PropertyGuru Property Report No.178 (June - July 2023)

130 AI AROUND ASIA

AUTOGRAPH TOWER RISES 94

138 VIETNAM’S TRANSITIONAL PERIOD

SINGAPORE PLAYS IT COOL 146

128 SOUTHBANK PAYS DIVIDENDS

GOLDEN VISAS LOSE SHINE 157

USD10; SGD13; IDR135,000; MYR41; THB330

NO. 178 asiapropertyawards.com/newsroom

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Kohler

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Kohler

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WINNER WINNER Best Landed BEST LANDED Architectural Desig n ARCHITECTURAL DESIGN

SeriAustin AustinHeights Height s Seri by Aksi Sepakat Sdn Bhd

by Aksi Sepakat Sdn Bhd

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Prompt 88

Winner

Best Mixed Use Architectural Design

CRL MixC Qianhai Shenzhen, China Scope Date of Completion Project Size Client

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Masterplanning, Retail Planning, Architecture (Full Scope) Dec 2021 631,000 sqm China Resources Land

The design explores a 24-hour active city and dynamic community that shapes the image of the financial city with iconic and vibrant charm.

The indoor and outdoor spaces form a rich collection of human and green atmosphere with world-class integrated services, fully reflecting the location of Qianhai, creating a new bright spot in Shenzhen.

The mixed-use development consists of a 4-storey retail podium which connects the five towers on the site – three commercial office buildings, a 5-Star international hotel and a serviced apartment residence.

Prompt 88

Highly Commended Best Retail Architectural Design

Suzhou Joy Breeze Suzhou, China

Scope Date of Completion Project Size Client

Masterplanning, Retail Planning, Architecture (Full Scope) September 2021 330,000 sqm Grandjoy Holdings Group

With a total construction area of roughly 330,000 m², the project includes a shopping mall, commercial street, a P+R public transit hub and an independent parking building with 3,000 parking spaces. The project is recognisable for its vast public squares, diverse activities and recreational areas.

The scheme is built on an architectural model of “park + neighbourhood + box” while adorning Joy City’s iconic orange colours as the bridge that connects retail, dining, lifestyle, services, leisure, entertainment, social and family-oriented space — creating a new generation lifestyle destination where nature, culture, and commerce meets.

+852 3002 0692 | marketing@benoy.com | www.benoy.com

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Sinar Mas Land

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Sinar Mas Land

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Kambujaya Development Co., Ltd

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Kambujaya Development Co., Ltd

WINNER BEST CONNECTIVITY CONDO DEVELOPMENT

BEST CONNECTIVITY CONDO DEVELOPMENT (ASIA)

LRT City Jatibening

by PT Adhi Commuter Properti Tbk.

LRT City Jatibening

by KSO PT Adhi Commuter Properti Tbk. & PT Urban Jakarta Propertindo Tbk.

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Angkor Palace Development Co.,Ltd.

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Angkor Palace Development Co.,Ltd.

BEST DEVELOPER (INDONESIA)

Agung Sedayu Group

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MELBOURNE, SOUTHBANK ART PRECINCT

Discover Life Inside The Square

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KENNEDY PARK - 3745M²

LEVEL 8 PODIUM POOL

Rising majestically above the opulent glow of Melbourne’s internationally acclaimed Arts Precinct, Melbourne Square harnesses the elegance and poise of its city-fringe surrounds, alongside the rich cultural energy of Southbank, to deliver a lifestyle that is unparalleled.

LEVEL 54 RESIDENTS LOUNGE

Our latest release - the Skyhome Series offers luxury resort style living with private pools and terrace, dining room, golf simulator, music room and library. As well as our 3745m² park and lush gardens, ground floor retail and Woolworths.

MELBOURNESQUARE.COM.AU 17

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ASIA WINNER

Best Branded Residential Development

In Asia 2022

The Residences at Sheraton Cebu Mactan Resort 22

Discover Thoughtful, Elevated Living

Nestled within a tropical sanctuary of sea and land, The Residences at Sheraton Cebu Mactan Resort transform your everyday living experiences with carefully considered and thoughtfully inspired home dwellings.

The multi-awarded development by AppleOne Mactan draws inspiration from the surrounding cliffs, lush foliage, expansive beaches and exposed rocks, to create stylish modern residences that reflect contemporary design with tropical aesthetics and local touches. The Courtyard Villas at The Residences is at the helm of elevated resort-living with its generous living spaces boasting unobstructed views of nature and the courtyard lagoon pools. Choose from a 2-bedroom home or 3-bedroom loft with its own private pool and inclusions that suit every family’s needs. Get to experience an exclusive Residents only Beach Club and have access to the resort, offering unparalleled services and 5-star amenities including modern dining facilities, a signature spa, decadent steam rooms, state-of-the-art fitness center, and a stunning beach along Mactan Island.

I N C.

An AppleOne Mactan, Inc. project. The Residences at The Sheraton Cebu Mactan Resort are not owned, developed or sold by Marriott International, Inc. or its affiliates. AppleOne Mactan, Inc. uses the Sheraton® trademarks and trade names under a license from Marriott International, Inc. or one of its affiliates. If this license is terminated or expires without renewal, the residential project will no longer be associated with or have any right to use, the Sheraton brand, trade names or trademarks.

