: L.P.N. Development PCL.

Best Condo Development (Khao Yai) Winner: Castello Della Valle by Toscana Valley

DEVELOPMENT AWARDS Best Luxury Condo Development (Bangkok) Winner: Park Origin Phayathai by Origin Property Public Company Limited Best High Rise High End Condo Development (Bangkok) Winner: RHYTHM CHAROENKRUNG PAVILLION by AP Thailand Best Low Rise High End Condo Development (Bangkok) Winner: Walden Thonglor 8 by Habitat Group Best Affordable Condo Development (Bangkok) Winner: Lumpini Place RAMA 3 – RIVERINE by L.P.N. Development PCL. Highly Commended: • Atmoz Ratchada-Huaykwang by AssetWise PLC. • The Livin Phetkasem by RISLAND Development (Thailand) Co., Ltd

Best Villa Development (Khao Yai) Winner: Acqua Pool Villa by Toscana Valley Best Condo Development (Eastern Seaboard) Winner: The Riviera Monaco by The Riviera Group Highly Commended: The Riviera Ocean Drive by The Riviera Group Best Housing Development (Eastern Seaboard) Winner: The Masters Sriracha by Estate Creation Co., Ltd. (EC Group) Best Branded Residence Winner: InterContinental Residences Hua Hin by Proud Real Estate Public Company Limited Best Hotel Managed Residence Winner: Utopia Central by Utopia Corporation Co Ltd Highly Commended: Wyndham La Vita Phuket by VIP Property Development

Best Green Development Winner: The PARQ by Kasemsubsiri Co., Ltd. Highly Commended: Serene Condominium by Serene Surin Co., Ltd. DESIGN AWARDS Best Condo Architectural Design Winner: Walden Thonglor 8 by Habitat Group Highly Commended: • GROOVE SCAPE 48 by Divine Development • GROOVE VIBES LADPRAO 18 by Divine Development • RHYTHM Ekkamai Estate by AP Thailand • Wyndham Garden Irin Bangsaray Pattaya by Irin Property Co., Ltd Best Housing Architectural Design (Bangkok) Winner: HOF UDOMSUK by Uni-Living Co., Ltd. Highly Commended: • Baan 365 MuangThong by L.P.N. Development PCL. • Eigen by Revo Development Company Limited • One Atelier Private Residence Phaholyothin by Grand Trinity Development • The Momento by Best Property Co., Ltd. Best Housing Architectural Design (Upcountry) Winner: AESTIER by Ametus Development Co., Ltd Highly Commended: • Anchan Hills by Pearl Island Property Co., Ltd. • Hansa by Tropical Life Residence by Real Estate Engineering Samui Co., Ltd

Best Housing Development (Bangkok) Winner: Eigen by Revo Development Company Limited

Best Office Development Winner: The PARQ by Kasemsubsiri Co., Ltd.

Best Office Architectural Design Winner: THE PARQ by Kasemsubsiri Co., Ltd. Highly Commended: AIA East Gateway by AIA Company Limited

Best Villa Development (Phuket) Winner: Anchan Hills by Pearl Island Property Co., Ltd.

Best Smart Home Development Winner: Eigen by Revo Development Company Limited

Best Senior Living Architectural Design Winner: Utopia Thalang by Utopia Corporation Co Ltd

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Best Condo Interior Design Winner: Walden Thonglor 8 by Habitat Group Best Condo Interior Design (Eastern Seaboard) Winner: The Riviera Monaco by The Riviera Group Highly Commended: • The Rhine Condominium Jomtien by Wealth Asset Group Co., Ltd • Wyndham Garden Irin Bangsaray Pattaya by Irin Property Co., Ltd Best Housing Interior Design Winner: Istani Villas by Idea Development Highly Commended: • Eigen by Revo Development Company Limited • The Breeze Villas by THAMDEE 2020 CO.,Ltd Best Condo Landscape Architectural Design Winner: InterContinental Residences Hua Hin by Proud Real Estate Public Company Limited Highly Commended: • GROOVE CONDO RATCHADA-RAMA 9 by Divine Development • The LIVIN Phetkasem by RISLAND Development (Thailand) Co., Ltd • Walden Thonglor 8 by Habitat Group Best Condo Landscape Architectural Design (Eastern Seaboard) Winner: Wyndham Garden Irin Bangsaray Pattaya by Irin Property Co., Ltd Highly Commended: • The Rhine Condominium Jomtien by Wealth Asset Group Co., Ltd • The Riviera Jomtien by The Riviera Group Best Housing Landscape Architectural Design Winner: One Atelier Private Residence Phaholyothin by Grand Trinity Development Highly Commended: Eigen by Revo Development Company Limited Best Office Landscape Architectural Design Winner: AIA East Gateway by AIA Company Limited

