PropertyGuru Property Report No.177 (April - May 2023)

BEST LUXURY CONDO ARCHITECTURAL DESIGN

WINNER

BEST CONDO DEVELOPMENT (SINGAPORE)

WINNER

BEST LUXURY WATERFRONT CONDO DEVELOPMENT

Meyer Mansion by GuocoLand

WINNER

Meyer Mansion by GuocoLand

Meyer Mansion by GuocoLand

Be the change, create the future.

With the growing demand for future-proof urban and residential development, our vision inspires us to enrich communities and maximise sustainable outcomes

as a Winner of PropertyGuru Asia Property Awards 2022

phase 2 bristol tower

phase 2 duxton tower

phase 2 claymore tower

Mercure Hotel

Shopping Mal

TOL Serpong - Balaraja

1st Tallest Condominium in Batu Pahat

Behold the tallest resort-styled condominium in Batu Pahat by the river. Indulge your family in the cosiest and luxurious living environment.

Rivercity Sky Residence is an 18-floor contemporarily designed condominium with 136 units, is located at the boundary of Batu Pahat’s city centre. Once completed, this stylish and low density condominium will be an iconic landmark of Batu Pahat.

Comprehensive amenities surround Rivercity Sky Residence, and mostly being a five-minute drive to the nearby schools, banks,

CCTV

Rivercity Sky Residence by KCC Realty

Best

Condo Interior Design

& Best

High End Condo

Architectural Design

Resort Residence

Bringing to you the ultimate luxury of nature in the big city, your very own paradise to enjoy.

Delightful Oasis In The City

Feel yourself relaxed as you enter through a verdant tree-lined park where residents can enjoy an array of 47 indoor & outdoor facilities.

Desirable Location

Spacious green development easily reached from multiple directions and close to urban amenities such as schools, offices and malls.

Your Own Private Sanctuary

Extraordinary high-ceiling apartments are designed for optimal natural light and excellent fresh air circulation. Refined home sanctuary where you truly have room to breathe.

The Veranda by Nishitetsu & Pulauintan Development

The Veranda by Nishitetsu & Pulauintan Development

Nestled in the heart of South Jakarta, in the intersection of Pangeran Antasari and TB Simatupang, Antasari Place rises to create a beautiful place to live in the South Jakarta neighborhood. Antasari Place is a mixed-use development with a smart living concept that integrates connectivity, effectively designed spaces, a retail alley, and ample urban greenery.

HIGHLY COMMENDED

BEST MID END HOUSING DEVELOPMENT (GREATER JAKARTA)

WINNER

BEST SUSTAINABLE DEVELOPER

Tanakayu @BSD City by Sinar Mas Land

PT. Bumi Serpong Damai

DHSUD LTS No : 232

life well-lived.

A Sustainable Haven That's Nothing Short of Luxe

Robinsons Land puts comfort, community, and mindful living to the fore in its newest residential enclave in Batangas: Forbes Estates Lipa.

One of the Philippines’ leading property developers, Robinsons Land Corporation, received the Best Lifestyle Development and Best Health & Wellness Development awards for its first luxury subdivision, Forbes Estates Lipa, in the PropertyGuru Philippine Property Awards 2022.

The premium development is located in the first-class city of Lipa, Batangas, south of the Philippine capital With well-being considered to be the ultimate wealth, the exclusive development affords residents the luxury of space, time, and a life well-lived.

Luxury of space reflects the estate’s low-density living of only 10 lots to a hectare, a dedicated 40% verdant open space, and its generous lot cuts of 500 square meters at average

Luxury of time is an ode to embracing the art of slow living where residents are invited to reclaim time and savor life unhurried, at their own pace The clubhouse and park amenity concepts were curated and designed for life’s different moments whether it’s making time to move, play, muse or commune.

Luxury of a life well-lived communicates the promise of the life beyond the gates of the estate which is surrounded by craft, culture and commerce Lipa City’s provincial charm meets the sophistication of city living where apart from the basic conveniences within the vicinity, the estate puts a spotlight on Lipa’s hidden gems of world-class destinations all within minutes from the enclave

Perfect for luxury-loving weekenders, this exclusive address south of Manila was designed for those who are determined to lead a life of meaning and intention amidst greener pastures. Robinsons Land is committed to cast a suburban haven that doubles up on world-class luxury and sustainability

ISSUE 177

Publisher

Jules Kay

Editor Duncan Forgan

Deputy Editor

Al Gerard de la Cruz

Senior Editor

Richard Allan Aquino

Digital Editor

Gynen Kyra Toriano

Editorial Contributors

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

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)

Business Development Executive, Sponsor Partnership

Priyamani Srimokla (Priya)

Distribution Manager

Rattanaphorn Pongprasert

General Enquiries

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PropertyGuru Property Report is published six times a year by

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93

Project Confidential: Expecting to fly

Hong Kong’s airport assumes its ultimate form through the multi-faceted 11 SKIES

102

Interview: No city left behind UN-Habitat’s Neil Khor helps set standards for member states in all aspects of urban planning

110

Design Focus: Sea change

MAST’s floating architecture is helping to mitigate the threat to cities from rising oceans

CONTENTS | Issue 177

128

Neighbourhood Watch: Lipa

With its cool weather, nature, and laid-back lifestyle, this city in Batangas Province is a rising star

130

Special feature: Urban wins

Investors and developers view integrated communities as a way of providing facilities and comprehensive social infrastructure

138

Destination: Thailand

The country’s real estate scene is experiencing a slow period, except for its supercharged luxury market

146

Destination: Indonesia

On the brink of a political transition, Indonesia flexes resilience to withstand internal and external economic pressures

156

Dispatch: Straining at the leash

House prices in South Korea have plummeted, but rumours of interest rate hikes are lighting a fire under the market

162

Dispatch: Cleaning damage

Vietnam’s anti-corruption drive has played havoc on its property sector, but many believe it will benefit in the long term

LET IT GROW

With the Philippine economy back on track, it’s time to invest in property

“future-proof” and will continue to be relevant, desirable, and preferred. The good quality of the property, suite of in-house wellness-related amenities, features, and suitability for remote and hybrid work set-up make them viable for leasing out, keeping for future occupancy, or re-sale for auspicious returns.

“SMDC has always been responsive to the needs of its clients,” said Banzon. “We keep our ears close to the ground, find out what the buyers are looking for and develop our products accordingly.” A strong proponent of sustainable development, SMDC has been building communities centered on considerations of the home-buyer.

Opportunities in real estate are presenting themselves to investors and homebuyers like never before — as optimistic business sentiment and improving consumption drive forward Philippine economic recovery.

Inflation is up, and savvy investors are turning to real estate investments to protect and grow their money. A recent survey of a multi-national bank showed that investors favor property as the number one asset for buying and holding during an inflationary period, outranking developed-market equities as an option.

“Traditionally, the best hedge against inflation is real estate,” said Jose Mari Banzon, President of award-winning Filipino developer, SM Development Corporation (SMDC). SMDC properties yield impressive capital gains and price appreciation for buyers – who include entrepreneurs, professionals, and overseas Filipinos.

The appeal of SMDC properties are their luxurious and sophisticated character, enticing locations near business or commercial hubs, and integration into mall districts.

SMDC residential properties are located near malls and master-planned to connect with their ecosystem, allowing for an “integrated mall lifestyle”. Many of the properties are built near an SM mall (which provide residents easy access to shopping, dining, and entertainment options) or a retail strip which include a Savemore, Hypermarket, or Alfamart. Then, there is the property’s nearness to central business districts, major thoroughfares, and transportation hubs, which attain a “15-minute city” lifestyle.

Built to last

For those buying property as investment, any SMDC property is

SMDC is known for high-rise development, but it has mid-rise residential garden communities too, located in progressive highgrowth urban centers. These projects are comfortable, safe, and secure enclaves, replete with conveniences and wellness-related amenities and abundant open spaces and greenery.

SMDC also has residential-office developments (RESO), positioned for professionals and entrepreneurs who want to be able to shift seamlessly between work and home life. Designed for the upwardly-mobile, RESOs integrate the luxuries and comforts of a premium residential condominium, and facilities and services of a professional work space.

SMDC, in all of its categories of developments, master-plans and builds projects for the long-term. It is a responsible developer that builds for minimum environmental impact, applying sustainable construction, waste reduction practices, and efficient energy and water use.

SMDC’S LUSH RESIDENCES IS READY-FOR-OCCUPANCY AND IS JUST OFF AYALA AVENUE IN MAKATI CITY. AN ENCLAVE DECKED WITH RELAXING GREENERY AND LIFESTYLE AMENITIES, THE SINGLE-TOWER, HIGH-RISE DEVELOPMENT IS A LUSH HAVEN FOR THE UPWARDLY-MOBILE

Receive maximum returns on your property investment

Family-friendly and resort-like with their lifestyle amenities, SMDC developments command exceptional value as assets, whether for living in or renting out. “We have [had] developments turned over in the last 10 years that if you go there, it’s still looks brand-new because it’s wellmanaged,” said Banzon.

Now that international travel has returned to normalcy and foreign currencies have regained strength, overseas Filipinos have increased purchasing power to buy homes in the Motherland. Expatriates are returning to offices, driving residential leasing in nearby sites. In effect, investors are searching for properties that promise good returns, whether through rental yields or capital appreciation.

SMDC developments are auspicious investments because they’re in prime, hyper-connected locations, due to their proximity to government infrastructure projects that will be completed in a few years, such as the Makati Intra-city Subway, Metro

Manila Subway, and the Philippine National Railways (PNR) NorthSouth Commuter Railway. SMDC residences in the MOA Complex will soon be connected to the LRT1 and MRT-3 lines via an integrated monorail system, which will begin construction in the near future. Building Homes for the Good Guys, SMDC is resolute in high-value support for homebuyers and investors. Greenmist Property Management Corporation (GPMC) provides for the

A

upkeep of their property investment, and SMDC Good Stays provides endto-end leasing and tenancy services for those who want to lease out their units.

“With future-proof, holistic, and sustainable developments that provide the best possible living experiences now and in years to come, SMDC commits to give real estate buyers the best value for their hard-earned money,” said Banzon.

LOCATED IN THE BUSTLING, COSMOPOLITAN MOA COMPLEX, THE PRE-SELLING ICE TOWER RESO PRESENTS LIVE-WORK-PLAY SPACES, WHERE YOU LIVE IN LUXURY AND WORK IN STYLE

WATERFRONT LOCATION FACING MANILA BAY, COAST RESIDENCES HAS LUXURIOUS AMENITIES. THIS MASTER-PLANNED DEVELOPMENT NEAR ROXAS BOULEVARD ALLOWS RESIDENTS PICTURESQUE VIEWS AND ACCESS TO THE ENTERTAINMENT AND CULTURAL HIGHLIGHTS OF THE CITY OF MANILA

EDITOR’S NOTE

Issue 177

Asia’s cities are legendary for their dynamism. Frenzied places full of charisma and life, conurbations around the region buzz with a restless energy that draws people in like moths to a flame. Yet, these relentless engines are in trouble — big trouble.

With governments having largely failed to decentralise economic activity outside key urban areas, major cities are feeling the strain. As magnets for rural populations as well as emigres from other countries, the region’s pulsing hubs — many of them loosely planned in the first place — are struggling to cope with numbers.

Throw into the mix risks from environmental problems such as pollution, extreme heat, climate change and natural disasters and you have a recipe that doesn’t appear to be all that appetising. So, can we save the region’s cities? The protagonists in this issue of the magazine think they have some solutions.

In our Design Focus, we head to Copenhagen in Denmark where Aussie Marshall Blecher has helped to perfect innovative floating architecture to combat the threat from rising seas. Our special feature this issue, meanwhile, looks at some of the townships and integrated communities around Asia taking the pressure off major conurbations.

Elsewhere, an interview with Neil Khor of UN-Habitat shines a light on how governments and agencies are approaching some of the existential issues facing cities around the globe.

Enjoy, Duncan Forgan Property Report duncan@propertyguru.com

TAKING THE PLUNGE

As the temperatures rise, we go fathoms below with these waterproof and water-resistant gizmos

GODLY POWER

Juice up your devices even after your power bank has gone underwater for 45 minutes—if it’s the Dark Energy Poseidon Portable Charger, that is. Wrapped in steel-like polymer, it can survive falls of over 75 feet. This military-grade power bank has an impressive 10,200 mAh power capacity.

USD119.99, darkenergy.com

CAM ON

On land as in water, the Ricoh WG-50 Waterproof Camera takes great photos—even HD videos at 60 fps, thanks to its 16-megapixel sensor. Shockproof as well as waterproof, it can dip as deep as 14 metres, resulting in beautiful, literally immersive snaps.

USD329.95, us.ricoh-imaging.com

WATERY EYES

Android fans can expect IP68 water resistance as standard of the new Samsung Galaxy S23 Ultra, submergible for up to 1.5 metres. Other ultra-updates to the Galaxy flagship include two 10-megapixel telephoto lenses with up to 10x zoom, plus a 200-megapixel sensor for the rear camera.

USD1,199.99, samsung.com

GOOD CATCH

The Garmin Quatix 7 series marine GPS smartwatch is water-rated to 10 ATM, able to plunge 100 metres deep into water. Perfect for boaters and fishers, it’s able to control a variety of MFD features. Easy on the eye, too—it has a stainless-steel bezel and 1.3-inch display.

USD699.99, garmin.com

BUILT LIKE A TANK

Who says your soundtripping has to stop poolside? Not with the IP68rated JBL Reflect Aero, which not only works for half an hour in freshwater but also in saltwater. On land, it’s just as powerful, with its noisecancelling technology and six beamforming mics.

USD149.95, jbl.com

COME RAIN OR SHINE

Extend your living and dining space outdoors with these all-weather furnishings for your patio, porch, or poolside

UNDER THE SAME SUN

Stretching 90 inches long, the Yardbird Winnie Rectangular Dining Set offers a stylish table for six outdoors. The set, made of premium-grade teak wood, has a table hole for an umbrella. Meanwhile, the seat cushions are covered in weather- and stain-resistant acrylic fabric.

USD4,980, yardbird.com

SHADY DEAL

Patio umbrellas by Crestlive Products will get you in the shade in style—with UVresistant canopies that cantilever as long as 12 feet. Step on a pedal and the canopy will rotate 360 degrees, with a seven-level tilt mechanism to adjust to the sun’s movement.

Up to USD739, crestliveproducts.com

GREAT OUTDOORS

Enliven your small balcony with the Santa Monica Oval Bistro Set. Christopher Knight Home has created this space-saving, threepiece set from powdercoated iron that can withstand the elements. It comes in many colours, from crackle green to matte coral.

From USD244.37, overstock.com

SOFT SPOT

Sit on the supremely soft, yarn-dyed, allweather cushions of West Elm’s Portside L-shaped sectional. This sectional is made to last with a frame of moisture-resistant solid mahogany and solid eucalyptus wood. It also comes with a back ledge to “seat” your food too.

From USD3,237, westelm.com

HIGH FIVE

Choose from five reclining positions and lounge on the Ostrich Deluxe 3N1 Chair, which can accommodate 275 pounds of weight. More than just a beach chair, it’s also a footrest or a place to lie on your belly, complete with a cavity for your head.

USD149.95, ostrichchairs.com

SOAK UP THE SUN

Bust out these summery toys and accessories for when the heat is on

FILL IT UP

Bestway’s Fast Set Above Ground Pool Set eases a common pain point for those wanting an inflatable pool in their yards: the setup. With an air pump, the over 30-inch-deep pool can be installed and filled with hundreds of gallons of water in just an hour.

Up to USD139.61, bestwayusa.com

ART OF WAR

Get in the spirit of Songkran with the Zuru X-Shot Water Warfare Epic Fast Fill. Living up to its name, the soaker promises to refill in just a second. And holding up to 700 ml of water, the X-Shot can shoot up to 30 feet.

Price upon request, zurutoys.co

DOG DAYS

Dogs want water play, too, and what better way to entertain them this summer than with Kopeks’ outdoor portable swimming pool. Up to 12 inches deep, with an easy-to-use cap for draining, the rectangular pool will let your critter have a furry good time in no time.

Up to USD59.95, mykopeks.com

PART OF THIS WORLD

Let your inner merfolk out with this mermaid pool float. Made of high-quality PVC material, the inflatable boasts an air nozzle with a leakproof design. The tail serves a purpose: It can be your headrest, setting you adrift in bliss across the pool.

USD18.99, amazon.com

BELLE OF THE BALL

Few sports say summer louder than beach volleyball, and the season’s perfect toy is the Wilson Soft Play. Covered in sponge-backed synthetic leather, the machine-sewn ball boasts an 18-panel structure, giving it durability, and a butyl rubber bladder, keeping it from deflating fast.

USD21.95, wilson.com

SUBLIME EXPERTISE

Committed to multiplying values for various stakeholders, Sime Darby Property unveils offerings, projects and initiatives that further cement its reputation as the go-to experts of Malaysian real estate

For over 50 years, Sime Darby Property has built more than just houses – it has created places where people can live, work and experience life. Now spurred by its Purpose to be a Value Multiplier for People, Businesses, Economies, and the Planet, Sime Darby Property is ready to fulfill its vision to Advance Real Estate as a Force for Collective Progress, in Harmony with the Planet’s Resources.