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Transforming our Future Award-winning, multi-disciplinary designers creating and delivering new experiential values in commercial developments.

Architecture | Interiors | Masterplanning | Branding + Graphics 26

WINNER BEST MEGA MIXED USE DEVELOPMENT (HONG KONG AND MACAU)

11 SKIES

by Lead8 & New World Development Company Limited

WINNER BEST RETAIL ARCHITECTURAL DESIGN (MAINLAND CHINA)

Shougang Park Urban Weaving District

by Lead8

11 SKIES Hong Kong, China

Shougang Park Urban Weaving District Beijing, China

HIGHLY COMMENDED BEST RETAIL ARCHITECTURAL DESIGN (MAINLAND CHINA)

MixC Wuhan

By Lead8

www.lead8.com

MixC Wuhan 27China Wuhan,

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www.sinarmasland.com 30 Sinar Mas Land

@sinarmas_land

@sinarmas_land

EXOTIC ASIAN LIFESTYLE CENTER IN BSD CITY Eastvara is a newly designed commercial compound with modern & aesthetic architecture, influenced by the exotic yet festive Asian culture.

WINNER BEST SUSTAINABLE DEVELOPER

PT. Bumi Serpong Damai

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Artist Impression

98 100 Panoramic views

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Rooftop pool

Resident lounge

Rooftop garden

W Walksco re

T ansport at Tr your fingertips

Surrounded by amenity

Award-winning development team

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A VERTICAL OASIS IN THE HEART OF SINGAPORE Experience “Art, Culture & Emotional Wisdom” at Artyzen Singapore, a luxury lifestyle hotel opening in October 2023.

Learn more at ArtyzenSingapore.com

WINNER

WINNER

BEST HOTEL ARCHITECTURAL DESIGN

BEST HOTEL INTERIOR DESIGN

Artyzen Singapore

by Artyzen Hospitality Group

Artyzen Singapore

by Artyzen Hospitality Group

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Mega Tower, Manila

GDH Plaza, Panyu

Brickell City Centre, Miami

www.arquitectonica.com Citygate Outlets, Hong Kong

With offices in Miami, New York, Los Angeles, West Palm Beach, Paris, Hong Kong, Shanghai, Manila, Lima and Sao Paulo, Arquitectonica is a major presence on the international stage.

From its inception in 1977, the firm received almost instant attention and acclaim from critics and the public alike, due to a bold modernism that was immediately identified with a renaissance in Miami’s urban landscape. Led by Principals Bernardo Fort-Brescia and Laurinda Spear, Arquitectonica continues to push the limits of design with its innovative use of materials, geometry, pattern and color to introduce a new brand of humanistic modern design to the world. Today Arquitectonica’s practice spans the globe, with projects in 59 countries on five continents.

RDTX Place, Jakarta

Hall of the Sun, Shanghai

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Microsoft Europe Headquarters, Paris

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PANTJORAN PIK Agung Sedayu Group and Salim Group present Pantjoran PIK: a celebration of unique heritage where Chinese and Indonesian cultures meet. Curated and managed by Amantara, a subsidiary of Agung Sedayu Group, Pantjoran PIK is full of intermingling narratives, legendary cuisines, and rich architecture. Since its opening in November 2020, this destination has become among the favorites of global travelers thanks to its iconic paifang, called Gerbang Kemakmuran, Pagoda and Guan Yin Statue, and many more photogenic features. Come in and take a trip down the nostalgic path to the past at Pantjoran PIK. 42

IMMERSIV E CULINARY DEST INAT ION In a holist ic cult ural and art experience amantara@agungsedayu.com

+62 811 150 3505

@pantjoranpik43

www.sinarmasland.com 44 Sinar Mas Land

@sinarmas_land

@sinarmas_land

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WINNER

WINNER

BEST SENIOR LIVING INTERIOR DESIGN

BEST SENIOR LIVING DEVELOPMENT

BEST HEALTH AND WELLNESS DEVELOPMENT (AUSTRALIA)

Evette Moran, Mark Moran Warrawee

by Mark Moran Group

Mark Moran Warrawee

by Mark Moran Group

Mark Moran Warrawee

by Mark Moran Group

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Artist’s Rendering

Where Winners Go. Welcome to Bridgetowne, a destination estate by Robinsons Land that connects two of the Philippine capital’s main city centers, Quezon City and Pasig City. Envisioned to be the standard for a green and sustainable community, the estate aspires to ignite the winning spirit, and bridge powerful and meaningful connections that let you win at work and in life.

Artist’s Rendering

Artist’s Rendering

Artist’s Rendering

Artist’s Rendering

Live

Work

Play

Inspire

Experience the lush lifestyle in the dynamic mix of residential offerings in the estate.

Grow and thrive with the cultures that are present in the office district.

Relax and bask in the amenities that cater to all your wants and needs.

Embrace the glorious ambiance and be in awe of this new global landmark.