BEST OF THAILAND AWARDS Best Condo Development (Thailand) Winner: InterContinental Residences Hua Hin by Proud Real Estate Public Company Limited Best Housing Development (Thailand) Winner: Falcon Hill by Falcon Hill Development Limited SPECIAL AWARDS Special Recognition for ESG Winners: • L.P.N. Development PCL. • Origin Property Public Company Limited Special Recognition for CSR Winners: • Habitat Group • L.P.N. Development PCL. • Origin Property Public Company Limited • Sisaran Group Co., Ltd Special Recognition for Building Communities Winners: • L.P.N. Development PCL. • Sisaran Group Co., Ltd Special Recognition in Sustainable Construction Winners: • Habitat Group • L.P.N. Development PCL. • Sisaran Group Co., Ltd Special Recognition in Sustainable Design Winners: • Habitat Group • L.P.N. Development PCL. • Sisaran Group Co., Ltd Special Recognition for Transport Infrastructure Development Winner: Office of Transport and Traffic Policy and Planning

WITH THANKS TO: • Platinum Sponsor: Hitachi Elevators and Escalators • Gold sponsor: JLL Thailand • Supporting associations: British Chamber of Commerce in Thailand and Green Building Consulting & Engineering • Official portal partner: DDproperty.com • Official magazine: PropertyGuru Property Report • Media partners: Hot Magazine, Locanation, Luxury Society Asia, REm Thailand, Robb Report Thailand, and The Bangkok Insight • Official PR partner: Vivaldi PR • Official supplier: GFour Fine Wines & Spirits • Official charity partner: Right To Play • Official ESG partner: Baan Dek Foundation • Official supervisor:

PUBLISHER’S CHOICE Thailand Real Estate Personality of the Year Winner: Dr. Prateep Tangmatitham, Chairman of the Board and Chief Executive Officer, Supalai Public Company

BDO Thailand supervisors:

• Paul Ashburn, Co-Managing Partner

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1. EDGAR SAAVEDRA, REAL ESTATE PERSONALITY OF THE YEAR, GIVES AN ACCEPTANCE SPEECH

2. ACCEPTING THE BEST DEVELOPER AWARD FOR SMDC IS JOSE MARI BANZON 3. JETT GUNTHER AND CHADANIS KHAMNUAN EMCEE THE PROGRAMME 4. RICARDO LAGDAMEO ACCEPTING BEST BOUTIQUE DEVELOPER FOR DAMOSA LAND, INC. 5. CARSON CHOA TALKS ABOUT WEE COMMUNITY DEVELOPERS’ WINNING PROJECTS 6. DAY COBRES DISCUSSES THE ENDURING APPEAL OF SMDC PROPERTIES

7. ARIES CAJUCOM ACCEPTS ACCOLADES ON BEHALF OF ALVEO LAND 8. CHAD JOSEPH AFRICA SPEAKS ON VICTORIOUS PROJECTS BY SMDC

The 2020 PropertyGuru Philippines Property Awards aired 25 November over AsiaPropertyAwards.com and partner channels, showcasing the interisland achievements of Filipino developers to the rest of Asia Pacific. As well as being the first virtual edition of the programme, the 2020 PropertyGuru Philippines Property Awards marked the eighth edition of the archipelago’s leading real estate awards programme. The 8th Annual PropertyGuru Philippines Property Awards saw SM Development Corporation (SMDC) winning the titles of Best Developer and Best Lifestyle Developer while Damosa Land, Inc. became the latest Best Boutique Developer titleholder, giving visibility to a wave of exemplary homegrown development firms based outside Metro Manila. Wee Community Developers, Inc. was named Best Breakthrough Developer, acknowledging a portfolio of projects spanning Metro Manila to Iloilo. Alveo Land, a subsidiary of Ayala Land, won the coveted Best Condo Development (Philippines) title.

THE JUDGES CHAIRPERSON Christophe Vicic Country Head, Jones Lang LaSalle Philippines, Inc. Carlo Cordaro President & CEO, Atelier A Cyndy Tan Jarabata President, TAJARA Leisure & Hospitality Group Inc. Jaime A. Cura, Ph.D. Vice-Chairman, The RGV Group of Companies Jean Jacquelyn Nathania A. de Castro CEO, ESCA Incorporated Kathleen P. Obcemea Principal Interior Designer, KPO Beyond Designs Co. Mario Berta CEO, FlySpaces Ramon Fernando D. Rufino Chief Executive Officer, NEO

Edgar Saavedra, chairman of Megawide Construction Corporation, received the Real Estate Personality of the Year award for his legacy of infrastructure developments.