An early adopter of the triple bottom line approach towards People, Planet and Prosperity, the company is aligned with the purpose of paving the way for communities, the environment, businesses, and the economy to thrive for generations to come. Never to rest on its laurels, Sime Darby Property is further extending its strong track record of establishing townships with thoughtfully crafted masterplans such as Nilai Impian, KL East, Subang Jaya City Centre (SJCC), and Putra Heights with industrial and residential focuses.

An Industrial Expert

Malaysia continues to be one of Southeast Asia’s industrial dynamos. According to government figures, while other countries across Asia saw their outputs shrink, Malaysia’s industrial production index (IPI) increased 3% year-onyear in December. That said, the economy itself is also making a rebound, as Malaysian GDP grew 14.2% in the third quarter of 2022 alone.

This year, Sime Darby Property seeks to grow the industrial and logistics sector in Malaysia – and beyond – through

its “We’re the Go-To Experts” initiative. This offering takes advantage of the company’s unmatched strengths in regional connections, integrated solutions, synergetic partnerships, and business growth.

As a forward-thinking developer, Sime Darby Property has set in motion its plans to activate the company’s strategically located landbanks for industrial purposes. Sited in prime growth areas close to transport hubs, the company’s industrial parks allow strong links in regional supply chain. The company offers end-to-end solutions, spanning predevelopment to post-development phases, and boasts a wide network of contacts, synergising partnerships with the Malaysian government on both local and federal levels. Sime Darby Property’s industrial portfolio continues to expand with well-managed, and cleverly designed industrial properties. Chief among them is XME Business Park, the first managed industrial park in Negeri Sembilan that is being heralded as the Gateway to Malaysia Vision Valley 2.0. Only 20 minutes from the Kuala Lumpur International Airport (KLIA), the industrial park boasts a prominent location next to the North-South Expressway and is accessible from the ELITE and LEKAS highways. The property sits next to a 14-acre lake park, with modern, versatile built spaces that optimise daylight via opening features.

Developing Superstar Townships

As a pioneering property developer, the company has successfully developed residential properties tailored to

XME BUSINESS PARK, NILAI IMPIAN

ARTIST’S IMPRESSION ONLY

ADVERTORIAL

the preferences and demands of various demographic segments, be they families, young professionals, or high net-worth individuals.

Every Sime Darby Property township is home to awardwinning residential projects that are widely well-received, such as East 57 at the KL East township, which was fully taken up within a day of launch. It offers high-end super link homes with flexible and spacious layouts, complemented by wide outdoor spaces and generous parking spaces. The units are suited to housing multi-generational families, with wheelchair accessibility and other universal design features.

In Subang Jaya City Centre (SJCC), the serviced apartments of Lot 15, which are newly completed and fully sold, are just 500m to the Subang Jaya LRT and KTM station and 1km to Empire Shopping Gallery. The premium residences are designed with hotel-grade finishes, including large wall-to-wall windows that command good views and engineered timber flooring. The complex itself is filled with sky gardens, rooftop gardens, and an infinity pool.

The Putra Heights township meanwhile includes The Glades, a premium gated and guarded strata development. Property seekers at The Glades have a choice between its latest launch, The Serenade, a low-rise, low-density condominium development with a balcony, or a terrace, or a lanai for every unit, and The Residences III, a limited collection of modern bungalows with panoramic water views.

Sime Darby Property’s creative prowess does not stop there. Taking lessons from life during the pandemic, the developer has striven to make its townships more liveable by incorporating more open spaces and green areas in its developments. These proactive measures create conducive

environments for family life as well as living spaces that individuals are proud to call home.

In fact, placemaking and upgrading initiatives are top on the company’s list of priorities today, through initiatives such as parc in Taman Subang Ria at SJCC; Taman Bandar in Putra Heights; KL East Park in KL East; and in the XME precinct.

These endeavours allow Sime Darby Property to give back not only to its residents but also to the environment, in line with its company-centric 2030 Sustainable Goals. Living in these townships, residents can enjoy and spend quality time with loved ones, engage in sports, hold gatherings, see their children play, learn and more. This bustle of activity and productivity injects life to the area and increases its vibrancy, creating a positive ripple effect for the generations of today and those to come.

Sime Darby Property is fully committed to multiplying value to its customers and stakeholders – and these exciting offerings, initiatives and developments are only the beginning.

EAST 57, KL EAST LOT 15, SUBANG JAYA CITY CENTRE (SJCC)

ARTIST’S IMPRESSION ONLY

THE RESIDENCES III AT THE GLADES, PUTRA HEIGHTS

ARTIST’S IMPRESSION ONLY

ACTUAL PHOTO

EXPECTING TO FLY

The Hong Kong International Airport evolves through a multifaceted project that sits at the crossroads of travel and business in the Greater Bay Area

BY AL GERARD DE LA CRUZ

ORIGINALLY DESIGNED TO BE BUILT IN THREE PHASES, 11 SKIES HAS BEEN FAST-TRACKED FOR COMPLETION, MAKING THE MOST OF ITS SENSITIVE BUT STRATEGIC LOCATION BESIDE ONE OF THE WORLD’S BUSIEST AIRPORTS

An architectural conceit of 11 SKIES, the new retailtainment landmark in Hong Kong, is that it identifies with the humble paper plane. But little about this development scans as miniature.

The HKD20-billion (USD2.5 billion) megaproject, from the conglomerate New World Development Company Ltd, is the largest hub for retail, dining, and entertainment in the special administrative region. Part of the 25-hectare integrated development known as SKYCITY, 11 SKIES elevates the Hong Kong International Airport (HKIA) from an aviation hub to an all-out aerotropolis.

Guided by its in-house lifestyle brand operator K11, New World Development in 2018 won a tender from the Airport Authority Hong Kong (AAHK) to develop the 79,000-square-metre site close to HKIA and the Hong Kong-Zhuhai-Macao Bridge (HZMB).

“In the past, many cities started around a train station,” says Claude Touikan, co-founder and executive director

of the integrated design studio Lead8, which helped New World Development craft the winning, two-envelope tender submission. “But the other concept is a sky city, what we’ll call landside urbanisation.”

The site, a former golf course on Chep Lak Kok Island, comprises two blocks cleaved by a road. The northern plot sits above a depot for the automated people mover linking the airport to the SkyPier, the island’s passenger ferry port.

The southern plot is atop solid rock. HKIA’s Third Runway, which opened in July 2022, used some of the rocks excavated from the plot for reclamation.

More concerningly, the site stands on a flight path. This meant building heights had to be capped at eight levels or no more than 53 metres above Principle Datum (mPD), limiting the reach of the temporary tower cranes.

The development compensates for the vertical challenge with its behemoth of a footprint. With a gross floor area of 3.8 million sq ft, the development is divisible into 11 thematic spaces, each distinct enough to aid in wayfinding. They also lend the development its name.

Wind tunnel studies were imperative for a project of its expanse. A model of the project, built in the New Territories, was extensively tested for wind shear and typhoons.

Moreover, 11 SKIES observes extensive setbacks with respect to flight radar lines. The design team avoided flashy façade lights that could confound pilots while the 24,000 sqm of greenery were curated to avoid attracting birds. Parts of the original road, now seamlessly decked over at multiple levels, had to be kept open to the sky for easy access to fire and emergency responders.

The 11 SKIES development was to complete in three phases, making allowances for acquiring occupation

permits. “After reviewing the programme and sequence of work with our construction team, we decided to change it to two phases to save time and cost for arranging temporary safety measures between each phases,” says Edwin Chan, head of projects for New World Development.

Since most supply chains originated from the mainland, many building materials, including those for the curtain wall, required water transport during the pandemic. The materials for the façade, expressed as a folded paper plane, especially challenged the team.

Driving back and forth from the Hong Kong-Mainland China border, the team cycled through at least 30 mock-ups before they found the ideal gradient for the dichromatic paint, which gives the façade its chameleonic colours.

The façade plays out in modules of glass panels and mullions, manufactured and milled offsite through CNC

THE RECENTLY OPENED OFFICE BUILDINGS OF 11 SKIES, WHICH HOUSE THIS CO-WORKING SPACE, CREATIVELY UNITE TENANTS FROM HONG KONG’S FINANCIAL AND MEDICAL INDUSTRIES INTO ONE COMMUNITY

WE WERE ABLE TO TRANSLATE OUR DESIGN INSPIRATION OF A PAPER AIRPLANE INTO AN ENTIRELY NEW AND UNIQUE FAÇADE ARTICULATION. THE MOST IMPORTANT THING IS THAT THE DEVELOPMENT SHOULD NOT LOOK LIKE AN AIRPORT BUILDING BECAUSE WE’RE BUILT NEXT TO THE AIRPORT

fabrication technology. “Starting with our folded paper inspiration, we were able to translate that design into an entirely new and unique façade articulation,” says Touikan.

“The most important thing is that the development should not look like an airport building because we’re built next to the airport.”

CNC technology was also put to use in The Vortex, a whimsical part of the project where sunshine cascades through two atria from a skylight. Façade contractor Pyrotech fitted the skylight with Minnesota-made, electrochromic SageGlass, which can tint itself and deflect heat. Lead8 and Pyrotech optimised the skylight geometry through complex 3D modelling. The skylight’s original profile had spawned many atypical glass shapes, delaying the fabrication of the panels.

Height restrictions meanwhile prevented the Centrestage, the central atrium of 11 SKIES, from using a more pronounced arch design. A flatter dome-like structure was used instead, erected with the help of a truss assembled on a track.

The payoff? The Centrestage is a spectacular exercise in world-building.

11 SKIES IS THE FIRST PROJECT THAT COMBINES RETAIL, DINING AND ENTERTAINMENT TOGETHER WITH WELLNESS AND WEALTH MANAGEMENT IN ONE COMPLETE ECOSYSTEM FOR PEOPLE IN THE GREATER BAY AREA AND BEYOND. HERE, THE CONCIERGE AT THE RETAIL ENTRANCE FEATURES A BESPOKE ‘FISH-NET DESIGN’ FOR ITS CEILING

Garlanded with 83 geometric LED pods under an 88-by40-metre, elliptical LED ceiling, the funnel-shaped, six-storey void immerses occupants in simulations of everything from a space flight to an underwater world. Blurring the digital and real—the “phy-gital” world, says Touikan—the multisensory show happens more than once in a day.

Lead8 collaborated with Montreal-based multimedia studio Moment Factory, credited for visual spectacles from Los Angeles’ LAX to Singapore’s Changi Airport, to bring the theatrics to life.

“This is not a shopping mall,” says Touikan. “We designed spaces where people would like to come and visit and also enjoy.”

In addition to over 800 shops and more than 120 dining concepts, 11 SKIES is designed to house experiential entertainment facilities, including Hong Kong’s first 4D-motion “flying theatre” and SkyTrack, one of the world’s longest indoor-outdoor karting tracks. “From the very beginning, the brief from the airport authority is to build entertainment elements into this complex,” says Chan. “Retail is not enough. It’s such a huge, huge space.”

The development was also built to have 570,000 sq ft of Grade-A office spaces, in floor plates as huge as 2,000 sqm, across three towers. Opened in the same month as the Third Runway, the blocks offer wealth management, wellness, and medical services in one place, an attempt to capture a market of 86 million passengers from the Greater Bay Area.

The first phase of the office cluster has achieved target green certifications for Hong Kong BEAM Plus, LEED, and WELL. Saving 177,000 kWh of energy a year, the roofs of the towers are carpeted with over 400 sqm of hybrid photovoltaic and thermal (PVT) panels.

“It’s actually very effective to install these panels on top of our building because it has no shading,” observes Chan. “The only thing is, we cannot install too much or concentrate too much on one area because the reflection will affect the flights above.”

Overall, the development acts as a testbed for maverick technologies. Steeling itself for the impending phaseout of fossil-fueled cars across China, New World Development has collaborated with the Hong Kong Polytechnic University to develop an artificially intelligent system for charging electric vehicles. Airport City Link, set to include an elevated, enclosed

THE PROJECT HAS AN OVERALL GREENERY AREA EQUIVALENT TO 80 TENNIS COURTS OR THREE SOCCER PITCHES, HELPING IT ATTAIN SOME OF THE WORLD’S HIGHEST SUSTAINABILITY AND WELLNESS CERTIFICATIONS

thoroughfare plied by driverless cars, will bridge 11 SKIES and the landing port of the HZMB.

Having run myriad computer models, New World Development anticipates how traffic will move onsite in 15 to 30 years.

“With a name like 11 SKIES, you might automatically think the project’s focus is on its proximity to the airport,” says Touikan. “However, the development is a key part of a regional and international multi-modal transportation hub that is accessible via air, land, and sea.”

AAHK has built some of the six footbridges connecting 11 SKIES to its neighbours, including Terminal 2 and AsiaWorld-Expo. “Despite the pandemic, AAHK spares no effort in improving the airport’s facilities to prepare for the recovery of air traffic,” says AAHK chief executive Fred Lam in a statement.

With 120 million passengers poised to pass through HKIA every year, the developer is taking its hometown to greater altitudes. “I’m proud that at the end of the day, we have created a new destination for Hong Kong,” says Chan. “That is the most important task for us.”

THE DEVELOPMENT ADOPTS BOTH ACTIVE AND PASSIVE MEASURES WITH RESPECT TO CONTROLLING SOLAR GAIN (ABOVE). THE CENTRESTAGE, THE HEART OF THE DEVELOPMENT, WILL BLUR THE BOUNDARIES BETWEEN REAL AND DIGITAL UPON COMPLETION (BELOW)

ELECTRIC AVENUE

The 11 SKIES project has contingencies in place for when the mainland Chinese and Hong Kong governments finally ban sales of cars fuelled by fossils through 2035. New World Development, its developer, is betting big on common facilities for electric vehicles (EV).

“The problem is: Are you building-ready, or is your building infrastructure, in terms of your electricity supply, ready for this demand? It’s going to be huge,” says Edwin Chan, head of projects at the Hong Kong conglomerate.

“Nowadays, we see some of the problems because the old buildings already have their transformers built. Usually, the space for transformers is limited for existing buildings, so they cannot really increase their electricity supply that much.”

In view of this, New World Development has partnered with the Hong Kong Polytechnic University to develop an artificially intelligent electric vehicle (EV) charging system that can juice up more EVs simultaneously and faster. It can use the power available: balancing the load among the chargers. The system will be deployed to 11 SKIES’ massive basement carpark, which can hold 2,800 vehicles.

“If you supply the electricity in a linear way, that means you are wasting a lot of the electricity,” explains Chan. “Demand is not a straight line.”

In addition, 11 SKIES has replaced traditional diesel generators with the Enertainer, an all-electric battery energy storage system.

The project is also commended for using seawater air-conditioning and synchronising its people-counting system with the fresh air pump, reducing energy consumption in uncrowded areas.

11 SKIES BOASTS ONE OF THE LARGEST INSTALLATIONS OF HYBRID PHOTOVOLTAIC AND THERMAL (PVT) PANELS IN ASIA

No city left behind

Through his work for UN-Habitat, Neil Khor helps set standards for member states in all aspects of urban planning

BY BILL CHARLES

CITIES AROUND ASIA ARE GRAPPLING WITH CHALLENGES RELATED TO OVERPOPULATION AND INDUSTRIALISATION

Neil Khor is the director of external relations for UN-Habitat, the United Nations Secretariat program that focuses on the mandates of Sustainable Development Goal No. 11, which involves sustainable urbanisation.

For Khor, a Malaysian national, the way we develop our cities is both vitally important and increasingly urgent—not to mention a topic that’s close to his heart. A widely published author of history and non-fiction books, Khor wrote The Towns of Malaya: An Illustrated Urban History of the Peninsula up to 1957 prior to joining the UN in 2019.

At UN-Habitat he helps promote the organisation’s role as the custodian of the New Urban Agenda, with a mission to ensure that no city is left behind in the modern urbanising world. “We are at a point where, as a species, we are the most urbanised ever,” Khor says. “More than 53% of people now live in cities. We believe in 2030 that number will reach a staggering 60%.”

Based in Nairobi and working alongside a sister UN agency that’s centred on biodiversity and natural habitats, Khor says UN-Habitat focuses on developing global norms and guidelines for urban habitats and the built environment.

The world has been investing a lot in what I call climate mitigation. We’re not investing nearly enough in climate adaptation. Unfortunately, the impact of climate change is here, and a lot of cities are suffering

The agency helps set standards for member states in all aspects of city planning, including basic services, water, infrastructure transport and more. At the same time—and unlike most Secretariat programs—UN-Habitat also has operational activities, providing technical support directly to member states. As of December 2022, it managed a total fund of around USD540 million. The agency operates in 90 countries, working with more than 1,600 cities worldwide.

What is the nature of the relationship between UNHabitat and the various governments you work with?

Policies are no good if they’re not implemented, and so we see our role as a coordinator to help countries and cities translate policy into practice. On a technical level, we always welcome input from the private sector, especially professional groups, architects, engineers, and others. We also introduced decentralization as a concept, allowing decision-making to be closer to the ground by local governments, instead of centralising everything in capital cities. Then we set standards and norms for everything from drainage to the right type of building materials for particular built environments.

Sustainability is on the front of many people’s minds— and at the heart of your mandate. How does UN-Habitat help to promote sustainability as cities develop?

