PropertyGuru Property Report No.172 (June - July 2022) by PropertyGuru Property Report

130 TOKENISATION OF REAL ESTATE

THINKING EIGHT INC. 94

114 BOOM TIMES IN VIETNAM

RUSSIANS FIND REFUGE 140

122 INDONESIA EYES RECOVERY

EVERYONE LOVES ILOILO 112

USD10; SGD13; IDR135,000; MYR41; THB330

NO. 172 asiapropertyawards.com/newsroom

Kohler

Seazen Suzhou Wuyue Plaza Suzhou, China Location: Suzhou, China Date of Completion: 2020 Project Size: 236,477 m2 Client: Seazen Group Marco Polo proclaimed Suzhou the “Venice of the East” and was a center of business and commerce in China with its Grand Canal. Our goal was to create an authentic, contemporary reinterpretation, using world-class design thinking and internationally proven techniques. Inspired by the Chinese saying, “Above there is heaven, below there are Suzhou and Hangzhou”, Benoy created a dichotomy within the mall to generate dynamics and dialogues between the “heavenly” retail indoor street punctuated by skylights on the top floor, and the retail floors below. The top floor (L6) is a modern interpretation of street life and the waterway landscape of Pinjiang Road. With careful analysis of macro and micros elements that make up Pinjiang Road, Benoy successfully designed and recreated an indoor retail street with authentic atmospheres of Old Town on top of newly developed shopping mall. On the typical retail floors (L1-5), the design concept was inspired by artisan tradition of carving and craftmanship of woodworking. The carving of sinuous, fluid surfaces informed the interior design elements on the lower 5 floors. Such examples can be observed throughout the mall interior, from the signature curved atrium edges to the dynamic curved wall cladding panels around the lift lobbies.

www.benoy.com

Architecture | Interiors | Masterplanning | Branding + Graphics

Transforming our Future Award-winning, multi-disciplinary designers creating built environments that are readying our cities for the future.

lead8.com

WINNER BEST RETAIL ARCHITECTURAL DESIGN

Bintaro Jaya Xchange by Lead8

Bintaro Jaya Xchange Bintaro Jaya, Indonesia

WINNER BEST RETAIL INTERIOR DESIGN (MAINLAND CHINA)

The Ring by Lead8

The Ring Chongqing, China

WINNER

HIGHLY COMMENDED

BEST MIXED USE INTERIOR DESIGN (MAINLAND CHINA)

BEST RETAIL ARCHITECTURAL DESIGN (MAINLAND CHINA)

Fuzhou Shangri-La Mixed-use Development by Lead8

Hubei Coordination Urban Renewal Scheme by Lead8

Fuzhou Shangri-La Mixed-use Development Fuzhou, China

Hubei Coordination Urban Renewal Scheme Shenzhen, China

HIGHLY COMMENDED

BEST MIXED USE ARCHITECTURAL DESIGN (MAINLAND CHINA)

BEST RETAIL ARCHITECTURAL DESIGN (MAINLAND CHINA)

Fuzhou Shangri-La Mixed-use Development by Lead8

MixC Ningbo by Lead8

Fuzhou Shangri-La Mixed-use Development Fuzhou, China

MixC Ningbo Ningbo,9 China

Empower To Build The Future 10

Empower To Build The Future PT Adhi Commuter Properti (ADCP), the first and largest mass transportation-based property developer in Indonesia, presents housing/residences with accessibility advantages that facilitate daily activities and contribute to solving urban problems. ADCP is a subsidiary of the State-Owned Enterprise (BUMN) PT Adhi Karya (Persero), Tbk. which is engaged in Property, Hospitality & Support. Started from the Transit Oriented Development (TOD) division of Adhi Karya in 2015 and developed into a separate entity in 2018. PT Adhi Commuter Properti was established to provide integrated residential areas and support facilities around the Light Rail Transit (LRT) line area, which truly 0 kilometers away from LRT station.

ADCP housing/residences puts forward elements of connect, mixed-use, shift & transit, walkable and densify, the LRT City area will be a solution for the people, not only to provide a comfortable place to live, but also to become a new civilization in the lives of urban people. ADCP launch with brand LRT City focus on integrated apartment with LRT station, Adhi City for high rise building and landed house and member of LRT City focus on integrated apartment with BRT Station and commuter line.

WINNER

PT. ADHI COMMUTER PROPERTI Tbk Jl. Pengantin Ali No.88, Ciracas - Jakarta Timur +6221 228 229 80 www.adcp.id

BEST BREAKTHROUGH DEVELOPER

BEST BREAKTHROUGH DEVELOPER (INDONESIA)

PT Adhi Commuter Properti

A SERVICE YOU

CAN TRUST.

A HOME YOU CAN BE.

Our sophea suites is located at the heart of Phnom Penh in one of the best residential district, BKK I. We promise lavish comfort with our spacious, sun ﬁlled living space with full view of the city and river. Tailored to high standard, Sophea suites provide a fully furnished home, bringing you to a new way of living in Phnom Penh. Each and every detail of the apartment are very well selected to reensure to bring you the feeling of modern luxury home. We did not just offer you a home, but we provide you a warm welcoming service to each and every tenant.

WINNER

BEST LIFESTYLE DEVELOPER

BEST SERVICED APARTMENT DEVELOPMENT

BEST SERVICED APARTMENT INTERIOR DESIGN

Sophea Suites Co.,Ltd

Sophea Suites by Sophea Suites Co.,Ltd

Jointly developed by

and

YOUR NEXT PROSPERITY GROWTH ADDRESS The gateway to Thu Thiem where you have the best of District 1&2

Jointly developed by and

www.sinarmasland.com 26 Sinar Mas Land

@sinarmas_land

WINNER BEST DEVELOPER (ASIA)

BEST GREEN DEVELOPMENT (INDONESIA)

BEST GREEN DEVELOPMENT

Sinar Mas Land

BSD City by Sinar Mas Land

BEST HOTEL DEVELOPMENT (INDONESIA)

The Botanica Sanctuary by Agung Sedayu Group

Jalan Taman Safari No. 101 Desa Cibeureum, Cisarua, Bogor 16750 - Indonesia T. +62 251 821 7111 | WA. +62 811 8068 819 E. reservation-thebotanica@tauzia.com www.thebotanicapesonaalam.com thebotanicasanctuary The Botanica Sanctuary 33

WINNER

BEST RETAIL ARCHITECTURAL DESIGN

BEST RETAIL INTERIOR DESIGN

The Waterfront Community Mall by Blissful Capital Co.,Ltd

WINNER

BEST BOUTIQUE CONDO INTERIOR DESIGN

BEST BOUTIQUE DEVELOPER

The Hyde by Aurum Land

Aurum Land

HIGHLY COMMENDED

WINNER

BEST BOUTIQUE CONDO ARCHITECTURAL DESIGN NYON by Aurum Land

HIGHLY COMMENDED

BEST LIFESTYLE DEVELOPER WINNER

BEST BOUTIQUE CONDO ARCHITECTURAL DESIGN

BEST LIFESTYLE DEVELOPER

NYON by Aurum Land

Aurum Land

2 MINS TO MRT • FREEHOLD • DISTRICT 15

Pondok Indah Pondok Indah Mall Office Tower

InterContinental Hotel

Pondok Indah Pondok Indah Residences Residences Pondok Indah Residences

InterContinental Hotel

Metropolitan Kentjana Tbk Pondok Indah Residences

3 Spectacular Pools Tunnel Access From PIM 3 to PIR

Pondok Indah Office Tower 5

Pondok Pondok Indah Indah Mall 3 Office Tower

Metropolitan Kentjana Tbk

Pondok Indah Mall 3 Pondok Indah Office Tower 5 Drop Off

Pondok Indah Office Tower 5 Main Lobby

At Most Fear PIM 3

Love On Top PIM 3

www.pondokindahgroup.co.id

021 7581 11 11 Sales Inqury | Pondok Indah Residences

021 7590 50 50 Leasing Inqury | Office

021 750 67 50 45 Leasing Inqury | Mall

HIGHLY COMMENDED BEST CONDO ARCHITECTURAL DESIGN

Salaya One Soi Tangsin by Menam Development Co., Ltd.

Peace and Liiving Co.,Ltd

Peace and Liiving Co.,Ltd *Photo for advertising

ISSUE 172 Publisher Jules Kay Editor Duncan Forgan Deputy Editor Al Gerard de la Cruz Senior Editor Richard Allan Aquino Digital Editor Gynen Kyra Toriano Head of Creative Ausanee Dejtanasoontorn (Jane) Senior Graphic Designer Poramin Leelasatjarana (Min) Media Relations & Marketing Services Manager Nate Dacua Media Relations & Marketing Services Executive Piyachanok Raungpaka Marketing Relations Manager Tanattha Saengmorakot Senior Product Lifecycle & Brand Manager Marco Dulyachinda Sales Director Udomluk Suwan Regional Solutions Manager Orathai Chirapornchai Regional Manager of Awards Sponsorship Kanittha Srithongsuk Solutions Manager (Australia) Watcharaphon Chaisuk (Jeff) Solutions Manager (Cambodia) Phumet Puttasimma (Champ) Solutions Manager (Greater Niseko) Nyan Zaw Aung (Jordan) Solutions Manager (India and Sri Lanka) Monika Singh Solutions Manager (Indonesia) Wulan Putri Senior Account Manager (Indonesia) Oky Prasetya Senior Solutions Manager (Mainland China, Hong Kong and Macau) Huiqing Xia (Summer) Solutions Manager (Mainland China, Hong Kong and Macau) Kai Lok Assistant Manager, Awards (Malaysia and Mainland China) Samuel Poon Senior Solutions Manager (Philippines) Marylourd Pique Solutions Manager (Philippines) Maria Elena Sta. Maria Awards Manager (Singapore) Alicia Loh Solutions Manager (Thailand) Kritchaorn Rattanapan Rattanarat Srisangsuk Solutions Manager (Vietnam) Quan Nguyen (Val) Developer Solution Sales Manager (Vietnam) Dinh Van Tuan Anh (Kei) Business Development Executive, Sponsor Partnership Priyamani Srimokla (Priya) Sponsorship Sales Executive Yuwadee Phrommunee (Jane) Distribution Manager Rattanaphorn Pongprasert General Enquiries awards@propertyguru.com Advertising Enquiries petch@propertyguru.com Distribution Enquiries ying@propertyguru.com PropertyGuru Property Report is published six times a year by

CONTENTS | Issue 172

Gadgets

Trends

Style

Robots and AI home products are coming of age

The future is here with furniture that helps people feel, work, and even sleep better

A look at how interiors will be decorated and illuminated in the next few years

Project Confidential: Into tomorrow

Interview: Going mobile

Design Focus: Ace of space

Frasers Tower is a nextgeneration tower with a set of tech-forward and sustainable features

With his app Novade simplifying site management, Denis Branthonne is leading digital transformation in Asia’s construction industry

Tim Kobe’s belief in design with purpose has earned his firm Eight Inc. clients spanning Apple and other tech titans

OCT OH BAY RETAIL PARK | SHENZHEN, CHINA

“We are always trying to do something new and different that contributes to the human experience in a positive way. Our design always approaches a project from the urban design point of view first.” — LEAD ARCHITECT Pablo Laguarda, FAIA

www.laguardalow.com

WINNER

SPECIAL AWARD

BEST MEGA MIXED USE ARCHITECTURAL DESIGN (MAINLAND CHINA)

SPECIAL RECOGNITION FOR CONTRIBUTION TO THE BUILT ENVIRONMENT

OCT OH BAY by Laguarda.Low Architects

DEVELOPER: OCT Group AREA: 43 ha DESIGN FIRM: Laguarda.Low Architects (LLA) DESIGN SCOPE: Masterplan, Architecture Design of East and West Waterfront Retail Park, Urban Business District (Office Towers), Hotel, Central Plaza, Visitor Center, Restrooms, Bus Terminal, and Ferris Wheel Reception Office LANDSCAPE DESIGN: SWA, AUBE

Laguarda.Low Architects 25 East 21st Street, 2nd Floor 57 New York, NY 10010 +1 646.823.9770

CONTENTS | Issue 172

112

114

122

Neighbourhood Watch: Iloilo

Destination: Vietnam

Destination: Indonesia

Historically a powerhouse, the province and its namesake city in the Western Visayas host a burgeoning investor class and a vibrant real estate scene

Vietnam has been propelled into the big league of Asian nations: a fact reflected in its hyper-driven real estate market

The nation’s real estate market remains moribund following the pandemic. But strong housing demand and bright economic tidings offer grounds for optimism

130

140

143

Special Feature: Affirmative fractions

Dispatch: From Russia with love

Dispatch: Mixed to perfection

With its massive potential to democratise real estate investment, tokenisation is one of the most exciting new frontiers in the industry

As sanctions bite at home, Russian buyers are seeking asset safe-havens in Southeast Asia

Landmark developments along Bangkok’s Rama IV Road are upping the ante for real estate in Thailand’s capital

WINNER BEST OFFICE DEVELOPMENT

107 AGUIRRE by ATLASLAND

EDITOR’S NOTE Issue 172

Digital disruption has long been a buzz phrase in the real estate industry. But few would have anticipated exactly how disruptive life could get. The pandemic era has been a horror show for many reasons. But it has been an absolute godsend for the advance of tech. With in-person interaction limited or forbidden the real estate industry’s move online has been quicker than even the most fervent tech disciple would have predicted. In this, our tech issue, we examine some of the ways this shift is manifesting itself in areas of property design, construction site management and innovative investment mechanisms. Of the latter, the advent of tokenisation—breaking up the value of a real estate investment into smaller chunks—has the potential to democratise the field and broaden the pool of investors. Our special feature takes a closer look at this exciting area. In our Design Focus, we chat to Tim Kobe, founder of design firm Eight Inc., about the philosophy underpinning commissions for significant clients like Apple. Also joining us for a candid conversation is Denis Branthonne whose app, Novade, is simplifying site management and processes. Elsewhere in this issue we head to Vietnam and Indonesia for our destination updates, check out the tech-savvy Frasers Tower in Singapore, and swing by Iloilo and Bangkok to take the pulse of recent developments. Enjoy.

Duncan Forgan Property Report duncan@propertyguru.com 60

ADVERTORIAL

MAKE THEM THU THIEM With more infrastructure projects linking both banks of the Saigon River, Ho Chi Minh City’s vibrant new urban area gives rise to one of Vietnam’s most luxurious, centrally located mixeduse projects yet

A new urban area is shaping up in front of Vietnam’s premier business district. Set on a peninsula just across the Saigon River from District 1, Thu Thiem New Urban Area is shaping up to be a gamechanger for the Southeast Asian real estate industry. Thu Thiem New Urban Area will change the Ho Chi Minh City skyline in the same way Pudong redefined the property landscape of Shanghai. Sprawling for an area of 930 hectares, the new urban area is designed as the modern, sophisticated, 21st-century extension of HCMC. With a rich history dating back to the 18th century, Thu Thiem New Urban Area is the product of decades of careful masterplanning. Seasoned architecture firm Sasaki Associates prevailed over an international design competition in 2003 to earn the honour of master-planning the historic site. A growing network of transport infrastructure projects is set to increase connectivity and access to the new urban area. The completion of the Thu Thiem 2 Bridge in September 2021 was a major milestone, linking the crescent-like Thu

Thiem peninsula for good to HCMC’s central business district. Strategically located at the foot of the newly built bridge is The Metropole Thu Thiem, a luxury mixed-use project by renowned development firm SonKim Land. The ambitious project, set on a prime riverside site in Thu Thiem, serves as the backdrop to The Opera House nearby. Buildings on the site look out to the Bach Dang Park as well as the full splendour of the CBD skyline along the west bank of the river. The Metropole Thu Thiem is also only a few steps away from the Saigon River pedestrian bridge. From this bridge, one steps out to the world of heritage sites offered by HCMC, including not only the Opera House but also the famed Nguyen Hue Walking Street, Notre Dame Cathedral, and City Post Offices. Following the success of its first and second phases, The Galleria Residence and The Crest Residence, The Metropole Thu Thiem is now in its latest stage of development with The

ADVERTORIAL

Opera Residence. As with the earlier phases of the site, The Opera Residence offers resplendent river views, especially from its Podium apartment units. Residents enjoy the closest, most magnificent views of the HCMC CBD from the Podium apartments than other unit types within the development. The Opera Residence is perfect for discerning property seekers in other ways. This upscale collection of condominiums is complemented by a full range of health and wellness facilities, including a fully equipped gym; yoga-pilates room; hydrotherapy massage bathtub; sauna and massage pavilion; golf simulator; children’s water play area; and more. Also surrounding The Opera Residence are some of Thu Thiem’s newest symbols of prosperity: the Convention Center, Central Plaza, Riverside Park, and Crescent Boulevard. The façade of The Opera Residence is very eye-catching, a design statement made to capture the elegance and movement of symphony—a fitting tribute to the Opera House nearby. The simplicity and reflectiveness of The Metropole Thu Thiem’s city-facing facade meanwhile symbolises the development’s transitional setting between Thu Thiem New Urban Area, District 1, the Saigon River, and the Opera House.

A wave of new Grade A office buildings will transform Thu Thiem New Urban Area, which is part of HCMC’s bustling District 2, over the next few years. Along with District 1, the commercial heart of HCMC, Thu Thiem New Urban Area will become home to HCMC’s most luxurious residential developments yet, including The Metropole Thu Thiem. As a symbol of Vietnamese progress, The Metropole Thu Thiem serves as an ideal home base for expatriates and executives working for multinational corporations as Vietnam continues its unstoppable economic growth. Nestled on one of the most open spaces of the Thu Thiem masterplan, The Metropole Thu Thiem is a rare investment opportunity for foreigners and Vietnamese alike, with potential for profitable margins. Celebrating the past, living in the moment, and looking to the future, The Metropole Thu Thiem is a real estate landmark for all seasons.

A complete development, The Metropole Thu Thiem also gives investors and home buyers the opportunity to own commercial shophouse units. With the Thu Thiem New Business District behind it, the commercial shophouses offer a truly enviable location for entrepreneurs to set up businesses.

DETAILS | Gadgets

ART IFICIALLY YOURS Robots and AI home products are coming of age and making their presence felt in homes everywhere. Here are some notable innovations

READY TO ROOMBA The current generation of robots are at their best when they take over mundane tasks like cleaning. And in the now competitive arena of robot vacuums, a self-emptying one is most welcome, like the Roomba S9+, which can bin dust and dirt all on its own.

From USD800, irobot.com

CANINE COMPANION Not all robots are humanoids: Sony’s aibo is as canine as you can get, with sensors that help it interact with owners like it’s the real thing, down to its movements and expressions. Sustained by a cloud plan, this AI dog even learns tricks and commands.

USD2,900, sony.com

CODE FOR KEEPS The next generation will likely treat coding like child’s play, thanks to toys like the Wonder Workshop Dash Coding Robot. Teach your tots programming fundamentals through Dash’s different applications, which empower your kids to give it progressively more complex commands. SHADOW PLAY Segway is ready to elevate scooters with AI. Enter Loomo, the world’s first “mobile robot sidekick”, which can follow its owner around and respond to their touch, voice and gestures. The selfbalancing scooter can cover 22 miles on one charge, with speeds reaching 11 mph.

USD2,300, segway.com

USD180, makewonder.com

LIVING IMAGE Amazon’s contribution to the robot evolution is Astro, a home monitoring system with a 42-inch periscope camera: your all-seeing eye away from home. Unlike other smart home cameras, this robot is very much mobile, able to navigate your abode independently via intelligent motion technology.

USD1,000, amazon.com

DETAILS | Trends

BELLS AND WHIST LES The future is here with furniture that helps people feel, work and even sleep better

WHEN IN ROME Four-poster beds are getting the futuristic treatment too with HiAm, built with a professional audio-visual system, lights, motorised bases, smart alarms, and even fragrances. The Italian-made bed can create scenarios that encourage sleep as well as track sleeping patterns through an app.

Price upon request, hi-interiors.com

ROCK THE DREAMBOAT Let the Concoon, a waterbed by Wasserbetten, lull you to sleep with motions and sleepinducing lights that remind you of the weightlessness of space. Inspired by yacht construction, the capsule has a spacecraft-like design, enclosing you in integrated surround sounds.

Price upon request, wasserbetten.at

HEAD ON SWIVEL The armrests of the Steelcase Gesture Office Desk Chair can move to support your arms in any position while the chair itself can accommodate weights of up to 400 pounds. And with three height options to choose from, this home office dynamo is ideal for tall workers. MANY HATS Home offices deserve a Tabula Sense Smart Desk, an MDF table that offers everything from an induction beverage warmer to a wireless Qi charger just underneath its natural-looking veneer. This height-adjustable desk even has a USB hub and built-in, water-resistant Bluetooth speakers.

EUR2,990, tabulasense.com

From GBP789, steelcase.com

IN CHARGE Don’t just leave your phone on the table; juice it up atop the Koble Zain Smart Side Table, which has wireless, fast-charging pads and USB charging ports built into it. It functions as an impressive speaker too, with a subwoofer for good audio quality.

From GBP239, kobledesigns.com

DETAILS | Style

TOMORROW LAND A quick look at how interiors will be decorated and illuminated in the next few years

GROWN UP The “mature” version of the Nanoleaf LED light panels is here. The so-called Nanoleaf Elements are designed like wooden panels with earthier ambient lights, perfect for social media mavens proving their adulting cred. But like the originals, they are still receptive to touch and sound.

From USD250, nanoleaf.me

SLEEP LIGHT Lights can be anathema to sleep but in the case of the Hatch Restore, it helps you drift to slumberland. A great home décor, it also moonlights as a sunrise alarm or alarm clock, as well as a sound machine and meditation app.

USD130, hatch.co

DEFYING GRAVITY The family of tomorrow will likely deck their home with levitating planters like the AIRSAI. Because of its spinning technology, the floating pot ensures that plants will get nourished on all sides by sunlight. It also has the right dimensions for bonsai enthusiasts.

AMBER GLOW The secret behind Tiktokers and Instagrammers’ oh-so-perfect mood lighting is the sunset lamp, which casts a soft sunny glow around the room in a variety of twilight-like colours and modes—a literal instant “glow-up” as Generation Z would say.

From USD15, amazon.com

From USD125, floately.com

VANITY IS THY NAME No need to be an evil queen to get tech magic out of Hauschen’s Home LED Bathroom Wall Mounted Mirror. It has a reflective touchscreen with LED lights adjustable to 100% brightness, thanks to a builtin dimmer. It’s also antifog, suitable for quick postshower primping.