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THE WINNERS DEVELOPER AWARDS Best Developer Winner: SM Development Corporation (SMDC) Best Boutique Developer Winner: Damosa Land, Inc. Highly Commended: Asiawide Land Specialist Development Corporation Best Breakthrough Developer Winner: Wee Community Developers, Inc. Highly Commended: Asiawide Land Master Incorporated Best Lifestyle Developer Winner: SM Development Corporation (SMDC) DEVELOPMENT AWARDS Best High End Condo Development (Metro Manila) Winner: Portico by Alveo Land Highly Commended: • Orean Place by Alveo Land • S Residences by SM Development Corporation (SMDC) • The Residences at The Westin Manila Sonata Place by Robinsons Land Corporation Best Mid End Condo Development (Metro Manila) Winner: Charm Residences by SM Development Corporation (SMDC) Highly Commended: • Leaf Residences by SM Development Corporation (SMDC) • Sierra Valley Gardens by Robinsons Land Corporation

Best High End Condo Development (Metro Cebu) Winner: Dusit D2 Residences Cebu by Grand Land Inc. Best Condo Development (Luzon) Winner: Park Residences by SM Development Corporation (SMDC) Highly Commended: • Green 2 Residences by SM Development Corporation (SMDC) • Hope Residences by SM Development Corporation (SMDC) Best Condo Development (Visayas) Winner: Solinea by Alveo Land Highly Commended: • Smile Residences by SM Development Corporation (SMDC) • Style Residences by SM Development Corporation (SMDC) Best Housing Development (Metro Cebu) Winner: City Homes Minglanilla by Grand Land Inc. Best Housing Development (Metro Davao) Winner: Ameria by Damosa Land, Inc. Best Housing Development (Luzon) Winner: Atrium De Tarlac by Asiawide Land Master Incorporated Best Housing Development (Visayas) Winner: Emerald Estates by Wee Community Developers, Inc. Best Housing Development (Mindanao) Winner: The Diamond Heights by Wee Community Developers, Inc.

Best Lifestyle Development Best Affordable Condo Development (Metro Winner: Fern at Grass Residences by SM Manila) Development Corporation (SMDC) Winner: Harbour Park Residences by Wee Highly Commended: Community Developers, Inc. and Metroworx • Harbour Park Residences by Wee Properties, Inc Community Developers, Inc. and Highly Commended: Metroworx Properties, Inc • Bloom Residences by SM • S Residences by SM Development Development Corporation (SMDC) Corporation (SMDC) • Fern at Grass Residences by SM • Sail Residences by SM Development Development Corporation (SMDC) Corporation (SMDC) • Field Residences Buildings 5 and 6 by SM Development Corporation (SMDC) • Vine Residences by SM Development Corporation (SMDC) 136

Best Office Development Winner: Damosa Diamond Tower by Damosa Land, Inc. Highly Commended: JEG Tower @ One Acacia by JEG Development Corp. Best Township Development Winner: Agriya by Damosa Land, Inc. Best Industrial Development Winner: Anflo Industrial Estate by Anflo Industrial Estate Corporation Best Commercial Green Development Winner: JEG Tower @ One Acacia by JEG Development Corp. Best Residential Green Development Winner: Agriya by Damosa Land, Inc. DESIGN AWARDS Best Condo Architectural Design Winner: Sail Residences by SM Development Corporation (SMDC) Highly Commended: • Grand Mesa Residences by Wee Community Developers, Inc. • Orean Place by Alveo Land • Portico by Alveo Land • S Residences by SM Development Corporation (SMDC) Best Condo Interior Design Winner: Portico by Alveo Land Highly Commended: • S Residences by SM Development Corporation (SMDC) • Sail Residences by SM Development Corporation (SMDC) • Shore 3 Residences by SM Development Corporation (SMDC) Best Housing Architectural Design  Winner: The Diamond Heights by Wee Community Developers, Inc. Highly Commended: • Atrium De Tarlac – Donabelle by Asiawide Land Master Incorporated • Emerald Estates by Wee Community Developers, Inc.

Best Landscape Architectural Design Winner: Sail Residences by SM Development Corporation (SMDC) Highly Commended: • Portico by Alveo Land • S Residences by SM Development Corporation (SMDC) • Solinea by Alveo Land BEST OF THE PHILIPPINES AWARDS Best Condo Development (Philippines) Winner: Portico by Alveo Land Best Housing Development (Philippines) Winner: The Diamond Heights by Wee Community Developers, Inc. SPECIAL AWARDS Special Recognition for Building Communities Winners: • Alveo Land • Damosa Land, Inc. • Wee Community Developers, Inc.

Special Recognition in CSR Winners: • Alveo Land • Damosa Land, Inc. • SM Development Corporation (SMDC) • Wee Community Developers, Inc.

WITH THANKS TO:

Special Recognition in Sustainable Construction Winners: • Damosa Land, Inc. • Wee Community Developers, Inc.