We have global norms on air pollution, for example. We work closely with the United Nations Environment Program. Air quality and air pollution are a major problem today in many, many cities. So we partner with those cities, we do empirical studies, we help provide them with guidelines on emissions, how to reduce emissions, what type of building materials will be suitable, what type of waste management policies there should be to reduce pollution. We work very widely in India with this—and in Africa as well.

Energy is another area where we provide guidance and, of course, Kenya has been very successful in getting the government to adopt policies associated with renewables. Every Kenyan home now is required—if you have a roofscape of a certain size—to put in solar panels. So we work very closely with energy companies to do this as well.

When we introduce energy saving and the transition to renewables, we want to start in places where we have a high chance of success. Our job is not to go there and do

POOR AIR QUALITY CAUSED BY POLLUTION IS AN ISSUE FOR MANY CONURBATIONS IN THE REGION

engineering work and put solar panels up. Our job is to pilot projects. The key point is to influence policy. In the case of Kenya, we will be able to demonstrate that we were able to get the government to adopt renewable energy as a key policy for them. And now I think it’s already in the fifth year of implementation, so it’s been quite positive.

How is UN-Habitat working to address climate change?

In a post-pandemic world, the challenge of climate change is constant and has in fact intensified. The world has been investing a lot in what I call climate mitigation. We’re not investing nearly enough in climate adaptation. Unfortunately, the impact of climate change is already here and a lot of cities are suffering. In Nairobi, the weather is unbearably hot. It’s very dry. We have issues with water. This is not only happening in Africa but it’s happening globally. At the last World Urban Forum this was a major topic. We discussed the specific guidelines and technical advice that UN-Habitat and other UN agencies can provide to deal with extreme weather.

You mentioned the World Urban Forum. I know UNHabitat is very active there. Could you tell us more about what happens at the forum?

This event is mandated by the General Assembly of the UN. All 193 countries in New York ask UN-Habitat to organize these meetings, and the World Urban Forum is unique. The next one, in Cairo, will be the 12th session of the WUF. The World Urban Forum is a global forum for stakeholders in the global agenda under our mandate, which is sustainable urbanisation. So, you’ll find professional groups, architects, engineers, local governments, and others.

At the last WUF in June, there were 17,000 participants representing 172 countries. It’s unique because it’s one of the few UN conferences where ministers can meet civil society and also activists. There’s also a very big private sector component within the forum.

How did the pandemic impact UN-Habitat’s work?

During the pandemic, we asked everyone to wash their hands, but how can they wash their hands if they don’t have supplies? Our main beneficiaries are the most vulnerable, and during the pandemic we worked in the favelas and slums in Brazil, in Africa, including here in Kenya, where we have one of the largest slums in the world. We worked together with governments, local and federal. And together with water

KHOR AND HIS TEAM AT UN-HABITAT PROVIDE GUIDANCE TO GOVERNMENTS ON

UN-HABITAT PROVIDES GUIDELINES FOR REBUILDING CITIES FOLLOWING DISASTERS LIKE THE RECENT QUAKE IN SYRIA AND TURKEY

operators we helped supply simple handwashing equipment to these communities. That is just one example of how we operated during that period.

We obviously cannot do it alone. We are a small agency in the UN system, but we see our role as a coordinator, helping governments respond, particularly in emergency situations like this.

UN-Habitat has also been active following the recent earthquake in Turkey and Syria. What is the agency’s role in a situation like that?

Our main role is to shelter and provide housing, so we’ve been very active after the earthquake. We provide guidelines for rebuilding. We help, for example, revisit building codes to make them more resilient. What we cannot do is enforcement. We provide the tools, and we encourage governments to do things in a particular way.

We have limited resources, so we are usually in places where the need is greatest. In Syria, we have a country team and were able to mobilise support on the ground in areas impacted by the earthquake. We also have a mission in Turkey with the rest of the UN mission aided by OCHA (Office for the Coordination of Humanitarian Affairs).

If you have 5 million people homeless without shelter in the winter, what happens is you immediately have what people call “tent cities.” We are the ones who give them the plans. For example: How do you put up the tents? Where do you put the drainage? How do you deal with waste? Where do you put the hospital?

What is supposed to be temporary sometimes becomes permanent. You see a lot of camps that have been there for 10 to 15 years and are like mini-cities. We help provide technical expertise.

Sea change

MAST’s innovative floating architecture can be assembled anywhere in the world to mitigate the threat to cities from rising oceans

BY LIAM ARAN BARNES

It is the distant future. The polar ice caps have melted, and Earth is completely submerged. The remnants of humanity live on boats and manmade islands known as atolls.

Sound familiar? Of course, this is the synopsis of the 1995 blockbuster Waterworld. Unlike in the post-apocalyptic movie, loosely set around the year 2500, a similarly sodden reality may wash over us much sooner.

Kevin Costner played the lone antihero sailing the seas in search of an alternative to the submarine nightmare-scape. But in 2023, the future of many urban dwellers may well depend on the designs of Marshall Blecher.

The Australian architect and his partner, Danish maritime designer Magnus Maarbjerg, have rapidly made names for themselves since founding MAST in 2021. The Copenhagen-based practice works with water to create innovative, open, and sustainable spaces.

Its latest venture Land on Water proposes an efficient and alternative way of living in response to increasing sea levels. Designed with the support of Hubert Rhomberg and venture studio Fragile, this adaptable and climateresilient floating architecture comprises modules made of reinforced recycled plastic, which can be transported and assembled anywhere in the world in a variety of configurations.

The system works a little like traditional Gabion cages, which are filled with rubble, stacked together, and connected using heavy-duty wire to affordable foundations. But in this case, the idea is flipped, and the cages are filled with floating material. These are then bound to form a spaceframe structure which can support buildings or landscaping above.

“Floating buildings offer enormous potential for creating sustainable, flexible, and climate-resilient communities,” explains Blecher. “The flexibility of floating buildings is a crucial part. Nowadays, buildings on land often only have a lifespan of 30 years before demolition in rapidly developing cities, while floating buildings can be moved around rather than demolished.

“They also offer new opportunities for homeownership models.”

Brought up on a rural stretch of Australian coastline, Blecher was basically raised on the waves. “I started surfing almost as soon as I learned to walk,” he jokes, adding that “spearfishing and making things and building” were favourite pastimes—another nod perhaps to Costner’s character The Mariner.

MARSHALL BLECHER SAYS FLOATING BUILDINGS

OFFER POTENTIAL FOR CREATING

SUSTAINABLE COMMUNITIES

Since relocating to Denmark to gain a master’s degree in architecture from the Royal Danish Academy (RDA) of the Arts, the designer has racked up accolades. He is the recipient of the Hezlet Bequest, the Byera Hadley Award, the Mirvac Award, and the 2018 Taipei International Design Prize in the Social Design and Public Art categories. Blecher has also been shortlisted for the Beazley Design Award and exhibited at the London Design Museum and Salone del Mobile.

But it was only after meeting Maarbjerg at RDA that he truly began to combine his passions for design and the briny deep. The Danish architect also had a unique seafaring upbringing, having grown up on an antique 100-foot timber ship, on which he traversed the Atlantic six times. Combining their shared interest in the intersection of cities and the sea, the pair began collaborating on small enterprises in their spare time. Then, two years ago, MAST set sail.

The practice has already made waves globally. Its projects so far have ranged from standalone private properties, such as the Houseboat Svendborgsund—a new home inside a converted wooden car ferry from 1947—to large-scale projects with local municipalities and major developers.

“We are lucky that we generally attract clients who are interested in innovation and open design,” Blecher says.

Close collaboration with clients also allows the firm to steer the helm on each assignment. “We build a lot of the smaller projects ourselves in the shipyards of southern Copenhagen,” he adds. “This informs our design approach. We like working with wood, for instance, because it is sustainable, light, and resilient.

“We also place a huge focus on how our projects will age. The marine environment is harsh and unforgiving, so we try to design structures that develop patina and improve with age.”

Still, it will take more than aged aesthetics to address the very real threat coastal metropolises— many of which are in Southeast Asia—face if the capitalist-fuelled climate crisis continues unabated. Within three decades, many of the world’s major coastal cities could be all but wiped out, according to research by US-based scientific news organisation Climate Central. In a report on the oceans and cryosphere, the United Nations’ Intergovernmental Panel on Climate Change highlighted the accelerated melting of ice sheets in Greenland and the Antarctic, noting that sea levels are rising twice as fast as they did in the 20th century.

Blecher adds that MAST is already looking into new projects in Asia, but these remain in the pipeline.

While The Mariner and his crew are determined to escape the man-made atolls in search of dry land, Blecher believes that we must confront the dangers posed to our coastal cities and be ready for a future in which floating cities are a reality.

“There is finally a growing awareness of the risks of urban flooding and sea level rise,” he says. “And by creating a radical new approach to building on water, we hope to unlock the potential of water-based construction around the world.”

There is a growing awareness of the risks of urban flooding and sea level rise. By creating a radical new approach to building on water, we hope to unlock the potential of water-based construction

Copenhagen Islands

The “parkipelago” of floating islands introduces a new archetype in urban space to the Danish capital’s harbour. Constructed by hand using traditional wooden boatbuilding techniques, they will be moved seasonally between underutilised and newly developed parts of the harbour, catalysing life and activity. The first prototype island CPH-Ø1 was launched in 2018. Others have followed with plans afoot to introduce more in the coming years.

“The islands reintroduce wilderness and whimsey to the rapidly gentrifying harbour, with endemic plants, trees and grasses above and anchor points below providing a habitat for birds and insects, seaweeds, fish, and molluscs,” Blecher explains. “More importantly, the project hints at a new type of climate-resilient urbanism, inherently flexible in its use and only using sustainably sourced and recycled materials.”

Dyppezone

Another striking addition to the waters of Copenhagen, Dyppezone is a movable open-air bath made up of floating modules assembled around a central pool. The pool is equipped with an adjustable bottom that can be raised or lowered depending on the season and needs. It can therefore be used as a children’s pool during the summer and a cold water basin during the winter.

“In contrast to the permanent bathing zones in the Port of Copenhagen, a small mobile unit can easily be moved around the harbour,” Blecher says. “It can be located either in the existing bathing zones or in connection with events and saunas set up on the quayside. It is free for use to all bathing Copenhageners who want a comfortable and safe way to swim in the harbour.”

Land on Water

The system is based on simple, flat-pack modules made from reinforced, recycled plastic that can be easily transported around the globe and assembled into countless configurations, providing a secure floating foundation for building housing and infrastructure.

“It is inspired by Gabion construction, an ancient technology, which utilises mesh cages filled with rubble to create extremely sturdy, low-cost foundations,” according to Blecher.

“In this case the concept is inverted; and the modular ‘cages’ are filled with locally sourced, upcycled floatation supporting the weight of any structure built on top.

“This has the unique advantage that floatation can be adjusted at any time if weight is added above.”

Platform C

Located on a previously inaccessible stretch of waterfront in the centre of Copenhagen, the public space was designed to provide access to the open water for people to launch kayaks, swim, or simply relax and meet with others.

The construction consists of 900 equally dimensioned oak slats that pivot around a centre, creating an airy geometric structure. It also includes a protective semi-circular bench with a high back to shield it from the wind.

“The platform has become a favourite gathering spot for locals and an Instagram favourite,” Blecher says. “It has opened up a previously inaccessible stretch of water and provided a totally new type of space for locals and tourists to enjoy.”

Centroparco Milano

MAST was engaged by the Municipality of Segrate to transform a former sand quarry on the eastern fringes of Milan into a new central park, connecting surrounding neighbourhoods and offering residents a place to retreat into nature.

The development includes a floating spa with yoga studios, treatment rooms, saunas, and a café surrounding a protected swimming area. The spa buildings and swimming zone float on the lake, moving up and down with the lake’s levels, which can vary by more than two metres depending on groundwater levels and rainfall.

“Additional boat rental stations will eventually be added at different points around the lake, allowing visitors to criss-cross the lake and visit the different attractions around it,” Blecher adds. “A fine-dining restaurant is also perched on the rim of the lake edge, with a panoramic view over the floating islands, constructed using timber portal frames and timber cladding.”

Houseboat Svendborgsund

Houseboats, particularly in coastal cities, offer a compelling alternative to the typical brick-and-mortar terra firma home. For Houseboat Svendborgsund, MAST designed a multifunctional two-floor house on water by reviving and transforming a 1947 car ferry. Closely collaborating with the client, the firm took inspiration from traditional boat galleys for the houseboat’s interior.

“The main design principle was put into creating a modular construction system that would allow to scale down the size of the interior during the heating season but also to create a vibrant facade using a method of wood carbonisation,” Blecher explains. “Moreover, the interior is designed to favour multifunctionality and provide smart storage solutions.”

LEAVING NO ONE BEHIND

As one Malaysian developer has shown, property development need not come at the cost of its environmental, social and corporate stakeholders

Over the last decade, the world has familiarised itself with the virtues of Environmental, Social and Governance or ESG. The movement has grown from a corporate social responsibility (CSR) initiative into a global phenomenon representing more than USD30 trillion in assets under management.

Aspiring to become a carbon-neutral country by 2050 and the first Southeast Asian nation to incorporate a voluntary carbon market into its budget, Malaysia is a true ESG leader. One of the country’s top developers, Mah Sing Group Berhad, is creating long-term value by adopting ESG in its business operations and strategies.

The Group’s sustainability approach is driven by its sustainability framework. The framework is supported by the Group’s Sustainability Policy, which are aligned with the United Nation’s Sustainable Development Goals (UNSDGs).

Mah Sing will continue to prioritize ESG initiatives in 2023. Given the new Bursa Malaysia stipulation for approach to materiality earlier this year, the Group recently completed a fresh materiality assessment exercise with close to 1,000 respondents. Mah Sing is one of only two Malaysian property companies with a 4-star rating in the FTSE4Good Bursa Malaysia Index.

The developer’s ESG journey begins at the planning stage of projects, in which they trigger the “Design Thinking” process by listening to customer’s needs. When developments are completed, the developer conducts research on how to improve existing projects and future ones.

Environmental

Mah Sing’s projects have earned notices from leading green building certifications, including Malaysia’s Green Building Index (GBI) and Singapore’s Building and Construction Authority (BCA) Green Mark. In fact, the M series of residential developments have allocated more than 25% of their sites to green spaces. The M Centura project, for example, transplanted its Hopea odoratas—a vulnerable species of plants—and a large raintree to different areas of the site rather than cut them down.

Mah Sing has also made an impact on the wider communities by investing in public amenities and infrastructure. In 2020, the company built the 9.62-acre Summit Park at Southville City township, one of the first public parks in the country to comply with the Playground Safety Association of Malaysia (PSAM). Today, the park is host to a multitude of multipurpose facilities and spaces suitable for all ages. Similarly, the company outfitted its 23.5-acre lake garden at Meridin East with a playground, jogging track, and other communal facilities.

MERIDIN EAST IN JOHOR FEATURES A MAGNIFICENT LAKE GARDEN WITH OVER 500 ACRES OF LUSH GREENERY

ADVERTORIAL

Mah Sing strives for reduced water and energy consumption in its projects through efficient fittings and equipment, rainwater harvesting, T5 and LED lighting, and other innovations. Projects follow a north-south building orientation, reducing heat gain while utilising natural ventilation and daylighting for habitable rooms areas.

To reduce carbon emissions, Mah Sing’s projects are equipped with eco-friendly features such as Electric Vehicle (EV) charging stations and Automated Waste Collection System (AWCS).

Mah Sing buildings use construction and building materials with good health and environmental outcomes, such as paints and substances low on volatile organic compounds (VOC), as well as green-labelled tiles; eco-friendly building blocks; and roof thermal insulation foams. The company’s M Aruna project was the first to implement the Industrialised Building System (IBS) in Malaysia.

Social

For the social aspect, the Group also recognises the fundamental human rights of its stakeholders, let alone its workers, from Malaysia to Indonesia. The company employs strategies like the Safety and Health Assessment System in Construction as well as departmental activity monitoring and root cause analysis via the Ishikawa fishbone method.

Mah Sing emphasises on connectivity where its projects are situated close to public transportation system, such as

The Group aims to elevate more Malaysians up the property ladder. Through various marketing campaigns, selected projects by the company offer incentives such as free duty and legal fees and payment-free periods lasting up to four years, easing the road to home ownership for Malaysians.

Governance

Mah Sing’s corporate and sustainability governance structures are among the most stringent of their kind. The Group maintains a zero-tolerance stance against bribery, corruption, illegal labour, and unethical behaviour.

Before beginning any work with the Group, all consultants and contractors become signatories of its Anti-Bribery and Anti-Corruption (ABAC) policy. Mah Sing also makes sure to conduct business with third-party partners that adhere to the same high standards of integrity and ethics as the Group. All panel contractors with the Group must be registered with the Construction Industry Development Board Malaysia (CIDB) as a minimum.

From human beings to living creatures to the planet, Mah Sing is truly leaving no one behind. The examples the Group has set are truly something to emulate for a better world.

M Oscar at Sri Petaling, M Vertica at Cheras and D’sara Sentral at Sungai Buloh.