From USD325, hauschenhome.com

ADVERTORIAL

THE REIT TIME The first listed real estate investment trust in the world to invest in mainland China’s property shows a fascinating picture on how to stay lucrative and viable in the pandemic era Real estate investment trusts can offer effective means for preserving, growing, and diversifying one’s wealth. If chosen wisely, REITs deliver stable returns to investors when the right asset classes are involved. Tax-efficient and liquid, REITs outperformed fund indexes in 2021 at a time of challenges to income-generating properties. In 2021, the properties of Yuexiu Real Estate Investment Trust recorded total revenue of almost RMB1.8 billion, an increase of 2.2% as compared to the previous year. Meanwhile, its underlying properties—a modern, well-designed mix of integrated, mixed-use, commercial, retail and hospitality developments—benefited from an occupancy rate of 92%. The fund’s performance is an affirmation of the stability of operations behind Yuexiu REIT. In March 2021, S&P Global Ratings reported that Yuexiu REIT’s business would be unlikely to undergo long-term structural changes because of the pandemic. Then in October 2021, Fitch graded Yuexiu REIT’s long-term issuer default rating (IDR) as “BBB-” and foreign currency senior unsecured as “BBB-”, with a “Stable” outlook for both. This is a rare feat for a REIT in China, especially with the rampant credit tightening and mass downgrades of mainland real estate stocks then. Much has changed since Yuexiu REIT became the first listed real estate investment trust in the world to invest in mainland China’s property. Since listing on the Hong Kong Stock Exchange in 2005, Yuexiu REIT has grown to own entire urban complexes, office buildings, shopping malls, five-star hotels, serviced apartments, and more in China, a portfolio covering an area of about 1.18 million sqm.

ADVERTORIAL

These properties include the Guangzhou International Finance Center (GZIFC), the first super high-rise landmark building complex in South China to have an international operation and management system. Home to consulates of various nations as well as Fortune Global 500 companies, Guangzhou IFC is the first REIT project in Asia Pacific to have obtained BOMA COE+360 dual certification. During the Covid outbreak, Yuexiu REIT applied the BOMA system emergency guidelines to manage the Guangzhou IFC office buildings. With healthy operations ensured, the average rental unit price in the complex stood higher than office buildings in the same area. Yuexiu REIT also expertly navigated global challenges with another top property asset, the Yuexiu Financial Tower in Guangzhou’s bustling Zhujiang New Town. Covering an area of 210,283 sqm at a height of about 310 metres, it is one of the largest commercial buildings in the city. Set above an important transportation hub, where rapid transit routes and 50-plus bus lines pass through, the office tower houses many Fortune 500 companies and is crowned

by a “sky farm” on the 70th floor, one of many amenities in pursuit of balance between nature and health. In the first half of 2021, Yuexiu REIT engineered the renovation of many of its commercial, retail and hospitality assets. They include its Wuhan Property Management Projects, which include the Wuhan Yuexiu Fortune Center and Starry Victoria Shopping Center, in addition to the 12th floor of Shanghai Yuexiu Building. The capital renovation projects would continue in H2 2021 with such assets as Guangzhou White Horse Tower and Four Seasons Hotel Guangzhou IFC. The Wuhan Yuexiu Fortune Center is known for currently being the tallest international Grade A office building completed in Wuhan. Today, 47 high-quality corporate tenants, including branches and regional headquarters of Fortune 500 companies, as well as top-level domestic companies, are housed in the building complex, which covers an area of 248,194.2 sqm and rises to 330 metres high.

ADVERTORIAL

Yuexiu REIT also succeeded in terms of operational optimisation during the pandemic, thereby driving high revenue growth. At Guangzhou White Horse Building, for example, the Yuexiu REIT team deftly implemented differentiated leasing policies last year for floor merchants with contracts that were about to expire. Another success story for Yuexiu REIT in 2021 was the successful lease renewal of the Industrial and Commercial Bank of China within the Hangzhou Victory Business Center. The REIT also retains stable occupancy rates in top assets like the Yuexiu Financial Tower, Guangzhou Fortune Plaza, Guangzhou City Development Plaza, and Guangzhou Victory Plaza. The secret to Yuexiu REIT’s resilience lies in its “Three Integrations” collaborative management model, namely the integration of asset and fund management; commercial operation and property management; and capital enhancement and asset transformation. Every year, the REIT conducts a comprehensive assessment of its properties, evaluating them according to their growth rate, property valuation, and NPI rate of return.

“With an excellent property portfolio and professional management team, and through the active implementation of prudent leasing strategy; cooperation with effective assets; and value-added measures, Yuexiu REIT will actively seize potential investment opportunities, explore capital market financing opportunities, and effectively reduce financing costs,” says Deliang Lin, chairman, executive director, and CEO of Yuexiu REIT. Banking on the resurgence of domestic demand as well as rebalancing market forces within China’s economy in 2022, Yuexiu REIT hopes to execute a stable strategy and make more confident tenancy decisions than ever. On the whole, Yuexiu REIT appears well equipped to take advantage of opportunities uncovered by the rapidly changing commercial industry.

INTO TOMORROW Seamlessly quilted into Singapore’s dense downtown core, Frasers Tower is a nextgeneration tower with a new set of tech-forward and sustainable features BY AL GERARD DE LA CRUZ

THE EXTERIORS OF THE RETAIL PODIUM AT FRASERS TOWER ARE DESIGNED WITH POROSITY, SHOWCASING MOVEMENT ON THE FAÇADE AND PROJECTING THE VIBRANCY OF ITS INTERNAL ACTIVITIES TOWARDS THE STREET. IMAGE CREDIT: DP ARCHITECTS

f bystanders see the façade of Frasers Tower in Singapore as that of two palms coming together in a wai — the Thai gesture of courteousness — they would be right.

The traditional greeting heralds the arrival of the tower and indicates its respect for the heritage and verdure of its environment. The SGD2-billion tower, completed in 2018, is smarter than ever, having introduced digital building management systems that earned it notices at last year’s PropertyGuru Asia Property Awards. Acquiring the site, released by Singapore’s Urban Redevelopment Authority in a government land sales exercise in 2013, would be a feat for any developer in the land-scarce island nation. The land plot bounded by Telok Ayer and Cecil Streets is in the state’s packed but prized core CBD.

“Given the vibrancy of the precinct and the evolving needs of the workforce, we envisage a Future of Work experience at Frasers Tower where the business community can thrive in a flexible and dynamic work environment,” says Jack Lam, chief operating officer for commercial at Frasers Property Singapore, who oversees the company’s office portfolio in the city-state. “We want a commercial building that could enable the adaptability of workspaces, promote greater collaboration and seamless connectivity, and embrace sustainability. We also want to enrich customer experience via innovative features, tenant engagement programming, green community spaces, wellness features, and much more.” DP Architects, the Singapore-headquartered design practice, bested luminaries such as Ingenhoven Architects and Kohn Pederson Fox at an international competition to create the tower in September 2013. “Frasers Tower is designed to promote sustainable urbanism,” says Tan Chee Kiang, the project’s design

ENVISIONED AS A ‘WORKPLACE IN A PARK’, FRASERS TOWER FEATURES NUMEROUS LANDSCAPED REPLACEMENT AREAS, RETURNING THE EQUIVALENT OF ALL THE GREENERY THAT GREW ONSITE TO THE CITYSCAPE. IMAGE CREDIT: DP ARCHITECTS

lead and director at DP Architects. “The collective goal is to strive for a sustainable future where nature is part of Frasers Tower, based on two approaches: biophilia and topophilia.” The architectural scheme called for a 235-metre-tall edifice that blends into its environment while standing out in the dense urban tapestry of Tanjong Pagar. The building had to fit into an 83,778-square-foot site, bounded by such buildings as The Clift and Bangkok Bank, but still stand far enough from the Telok Ayer Chinese Methodist Church, a designated National Monument dating back to 1889. Once the team decided on the most unobtrusive drop-off point for the building — now marked by a sweeping, 126-tonne cantilevered canopy — the project began. “From the design to the completion of the tower, the team was constantly engaged with the church,” says Tan. “It was the collaboration process that helped formulate the positioning of the tower.”

Contractors, led by Hyundai Engineering & Construction, would halt activities for an hour once a week to let the church conduct mass. The construction team also needed to be strategic with ground movement and vibration in deference to the religious site. Construction vehicles and equipment navigated their way around a tight excavation space with an underground pedestrian network, which now conveniently links the tower to the MRT station. The construction team also had to assess where the piles would clash with those left behind by a former performing arts school that had stood onsite. A 38-storey tower topped out after two years of construction. With a canted main façade and a rectangular base, the building tapers inwards as its core shrinks with height. Despite its tapering form, the tower holds floor plates with up to approximately 22,000 sq ft of leasable space and a 16-metre-deep, column-free area from window to core.

“The tapering tower form helps to distance the development from the neighbouring buildings and reduces the monotony of a vertical tower,” says Tan. “This gesture allowed Frasers Tower to set itself apart within the crowded context.” Alongside landscape consultant Ong & Ong, the design team terraced the tower with landscaped replacement areas. The Park on Level 1 extends the adjacent Telok Ayer Park to the tower’s front yard and reaches the rear of the church: giving it a garden-like backdrop with water features. The foliage soars to The Terrace on Level 4, a breakout area with resting pods; The Oasis, the retail podium’s leafy rooftop; and The Sky, a vantage point for workers. The design produced a “workplace-in-a-park” typology even before the concept took on currency during the pandemic. “We need to present the workplace as a place with conveniences, amenities and experiences that

VISITORS ENJOY A SEAMLESS, FRICTIONLESS, CONTACTLESS JOURNEY INTO THE OFFICE TOWER BY WAY OF A VISITOR MANAGEMENT SYSTEM. IMAGE CREDIT: FRASERS PROPERTY

EVERY LANDLORD IS DOING ITS BEST IN THE TREND TOWARDS GETTING BUILDINGS READY FOR THE FUTURE EVOLUTION OF THE WORKPLACE. AND I THINK WE ARE ON THE RIGHT TRACK

people can’t replicate easily at home and make it attractive for them to make the journey to the office,” says Lam. “We are quite fortunate because Frasers tower was designed and built with this Future of Work experience in mind.”

Squire Mech, the project’s mechanical and engineering consultant, installed intelligent lighting systems and an energy-efficient central chiller system that help the structure achieve energy savings of 30% to this day.

The tower, certified Green Mark Platinum by Singapore’s Building and Construction Authority, lowers solar heat gain by employing two curtainwall systems with different types of high-performance glass. DP Architects, along with contractor YKK AP Façade, serrated the curtainwall to form a triangulated arch on the facade, expressing the traditional wai greeting and giving the building the character of a gateway.

Carbon sensors, installed with the air handling unit and linked to the mechanical ventilation system at the parking area — which comes complete with charging points for EV owners and end-of-trip facilities — regulate fresh air intake. Night purging clears out stale air every day.

“This set of requirements was visualised through extensive mock-up sessions, from the physical review of the glass at our office to the installation of the glass in an off-site factory, where a section of the façade was erected as a mock-up installation,” recalls Tan.

But Covid-19 was the crux of the tower’s metamorphosis into a smarter building. In 2020, Frasers Tower piloted a new intelligent building platform, digitalising property management workflows from seasonal car parking reservations to service requests as in-person communications and transactions were hampered. Other commercial properties under Frasers Property have since or would be emulating the one-stop service portal.

FRASERS TOWER IS LUSH WITH LANDSCAPING FROM TOP TO BOTTOM, WITH THE CROWN OF THE BUILDING HOSTING THE SKY, A COMMUNAL SPACE THAT COMMANDS VISTAS OF THE SINGAPORE SKYLINE AND SUNSET. IMAGE CREDIT: FRASERS PROPERTY

ONE OF FOUR COMMUNITY ZONES AT THE TOWER, THE TERRACE OFFERS A BIOPHILIC ENVIRONMENT WHERE WORKERS CAN MINGLE, CONDUCT SOCIAL EVENTS, ATTEND TOWNHALL SESSIONS, PERFORM CREATIVE THINKING, OR SIMPLY RECHARGE THEMSELVES. IMAGE CREDIT: FRASERS PROPERTY

“Property management could be intensive work, involving a lot of manual labour. There were a lot of over-the-counter transactions even for the simplest things,” says Lam. “We wanted to put our minds together and come up with one system that could help us minimise some of these manual processes and make life easier for our tenants and ourselves.” The search for a smart building platform was a “gestation period” that took several years, according to Lam. “We went on a process of searching around internationally and asked: ‘Are there ready-made solutions for us to adopt?’ But we found only partial solutions. After reviewing the availability of solutions on the market, we decided to develop the software in-house.” Additional modules will further enhance the smart portal in staggered phases and, eventually, birth the tower’s digital twin. “By connecting the building systems into the portal, we can capture a lot of data, from the operating performances of the building’s equipment to visitorship data, at any point in time,” explains Lam. “These are things

that we could replicate in a live manner onto a single screen, so we’ll be able to monitor almost every aspect of the operations of the building remotely 24/7.” The portal’s visitor management system, which allows guests to cross turnstiles and fetch the regenerative and destination-control lifts via pre-generated QR codes, complements the architectural finishes as it does not depend on many lift buttons, notes Tan. The building’s brick-and-mortar sibling, on the other hand, seems to have outgrown the contagion. The occupancy rate in the tower has been healthy, the company claims, and the likes of Microsoft, Cloudflare, TotalEnergies, Shiseido, Arup, Sumitomo, Fonterra, Cooley, Osaka Gas and Nippon Concept still tenant its well-architected spaces. “Every landlord is doing its best in the trend towards getting buildings ready for the future of work, and we are doing our best,” says Lam. “And I think we are on the right track.”

FROM THE BOTTOM UP When Frasers Tower contractors dug to Basement 3 Level, the team had to explore various construction methods to enhance stability. The construction team then called for an earth retaining and stabilising system and changed tack with a semi top-down construction method. Secant bored piles functioned as the permanent basement wall while the permanent basement structures served as temporary-stage struts. “The result yielded great success as everything was intact at the surrounding areas throughout the construction of Frasers Tower,” says Tan Chee Kiang, director at DP Architects and the tower’s design lead. The soil at the basement formation level was fortunately sufficiently stiff, providing ample bearing capacity for a hybrid pile-raft system; 30% of the building load could be distributed across the stiff soil. This meant shorter pile and rock coring lengths, reducing the time for installing foundation piles. “By innovatively enhancing buildability, we augmented site productivity and gave due consideration for sustainability,” says Tan.

PROMOTING CLEAN TRANSPORT, THE TOWER OFFERS LOCKER AREAS, SHOWER ROOMS, AND OTHER END-OF-TRIP FACILITIES FOR THOSE WHO RIDE A BIKE TO WORK. IMAGE CREDIT: FRASERS PROPERTY

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CLOSE TO HOME Location is everything when living and working in Metro Manila, but a good place to call your own near the workplace need not be expensive

ARTIST’S IMPRESSION

Home to more than 800,000 people, Pasig is one of the Philippines’ most highly urbanised, densely populated cities. The namesake of the mighty Pasig River has always been a hub of Filipino life, from its historic core with the Pasig Cathedral at the centre to the busy streets of Ortigas to the west. Giant shopping malls and hotels dot the neighbourhood today. Ortigas, the city’s modern commercial heart, is home to the headquarters of many major companies, multinational firms, and multilateral institutions, including the Asian Development Bank (ADB). It is one of the largest suppliers of office space in Metro Manila and will continue to do so over the decade. Last year, the Ortigas CBD represented a huge portion of office transactions in the capital region. With offices come workers, of course, and a vast majority of them need a reasonably priced place to stay close to their workplaces. The need to shorten the commute to work is very important in Metro Manila, given the traffic conditions in the metropolis. And for many fresh graduates or anyone just starting out in their careers, a decent residence that is within their means is an imperative.

One of the best, biggest development companies to cater to this market segment is 8990 Holdings Inc. Named by government savings program Pag-Ibig Fund as the Top 1 property developer in the Visayas and Mindanao regions, 8990 Holdings Inc. is building a wide range of properties that focus on the low-cost residential sector. The developer won Best Affordable Condo Development (Metro Manila), among other titles, last year at the PropertyGuru Philippines Property Awards for Urban Deca Homes Ortigas, its new residential project along Ortigas Avenue Extension. The independent panel of judges were impressed in particular with its “quality interiors” and “well-proportioned” homes. Offering more than 19,000 units across 22 medium-rise buildings, Urban Deca Homes Ortigas is designed to help Metro Manila workers get a foot on the property ladder. Rather than squander their hard-earned money on rentals, workers now have the opportunity to spend those sums on downpayments for their very own units. Prospective buyers can get financing from Pag-Ibig Fund and select banks, as well as through 8990 Holdings Inc. itself. The

ADVERTORIAL ARTIST’S IMPRESSION

company offers in-house financing and financing with select banks.

who drive to work, Urban Deca Homes Ortigas offers more than 3,330 car parking slots.

With Urban Deca Homes Ortigas’ reasonable price points, renters can now upgrade to their own properties but still live close to their offices and schools, as well as shopping centres and other essentials of urban life.

As Metro Manila continues to draw workers from all corners of the Philippines, property seekers find that welldesigned, affordable residential developments in the city are the most sound, solid investments to have. Because of that, projects like Urban Deca Homes Ortigas will be needed and desired by many for years to come.

Urban Deca Homes Ortigas is suitable for upwardly mobile, young Filipinos working in IT-BPO (information technology and business process outsourcing), one of the Philippines’ biggest industries. The homes are also ideal for those working in the fields of finance, manufacturing and medicine. Financially savvy and independent, today’s generation of income earners deserve a place to call their own. They also deserve the closest home they can own. Given its strategic location at Ortigas Avenue Extension, Urban Deca Homes Ortigas is accessible to and from Makati and Bonifacio Global City (BGC), two of the country’s financial hubs, as well as Eastwood, Libis, Cubao, Cainta, and major commercial centers around the capital region. For residents

ARTIST’S IMPRESSION

Going mobile With his app Novade utilising data and machine learning to simplify site management, Denis Branthonne is leading digital transformation in Asia’s construction industry BY BILL CHARLES

THE NOVADE APPLICATION HAS REVOLUTIONISED FIELD MANAGEMENT OF CONSTRUCTION PROJECTS AROUND ASIA

Desktop computers and the Internet didn’t mean much for someone in the field. The mobile phone meant something. Frankly speaking, this is what had always been missing in this industry

he construction industry is famously slow to change. In recent decades, the desktop computer and the Internet drove significant innovations. But both technologies pale in comparison to the impact of the smartphone, which has utterly revolutionised field management. Denis Branthonne saw this change coming in mobile technology and knew what it meant. In 2014, he left his role as vice-president at Autodesk in Singapore, where he’d overseen Asia and emerging markets for more than a decade, and launched Novade, which is billed as a “next-generation digital solution for site management.” The iPhone 5 was then dominant in the market and costs had fallen to the point that it was finally practical to equip key workers in the field with their own mobile devices to capture and share information. “Desktop computers and the Internet didn’t mean much for someone in the field. The mobile phone meant something,” Branthonne says. “Frankly speaking, this is what had always been missing in this industry.” The concept took off and Novade today employs 140 people in 20 countries—the app is available in eight languages and can easily be configured for more—while counting around 200 enterprise clients.

ASIAN CITIES LIKE SINGAPORE ARE CONSTANTLY EVOLVING. THEREFORE, THERE IS A STRONG MARKET FOR DIGITAL TOOLS TO HELP CONTRACTORS AND DEVELOPERS MANAGE PROJECTS

From the beginning, and somewhat to Branthonne’s surprise, clients tended toward large general contractors and real estate developers, as opposed to the SMEs he’d been expecting. “We don’t necessarily have a lot of clients, but most of them are very large companies,” he says, noting that 90% of the projects that use Novade are blue-chip affairs that are worth above USD100 million. In April, the company released Novade Lite, a new version of the app designed for small- and mediumsized projects and aimed at specialist contractors, homebuilders, and service providers. What is Novade designed to do? It’s all about digitising field operations. First, it helps companies be compliant with health and safety rules and regulations, environmental regulations—which are becoming more important—and comply with quality control. It reduces the cost of compliance because there’s a lot of paperwork. Second, it helps track progress and improves performance in the field. For example, every time our clients use Novade for permits to work, they save USD40 per permit to work on average. That’s the amount they save in compliance and administration. I’m not talking about all the things you can do with all the data and improvements—just blunt cost reduction on compliance. On some very large sites, you’re talking about 50 to 60 to 100 permits to work per day. That’s a lot of paperwork. It’s incredibly time-consuming. If you get 100 papers coming in with hundreds of subcontractors involved, it’s very messy. If you don’t do it right it could be dangerous and you could be legally exposed if you haven’t done your job. We’ve completely digitised this. We currently do around

100,000 permits to work per month in Singapore. What is interesting is that when you start collecting such a large amount of data, obviously you can start applying machine learning and try to understand what’s going on. Humans can’t make sense of these patterns. But that’s where AI starts to kick in. If you standardise enough of the inputs you can start detecting stuff. Tell us more about the AI component of Novade. Here’s another example. We’ve fully digitised the handover process for residential properties. Imagine an apartment in a building where you have 500 units. Traditionally, a buyer receives the keys and is handed a piece of paper to write down any problems. Someone who works for the developer then creates an Excel spreadsheet and sends information by WhatsApp to the subcontractors who do the job. We’ve completely digitised this. If you find a problem, you take a picture that’s sent in real-time to the developer, who assigns it to a subcontractor. He knows exactly where to go. When the job is done he takes another photo and you can check that it’s done sufficiently and say whether you’re happy. But now imagine that I’m a real estate developer and I’ve done numerous projects with Novade. If you have, on average, 20 defects per home, and 500 units per condo, you’re talking about 10,000 defects. Data done on multiple projects like this is gold because developers can analyse and understand the trends. For instance: Which subcontractors are creating more problems? We get very good data, and our largest clients then apply AI to predict stuff. You can apply machine learning and predict trends about what’s going to happen. 89

BY DIGITISING FIELD OPERATIONS, NOVADE HELPS COMPANIES BE COMPLIANT WITH HEALTH AND SAFETY RULES, ENVIRONMENTAL REGULATIONS AND COMPLY WITH QUALITY CONTROL

The app launched in Singapore but had a global focus from the start. What was your goal when starting this business? Singapore is interesting but very small. So I knew if we wanted to create something significant we’d have to be a regional or global player. Very quickly after we launched, we went overseas to ensure the platform could be geared to global requirements and not just Singapore standards. So we expanded in Southeast Asia, Hong Kong, Taiwan, India, and elsewhere. In these places, digitisation starts from large projects run by international firms or by local governments. We’ve very much focused on working with big accounts.

In Asia, you find very prominent engineering firms from the United States. These are architectural but not general contractors, which is our core business in the field. Somehow, the U.S. has developed its standards, so it’s different. What we see is that U.S.-based software has hardcoded platforms or tools for the U.S. And when they go overseas, they struggle to change. From Day 1, we didn’t hard code because wanted to make our app easier to configure. Our focus is primarily on Asia and emerging markets. We’re not in the U.S. We don’t intend to be No. 1 in Europe. But we are No. 1 in Asia, excluding China, and we want to maintain that.