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BRIDGETOWNE WEST: Eulogio Rodriguez Jr. Avenue, Quezon City BRIDGETOWNE EAST: Amang Rodriguez Avenue, Pasig City www.robinsonsland.com

The Destination Estate for Winners Robinsons Land's first master-planned destination estate, Bridgetowne, raises the bar as a purveyor of the live-work-play-inspire lifestyle.

One of the Philippines’ leading property developers, Robinsons Land, received the Best Township Development and Best Township Masterplan Design awards for its first destination estate, Bridgetowne, in the PropertyGuru Philippine Property Awards 2022.

The gold standard for play, finding a place to relax amidst a busy city has never been easier and more convenient.

Whether for sports or having a great night out, the estate is complete with various amenities, that will be sure to cater to everyone's leisurely needs.

Connecting the Philippine capital’s city centers, Quezon City and Pasig City, via an iconic bridge and The Victor, a 20-story high public art installation, this destination estate integrates both business and lifestyle developments for efficient, functional and dynamic living within its community.

The gold standard for inspiration, the estate exudes a sense of victory and breakthrough throughout all its developments, embodying the values that Robinsons Land aspires to showcase in this world-class destination.

The gold standard for living, this 32-hectare premium development features world-class establishments with the signature Filipino character that exude the premium lifestyle. From the luxurious shopping mall, dining districts to the 5-star hotel, these places were curated for everyone to live their best life.

The gold standard for work, winning cultures within the estate encourage thriving and holistic growth for professionals in all fields. As a champion of sustainability, all office buildings in the estate are green-certified offering innovative workspaces conducive for excellence and creativity.

Join us in our vision for growth and excellence by inquiring about our leasing, investment and partnership opportunities. Visit us at www.robinsonsland.com.

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KEBON KACANG

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WINNER

WINNER

BEST MIXED-USE DEVELOPMENT

BEST HIGH RISE OFFICE DEVELOPMENT

Thamrin Nine Complex

by PT Putragaya Wahana, a member of Galeon Group

Autograph Tower at Thamrin Nine Complex

by PT Putragaya Wahana, a member of Galeon Group

WADUK KEBON MELATI

KH MAS MANSYUR

KEBON MELATI 3

Soekarno-Hatta International Airpor

PLAZA INDONESIA

EMBASSY OF BRITISH

BUNDARAN HI HOTEL INDONESIA KEMPINSKI

BCA GREEN MARK PLATINUM Future Connection to Grand Indonesia

EMBASSY OF THE KINGDOM OF BELGIUM

N AT A AD I

LOMBOK

PULLMAN JAKARTA INDONESIA THAMRIN CBD

F

Bundaran HI MRT Station

KERATON AT THE PLAZA

SU

GRAND HYATT

YU

H AGUS SALIM

MH THAMRIN

KEBON KACANG

EMBASSY OF JAPAN

PROF MOH YAMIN EMBASSY OF PORTUGAL

INDRAMAYU

MANDARIN ORIENTAL JAKARTA

GRAND INDONESIA

PEKALONGAN

TU

BE

MH THAMRIN

K LU

TE G

N

TU BA JA

RA Plaza Galeon

THAMRIN NINE

Chubb Square

KOTA BUMI

1min

Future Direct Tunnel Link

SUNGAI GERONG PLAJU

Dukuh Atas MRT Station

TALANG BETUTU

rt

TANJUNG KARANG

Dukuh Atas BNI MRT Station Gate

5min

4 Railway Connections

7min

Dukuh Atas MRT Station

Airport Train Station BNI City Sudirman Station

Sudirman Commuter Line Station Airport Train from BNI City Station

Dukuh Atas LRT Station

GALUNGGUNG Dukuh Atas LRT Station

13min

SHANGRI-LA HOTEL JAKARTA

WISMA 46 KOTA BNI

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CATCH THE MOMENT

WIN THE FUTURE the future is here as close as our hearts

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WINNER BEST TOWNSHIP DEVELOPMENT

BEST TOWNSHIP DEVELOPMENT (ASIA)

Kota Baru Parahyangan

by PT. Belaputera Intiland

Kota Baru Parahyangan

by PT. Belaputera Intiland

WINNER

BEST TOWNSHIP DEVELOPMENT INDONESIA & ASIA PROPERTY AWARDS 2022

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WINNER BEST LOW RISE OFFICE CONCEPT DEVELOPMENT Knowledge Hub at Digital Hub BSD City

2022 66

Member of 67

Metland Cibitung Wulan

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Metland Cibitung Wulan

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WINNER

WINNER

WINNER

BEST LUXURY CONDO ARCHITECTURAL DESIGN

BEST CONDO DEVELOPMENT (SINGAPORE)