• Gold sponsors: Hitachi Elevators and Escalators and Boysen

PUBLISHER’S CHOICE Philippines Real Estate Personality of the Year Winner: Edgar Saavedra, Chairman, Megawide Construction Corporation

• Platinum Sponsor: Kohler

• Official magazine: PropertyGuru Property Report • Official PR partner: FleishmanHillard Manila • Media partners: Balikbayan, Business News Philippines, Hoppler, Inquirer. net, Manila Republic, and MoneySense • Official charity partner: Right to Play • Official ESG partner: Baan Dek Foundation • Official supervisor:

BDO Roxas, Cruz, Tagle & Co. supervisors:

• Michael D. Roxas, Chairman,

Managing Partner and International Liaison Partner

• Jarred D. Pereña, Partner

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1. CAPITAL DEVELOPMENT’S PYAE PHYO MIN ACCEPTING ONE OF THREE DEVELOPER AWARDS

2. SHWE PROPERTY CEO JUSTIN SWAY WELCOMES VIEWERS TO THE PROGRAMME 3. CITY HOLDINGS LIMITED’S WIN WIN TINT BECOMES FIRST FEMALE REAL ESTATE PERSONALITY OF THE YEAR 4. DAGON INTERNATIONAL’S THURANE AUNG ACCEPTS THE BEST INDUSTRIAL DEVELOPER AWARD 5. SUN MYAT TUN CONSTRUCTION’S KENNETH LIM ACCEPTS THE SPECIAL RECOGNITION FOR BUILDING COMMUNITIES 6. KYI THA ACCEPTS WINS FOR AYEYARWADDY DEVELOPMENT, INCLUDING ONE FOR PATHEIN INDUSTRIAL CITY

7. BEST LIFESTYLE DEVELOPER GOES TO ELITE WORLD TRADING CO., LTD, BEST KNOWN FOR IMPERIAL CLINIC 8. STEPHEN PURVIS ACCEPTS ONE OF SEVERAL AWARDS FOR MIXED-USE DEVELOPMENT YOMA CENTRAL

A year of achievements in real estate development was celebrated on 26 November during the inaugural virtual gala event and awards ceremony of the 2020 PropertyGuru Myanmar Property Awards in partnership with Shwe Property. Last year’s highly awaited celebration of the Myanmar real estate industry saw 25 trophies presented to 12 of the country’s outstanding development companies. Capital Development Ltd. won three of seven Developer awards presented at the ceremony, namely Best Developer, Best Commercial Developer, and Best Mixed Use Developer. The Secretariat, one of Myanmar’s most important historical sites, won Best Heritage Renovated Property. The event also honoured some of the country’s most progressive industrial projects, such as Pathein Industrial City, New East Dagon Industrial Estate, and the Gyogone Housing Redevelopment in Myanmar Thilawa SEZ. Win Win Tint, Group CEO of City Holdings Limited, became the first woman to receive the Myanmar Real Estate Personality of the Year title.

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THE JUDGES CHAIRPERSON Richard Emerson Managing Director, Emerson Real Estate Ben Hickson Senior Associate, Stephenson Harwood LLP Charm May Thu Managing Director, Your Property Finder Company Ltd Josh Htet Senior Associate, Allen & Overy Limited Khin Maung Than Chairman, Asean Real Estate Network Alliance (ARENA) President, Myanmar Real Estate Services Association (MRESA) Mark Petrovic Managing Director, Architectural Design Director, Archetype Group, Myanmar Richard Moh Chairman, Moh and Associates, lnc. A member of MAA Group Consulting Engineers Dr. Soe Thein Principal Design Engineer; Consultant; Project Manager; STKT Consultants Co Ltd Stephen Zawmoe Shwe Founder & Principal Architect, Spine Architects

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THE WINNERS DEVELOPER AWARDS Best Developer Winner: Capital Development Ltd. Best Breakthrough Developer Winner: SCW Development Group Ltd Highly Commended: Ayeyarwaddy Development Public Co., Ltd. Best Commercial Developer Winner: Capital Development Ltd. Highly Commended: Sun Myat Tun Construction Co., Ltd. Best Mixed Use Developer Winner: Capital Development Ltd. Highly Commended: Sun Myat Tun Construction Co., Ltd. Best Industrial Developer Winner: Dagon International Limited Highly Commended: Ayeyarwaddy Development Public Co., Ltd. Best Lifestyle Developer Winner: Elite World Trading Co., Ltd Best Sustainable Developer Winner: Dagon International Limited Highly Commended: • Ayeyarwaddy Development Public Co., Ltd. • Sun Myat Tun Construction Co.,Ltd.

Best Mixed Use Development Winner: Yoma Central by Meeyahta Development Limited Highly Commended: • Mandalay Financial Center by Capital Development Ltd. • Mingalar Market Project by Sun Myat Tun Construction Co., Ltd. Best Industrial Development Winner: New East Dagon Industrial Estate by Dagon International Limited Highly Commended: Pathein Industrial City by Ayeyarwaddy Development Public Co., Ltd. Best Office Development Winner: Mandalay Financial Center by Capital Development Ltd. Highly Commended: Yoma Central by Meeyahta Development Limited Best Heritage Renovated Property Winner: Secretariat Yangon by Anawmar Art Group Best Retail Development Winner: Yoma Central by Meeyahta Development Limited

Best Luxury Condo Development Winner: Skysuites by SCW Development Group Ltd. Highly Commended: Merchant Luxury Condominium by Moon Sun Co., Ltd.