Who is your main competition then? Excel, paper, and WhatsApp. In every country, you’ll have three or four startups and 20 to 30 employees trained to do this, but it’s tough. The big boys—the big U.S. companies— like Autodesk are trying to come, but the standards here are different. We collaborate with them. But there’s no other homegrown company in Asia with more than 50 employees working in multiple countries. We’re the only ones.

The second is connectivity. As the system is more adopted and you analyse data, you also want to compare field data with contractual or design information. So we’re working on engaging with companies like Autodesk, Procore, Microsoft, and others, so people can easily plug in data from Novade to other systems. And third, we have invested to make it easier for clients to get started on smaller projects. We have just launched a lighter version of the platform: Novade Lite.

Are there areas where you’re looking to expand the functionality? There are three areas we’re investing in heavily. The first is in analytics and AI. The more data we capture, the more our clients want to analyse and understand that data to gain insights. 91

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AUSTRALIA’S FINEST Finding a place to call home in one of the world’s most liveable cities just got easier

international students in search of outstanding graduate outcomes. It all begins in the Melbourne CBD, the city’s historic, grid-like downtown area at the mouth of the serene Yarra River. Property developers have built apartment buildings and sizable piedsà-terre in the inner city for people to live where they also work and study, thereby saving them the inconvenience of the commute to outlying suburbs. Fortunately for property seekers, the residential properties on offer right in the CBD have been rising in terms of quality over the years. Seasoned Melburnian developer Brady Property Group completed last year one of the trendiest addresses to live in the city to date: 380 Melbourne. The prime location, encompassing Lonsdale Street, Little Lonsdale Street, and Timothy Lane, has given rise to two spectacular, distinctive skyscrapers, housing residences and the luxury VOCO hotel by Intercontinental Hotel Group, among others.

More than just a tourist destination, Melbourne is a wonderful place to put down roots.

Winner of three titles at the 2021 PropertyGuru Asia Property Awards (Australia), including the coveted Best Condo/Apartment Development (Australia) prize, 380 Melbourne offers a wide variety of luxury homes in the heart of the city. Rising 65 floors high, the North tower of 380 Melbourne contains 614 apartments while the 51-floor South tower has 152 apartments.

One of the 10 most liveable cities in the world, according to The Economist Intelligence Unit, the Australian metropolis prides itself in universal healthcare and a food, culture and entertainment scene. The capital of Victoria also brims with some of the world’s best universities and higher education institutions, attracting

The address offers brand-new apartments, in one, two and threebedroom configurations, as well as penthouses, ready for occupancy by everyone from professionals to

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students and expatriates. With their strategic location, the units guarantee a steady stream of tenants for would-be investors. Constructed with high-performance double-glazed façade, the buildings flaunt a unique curved frontage featuring a design by no less than Elenberg Fraser. Units and facilities look out to stunning cityscapes through gorgeous bay windows and full-length glass walls, among others. “Beautifully designed and filled with natural light, the apartments at 380 Melbourne by Brady Property Group embrace Victoria’s capital while promising panoramic views, high-end kitchens and bathrooms, plus incredible lifestyle possibilities,” the judges at the Awards say. Homeowners and tenants are treated to concierge services as well as a myriad of world-class, resort-style amenities like the indoor pool and spa; steam room and sauna; gym; karaoke and cinema rooms; games room; and residents’ lounge. The buildings also boast dining rooms equipped with Gaggenau kitchens.

Lonsdale and Little Lonsdale Streets. This laneway not only provides additional access points for residents from either street but also offers them a selection of retail establishments, F&B joints, and conveniences. Owning a piece of Melbourne is easier than ever as stamp duty is currently waived for all purchases below AUD1 million. Dwelling seekers can now save up to AUD55,500 (USD41,400) in stamp duties before July 2022*. For seven years in a row, Melbourne was crowned the world’s most liveable city—and with the quality of residential real estate growing in its CBD, it’s not difficult to see why. A welcoming home for locals, foreigners, workers and students alike, 380 Melbourne reinforces why Melbourne is truly one of the greatest cities in which to live. *Terms and conditions apply

As new landmark additions to the Melbourne skyline, the buildings have commanding vantage points of the city. On Level 51 is a rooftop garden and terrace with fantastic city vistas while Level 7 features an outdoor garden terrace. The developer made sure to assimilate 380 Melbourne seamlessly into the city’s famed laneway culture. On ground level, 380 Melbourne features a covered pedestrian link, complete with a six-storey green wall, that connects

Ace of space Tim Kobe’s belief in design with a sense of purpose has earned his firm Eight Inc. clients spanning Apple and other global tech titans BY DIANA HUBBELL

Old-school retail is you ‘stack it high, you watch it fly.’ Steve kept saying ‘I want more space’. So we made it more open and accessible. There are no extraneous components in Apple’s design and there shouldn’t be any in its stores

TIM KOBE’S CORE PHILOSOPHY IS OF DESIGN THAT ESCHEWS UNNECESSARY FLASH AND SERVES ENDUSERS

In 1999, Steve Jobs met with Tim Kobe, head of Eight Inc. to find out if he was the right man to help design the future of retail. Already a legend within the tech space, but still a long way from the industry titan he would become, Jobs knew that he wanted Apple stores to stand out as much as the products they sold. Never one to mince words, he initially expressed scepticism that Eight Inc. was the right firm for the job. “When Steve Jobs came to interview us to do the retail program, he said, ‘What would you say if I told you that I don’t like this work? None of this work looks like Apple,’” Kobe recalls. “I said, ‘You should hire us because none of this work looks like Apple. This is what is right for North Face or Nike, but you are neither of those companies.’” Jobs paused. His face was inscrutable. Then he stood up, shook Kobe’s hand, and left. The following morning, Eight Inc. got the memo: They were to start working on Apple’s retail program right away. “It was because it wasn’t a stylistic expression of us. We knew that our work for Apple had to align with Apple as a company,” Kobe says. “One of the elements at the heart of Apple is that technology should be something you could connect with and use. That’s why Steve was loved and hated. He wanted to democratise technology. So if you’re looking to democratise technology, your stores should reflect that.” Other computer stores were often poorly lit and crammed with so many electronics that navigating them felt overwhelming. Much like the computing technology of the time, they felt convoluted. To embody Jobs’ philosophy of making technology intuitive and accessible to all, the stores needed to fly in the face of all standard retail conventions at the time. “Old-school retail is you ‘stack it high, you watch it fly’,” Kobe says. “Steve kept saying ‘I want more space’. So we made it more open and accessible. That’s the reason the Genius bar works—the spaces are generous and align with those values.

That sleek, minimalist approach that ditched the aisle packed with inventory in favour of high ceilings, ample natural light, and clean, white surfaces, would become the gold standard in tech retail design. It helped brand Apple as different, aspirational, and, critically, obsessed with brilliant design. Since designing Apple’s inaugural store, Eight Inc. has lent its flair for innovation to tech-savvy companies all over the world. Located in the Bay Area near Silicon Valley, the firm has developed a reputation for visionary thinking. For Kobe, it’s simple: Design, just like tech, should start by addressing what people need. “We started to evolve an approach which was all about a common thread,” Kobe says. “Good design should address human outcome. It evolved in terms of just more refined understanding.” Whether he’s working on a showcase for electric cars or the headquarters of another tech giant, Kobe always returns to this core philosophy. Architecture firms with flashy signature styles may excel at marketing their services. But Kobe believes this approach eschews purpose in favour of flash—much like some of Silicon Valley’s current powerplayers neglect the needs of the user in favour of raising their public profile. “I think what Steve and those other guys who he admired all came from a perspective that the worth of technology was in how it served people,” Kobe says. “The way he knew to create value was to create things that people valued. You can create the next interesting gizmo, but it doesn’t matter if you don’t answer why, it’s useful.” He hopes to never lose sight of that, especially as he helps design the structures that will help shape society for years to come. “If we believe that all good design serves a purpose, we have to understand what that purpose is.”

“There are no extraneous components in Apple’s design and there shouldn’t be any in its stores.” 97

Nissan Crossing, Tokyo “Up until we came in, Nissan had been able to attract 30,000 visitors a month to their showroom,” Kobe says. The company hoped to increase that number by 10,000 a month in its sleek Ginza showcase. “We said if we’re going to attract more people, we’re going to have to put more things that people are interested in. People want to know about the big things that impact us all.” Instead of simply designing a car lot, they focused on sustainable, cuttingedge technology. “We knew it would be more interesting than a car lot.” They brought in 250,000 visitors a month for the first year. “The results were ridiculous foot traffic and increased sales in the dealerships. The results were off the charts and that’s because you’re thinking about the human outcomes.”

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Apple Stores, Global “A big part of what you do in retail is focused on transactions. With Apple, it’s all about the relationship,” Kobe says. In other words, even though the Genius bar sells a luxury product, it needed to feel like more than an exchange of capital for goods. “If you look at the space, it’s designed to make people feel comfortable like they can stay and ask questions and get information that they wouldn’t necessarily get at a place just focused on selling a piece of hardware at a certain price.” Naturally, many tech companies have approached Kobe asking for him to make them another Apple store, which is missing the point: The Apple store works so well because it’s unique to the client.

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Singtel FutureNow Innovation Centre, Singapore At the cutting-edge of tech in the Lion City is Singtel’s digital hub, which aims to bring companies into the 21st century and beyond. Since all the client’s customers are B2B accounts worth USD1 million and up, it needed to be incredibly sleek. The company is selling much more than cyber security—they’re selling a tech-forward outlook, which needed to be reflected in the space. “It’s a centre focused on what they’re doing from an innovation standpoint, but they had no place to tell that story,” Kobe says. “The Singtel FutureNow Innovation Centre is where they can host large groups and walk them through these narratives.”

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Xiao Guan Tea, Jinan, China This luxury Chinese tea brand tapped Eight Inc. to bring its flair for innovation to its flagship store. While tea is hardly a novel product in China, the company wanted to expand its existing customer base and reach a younger, more dynamic audience. To do that, Kobe envisioned elevated interiors using striking materials like dark walnut trim, polished concrete, chrome surfaces, and cladded bronze walls, along with interactive LED screens. The result feels distinctly modern, different, and more in line with an upscale whisky distillery’s showroom. In keeping with a philosophy of engaging end-users, customers can select their tea via a personalised tea ceremony at the bar.

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Shimano Cycling World, Singapore This cycling company had an unusual challenge. It already controlled much of the market— and much of what was sold in smaller stores—that it would be a mistake to drive other cycling shops out of business. “They make something like 72% of all the cycling parts in the world. So they didn’t want a place where they were competing with all of the mom and pop bicycle shops buying their products anyway,” Kobe says. Instead, they needed to expand the market entirely. “They wanted to lift the total number of cyclists in Singapore. The idea was to build this clubhouse. It’s a way for the community to engage around cycling in a way that doesn’t just make it a lone kind of act.”

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Globe Live, Metro Manila, The Philippines Philippine telecommunications giant Globe wanted to create a flagship for their refreshed brand in Metro Manila. The resulting ‘Globe Live’ is situated on the Bonifacio High Street greenbelt which runs through the Bonifacio Global City area. It offers open space and public plazas within Manila’s concrete jungle. The transformable structure leverages the greenbelt and outdoor ampitheatre to develop a comprehensive retail and event space. It is defined by a 36-metre glass bridge which transforms into a floating stage. This platform provides the brand with the opportunity to directly interact with the public through live music, performance, screenings and events.

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ISLAND PRIDE The growing, fast-urbanising populace of Sri Lanka looks to one of the island nation’s most resilient property developers for innovative concepts in residential properties

Few companies have contributed to the progress of Sri Lanka’s housing industry other than Home Lands Group. Together with its nine subsidiaries, it has become the largest 360-degree solution provider of the residential real estates sector in Sri Lanka, commanding 45% of the market share. Early in 2022, Fitch Ratings assigned Home Lands Skyline (Pvt) Ltd. a National Long-Term Rating of ‘A(lka)’ with a Stable outlook. The favourable credit rating reflects the company’s expansive market position and healthy financial profile, supporting its plans for medium-term growth. It also offers a measure of reassurance to investors and customers as the island grapples with business challenges.

Population growth and urbanisation are two of the critical factors to consider when planning for residential real estate development, and Sri Lanka is growing by leaps and bounds in this respect. The populace of the island nation is expected to hit 24 million by 2030. Its cities are also rapidly expanding, with the rate of urbanisation nationwide expected to accelerate from 1.22% to 4% per year. Yet only 25,000 homes are built every year in Sri Lanka— not enough to house property seekers. To close its housing deficit, the country needs 100,000 units to be built every year until 2030.

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Thousands of Sri Lankans in the island and abroad have placed their hard-earned capital in Home Lands Group’s portfolio of stylish, modern residential developments. In fact, Home Lands was recognised as the Most Preferred Brand in the Residential Real Estate Sector as well as the company with the Highest Brand Awareness among local customers and the Sri Lankan diaspora, according to a recent survey by the international research company RIU. Home Lands was also rated number one in terms of potential brand referrals and top of the mind recall. The Construction Industry Development Authority (CIDA) presented Home Lands Skyline (Pvt) Ltd and Home Lands Holding (Pvt) Ltd with the Highest-Grade Property Developer (LB1 and L1) certifications, the first real estate companies in Sri Lanka to achieve such status. Founded in 2003, Home Lands is a pioneer in many ways. The emergence of affordable luxury in the real estate space motivated Home Lands Skyline to lower product costs and focus on creating exceptional value

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CANTERBURY GOLF RESORT APARTMENTS AND RESIDENCIES - PILIYANDALA THE LARGEST RESIDENTIAL PROJECT IN SRI LANKA

for buyers. Home Lands Skyline was the first company in Sri Lanka to implement the Blue Ocean Strategy in the property sector. Home Lands also introduced the concept of resort apartments to the nation. With its extensive R&D capabilities, the company was able to identify Colombo commuters’ need for quiet, private residences situated close to the city. Resort apartment projects respond to this need by blending with nature and offering units with stunning views and plenty of natural light while still being near supermarkets, schools, and other urban conveniences. In March 2021, the company completed Ariyana, a 344unit, 11-acre resort apartment project in Athurugiriya. The company is also developing the Canterbury Golf Resort Apartments and Residencies project, a 1,200-unit, 55-acre community of lavish Victorian-inspired apartments with spectacular golf course views.

Having completed over 3,500 apartments and 550 landed projects to date, the company is truly an undisputed leader in the property sector. Home Lands Skyline (Pvt) Ltd dominated the 2021 PropertyGuru Asia Property Awards (Sri Lanka) with seven titles, including the coveted Best Developer and Best of Sri Lanka honours. Despite challenges of the economy, Home Lands Skyline maintains a positive outlook in the real estate industry and even plans to invest in new development concepts. Home Lands is also looking to a future with a focus on its triple bottom line: People, Profits and Planet. As it improves its financial performance, the developer vows to pay greater attention to sustainability as well as the quality of life and wellbeing of society. As a brand, Home Lands remains etched in the minds of Sri Lankans worldwide.

Santorini Resort Apartments & Residencies, a new gated community by Home Lands Skyline, has the distinction of being the first theme-park-style resort apartment project in the country. The 17-acre development offers 396 residential units inspired by the eponymous Greek tourist destination, complete with nine themed parks.

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Everyone loves Iloilo BY JONATHAN EVANS

Historically a powerhouse, the city and its namesake province in the Western Visayas host a burgeoning investor class and a vibrant real estate scene

Style Residences

Deca Homes Pavia Resort & Residences

Madge Café

Located within the SM City supermall, Style Residences offers an array of retail, leisure, and F&B options, and proximity to Iloilo’s major business and IT parks, convention centres, airport, and seaport. It sports a wide range of units ranging from suites with balconies to studios. There are several swimming pools, gardens, and gazebos. A basketball court and kids’ play area also grace the development, which aims to bring spacious comfort to tenants and their children. Lying close to both Southpoint, Iloilo’s biggest entertainment destination, and the 18-storey SM Strata Tower, the city’s leading business address, Style Residences flaunts all the perks of luxurious city living.

This mega-complex comprises 2,125 units in the northern Iloilo town of Pavia. From above, Deca Homes’ sprawling project resembles a densely populated airfield. Amenities include a church and wakeboarding lake, alongside more typical features such as a clubhouse, pool, multipurpose hall, and basketball court. Pavia Resort’s bungalows with mini-gardens straddle the line between cosy, functional and eco-friendly. Other accommodation choices include single detached homes and two-storey townhouse units. It’s the Panay region’s biggest real-estate development, and one of its most affordable. Despite its size, property group 8990 Holdings intends to cultivate a sense of community and intimacy in this suburban mini-city, which lies 10km from the Iloilo City centre.

Few F&B stalwarts have the longevity and reputation of Madge Café, a coffee shop that has served its pure Ilonggo arabicabean coffee for 82 years. The heady brew is made using a kettle, cloth sock, and kolador (container to remove water) and is best complemented by muscovado sugar. The café takes its name from Magdalena, wife of founder Vicente de la Cruz. Its original outlet is still located at La Paz Public Market, but a cosy spin-off café can now be found at Shops at Atria, where the walls are festooned with coffee cups personalised with customers’ names: a Madge Café trademark. Hand-crafted blends include the milky Media Cafe and Puro Tab-ang, a milder black brew. The simple menu includes Pinoy comfort food favourites.

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Iloilo City has a long, illustrious history. By the 1890s, only Manila contributed more to the country’s economy. Iloilo’s booming sugar-production and textiles industries, cultural centres, universities, and telecommunications were among the nation’s most advanced. Its strategic location in the Western Visayas serves it well. Heavily damaged in World War II, Iloilo eventually recovered with an international seaport stimulating trade. In recent years, an expanding airport, a business park in Mandurriao, and a national highway have greatly improved connectivity and commerce. Touted as the most business-friendly hub in the Philippines, the city has a burgeoning middle class with a rising real estate scene to cater to it.

Iloilo River Esplanade

Festive Walk Parade

Mamusa Art Bistro

Iloilo recently won major awards for its bike-friendly infrastructure, with 32km of existing or in-progress bicycle lanes. And down by the river two-wheel fanatics have a perfect playground to exercise their passion. The 10km Iloilo River Esplanade, designed by Paolo Alcazaren, was opened in 2012 to make scenic open-air space accessible to pedestrians. It had originally been an alternative traffic route and flood-control barrier. Now, it is the longest linear park in the country, passing through five districts of Iloilo City. Having helped to rehabilitate the river, it’s also a renowned sunset-viewing spot and has dramatically raised land prices along its course. A planned extension is in the pipeline.

On Megaworld Boulevard, next to the imposing Casa de Emperador—a grandiose European-style structure now housing IloMOCA and a Brandy Museum—lies one of Iloilo’s best public spaces, where cultural, business, retail, and entertainment attractions intersect. Festive Walk dominates proceedings. It’s an all-in-one shopping and leisure complex where Ilonggos come out to purchase and play. The centre, complete with a cinema, claims several notable firsts including the country’s first in-mall dog park, an outdoor rooftop park, and an in-mall chapel. Prepandemic, the Parade was known as a meeting place, with food stalls, live bands, and beer gardens. Nowadays, lower-key events take precedence. Recent gatherings included a ballet performance, an open-air rope-flow session, and a local craft-product fair. In March 2022, Festive Walk opened KTown, a new Iloilo epicentre for all things Korean.

At Festive Walk Parade on the ground floor of Megaworld Iloilo Business Park, Mamusa is a unique all-day, late-night concept wherein fine food, an in-house bakery, cocktails, live music, poetry nights, and a modern-art gallery add to the heady experience. The extensive menu features salmon and steaks alongside comfort food such as nachos, burgers, chicken wings, or European-style salads. But there’s also room for beloved local tastes such as bagnet, kare-kare or inasal chicken. On the mezzanine gallery floor with its industrialstyle interiors, patrons swoon at sunset views while perusing the works on display by Visayan and other Filipino artists. It’s a fine appetiser for the Iloilo Museum of Contemporary Art (IloMOCA), located just next door.

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TOP OF ITS GAME Industrialisation and massive injections of FDI have propelled Vietnam into the big league of Asian nations: a fact reflected in its hyper-driven real estate market BY AL GERARD DE LA CRUZ

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ietnam has plenty of pressing issues to contend with: pandemic trauma and privatisation of much of the nation’s real estate among them. Yet the country continues to meet the challenges laid in its path. Rapid urbanisation and an expanding middle class buoyed Southeast Asia’s poster nation of industrialisation through two Covid-19 waves in 2021. As property seekers flamed for a narrow array of investment channels, residential values burned bright across the country. “Vietnam’s residential market never really went through a cooling phase,” says Alex Crane, managing director of Knight Frank Vietnam. “A decreasing landbank and acute shortage of quality products further contributed to investor confidence, be it buy-to-rent or end-user.” The country will likely grow its GDP this year by 6.5%, outperforming its ASEAN neighbours, according to the Asian Development Bank (ADB). Wallets, simply put, are “thickening” in Vietnam, says Hang Dang, managing director of CBRE Vietnam. “The rise in wealth in Vietnam, especially during the pandemic, points to the potential for further luxury and ultra-luxury products at unique, prestige locations.” Reopened in March, the country has seen an inpouring of high-tech investment commitments, led by toymaker Lego Group’s USD1-billion plans for a carbon-neutral industrial complex in southern Vietnam. Total registered FDI had already trebled to USD8.9 billion in the first three months of 2022, with USD2.7 billion ploughed into real estate alone. Tenanted by everything from the medical equipment to furniture industries, industrial parks from north to south Vietnam saw occupancy rates rise to 79.3% and 87.3%, respectively, in the final quarter of 2021. Vietnam is doing numbers off a year of intense pandemic measures, including a severe four-month lockdown in Ho Chi Minh City (HCMC). The subsequent decrease in landbanks severely undercut new residential supply in 2021, with HCMC bringing in 14,843 units and Hanoi, 19,439 units. The number of new condominiums in the cities, 116

MAJOR HUBS IN VIETNAM LIKE HANOI AND HO CHI MINH CITY ARE BOOMING THANKS TO THE NATION’S STRONG GDP GROWTH

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Vietnam’s largest two conurbations, was half the annual new supply from 2015 to 2019 and even lower than that of 2020. “However, sales volumes in both cities exceeded new supply, which is an indicator of a lack of supply, rather than oversupply in the residential market,” says Hang. Multinational corporations persisted in expanding into Vietnam even as the supply chain of industrial real estate met a wall of lockdowns in Q3 2021. “Even during the pandemic, we saw clients desperate to acquire new industrial estate land for their projects because of the ever-increasing prices,” says Paul Volodarsky, deputy head of regional real estate practice in Vietnam and Thailand for international law firm DFDL. “What we saw was an adaptation to the borders being closed, which meant hiring local staff to work for the company, conducting legal due diligence checks to make sure that the site was suitable for a particular use.”