BEST LUXURY WATERFRONT CONDO DEVELOPMENT

Meyer Mansion

by GuocoLand

Meyer Mansion

by GuocoLand

Meyer Mansion

by GuocoLand

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ISSUE 178 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, Oliver Irvine, Steve Finch, George Styllis, Jonathan Evans Head of Creative Ausanee Dejtanasoontorn (Jane) Senior Graphic Designer Poramin Leelasatjarana (Min) Digital Marketing Executive Anawat Intagosee (Fair) Media Relations & Marketing Services Manager Nate Dacua Media Relations & Marketing Services Executive Piyachanok Raungpaka Marketing Relations Manager Tanattha Saengmorakot Senior Product Lifecycle & Brand Manager Marco Bagna-Dulyachinda Director of Sales Udomluk Suwan Regional Solutions Manager Orathai Chirapornchai Regional Sponsorship Manager Kanittha Srithongsuk Solutions Manager (Australia) Watcharaphon Chaisuk Solutions Manager (Cambodia) Phumet Puttasimma Solutions Manager (Cambodia and Greater Niseko) Nyan Zaw Aung Senior Solutions Manager (China and India) Huiqing Xia Solutions Manager (China and Australia) Kai Lok Kwok Solutions Manager (India and Sri Lanka) Monika Singh Senior Account Manager (Indonesia) Wulan Putri Senior Account Manager (Indonesia) Oky Prasetya Asst. Manager (MY & CN) - Awards Samuel Poon Senior Solutions Manager (Philippines) Marylourd Pique Solutions Manager (Philippines) Maria Elena Sta. Maria Awards Manager (Singapore), Corporate Sales Alicia Loh Senior Account Director (Thailand) Kritchaorn Rattanapan Senior Account Director (Thailand) Rattanarat Srisangsuk Head of Awards & Developer Business (Vietnam) Nguyen Tran Minh Quan Business Development, Awards Sponsorship Priyamani Srimokla Distribution Manager Rattanaphorn Pongprasert General Enquiries awards@propertyguru.com Advertising Enquiries petch@propertyguru.com Distribution Enquiries ying@propertyguru.com PropertyGuru Property Report is published six times a year by

© 2023 by PropertyGuru Pte. Ltd. All rights reserved. No part of this publication may be reproduced without prior permission of the publisher KDN PPS 1662/10/2012 (022863)

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TM

INTERNATIONAL COLOUR TRENDS duluxprofessional.com.vn

COLOUR OF THE YEAR 2023

WILD WONDER

TM

50YY 49/191

Dulux Priya

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CONTENTS | Issue 178

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Gadgets

Trends

Style

AI’s rapid progression means that a helping hand at home is not necessarily human

The smarter homes of the future will help you stay connected and fit

Invite the cosmos into your personal space with these inventive tools and devices

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Project Confidential: Sign times

Interview: Conversation starter

Design Focus: Keeping it real

Autograph Tower, the loftiest building in the Southern Hemisphere, showcases a story of family, ambition, and national honour

Nick Myers, the CEO and cofounder of digital healthcare startup RedFox AI, sees massive crossover potential for AI technology in real estate

Zhong Ling, the founder of DUTS Design, is fascinated by the intersection of architecture where innovation meets human creativity

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CONTENTS | Issue 178

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Neighbourhood Watch: Southbank, Melbourne

Special feature: Automation for the people

Destination: Vietnam

Surprisingly affordable despite its proximity to Melbourne’s CBD, Southbank is a great bet for investment in the Victoria capital

AI-powered tools provide convenience and cost savings, and can also enhance predictive maintenance in larger residential properties

Vietnam is segueing into an era of economic reckoning and transformative real estate policies

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Destination: Singapore

Dispatch: Signs of life

Dispatch: Tarnished gold

Skyrocketing rent prices come back down to earth as a postpandemic influx of foreigners slows and new housing stock is bolstered

Hong Kong’s reopening has led to growing indications of a rebound in the territory’s struggling housing market

Portugal is considering scrapping its “golden visa” program. But scheme proponents say it is not to blame for soaring values pricing locals out of the market

L U X U R I O U S S TAY I N N I S E K O S U R R O U N D E D B Y T H E N AT U R E Andaru Collection Niseko is a luxury village living concept that blends modern Japanese and Balinese styles together. The villas are set against the magnificent backdrop of Mount Yotei and within the natural beauty of the renowned ski destination of Niseko, Hokkaido, Japan.

W W W. A N DA R U . J P

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ADVERTORIAL

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 luxury 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

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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-

ADVERTORIAL

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.

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EDITOR’S NOTE Issue 178

It’s a well-worn cliché that even ChatGPT would be ashamed of churning out in the context of a tech issue. But time really does fly when you are having fun.

Flashback just a couple of years to our corresponding instalment during the pandemic and we were pondering on the disruptions that were set to revolutionise the real estate industry.

Looking back to that era— given some of the advances that we have witnessed — it seems almost quaint. Here in 2023, we are living the transformation in real time as AI-driven applications and other disruptive technologies threaten to shake up the sector.

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

In this, our tech issue, we take a closer look at how these disruptions have already taken hold. Our special feature examines some of the ways that AI is altering the real estate landscape.

Elsewhere, we chat to AI guru Nick Myers, get the inside track on the strikingly advanced Autograph Tower in Jakarta and round up some of the coolest tech items on the market in our Details section.

On a more traditional tack we examine the markets in Vietnam and Singapore, run the rule over South Bank in Melbourne, and divert to Portugal to examine the status of its Golden Visa scheme.

Enjoy!