DESIGN AWARDS

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Special Recognition for CSR Winners: • Ayeyarwaddy Development Public Co., Ltd. • Capital Development Ltd. • Dagon International Limited Special Recognition for Sustainable Construction Winner: Dagon International Limited Special Recognition for Building Communities Winner: Sun Myat Tun Construction Co., Ltd.

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

• Official newspaper: The Straits Times Myanmar

• Silver sponsor: Porcelanosa

• Media partners: Myanmar Home & Décor, Myanmar Real Estate & Construction Monitor, Myanmar Insider, and Myanmar Times

• Official portal partner and associate partner: ShweProperty.com • Official magazine: PropertyGuru Property Report • Official PR partner: Klareco Communications

• Official charity partner: Right to Play • Official ESG partner: Baan Dek Foundation

• Supporting associations: AustCham Myanmar and British Chamber of Commerce Myanmar • Official supervisor:

BDO Myanmar supervisors:

• Joe Yew Chi Jee, Executive Director, Advisory

• Hong Shi Ying, Senior Manager

• Thin Thinzar Ko (Pinky), Senior Executive

Myanmar Real Estate Personality of the Year Winner: Win Win Tint, Group CEO, City Holdings Limited

Best Wellness Development Winner: Imperial Clinic by Elite World Trading Co., Ltd Best Entertainment Development Winner: Woodland X Bar by Factory to Home Company

Best Township Development Winner: Pathein Industrial City by Ayeyarwaddy Development Public Co., Ltd. Highly Commended: Thilawa Garden City by Thilawa Property Development Limited

Special Recognition for ESG Winner: Dagon International Limited

PUBLISHER’S CHOICE

DEVELOPMENT AWARDS

Best Housing Development Winner: Gyogone Housing Redevelopment by Myanmar Thilawa SEZ Holdings Public Company Limited

SPECIAL RECOGNITION AWARDS

Best Entertainment Interior Design Winner: Woodland X Bar by Factory to Home Company BEST OF MYANMAR AWARDS Best Condo Development (Myanmar) Winner: Skysuites by SCW Development Group Ltd. Best Housing Development (Myanmar) Winner: Gyogone Housing Redevelopment by Myanmar Thilawa SEZ Holdings Public Company Limited

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Artist’s Impression

Midtown Modern

Part of Guoco Midtown, the massive integrated mixed-use units (1,733-1,808 sq ft) that are catered for larger families. development taking shape in Singapore’s Beach Road-Bugis The development also contains a four-bedroom, 3,272-sq-ft area, Midtown Modern consists of two 30-storey towers with penthouse and a five-bedroom, 3,520-sq-ft penthouse. 558 condominium units and a retail podium. Equally rare is the fact that Midtown Modern has full The concept of the residential development is “Nature in the condominium facilities, including a 50m swimming pool, City”, with more than one hectare of greenery set right in the deluxe clubhouse, tennis court, gym, hot spring, tea house, city centre. Midtown Modern contains more than 10 thematic and a hotel-like arrival lobby. gardens and landscaped areas, including an enormous forest-themed garden. Midtown Modern has direct access to the Bugis MRT interchange station, placing residents closer to job centres and reputable schools along the East-West and Downtown Lines. The towers are also just a short walk to major shopping malls (Suntec City and Bugis Junction) and a wide selection of F&B establishments, as well as cultural and heritage institutions like the Singapore Art Museum, Esplanade Theatres on the Bay, and the National Library. The homes have well-proportioned living and dining rooms, bedrooms, and balconies, with high ceilings. Unit layouts are diverse enough to serve the needs of different demographics, but what is truly rare in the city are the four-bedroom premium 142

Artist’s Impression

WINNER

BEST DEVELOPER

BEST MIXED USE DEVELOPER

GuocoLand

WINNER

SPECIAL RECOGNITION FOR BUILDING COMMUNITIES

SPECIAL RECOGNITION IN SUSTAINABLE DESIGN

GuocoLand

FACT BOX

Beach Road-Bugis District, Singapore Developer: GuocoLand, Hong Leong Holdings, Hong Realty Product type: Condominium Architect: Yip Yuen Hong of ip:li Architects Launch date: March 2021 Completion date: 2024 Total land area: 124,117.5 sq ft (11,530.80 sqm) Number of units: 558 (includes two penthouses) Unit size: 409-3,520 sq ft Facilities: 50m lap pool, hot spring, jacuzzi, tennis court, gymnasium, deluxe clubhouse, roof gardens, grand lawn, tea house, pet corner Monthly maintenance fees: From S$327.60 (409-sq-ft, one-bedroom unit) Price range: S$1m+ to S$5m+ Sales office contact: Tel: (65) 6225-9000 Whatsapp: (65) 8125 9625 Email: sales_enquiry@guocoland.com Address: Kallang Airport Way, Singapore (viewings by appointment only)