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Vietnam has lately spawned a series of well-thought-out industrial estates, festooned with extras like gyms and restaurants. The award-winning Binh Duong Industrial Park, for example, plans to build 230,000 sqm of facilities onsite over five years. Some are groomed to become cities entirely. Can Tho, 127 kilometres from HCMC, is a smart city purposely developed to match industrial investments in town. Also just outside HCMC, Dong Nai province has become a hotspot for landed home development. Meanwhile, industrial developments have clustered in tiertwo cities like Bac Giang, Nam Dinh, Vinh Phuc, Quang Ninh, Binh Thuan, Ba Ria-Vung Tau (BR-VT), Binh Phuoc, Tay Ninh, Tien Giang, and Vinh Long.

“What is new about the recent boom is a shift from largescale developments that combine industrial parks and residential townships to a scenario where residential property is realised in response to the needs of large industrial park clusters,” says Crane.

HIT THE HIGHWAY Many analysts have credited infrastructural development for the Vietnamese property market’s rebound since 2015. Infrastructure spending would account for around 5.7% of the country’s GDP between 2010 and 2017.

As the nation continues its shift to a market economy, many Vietnamese trade the verdure of the countryside for the city lights. Urban growth in Vietnam ran at 2.6% from 2015 to 2020, the briskest clip in Southeast Asia, according to The World Bank. Of note is Thu Duc City, an administrative entity merging Districts 2, 9, and Thu Duc in HCMC. The 211-squarekilometre city-within-a-city, officially founded last year, witnessed a staggering 30% increase in primary asking prices year-on-year after news of the merger broke, Knight Frank reports. Development approvals are being fast-tracked

CITIES AROUND THE COUNTRY EARMARKED FOR SIGNIFICANT DEVELOPMENT INCLUDE CAN THO, WHICH WILL DEVELOP SMART CAPABILITIES IN LINE WITH INDUSTRIAL INVESTMENTS IN THE LOCATION

The prospects of Vietnam’s residential real estate industry will rely in no small part on transport projects such as the Trung Luong-My Thuan and Dau Giay-Phan Thiet expressways to the south and the Van Don-Mong Cai and Ninh Binh-Hai Phong expressways in the north, analysts predict. Transit-oriented launches are also poised to sprout alongside Vietnam’s upcoming rapid transit routes, the Cat Linh-Ha Dong metro line in Hanoi and Metro Line No. 1 in HCMC. “Within cities, investment in infrastructure improves connectivity between districts, making new residential clusters more accessible and easing traffic congestion in established areas,” says Alex Crane, managing director of Knight Frank Vietnam. “Connectivity between provinces is equally important, and new roads and bridges are sorely needed. “Lastly, new and improved airports will help boost the tourism sector that needs all the help it can get to recover from the pandemic.” Vietnam received a total of 157,000 international tourist arrivals last year, down from 3.8 million in 2020.

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MANY ANALYSTS HAVE CREDITED INFRASTRUCTURAL DEVELOPMENT FOR VIETNAM’S PROPERTY BOOM

in the so-called Eastern City, accounting for 52% of the new condominium supply for HCMC in 2021. All new stock in Thu Duc City is classified as luxury and high-end, according to CBRE.

“When I arrived in Vietnam in 2018, you could buy a luxury place in the range of about USD6,000 per square metre,” says Volodarsky. “Now that’s not even classified as luxury anymore.”

Most upmarket projects in the nation are still aimed at the Vietnamese. “You do see a lot of foreign investment in the development of residential projects,” says Volodarsky. “But Vietnam is relatively unique among developing markets in Southeast Asia in that you see the residential acquisitions driven by Vietnamese buyers, including the luxury set.”

With base rates soaring, affordable products grow scarce in Hanoi and HCMC as infrastructure connections to their suburbs take time to complete, notes CBRE. The cities’ first metro lines are still under construction while the government plans to develop over 5,000 kilometres of expressways nationwide by 2030.

Locals are being introduced to branded residences, with CBRE already tracking prices above USD12,000 per sqm in this segment. Last year, the world’s largest Marriott-branded residences—also Vietnam’s first—launched in HCMC.

“The infrastructure improvement allows the market to unlock new landbanks and expand to second-tier markets with more affordability in terms of land price,” explains Hang.

HCMC’s high-end property prices are now benchmarked at USD7,000 to USD8,000 per sqm while those of Hanoi are at USD3,500 per sqm, reports Knight Frank. Average condominium prices across all segments have stabilised at USD3,056 per sqm for HCMC and USD1,956 per sqm for Hanoi.

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In retrospect, the recent slowdown in Vietnam’s construction pace is more than just an indictment of the pandemic. Analysts attribute it to constant delays in the issuance of red books, i.e. certificates of land use rights, and certificates of house ownership and residential land use rights (pink books).

VIETNAM’S GROWING ECONOMY HAS CREATED ENORMOUS WEALTH FOR THE HIGHEST STRATA OF ITS SOCIETY

WORK THE ROOM

“Nothing is more important than finalising the guidelines on fees that land users pay the government,” says Crane. “It’s hard to overstate the importance of clarity in this matter.” With construction regaining strength, the pipeline for Vietnam homes looks robust for 2022. The new supply of residential launches is expected to hit up to 22,000 units in HCMC and 28,000 units in Hanoi, according to CBRE estimates. Sold units may reach at least 90% of new stock in both cities while primary prices may increase by 5% to 8%. The remaining industrial landbanks in tier-one cities stand to be absorbed in the next five years. But Vietnam is not merely aiming to decouple from the pandemic. Officials are laying the groundwork for its transition to becoming a high-income economy by 2045. “Right now, what you’re looking at is such high potential in Vietnam,” says Volodarsky. “It grew during the pandemic when a lot of competitors in the region contracted economically.” In the firmament of Covid-resisting economies, Vietnam remains in stellar orbit.

Office leasing dwindled amid the harsh serial lockdowns experienced by Vietnam in 2021. Vacancy rates in HCMC alone surged last year to 12% and 7.2% for grade A and grade B offices, respectively, according to Knight Frank. By Q1 2022, business confidence was restored to the office market as Vietnam’s largest city lifted one of the longest lockdown sagas in the country. With vacancy rates collectively trending down to 9.1%, Knight Frank expects an increase in monthly rents of 15% to 20% by the end of 2022. Decentralised office rents, including satellite offices and on-demand spaces, are expected to rise as occupiers embrace the “work from anywhere” approach. “Given the recent nature of WFH (work-from-home) arrangements, players in both commercial and residential markets are most likely to continue assessing the pros and cons of various hybrid work models,” says Alex Crane, managing director of Knight Frank Vietnam. “With this shift comes an open floor plan and common areas that promote collaboration and impromptu interactions.”

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LET THERE BE LIGHT Indonesia’s real estate market remains moribund following the pandemic and years of stagnation before it. But strong housing demand and bright economic tidings offer grounds for optimism BY GEORGE STYLLIS

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PROPERTY PRICES IN BALI HAVE SLUMPED, BUT THE DROP OPENS BUYING OPPORTUNITIES FOR INVESTORS

he last two pandemic-hit years have given time a bendable, amorphous shape.

Indeed, it’s hard to believe that there was ever a juncture when Indonesia’s property market was among the hottest in the world. The Covid-19 era has certainly kicked any chance of an imminent strong rebound into the metaphorical long grass. The doors have barely opened for the past two years at sales showrooms in Jakarta. Sales weren’t exactly brisk before the pandemic hit, but they fell off a cliff in 2020. “Demand for housing dropped about 80% since Covid,” says Ferry Salanto, head of research at Colliers Indonesia. The pandemic accelerated a trend that had been well established following the tailing off of the industry’s boom years as one of the world’s liveliest property markets at the turn of the decade.

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Indonesia made a startling comeback after the Asian financial crisis of the late 1990s and saw its real estate market boom. The surge was driven by robust demand for commodities like coal and a resurgence of trust in its banking system. Prices went parabolic as the boom reached its peak in the 2012-2014 period. Units that were going for a song some five years earlier like a three-bedroom apartment in the high-end Regatta complex in Jakarta then tripled to around IDR8billion (around USD550,000). “The Jakarta real estate market has been one of the strongest in the world,” David Cheadle, managing director of the Indonesia office of Cushman & Wakefield, told the FT in 2014. But demand and prices dropped as the economy cooled and the industry began a period of consolidation leading to a string of sluggish years.

TOURISM IS SLOWLY RETURNING TO INDONESIA, BUT NUMBERS PALE IN COMPARISON TO PRE-PANDEMIC TIMES

TOURISM TONIC Hospitality in Indonesia is set for a boost as new hotels prepare to launch following an easing of restrictions. Tophotel Projects estimates 21 new hotels will launch this year, bringing with them 3,173 keys. Among the biggest launches will be Banyan Tree Escape, a luxury boutique property scheduled to open in the second quarter in north Ubud, Bali. Swiss-Belhotel will launch its first property, the 25-villa luxury Maua Nusa Penida, also in the second quarter. In the third quarter, Kimpton will make its debut with the Naranta Bali, a 50-villa boutique resort near the Bali National Golf Club. The planned launches came as tourist numbers rose to 336,000 between January and February amid an easing of restrictions, with Australians accounting for the largest number of visitors. “Major airlines from Australia are resuming commercial flights to Bali for international travellers which, in 2019, represented nearly 16% of the total visitor arrivals on the island,” says Julien Naouri, vice president of JLL Hotels and Hospitality Group Asia Pacific.

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The need for housing in Indonesia is still very huge, and this creates an opportunity for property in the country compared to commercial asset classes

Shortly before the pandemic hit, residential prices in the country’s 14 largest cities fell by 1.98% during the year to the third quarter of 2019 as the Indonesian economy continued to labour. In 2020, economic growth contracted for the entire year for the first time since the Asian financial crisis as the country grappled with soaring case numbers of Covid-19. As a result, residential property sales fell by 11.6% in Q4 2021 from a year earlier, following declines of 15.2% in Q3 and 10% in Q2, according to Bank Indonesia. Among the hardest-hit sectors has been residential high-rise. According to JLL, the demand for units at the start of 2022— though slightly better than in the previous quarter—remained weak, with sales below 300. “Middle to lower-grade demand remained sustainable due to support from a larger customer base and more affordable units, compared to the upper-grade market where sales activity remained slow,” stated a recent report. “Developers continued to target potential new customers with different strategies, combining online and offline marketing

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approaches, offering greater flexibility and extending various promotions, such as attractive payment terms and other gimmicks to boost sales at year-end.” In Jakarta, which remains the most active property market, no new projects were launched in the fourth quarter of last year. In Bali, a popular destination for foreign buyers especially, prices have reportedly come down by half since the pandemic. Bargains are especially prevalent in popular tourist areas like Jimbaran and Nusa Dua, where prices are at 2017 levels, according to estate agents. The picture looks to be a bleak one, but analysts believe there are reasons for optimism. A positive development has been a sharp rise in exports. According to official data, Indonesia’s exports rose to a new all-time high in March as Russia’s invasion of Ukraine triggered a surge in global commodity prices and expanded the nation’s shipments of steel, coal and palm oil. According to a recent Bloomberg survey, the year-on-year rise in exports of 44.36% to USD26.5 billion in March beat all analyst forecasts.

JAKARTA’S PROPERTY MARKET MAY HAVE SLUMPED FROM ITS PEAK, BUT RECENT ECONOMIC GOOD TIDINGS FOR INDONESIA OFFER HOPE

ONE FOR MALL Construction on a major new mall in East Jakarta is set to get underway in the second quarter of this year. The facility is comprised of 180 shops, with tenants including Apple and Zara. The Grand Outlet, a joint venture between Tuan Sing Holdings and Mitsubishi Estate, will cost USD90 million and be located around 3km from Karawang Station, one of four stops along Indonesia’s highly anticipated high-speed rail due to be completed by the end of this year. The mall, which is due to open in the fourth quarter of next year, will have a leasable area of 26,000 sqm and house big international brands including Starbucks, Marks & Spencer, Subway and Reebok. The mall’s developers say the project will benefit from Indonesia’s rising affluent consumer class. “Our presence in Indonesia combined with Mitsubishi Estate’s extensive experience in building and operating renowned retail projects will allow us to make this project a success and open the doors for future collaboration,” said William Liem, chief executive of Tuan Sing.

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LARGELY UNDEVELOPED STILL, INDONESIA’S PORTION OF BORNEO IS EXPECTED TO CHANGE DRAMATICALLY WHEN IT BECOMES HOME TO THE NATION’S NEW CAPITAL

“The impact on our trade will depend on how long the Russia-Ukraine conflict will last,” says Margo Yuwono, head of Indonesia’s statistics office.

“The need for housing in Indonesia is still huge, and this creates an opportunity for property in Indonesia compared to the commercial asset classes,” he says.

Imam Wiratmadja, head of consumer acquisition at Rumah. com, a local property site, told Property Report that signs of recovery have started to emerge. The Q1 2022 Price Index reports a slow trend upwards. But it’s still slightly higher than that of Q1 2020.

“The backlog is around 10 million. That shows you the scale of demand in Indonesia where we have a population of 300 million. The distribution of housing is mainly around the cities around Jakarta.”

“The supply index slowed, but we see this as an anticipation to Hari Raya, in which traditionally people will focus on celebration and holiday for a week or two in their hometown with their families,” adds Wiratmadja, referring to the national holiday which was held at the start of May. Ferry Salanto at Colliers said the improving economic signs allied to the country’s emergence from the pandemic bodes well for a country with a massive population that still needs housing.

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Whether the growth in commodity exports could see a return of the boom years of a decade ago soon is a moot point. Analysts believe it’s unlikely. “The housing market is in a trough, or at 6 o’clock,” adds Saltano. “But we might get to 7 o’clock in the next year. It’s not much, but it’s progress.”

CAPITAL GAINS FOR MALAYSIA Indonesia is hoping to give its capital a fresh start as it prepares to move from Jakarta to Kalimantan in late 2024. And businesses in neighbouring Malaysia are also eagerly anticipating the move as they prepare for an economic spillover according to a senior Malaysian official. Dr Maximus Ongkili, the Minister in the Prime Minister’s Department for Sabah and Sarawak Affairs, said the two states are poised to benefit from an increase in business and visitation due to the capital’s new location. “The shifting of Indonesia’s capital city can result in economic and development spillovers that will trickle down to Sabah and Sarawak through border economy,” says Ongkili. He added, however, that both sides need to develop their infrastructure and impose more robust security controls on the flow of goods and people crossing over the borders. “Bilateral cooperation between Malaysia and Indonesia has long existed, but there is still room for improvement,” he says. The capital’s initial relocation will start between 2022 and 2024, with roads and ports prioritised to enable access, said the finance ministry. It’s hoped the move will remedy Jakarta’s chronic congestion, floods and air pollution.

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AFFIRMATIVE FRACTIONS With its massive potential to democratise real estate investment, tokenisation is one of the most exciting new frontiers in the industry BY LIAM ARAN BARNES

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It does alter how real estate will be owned, managed, and transacted around the globe. The benefits of the technology in simplifying complex, manual processes and driving scale at lower costs ARE a given

he peaks of Aspen may be a far cry from Bangkok’s high-rise downtown. But for Stephane De Baets, the investment climate is just as appealing. Since relocating to Colorado from the Thai capital, where he spent the best part of 25 years in finance, the Belgian entrepreneur and CEO of Elevated Returns has established himself as a pioneer of blockchainbased real estate investment. De Baets initially founded the digital asset management firm while still in Bangkok to acquire the iconic St. Regis Aspen Resort. It was a bold move but not out of place for a seasoned investor with a USD500 million-plus portfolio spanning real estate and hospitality assets, including Chef’s Club, a global restaurant group featuring some of the world’s best chefs. But the real game-changer came in 2018 when De Baets launched the digital security Aspen Coin, distributing tokens representing USD18 million in fractionalised ownership in the five-star resort. It was the world’s first real estate security token offering. “The property remains private. But through tokenisation, you create an instrument so that anyone can buy without going through due diligence or document review,” he says. “Now we’re going one step further and allowing them to receive cashback on their stay, which is very significant because it means anyone who owns a certain number of tokens is treated as an owner.

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PLANS HAVE BEEN HATCHED TO TOKENISE MULTI-MILLION-DOLLAR PROPERTIES IN PRIZED LOCATIONS LIKE MANHATTAN IN NEW YORK

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THE PANDEMIC HAS SPED UP THE DIGITALISATION OF REAL ESTATE PRACTICES AND LED TO A PROLIFERATION OF PROPTECH COMPANIES

“I think all securities will be digital in the future, I believe we will have new forms of investments, and people will begin selling the rights to utilities,” De Baets adds. “That’s where the innovation will be powerful.” Global accountancy firm Moore Global recently stated that even if just 0.5% of the USD280-trillion global property market was tokenised in the next five years, it would become a USD1.4 trillion market. But tokenisation, which is still in its nascent stage, remains a relatively unknown quantity for most individual real estate investors. Simply put, it is the breaking down of a usually large and single unit of real estate into multiple and smaller units, and in this case, represented by tokens. It works in the same way as the digitisation of physical artwork. The token represents the ownership information of the asset, recorded on a blockchain. Details such as ownership, construction plans, the location, and investor rights are mapped in digital form and recorded in a smart contract—essentially programmed actions of real-world contracts and operational process actions on the blockchain. The property’s value is then distributed among a fixed number of tokens and issued to investors. After the initial issue, these can be listed on a digital exchange for secondary market trading and resold by investors. 134

“In a nutshell, tokenisation solves several problems at a go,” explains Rani Kaur, head of strategy and business management for global South Asia and Middle East businesses at Bank of Singapore. “It reduces entry barriers and democratises access to new markets for smaller investors.” Fractional ownership of real estate isn’t exactly new. In the early 1960s, real estate investment trusts (REITs) were established to attract investors and change the illiquid status of real estate. Tokenised real estate is different from REITs in that they are open to anyone and usually have no minimum investment amount. Real estate tokens also provide an option for a more specific investment linked to a particular property, whereas REITs allow investing in a pool of various real estate assets. “All these features increase flexibility in real estate investment,” Kaur adds. “As an investor, it enables anyone to own a part of a trophy property and enjoy the economic benefit of such ownership, as well as the status of being recognised as an ‘owner’. “The benefit for the developer is you target your customer with a cheaper and more efficient way of unlocking value for fractions of traditionally ‘out-of-reach’ real estate investments.”

THAILAND IS AN EARLY ADOPTER IN THE RUSH TOWARDS REAL ESTATE TOKENISATION IN SOUTHEAST ASIA

But since Elevated Returns’ landmark offering, there have been just as many tokenisation failures. Perhaps the most notable was the high-profile joint venture between tech startup Fluidity and broker-dealer Propellr, which planned to tokenise a USD30-million Manhattan condo in 2018. The project was quietly shelved a year later, with both companies stating that the market wasn’t ready. Indeed, potential token bubbles—like those recently witnessed with non-fungible tokens or NFTs—can be high risk and, at best speculative. A tremendous amount of work needs to be done to iron out the legal, regulatory and taxation fronts, with stamp duty, investor protections and the enforcement of smart contracts, for instance, yet to be formalised. Security issues like scams, fraud and theft have not yet been eradicated from the blockchain. Therefore, investors require a strong knowledge of how things work on the distributed ledger. “The biggest concern to be addressed for real estate tokens is the lack of clear legislation,” according to Ryan Thoo, director of consumer marketing at PropertyGuru Group. “Without that, complications will arise, and disputes will be difficult to solve. We need to work closely with key stakeholders of the real estate ecosystem, including policymakers, central banks, and housing associations, to ensure regulatory composability, sustainability, and safe consumer adoption.”

SPRING IS HERE In 2021, the De Baits-led XSpring Digital Co raised THB2.4-billion selling 240 million Siri Hub Investment Digital Tokens (SIRIHUB), the country’s first real estate-backed token. The offering—Thailand’s first initial coin offering (ICO) of real estate-backed tokens—allows investors to buy into developer Sansiri PLC’s Siri Campus from as little as THB10. Quarterly revenue sharing of up to 8% per annum over four years is predicted for its 6,000-plus investors to date. XSpring Digital is also moving forward with plans to expand its digital assets businesses in Thailand. It has already applied for the licences for a digital asset broker and dealer to meet the growing demand from many businesses interested in raising funds via tokenisation. It also hopes to bring an expanded platform to the United States.

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DEVELOPER LEAD REAL ESTATE USED BLOCKCHAIN TO BANKROLL THE CONSTRUCTION OF CONDOS AND HOTELS IN ANTICIPATION OF THE TOKYO OLYMPICS

Ecosystems in Asia are already gathering momentum, with increasing collaborations between real estate developers, digital exchanges, investment management companies and proptech and fintech firms. In 2021, Singapore Exchangebacked digital securities platform ADDX and the Middle East investment management firm Investcorp tokenised a private real estate fund focused on the Sun Belt in the US (the country’s southern portion), with half of the USD150-million fundraised via tokens. Hong Kong-based tech firm Liquefy, meanwhile, recently announced a USD1-billion tokenisation partnership with a consortium of Gulf families, including a USD600-million hotel in London. As with many digital landscapes over the last couple of years, the pandemic was inevitably a catalyst for rising interest amongst investors. “Consumers have become more comfortable transacting online,” adds Thoo. “They will soon adopt the sale and purchase of fractionalised properties in the form of tokens, as we have for cryptocurrencies.”

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The pandemic also uncovered the structural challenges of operating and investing in real estate. It sped up the digitalisation of real estate practices and transformation of traditional property players and led to a proliferation of proptech companies seeking to participate in Asia’s real estate ecosystem. Still, subsequent reservations remain in the industry that tokenisation bypasses property managers, lawyers, banks, and other intermediaries and threatens established protocols or institutions like lenders. “It does alter how real estate will be owned, managed and transacted around the globe,” says Kaur. “My view is that it disrupts existing value chains and the traditional way of doing things, for sure. “The benefits of the technology in simplifying complex, manual processes and driving scale at lower costs are a given.”

LONG LIVE BLOCK

Either way, it’s important to remember that tokenised real estate is very much in its infancy. The first tokenised project only happened in 2018, and a market as big as real estate isn’t going to be disrupted overnight. Still, Kaur and others believe the transformation is inevitable. Many real estate companies are paying close attention and laying the groundwork for the future, real estate investment and ownership are moving online, and the blockchain seems the best way to do it. What is up for debate is the timeframe of when tokenised assets will become widespread. It could be a while in a sector like commercial real estate, where change is traditionally slow.