Duncan Forgan Property Report duncan@propertyguru.com 80

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DETAILS | Gadgets

SOME LIKE IT BOT The rapid progression of AI means that a great helping hand at home is not necessarily human

SOUNDS CLEAN Robot vacuums are not enough. With spills and such, what you need is the Roborock S7, a multitasking robot helper that vacuums and mops simultaneously. It uses sonic technology that can scrub floors up to 3,000 times per minute, making it a mean deep-cleaning machine.

USD430, roborock.com

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DETAILS | Gadgets

MIRACLE WORKER Misty is an intuitive personal robot that can talk, hear, and see, i.e., record audio, play video, follow your voice commands, and recognise people. With your per-mission, it can collect and share data and, with the installation of additional sensors, do serious business tasks.

USD,2,290, mistyrobotics.com

HAPPY SAD EMO calls itself a “desktop pet” but it’s like a companion, too. With over 1,000 “facial” movements, EMO behaves with a level of autonomy, able to play you music and even dance. Interact with it enough times and watch this personality grow.

From USD279, living.ai

POWER TOOL Miko 3 acts like your children’s personal homeschooler. This powerful education aid is responsive to emotions and even smart enough to crack jokes. It gets to know your child over time and makes video calls so you can check on your kid.

From USD199, miko.ai

TIN MAN Cuddly and huggable, Lovot is metal with a heart. Underneath its soft fabric is a supercomputer with more than 10 CPU cores, 20-plus MCUs, and dozens of sensors. Together, they work to make Lovot a seemingly conscious friend that can instantly improve your mood.

USD2,825, lovot.life

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EXPERIENCE A NEW LEVEL OF LIVING IN DAVAO CITY

A project of Lanang Realty Development Corporation, a subsidiary of Torre Lorenzo Development Corporation

BEST BOUTIQUE DEVELOPER PropertyGuru Philippines Property Awards 2022 Artist’s Perspective of Building Facade Owner/Developer: Lanang Realty Development Corporation (A Subsidiary of Torre Lorenzo Development Corporation) | Project Name: Tierra Lorenzo Davao Phase 1 Address: Maryknoll Drive, Bo. Pampanga, Davao City | Completion Date: October 2027 | DHSUD XI AA - 2023/02-004 | LS No. RXI-2022-037

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DETAILS | Trends

LIFE HACKS The homes of the future are furnished a little bit more smartly, helping you stay connected and even fit

TOP ZZZ’S The TEMPUR-Ergo Extend Smart Base by Tempur-Pedic is a high-tech adjustable bed. On anti-snore mode, it will raise the headboard, freeing your airways. With various sleep-tracking sensors, it will monitor the quality of your slumber. It also has massage zones that can be set to different intensities.

From USD1,499, tempurpedic.com

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Artist’s Rendering

Where Innovation Thrives.

Welcome to Montclair Industrial Park, a 25-hectare prime industrial development located within the 216-hectare Montclair Destination Estate in Pampanga, Philippines. Strategically located and accessible through major highways and airports, it is set to become an economic powerhouse and the new center of growth in the Northern and Central Luzon region.

Envisioned to be a world-class development, Montclair Industrial Park offers 1-2 hectare plots per lot for industrial use such as logistics, distribution and fulfillment centers, cold storage facilities, multi-storey warehouses, and secure data centers for multinational and local manufacturing, e-commerce and logistics players.

Standard for Convenience

Standard for Flexibility

Traverse through the tree-lined streets of the industrial park which are connected to an integrated destination estate.

Build and design your own logistics facility with our roster of industrial offerings in the area.

Artist’s Rendering

Artist’s Rendering

Location: Porac, Pampanga, 87 Philippines www.robinsonsland.com

DETAILS | Trends

STUFF OF DREAMS Deep slumber is possible with Saatva’s Solaire mattress, which can be adjusted to various levels of firmness. This is made possible by a remote control that inflates its air chambers, set under layers of organic cotton, Talalay latex, gel-infused memory foam, and an anti-bacterial moisture barrier.

USD3,145, saatva.com

HOT DESK

MAGIC TOUCH Ideum’s Pico is not your ordinary coffee table. It has a full touchscreen top with a 4K Ultra HD LG display rated for 24/7 operation. Powered by a 12th-gen Intel Core processor and Nvidia Quadro RTX graphic card, this table is truly up to the task.

Price available upon request, ideum.com

Sitting for long hours at work is unhealthy. Get on your feet with the Uplift V2 Standing Desk, an adjustable desk that stays stable even at full height. Engineered with a certified professional ergonomist (CPE), the table can be configured with hundreds of desktop choices and accessories.

From USD599, upliftdesk.com

COOL, CALM, CONNECTED When you have the Sobro smart bedside table, you not only have a wireless charger and Bluetooth speakers on hand. You also have a thermoelectric cooling drawer, keeping your drinks within arm’s reach. It’s also a source of illumination, with motion-controlled and appenabled lights.

USD700, sobrodesign.com

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DETAILS | Style

SPACE ODYSSEY Invite the cosmos into your personal space with these inventive tools and devices

CLOSE ENCOUNTER The Levitating UFO speaker by Infinity Orb makes for an otherworldly table lamp and décor. With 5W audio drivers, this Bluetooth speaker can deliver high-quality audio with great bass for eight hours straight. Rotating 360 degrees with LED lights, the speaker is truly an alien sight.