SOUTHVILLE CITY IS MAH SING’S LARGEST TOWNSHIP IN KLANG VALLEY WHICH FEATURES A 10-ACRE GREEN SANCTUARY WITH 1,400 TREES FROM 26 SPECIES

Lipa service

BY JONATHAN EVANS

With its cool weather, nature, and laid-back lifestyle, this city in Batangas Province is a rising star within easy reach of Manila 1 2 3

LIMA Estate

A prominent new development is LIMA Estate, a 794-hectare project in progress in the CBD, and due for completion late 2024. An industrial-anchored township with a residential area and sizeable commercial quarter, it will comprise 2,000 housing units, a four-star hotel, and 167 shops. The project sports killer views of the surrounding mountains and emphasises nature, with green spaces landscaped to enhance its setting. LIMA also has one eye on modernity and eco-credentials. Its developers, Aboitiz InfraCapital, plan eventually to add BPO units, condos, schools, hospitals, and digital infrastructure to build a “smart” city featuring renewable geothermal energy, and water and waste management systems that underline their goal of promoting healthy, sustainable integrated living.

Forbes Estates Lipa

Before the pandemic, Robinsons Land teamed up with local design practice ArkiAsia to embark on this impeccably landscaped, 221-unit suburban retreat covering 21 hectares. A generous 40% of the development is devoted to open, communal space and encompasses a Tranquility Garden, Picnic Grove, and Pet Park. Sporting and wellness facilities are also a central preoccupation, together with savvy, eco-conscious details like passive cooling deployed to maximise light and energy, and vintage acacia trees that highlight the estate’s natural beauty. Essential outlets such as supermarkets and medical centres lie minutes away. There’s also farming land, a golf club, and amusement parks. The project is scheduled for occupation by end-2025.

PHINMA Maayo San Jose

This family-friendly sanctuary in westernmost Lipa lies virtually on the shores of Taal Lake in an area rich with Filipino heritage and culture. Accordingly, its 545 white two-storey houses—named Rosario, Salva and Trinidad—pay tribute to the bahay na bato (“house of stone”) architectural style first popularised in the 1580s. This nod to the past is married with a contemporary interior-design sensibility by JP Corpuz Studio that prioritises maximal sunlight, rainwater conservation, ergonomics, and solar energy. A community focus predominates, with a multi-purpose hall, clubhouse, gym, playground, and two basketball courts. Furnishings and artworks sourced from local artisans reinforce the sustainability drive and promote Lipa’s economy.

Located in the picturesque province of Batangas, Lipa City is distinguished by its easy access to Manila, its cooler temperatures, and its situation beside Lake Taal, a popular beauty spot. Lipa is sought-after for its business opportunities—LIMA Technology Center is a production hub employing 55,000 workers, with a commercial district—relative immunity to natural disaster, and cosmopolitan make-up, with numerous Korean and Indian immigrants. All these factors, as well as the fact it hosts many tertiary institutions (AMA Computer College, STI College) renowned for computing courses, have made Lipa a magnet for property companies creating ambitious residences.

4 5 6

Hapag Filipino Restaurant

Hapag doesn’t trade in novel quirks, fusion cuisine or surprises. But Batangueños come here in their droves for its homey surrounds and reliably delicious home-cooking dishes served in style—notably Batangas lomi, a regional pork belly and noodles speciality. Elsewhere Hapag’s menu is divided equally between seafood, pork, chicken, beef, and fish. Customer favourites include sinigang na maliputo (Taal fish in stew), chicharon bulaklak (deep-fried intestine with flour), and lechon kawali (deep-fried pork cubes). Hapag is Tagalog for “dining table”, where families gather over recipes handed down from their ancestors, and the restaurant was inspired by the togetherness of family meals so private parties are thus welcomed. Prices are on the steep side, but returning customers testify that the consistent quality more than merits the cost.

Kaiju Cafe

An expansive open-air hangout just opened last October, Kaiju takes its name from the giant monsters seen in Japanese sci-fi movies and TV shows and the café addresses its guests as “Kawaii Monsters”. Accordingly, there’s a strong Japanese influence across the fusion comfort food. Think teriyaki sauce, karaage fried chicken, tonkatsu pork cutlet and yakisoba noodles with vegetables. A typical menu item is baragon takoyaki, baragon being a fictional horned dinosaur. Drinks follow a similarly eclectic pattern with coffee selections including a Spanish latte. The space’s most striking feature is its substantial lawn and pond coverage, set among spacious surrounds not far from golf and country clubs, churches, and farms. An instant hit on opening, the cafe is assured of its future, at least among the Gen-Z trend-chasers who comprise Kaiju’s target market.

Casa Segunda (Luz-Katigbak House)

In the Philippines, writer, and nationalist José Rizal—who was executed at just 35 by Spanish colonialists in 1896—is an obsession, lending his name to monuments and public spaces countrywide and overseas. Little surprise, then, that the Lipa City residence of his first love, which is now ordained a national heritage house, remains a popular pilgrimage site that’s now a museum. The ancestral house was completed in 1863 by municipal governor Norberto Calao Katigbak, a prominent landowner, and gifted to his daughter Doña Segunda, whose brother was Rizal’s close friend. A stunning example of midcentury Philippine architecture replete with fountain, pond and orchard, Casa Segunda survived World War II bombs, and underwent restoration in 1956. It contains Doña Segunda’s traditional clothes and is today managed by her great-granddaughters.

URBAN WINS

With Asia’s cities expanding towards bursting point, investors and developers view integrated communities as a way of providing facilities and comprehensive social infrastructure

BY LIAM ARAN BARNES

The social divide in our cities is becoming increasingly evident with each passing day. Through efficient planning, residential zones within integrated townships can aim to provide housing for high, middle, and low-income groups, creating an equitable ecosystem

How do you solve a problem like overurbanisation? It is a question that many Asian cities need to answer. And fast.

It is a well-known fact that the region is urbanising at breakneck speed. Each year, alarming data reveals how quickly the region’s cities are swelling. The latest figures from UN-Habitat note that 54% of the global urban population, more than 2.2 billion people, now live in Asia. By 2050, the continent’s urban population is expected to increase by 50%, representing an additional 1.2 billion people—or 15% of the current global population.

Of course, this acceleration is not exclusive to Asia. Rising global urbanisation has been one of the defining trends of the 21st century. Billionaire media tycoon and former New York City mayor Michael Bloomberg once famously said, “Cities have played a more important role in shaping the world than empires.” Indeed, projections show that urbanisation, combined with the overall growth of the global population, could add another 2.5 billion people to cities within the next 25 years.

The lure of the bright lights is often inevitable and highly beneficial for those from lower-income areas. Cities have historically promised greater employment opportunities, fostered diverse and vibrant communities, and provided access to services and amenities that would otherwise be out of reach in rural areas. Yet, the ideals of the urban utopia can fade quickly and place a greater strain on already overpopulated and underdeveloped cities, especially in Asia’s rapidly—and often shambolically—developing metropolises.

“Urbanisation has always had a significant impact on how people live, work, and play,” says Prashant Kapoor, chief industry specialist for Green Buildings and Cities at the IFC

Climate Business Group. “Without the concerted effort of various stakeholders to direct the process of urban-rural transformation, unguided urbanisation, as the pandemic has shown us, can lead to negative externalities that reverse progress.”

Indeed, the pandemic forced many homeowners to revaluate their lifestyle priorities. Increasingly, according to Kapoor, they are recognising the value of living within a community that is self-sufficient not only in terms of basic amenities but also comprehensive social infrastructure, without requiring them to move out of the community.

The response has been an uptick in the development of integrated communities, both within city centres and suburbia. In addition to residential and commercial components, these large-scale, mixed-use projects place a particular focus on providing easy access to amenities such as hospitals, schools, retail spaces, and lifestyle and wellness facilities.

“The social divide in our cities is becoming increasingly evident with each passing day,” explains Varsha Jain, cofounder and principal architect of Chennai-based firm Creative Architects and Interiors. “Through efficient planning, residential zones within integrated townships can aim to provide housing for high, middle, and low-income groups, creating an equitable ecosystem.

“Along with equity, inclusivity, and comfort, integrated townships promise safety, sustainability, and healthy living.”

With that in mind, we round up some of the latest awardwinning mixed-use, integrated, and township developments from around the region.

KL Wellness City (KLWC)

What is it?

According to the developers, KLWC will be the first city in Southeast Asia exclusively dedicated to wellness and healthcare. The ambitious 26.5-acre mixed-use project, set to be completed within the next decade, will feature medical and wellness components, retail and business suites, a luxury retirement resort, and world-class hospital facilities, as well as upscale SOHO and serviced apartments.

Where is it?

Strategically located in the International Zone of the KL City Plan 2020, between Kuala Lumpur City Centre and Kuala Lumpur International Airport, KLWC’s wellness credentials are further enhanced by its proximity to the Kinrara Golf Course and Bukit Jalil Golf Club. Retail therapy, meanwhile, is within easy reach at Pavilion Bukit Jalil, one of the country’s largest shopping malls.

Wow factor

With its trailblazing concept, KLWC is promising a world of possibilities, particularly for wealthy seniors and fitness aficionados. Notable highlights include a Healthcare Mall featuring fitness centres, indoor badminton courts, and indoor futsal, as well as a Wellness Park complete with jogging, walking, and cycling paths.

Meyhomes Capital Phu Quoc

What is it?

Slated to be the new economic, cultural, and financial hub of Vietnam’s up-and-coming resort island Phu Quoc, this 266-hectare “integrated mega-city” is centred around a tropically inspired residential district, complemented by upscale retail and entertainment components.

Where is it?

Phu Quoc was barely a blip on the investment and tourism radar a decade ago. But nowadays the island is vying with established Vietnamese resort destinations like Danang— and further afield in Southeast Asia—thanks to its proximity to Ho Chi Minh City, palm-fringed beaches, and everimproving infrastructure. Meyhomes Capital Phu Quoc sits at the heart of the island in the bustling An Thoi Ward.

Wow factor

For better or worse, Phu Quoc is changing at a rate of knots. But for those searching for Asia’s next “big thing”, the island is a solid contender. Meyhomes Capital Phu Quoc arguably represents this better than most recent developments, with its blend of sleek retail boulevards, boutique hotels, and residential offerings, ranging from eco-friendly villas to serviced apartments.

Bridgetowne Destination Estate

What is it?

Philippine firm Robinsons Land knows a thing or two about developing mixed-use projects. The company being a pioneer of the format since its inception in 1980, Bridgetowne Destination Estate is arguably its most ambitious project to date. The fully integrated development connects two of Metro Manila’s main hubs, Quezon City and Pasig City, with a sustainable community featuring a mix of myriad retail, commercial, office, hospitality, and residential spaces. The standout condo component is the PHP5.6-billion The Velaris Residences, a 45-storey luxury high-rise set for completion in 2024.

Where is it?

When it comes to location, few Metro Manila projects are as unique as Bridgetowne. Straddling Quezon City and Pasig City via an impressive 200-metre bridge, the 22.56-hectare township and business park is situated in a former industrial area on both banks of the Marikina River. Access to nearby Ortigas Center and Bonifacio Global City is another boon for residents and commuters.

Wow factor

The eponymous bridge is the township’s undisputed showstopper. Beyond the iconic structure, master-planned by AECOM and designed by celebrated local firm Mañosa & Company, stands an imposing art installation dubbed The Victor. Elsewhere, the 6,000-square-metre Bridgetowne Central Park houses the world’s largest obstacle park, featuring beginner, intermediate, and advanced courses ranging from the extreme Rope Climb to Gymnast Rings and Tilting Monkey Bars to the Spear Throw.

Kota Baru Parahyangan (KBP)

What is it?

A bright future is anticipated for Kota Baru Parahyangan, a self-contained city conceived to champion educational values. Inspired by the local Sundanese communities and Indo-European architecture, this 1,250-hectare project aims to complement, rather than compete with, the existing neighbourhoods, providing an eco-oriented alternative for residents and commercial operators.

Where is it?

When it rains, it pours. Padalarang, a once-backwater town in West Bandung Regency, has seemingly transformed overnight into one of West Java’s most enticing investment prospects. Its lush landscape of verdant hills provides a perfect backdrop for outdoor pursuits, but it is the recent rush of development activity that is currently turning heads. KBP is capitalising on this nascent appeal alongside its connectivity—20 kilometres via the new toll road—to the island’s main city Bandung.

Wow factor

Education. Education. Education. The satellite city will upon completion in 2040 feature more than 10 schools and universities ranging from religious to international-standard institutions. Hotels, a golf course, a retail park, sports clubs, and even a theme park are slated to complete the list of community-focused amenities.

Melbourne Square

What is it?

One of the most ambitious projects in recent years in Melbourne, the AUD2.8-billion mixed-use precinct aims to create a new civic heart for Southbank. Upon completion, it will feature four residential skyscrapers accommodating more than 2,600 apartments, a luxury hotel, and a commercial building boasting both boutiques and international brands, completing the juxtaposition between built form and public, green expanse.

Where is it?

Melbourne Square is situated in the bustling Southbank district, just moments from some of the city’s most vibrant neighbourhoods, the CBD, world-renowned festival locations, and the Yarra River promenade. Green spaces, quality educational institutions, and Melbourne’s most celebrated cultural attractions are also within easy reach, making it an appealing proposition for families.

Wow factor

Obviously, the location steals the show. Few major cities in the region remain where a project of this scale could be conceived on such prime real estate. At the heart of the development, there will even be a 3,700-square-metre public park—accounting for 20% of Melbourne Square—designed by acclaimed landscape firm Taylor Cullity Lethlean, complete with a cafe terrace and events space.

Prince International Plaza

What is it?

The first major mixed-use project in this up-and-coming district of Phnom Penh, the 200,000-square-metre Prince International Plaza, will integrate business, shopping, dining, entertainment, and leisure components upon completion. Residents can opt for premium apartments ranging from 107 to 157 square metres, with access to a state-of-the-art fitness centre and infinity pool, as well as the integrated retail, entertainment, and lifestyle amenities.

Where is it?

Not long ago, Phnom Penh was known as Southeast Asia’s last low-rise capital. Nowadays, however, its skyline is arguably rising faster than its regional counterparts. Somewhat removed from the frenetic pace of change in the city centre, Prince International Plaza’s location a few kilometres from the international airport represents the Cambodian capital’s latest frontier. Still, it is only a few moments away from the city’s favoured lifestyle destinations, including top-notch restaurants and retail outlets along the riverside and in the fashionable BKK1 district.

Wow factor

Hot on the heels of the successful launches of the luxury villa development Prince One Tropica and the Prince Happiness Plaza, Prince Real Estate Group is quickly establishing itself as one of the country’s most respected developers. Investors can therefore rest assured that they will get what they pay for—a premium that has not always been guaranteed with other so-called luxury condominiums in the Cambodian capital.

WEALTH IS HEALTH

Thailand’s real estate scene is experiencing a sluggish period, with one notable exception: a luxury market that is hitting supercharged highs

BY GEORGE STYLLIS

LUXURY MIXED-USE DEVELOPMENTS ARE CHANGING THE SKYLINE IN DOWNTOWN BANGKOK

The pandemic might feel like a memory now, but the world feels no less uncertain.

War in Ukraine, friction between the US and China, and spiking energy costs have left many feeling the pinch.

For Thailand’s property market, those have led to a sluggish year. Difficulties in getting a mortgage and rising inflation have left many buyers struggling to get on the ladder. But while the townhouse and condo markets remain lacklustre, the luxury housing market is having one of its best years of late with demand reaching a near 10-year high.

The luxury housing market usually sees around 300 new launches a year. Last year it tripled to around 1,000 units. According to research by Knight Frank, the first half of 2022 saw total sales for homes worth over THB10 million rise to 1,944, compared with 1,813 units the year before.

Bangkok has been the main beneficiary of demand. But Thailand’s array of paradise islands is seeing interest from tourists too.

The trend is being driven by wider demand for landed housing as demand for condominiums declines.

In Bangkok, buyers are waking up to the fact they can get more for their money outside the capital while enjoying better transport links and amenities that previously existed in the city centre, says Artitaya Kasemlawan, head of residential sales projects at CBRE.

“Buyers in recent years have enjoyed many options because properties in Bangkok are no longer concentrated in a particular area,” says Artitaya. “It’s not necessary to be in the city centre. The markets have expanded to the midtown and suburban areas due to road extensions, expressways, and expanded mass transport systems like the MRT and BTS.”

FROM RUSSIA WITH LOVE

Russians have overtaken Chinese as the number one condo buyers in Phuket, snapping up nearly 40% of foreign-owned condos on the island.

Since Russia invaded Ukraine last year, Russians have sought refuge in Thailand, with their numbers surging in Phuket. Between November 1 and January 21 more than 233,000 Russians arrived in Phuket, according to data from Phuket International Airport, making them the biggest group of visitors by far.

Many are buying off-plan condos worth half a million dollars or more as a haven in case of further sanctions at home or should they need a quick escape, according to Al Jazeera.

“My clients are mostly young, 30 to 35, they’re wealthy, high-budget clients,” Sofia Malygaevareal, a Russian real estate agent based locally, told the news channel.

“A lot of people have decided to move to Phuket from three to six months… to one year.” According to the Thai Real Estate Information Center, sales from Russians came to USD25 million in 2022—several times the amount spent by Chinese nationals, the next largest group of buyers.

Luxury markets are typically more resilient in times of crisis due to the purchasing power of wealthy customers. In 2020, Thailand’s central bank found the property sector contracting as commercial banks rejected mortgage loans from potential property buyers. The pandemic and a flagging economy sparked fear among banks that buyers would struggle to pay them back.