Governments worldwide are quickly recognising the need to store title records on blockchain ledgers. In 2020, the UK-based Digital Street research project developed a prototype that digitally transfers property to the Corda blockchain platform—automatically updating the UK Land Register. China’s President Xi Jinping also claimed in late 2019 that blockchain would serve “an important role in the next round of technological innovation and industrial transformation”—an about-turn from the country’s virtual currencies ban in 2017. In neighbouring Japan, meanwhile, tokenisation specialist Securitize–backed by Sony Financial Ventures, Nomura and MUFG –recently teamed up with advertising firm Lifull and real estate agency Enjoyworks to launch the first security token offerings for retail investors: a retirement housing project in Hayama. Developer Lead Real Estate used blockchain to bankroll the construction of condominiums and hotels in anticipation of the Tokyo Summer Olympics.

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ADVERTORIAL

DREAM HOMES A true catalyst of change during the pandemic and beyond, SMDC is bringing Filipinos closer to fulfilling their dreams of homeownership

GOLD RESIDENCES IN PARAÑAQUE

After enduring the crippling impact of the global health crisis, the property sector in the Philippines is rallying towards recovery. Optimism has returned to the country along with eased quarantine restrictions, ramped-up vaccination rates, and improved business and consumer confidence since the first quarter of 2022. Personal remittances from Overseas Filipino Workers (OFWs) hit an all-time high (USD34 billion) in 2021 while the young, educated, Englishspeaking workforce continues to drive the growth of the outsourcing industry. Finally, demand for residential real estate is as omnipresent as ever with the nationwide housing backlog now touching six million units. SM Development Corporation (SMDC), the largest and fastest-growing real estate developer in the Philippines, remains steadfast in its commitment to respond to the everevolving demands of Filipino homebuyers. For SMDC, building strong communities is vital in creating a stronger country. Championing perfectly integrated commercial and residential environments, SMDC gives Filipino property seekers and investors access to a sustainable and attainable

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cosmopolitan lifestyle. Through masterfully planned and award-winning complete developments, SMDC has been providing Filipinos with their dream homes in Metro Manila and other key cities in the Philippines. “Driven by the vision of our Chairman Henry Sy Jr. of building a nation of homeowners, our purpose is to democratise homeownership in the Philippines,” says SMDC President Jose Mari Banzon. “This has fueled SMDC’s resilience despite the storms brought about by the pandemic.” SMDC has adapted effectively to the constant changes brought about by the pandemic: making sure to execute various programs and activities that cater to the Filipino community during trying times. Through SMDC’s The Good Guys Weekend Market, resident-entrepreneurs were provided an avenue to sell their products and take advantage of additional income streams amid the pandemic. SMDC also worked with local government units and government agencies on the vaccination campaign as well as medical and dental missions under the company’s The Good Guys Health and Wellness Caravan. At a time when hundreds of Filipinos lost their livelihoods, they found new employment opportunities through SMDC’s The Good Guys Job Caravan.

ADVERTORIAL SMILE RESIDENCES IN BACOLOD CITY

ICE TOWER RESIDENTIAL-OFFICE IN MOA COMPLEX, PASAY

“More than just building condominiums, we build communities of people,” says Banzon. “We are conduits of nation-building, and we create a positive impact on the lives of our residents and the broader community that we belong to. We also believe in promoting sustainability— in efficiently sharing spaces and resources, so that they become inclusive and affordable. We believe that masterfully designed, sustainable communities should not be expensive, so that more people can live a low-carbon footprint lifestyle.”

For these achievements, SMDC clinched a back-to-back win as Best Developer (Philippines) at the 9th PropertyGuru Philippines Property Awards 2021. On the awards reception night held on March 23, SMDC collected a total of 11 awards including the Best Mid-Rise Condo Development (Philippines) for Gold Residences, Best Upper Affordable Condo Development (Metro Manila) for Vine Residences, and Best High End Condo Development (Southern Luzon) for Green 2 Residences.

SMDC has recently begun launching developments appropriate for the changing needs of Filipinos and creating more connected, sustainable, safer communities. As economic fundamentals change for the better, SMDC is optimistic that the property sector will stay on track in regaining its strength and will continue to drive the growth of the economy. These positives are aligned with SMDC’s goal to make it possible for every Filipino to belong to world-class and master-planned properties.

LIGHT 2 RESIDENCES IN MANDALUYONG

“Having been recognized as ‘Best Developer’ in 2021 and having been given the opportunity to represent the country and the industry on the regional stage are truly proud moments for our company,” says Banzon. “This recognition challenges us to live up to the trust and confidence the people have given us. It fuels our passion of building communities that Filipino families can call home, and it drives us to do more for the country.” Visit https://smdc.com/ to check out award-winning properties from SMDC today

BLOOM RESIDENCES IN PARAÑAQUE

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Dispatch

From Russia with love As sanctions bite at home, Russian buyers are seeking asset safe-havens. And Pattaya, Phuket and Bali are among the Asian destinations reaping the rewards in real estate sales By Steve Finch

ussia’s invasion of Ukraine has resulted in its citizens being targeted by economic sanctions that rank among the swiftest and most punishing inflicted on any country to date. In London, occupiers seized multi-millionpound mansions owned by absent oligarchs. On Thailand’s beaches, Russian families on long-awaited post-pandemic getaways suddenly found themselves stranded. Western sanctions on Russian banks meant many Russian credit and debit cards no longer worked overseas. And numerous flights were

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PATTAYA HAS LONG BEEN A FAVOURITE OF RUSSIAN INVESTORS, AND HAS WITNESSED A SURGE OF INTEREST SINCE THE START OF THE CONFLICT IN UKRAINE

grounded as insurers withdrew from Russian routes and carriers, including Aeroflot. In March, rising oil prices caused by the conflict further fueled inflation, prompting doom-and-gloom predictions for a global economy only just regaining momentum following the pandemic. Sanctions have produced few economic upsides—in Russia or elsewhere. Yet Southeast Asia’s property market has shown signs it could buck this trend, albeit in select destinations including Pattaya, Phuket and Bali.

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IN THE PAST, RUSSIAN INVESTORS WOULD TYPICALLY HAVE LOOKED TO POPULAR EUROPEAN DESTINATIONS INCLUDING SPAIN, GREECE, AND GERMANY. DUE TO SANCTIONS, THEY HAVE FOCUSED ON OTHER DESTINATIONS SUCH AS THE UNITED ARAB EMIRATES, TURKEY, GEORGIA, AND SOUTHEAST ASIA Inquiries for properties in Thailand jumped 50% in March compared to a year earlier, and 200% in April, according to Tranio, a Moscow-based online real estate company focused on overseas property deals. Bali recorded the highest inquiry growth in Southeast Asia, up 360% in the first quarter compared to the same period last year. Uncertainty at home and punishing sanctions in many destinations overseas have fueled the trend, said Elena Milishenkova, Tranio’s commercial director. In the first quarter, an estimated USD64.2 billion flowed out of Russia, according to estimates by the central bank in Moscow. This is 30% more than the figure for all of 2021, a sign the Ukraine conflict has prompted Russians to seek asset safety overseas amid economic uncertainty. “In the past, this money would typically have been invested in popular European destinations including Spain, Greece, and Germany,” says Milishenkova. “Due to Western sanctions, Russian investors have focused on other destinations such as the United Arab Emirates, Turkey, Georgia, and Southeast Asia.” She added that Thailand was expected to rank among the most popular destinations for Russian property buyers. Laos and Vietnam have towed the Russian party line in the Ukraine conflict. And within the ASEAN region, only Singapore

has followed western-led efforts to impose sanctions on Russia. “Asia seems to be safe, secure and neutral for Russian people,” says Ekaterina Okisheva, managing director of Alpha International, a property agency covering Pattaya and Phuket in Thailand. “This is a big thing that Russian people take into account.” Having already gotten used to buying “sight unseen” during the pandemic, growing numbers of Russians have been purchasing properties in popular Thai beach resorts without setting foot in the country, says Okisheva. The key challenge facing Russians seeking to buy overseas since sanctions were imposed is completing payments. Many Russian banks have been locked out of the SWIFT international payment system including the country’s biggest lenders Sberbank and VTB. And few countries outside of former Soviet states use the Russian Mir payment system. “But not all Russian banks have been affected,” adds Okisheva, adding that the paperwork and time required to complete such transactions have sharply increased. “There are also other ways around it, including cryptocurrency.” While Russian buyers have found new ways to get around sanctions, their choices of destination in Asia have remained familiar. In Thailand, Pattaya and Phuket remain ever popular. So too are other beach resorts including Koh Chang and Koh Samui.

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Pattaya has long been a favourite with Russians and its brand retains its shine. Indeed, the destination is growing its appeal. New family-friendly attractions have bolstered its offerings. Thailand’s government, meanwhile, plans to make the city a key part of its massive Eastern Economic Corridor project, which will add extra value to real estate investments. “Pattaya is in a really strong position to bounce back from the pandemic,” says Matthew Fryar, the general manager of Avani Pattaya, one of the city’s most dynamic luxury hotels. “Investors can expect to see good returns here.” In Indonesia, Bali continues to be the only destination on the map for Russian property investors, with Vietnam the next most popular location in the region. In the first quarter of this year, these two countries along with Thailand together accounted for 94% of all Southeast Asia property inquiries, according to Tranio data. “Bali has long been a popular destination among Russians, and the local property

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THE INVASION OF UKRAINE HAS BEEN PROTESTED, BUT RUSSIANS HAVE FOUND A MUCH MORE WELCOMING CLIMATE IN SOUTHEAST ASIA THAN IN WESTERN COUNTRIES

market is gaining Milishenkova.

momentum,” says

In Bali, many developments are IndonesianRussian joint ventures whose marketing targets Russians in their language to maximize uptake. Last year, despite the continuing downward pressure of the pandemic, apartment sales in Bali increased due in part to international buyers including a significant portion of Russians returning to the popular island, said Angra Angreni, a senior manager at the Jakarta office of PT CB Advisory, an international real estate advisory based in the United States. “There have not been cancellations of unit purchases from Russian investors,” she says. No sanctions have been imposed by Jakarta. And none are likely to be anytime soon. “There has not been a major impact on the property market. Far from it,” said Angreni. Bali, like many destinations in Southeast Asia, has become a far-flung haven for Russian investors who have quickly found they are no longer welcome in many countries in the west.

Dispatch

Mixed to perfection Landmark developments along Bangkok’s Rama IV Road like One Bangkok and Dusit Central Park are upping the ante for real estate in Thailand’s capital By Liam Aran Barnes

he reign of King Mongkut was a transformative one for Thailand.

The monarch ruled over his country for a relatively short time, his tenure lasting for just 17 years between 1851 and 1868. In that period, Siam—as it was then known—was increasingly feeling the pressure of western expansionism. To bolster his country and prevent conflict with threatening colonial powers, he initiated modernisation in technology and culture.

RANGED ALONG RAMA IV ROAD ARE MEGAPROJECTS THAT WILL CHANGE THE FACE OF BANGKOK

Therefore it is appropriate that the artery bearing his posthumous name—Rama IV—has become synonymous with the breakneck evolution of Bangkok. Thailand’s capital has never been one for standing still. All over the city, new real estate projects and infrastructure progress as rapidly as a speeding tuk-tuk driver on an empty soi. But the activity underway on Rama IV Road is remarkable even within this hyperactive context.

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RAMA IV ROAD MAKES THE PERFECT ALIGNMENT AND DIRECT INTERLINK WITH MAIN AVENUES IN BANGKOK. IT THEREFORE POSSESSES ONE OF THE MAIN CRITERIA FOR MIXED-USED DEVELOPMENTS. AND THAT’S CONNECTIVITY

Linking upper Sukhumvit with Charoenkrung Road and Bangkok’s older quarters, the thoroughfare passes by historical and cultural landmarks such as Hualamphong Railway Station, Lumpini Park and Khlong Toei Market, the city’s biggest fresh market. It’s the vast construction sites that pepper its flanks that are nurturing the future signatures in the Thai capital. Here, workers are grafting round the clock to bring two of the country’s most significant mixed-use real estate projects—One Bangkok and Dusit Central Park—to realisation. “Rama IV Road makes the perfect alignment and direct interlink with main avenues in Bangkok,” says Marciano Birjmohun, director of the Singapore-Thai Chamber of Commerce. “It, therefore, possesses one of the main criteria of mixed-used developments. And that’s connectivity.” When One Bangkok opens at the junction of Witthayu Road and Rama IV, it will be the most expensive real estate project in Thai history. It will be the largest integrated development in Bangkok’s central business district with an investment value of over THB120 billion (exclusive of land cost). When fully completed, the project will include five premium grade A office towers, four distinct retail precincts, five luxury and lifestyle hotels and three luxury residential towers. Its 430-metre Signature Tower will be one of the 10 tallest buildings in Southeast Asia. A dedicated shared space for art and cultural activities and exhibitions will be part of the project.

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“One Bangkok will reshape and redefine its urban landscape in a positive and lasting way as the largest private sector property development initiative undertaken in Thailand,” says Panote Sirivadhanabhakdi, group chief executive officer of Frasers Property Limited, the joint developer of One Bangkok. “Our ambition is to build sustainable developments that improve quality of life and are part of the fabric of the community. It is our goal to constantly create offerings that connect with their surroundings and become a global landmark that the community can be proud of. We believe One Bangkok is an offering worthy of what Thailand’s capital can deliver on the world stage.” Smaller in scale but equally redolent with symbolism is Dusit Central Park. With a total construction area of over 400,000 square metres, the project is rising on the site of the iconic Dusit Thani hotel at the top of Silom Road, which was demolished to make way for its successor. It comprises a five-star hotel, luxury branded residences, grade A office space, and a major shopping mall, all connected by the verdant 11,200sqm Roof Park, which will become one of Bangkok’s most dramatic attractions. “Dusit Thani Bangkok was created as a landmark hotel, and over its 50-year history it welcomed royalty, world leaders, and celebrities from around the globe,” says Suphajee Suthumpun, Dusit International group CEO. “Dusit Central Park marks the next chapter in the story of this Thai icon and the project is a historic one not just for the company, but for the whole of

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Bangkok. Our location is the ‘super-core CBD’ of a major global city. When such areas are developed, they become iconic urban projects that define their destination and represent their community. It is a great responsibility for which we are deeply honoured and proud.” While Rama IV Road is in the spotlight, it is far from the only location in Bangkok that is undergoing dramatic change due to mixed-use development. To the north of Lumpini Park, Sindhorn Village offers luxury residences and hotels such as Kimpton Maa-Lai and Sindhorn Kempinski, and a retail and leisure precinct called Velaa. On the city’s outskirts, meanwhile, the Forestias by developer MQDC covers an area of 64 hectares, nearly one and a half times the size of the world’s smallest country, The Vatican. A 16-kilometre elevated walkway will pass over the centrepiece, a 4.8-hectare wooded area.

DUSIT CENTRAL PARK WILL OCCUPY THAT FORMER SITE OF THE LANDMARK DUSIT THANI HOTEL

in which each of the various components benefits from its proximity to the others. An upscale shopping centre is more likely to prosper if placed within easy walking distance of luxury condiminiums and hotel rooms designed to harbour affluent clientele. Thailand analysts say that developers and investors alike are aware which way the wind is blowing. “The benefits of mixed-use development extend far beyond enhancing the social good,” adds Birjmohun. “All over the globe, mixed-use developments are rising. Changing demographics and an evolving real estate market create demand for high-quality, integrated, and walkable communities. Mixed-use developments add more value to stakeholders. They represent the future of our communities, not just in Bangkok, but everywhere.”

A well-executed mixed-use development essentially creates its internal ecosystem,

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THE JUDGES MAINLAND CHINA Ken Ip Assistant General Manager and Group Head of Marketing, B.S.C. Group Chou Guang Ming (Ray) Founder and Creative Director, Vermilion Zhou Design Group Coco Lin Principal and Project Director, B+H Consulting International Inc. Feng WeiMo Founder/Design Director, Mod-Design Guo Nu Founder and Design Principal, AUD Architect and Urban Design James Woo Senior Director & Head of Valuation and Professional Services (Beijing), Savills Jesse Wang Design Director, F.G Studio Pablo Laguarda, FAIA Principal, Laguarda.Low Architects (LLA) Zhong Ling Founder of DUTS Design, French National Registered Architect, Master of Architecture in ENSAPLV, and Guest Teacher of Shanghai Jiao Tong University

Luminaries of real estate, architecture and design clinched marks of excellence at the virtual gala celebration of the 2021 PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau), presented in association with Anjuke, part of leading Chinese online marketplace 58.com, and supported by Nectaris. The celebrations on 7 December 2021 laurelled outstanding developers, architects, designers, and real estate brands with prestigious titles and citations spanning 56 diverse categories. China Overseas Property and Huabiao Venture Group Co., Ltd. won the all-new awards of Top Developer (Mainland China) and Top Boutique Developer (Mainland China), respectively, while Great Eagle Holdings Limited was named Best Developer (Hong Kong). A wide array of design practices, from Benoy to HZS Design, were also honoured. Special awards were presented to outstanding household brands, interior furnishers, and suppliers in Mainland China such as Daikin, Fotile, Panasonic, Robam, and Tata Wooden Door.

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INDUSTRY EXPERT CONSULTANTS, MAINLAND CHINA Cindy Jiang Deputy General Manager and Principal Architect of Yanlord Land Nanjing Huang Gaohua Founder & Editor-in-Chief of DesiDaily John Low AIA • Principal, Laguarda.Low Architects (LLA) Li Qing Deputy General Manager, Shenzhen OCT Cultural & Real Estate Investment Co., Ltd. Luo Minjie Director of Planning and Design Department, Sichuan Waterfront Urban and Rural Development Co. Ltd. Luo Yun General Manager, Design Sharing Center at Greentown China T.K Chu Founder and Principal Designer of T.K. CHU DESIGN GROUP and TK HOME Xu Junfen Design Director, China Overseas (Hangzhou Branch) HONG KONG AND MACAU Paul Tse President, Board of Directors, Macao Association of Building Contractors and Developers Bernie Devine Regional Director, Asia, Yardi Systems, Inc. Gregory Ku Managing Director, Jones Lang LaSalle Macau & Zhuhai Jimmy Wardhana Co-Founder and Principal of JWCC Architecture Co. Ltd. Vincent Cheung Managing Director, Vincorn Consulting and Appraisal Limited Sr Yew Yat-ming, Edmond Chairman, Planning and Development Division Member, Surveyor Registration Board Member, Disciplinary Panel, The Hong Kong Institute of Surveyors Yu Kam Hung Past President, The Hong Kong Institute of Surveyors

1. LEAD8’S SIMON CHUA AFTER OBTAINING GOLDEN STATUETTES 2. ZHAO TONGYANG, VICEPRESIDENT OF ASSOCIATE PARTNER ANJUKE, SPEAKS 3. GREGORY KOVACS OF BENOY REFLECTS ON THE FIRM’S DESIGN WINS 4. ULTRA-LUXURY CONDO DEVELOPER BEIJING HELI YUNXING REAL ESTATE CO., LTD. WINS 5. SINO-OCEAN GROUP’S THOMAS YANG MAKES A SPEECH 6. A PROUD MOMENT FOR A RENOWNED YUEXIU REIT 7. LINK ASSET MANAGEMENT LIMITED’S EMMANUEL FARCIS FOR TKO SPOT 8. EMCEES JACK PRINYA AND SUN MENG XIAO KEEP VIEWERS ENGAGED THROUGHOUT THE EVENING

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the winners 2021 PropertyGuru Asia Property Awards (Mainland China) DEVELOPER AWARDS Top Developer (Mainland China) Winner: China Overseas Property 中海企业发展集团 Highly Commended: China Construction Yipin Investment & Development Co. Ltd 中建壹品投资发展有限公司 Top Boutique Developer (Mainland China) Winner: Huabiao Venture Group Co., Ltd 广东华标创业集团有限公司 Highly Commended: C&D Real Estate Corporation Limited 建发房产上海城市公司 DEVELOPMENT AWARDS Best Ultra Luxury Condo Development (Mainland China) 年度极奢住宅项目（中国内地） Winner: Yunē by Beijing Heli Yunxing Real Estate Co., Ltd. 合生缦云 by 北京合力运兴置业有限公司 Excellent Super Luxury Condo Development (Mainland China) 年度优秀豪奢住宅项目（中国内地） Winner: Park Vera by Shui On Land 瑞虹新城 by 瑞安房地产 Excellent Luxury Condo Development (Mainland China) 年度优秀豪华住宅项目（中国内地） Winner: Forest Park by Vanke 万科森林公园 by 长沙凯腾房地产开发有限公司 Highly Commended: One Sino Park by Sunac 重庆·融创壹号院 by 重庆远冲实业有限公司 Excellent High-End Condo Development (Mainland China) 年度优秀高端住宅项目（中国内地） Winner: Daxiang by Jiangsu Sunan Vanke Real Estate Co., Ltd. & Suzhou Gaoxin Real Estate Group Co., Ltd. 大象山舍 by 苏州万科企业有限公司 & 苏州高新地产集团有限公司 Highly Commended: • Baoyu | tianyilongwan by Baoyu 148

group 宝宇•天邑珑湾 by 黑龙江宝宇房地产开发（集团）公司 • Emerald Mountain Dawn by Vanke 万科翡翠山晓·西麓 by 北京万越辉置业有限公司 • The Moon Poetry by Greentown 绿城美的桂语映月 by 福州祯瑞置业有限公司 • Vanke | wanhuihuayuan by Huizhou wanhuihuayuan Real Estate Co., Ltd 万科·万荟花园 by 惠州市万荟房地产有限公司 Best Mid End Condo Development (Mainland China) 年度标准住宅项目（中国内地） Winner: Zhongliang Dongtou Gilded Tianchen by Changsha Zhongliang Heng Real Estate Co. Ltd 中梁东投鎏金天宸 by 长沙中梁恒置业有限公司 Highly Commended: Hengji Zhongliang Shiguangmingzhu by Changsha Zhongliang Heng Real Estate Co. Ltd 恒基中梁拾光明珠 by 长沙中梁恒置业有限公司 Best Affordable Condo Development (Mainland China) 年度大众住宅项目（中国内地） Winner: Jinke & Zhongliang Emerald Mansion by Changsha Zhongliang Heng Real Estate Co. Ltd 金科·中梁博翠江樾 by 长沙中梁恒置业有限公司 Highly Commended: • Changsha Zhongliang Xiyue Terrace by Changsha Zhongliang Heng Real Estate Co. Ltd 长沙中梁玺悦台 by 长沙中梁恒置业有限公司 • Country Garden & Zhongliang Huaiyin Siji by Changsha Zhongliang Heng Real Estate Co. Ltd 碧桂园·中梁槐荫四季 by 长沙中梁恒置业有限公司 Excellent Affordable Condo Development (Mainland China) 年度优秀大众住宅项目（中国内地） Winner: 亦庄·金悦郡 by 北京融泰房地产开发有限公司 Highly Commended: • East Oak One by CCCG Cr Land 亦庄橡树湾 by 中交地产 & 华润置地 • 雅居乐北城雅郡 by 陕西福雅乐房地产开发有限公司