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Artist’s Impression

The M @ Middle Road 30-38 Middle Road, Singapore

Residents of The M @ Middle Road are just within walking distance of three MRT stations: a four-minute walk from Bugis station, six minutes from City Hall station, and eight minutes from Esplanade station. The Central Business District and The Marina Bay Financial District are only two and three stations away, respectively. Orchard Road, the city’s world-famous shopping belt, is also located just a few minutes away from The Situated in Bugis, right next to the Civic District, The M @ M @ Middle Road. Middle Road offers excellent connectivity with a well established transportation network. This area is being transformed into a car- Residents will benefit from the wide range of round-the-clock lite district, ideal for walking, according to city authority plans. amenities and F&B options at Bugis and City Hall.

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FACT BOX

The M @ Middle Road is a 99-year leasehold mixed-use development on a 7,462.7-sqm site along Middle Road, in the heart of Singapore’s Arts and Cultural District. The 31,344-sqm development comprises three 20-storey towers and a six-storey tower, containing 522 residential apartments and one level of retail spaces.

WINNER

BEST PRIVATE CONDO INTERIOR DESIGN

BEST RESIDENTIAL SMART BUILDING DEVELOPMENT

The M @ Middle Road by Wing Tai Asia

Developer: Wing Tai Asia Product type: Condo with ground-level retail Architect: P&T Group Launch date: February 2020 Completion date: March 2027 Total land area (approx.): 7,462.7 sqm Number of units: 522 Unit size: 409-904 sq ft Facilities: Club M, The Hangout, The Grid, The Readout, The Verandah, starlight pool, jacuzzi lounge, hydro pod, aqua social terrace, aqua lounge, decks, gardens, herbal enclave, gyms, golf snooker, and more Monthly maintenance fees: S$250-350 Price range: S$1.48-2.4m Sales office contact: Tel: 63803800 Email: enquiry@theM.sg Address: Middle Road and Selegie Road, Singapore

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Gamuda City Gamuda City transforms a slum area in South Hanoi into a well-masterplanned integrated development with a mix of uses, including high-quality housing, live-workplay hubs, and natural spaces. International organisations had tried addressing the environmental issues plaguing the site for decades. Only the development of Gamuda City was able to bring a lasting solution to the problem, with the creation of Yen So STP, the nation’s most modern sewage treatment plant. Situated at Km 1.5 Phap Van in the Yen So Ward of Hanoi, Gamuda City represented a refreshing departure from the disorganised local development approach, marred by a lack of planning and foresight for expansion. A catalytic driving force for urban regeneration, Gamuda City is a modern township with three distinct main precincts: the 78-hectare Gamuda Gardens, the 146

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

WINNER

SPECIAL RECOGNITION FOR BUILDING COMMUNITIES

SPECIAL RECOGNITION FOR ESG

GAMUDA LAND VIETNAM

WINNER

SPECIAL RECOGNITION IN SUSTAINABLE CONSTRUCTION

SPECIAL RECOGNITION IN SUSTAINABLE DESIGN

GAMUDA LAND VIETNAM

WINNER BEST DEVELOPER

GAMUDA LAND VIETNAM

FACT BOX

Hoang Mai District, Hanoi

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

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Lavila De Rio Lavila De Rio is an upscale residential development of 20 riverside villas in southern Ho Chi Minh City. The development caters to a discerning clientele: property seekers for whom relaxation is key and high functionality with quiet elegance is a must. Lavila De Rio offers residential spaces that contain high-volume, lofty living areas as well as public domains combined with intimate, cosy private enclaves. Views are directed to the river, with the prime living areas offering wide vistas of gardens that are designed to invite the verdant scenery indoors, applying the Japanese concept of “borrowed spaces”. With this technique, public gardens appear as if they are part of a villa’s private garden.

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Thoughtfully handcrafted natural materials like timber and stone blend well with sleek modern materials like glass and metal, lending the villas a timeless notion of design. Pitched roofs ground the development in tradition while contemporary aesthetics maintain the development’s resort-like ambience. The villas are designed as places of tranquility after a day of hard work in the city: a serene refuge amid the hustle and bustle of HCMC. Designed to push the boundaries of luxury real estate in the metropolis, the units evoke a subtle taste for the upscale lifestyle without being showy.