High earners had no such concerns.

“The demand for luxury residential properties has been growing because buyers in this group were less affected by the economy, and they are mostly end users, meaning developers are less likely to see customer loans rejected during the transfer period compared with condominiums,” says Sunchai Kooakachai, head of research and consultancy at Knight Frank.

The trend of working from home and demand for more space also meant those who could afford an expensive condo in Bangkok were now buying larger properties out of the centre, with twice the number of bedrooms.

The trend has prompted developers to look at the luxury market more seriously.

Srettha Thavisin, CEO of Sansiri, said in 2022 that the luxury market was a bright spot on an otherwise challenging and volatile year, and encouraged people to “expand the luxury and super luxury property market for domestic and international buyers.”

Sansiri’s total sales grew 50% in 2022 to USD5 billion. The company will launch 22 condominiums worth a total of USD725 million, with luxury projects in Bangkok’s Ari and Ratchathewi neighbourhoods, and super luxury units under the brands “No.19”, “Sirinsiri”, “Narinsiri” and “Ombre”.

Saenpin Sukhee, the chief executive of Frasers Property Home, is also shifting his focus to the luxury market after townhouses were hit hard by the pandemic. Low-income earners, who made up most buyers of townhouses, found themselves mired in household debt because of losing their jobs or changing careers during the pandemic, making it hard for them to get a mortgage.

“Before the pandemic, we tried to increase townhouse sales as much as possible without pre-screening, as we thought the more units were sold, the more customers would be able to get mortgages approved,” he says.

Rich buyers were less affected by the struggling economy, and they are mostly end users, meaning developers are less likely to see customer loans rejected during the transfer period

THE PARTY ISLAND OF KOH PHA NGAN IS WITNESSING A BOOM IN THE MARKET FOR LUXURY VILLAS

FULL BOOM ON KOH PHA NGAN

Buyers are flocking to Koh Pha Ngan where they are fuelling a building boom for luxury villas. Land prices on the laid-back party island have soared after it became a place for many seeking to evade lockdown measures during the pandemic. Realtors on the island say a plot that was listed for THB3 million for a rai of land is now going for around THB4 million to THB5.5 million. The market is “super-hot right now,” says Lara Mai, who has been buying and selling land there since last year.

“It’s incredible. I’ve never seen it like this.”

Last year, it was ranked the number one destination for people seeking a working holiday in a recent survey by William Russell, a website which offers health and life insurance for expats. Peach, a property investor, welcomed the building boom but said life for locals has become difficult. “Land prices are very expensive now,” she says.

“Everything in Koh Pha Ngan has a higher price than before.”

In 2021, customers seeking to purchase a townhouse had a mortgage rejection rate of 80%. The rate declined to 50-60% last year. Yet the mortgage rejection rate for buyers seeking to purchase a single detached house was only 30%, he says.

“It is no longer useful to pump up sales of townhouses because of the high mortgage rejection rate from banks, particularly as the easing of the loan-to-value limit ended,” he adds.

In Bangkok, the condominium market has long been a major driver of the property market. Since the pandemic, it has been unable to generate the kind of momentum it did previously. According to Knight Frank data, the number of new condos sold in Q3 last year was 3,018 units from a total supply of 9,821 units, representing 30.7%. The sales rate decreased by 7.3% compared to the same period last year. Part of the reason has been the lack of Chinese buyers who, despite still dominating

condo transfers, have dwindled because of the slowing Chinese economy and prolonged lockdown measures.

Whether they come back in numbers like before could determine how long the demand for luxury housing lasts.

One positive is an improving economy. Thailand’s economy is expected to grow 3.8% this year, helped by a rebounding tourism sector, while inflation is expected to cool to its target range. Domestic spending has increased, and the government will accelerate large project investment to help growth, according to current finance minister Arkhom Termpittayapaisith.

It follows a weak expansion of the economy at just 2.6% last year, much behind that of others in the region. Yet if the past couple of years have taught us anything, it’s to expect the unexpected. Until then the industry will be looking to the luxury market to carry it forward.

PHUKET IS PROVING TO BE RESILIENT WITH BUYERS, WITH RUSSIAN INVESTORS TO THE FORE

CHINA CRACKS

The Chinese were once the world’s largest crossborder luxury property buyers. In Thailand, they spent an estimated USD1.9 billion on residential property in 2019, most of which was on luxury residences. However, since the pandemic, that has dropped, and it’s unlikely to return immediately. According to estimates, the level of outbound Chinese tourism will reach only about 40% of prepandemic levels this year as the travel industry struggles to catch up with the country’s opening.

The recovery in outbound travel will be heavily weighted to the second half, with one out of every three outbound trips in 2023 not taking place until the year’s last six months, according to data from the China Outbound Tourism Research Institute.

Thailand and other Southeast Asian destinations will top the list, say observers, partly because the government has prioritised them for outbound group travel. However, many Chinese buyers are still seeking to limit their risks.

CHINESE INTEREST IN THAI PROPERTY HAS FLAGGED, WITH OUTBOUND TOURISM FROM CHINA PICKING UP AT A SLUGGISH PACE

A WORLD OF ITS OWN

On the brink of a political transition, Indonesia flexes resilience to withstand internal and external economic pressures

BY AL GERARD DE LA CRUZ

At the 2022 G20 summit in November, leaders of the world’s most systemically important economies took stock of its host country Indonesia.

From Bali, demagogues and democrats got a closer look at an economy that is a world unto itself: a 274-million-strong nation ready to have a seat at the table.

The rupiah in January posted its best performance in over two years as neighbouring currencies like the peso, ringgit, and rupee underwhelmed. The consumer price index inflation also stood at a lower-than-forecast 5.5% at the end of 2022.

These positive developments give businesspeople a “breath of fresh air,” says Marine Novita, country manager of leading property site Rumah.com. “Hopefully this positive trend will continue and make the national property market more relaxed after the pandemic.”

Around 56% of the total property searches on Rumah.com have been for homes above IDR1 billion (USD65,600). “This means that consumer purchasing power is still maintained,” says Novita.

Despite an expected, holiday-driven stagnation in the fourth quarter of 2022, the site’s residential property price and supply indices registered moderate annual increases of 5.8% and 6.8%, respectively. Although it dropped significantly in the three months to the final quarter, the demand index had risen yearly by 9% in Q3 2022.

Stimulus policies under President Joko Widodo have boosted optimism in the property market. Introduced in 2021, the easing of the loan-tovalue ratio (LTV), which allowed consumers to apply for mortgages with a downpayment of 0%, has been extended until the end of 2023.

“But based on our observations on the ground, this policy has had little impact on apartment sales thus far,” reports Ferry Salanto, senior associate director for research at Colliers Indonesia. “Banks have their own policies regarding nonperformance loan risks.”

The Value Added Tax Borne by the Government (PPN DTP), which ended in September, is more sorely missed. Consumers surveyed by Rumah. com in H2 2022 lauded the policy that waived the VAT on home purchases and resulted in discounts of up to 50%. Developers were able to move their

The landed residential industry has always been one of the most resilient sectors in Indonesia, even during the Asian financial crisis and the global financial crisis. Although we’re not as bullish as we used to be, we’re still positive

TAKING A TOLL

Road infrastructure works are dictating the direction of property development all across Jabodetabek.

In 2022, the Toll Road Regulatory Agency (BPJT) targeted the construction of an additional 16 toll roads, four of which are predicted to change the price dynamics in the regency of Tangerang.

The Serpong-Balaraja, Semanan-Balaraja, BalarajaRajeg-Teluknaga, and Pakuhaji-Bandara toll roads are all anticipated to not only cut travel times for commuters but also pique consumer interest. Districts around the regency’s industrial area, namely Tigaraksa, Sepatan, and Pasarkemis, are due for positive corollaries economically.

The Serpong-Balaraja toll road is especially vital as it links the southern area of Jakarta to Tangerang, a journey that still relies heavily on the Merak-Jakarta toll road dominated by heavy transport vehicles. The Pakuhaji-East-East-Bandara-

Bandara toll road, on the other hand, is set to expedite travel from the north coast to the airport.

Overall, Tangerang recorded the biggest leap in property prices in the fourth quarter of 2022, both on a quarterly and annual basis, according to Rumah.com data. Around 61% of the total searches for homes in the regency were for properties under IDR750 million.

The Serpong-Cinere-Cimanggis toll road contributes to rapidly increasing prices in the city of Depok. Some large-scale developers are now increasingly bullish on the prospects of districts like Bojongsari and Sawangan, which now sit close to a midrange shopping mall. The areas of Beji and Cimanggis are also catching the eye of property seekers due to their proximity to the University of Indonesia and the Margonda region, respectively.

PRESIDENT WIDODO HAS IMPLEMENTED AN EXTENSIVE PROGRAM OF TRANSPORT INFRASTRUCTURE IMPROVEMENTS

inventories during the policy run and even launch new clusters or landed residential complexes as a result.

“As we have seen in the past two years, the tax exemption provided a positive impact on the market,” says Vivin Harsanto, head of advisory and senior director at JLL Indonesia.

The tax waiver stimulated landed housing, which represented 92% of total residential searches on Rumah.com in Q4 2022. Driven by end users, prices in the landed residential sector have remained stable, with developers choosing to offoad inventory before price increments, reports JLL Indonesia. Sales rates have remained healthy across various locations and grades of landed properties.

“The stability of the land prices is the ability of the developer to be able to sell and absorb the demand,” says Harsanto.

Condominiums have underperformed in comparison. No new apartment projects were launched in Q4 2022 as

developers exercised restraint due to low sales volumes. Condo prices remained flat. Primary units stood unsold. “Vertical residential is still in the bottom cycle and might be staying there a little bit longer,” says Harsanto. “Local buyers, predominantly individual investors targeting attractive capital gains and recurring income, continue to take a wait-and-see approach.”

The 2024 elections are set to magnify that cautious mood. As the world’s third-largest democracy prepares to go to the polls, developers are pacing to obtain permits for their projects.

“For the buyers, this is the time to push through in terms of decision-making, acquisitions, and so forth to avoid any change in regulation next year,” says Harsanto. “Come the election in the first quarter of next year, there will be some wait-and-see on who’s going to be in the administration. It would probably take a few months to adjust to that.”

Constitutionally forbidden from running for a third term, President Jokowi leaves behind a trail of infrastructural

ALL EYES WERE ON BALI LAST YEAR AS THE PARADISE ISLAND PLAYED HOST TO THE G20 SUMMIT

accomplishments. On the sidelines of the summit, the premier and Chinese President Xi Jinping watched a trial run of the forthcoming Jakarta-Bandung highspeed railway, being built by the Indonesian-Chinese venture PT. Kereta Cepat Indonesia China (KCIC).

Jokowi vows to “continue to build and develop train infrastructure” in the final year of his premiership. The initial phases of the LRT and MRT lines have been well received, providing an effective workaround to Jakarta’s well-known traffic jams. Meanwhile, the Trans-Sumatra and Bali Mandara toll roads have positively impacted the 17,500 islands’ economic corridors.

“Right now, we’re seeing that the residential high-rises that have still managed to perform well are those along the commuter lines,” says Harsanto. “That indicates the preference of home buyers or end users to be convenient to travel.”

The outlying Nusantara, Jokowi’s new capital for the archipelago, has gained traction from some developers. “We are yet to see the impact,” says Harsanto, adding

that the shift to Nusantara will likely begin around early 2024.

While the corollaries of Nusantara are taking time to be felt, monetary policies are set to have a more instantaneous effect on residential purchases and investments in 2023.

With high energy subsidies keeping inflation low, Bank Indonesia had been able to hold the 7-day reverse repo rate at 3.5% for 18 months through August. The benchmark interest rate has since risen several times, hitting 5.75% in January.

“In terms of buyers, we believe that before they purchase more than two mortgages at the current higher interest rate, they will think twice,” reports Salanto.

The interest rate hikes are expected amid global inflationary pressures, which could compound construction costs if developers derive a lot of the materials abroad. In the face of a full-blown recession, developers are expected to accommodate buyers with

WIDODO WILL END HIS SECOND TERM AS PRESIDENT IN 2024

smaller units or more affordable, flexible payment terms as they did during the height of the pandemic.

“The landed residential industry has always been one of the most resilient sectors in Indonesia, even during the Asian financial crisis and the global financial crisis,” says Harsanto. “Although we’re not as bullish as we used to be, we’re still positive about the landed residential sector.

“I am hoping the landed residential market will remain strong and resilient as this would create organic growth and create demand for more commercial products,” she adds.

Indonesia has latitude for strength and resilience since it continues to produce enormous amounts of commodities such as palm and coal, now experiencing record demand and price surges. The world’s largest nickel-producing country last year attracted LG to

establish a USD9-billion battery value chain, designed to wean the company’s reliance off Chinese raw materials. Another South Korean company, Hyundai Motor, built its first manufacturing plant in the country.

The automotive industry, along with third-party logistics, fast-moving consumer goods (FMCG), electronics, and retail occupiers, hoists demand high for modern logistics warehouses in Greater Jakarta, which covered 2.3 million square metres in 2022, according to JLL Indonesia. Industrial land sales in 2022 totalled almost 213 hectares, the largest since the pandemic began, according to Colliers Indonesia.

“The industrial sector is still promising for industrial estate developers as its sales performance continues to show an upward trend,” reports Salanto. “This sector had demonstrated its resilience during the pandemic, which was difficult for other property sectors to do.”

FORMERLY HARD-TO-ACCESS RESIDENTIAL MARKETS LIKE SUMATRA HAVE COME INTO PLAY DUE TO NEW ROADS

In 2022, the Indonesian GDP grew by 5.31%, the nation’s best economic performance since 2013. However, the wealth per capita in the newly industrialised country still leaves a lot to be desired. Income inequality is pervasive. The housing backlog is colossal, too, affecting 12 million families.

But youth is on Indonesia’s side. Around 40% of the populace, representing 88 million people, are 20 to 44 years old: a good foundation for the labour force. “They are the target market for the residential property sector,” says Novita. “The opportunity for the property market is still dynamic amid the threat of recession.”

Tipped to become the next economic superpower, Indonesia has arrived on the world stage.

RETHINKING THE WORKPLACE

Last year, the net absorption of Grade A offices in the Jakarta CBD posted improvements from 2021, according to data from JLL Indonesia. However, net absorption across all grades of offices remained negative, with companies in Grade B and C office buildings downsizing, if not relocating altogether. Non-CBD offices even finished the last quarter of 2022 with negative net demand.

Flight-to-quality now drives the office sector, with sustainability and wellness among the recurring requirements of occupiers. Proximity to public transportation hubs is also a major deciding factor for multinational companies.

“With the currently high vacancy in the office sector, developers that plan to launch offices in 2023 should be cautious with the current competition and factors that would adversely impact the rental rate,” says Vivin Harsanto, head of advisory and senior director at JLL Indonesia. “Therefore, offices that are launched should offer good accessibility and unique selling points in terms of facilities, amenities and building quality.”

Office developers are also enjoined to add value to their spaces with the addition of concierge and people-powered services. “It’s more of having a soft service, having people greeting you as you come in, and then having a more sophisticated reception,” says Harsanto. “It’s about having not only the quality but also the soft component of that.”

Size requirements of occupiers still depend largely on hybrid work arrangements of employees. Since homes have become interchangeable with the workplace, future residential products are expected to be workfrom-home-friendly in terms of typologies, layouts, and designs.

“You need to accommodate those that are fully working from home—the community that is working from anywhere, actually,” says Harsanto. “The community itself would have to be more workspace-friendly. If you are able to work in a restaurant or café within a few minutes from your house within that state, that will also make an impact.”

EVOLUTION OF INDONESIAN HOUSING

BSD City in Greater Jakarta expands with a new residential comm unity that showcases the tropical modern resort concept

In the old days, every house in Indonesia, as in the rest of Southeast Asia, stood on the ground and was built with wood. The archipelago has since harboured a rich heritage of residential architectural styles, starting with vernacular homes made from the land’s bounty of bamboos and timber to the colonial-inspired residences of latter centuries.

The original builders of dwellings in Indonesia adhered to the philosophy of Tanah Kayu. Inspired by that philosophy, major Indonesian developer Sinar Mas Land has prepared another section of its expansive township, BSD City, for extraordinary developments. The city-within-a-city in Greater Jakarta will be home to City Zoo BSD, being developed in partnership with the creators of Jatim Park, as well as Tanakayu at BSD City, a classy new residential community.

The homes of Tanakayu at BSD City ascribe to a tropical modern resort concept, giving residents the experience of living in a resort. Every day is a staycation at these two-

storey Indonesian residences with Japanese-Scandinavian (Japandi) design influences.

Sprawling over an area of 13.1 hectares, Tanakayu at BSD City is strategically located just three minutes from QBIG Shopping Center and five minutes from the nearest tollway exit. It is also only five minutes away from Tangerang’s largest theme park. Best of all, the residences are easily accessible from the main road and other avenues.

Filled with modern, healthy lifestyle features, the Tanakayu at BSD City house is a combination of intelligent technology and natural splendour. The façade is minimalist and visually appealing with its light browns and glass balconies, with space for rooftop gardens. Like the homes of yesteryears, these abodes bask in natural lighting.