Excellent Smart Building Development (Mainland China) 年度优秀智能住宅开发奖（中国内地） Winner: Vanke City Cloud View by Nanning Vanke City Real Estate Co. Ltd 万科城云望 by 南宁市万科城房地产有限公司 Best Luxury Housing Development (Mainland China) 年度豪华别墅项目（中国内地） Winner: Dalian Huafa Hill by Zhuhai Huafa Properties Co., Ltd. 大连华发山庄 by 珠海华发实业股份有限公司 Excellent High End Housing Development (Mainland China) 年度优秀高端别墅项目（中国内地） Winner: Empyrean Mansion by Xingcheng-Renju 人居九林语 by 成都人居成兴置业有限公司 Best Retail Development (Mainland China) 年度零售中心项目（中国内地） Winner: Zhongshan Huafa Mall by Zhuhai Huafa Properties Co., Ltd. 中山华发商都 by 珠海华发实业股份有限公司 Best Office Development (Mainland China) 年度写字楼开发项目（中国内地） Winner: Yuexiu Fortune Center by Guangzhou Yuexiu Commercial Real Estate Investment & Management Co., Ltd 越秀·财富中心 by 广州越秀商业地产投资管理有限公司 Best Green Development (Mainland China) 年度优秀绿色项目（中国内地） Winner: Yuexiu Financial Tower by Guangzhou Yuexiu Commercial Real Estate Investment & Management Co., Ltd 越秀金融大厦 by 广州越秀商业地产投资管理有限公司 Best Mixed-Use Development (Mainland China) 年度综合体开发项目（中国内地） Winner: Guangzhou International Commercial Center by Guangzhou Yuexiu Commercial Real Estate

Investment & Management Co., Ltd 广州环贸中心 by 广州越秀商业地产投资管理有限公司 Highly Commended: • Andaman Village by Regalia Group 安缇缦旅游度假区 by 新昌御庭旅游开发有限公司 • Modern International Finance Center by Tianjin Modern City Development Co., Ltd. 天津国际金融中心 by 天津现代城开发有限公司 DESIGN AWARDS Best Ultra Luxury Condo Architectural Design (Mainland China) 年度极奢住宅建筑设计项目（中国内地） Winner: China Overseas One Sino Residence, Beijing by HZS Design & China Overseas 中海北京甲叁号院 by HZS汇张思 & 北京中海地产 Highly Commended: • CGGC China Palace by HZS Design & CGGC 葛洲坝北京中国府 by HZS汇张思 & 中国葛洲坝集团 • Hopson: Yunē, Beijing, China by HZS Design & Hopson Development 合生缦云 by HZS汇张思 & 合生创展集团 • Longfor & BCDH: The Skyline, Guangzhou by HZS Design & Longfor Group Holdings Limited 龙湖·首开广州天奕 by HZS汇张思 & 龙湖集团 Best Super Luxury Condo Architectural Design (Mainland China) 年度豪奢住宅建筑设计项目（中国内地） Winner: Hopson: Miya by HZS Design & Beijing Heyishengjing Real Estate 合生 me悦 by HZS汇张思 & 北京合亦盛景置业 Highly Commended: • Aoyuan Yunhe Mansion by HZS Design & China Aoyuan Group Limited 奥园广州云和公馆 by HZS 汇张思 & 中国奥园集团 • COB & BCDH: Time River by HZS Design & Beijing Zhongkai Yingtai 中海·首开北京拾光里 by HZS汇张思 & 北京中开盈泰

• Yuzhou: Langting Bay, Beijing by HZS Design & Yuzhou Group 禹洲北京朗庭湾 by HZS汇张思 & 禹洲集团 Best Luxury Condo Architectural Design (Mainland China) 年度豪华住宅建筑设计项目（中国内地） Winner: Aoyuan Luyu One, Chengdu by HZS Design & China Aoyuan Group Limited 奥园成都麓语ONE by HZS汇张思 & 中国奥园集团 Highly Commended: • CIFI Group: Park Mansion by HZS Design & CIFI Group 旭辉合肥铂悦天汇 by HZS汇张思 & 旭辉集团 • COB: No.1 Urban Resort by HZS Design & China Overseas 中海领馆壹号 byHZS汇张思 & 中海地产（沈阳） • Yango Dreammount, Beijing by HZS Design & Beijing Zhende Xingyun Real Estate 阳光城北京溪山悦 by HZS汇张思 & 北京臻德兴云置业 Best Upper High End Condo Architectural Design (Mainland China) 年度轻奢住宅建筑设计项目（中国内地） Winner: Greentown The Willow Shores by Hangzhou 9M Architectural Design Co., Ltd 舟山绿城长峙岛柳岸晓风 by 杭州九米建筑设计有限公司 Highly Commended: • China Merchants Group: Park Scenery 1872 by HZS Design & CMSK 招商沈阳公园1872 by HZS汇张思 &招商蛇口 • Gemdale: Great Mansion, Haining by HZS Design & Haining Jinyue Real Estate Development 金地海宁华宸府 by HZS汇张思 & 海宁金越房地产开发有限公司 Best High End Condo Architectural Design (Mainland China) 年度高端住宅建筑设计项目（中国内地） Winner: COB: Stream View Palace by HZS Design & China Overseas Land & Investment 中海长沙阅溪 by HZS汇张思 & 中國海外發展

Highly Commended: • Kaisa Mansion by HZS Design & Kaisa Properties (Jiangmen) 佳兆业·悦峰府 by HZS汇张思 & 佳兆业地产（江门） • Zhenro & CIFI: Future Center, Hefei by HZS Design & CIFI Group 正荣·旭辉合肥政务未来 by HZS汇张思 & 旭辉集团 Best Mid End Condo Architectural Design (Mainland China) 年度标准住宅建筑设计项目（中国内地） Winner: CIFI Group: Fu Yang Shuang Qing Jiang Lai by HZS Design & CIFI Group 旭辉阜阳双清江来 by HZS汇张思 & 旭辉集团 Highly Commended: • CIFI Skyline, Guiyang by HZS Design & CIFI Group 旭辉贵阳观云 by HZS汇张思 & 旭辉集团 • Hengji Zhongliang Shiguangmingzhu by Changsha Zhongliang Heng Real Estate Co. Ltd 恒基中梁拾光明珠 by 长沙中梁恒置业有限公司 • Zhongliang Dongtou Gilded Tianchen by Changsha Zhongliang Heng Real Estate Co. Ltd 中梁东投鎏金天宸 by 长沙中梁恒置业有限公司 Best Affordable Condo Architectural Design (Mainland China) 年度大众住宅建筑设计项目（中国内地） Winner: Jinke & Zhongliang Emerald Mansion by Changsha Zhongliang Heng Real Estate Co. Ltd 金科·中梁博翠江樾 by 长沙中梁恒置业有限公司 Highly Commended: • Changsha Zhongliang Xiyue Terrace by Changsha Zhongliang Heng Real Estate Co. Ltd 长沙中梁玺悦台 by 长沙中梁恒置业有限公司 • CIFI Group: Wisdom Land, Yinchuan by HZS Design & CIFI Group 旭辉银川江南学府 by HZS汇张思 & 旭辉集团 • Country Garden & Zhongliang Huaiyin Siji by Changsha Zhongliang Heng Real Estate Co. Ltd 碧桂园·中梁槐荫四季 by 长沙中梁恒置业有限公司

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Best High End Housing Architectural Design (Mainland China) 年度高端别墅建筑设计项目（中国内地） Winner: Greentown Xixi Yunlu by Hangzhou 9M Architectural Design Co., Ltd. 杭州绿城西溪雲庐 by 杭州九米建筑设计有限公司 Excellent High End Condo Architectural Design (Mainland China) 年度优秀高端住宅建筑设计项目（中国内地 ) Winner: Hongfang by OCT 华侨城红坊 by 武汉华侨城滨江置业有限公司 & 武汉侨滨置业有限公司 Highly Commended: • GIEC | International Exhibition by Greenland 绿地天河国际会展城 by 武汉申绿国展实业有限公司 • Here We Are by TongJian & BaiButing Union Real Estate 幸福时代·大家 by 武汉统建百步亭联合置业有限公司 Best Mega Mixed Use Architectural Design (Mainland China) 年度大型综合体建筑设计项目（中国内地） Winner: OCT OH Bay by Laguarda. Low Architects 华侨城宝安欢乐港湾 by Laguarda.Low Architects Highly Commended: • National Food Safety (Hengqin) Innovation Center by HZS Design & Gaoze Investment 国家食品安全（横琴）创新中心 by HZS汇张思 & 珠海横琴高择投资 • Sunshine 100: Phoenix Street by HZS Design & Sunshine 100阳光100 长沙凤凰街 by HZS汇张思 & 阳光100 Best Mixed Use Architectural Design (Mainland China) 年度综合体建筑设计项目（中国内地） Winner: Alibaba Central China Headquarters and Industrial Complex by Benoy 阿里巴巴华中总部暨产业社区基地 by Benoy Highly Commended: • Fuzhou Shangri-La Mixed-use Development by Lead8 福州香格里拉综合开发项目 by Lead8 • Nanning CIFI Live by HZS Design & CIFI Commercial 南宁旭辉里 by HZS汇张思 & 旭辉商业

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• Tianjin Cop City Plaza by HZS Design & COLI Polytec Property (Tianjin) 中海天津城市广场 by HZS 汇张思 & 中海保利达地产（天津） Best Retail Architectural Design (Mainland China) 年度零售中心建筑设计项目（中国内地） Winner: Sanya CDF Mall II by Benoy 三亚国际免税城二期 by Benoy Highly Commended: • Hubei Coordination Urban Renewal Scheme by Lead8 湖贝项目整体商业规划 by Lead8 • MixC Ningbo by Lead8 宁波万象城 by Lead8 Best Office Architectural Design (Mainland China) 年度办公建筑设计项目（中国内地） Winner: CSC Center, Tian Jin, China by HZS Design & China State Construction Land (Tianjin) 天津中建总部大楼 by HZS汇张思 & 中建地产（天津） Best Themed Attraction Architectural Design (Mainland China) 年度主题景点建筑设计项目（中国内地） Winner: Yunyang Zhangfei Temple Folk Custom Street by Chongqing Yuandao Architecture Co. Ltd. 云阳张飞庙民俗风情街 by 重庆源道建筑规划设计 Best High End Condo Interior Design (Mainland China) 年度高端住宅室内设计项目（中国内地） Winner: Agile • Shanqin Bay, Hainan by CLV.Design 雅居乐 • 海南山钦湾 by 赛拉维设计 Best Mixed Use Interior Design (Mainland China) 年度最佳综合体室内设计项目（中国内地） Winner: Fuzhou Shangri-La Mixeduse Development by Lead8 福州香格里拉综合开发项目 by Lead8 Highly Commended: Vanke Xingcheng Garden by Maudea Design Studio 万科星城花园 by 牧笛设计 Best Retail Interior Design (Mainland China) 年度零售中心室内设计奖（中国内地） Winner: The Ring by Lead8 重庆光环购物公园 by Lead8

Highly Commended: Seazen Suzhou Wuyue Plaza by Benoy 苏州高铁吾悦广场 by Benoy Best Office Interior Design (Mainland China) 年度办公室内设计项目（中国内地） Winner: Pufa Tower by Shanghai Pufa Tower Real Estate Co., Ltd. 浦发大厦 by 上海浦发大厦置业有限公司 Best Convention Centre Interior Design (Mainland China) 年度会议中心室内设计项目（中国内地） Winner: Guangzhou Yuexiu International Congress Center (GYICC) by Jiang & Associate Creative Design 广州越秀国际会议中心 by 深圳市杰恩创意设计股份有限公司 Best Educational Interior Design (Mainland China) 年度文教类室内设计项目（中国内地） Winner: Time River Experience Center by CLV.Design 中海首开北京拾光里图书馆 by 赛拉维设计 Best Clubhouse Interior Design (Mainland China) 年度会所室内设计项目（中国内地） Winner: C&D YangYun Underground Chamber by Mans Design (ShenZhen) Co. Ltd 建发养云地下会所 by 漫思设计（深圳）有限公司 Best Landscape Architectural Design (Mainland China) 年度景观设计项目（中国内地） Winner: Harbin ShenHa Center by Unlimited Metropolis Design Studio 哈尔滨深哈中心 by 里表都会 Highly Commended: Shanghai Expo Village by Cicada & Palm Design 世博村B地块改建项目 by Cicada & 棕榈设计 BEST OF MAINLAND CHINA AWARDS Best Condo Development (Mainland China) 年度住宅项目（中国内地） Winners: • Park Vera by Shui On Land 瑞虹新城 by 瑞安房地产 • Yunē by Beijing Heli Yunxing Real Estate Co., Ltd. 合生缦云 by 北京合力运兴置业有限公司 • 亦庄·金悦郡 by 北京融泰房地产开发有限公司

Best Housing Development (Mainland China) 年度别墅项目（中国内地） Winner: Dalian Huafa Hill by Zhuhai Huafa Properties Co., Ltd. 大连华发山庄 by 珠海华发实业股份有限公司 Winner: Empyrean Mansion by Xingcheng-Renju 人居九林语 by 成都人居成兴置业有限公司

2021 PropertyGuru Asia Property Awards (China – Hong Kong and Macau)

SPECIAL AWARDS

DEVELOPMENT AWARDS

Special Achievement Award for Home Decoration Breakthrough Creativity 年度家装突破创意奖 Winner: Panasonic 松下住空间

Best Condo Development (Hong Kong) Winner: Ontolo by Great Eagle Holdings Limited

Special Achievement Award for Excellent Home Decoration Design 年度优秀家装设计奖 Winner: Fotile 方太集团

Best Housing Development (Hong Kong) Winner: Mt. La Vie by Sino-Ocean Group

Special Achievement Award for Excellent Home Brand 年度优秀家居品牌奖 Winner: Robam 杭州老板电器股份有限公司

Best Asset Enhancement Initiative (Hong Kong) Winner: TKO Spot by Link Asset Management Limited

Special Achievement Award for Trusted Building Materials Brand 年度受信赖建材品牌奖 Winner: Tata Wooden Door Tata 木门 Special Achievement Award for Green Environmental Protection & Innovation 年度绿色环保创新奖 Winner: Daikin 大金空调 Special Recognition for Residential Interior Furnishing 住宅类软装设计杰出贡献奖（中国内地） Winners: • F.G Studio 上海馥高实业有限公司 • Hangzhou Jizhi Space Design Co., Ltd. 杭州集至空间设计有限公司 Special Recognition in Landmark Development 商业地标建筑杰出贡献奖（中国内地） Winner: Guangzhou International Finance Center by Guangzhou Yuexiu Commercial Real Estate Investment Management Co., Ltd 广州国际金融中心 by 广州越秀商业地产投资管理有限公司

DEVELOPER AWARD Best Developer (Hong Kong) Winner: Great Eagle Holdings Limited

DESIGN AWARDS Best Mixed Use Architectural Design (Hong Kong) Winner: Commercial Development at Kiu Tau Wai, Yuen Long by Atelier Global Best Housing Architectural Design (Hong Kong) Winner: Mt. La Vie by Urbanprojects Architecture & Planning & Sino-Ocean Group Best Bespoke Residential Interior Design (Hong Kong) Highly Commended: Tierra Verde by inT Design Furniture Limited

WITH THANKS TO: • Associate partner Anjuke, part of leading Chinese online marketplace 58.com • Gold sponsor Nectaris • Official cable TV partner History Channel • Official magazine PropertyGuru Property Report • Official PR partner MMG Group • Official charity partner Right To Play • Official ESG partner Baan Dek Foundation • Supporting associations Asia MarTech Society, Design Epoch, and Global Design Awards Lab • Official supervisor HLB

SPECIAL AWARDS Special Recognition in ESG Winner: Great Eagle Holdings Limited Special Recognition in Sustainable Construction and Design Winner: Great Eagle Holdings Limited

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THE JUDGES AUSTRALIA Lui Violanti Regional Maanager - Western Australia, Inhabit Group Benson Zhou Director, Savills Melbourne and Divisional Head - Asia Market in Victoria Ivan Lam Head of International Business, Charter Keck Cramer Jessica Liew Director, Plus Architecture Leonie Klaric CEO & Founder, The Property Expert International Richard Newling Ward Director, Bayleyward GREATER NISEKO Bill Barnett Founder and Managing Director, C9 Hotelworks Eddie Guillemette CEO of Midori no Ki (MnK) John Barton Sales Director, Japan, RSTOR Maaya Arakawa Regional Marketing Manager for Oakwood Japan Shigeru Uehara Director of Niseko Home Design, Ltd.

The 2021 editions of the PropertyGuru Asia Property Awards programme in Australia, Greater Niseko, India, and Sri Lanka were held in a virtual gala celebration on 9 December. Home Lands Skyline (Pvt) Ltd dominated the 4th PropertyGuru Asia Property Awards (Sri Lanka) with seven awards, including Best Developer, while Sunteck Realty Ltd led the 2nd PropertyGuru Asia Property Awards (India) with the title of Best Developer (Mumbai). SC Global Developments Pte Ltd was revealed as Best Developer at the 2021 edition of the PropertyGuru Asia Property Awards (Greater Niseko). Meanwhile, Brady Property Group and Volume Projects won the soughtafter honours of Best Condo/Apartment Development (Australia) and Best Housing Development (Australia), respectively, at the 4th PropertyGuru Asia Property Awards (Australia). The winners and Highly Commended awardees were revealed in a festive gala event that aired on AsiaPropertyAwards.com and the programme’s official live-streaming platforms on Facebook, LinkedIn, and YouTube.

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INDIA Amit Khanna Managing Director, Phoenix Advisers Ajai A Kapoor CEO, 360 degrees - REAL ESTATE SERVICES Avinash Khater Founder and Chairman of The Real Estate Kings (TREK) Jitender Girdhar FRICS, FAIQS, Co-Founder & Director at Qonqests Technical Solutions and VDC Technologies Madhav Raman Co-Founder, Anagram Architects Mallika Desai Thakker Co-Founder & Creative Head at Vibe Design Lab Shradha Mithal Managing Director, Resettle Destination Services SRI LANKA Dr. Nirmal De Silva Director/CEO, Paramount Realty Emeritus Prof. Chitra Weddikkara Managing Director, QServe Pte Ltd. Nandike D. Samaranayake Chartered Architect, AIA (SL) Natalie Pendigrast Founder/Director, Pendi PVT Ltd Nilesh De Silva CHARTERED ARCHITECT | DIRECTOR, KAHAWITA DE SILVA & ASSOCIATES PVT LTD (KDS) Roshan Madawela Founding Director/CEO, RIU (Real-Estate Intelligence Unit) Stephanie Balendra Director, Homes N Spaces Lanka Properties (PVT) Ltd. William Vincent Asoka Tilakawardane Fellow of the Institute of Project Managers (Sri Lanka)

1. VOLUME PROJECTS’ BAO NGUYEN SPEAKS FOR THE COMPANY’S TRIUMPHS 2. DANIEL BRADY OF BRADY PROPERTY GROUP ON 380 MELBOURNE’S SKY-HIGH SUCCESSES 3. OPTIMUS DEVELOPMENTS’ WINNING CEO ALEX WINDSOR 4. V-LEADER’S SAM FISHER ACCEPTS THE COMPANY’S DESIGN AWARD 5. SIMON CHEONG ON A JUBILANT NIGHT FOR SC GLOBAL DEVELOPMENTS PTE LTD 6. A MOMENT OF GLORY FOR THE PAVILIONS NISEKO & THE GINTO RESIDENCES’ EMILIA A. LOPEZ 7. LALINDA KALUBOWILA COMES THROUGH FOR SRI LANKA’S KELSEY DEVELOPMENTS PLC 8. HOME LANDS SKYLINE (PVT) LTD CEO YASAS L. PATHIRANAGE ACCEPTING ONE OF SEVEN WINS

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the winners 2021 PropertyGuru Asia Property Awards (Australia)

2021 PropertyGuru Asia Property Awards (Greater Niseko)

BEST OF GREATER NISEKO AWARDS

DEVELOPMENT AWARDS

Best Developer Winner: SC Global Developments Pte Ltd

Best Hotel Condo Development (Greater Niseko) Winner: Setsu Niseko by SC Global Developments Pte Ltd

Best Apartment Development (Victoria) Winner: 380 Melbourne by Brady Property Group Highly Commended: K1 Residence by Optimus Developments Best Townhouse Development (Victoria) Winner: Bridge P.M. by Volume Projects DESIGN AWARDS Best Apartment Architectural Design Winner: 380 Melbourne by Brady Property Group Highly Commended: K1 Residence by Optimus Developments Best Apartment Interior Design Winner: No. 6 Sydney St by V-Leader Best Landscape Architectural Design Winner: Willow Brighton by Samuel Property BEST OF AUSTRALIA AWARDS Best Housing Development (Australia) Winner: Bridge P.M. by Volume Projects Best Condo/Apartment Development (Australia) Winner: 380 Melbourne by Brady Property Group

DEVELOPMENT AWARDS Best Mixed Use Resort Development Winner: The Pavilions Niseko & The Ginto Residences by The Pavilions Niseko KK Best Resort Development Winner: Dharma Niseko (達磨ニセコ) by Parry (Group) Property Investment & Development Company Ltd Best Hotel Condo Development Winner: Setsu Niseko by SC Global Developments Pte Ltd Best Resort Housing Development Winner: Panorama Niseko by Marumi KK DESIGN AWARDS Best Hotel Condo Architectural Design Winner: Setsu Niseko by SC Global Developments Pte Ltd Best Resort Housing Architectural Design Winner: Panorama Niseko by ISA Architects Inc. Best Resort Architectural Design Winner: Dharma Niseko (達磨ニセコ) by Parry (Group) Property Investment & Development Company Ltd Best Hotel Condo Interior Design Winner: Setsu Niseko by SC Global Developments Pte Ltd Best Resort Interior Design Winner: Dharma Niseko (達磨ニセコ) by Parry (Group) Property Investment & Development Company Ltd

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Best Resort Housing Development (Greater Niseko) Winner: Panorama Niseko by Marumi KK 2021 PropertyGuru Asia Property Awards (India) DEVELOPER AWARD Best Developer (Mumbai) Winner: Sunteck Realty Ltd DEVELOPMENT AWARD Best Condo Development (Mumbai) Winner: SunteckWorld by Sunteck Realty Ltd DESIGN AWARD Best Landscape Architectural Design Winner: SunteckWorld by Sunteck Realty Ltd 2021 PropertyGuru Asia Property Awards (Sri Lanka) DEVELOPER AWARDS Best Developer Winner: Home Lands Skyline (Pvt) Ltd Best Lifestyle Developer Winner: Kelsey Developments PLC DEVELOPMENT AWARDS Best Condo Development (Colombo Metropolitan Region) Winner: Canterbury Golf Resort Apartments by Home Lands Skyline (Pvt) Ltd Highly Commended: Urban Gateway Kottawa by Kelsey Developments PLC