USD150, amazon.com

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HEAVENLY BODY Amateur astronomers can easily get into the Celestron NexStar 5SE. With the press of a button, the telescope can automatically find the celestial object of your choosing—everything from the Moon to Saturn—and centre it in the field of view, all thanks to SkyAlign tech.

USD679, celestron.com

ASTRAL PROJECTION Bring the night sky to your room with the Sega Toys Homestar Flux projector. Watch it cast 60,000 realistic stars on walls and ceilings, transforming your room into a mini-planetarium. Other imagery are available, including auroras, planets, and snaps taken

by NASA.

USD229, segatoys.space

TAKE THESE RINGS

BACK TO THE FUTURE

The ring lights that make up the Brightech Saturn Floor Lamp are removable. These white lights turn off when you detach them from the stems of the stand and turn on when you hang them back—a conversation starter to light up your abode.

Eero Aarnio’s Ball Chair is a pop icon and symbol of Finnish design excellence. Now this enduring piece of Space Age Design can be yours to own. Upholstered with top-quality fabrics, the capsule-like fibreglass seat lets you choose from 12 colours.

USD129, brightech.com

EUR7,200, aarniooriginals.com

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ADVERTORIAL

MAKING LIVES BETTER PHINMA Properties invests in the Filipino middle class by developing well-thought-out, future-ready homes in some of the country’s most promising locations

ARCHITECT’S 3D PERSPECTIVE

The Philippines will likely become an upper middleincome economy over the next few years. And with upward mobility comes more opportunities for the country’s middle class to scale the property ladder.

Having served Filipinos for more than 30 years, PHINMA Properties continues its tradition of building high-quality, ergonomically designed homes with its groundbreaking PHINMA Maayo projects.

The middle class comprises around 40% of the Philippine populace, according to data from the Family Income and Expenditure Survey by the Philippine Statistics Authority (PSA). While most middle-income households enjoy the security of house tenure, residing in dwellings that they can call their own, a good many of them still rent their homes, a few even going as far as living in properties without the owners’ consent.

Geared towards middle-income households, these projects derive their name from maayo, the Cebuano word for “good.” The calibre of these developments does, in fact, live up to the name.

A fraction of the middle class in the Philippines also do not have access to good housing materials, according to The World Bank.

PHINMA Properties, part of the PHINMA group of companies, aims to be every Filipino’s partner in the journey towards owning well-built, conveniently located, competitively priced homes.

Known for developing easy-to-own condominiums across Metro Manila, PHINMA Properties has made it its mission to make lives better not only by providing sustainable homes but also shaping new urban centres throughout the islands. It also aims to provide dignified lives for Filipinos by fostering Bayanihan—the spirit of communal unity honoured by the people.

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One of these projects, PHINMA Maayo San Jose, was named Best Housing Development (Philippines) at the 10th PropertyGuru Philippines Property Awards in 2022.

The project, situated near the fast-growing city of Lipa in Batangas province, was also named Best Housing Development (Luzon) and Highly Commended for the Best Eco-Friendly Housing Development title.

Recently, the company launched its second project under the PHINMA Maayo brand in another progressive part of the archipelago: Metro Davao. PHINMA Maayo Tugbok is located in the up-and-coming district of Tugbok, a serene community tucked away from the hustle and bustle of Davao City proper but easily accessed from the town centres of Calinan and Mintal.

PHINMA Maayo San Jose and PHINMA Maayo Tugbok are both aspirational spaces to live and thrive in for firsttime homeowners, growing families, upgraders, and investors alike. Whether in Batangas or Davao, PHINMA

ADVERTORIAL

ARCHITECT’S 3D PERSPECTIVE

Maayo projects are all future-proofed and built with the occupants’ long-term interests in mind. These gated communities are strategically situated on flood-free locations and closely guarded with RFID access, roving security, and CCTV surveillance.

now fully sold out, PHINMA Maayo San Jose will soon launch its new Salva Premier module. PHINMA Maayo Tugbok also offers a variety of residential types such as two-storey townhouses (Bulan and Adlaw modules) and two-storey single attached homes (Tanglaw).

Both projects are built with poured concrete and materials of the highest quality to withstand natural calamities.

Emphasis is put on ergonomics, with large, picturesque windows; customer-tailored, user-friendly, thoroughly designed staircases; spacious, furnished kitchens; and multipurpose service areas, among other features. The residences exude elegant Filipino architecture, with all parts of the house designed and laid out to accommodate local traditions, passions and lifestyles.

Investing in PHINMA Maayo homes is free of hassle.

PHINMA Properties allows online payments and reservations and upholds the highest customer service standards through property management services. With their desirable locations and timeless, classic designs, these homes offer resale potential at a high profit in the future. For end users, the homes are good places to raise a family or just be close to loved ones.

The projects are also adapted to a post-pandemic world with ample ventilation, open or green spaces, sufficient disinfection stations, controlled access and delivery points, and spacious receiving areas. They are also workfrom-home-worthy and Internet-ready, thanks to good fiber optic connections.