The concept of a tropical modern resort comes full circle with an array of technological sophistications. Tanakayu at BSD City features smart lighting and door locks, with

appliances and systems that respond to voice commands. Such features not only make life easier for residents but also keep them safe and secure as well, especially with the presence of CCTVs in communal areas.

Additionally, residents are served by such facilities as a clubhouse with a swimming pool, a jogging track, and outdoor working area.

Only 200 units are available in the first phase of the project. It is set close to Tabebuya, a cluster of smart houses near Vanya Park Lake. It is also near the shophouses of West Park BSD City as well as the Branchsto recreation area for equestrians.

Tanakayu at BSD City was Highly Commended for the Best Mid End Housing Development (Greater Jakarta)

title at the most recent PropertyGuru Indonesia Property Awards. Sinar Mas Land also won for such projects as Enchanté Résidence @BSD City; Grand City Balikpapan; Knowledge Hub @Digital Hub; and Latinos Business District @BSD City.

GIIC @ Kota Deltamas, Sinar Mas Land’s project with Sojitz Corporation, was named Best Industrial Estate Development. Sinar Mas Land’s joint venture with PT. Bumi Parama Wisesa (NavaPark) Hongkong Land meanwhile received the title of Best Boutique Developer.

With all the advantages it has to offer, Tanakayu at BSD City embodies the perfect 21st-century residence for the Indonesian family.

Straining at the leash

House prices in South Korea have plummeted from an overheated high, but rumours of an interest rate freeze are lighting a fire under the market

By Steve Finch

In his five years as South Korean president, Moon Jae-in introduced 25 separate measures designed to curb runaway house prices. Yet the average price of a condominium unit in Seoul roughly doubled to USD1 million by the time Moon left office in May 2022 as South Korea ranked among the least affordable housing markets in the world.

“I have apologized for the real estate issue several times,” he said near the end of his term in office. It’s no wonder South Koreans considered housing the number-one issue at last year’s polls.

While Moon failed to rein in prices, his successor Yoon Suk-yeol faces the opposite problem. A housing market which seemed unstoppable just a year ago has since recorded a steep drop in prices. The slump has left the new government struggling to deliver a soft landing, and homeowners stuck between soaring mortgage repayments and few opportunities to sell.

In response to runaway inflation following the Ukraine conflict, the central bank raised rates seven times to January, resulting in mortgage rates which have nearly doubled in just two years. After the first rates increase

HIGHLY COMMENDED

BEST HOUSING DEVELOPMENT (GREATER INDONESIA)

Florista Garden by Easton Urban Kapital

in May last year, and the first-ever 50 basispoint hike the following month, a drop in house prices began to snowball, catching many in the market by surprise.

“While we predicted a rise in the base rate would stabilise rising inflation, we did not expect the extent of the increases witnessed during 2022, with mortgage rates doubling since end-2021,” says Joann Hong, director of research and consultancy at Savills in Seoul.

Seoul witnessed a 0.24% fall in house prices in August last year, and by December the rate had reached nearly 2%. Shifting buyer sentiment has played into the decline: Rumours in Seoul during the autumn dictated prices were set to collapse by 40% across the market, as units in some buildings in the South Korean capital saw prices slump by one-third. By November, 65% of South Koreans predicted falling prices in the first half of 2023, versus just 14% a year earlier, according to a biannual survey by Seoulbased property firm Real Estate 114.

This sharp market reversal has in turn led to a host of new market peculiarities. South Korean newspapers have reported extensively on new homeowners who have suddenly found themselves unable to pay mortgage rates which soared on homes whose values have plummeted. Negative equity, unthinkable a year earlier, has become normalised overnight. Many South

Koreans have waited years to get on the property ladder only to be forced to sell within months.

In November 2022, nearly one-third of house sales were completed without an agent, according to the Korea Economic Daily, double the rate of just a month earlier as desperate sellers sought to cut out commission to make sales more attractive and returns as high as possible.

In response, the Yoon administration began to dial back the measures put in place by the previous government. A package called the “1.3 measures”, introduced on January 3, removed 11 Seoul districts from the speculative area list where properties incur higher taxes and stricter mortgage rules.

Analysts agree that interest rates rather than housing policy changes by the Yoon administration are likely to remain the key driver of market dynamics. Few have predicted a near-term recovery. In November, Fitch Ratings forecast the South Korean housing market downturn “could persist over several years” and maintained this negative outlook when contacted in the first quarter.

Signs the market may be bottoming out have been detected, however. In January, house prices continued to fall for an eighth consecutive month, but the pace slowed from nearly 2% to 1.49%, according to Korea

IN NOVEMBER 2022, NEARLY ONE-THIRD OF HOUSE SALES WERE COMPLETED WITHOUT AN AGENT AS DESPERATE SELLERS SOUGHT TO CUT OUT COMMISSION TO MAKE SALES MORE ATTRACTIVE AND RETURNS AS HIGH AS POSSIBLE

Hummingbird House by Easton Urban Kapital

BEST TOWNHOUSE DEVELOPMENT (GREATER JAKARTA)

Real Estate Board data, the first decrease in the depreciation rate since price began falling last year.

“It was partly due to expectations for a market recovery after banks’ lowering of commercial interest rates and government announcement policy measures,” says the Korea Real Estate Board in a statement announcing the new figures.

A month earlier, average commercial mortgage rates were recorded at 4.68%, down 0.11%, according to the central bank, the first monthly decline since the rate hikes cycle began in May last year, and despite a continuation of base rate increases by the central bank.

South Korean banks have come under growing pressure to rein in profiting from interest spreads amid widespread criticism

PRESIDENT YOON SUK-YEOL HAS STRUGGLED TO DELIVER A SOFT LANDING TO HOMEOWNERS

from customers and the government following record financial results in the wake of the pandemic.

Since January, analysts have increasingly bet on an end to central bank rate hikes, the key driver of commercial mortgage rates, in a further sign lending conditions may improve over the remainder of the year. Until this happens, prospects for a housing market recovery remain dim.

“I suspect we may be near the end of the rate hike cycle,” says Robert Wilkinson, managing director of Colliers International Korea. “There is an outside chance the Bank of Korea may start to cut interest rates at the end of this year, but it is more likely to be next year.”

Cleaning damage

Vietnam’s anti-corruption drive has played havoc on its property sector, but many believe the real estate scene will benefit in the long term

By Steve Finch

After Vietnam’s parliament named Vo Van Thuong as the country’s new president in early March, observers described his appointment as a return to stability amid a widening anti-corruption campaign.

Predecessor Nguyen Xuan Phuc, who resigned in January for “violations and wrongdoing”, ranks as the most senior political casualty of the campaign thus far.

Two deputies of Prime Minister Pham Minh Chinh have also lost their jobs, so too did

ANALYSTS BELIEVE THAT VIETNAM’S CURRENT ANTIGRAFT DRIVE WILL BENEFIT THE COUNTRY IN THE LONG TERM

more than 500 Communist Party members last year as the “blazing furnace” of the anticorruption drive escalated.

But it remains to be seen whether Thuong’s appointment as president will indeed mark a return to business as usual in Vietnam.

A month before the new president took office, Communist Party leader Nguyen Phu Trong released a new book on fighting corruption which indicated the campaign would continue.

Since the campaign began to target the private sector last year, the property industry has been among the hardest hit.

In October, authorities detained the chairwoman of a major real estate developer and other leading executives from associated companies including the CEO of a property management company.

The group owns numerous landmarks in Ho Chi Minh City including a luxury commercial tower, the fifth tallest in Vietnam when it was built a decade ago.

Social media posts in Vietnam have frequently speculated that real estate big players were political sponsors of the chairwoman behind the scenes although no such claim or charge was acknowledged when the former president resigned.

Nonetheless, the contagion has spread across the sector as senior executives have faced investigation and arrest, and government agencies have grown increasingly reluctant to allocate spending or approve projects for fear of reprisal.

“Since the start of the campaign, the property sector has received the most damage,” says Dung Duong, executive director of CBRE Vietnam. “Property investors are reassessing… since they are facing difficulty in getting approval for their projects.”

The collapse of the corporate bond market in Vietnam has caused considerable damage in the real estate industry, added Duong.

Amid a government crackdown on the bond market, liquidity has tightened, thereby ending years of easy credit and in turn causing a near 40% surge in property company closures in Vietnam last year.

More are expected to follow: Vietnam’s leading credit agency FiinRatings said in mid-February that still more than 80% of real estate bonds have been issued by unlisted firms deemed financially weak and with low transparency.

The crisis facing Vietnam’s bond market has combined with steadily rising borrowing costs which already ranked among the highest in the region. Vietcombank, the second-largest lender in the country by assets, hiked its mortgage rates above 10% during the second half of last year as the central bank raised the base rate by 1% in September and October.

In a bid to help struggling property developers, the central bank announced a USD5-billion loan bailout package for the industry with the help of some commercial lenders in March.

“The amount of the assistance package may exceed that total if other institutions participate,” said central bank Governor Nguyen Thi Hong, announcing the bailout.

CLEARING OUT CORRUPTION HAS ALWAYS BEEN WELL-RECEIVED TO HELP A MARKET’S CORRECTION. SHORT-TERM SHOCK WILL ULTIMATELY LEAD TO LONGER-TERM STABILITY

The full extent and impacts of the corruption crackdown remain to be seen, both in Vietnam and the wider region as the crackdown continues.

In Vietnam, the crackdown has caused a more cautious approach by individual and institutional investors, many of whom have taken a wait-and-see approach, said Alex Crane, managing director of Knight Frank in Vietnam.

“Especially within the residential sector where smaller investment or speculative transactions have been curbed,” he says. “Knowing your client or counterparty is paramount.”

Yet short-term pain is expected to lead to longer-term gain in Vietnam when it comes to managing corruption-related risks.

The country has soared up Transparency International’s global corruption index,

climbing 27 positions to number 77 out of 180 countries last year. As a result, TI’s index now places Vietnam on a par with European Union member Hungary on transparency and corruption. Last year, Vietnam overtook Thailand and now ranks as the least corrupt nation in ASEAN outside of Singapore and Malaysia.

Although difficult market conditions persist, beyond this year the outlook for Vietnam looks brighter should anti-corruption standards become ingrained alongside promised legal reform of the sector, said Crane.

“Clearing out corruption has always been well-received to help a market’s correction. We expect opportunities for new developers and investors to step in,” he says. “Shortterm shock will ultimately lead to longerterm stability.”

FORMER PRESIDENT NGUYEN XUAN PHUC IS ONE OF THE HIGHESTPROFILE CASUALTIES OF THE CRACKDOWN ON CORRUPTION

A PRESTIGIOUS SEASIDE ADDRESS

Invoking the grandeur of stately bungalows past while looking to the future, the well-thoughtout homes of Meyer Mansion are some of the best options for lux ury living in Singapore

When it comes to finding a place to call home in Singapore, the East Coast is beyond compare.

Lined by 20 kilometres of white sandy beach, the East Coast of Singapore has given rise to exclusive apartments and sprawling landed homes over many decades. A prestigious address for diverse communities, East Coast is home to dozens of schools, perfect for families with children, and a variety of shopping malls to satisfy consumers’ needs.

The area will become more connected than ever to the city centre when Stage 4 of the Thomson-East Coast Line, with stations serving the East Coast, opens next year. At the same time, the serenity of the area offers families a home away from the hustle and bustle of the city.

Only a 10-minute drive away from the CBD, home seekers in Singapore will find one of the most prestigious addresses in the East Coast area: Meyer Mansion.

Residents of Meyer Mansion can enjoy the locality’s laidback charm while benefiting from the easy access to the city centre. Multiple routes via the East Coast Parkway or Nicoll Highway give residents access to central locations such as Marina Bay and Suntec City, as well as the Central Business District. Residents are also just a five-minute walk away from the upcoming Katong Park MRT Station on the

Thomson-East Coast Line. On top of that, Meyer Mansion is close to established academic institutions, including Etonhouse Preschool, Tao Nan School, Dunman High, Victoria Junior College, and Canadian International School. Families can easily spend the weekends by the beach at the nearby East Coast Park with its playgrounds, cafés, leisure amenities, and pier.

When residents arrive at Meyer Mansion, they get the perfect “welcome home” at the entrance. The GuocoLand development evokes the nostalgia of coming home to the old stately mansions and bungalows along Meyer Road, which were set back from the road with tree-lined driveways and expansive lawns.

In fact, 80% of the land at Meyer Mansion is dedicated to lush landscaping and amenities, a signature of the highend residential developments by GuocoLand. The ultimate in luxury is expressed through its generously sized Grand Lawn, 40-metre swimming pool, Clubhouse and Beach House. The extensive facilities and amenities are rare for freehold developments along East Coast.

Meyer Mansion houses 200 distinctive units in a single 25-storey residential tower. Every home is a rare collection because each layout only has 25 units. All units come with marble flooring in the living and dining areas and floor-

to-ceiling windows that command stunning, unobstructed views of the sea or the surrounding landed enclave.

GuocoLand understands that homeowners’ lifestyle needs are ever-changing. This is why Meyer Mansion is designed to accommodate residents at all stages of life. Most of the three- and four-bedroom units have a flexi-room concept with a bedroom separated from the living room by hackable walls. To ease furnishing challenges, GuocoLand ensured that the marble flooring is fitted beneath the hackable walls. This means that homeowners do not need to worry about looking for the same marble flooring should they wish to expand their living room. Reminiscent of the tropical verandahs in the old bungalows, the balconies at Meyer Mansion are shaded and deep, designed to accommodate the expanded space.

Meyer Mansion offers a prestigious address for Singapore and international buyers as well as investors looking for a rewarding asset that is also a high-quality holiday home.

Nostalgic for the great architecture of the past and flexible to the current and future needs of homeowners, the exclusive freehold units of Meyer Mansion now await their privileged takers.

A wide array of developers and projects emerged triumphant from the presentation of the 17th PropertyGuru Thailand Property Awards at The Athenee Hotel, A Luxury Collection Hotel, Bangkok on 25 November 2022.

SC Asset won Best Developer, a title the company had last won in 2015. The company garnered a total of five wins during the evening. Fynn Development Co., Ltd meanwhile gained three wins, including the Best Boutique Developer award.

Other winners in the Developer categories include Comfort Max, the first recipient of the Best Mini Factory Developer title, and Aestima Asset Company Limited, this year’s Best Breakthrough Developer.

Tropical Life Real Estate was named Best Developer (Samui) while Pearl Island Property Co., Ltd. won the Best Developer (Phuket) title. The Riviera Group won the Best Developer (Eastern Seaboard) title.

Asst. Prof. Dr. Kessara Thanyalakpark, managing director of Sena Development Public Company Limited, received the Thailand Real Estate Personality of the Year award.

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

THE JUDGES

Suphin Mechuchep

Chairperson of the Awards in Thailand and Chairperson of JLL Thailand

Chaiyuth Pete Thirangoon

Director, Akatan Company Limited

Chaivut Saengaram, Ph.D

Managing Director, Chuchawal–Royal

Haskoning, Dutch Design & Engineers Consulting Firm

Leong Choong Peng

Director, Australian Institute of Quantity Surveyors, and Advisor, Mentabuild Limited, Consultant Chartered Surveyor

Marciano Birjmohun

Director, The Singapore-Thai Chambers of Commerce

Dr. Phongthon Tharachai

CEO, Project Planning Service Public Company

Limited

Precha Suphapetiporn

President, Thai Real Estate Sales and Marketing Association

Sasivimol Sinthawanarong

Design Principal, Jarken Co., Ltd

Professor Sonthya Vanichvatana, Ph.D, MRICS

Associate Architect, Chairperson of the Department of Real Estate, MSME School of Management and Economics, Assumption

University SPONSORS AND PARTNERS

Platinum sponsor

Mitsubishi Elevator

Gold sponsor

IHI

Gold sponsor

JLL

Official portal partner

DDproperty.com

Official channel partner History

Official magazine

Property Report by PropertyGuru

Official PR partner

Infinity Communications

Media partners

Discover Pattaya, Hot Magazine, Luxuo, Palace, Pattaya Trader, REm, Think of Living, and Yacht Style

Official ESG partner

Baan Dek Foundation

Supporting association

Green Building Consulting & Engineering

Official supervisor

HLB

SC ASSET RECEIVES THE COVETED BEST DEVELOPER AWARD

PEARL ISLAND PROPERTY CO., LTD. ACCEPTS THE BEST DEVELOPER (PHUKET) TROPHY

AND THE BEST DEVELOPER (SAMUI) AWARD GOES TO TROPICAL LIFE REAL ESTATE

AESTIMA ASSET COMPANY LIMITED IS CALLED BEST BREAKTHROUGH DEVELOPER

THE 2022 AWARD RECIPIENTS POSE FOR THE ANNUAL GROUP PHOTO

THE BEST DEVELOPER (EASTERN SEABOARD) IS THE RIVIERA GROUP

FYNN DEVELOPMENT CO., LTD IS NAMED BEST BOUTIQUE DEVELOPER

A BIG NIGHT FOR RAIMON LAND’S LUXURIOUS PROJECTS

Consumers and experts chose the Gold Standard of real estate at the 9th PropertyGuru Asia Awards Malaysia in partnership with iProperty.com.my, supported by Kohler and Desjoyaux Pools.