Best Housing Development (Colombo) Winner: Canterbury Golf Villas by Home Lands Skyline (Pvt) Ltd Highly Commended: Central Park Ja-Ela by Kelsey Developments PLC

BEST OF SRI LANKA AWARDS

DESIGN AWARDS

Best Housing Development (Sri Lanka) Winner: Canterbury Golf Villas by Home Lands Skyline (Pvt) Ltd

Best Housing Architectural Design Winner: Central Park Ja-Ela by Kelsey Developments PLC Best Townhouse Architectural Design Winner: Canterbury Golf Villas by Home Lands Skyline (Pvt) Ltd

Best Condo Development (Sri Lanka) Winner: Canterbury Golf Resort Apartments by Home Lands Skyline (Pvt) Ltd

SPECIAL AWARD Special Recognition in ESG Winner: Home Lands Skyline (Pvt) Ltd

WITH THANKS TO: • Official cable TV partner History Channel • Local partner Powderlife • Official magazine PropertyGuru Property Report • Official newspaper Daily FT • Official PR partners FleishmanHillard India and PR Wire Consultancy • Official charity partner Right To Play • Official ESG partner Baan Dek Foundation • Supporting associations Asia MarTech Society and Ceylon Institute of Builders • Official supervisor HLB

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1. SINAR MAS LAND HAILED NOT ONLY INDONESIA’S BEST DEVELOPER BUT ALSO ASIA’S 2. THE ICONIC LIAM WEE SIN OF UOL GROUP LIMITED 3. FARPOINT ALSO FLIES THE FLAG HIGH FOR INDONESIA 4. ASIA’S BEST INDUSTRIAL DEVELOPER IS FROM THE PHILIPPINES 5. GOLDEN STATUETTES FOR THE BEST COMMERCIAL DEVELOPER IN ASIA 6. CAPITALAND DEVELOPMENT (VIETNAM) HAILED BEST SUSTAINABLE DEVELOPER IN ASIA 7. AND THE BEST LIFESTYLE DEVELOPER (ASIA) IS GAMUDA LAND (HCMC) JSC 8. INDONESIA AND ASIA’S BEST MIXED USE DEVELOPER RECEIVES ITS TROPHY

THE JURY

Winners of the 16th Annual PropertyGuru Asia Property Awards Grand Final, presented by Kohler and supported by Leading Real Estate Companies of the World®, were presented in a virtual gala celebration on 9 December 2021. Indonesian companies dominated the awards, which included Best Developer (Asia) for Sinar Mas Land; Best Mixed Use Developer (Asia) for PT Metropolitan Kentjana Tbk; Best Commercial Developer (Asia) for Agung Sedayu Group; and Best Boutique Developer (Asia) for Farpoint. The Best Lifestyle Developer (Asia) and Best Sustainable Developer (Asia) titles went to Gamuda Land (HCMC) JSC. and CapitaLand Development (Vietnam), respectively. Singapore scored four regional wins, including the all-new award of Best Hospitality Developer (Asia) for UOL Group Limited. The Philippines represented two titles, including Best Industrial Developer (Asia) for Aboitiz InfraCapital, Inc. (Integrated Economic Centers), while the Best Breakthrough Developer (Asia) award was presented to Cambodia’s Mekong Land Development Co., Ltd. Mainland China, Hong Kong, Thailand, and Greater Niseko also claimed regional wins. 156

Thien Duong Managing Director of Transform Architecture (Vietnam) Amit Khanna Managing Director, Phoenix Advisers (India) Bill Barnett Founder and Managing Director, C9 Hotelworks (Greater Niseko) Christophe Vicic Country Head, Jones Lang LaSalle Philippines, Inc. (Philippines) Doddy A. Tjahjadi Managing Director, PTI Architects (Indonesia) Ken Ip Assistant General Manager and Group Head of Marketing at B.S.C. Group (Mainland China) Kristin Thorsteins Head of Partnerships – SEA, IWG PLC (Singapore) Lui Violanti Regional Manager for Western Australia, Inhabit Group (Australia) Dr. Nirmal De Silva Director and CEO, Paramount Realty (Sri Lanka) Paul Tse President, Board of Directors, Macao Association of Building Contractors and Developers (Hong Kong and Macau) Prem Kumar Deputy Managing Director, Jones Lang Wootton (Malaysia) Sorn Seap Executive Vice President, Cambodian Valuers and Estate Agents Association (Cambodia) Suphin Mechuchep Chairperson, JLL Thailand (Thailand)

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the winners DEVELOPER AWARDS Best Developer (Asia) • Great Eagle Holdings Limited — China – Hong Kong • GuocoLand — Singapore • Home Lands Skyline (Pvt) Ltd — Sri Lanka • Sansiri Public Company Limited — Thailand • SC Global Developments Pte Ltd — Greater Niseko • Sinar Mas Land — Indonesia (REGIONAL WINNER) • SM Development Corporation (SMDC) — Philippines • Sunteck Realty Ltd — India • Tropicana Corporation Berhad — Malaysia • Urbanland — Cambodia Best Lifestyle Developer (Asia) • Astra Land Indonesia — Indonesia • Aurum Land — Singapore • Gamuda Land (HCMC) JSC. — Vietnam (REGIONAL WINNER) • Kelsey Developments PLC — Sri Lanka • OCR Group Berhad — Malaysia • SM Development Corporation (SMDC) — Philippines • Sophea Suites Co., Ltd — Cambodia Best Mixed Use Developer (Asia) • PT Metropolitan Kentjana Tbk — Indonesia (REGIONAL WINNER) Best Hospitality Developer (Asia) • Habitat Hospitality Co., Ltd. — Thailand • UOL Group Limited — Singapore (REGIONAL WINNER) Best Commercial Developer (Asia) • Agung Sedayu Group — Indonesia (REGIONAL WINNER) Best Industrial Developer (Asia) • Aboitiz InfraCapital, Inc. (Integrated Economic Centers) — Philippines (REGIONAL WINNER)

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Best Sustainable Developer (Asia) • CapitaLand Development (Vietnam) — Vietnam (REGIONAL WINNER) • PT Intiland Development Tbk — Indonesia Best Boutique Developer (Asia) • Aurum Land — Singapore • Farpoint — Indonesia (REGIONAL WINNER) • Habitat Group Co., Ltd. — Thailand • National Housing Organization, JSC — Vietnam Best Breakthrough Developer (Asia) • Andaman Asset Solution Co., Ltd. — Thailand • CSC Land Group (Singapore) Pte Ltd — Singapore • Mekong Land Development Co., Ltd — Cambodia (REGIONAL WINNER) • PIK — Philippines • PT Adhi Commuter Properti — Indonesia DEVELOPMENT AWARDS Best Township Development (Asia) • Davao Global Township (DGT) by Cebu Landmasters, Inc. — Philippines (REGIONAL WINNER) • Jababeka Residence by PT Jababeka Tbk — Indonesia • Mutiara Rini Skudai by Boustead Properties Berhad — Malaysia Best Industrial Development (Asia) • Binh Duong Industrial Park by Frasers Property Vietnam — Vietnam (REGIONAL WINNER) • Food21 by Logos Group — Singapore • GIIC @ Kota Deltamas by Sinar Mas Land & Sojitz Corporation — Indonesia • LIMA Estates by Aboitiz InfraCapital, Inc. (Integrated Economic Centers) — Philippines • The Detached Factories by Sime Darby Property (Bukit Raja) Sdn. Bhd. — Malaysia

Best Mixed Use Development (Asia) • Gold City by SM Development Corporation (SMDC) — Philippines • Guangzhou International Commercial Center by Guangzhou Yuexiu Commercial Real Estate Investment & Management Co., Ltd — Mainland China (REGIONAL WINNER) • Patria de Cebu by Cebu Landmasters, Inc. — Philippines • Prince Happiness Plaza by Prince Real Estate (Cambodia) Group Co., Ltd. — Cambodia • Sindhorn Village by Siam Sindhorn Co., Ltd. — Thailand • Southgate Residence at TB Simatupang Area by Sinar Mas Land — Indonesia • Terra by Putrajaya Holdings Sdn Bhd — Malaysia • The Pavilions Niseko & The Ginto Residences by The Pavilions Niseko KK — Greater Niseko Best Hotel Development (Asia) • Dharma Niseko (達磨ニセコ) by Parry (Group) Property Investment & Development Company Ltd — Greater Niseko • InterContinental Hotel & Residences Jakarta Pondok Indah by PT Metropolitan Kentjana Tbk — Indonesia • Kimpton Kitalay Samui by Choengmon Real Estate Company Limited — Thailand (REGIONAL WINNER) • The Botanica Sanctuary by Agung Sedayu Group — Indonesia Best Office Development (Asia) • 107 AGUIRRE by ATLASLAND — Philippines • Telkom Landmark Tower Surabaya by Telkom Property — Indonesia • Thanh Cong Tower by TCG Land – a member of Thanh Cong Group — Vietnam • Yuexiu Fortune Center by Guangzhou Yuexiu Commercial Real Estate Investment & Management Co., Ltd — Mainland China (REGIONAL WINNER)

Best Retail Development (Asia) • KCC City Business Park, Muar by KCC Realty — Malaysia • Pondok Indah Mall 3 by PT Metropolitan Kentjana Tbk — Indonesia (REGIONAL WINNER) • Zhongshan Huafa Mall by Zhuhai Huafa Properties Co., Ltd. 中山华发商都 by 珠海华发实业股份有限公司 — Mainland China Best Condo Development (Asia) • 380 Melbourne by Brady Property Group — Australia • Canterbury Golf Resort Apartments by Home Lands Skyline (Pvt) Ltd — Sri Lanka • Gold Residences by SM Development Corporation (SMDC) — Philippines • Ontolo by Great Eagle Holdings Limited — China-Hong Kong • Park Nova by Shun Tak Holdings — Singapore (REGIONAL WINNER) • Park Vera by Shui On Land — Mainland China • Senada Residences by Sime Darby Brunsfield Resort Sdn Bhd — Malaysia • Setsu Niseko by SC Global Developments Pte Ltd — Greater Niseko • SunteckWorld by Sunteck Realty Ltd — India • The Grand Hanoi by Masterise Homes — Vietnam • The Residences at Sindhorn Kempinski Hotel Bangkok by Siam Sindhorn Co., Ltd. — Thailand • THE SUITES AT GORORDO by WORLDWIDE CENTRAL PROPERTIES, INC. — Philippines • Verde Two by Farpoint — Indonesia • Vue Aston by The Peninsula Capital Co., Ltd — Cambodia • Yunē by Beijing Heli Yunxing Real Estate Co., Ltd. — Mainland China Best Housing Development (Asia) • Bridge P.M. by Volume Projects — Australia • Canterbury Golf Villas by Home Lands Skyline (Pvt) Ltd — Sri Lanka • Chankiri Palm Creek by Urbanland — Cambodia

• Dalian Huafa Hill by Zhuhai Huafa Properties Co., Ltd. 大连华发山庄 by 珠海华发实业股份有限公司 — Mainland China • Elmina Green 4 by Sime Darby Property (City of Elmina) Sdn. Bhd. — Malaysia • Istani Villas by Idea Development — Thailand • Mt. La Vie by Sino-Ocean Group — China-Hong Kong (REGIONAL WINNER) • Nim Collection by Bukit Sembawang Estates Limited — Singapore • Panorama Niseko by Marumi KK — Greater Niseko • Seafront Residences by AboitizLand, Inc. — Philippines • The Glen by Gamuda Land (HCMC) JSC. — Vietnam • The Sanctuary Collection by Perennial Holdings, PT Cipta Harmoni Lestari & Qingjian Realty — Indonesia Best Green Development (Asia) • BSD City by Sinar Mas Land — Indonesia • Frasers Tower by Frasers Property Singapore — Singapore • Mandani Bay Suites by HTLand Inc. — Philippines • Pan Pacific Orchard by UOL Group Limited — Singapore (REGIONAL WINNER) • Yuexiu Financial Tower by Guangzhou Yuexiu Commercial Real Estate Investment & Management Co., Ltd — Mainland China DESIGN AWARDS Best Township Masterplan Design (Asia) • Paramount Petals by Paramount Land — Indonesia (REGIONAL WINNER) Best Mixed Use Architectural Design (Asia) • Alibaba Central China Headquarters and Industrial Complex 阿里巴巴华中总部暨产业社区基地 by Benoy — Mainland China • Commercial Development at Kiu Tau Wai, Yuen Long by

Atelier Global — China-Hong Kong (REGIONAL WINNER) • Marc’s Boulevard by Triniti Land — Indonesia • Masteri Waterfront by Masterise Homes — Vietnam • OCT OH Bay 宝安欢乐港湾 by Laguarda.Low Architects — Mainland China • The Magnolia Residences by RLC Residences — Philippines • THE SUITES AT GORORDO by WORLDWIDE CENTRAL PROPERTIES, INC. — Philippines Best Hotel Architectural Design (Asia) • Casa Marina Premium by BCG Land — Vietnam • Dharma Niseko (達磨ニセコ) by Parry (Group) Property Investment & Development Company Ltd — Greater Niseko • Pan Pacific Orchard by UOL Group Limited — Singapore (REGIONAL WINNER) *Award given to outstanding hotel and/or resort Best Office Architectural Design (Asia) • CSC Center, Tian Jin, China 天津中建总部大楼 by HZS Design & China State Construction Land (Tianjin) HZS汇张思 & 中建地产（天津）— Mainland China • One Mandani Bay by HTLand Inc. — Philippines • SMI Tower by Simbiotik Multitalenta Indonesia — Indonesia (REGIONAL WINNER) Best Retail Architectural Design (Asia) • Bintaro Jaya Xchange by Lead8 — Indonesia • Central Market PIK by Agung Sedayu Group & Salim Group — Indonesia • Sanya CDF Mall II 三亚国际免税城二期 by Benoy — Mainland China (REGIONAL WINNER) • The Waterfront Community Mall by Blissful Capital Co., Ltd — Cambodia

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Best Condo Architectural Design (Asia) • 380 Melbourne by Brady Property Group — Australia • Aoyuan Luyu One, Chengdu 奥园成都麓语ONE by HZS Design & China Aoyuan Group Limited HZS 汇张思 & 中国奥园集团 — Mainland China • AraTre’ Residences @ Ara Damansara by Puncakdana Sdn. Bhd. — Malaysia • BE Residences Lahug by Benedict Ventures, Inc. — Philippines • Celes Asoke by Lucky Living Properties Co., Ltd. — Thailand • China Overseas One Sino Residence, Beijing 中海北京甲叁号院 by HZS Design & China Overseas HZS汇张思 & 北京中海地产 — Mainland China • CIFI Group: Fu Yang Shuang Qing Jiang Lai 旭辉阜阳双清江来 by HZS Design & CIFI Group HZS汇张思 & 旭辉集团 — Mainland China • COB: Stream View Palace 中海长沙阅溪 by HZS Design & China Overseas Land & Investment HZS 汇张思 & 中國海外發展 — Mainland China • Greentown The Willow Shores 舟山绿城长峙岛柳岸晓风 by Hangzhou 9M Architectural Design Co., Ltd. 杭州九米建筑设计有限公司 — Mainland China • Holme Ekkamai 22 by S A Future Property Company Limited — Thailand • Hopson: Miya 合生 me悦 by HZS Design & Beijing Heyishengjing Real Estate HZS汇张思 & 北京合亦盛景置业 — Mainland China • Jinke & Zhongliang Emerald Mansion 金科·中梁博翠江樾 by Changsha Zhongliang Heng Real Estate Co. Ltd 长沙中梁恒置业有限公司 — Mainland China • Klimt Cairnhill by Low Keng Huat (S) Limited — Singapore • Midtown Modern by GuocoLand with Hong Leong Holdings and Hong Realty (Private) — Singapore • Paul & Prive by Triniti Land — Indonesia • Promena by National Housing Organization, JSC. — Vietnam (REGIONAL WINNER) • Setsu Niseko by SC Global Developments Pte Ltd — Greater Niseko • The Filmore Da Nang by Filmore Development — Vietnam 160

• Van Holland by Koh Brothers Development Pte Ltd — Singapore • Vue Aston by The Peninsula Capital Co., Ltd — Cambodia • Verdale by CSC Land Group (Singapore) Pte Ltd and Coli (Singapore) Pte Ltd — Singapore Best Housing Architectural Design (Asia) • Asongkhai by Ametus Development Co., Ltd. — Thailand • Canterbury Golf Villas by Home Lands Skyline (Pvt) Ltd — Sri Lanka • Central Park Ja-Ela by Kelsey Developments PLC — Sri Lanka • Chankiri Palm Creek by Urbanland — Cambodia • Damara Village Ubud Alaya Collection by Greenwoods Group — Indonesia • Greentown Xixi Yunlu 杭州绿城西溪雲庐 by Hangzhou 9M Architectural Design Co., Ltd. 杭州九米建筑设计有限公司 — Mainland China (REGIONAL WINNER) • Istani Villas by Idea Development — Thailand • Mt. La Vie by Urbanprojects Architecture & Planning & SinoOcean Group — China – Hong Kong • Panorama Niseko by ISA Architects Inc. — Greater Niseko • The Glamor Ekkamai – Praditmanutham by Peace and Living Public Company Limited — Thailand • The Sanctuary Collection by Perennial Holdings, PT Cipta Harmoni Lestari & Qingjian Realty — Indonesia Best Hotel Interior Design (Asia) • Dharma Niseko (達磨ニセコ) by Parry (Group) Property Investment & Development Company Ltd — Greater Niseko • Park Hyatt Phu Quoc Residences by BIM Land (a member of BIM Group) — Vietnam (REGIONAL WINNER) • Parkroyal Collection Marina Bay by UOL Group Limited and Singapore Land Group Limited — Singapore • Radisson Red by Cebu Landmasters, Inc. — Philippines Best Condo Interior Design (Asia) • Agile • Shanqin Bay, Hainan 雅居乐 • 海南山钦湾 by CLV.Design 赛拉维设计 — Mainland China

• Bellevue Place @MT Haryono by Gapura Prima Group — Indonesia • Cairnhill 16 by TSKY Cairnhill Pte. Ltd. — Singapore • Celes Asoke by Lucky Living Properties Co., Ltd. — Thailand • Ki Residences by Hoi Hup Sunway Clementi Pte Ltd — Singapore • No. 6 Sydney St by V-Leader — Australia • Setsu Niseko by SC Global Developments Pte Ltd — Greater Niseko (REGIONAL WINNER) • The Grand Hanoi by Masterise Homes — Vietnam • The Hyde by Aurum Land — Singapore • The Velaris Residences by RHK Land Corporation — Philippines Best Housing Interior Design (Asia) • Maison Blanche – Sukhumvit 67 by Baan Sasidara Co., Ltd. — Thailand (REGIONAL WINNER) • Mekong City by Mekong Land Development Co., Ltd — Cambodia Best Landscape Architectural Design (Asia) • Agile Mont Kiara by Agile Real Estate Development Sdn Bhd — Malaysia • Chankiri Palm Creek by Urbanland — Cambodia • Clavon by UOL Group Limited and Singapore Land Group Limited — Singapore • Gold Residences by SM Development Corporation (SMDC) — Philippines • Government Center: Sustainable Landscape Master Planning by Dhanarak Asset Development Co., Ltd. — Thailand • Grand Marina, Saigon by Masterise Homes — Vietnam (REGIONAL WINNER) • Harbin ShenHa Center 哈尔滨深哈中心 by Unlimited Metropolis Design Studio 里表都会 — Mainland China • Juniper Hill by Allgreen Properties Limited — Singapore • Midtown Modern by GuocoLand with Hong Leong Holdings and Hong Realty (Private) — Singapore • Normanton Park by Kingsford Group — Singapore • Oneder Kaset Condo by Eakphoomsub Development Company Limited — Thailand • Parc Central Residences by Hoi

Hup Sunway Tampines JV Pte Ltd — Singapore • SunteckWorld by Sunteck Realty Ltd — India • The Peak by Phu My Hung Development Corporation — Vietnam • Toba Lake Villas at Asya by PT Astra Modern Land — Indonesia • Verde Two by Farpoint — Indonesia • Willow Brighton by Samuel Property — Australia

SPECIAL AWARD Special Recognition for Contribution to the Built Environment • OCT OH Bay 宝安欢乐港湾 by Laguarda.Low Architects — Mainland China (REGIONAL WINNER) PUBLISHER’S CHOICE PropertyGuru Icon Award • Liam Wee Sin, Group Chief Executive, UOL Group Limited

WITH THANKS TO: • Platinum sponsor Kohler • Gold sponsor Leading Real Estate Companies of the World® • Official portal partners Batdongsan.com.vn, DDProperty.com, PropertyGuru.com.my, PropertyGuru. com.sg, and Rumah.com • Official cable TV partner History Channel • Official magazine PropertyGuru Property Report • Official PR partners Dreamhub Consultancy, FleishmanHillard, Infinity Communications, Klareco Communications, MMG Group, PR Wire Consultancy, T&H Communications, and Two Way PR • Supporting associations Asia MarTech Society, British Chamber of Commerce Thailand, Ceylon Institute of Builders, Design Epoch, Global Design Awards Lab, Green Building Consulting & Engineering, and Singapore Estate Agents Association • Official charity partner Right To Play • Official ESG partner Baan Dek Foundation • Official supervisor HLB

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ADVERTORIAL

LIFE WITH A VIEW Blessed with vistas like no other, a prime spot in renowned Philippine tourist destination Mactan attracts reputable residential and resort developers

It is no secret that the azure waters and sands of Mactan, one of the Philippines’ most well-known islands, make for truly panoramic vistas. Many international tourists can head straight to Mactan, thanks to the island’s awardwinning eponymous airport, which is an important gateway to the archipelago’s southern regions.

raise the standards of living. We hope that through this, along with our upcoming projects, we can be our customer’s reliable partner in their quest to find the home that they dream of,” says John Richard Sotelo, senior vice-president and business unit general manager of RLC Residences, in a statement.

A plethora of upmarket properties are concentrated in the peninsula of Punta Engaño, the island’s hub for vacation homes and five-star hotels and resorts. One of the most prime locations in Mactan, the peninsula is home to Dusit Thani Mactan Cebu Resort and its stunning neighbour: AmiSa Private Residences, a resort-inspired development by RLC Residences.

Homeowners of AmiSa Private Residences can enjoy panoramic views from their units’ balconies that feature glass railings. Residents are also treated to great views from inside their homes: Window sizes have been increased in the units for residents to better appreciate the vistas.