As self-contained communities, PHINMA Maayo offer residents easy access to basic necessities and leisure opportunities as well as close proximity to workspaces.

The projects’ clubhouses, Eliseo in PHINMA Maayo San Jose and Madayaw in PHINMA Maayo Tugbok, all promote neighbourly interactions and offer spaces to unwind without leaving the community.

Property seekers may choose from a broad range of modules offered at PHINMA Maayo developments.

PHINMA Maayo San Jose is now down to its last few two-storey townhouse units, collectively known as Rosario, with two-storey single attached homes under the Trinidad module still on offer. With the Salva module

PHINMA Properties has solidified a reputation over the last decade for being an inclusive business. It has built everything from socialised housing projects to decent homes for low-income to high-net-worth property seekers.

In addition to satisfying the housing needs of mid-income earners, the developer has reintroduced itself to the luxury market with stylish, purpose-filled homes under the PHINMA Likha brand. At the same time, it continues to innovate with affordable housing solutions through its PHINMA Magiting brand, providing starter homes equipped with all the essentials.

“We believe that owning a home is not just about a roof over your head; it is also about a sense of achievement and dignity,” says Ricardo Luis Hilado, senior vice-president and CFO of PHINMA Properties.

Whether you’re on the path to success or still reaching for your dreams, PHINMA Properties will give you a sense of belonging and pave the way for life’s sweet beginnings.

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SIGN TIMES Autograph Tower, the loftiest building in the Southern Hemisphere, rises in Jakarta: showcasing a story of family, ambition, and national honour

BY AL GERARD DE LA CRUZ

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THE THAMRIN NINE SUPERBLOCK, BOUND BY THE AGORA LIFESTYLE MALL WHICH INCLUDES A CONCERT HALL AND IMAX THEATRE, INTEGRATES ALL ITS MIXED-USE ELEMENTS TOGETHER

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akarta and New York City are more alike than one would think. These megacities, financial nuclei of their respective G20 nations, have hosted some of the world’s tallest buildings.

At 385 metres high, Autograph Tower in Jakarta topped out in 2021 as the tallest building in the Southern Hemisphere— outtowering its muse, the Empire State Building.

Together with the adjacent, 304-metre-high Luminary Tower, Autograph Tower anchors the superblock known as Thamrin Nine. Stepping up in height from a low-rise retail podium, Agora, the massing amounts to a vertical village, a live-workstay-play destination for the megalopolis of 11 million.

The architect, New York’s Kohn Pedersen Fox Associates (KPF), has built giants before, among them the Shanghai World Financial Centre, Lotte World Tower, 30 Hudson Yards, and One Vanderbilt.

“We’ve got almost all of New York pulled into the Autograph 96

Tower because there are just so many different uses taking place there,” says KPF principal Robert Whitlock. “Just knowing this dynamic nature of existence in Jakarta, the building feels to me like an embodiment of that excitement and fluidity.”

After the global financial crisis, property developer PT Putragaya Wahana contemplated constructing an office building beside its then-newly completed project, the 40-plus-storey UOB Plaza. Honouring the wishes of his father, Putragaya Wahana president director Alvin Gozali then thought of building a 50-storey building with a hospitality component.

At 5.2 hectares, the underlying site, which neighbours Bunderan HI and the Hotel Indonesia roundabout, had taken more than two decades to acquire. “It was a herculean effort to get it cleared,” says Michael Wiener, design director at Putragaya Wahana. “Imagine being in the middle of Times Square, Trafalgar Square, or Raffles Place. Putting it together and doing so over 20 years was a huge step.”

WITH TALL SLAB-TO-SLAB HEIGHTS, THE LOWER FLOORS OF AUTOGRAPH TOWER MAKE A GRAND PRELUDE TO ITS SPACIOUS, COLUMN-FREE OFFICE FLOOR PLANS THAT CAN ACCOMMODATE SINGLE AND MULTIPLE TENANTS ALIKE

The project gained momentum in 2018 when Jakarta relaxed its flight path rules, finally allowing for an edifice higher than 333 metres. The developer seized on the opportunity to build a supertall, playing up Jakarta and New York’s shared history as Dutch colonies.

“We took the opportunity because we really would like to reference Autograph Tower with the Empire State Building, which is at a similar height,” says Gozali. “Jakarta and Manhattan have a very strong relationship. So, we thought that it would be a nice story to tie the two cities together.”

Emphasising the New York connection, the upper floors of the tower house a Waldorf Astoria hotel, the first in Indonesia.

Gozali had to fly to Las Vegas to convince the late Eugene Kohn, founder of KPF, to take on the project. “Eugene was concerned about whether we can do his design right, make sure that the quality came through, and not give people a watered-down version of a KPF concept,” says Gozali.

“We hope that we did him proud with the first supertall in Jakarta.”

KPF went on to meet with Putragaya Wahana in 2010 to work on the initial design studies for the towers. The team considered the broader masterplan for the site, which includes the colonial-inspired residential area now known as Le Parc.

“Our goal isn’t to break height limits around the world,” says Whitlock. “Having the building be the tallest gives it special attention and the attention that it deserves for all of the other things that it’s doing.”