FACT BOX

Nguyen Huu Tho Street, Ho Chi Minh City

WINNER

BEST HOUSING DEVELOPMENT (VIETNAM)

BEST HOUSING ARCHITECTURAL DESIGN

BEST LUXURY HOUSING DEVELOPMENT (HCMC)

LAVILA ISLAND by KIEN A CORPORATION

Developer: Kien A Corporation Product type: Villas Architect: MAPS Design Launch date: 2018 Completion date: 2021 Total land area: 2.2 ha Number of units: 20 Average unit size: 350 sqm Facilities: Japanese garden (zen garden), art installation area, golf course, children’s playground, reading area, afternoon tea area, and more Monthly maintenance fees: $1 per sqm Price range: About $2m Sales contact details: Tel: 093 789 1188 Email: info@laviladerio.vn Address: Lavila Saigon South, Nha Be, Ho Chi Minh City, Vietnam

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JEG Tower @ One Acacia Cebu City, Philippines

Driven to promote green real estate, JDC has built a stateof-the-art facility and future-proof structure that utilises 100% back-up power, with 24/7 capability, and VRF airconditioning. JEG Tower @ One Acacia is also built from environmentally friendly materials and characterised by energy-efficient features. One of the few developments in Located in one of the most established business districts the Philippines with a materials recovery facility, the tower outside Metro Manila, JEG Tower @ One Acacia offers a operates on efficient waste management and reduced water strategic location for local and multinational occupiers who usage. want to expand operations on a larger scale. JEG Tower @ One Acacia has dedicated 20% of the estate As a frontrunner of sustainability, developer JEG Development to green spaces, including a unique green roof deck that Corporation (JDC) advocates for a holistic approach to features flora endemic to Cebu and provides a well-ventilated the wellbeing of the building’s occupants. The commercial and outdoor space for its occupiers. development features top-grade technology that ensures optimal indoor air quality and the best working environment With its future-proof design, the tower will revolutionise for its tenants. It has Mitsubishi Destination-Oriented work-life balance in the Philippines. Allocation System (DOAS) elevators that are integrated with key-card turnstiles, allowing for unique lift assignment and making the lobby less crowded.

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FACT BOX

JEG Tower @ One Acacia is a 22-storey premium green building in Cebu City. This PEZA-accredited, grade A tower is pre-certified LEED BD+C: Core and Shell Silver, making it the most prestigious workplace in the Visayan economic centre.

WINNER

HIGHLY COMMENDED

BEST COMMERCIAL GREEN DEVELOPMENT

BEST OFFICE DEVELOPMENT

JEG Tower @ One Acacia by JEG Development Corp.

Developer: JEG Development Corporation Product type: Office and commercial development Architect: Casas+ Architects Launch date: Q2 2021 Total land area: Approx. 1,700 sqm Number of units: 126 Average unit size: 1,133 sqm (single floor), 90200 sqm (individual unit) Facilities: DOAS elevators, roof garden deck, green spaces, rainwater collection facility, bike racks, shower rooms, automatic doors Monthly maintenance fees: PHP150 per sqm Price range: PHP700 per sqm Sales office contact: Lorenzo Rodriguez Tel: (+63) 917-825-6884 Email: lorenzo.rodriguez@kmcmaggroup.com Address: 16F Skyrise 4B, West Geonzon Street, Cebu IT Park, Cebu City, Philippines 6000

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Atrium de Tarlac

Concepcion, Philippines

Set along the San Juan-Sto Niño Road in Concepcion, Atrium de Tarlac is connected to the SCTEX Concepcion Exit, cutting down trips to Manila to as short as 75 minutes. Its location at the heart of Central Luzon gives Atrium de Tarlac seamless access to the National Capital Region and other provinces in the island. Situated close to an international airport, Atrium de Tarlac is within proximal distance of economic, industrial, and technological growth areas. Schools, 152

markets, medical facilities, commercial districts, and government insituttions are within reach of the development, promising security and convenience to future home owners. Atrium de Tarlac is designed as a serene enclave for people who lead distinguished lifestyles. This secured community has open spaces and deluxe amenities, with a swimming pool for relaxation and a clubhouse to celebrate special occasions, as well as a basketball court and playground for sports and play. Envisioned as a full-service subdivision, Atrium de Tarlac has allocated lots for commercial establishments to operate within the estate, making it convenient for residents to satisfy their shopping needs.

FACT BOX

Atrium de Tarlac is a gated community near the new Clark Green City in the province of Tarlac in the Philippines. Developed by Asiawide Land Master, Inc., a subsidiary of Asiawide Land and a respected developer in Central Luzon, Atrium de Tarlac consists of 122 lots, with 55 units allotted to a combination of houses and lots and 67 units for lot-only options.

WINNER BEST HOUSING DEVELOPMENT (LUZON)

Atrium De Tarlac by Asiawide Land Master Incorporated

Developer: Asiawide Land Master, Inc. Product type: Houses and lots Architect: Asiawide Land Master, Inc (In house Planning Group) Launch date: February 2020 Completion date: November 2021 Total land area: 56,171 sqm Number of units: 122 Average unit size: 274.85 sqm Facilities: Estate gate, swimming pool, playground, function hall, basketball court, courtyard Price range: PHP11-18m (house & lot), PHP15,000-16,000 (lot only) Sales office contact: Tel: (+63) 919 073 2774 Email: mcg.comassociate02@gmail.com Address: Brgy. San Juan, Concepcion, Tarlac, Philippines

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Grand Mesa Residences Grand Mesa Residences is a 15-storey condominium project set to rise just five minutes away from the metro’s true forest recreational park, La Mesa Ecopark in Quezon City. Situated along Pearl Street, Commonwealth Avenue, Grand Mesa Residences is just a walking distance from two MRT-7 stations, Doña Carmen and Regalado stations.

designed, sustainable environment for people dwelling in modern structures, landscapes and communities.