The gala celebration, held at The Majestic Hotel Kuala Lumpur, saw Mah Sing Group Berhad winning Developer of the Year. The company also won titles for Best Affordable Homes Developer and Best Developer (Central Malaysia), in addition to Special Recognitions.

Hailed the Best Developer (Southern Malaysia), Matrix Concepts Holdings Berhad also won Special Recognitions as well as titles for Bandar Sri Sendayan and Clover @ Resort Residence. WM Senibong Sdn Bhd was named Best Township Developer, also supported by wins for multiple projects.

Other winners in the Developer categories were GuocoLand (Malaysia) Berhad, named Best Lifestyle Developer and honoured for the project Emerald 9; KCC Realty (Best Commercial Developer), also honoured for the project RiverCity Sky Residence; and CPI Land (Best Boutique Developer).

For the full list of winners, please visit: asiapropertyawards.com/en/award/malaysia

THE JUDGES

Dato’ Sr. Lau Wai Seang

Chairperson of the Awards in Malaysia and President of the Royal Institution of Surveyors

Malaysia (RISM): 2017-2018

Chris Tia

Vice-Chairperson of the Awards in Malaysia and Principal and Managing

Partner of Tia & Noordin

Blaine Robert

CEO and Creative Director, Blaine Robert Design

Christophe Vicic Chief Growth Officer, JLL Property Services (M) Sdn Bhd

Dr. Daniele Gambero

President, Malaysia Proptech Association (MPA)

Ho Chin Soon

Chairman, Ho Chin Soon Research

Sr Engad Ravana

Principal, ER Consult

Datuk Ar. Ezumi Harzani

Ismail

President, Malaysian Institute of Architects: 2020-2022

Sr Low Han Hoe

Senior Manager, Investment & Agency, Nawawi Tie Leung Real Estate Consultants Sdn Bhd

Sr Michael Kong Kok Kee

President, Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS)

Ar. Mustapha Kamal Zulkarnain

Founder and Principal, Arkitek Mustapha Kamal

Datin TPr. Hjh Noraida Saludin

President, Malaysian Institute of Planners (MIP)

Ir. Ong Ching Loon

Immediate Past President, The Institution of Engineers Malaysia (IEM):2022-2024

Ar Dr Serina Hijjas Vice president, Malaysia Green Building Confederation (MGBC)

Assoc. Prof. LAr. Dr. Suhardi Maulan

President, Institute of Landscape Architects Malaysia (ILAM)

Tan Hui Yin

Partner, Tan Chap & Associates

Ir. Dr. Zulhkiple A Bakar Managing director, Perunding ZAB Sdn Bhd.

SPONSORS AND PARTNERS

Gold sponsor

Kohler

Silver sponsor

Desjoyaux Pools

Official portal partners

PropertyGuru.com.my and iProperty.com.my

Official venue

The Majestic Hotel Kuala Lumpur

Official channel partner

History

Official magazine

Property Report by PropertyGuru

Official PR partner

Klareco Communications

Media partners

Kopiandproperty.com, Luxuo, Penang Property Talk, Palace, The Grid, Top 10 of Malaysia, and Yacht Style

Official ESG partner

Baan Dek Foundation

People’s Choice Awards official voting partner

PwC Malaysia

Official supervisor

HLB

AWARDEES GAMELY JOIN THE YEARLY CLASS PHOTO

MATRIX CONCEPTS HOLDINGS BERHAD IS CROWNED BEST DEVELOPER (SOUTHERN MALAYSIA)

MALAYSIA’S BEST COMMERCIAL DEVELOPER IS KCC REALTY

CPI LAND TAKES THE BEST BOUTIQUE DEVELOPER TITLE

JUST ONE OF MULTIPLE DEVELOPER CATEGORY WINS FOR MAH SING GROUP BERHAD

THE BEST TOWNSHIP DEVELOPER TITLE GOES TO WM SENIBONG SDN BHD

GUOCOLAND (MALAYSIA) BERHAD ACCEPTS THE BEST LIFESTYLE DEVELOPER AWARD

TAN SRI (SIR) FRANCIS YEOH SOCK PING PSM, KBE IS ANNOUNCED AS MALAYSIA REAL ESTATE PERSONALITY OF THE YEAR

Megaprojects and exquisite designs led the recipients of the 9th PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau), presented in association with Anjuke, on 7 December 2022.

New World Development Company Limited won the coveted title of Best Developer (Hong Kong and Macau) as well as the Best Office Development (Hong Kong and Macau) award for 888 Lai Chi Kok Road (NCB Innovation Centre). The seasoned company also shared the Best Mega Mixed Use Development (Hong Kong and Macau) honour with Lead8 for the massive 11 SKIES project.

Lofter Group Limited garnered four wins, including Best Boutique Condo Development (Hong Kong), plus honours for its projects 181 Sai Yee Street, One Bedford Place, and Two Bedford Place.

Henderson Land Development Company Limited also received four wins for its projects Baker Circle and One Innovale.

Zhuhai Huafa Properties Co., Ltd. and LYCS Architecture won the sought-after Best Housing Development (Mainland China) and Best Condo Development (Mainland China) titles, respectively.

For the full list of winners, please visit: asiapropertyawards.com/en/award/mainlandchina asiapropertyawards.com/en/award/hongkong asiapropertyawards.com/en/award/macau

MAINLAND CHINA JUDGES

Paul Tse

Chairperson of the Awards in Mainland China, Hong Kong and Macau and President of the Board of Directors, Macao Association of Building Contractors and Developers

Chou Guang Ming (Ray)

Founder and Creative Director, Vermilion Zhou Design Group

Coco Lin

Principal and Project Director, B+H Consulting International Inc.

Eunice Wu

Property Director, China Merchants Shekou and Overseas Development Division

Guo Nu

Founder and Design Principal, AUD Architect and Urban Design

James Woo

Executive Director and Co-Head of Valuation and Advisory Services for China, Colliers

Jesse Wang Design Director, F.G Studio

Ken Ip

Chairman, Asia MarTech Society

Luo Minjie

Director of the Planning and Design Department, Sichuan Waterfront Urban and Rural Development Co., Ltd

T.K Chu

Founder and Principal Designer of T.K. Chu Design Group and TK Home

SPONSORS AND PARTNERS

Official partner

Anjuke

Official channel partner

History

Official magazine

Property Report by PropertyGuru

Exclusive digital branding partner

Global Design Awards Lab

Official PR partners

Wang Shaoqing

Founder and Chief Designer, CLV.Design

Wei JinJing

Founder and Chief Creative Director, Nature Times Art Design

Zhong Ling

Founder of DUTS Design, French National Registered Architect, Master of Architecture in ENSAPLV, and Guest Teacher of Shanghai

Jiao Tong University

HONG KONG AND MACAU JUDGES

Gregory Ku

Executive Consultant, Jones

Lang LaSalle Hong Kong

Jimmy Wardhana

Co-Founder and Principal of JWCC Architecture Co. Ltd.

Oliver Tong

General Manager, Jones Lang

LaSalle Macau & Zhuhai

Vincent Cheung

Founder and Managing Director, Vincorn Consulting and Appraisal Limited

Sr Yew, Edmond

Vice-President of China Real Estate Chamber of Commerce

(HK and International Chapter)

Yu Kam Hung

Past President, The Hong Kong Institute of Surveyors

Artemis Associates and Molihua Media Group (MMG) Media partners

Luxuo, Mingtiandi, Palace, and Yacht Style

Supporting association

IFC – Excellence in Design for Greater Efficiencies

Official supervisor

HLB

NEW WORLD DEVELOPMENT COMPANY LIMITED ADDS THE BEST DEVELOPER (HONG KONG AND MACAU) AWARD TO ITS LAURELS

LEAD8 WINS BIG FOR PROJECTS WITH EXEMPLARY DESIGNS

HANG LUNG PROPERTIES IS LAURELED FOR HEARTLAND 66

HUARCHI GLOBAL DESIGN CORPORATION LTD & TREASURE ISLAND ENTERTAINMENT COMPANY LTD ALSO BAG COVETED DESIGN WINS

LYCS ARCHITECTURE’S WINS INCLUDE THE SOUGHT-AFTER BEST CONDO DEVELOPMENT (MAINLAND CHINA) TITLE

LOFTER GROUP LIMITED GARNERS SEVERAL WINS, INCLUDING BEST BOUTIQUE CONDO DEVELOPMENT (HONG KONG)

BENOY LIMITED IS HONOURED FOR ITS OUTSTANDING DESIGNS

THE BEST HOUSING DEVELOPMENT (MAINLAND CHINA) AWARD, AMONG OTHERS, GOES TO ZHUHAI HUAFA PROPERTIES CO., LTD.

The PropertyGuru Asia Property Awards gala dinner is the most anticipated and exclusive night in the region's real calendar

For the full list of Winners and Highly Commended award recipients, please visit: asiapropertyawards.com/en/award/vietnam

For the full list of Winners and Highly Commended award recipients, please visit: asiapropertyawards.com/en/award/cambodia

For the full list of Winners and Highly Commended award recipients, please visit: asiapropertyawards.com/en/award/philippines

For the full list of Winners and Highly Commended award recipients, please visit: asiapropertyawards.com/en/award/singapore

For the full list of Winners and Highly Commended award recipients, please visit: asiapropertyawards.com/en/award/indonesia

Emerald 9 Batu 9 Cheras, Malaysia

Emerald 9 is a fully integrated, transitoriented development (TOD) along Cheras 9th Mile in Selangor. Spanning across 10.14 acres of land, the freehold development comprises five residential towers with office spaces, street shoppes and a courtyard clustered around green spaces. On the rooftop, residents enjoy a deck of recreational facilities including jogging tracks, an outdoor gym, and landscaped gardens.

Located at a strategic and prime location, Emerald 9 is easily accessible through major highways: Cheras-Kajang Expressway (CKE), East-West Link (Connaught Highway), Middle Ring Road and Sungai Besi-Ulu Kelang Elevated Expressway (SUKE). The developer has also built a direct ingress and egress from CKE that leads to Emerald 9. On top of that, the development is linked to the Taman Suntex MRT station via a dedicated covered walkway.

Emerald 9 offers versatile office suites above its retail shops. Upholding the developer’s vision of an interlinked lifestyle in a single development, the office suites are accessible from three sets of lifts at multiple entry points. Every office suite is designed to cater to entrepreneurs who need spaces to work, live and play.

The office floor plans follow a passive design, with large opening windows that encourage cross-ventilation and natural lighting. Screens and deep overhangs are designed to reduce heat traps and overreliance on air-conditioning, thus reducing energy consumption.

Overall, Emerald 9 combines good access, seamless connectivity, community living and conveniences, all in one place.

Emerald 9 by GuocoLand (Malaysia) Berhad

Developer: Guocoland (Malaysia) Berhad

Product type: Offices

Architect: RSP Architects Sdn Bhd

Launch date: Q4 2023

Completion date: Q4 2025

Total land area: 441,698 sq ft (10.14 acres)

Number of units: 151 (office units)

Unit size: 500-8,400 sq ft

Facilities: Multipurpose open space, outdoor par course (fitness garden), yoga deck, jogging track, and outdoor pod gardens

Monthly maintenance fees: MYR0.34 per sq ft

Price range: MYR650,000 to MYR6.5 million

Contact:

Phone number: 018 – 222 0929

Email: erinang@guocoland.com

Address: Emerald 9 Sales Gallery, Jalan Cheras, Batu 9 ½, 43200 Cheras, Selangor, Malaysia

Elonia @ Bayu Sutera Bandar Sri Sendayan, Malaysia

Elonia @ Bayu Sutera is a community of two-storey link homes in Bayu Sutera, one of the newest projects launched within the 6,000-acre, self-sustaining township known as Bandar Sri Sendayan.

Bayu Sutera offers 2,043 units across a wide variety of design layouts, appealing to first-time homebuyers as well as smallto medium-size families, among other types of property seekers. Launched in the wake of the success of Ara Sendayan, the Bayu series is situated in the heart of Bandar Sri Sendayan, putting the project within proximity to various kinds of lifestyle amenities in Seremban. These residential products are only a stone’s throw away from such conveniences, communal hubs, and attractions as d’Tempat Country Club, Matrix Global Schools, and X-Park.

Spanning over 216 acres of freehold land, Bayu Sutera itself has ample space for various amenities and facilities, with a 9.5acre central park for its anchor. Since 2021,

Bayu Sutera has fully sold out its first two phases of development, consisting of 963 modern double-storey link homes.

Catering to a broad scope of market segments, all precincts of Bayu Sutera are well positioned to benefit from the excellent connectivity, extensive amenities, and exceptional facilities that are readily available in Bandar Sri Sendayan.

Bandar Sri Sendayan by Matrix Concepts Holdings Berhad

Developer: BSS Development Sdn Bhd, a subsidiary of Matrix Concepts Holdings Berhad

Product type: Link homes

Architect: KN Tan Architect

Launch date: September 2022

Completion date: Estimated September 2024 (For Elonia Phase 1 Series)

Total land area: 33.79 acres

Number of units: 425

Average unit size: Built-up from 2,315 sq ft

Facilities: Shelter, reflexology pathway, badminton court, picnic area, walkway, parcourse, playground, hammock

Price range: MYR638,888-955,888

Contact:

Phone number: 06-764 2688

Email: sales@mchb.com.my

Address: Wisma Matrix, No.57, Jalan Tun Dr.Ismail, 70200 Seremban, NSDK, Malaysia

Residensi Larkin Indah

Johor Bahru, Malaysia

Residensi Larkin Indah is a residential high-rise development in Johor Bahru. Set along the main road in Larkin Indah, the development is easily accessible from areas such as Bandar Larkin and Bandar Baru Uda.

The apartment building is a landmark in the area with its unique glass-and-concrete façade, with full-height windows that invite daylight and ventilation into the units. The façade exudes a classy, contemporary aesthetic with glass details shaped like mirrors, as reinforced by dark aluminium frames.

Residents at Residensi Larkin Indah avoid noise pollution due to the property’s AAC blocks, which enhance sound insulation. The blocks also lower thermal conductivity, cooling down the interior spaces of the units and thereby reducing the use of air-conditioning, which in turn lowers the building’s carbon footprint. Since

AAC blocks are highly fire-resistant, they significantly reduce hazards for residents.

Property seekers can choose from four types of floor plans with areas ranging between 860 sq ft to 1,200 sq ft. Every unit maximises spatial and experiential quality, with ample space for storage and great views from all the rooms and living spaces. With unit types carefully optimised to reduce complexity and enhance delivery time, the project becomes cost-effective, which means more affordable options for property seekers.

Developer: Alfa Lagenda Sdn. Bhd.

Product type: Apartments

Architect: Jamil Hamberi Architect

Launch date: April 2018

Completion date: May 2023

Total land area: 303,177.6 sq ft (6.96 acres)

Number of units: 1,174

Average unit size: 1,030 sq ft

Facilities: Kindergarten, multi-purpose hall, nursery, surau, and playground

Monthly maintenance fees: MYR0.15 per sq ft

Price range: MYR246,368-343,967

Contact:

Phone Number: 03-7628 9898

Email: Info@Pr1ma.My

Address: Block F, No. 2, Jalan PJU 1a/7a, Oasis Square, Ara Damansara, 47301 Petaling Jaya, Selangor, Malaysia

Residensi Larkin Indah by PERBADANAN PR1MA MALAYSIA

BEST MASS MARKET HIGH-RISE DEVELOPMENT (SOUTHERN)

38 Bangsar Residensi Kuala Lumpur, Malaysia

Interweaved with the affluent suburbs of Bangsar, 38 Bangsar Residensi is an exclusive, 38-storey integrated property that offers 278 serviced apartment units for booking.

Developed after the overwhelming response to nearby Gaya Bangsar, 38 Bangsar Residensi caters to dwellers who value individuality and functionality. Ideal for expatriate home seekers, the property has a wide array of unit layouts ranging from studios to three-bedroom, three-bathroom residences.

Towering above Jalan Maarof, 38 Bangsar Residensi is nestled in a neighbourhood with upmarket restaurants and vibrant nightlife. The development itself is home to first-class facilities such as an infinity pool, surau, gym, rooftop garden and gazebo, walking track, and playground, among others.

Units at 38 Bangsar Residensi are welldesigned and spacious, with built-up areas starting at 580 sq ft for the studios and 960 sq ft for the dual-key, suite-style, threebedroom units. Residents have their own balconies and get open-plan layouts, making the units suitable for working from home.

38 Bangsar Residensi is protected with five tiers of security, enforced at different levels including the guardhouse, the lobby and lifts with access card, and smart door and sensor systems.

Only 150 metres from the Bangsar LRT Station and surrounded by five major highways, 38 Bangsar Residensi is highly convenient for commuters.