The award-winning developer launched earlier this year Tower D, the fourth building in the seaside development. RLC Residences chose the site on the highly coveted northern tip of the peninsula for its unobstructed views of the Visayan Sea. “We are proud to finally introduce this residential development in Cebu featuring our improved home offerings, in line with our commitment to continuously

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As an alternative, they can relish the views and refreshing Mactan breeze from the Sky Lounge, a lush rooftop space where homeowners and guests can mingle above the new tower. The Sky Lounge is just one of many amenities offered by the development. AmiSa Private Residences is filled with 360 resort-like experiences, from the hotel-like lobby to the private gym, the function room to the work lounge, and the private theatre to the residents’ lounge.

ADVERTORIAL

Bringing vacation homes to the cutting edge of technology, RLC Residences is equipping AmiSa Private Residences with various smart home features. These innovations include a smart lockset, audio-visual intercom, intelligent lights, control panel, infrared emitter, and more. Property seekers can choose from a diverse unit mix including studios, one-bedrooms, corner one-bedrooms, big one-bedrooms, and two-bedrooms, in sizes of up to 74.5 square metres. The units have been upgraded to include a work-from-home provision, perfect for those telecommuting during the pandemic. Some unit types even boast upgrades like pantry drawers and cabinets, walk-in closets, and kitchen cabinets with frosted glass doors. The relaxed atmosphere of the development will surely appeal to professionals and entrepreneurs who also happen to be frequent travel, entertainment and leisure seekers. Not only does AmiSa Private Residences remind its residents of a resort; it actually sits close to one.

Residents have the privilege of beach access to Dusit Thani Mactan Cebu Resort as well as use of its amenities and facilities. They can also take advantage of Dusit Thani’s on-call shuttle services. Many residential developments today hope to simulate the vacation experience for its occupants. AmiSa Private Residences’ is no different, except that it is really located in a holiday destination, with smart home features and other conveniences. The case for AmiSa Private Residences is as clear as its sea views: This is the place to be in Mactan. Visit the official website rlcresidences.com and the AmiSa Private Residences pop-up booth on the ground floor of Robinsons Galleria Cebu

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LRT City MTH Cawang, Jakarta

LRT City MTH – MTH 27 Office Suites is a green office tower in Jakarta Timur (East Jakarta). Built with sustainable design and construction methods, the tower has received the Preliminary EDGE Advanced Certificate from the Green Building Council Indonesia (GBCI) and is set to obtain the Platinum rank for design recognition from the green certification body.

An easy access to public transportation is one of the development’s unique selling points. The site is directly connected to the Cliwung LRT Station via a sky bridge and sits just 10 metres away from Cawang CIliwung Transjakarta Shelter. A transit hub, the project is only 600 metres from Cawang KRL Station and stands close to the Jakarta inner ring road toll gate.

The development consists of 11 levels of office spaces, four levels of basement parking facilities, and two levels of commercial spaces. It uses a double-glazing system, which increases the tower’s thermal insulation, with daylight sensors to reduce the building’s energy consumption. It also reduces water use via wastewater treatment and recycling systems as well as rainwaterharvesting practices.

Apart from offering multiple levels of car parking spaces, the building provides many facilities that support the bike-to-work concept, with a special parking area, shower rooms, a bike spa, and a bike workshop for cyclists. The building also offers co-working spaces and multi-purpose rooms.

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BEST BREAKTHROUGH DEVELOPER (INDONESIA) PT Adhi Commuter Properti

FACT BOX

Developer: PT Adhi Commuter Properti Tbk. Product type: Office suites Architect: Indomegah Launch date: December 2018 (groundbreaking) Completion date: November 2020 Total land area: 3,989 sqm Average unit size: 1.011 sqm SG per floor Monthly rental price range: IDR225,000325,000 per sqm (excluding PPN) Monthly service charge: IDR70,000 per sqm (excluding PPN) Facilities: Banks with ATM centres, café, mini-market, musholla, four-level basement parking, rooftop lounge, bicycle parking area with shower room, pedestrian plaza, nursery room, toilets for PWD Sales contact details: Tel: 021 2277 2277, 0877 7722 2727 Email: info.mth27@gmail.com Address: Jl. MT Haryono Kav 27, Cawang, Jakarta Timur, Indonesia 165

Southgate

TB Simatupang Area, South Jakarta Southgate is a superblock development in the TB Simatupang area of South Jakarta. Developer Sinar Mas Land envisioned Southgate as a complete work-live-play development with plenty of outdoor and indoor facilities alike. The components of Southgate include Japanese shopping mall AEON as well as the various upmarket residential developments connected to it, such as the Elegance Tower, Prime Tower, and Altuera Apartments. The superblock also contains a grade-A office high-rise with over 27,800 sqm in workspaces strategically positioned to meet the demand of today’s business community.

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Sixty percent of the entire development is devoted to green areas, “where urban luxury meets green living” and residents maintain healthy lifestyles. The superblock also hosts a multitude of facilities such as sports areas, a sky pool, and theatre rooms, among many others. Many supporting amenities surround the development, ranging from international schools to office buildings. The Southgate area is connected to the Tanjung Barat Commuterline and Transjakarta Bus Stop. It also sits close to the entrance and exit of the JORR Toll Road.

BEST MIXED USE DEVELOPMENT (INDONESIA)

Southgate Residence at TB Simatupang Area by Sinar Mas Land

FACT BOX

Developer: Sinar Mas Land Product type: Apartment Architect: Airmas Asri Launch date: 2020 Total land area: 5.4 ha Number of units: 894 Unit size: 30-161 sqm Price range: From 1-6 BIO Sales contact details: Tel: +62 21 295 800 80 Website: www.southgate.id

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Greenland International Industrial Center (GIIC) Cikarang Pusat, Indonesia Greenland International Industrial Center (GIIC) is a 2,151-hectare industrial park in the township of Kota Deltamas in Central Cikarang, part of Bekasi District in West Java, Indonesia. Now home to more or less than 125 tenants, the development is equipped with international-standard facilities and infrastructure. They include clean water and wastewater processing facilities; electricity supply with premium service; gas supply; telecommunication networks; and optical fibres, making the area suitable for hightech industries, especially data centres. Kota Deltamas itself is an integrated modern area covering more than 3,185 hectares with industrial, residential, and commercial zones. The township is strategically located

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in the industrial-heavy area east of Jakarta with direct access from the JakartaCikampek KM 37 toll road. Kota Deltamas is developed by PT Puradelta Lestari Tbk., a joint venture between Sinar Mas Land and Sojitz Corporation from Japan. A KLIK area or Area of Direct Construction Investment, GIIC offers ready-to-build industrial land (graded land) to various types of industrial players in diverse sectors, from manufacturing to automotives to technology.

BEST INDUSTRIAL DEVELOPMENT (INDONESIA)

GIIC @ Kota Deltamas by Sinar Mas Land & Sojitz Corporation

FACT BOX

Developer: PT. Puradelta Lestari and PT. Pembangunan Deltamas Product type: Industrial estate Architect: AECOM (masterplanner) Launch date: 2010 Total land area: 2.151 ha Facilities: Wastewater treatment plant, premium-priority power supply, gas supply, optical fibre Sales contact details: Tel: +62 21 89971188 Email: deltamascity@gmail.com, businessdev@deltamas.co.id, Address: Marketing Office Kota Deltamas, Jl. Tol Jakarta-Cikampek Km 37 Cikarang Pusat, Bekasi, Indonesia

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The Botanica Sanctuary Bogor, Indonesia

The Botanica Sanctuary is a first-class hospitality project in the heart of Puncak, Bogor. Managed by TAUZIA Hotels, a member of The ASCOTT Limited, the hotel and resort feature international-standard facilities and services.

Corner Suite, The Valley Suites, The Garden Suites, and The Botanica Suites.

Due to its strategic location, The Botanica Sanctuary offers spectacular mountain views and lush pine forests. It is only a fiveminute drive from Taman Safari Indonesia, a world-class zoo that has been named the best conservation site by the Indonesian Ministry of Forestry.

The resort also features an all-day dining restaurant called The Garden Brasserie, which offers a delectable spread of international and local favourites. Guests and diners can choose from four culinary themes featuring Indonesian, Western, Japanese and Middle Eastern cuisines. The property also contains the Gyu Steak House, a specialty restaurant that offers grilled meat specialties as well as tea and refreshing drinks.

The Botanica Sanctuary comprises 166 rooms, including 42 suites in eight different types, namely Superior, Deluxe, Premier, Unique Corner, Loft Family Room, Unique

Other facilities include the Rafflesia lounge; the rooftop swimming pool overlooking stunning mountain landscapes; spa facilities; and a giant swing photo spot.

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BEST HOTEL DEVELOPMENT (INDONESIA)

The Botanica Sanctuary by Agung Sedayu Group

FACT BOX

Developer: Agung Sedayu Group Product type: Hotel Architect: Ir. Sarjono Launch date: October 2021 Completion date: September 2021 Total land area: 27.67 hectares Number of rooms: 166 Average unit size: 48 sqm Price range: IDR1.57-3.27 million Monthly maintenance fees: USD108- 227 Facilities: All-day dining (The Garden Brasserie), restaurant (GYU Steak House), lounge, rooftop swimming pool, jacuzzi Sales contact details: Tel: +62 811-395-652 Email: dos-thebotanica.pesonaalam@tauzia.com Website: thebotanicapesonaalam.com Address: Jl. Taman Safari 101 Kp. Baru Tegal Desa Cibeureum Cisarua, Bogor, Indonesia

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Central Market PIK

Pantai Indah Kapuk, Jakarta Central Market PIK is a retail development on Golf Island at Pantai Indah Kapuk in Jakarta. The project is envisioned as a semi-outdoor retail compound, crowned by a rooftop garden and filled with alfresco restaurants where diners and shoppers can enjoy the open-air ambiance.

potager-style garden. This concept extends to the rooftop garden with a spacious grassy area and a water feature where children can play, plus a pet park and event areas. The green roof provides shade, reduces heat, and promotes good environmental sustainability.

Amantara, a joint venture between Agung Sedayu Group and Salim Group, chose this concept to safeguard the health of consumers and optimise the utilisation of the building, thereby ensuring its viability for life.

Central Market PIK implements a natural method of cross-ventilation using highvolume, slow-speed fans as well as water features like ponds and streams to enhance the outdoor dining experience.

Central Market PIK follows a biophilic design, connecting the community to nature through greenery inside and outside the building from vertical gardens to a green amphitheatre. The project also introduces consumers to the concept of dining within a

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Sustainable materials have gone into building Central Market PIK. Earthy materials such as used and exotic woods, along with stones, combine with clean lines and a muted colour palette to create a modern tropical style for Central Market PIK.

BEST RETAIL ARCHITECTURAL DESIGN (INDONESIA)

Central Market PIK by Agung Sedayu Group & Salim Group

FACT BOX

Developer: Agung Sedayu Group and Salim Group - Amantara Product type: Commercial and retail Architect: PTI Architect Launch date: May 2022 Total land area: 17,195 sqm Number of units: 80 Average unit size: 150 sqm Facilities: Parking space, toilets, WiFi, musola, handwash stations, and more Sales contact details: Tel: +62 811-1503-505

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Chankiri Palm Creek National Road 2, Phnom Penh Chankiri Palm Creek is the first residential borey development by Urbanland that brings to life the company’s people-centred design philosophy. After two years of research to discover people’s hopes and dreams of what their ideal home is, the developer has finally unveiled homes which are thoughtfully designed to put people’s needs first and reflect their aspirations for a better future. The development is located along National Road 2, five minutes off of Sam Dech Hun Sen Boulevard (60 Metre Road) in southern Phnom Penh. Chankiri Palm Creek has been masterplanned to be very walkeable, where a park is within a three to five-minute walking distance of every home. It also holds many community-oriented spaces. The development features a 4,500-squaremetre central park, connected to a linear

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park called Grand Walk. Within this expanse of greenery are pocket parks and other facilities that foster community and promote healthy living, such as senior and youth exercise corners, a scented garden, hammock area, reflexology path, and more. Because of this, Chankiri Palm Creek’s homes are flexibly designed and easily adapted to the diverse needs of homeowners as their families grow. Most home types in Chankiri Palm Creek contain a multi-purpose room that can convert into a working space, study room, and other uses. Also, their open kitchen can transform into a closed one by putting up a curtainwall that separates it from the dining spaces. Meanwhile, the master bedrooms can combine with the adjacent room, forming a connecting room which gives parents the flexibility to stay close to their young ones.

WINNER BEST HOUSING ARCHITECTURAL DESIGN

Chankiri Palm Creek by Urbanland

FACT BOX WINNER

WINNER

BEST HOUSING DEVELOPMENT (CAMBODIA)

BEST HOUSING DEVELOPMENT (PHNOM PENH)

BEST HOUSING LANDSCAPE ARCHITECTURAL DESIGN

Chankiri Palm Creek by Urbanland

Developer: Urbanland Product type: Housing Architect: HKA & Partners Launch date: 2021 Completion date: 2023 Total land area: 15 ha Number of units: 375 Facilities: Central park, pocket parks, community spaces, tea house, sports area, senior corner, gardens Price range: From USD24,000 Sales contact details: Tel: 061 888 580, 015 588 580 Email: sales@urbanlandasia.com Address: National Road 2, Phnom Penh, Cambodia

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Central Park – Ja Ela Ja Ela, Sri Lanka Kelsey Homes has launched Phase Three of its renowned project Central Park Ja– Ela, following the success of Phases One and Two. Central Park Ja– Ela is a mixed housing development with more than 350 well-appointed houses and apartments in one of the most centrally located sites in Sri Lanka. The project is inspired by a desire to provide families a canvas to “draw their own story…in a dynamic, fast-paced world”, according to the design team led by renowned architect Mr. Murad Ismail of MICD Associates. It is closely connected to nature through sprawling garden spaces and open areas, aimed at nourishing residents’ spiritual wellbeing in addition to paying attention to the design’s material composition.

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Central Park Ja– Ela offers a diverse repertoire of excellent services as well as more than 40 amenities, including a fully equipped gymnasium, outdoor pool, club house, natural ponds, garden areas, jogging track, yoga studio, day care centre, open kids’ play areas, wellness centre, and supermarket. One of the largest gated mixed housing projects in Sri Lanka, the 15-acre site is located only 500 meters from Negombo road; five minutes from the highway entrance; 20 minutes from Katunayake; and 30 minutes from Port City via the Port Access Elevated highway.

HIGHLY COMMENDED

WINNER

BEST HOUSING DEVELOPMENT (COLOMBO)

BEST HOUSING ARCHITECTURAL DESIGN

Central Park Ja-Ela by Kelsey Developments PLC

FACT BOX

Developer: Kelsey Developments PLC Product type: Mixed development Architect: Murad Ismail Launch date: June 2020 Completion date: 2023 Total land area: 15 acres Number of units: 355 Average unit size: From 1,200 sq ft Price range: From LKR19 million Sales office contact: Tel: +94 112 709 709 Email: sales@kelsey.lk Address: Kelsey Developments PLC, No. 15, Walukarama Road, Colombo 03, Sri Lanka

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Sophea Suites BKK I, Phnom Penh

Sophea Suites is a serviced apartment development in Boeng Keng Kang I (BKK I), one of the most prominent residential districts in central Phnom Penh. Located at Street 322 in Phnom Penh’s Khan Chamkarmon area, the serviced apartments are spacious, sun-filled living spaces with full views of the city and river. The interiors boast high ceilings and tall windows and gleam with recessed lighting, high-quality tiles, and marble surfaces, following an elegant black-and-white colour scheme. Already fully furnished, the units contain high-end kitchens and are fitted with Italian appliances. In addition, Sophea Suites comes with various lifestyle facilities including a landscaped rooftop and swimming pool, offering residents a tonic for the busyness of city-living. Complementing these features is a high level of customer service from the Sophea Suites staff, making tenants feel at home in Phnom Penh.

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FACT BOX WINNER

WINNER

BEST SERVICED APARTMENT DEVELOPMENT

BEST SERVICED APARTMENT INTERIOR DESIGN

Sophea Suites by Sophea Suites Co.,Ltd

Developer: Sophea Suites Apartment Co. Ltd. Product type: Serviced apartment Launch date: August 2021 Completion date: July 2021 Total land area: 560 sqm Number of units: 40 Average unit size: 200 sqm Facilities: Gym, pool, steam room, sauna, kids’ playroom, meeting room, and more Rental price: USD3,500 per month Sales contact details: Tel: 023 98 58 58 Email: sopheasuites@sopheaapartment.com

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The Hyde

11 Balmoral Road, Singapore The Hyde is a collection of 117 rare freehold homes developed by award-winning company Aurum Land. Tucked away in Goodwood Hill along Balmoral Road, The Hyde offers property seekers an escape from the busy Singapore life. The development takes inspiration from the avant-garde approach of the Serpentine Pavilions at the Hyde Park in London. Designed by FDAT Architects, The Hyde presents itself as an aesthetic construct balanced harmoniously against a backdrop of abundant nature. As such, The Hyde is meticulously landscaped with lush tropical foliage to provide subtle screening. At the same time, it is built with full-height glazed façades and sashless windows, offering building occupants with uninterrupted, expansive views.

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The Hyde stands apart from other developments because of its distinct sculptural profile. A terraced garden, grand pillars, and contemporary lines frame the exteriors of the building like an artwork. Residents walk through a visually stunning entrance into interiors with marble elements, branded fixtures and fittings, and white oak flooring. In addition, smart home systems with multiple levels of security provide homeowners and their designated guests with diplomat-level privacy. Furthermore, The Hyde gives residents access to modern amenities like a smart-parcel collection station, in addition to concierge services. The Hyde stands close to the Newton MRT interchange and is easily accessible from Bukit Timah Road, Stevens Road, PIE and CTE.

WINNER BEST BOUTIQUE CONDO INTERIOR DESIGN

The Hyde by Aurum Land

FACT BOX

Developer: Aurum Land (Private) Limited Product type: Condominium Architect: FDAT Architects LLP Launch date: June 2019 Target completion date: H1 2022 Total land area: 6,220 sqm (66,951 sq ft) Number of units: 117 Average unit size: 886 sq ft Facilities: Sky deck, sky pool, sky club, sky garden, the plaza, gymnasium, lawn, constellation pool, poolside cabanas, sun lounge deck, secret pool & jacuzzi, garden club, yoga deck, lawn sculpture, boardwalk, wading pool, social pavilion, playground, playroom, concierge, bicycle parking, and more Monthly maintenance fees: From SGD400 Price range: SGD1.42-5.017 million Sales office contact: Tel: +65 8838 6419 Email: enquiry@aurum.sg Office address: Found8, 79 Anson Road, #23-01 Singapore 079906

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The Hive Residences Rizal, Philippines

The Hive Residences is the first integrated mid-rise residential condominium community in Taytay, a municipality in the province of Rizal beside Metro Manila in the Philippines. Developed by PH1 World Developers, formerly MySpace Properties, Inc (MSPI), The Hive Residences offers a safe, sound haven in Brgy. San Isidro along Ortigas Avenue Extension for discerning property seekers. The project is designed to have spacious amenities and provide ample natural light and ventilation through innovative architecture to residents. The Hive Residences is a project built in partnership with Megawide, the AAAA builder contractor responsible for some of the Philippines’ best-known infrastructure developments and other large-scale projects.

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The Hive Residences suits property seekers looking for a balanced blend of work and play in their careers or professional lives. With various facilities on offer, the project offers an exclusive sanctuary to those who need rest and relaxation after work. The Hive Residences is conveniently located near shopping malls and other commercial establishments. Residents have easy access to multiple transportation options near the site, whether to destinations within Metro Manila or in nearby provinces. The Hive Residences won Best Condo Development (Central Luzon) at the 9th PropertyGuru Philippines Property Awards. The independent panel of judges were impressed by the generous allocation for green and open spaces at the development and its well-placed facilities, making it a truly family-friendly property.

WINNER BEST CONDO DEVELOPMENT (CENTRAL LUZON)

The Hive Residences by PH1 World Developers

FACT BOX

Developer: PH1 World Developers Product type: Condominium Architect: Edward Co Tan + Architects (ECTA) Launch date: 2015 Completion date: 2022 Total land area: 21,000 sqm Number of units: 978 Average unit size: 35.75 sqm Facilities: Pocket garden, jogging paths, swimming pools, function area, gym and shopping mall Monthly maintenance fees: PHP79 per sqm Price range: PHP3-4.8 million Sales office contact: Tel: 09175706396 Email: info@ph1world.com Address: GF My Enso Lofts Showroom, South Insula, Timog Ave., Quezon City, Philippines

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Green 2 Residences Cavite, Philippines

Green 2 Residences is a master-planned, student-oriented development in Dasmariñas City, the University Capital of Cavite, a province south of Metro Manila. Home to over 20 reputable colleges and universities, the area captures an extensive rental market, including a student population of over 20,000 that grows at 2% per year. A project by leading real estate developer SM Development Corporation (SMDC), Green 2 Residences is designed to help students thrive as the Philippine education system returns to in-person learning. The development presents topnotch amenities that promote an exceptional brand of study-life balance and fit the modern student lifestyle: ensuring that students are constantly rejuvenated and perform at their optimum level. Students can focus on their studies at Green 2 Residences’ function or study hall, for example. When they need a change of scenery, they can simply take in the fresh air at the covered porch and open lawns. And for downtime well spent, residents can go for a quick dip at the swimming pool or break a sweat at the fully equipped gym.

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Green 2 Residences, along with Greenmist Property Management Corporation, keep residents safe with features such as 24/7 security and CCTV network with centralised round-the-clock security. The professional team of SMDC Prime Key offers hassle-free leasing and tenancy management services for investors and home seekers.

FACT BOX WINNER

HIGHLY COMMENDED

BEST HIGH END CONDO DEVELOPMENT (SOUTHERN LUZON)

BEST LIFESTYLE DEVELOPMENT

Green 2 Residences by SM Development Corporation (SMDC)

Developer: SM Development Corporation (SMDC) Product type: Mixed-use condominium Architect: ASYA Design Launch date: January 2018 Completion date: June 2022 Total land area: 16,174 sqm Number of units: 3,254 Unit size: 18.98-26.53 sqm (studio units), 31.57-35.23 sqm (two-bedroom units) Facilities: Covered porch, function hall, study hall, open lawns, swimming pool, gazebo, gym Monthly maintenance fees: PHP75 per sqm Price range: PHP3.3- 5.6 million Sales office contact: Tel: +63-999-991-7632 Email: smdc.com/contact Address: 15/F Tower B, Two E-com Center, Bayshore Avenue, Mall of Asia Complex, Pasay City, Metro Manila 1300, Philippines

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HLB

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PropertyGuru Property Report No.172 (June - July 2022)

Articles inside

BOOM TIMES IN VIETNAM

RUSSIANS FIND REFUGE

THINKING EIGHT INC

TOKENISATION OF REAL ESTATE

INDONESIA EYES RECOVERY

EVERYONE LOVES ILOILO