Coming home to Grand Mesa Residences paves the way to a safer and healthier life for all its residents. It is their personal oasis within the city where they can destress and immerse themselves in nature. Rather than simply following the tenets of green architecture, Grand Mesa Residences has adopted biophilic architecture, reconnecting residents to natural living. Overall, this creates a well-

Aimed at providing the best residential experience, homeowners get to experience a more relaxing and peaceful life as they wake up to the breathtaking view of La Mesa Watershed and the mountains of Rizal right at their balcony. A home that delights the well-being; a sanctuary that is surrounded by nature; a refuge that allows the people who call it home to be resilient.

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Grand Mesa Residences also offers cutting-edge home technology. The development comes with an integrated smart home system, enabling residents to control their abodes remotely. All units are smart-home ready.

FACT BOX

Commonwealth Avenue, Quezon City

HIGHLY COMMENDED BEST CONDO ARCHITECTURAL DESIGN

Grand Mesa Residences by Wee Community Developers, Inc.

Developer: Wee Community Developers, Inc. Product type: Condominium Architect: Wee Community Developers, Inc. Launch date: Q3 2018 Completion date: Q4 2024 Total land area: 3,000 sqm Number of units: 726 Unit size: 25-29.15 sqm (one-bedroom), 39.5443.07 sqm (two-bedroom) Facilities: Adult/kiddie/wading pools, kids’ playground, day care center, function rooms, business centre, fitness gym, open lounge, multi-purpose room, amphitheatre, barbeque pits, sky bridge, jogging path, view deck, drying cages Monthly maintenance fees: PHP60-70 per sqm Price range: PHP2.2-2.8m (one-bedroom), from PHP3.5m (two-bedroom) Sales office contact: Tel: (02) 77570708 (landline), 0906 297 0710 (mobile) Email: gmr@weecomm.ph Address: Units 7&8, 2/F Pearl Drive Commercial Center, Brgy. Fairview, Quezon City, Philippines

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Candor TechSpace Sector 21, Gurugram

Reputed global companies have already occupied the campus, which boasts workspaces with an operating area of more than 3.86 million sq ft, made verdant by terraced gardens and sunny sit-outs. The Candor Techspace campus is strategically located in an accessible part of Gurugram, within easy reach of the airport and the Dwarka sub-city in Delhi. Making the commute easier is an interconnected metro line as well as the NH-48. Candor Techspace is within proximity to several residential catchments, shopping malls, and hotels. Candor Techspace has 13 buildings in operation. Rated Platinum by the Indian Green Building Council (IGBC), Candor Techspace has conducted several energy efficiency initiatives.

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The development functions like an integrated business ecosystem, with a variety of amenities. The site offers various shared mobility solutions, including spaces for shuttle cars, an Uber zone, and parking for EV cars. The property also comes with 334KWp rooftop solar panels and a 66KV sub-station.

FACT BOX

Candor Techspace, Sector 21 is the largest special economic zone in Gurugram. Set on a 27.67-acre campus, this built-tosuit IT/ITES SEZ development comprises sustainably built buildings with glass facades as well as a well-thought-out retail mix, making it a sought-after destination in the town.

The design philosophy of Candor Techspace is a culture of innovation, with an eye toward a work environment that is as sustainable as it is healthy and experiential.

WINNER

BEST OFFICE DEVELOPMENT

BEST GREEN DEVELOPMENT

Candor TechSpace, Sector 21, Gurugram by Brookfield Properties

Developer: Brookfield Properties Product type: IT/ITES SEZ Architect: Callision (Master Planner), Plural Design Consultants Pvt. Ltd. (T11) Completion date: 2008 Total land area: 27.67 acres Built-up area: 3.86m sq ft Typical floor size: 50,500 sq ft Facilities: Terrace garden, landscaped community areas, food court, cafes, gymnasium, health club, daycare centre, concierge services, convenience stores, pharmacy, dental clinic, substation, organic composting plant, water recycling system, etc. Sales office contact: Tel: +91 124 38214000 Email: candor.techspace@brookfield.com Address: Candor TechSpace, Tower 5A, Tikri, Sector 48, Gurugra, Haryanam, Indial122018.

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ONE OF THE FIRST MODERN BUILDINGS TO INTRODUCE THE GREEN ROOF, ACROS WAS ORIGINALLY DESIGNED TO APPEASE URBAN DWELLERS WORRIED ABOUT LOSING NATURAL SPACES IN FUKUOKA. DISTINCTIVE SHOTS/SHUTTERSTOCK

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