38 Bangsar Residensi by UDA Holdings Berhad

Developer: One JSI Development Sdn Bhd

Product type: Serviced apartments

Architect: LKMD

Launch date: April 2021

Completion date: October 2024

Total land area: 1.16 acres

Number of units: 278

Average unit size: 1,061 sq ft

Facilities: Infinity pool, surau, gym, rooftop garden, walking track, and outdoor gazebo

Monthly maintenance fees: MYR0.50 per sq ft

Price range: MYR763,333 to MYR1.9 million

Contact:

Phone number: 011 1722 5658

Email: udaproperty@udanet.com

Address: Ground Floor, Gaya Bangsar Condominium 1, Jalan Bangsar Utama 1, Bangsar, 59000 Kuala Lumpur, Malaysia

Emerald Business Park, Crest@Austin Bandar Jaya Putra, Malaysia

The award-winning Emerald Business Park is a lakefront commercial hub situated in Crest @ Austin. Developed by WM Senibong Sdn Bhd, a member of Walker Corporation, Crest @ Austin is a 371-acre master-planned community consisting of residential, commercial and retail components. Located in the established Mount Austin district, Crest @ Austin aims to the converging point for work, business, play and lifestyle.

The Emerald Business Park spans 115 acres and consists of three and four storey shop offices fronting a 20-acre Central Lake Park. The units have built-up areas starting from 4,950 sf and are designed to cater for modern business requirements, with wide

frontages, ample carparks, extra ceiling height and provisions for lift installations. The spacious and functional layouts are perfect for a full range of businesses from restaurants and cafes, retail, services and offices.

The Emerald Business Park is also strategically located with easy accessibility to major highways and Senai Airport, and it also within close proximity to good schools, medical facilities and amenities; and a strong residential catchment. The commercial hub is also well connected internally; with well planned traffic flow.

Emerald Business Park is planned and created for businesses and work to flourish.

Emerald Business Park, Crest@Austin by WM Senibong Sdn Bhd

*Artist's Impression

Developer: WM SENIBONG SDN BHD

Product type: Shop offices

Architect: RDC Arkitek Sdn Bhd

Launch date: November 2019 (Phase 1), October 2021 (Phase 2), November 2022 (Phase 3)

Completion dates: 3 years from SPA date

Total land area: 115 acres

Number of units: 337 (excluding future launches)

Average unit size: From 4,950 sq ft

Facilities: 20-acre central lake park, walking and jogging paths, link bridge, and more

Price range: MYR1.625-4.318 million

Contact:

Phone number: 07-360 9908

Email: salescrest@wmsenibong.com.my

Address: Crest @ Austin Sales Gallery, PTD 117029, Persiaran Jaya Putra 1, 81100 Johor Bahru, Johor, Malaysia

*Artist's Impression

*Artist's Impression

Celesta Avenue HCMC, Vietnam

Celesta Avenue is a 1.5-hectare commercial hub within the master-planned development known as CELESTA City. Located in the gateway area of Saigon South, Celesta Avenue is set to be a premium address for property seekers and investors.

Celesta Avenue comprises 43 limitededition dual-frontage terrace houses, offering a vibrant main street frontage on one side and a safe, beautifully landscaped walking street on the other side. By collocating retail establishments with residential homes, these terrace houses double business potential for owners. From restaurants and cafés to floral shops and multi-purpose spaces, the units are fit for a wide variety of business opportunities.

The development is designed to have semidetached façades, featuring a spacious

rooftop and balconies. The versatile layout with lift space provision gives owners the flexibility to configure their multi-storey units according to their needs. Units abound with natural lighting, with every room especially crafted for the comfort of residents.

Celesta Avenue is set in a spectacular landscape where residents can easily spend time with their families at the linear park located right in their backyards. Residents can also indulge in nature at the neighbouring two-hectare public park and the upcoming 250-hectare golf club.

Due to Celesta Avenue’s good connectivity, residents are close to opportunities and conveniences, including shopping malls, offices, golf clubs, educational institutions, and international hospitals.

Celesta Avenue by Keppel Land Vietnam and Phu Long Real Estate Corporation

(HCMC)

Developer: Keppel Land and Phu Long

Product type: Terrace house

Architect: BYG Projects (Vietnam) Ltd.

Total land area: 15,300 sqm

Number of units: 43

Average unit size: 385 sqm

Facilities: Linear park, two-hectare green park, and kids’ outdoor playground

Contact:

Phone number: (+84) 944 139 382

Email: info@celesta.com.vn

Address: CELESTA Sales Gallery, Ground Floor – PV Gas Tower, 673 Nguyen Huu Tho Street, Phuoc Kien Ward, Nha Be District, Ho Chi Minh City, Vietnam

Mazenta Residence Banten, Indonesia

Mazenta Residence is a 91-unit residential development in the district of Ciputat at Kota Tangerang Selatan. The development is unique for its Japandi design features, prioritising function and comfort.

Every Mazenta unit has 11 eco-friendly features, namely an insulated, heat-reflective roof (white roof); double loaded wide car porch; high ceiling level; panoramic windows; cross-ventilation; skylight; column-less layout; ensuite bathroom with skylight; centralised hot water system; underground infiltration wells; and biotech septic tank.

Highly in demand, Mazenta Residence has sold out more than 90% of its units already. The development embraces the concept of Japan Ambiance Living, with a complete range of premium facilities to meet the needs of its residents. These include a jacaranda tunnel and a wet park with the iconic Japanese bridge, plus yoga and pet parks, a children’s playground, tabebuia walk, looping jogging track, and outdoor gym. The project is also home to a clubhouse equipped with a prayer room, fitness

centre, swimming pool, and a multifunction room, designed to strengthen bonds between residents.

Built on a lush area spanning 1.6 hectares, Mazenta Residence is strategically located adjacent to the Bintaro Business Centre and only three minutes from Jurangmangu Station, Bintaro Exchange, Pembangunan Jaya University, and Pondok Aren toll gate. It is also very close to prestigious schools, wellknown hospitals, and large shopping centres.

BEST

BEST

Developer: PT. Cipta Harmoni Lestari

Product type: Residence

Architect: Atelier Riri (Riri Yakub)

Launch date: March 2022

Handover date: From June 2023

Total land area: 1.6 ha

Number of units: 91

Average unit size: 83-130 sqm

Price range: From IDR1.9 million

Facilities: Jacaranda tunnel, yoga park, pet park, wet park with Japanese bridge, playground, tabebuya walk, looping jogging track, outdoor gym, and clubhouse with musholla

Contact:

Phone number: 081333335155

Email: sales@mazentabintaro.id

Website: https://www. mazentabintaro.id

Mazenta Residence by PT. Cipta Harmoni Lestari

Mazenta Residence by PT. Cipta Harmoni Lestari

Mazenta Residence by PT. Cipta Harmoni Lestari

Cimanggis Golf Estate Depok, Indonesia

Cimanggis Golf Estate (CGE) is a megaproject of PT Mitra Bangun Prasada, a subsidiary of Artha Graha Network, in the district of Cimanggis in Depok. The township development covers a total area of 510 hectares, including golf courses, residential and commercial areas, and a business district. Easily accessible from Bogor, the project sits right after Cimanggis Toll Gate and next to exit Tol Jagorawi KM 19.

CGE is home to the exclusive Emeralda Golf Club (EGC) with award-winning 27-hole golf courses designed by Jack Nicklaus and Arnold Palmer. Part of the golf estate’s main facilities, EGC incorporates the Sundanese lifestyle into a modern club environment.

The golf township has a growing list of thematic residential areas. CGE has launched Cluster Nahara, the first residential cluster in Indonesia to have mini-golf facilities. It is also set to launch CGE Avenue, a new leisure destination with 18 mini-golf courses.

By the end of 2023, CGE will have launched other residential communities such as Cluster Margata, which features units with tropical and classic interiors, followed by Cluster Nahara, which features an avantgarde design concept. CGE will also further develop Uenos House, which includes the first compact houses in Depok.

The next stage of development at CGE will involve more of its commercial area, with plans to launch the biggest F&B destination in Depok at CGE Avenue.

Cimanggis Golf Estate by PT Mitra Bangun Prasada

HIGHLY COMMENDED

HIGHLY COMMENDED

BEST

Developer: PT Mitra Bangun Prasada

Product type: Landed house

Architect: In-house

Launch date: 2019

Completion date: 2045

Total land area: 510 ha

Number of units: 390 (Margata), 270 (Nahara), 172 (Uenos)

Average unit size: 104 sqm

Price range: IDR990,000,000 to IDR4 billion

Monthly maintenance fees: IDR 4,000 per sqm

Facilities: Golf course, driving range, clubhouse, mini-golf, equestrian area, leisure and F&B spaces, riverside jogging track, basketball court, swimming pool, commercial area, school, hospital, and mosque

Contact:

Phone number: 021 7781 7777

Email: galuh@cimanggisgolfestate.com

Website: https://www.cimanggisgolfestate.com

Cimanggis Golf Estate by PT Mitra Bangun Prasada

Cimanggis Golf Estate by PT Mitra Bangun Prasada

Thamrin Nine Complex Jakarta, Indonesia

Thamrin Nine is a world-class superblock in the Jakarta CBD with a retail podium and two mixed-use towers, one of which is Autograph Tower, the tallest building in the Southern Hemisphere. In addition to a lifestyle shopping mall, the towers encompass Grade A office spaces; the PARKROYAL Hotel & Serviced Residences; the Waldorf Astoria Hotel, which houses a spectacular central atrium; and the Pan Pacific Hotel.

The superblock is strategically positioned only a few steps away from Bunderan HI, a centrally located location known as the terminus of the Jakarta MRT’s North-South Line, and will have direct access to the Grand Indonesia and Dukuh Atas MRT Stations. Thamrin Nine is the only transit-oriented development (TOD) with connections to the MRT, LRT, Commuter Line, and Airport Train.

Thamrin Nine encompasses the 385-metrehigh Autograph Tower, the tallest building in the Southern Hemisphere. Designed by New York-based architecture firm Kohn Pedersen Fox (KPF), the mixed-use building has Indonesia’s first private observatory deck as well as the country’s deepest basement and fastest lifts. The building also has efficient chillers and a safe earthquake resistance system, among other fine specifications. Certified BCA Green Mark Platinum, the supertall features a site-specific building orientation; the most advanced building technology; plenty of greenery; and a highperformance façade.

The tower is filled with attractions from top to bottom, including a cantilevered observatory deck at the Sky Box; a glassfloor viewing deck at the Sky Garden; and a glass room at the Campanile, marking the highest building peak in the southern hemisphere.

BEST CONDO DEVELOPMENT

BEST HIGH RISE OFFICE DEVELOPMENT

Developer: PT Putragaya Wahana, a member of Galeon Group

Product Type: Mixed-use superblock (including Grade A Offices, a lifestyle shopping mall, hotels, and serviced residences

Total land area: 5.2 ha

New development area: 3.65 ha

Architect: Kohn Pedersen Fox (KPF), New York

Amenities: VIP facilities, lifestyle mall, concert hall, sports complex, IMAX theatre, luxury hotels and serviced residences, ballrooms and meeting rooms, and observatory decks

Contact:

Hotline: +62 811 306 399

Website: www.thamrinnine.com

WINNER

BEST LUXURY CONDO DEVELOPMENT

WINNER

BEST MIXED-USE DEVELOPMENT

Address: Jl MH Thamrin No.10, Central Jakarta, Indonesia

Le Parc at Thamrin Nine Complex by PT Putragaya Wahana, a member of Galeon Group

(INDONESIA)

WINNER

Le Parc at Thamrin Nine Complex by PT Putragaya Wahana, a member of Galeon Group

(JAKARTA)

Autograph Tower at Thamrin Nine Complex by PT Putragaya Wahana, a member of Galeon Group

WINNER

Thamrin Nine Complex by PT Putragaya Wahana, a member of Galeon Group

Dusit Thani Lubi Plantation Resort Pindasan, Mabini, Davao de Oro, Philippines

Dusit Thani Lubi Plantation Resort is a fivestar island resort in Davao de Oro.

A “tropical modernist” property in the style of architect Geoffrey Bawa, the resort offers luxury seafront villas that come with alfresco tubs, lush gardens, and private pools and terraces. The site is nestled alongside whitesand beaches, with views of the Davao Gulf and access to a thriving marine life.

The resort has first-class facilities, including an infinity pool, gym, tennis court, giant chessboard, and mini golf course. It is home to The Mill Game Centre, which holds areas for playing billiards, e-games, darts, and table tennis, as well as soundproof recording studios.

With venues such as The Holy Family Chapel and Tamsi Wedding Hall as well as its private beachfront, the resort can easily cater to destination weddings. The resort also caters to local and international tastes with dining options like the Filipino Tarictic Grill, Burger Bar at The Mill, and Ga-ti Thai Restaurant.

The resort accommodates guests on a day trip to the resort with locker facilities, luxury shower amenities, and changing rooms, all available at The Warehouse.

Surrounded by protected marine sanctuaries, the island has a fully equipped dive centre that allows guests to interact with the area’s rich population of fishes, sea turtles, and coral reefs. Guests also have access to water sports facilities like kayaks and jet skis.

Dusit Thani Lubi Plantation Resort by Torre Lorenzo Development Corporation

(DAVAO)

Developer: Torre Lorenzo Development Corporation

Product type: Luxury resort

Architect: Rchitects Inc., Remulla Sha and Associates, Enrique Madamba, Joey Amistoso

Launch date: 2019

Completion date: 2025

Total land area: 377,700 sqm

Facilities: The Warehouse (recreational amenities), The Mill Game Centre (entertainment options), Dive Centre (protected marine sanctuaries), private beach, pools, tennis court, playground, spa, gym, business centre, and more

Contact:

Website: https://www.dusit.com/dusitthanilubiplantationresort

Bridgeport Park Island Garden City of Samal, Philippines

Bridgeport Park is the condominium component of Bridgeport, a marina community development by Damosa Land, Inc. The development is located on the paradisiacal vacation hub of Samal Island in the Davao Region of the Philippines.

Lifting inspiration from the boating and seaside lifestyle of the US East Coast in the United States, the project is designed for leisurely waterfront living with privileged access to a wide variety of seaside and onshore facilities. These include a marina, dry dock boat parking space, and helipad. The architecture of the Hamptons, a string

of affluent seaside communities, inspired the interior design of the units, giving residents solace and luxury by the sea.

Bridgeport Park has designated three hectares of land for condominium development. The project is home to Samal Island’s longest swimming pool at 90 metres long. In addition, the development has a marina, clubhouse with a view deck, adult and kiddie swimming pools, wet and dry play areas, spa, playroom, wellness gym, WiFi-ready flexible workspaces, lounge, and other amenities where residents can mix pleasure with business.

Bridgeport Park by Damosa Land, Inc

Developer: Damosa Land, Inc

Product type: Condominium

Architect: Nakpil Architecture

Launch date: February 2022

Completion date: January 2030

Total land area: 29,908 sqm

Number of units: 274

Average unit size: 53 sqm

Facilities: Clubhouse with gym, linear pool, kiddie and adult pools, shipyard (events place), and marina for boat docking

Price range: PHP5.8-12.1 million

Contact:

Phone number: 09985799204

Email: asalvaran@anflocor.com

Address: Damosa Diamond Tower, Damosa IT Park, Damosa Complex, Lanang, Davao City 8000, Philippines

The Residences at Sheraton Cebu Mactan Resort

Cebu, Philippines

The Residences at Sheraton Cebu Mactan Resort is the first Sheraton-branded residences in Southeast Asia. Set next to the first-ever Marriott-branded resort in the Philippines, The Residences at Sheraton Cebu Mactan Resort is a seamless integration of a holiday destination and living space.

Nestled in Mactan, one of the world’s top island destinations, the 44,000-square-metre property features a 22-storey main tower containing 154 private units in one-, two-, and three-bedroom configurations. With only up to six residences per wing and an open-air, resort-style lobby, residents’ space and privacy are ensured at The Residences.

The exclusive Courtyard Villas at The Residences includes generous living spaces offering unobstructed views of nature and the courtyard lagoon pools. All 36 villas, available in two-bedroom homes and three-bedroom loft configurations, come with their own private pool, an open deck, and family-friendly features.

Top global architecture firm Blink Design Group, a specialist in luxury hotels and resorts, fused contemporary design with tropical aesthetics and local touches in designing The Residences. Taking inspiration from its coastal surrounds, The Residences features clean lines and materials like natural stone, rattan, marble, plush fabrics, and wood. Every unit looks out through large panoramic windows for unobstructed vistas of the ocean or courtyard pools.

Amenities include the residents-only Beach Club, modern dining facilities, a signature spa, decadent steam rooms, a state-of-the-art fitness centre, yoga room, exclusive courtyard garden, and pool lounge. Residents always have access to the resort and a scenic white sand beach, affording them an incomparable experience.

WINNER

BEST BRANDED RESIDENTIAL DEVELOPMENT

Residences at

WINNER

BEST CONDO INTERIOR DESIGN

Residences

Developer: AppleOne Mactan Inc.

Product type: Towers and villas

Architect: Blink Design Group

Launch date: October 2016

Completion date: Q2 2023

Total land area: 3.8 hectares

Number of units: 190

Average unit size: 120.23 sqm

Facilities: Residents-only beach club, courtyard lagoon pool, fully-fitted fitness centre, residential owners’ lounge, multi-purpose function room, steam rooms, kids’ room, and more

Monthly maintenance fees: PHP125 per sqm

Price range: PHP10.4-95 million

Contact:

Phone number: +63 977 830 4655

Email: info@theresidencescebu.com

Address: Punta Engaño Road, Mactan Island, LapuLapu City, Cebu, Philippines

The

at Sheraton Cebu Mactan Resort by AppleOne Mactan, Inc.

The

Sheraton Cebu Mactan Resort by AppleOne Mactan, Inc.

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