KPF expressed Autograph Tower as pinwheeling glass planes with carefully positioned reveals. The angular, rectangular building is designed to have slightly recessive corners, portraying a character distinct from the main curtain type.

“The design makes the building look taller and slender because the façade is not going from corner to corner,” 97

THE TOWER HOUSES A WIDE RANGE OF VERTICAL TRANSPORTATION SYSTEMS, INCLUDING HIGH-SPEED DESTINATION-CONTROLLED LIFTS, VIP ELEVATORS, AND A CARGO LIFT BIG ENOUGH FOR A LUXURY VEHICLE

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THERE ARE JUST SO MANY DIFFERENT USES TAKING PLACE THERE (IN THE TOWER). JUST KNOWING THIS DYNAMIC NATURE OF EXISTENCE IN JAKARTA, THE BUILDING FEELS TO ME LIKE AN EMBODIMENT OF THAT EXCITEMENT AND FLUIDITY says Whitlock. “It’s also more dynamic in appearance, almost like it’s spinning.”

to diminish the heat gain from the sunlight bombarding Jakarta from that direction.

KPF sought high-performance curtain walls and deep shading devices for the building. The high-efficiency skin resulted in an envelope thermal transfer value (ETTV) value of under 40 watts per square metre.

Shooting heavenwards at nine metres per second, Thamrin Nine’s destination-controlled lifts are some of the fastest in Indonesia.

Autograph Tower features a wide lift with a five-ton capacity, able to convey everything from luxury cars to chillers towards the top floors. The development also has security accoutrements comparable to the ones in Burj Khalifa, complete with Honeywell facial recognition systems.

The façade uses double low-E glass like most sustainably designed projects worldwide, with an innovative caveat. A coloured substrate reduces the reflective element of the glass, letting occupants command city views without their reflections in the way.

Horizontal sunshades, followed by a set of verticals, project from the façade. “To me, the façade feels kind of woven and screenlike in nature,” says Whitlock. “There’re plenty of examples in Indonesian culture, like the wayang or shadow puppets or just the natural shading that takes place in traditional indigenous construction.”

Autograph Tower uses light shelves, which bounce sunlight onto the ceiling and lessen the need for perimetre lighting.

The central atrium of the Waldorf Astoria features a skylight. Guests walk on sunlit corridors, instead of dark hallways, to their rooms as a result.

“One of the amazing things about Jakarta is the quality of the natural light,” says Whitlock.

The tower’s use of an elongated offset core freed up space for the atrium. Consequently, the core-to-perimetre distances deepened to as much as 15 metres. Blocking over half the west-facing façade, the offset core also served

Autograph Tower is as heavy as it is tall, its girth and mass apropos of its situation in a seismic zone. Predominantly made of concrete rebar and built with a high-density concrete aggregate, the tower can withstand earthquakes without the need for a seismic bearing. In place of a damper system, the tower utilises a belt truss, the largest to be approved by the city government.

The structural engineering team, which includes Seattle’s Magnusson Klemencic Associates (MKA) and Singapore’s Meinhardt, went above and beyond Jakarta’s seismic code to implement a trailblazing performancebased design for the tower.

“We had to make sure that it’s structurally very sound,” says Gozali. “It’s our first time, the city’s first time, the country’s first time, so all eyes were on us.”

From basement to the spire—a photogenic vantage point of the tower called the Campanile—the tower structure spans 109 floors and over 400 metres. Four illuminated observation decks cantilever off the Thamrin Nine massing.

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THAMRIN NINE HAS WIDE OUTDOOR SPACES, RECAPTURING THE FOOTPRINT OF AUTOGRAPH TOWER AS GREENERY FROM WITHIN AND AROUND THE BUILDING TOWARDS THE PLAZA FRONTING THE DROP-OFF AND LOBBY

From Autograph Tower, the Skyline Observatorium commands city views as high as 325 metres above ground level. Thrill-seekers can fasten themselves to the building and stroll along an open-air walkway.

Down below, Autograph Tower has the deepest piles of any building in Indonesia at around 85 metres. With contractors that included major players like Acset Indonusa and Total Bangun Persada, the site was excavated at depths of more than 20 metres, exhuming about 600,000 cubic metres of dirt.

The subterranean works continue. This year, the developer is tunnelling direct access to the Dukuh Atas MRT station.

The completion of Jakarta’s first MRT system inspired the diversification of the Thamrin Nine programming over the last few years. The base of the complex has expanded to encompass long-span spaces like an amphitheatre, ballrooms, a sports hall, and an IMAX theatre.

“Negotiating that sheer density and overlaps of programs was fascinating for me,” says KPF director Daniel Dadoyan.

“It was a very fluid process and at times we felt like magicians,” Whitlock adds.

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Pursuing a BCA Green Mark Platinum certification, Autograph Tower reclaims the flora from its footprint with vertical green walls and landscaping on the rooftop and public plaza.

Thamrin Nine is piloting the biodiverse Organica wastewater treatment plant in Indonesia, with infiltration wells and retention ponds ensuring zero run-off.

Autograph Tower also houses an alternative to cardependent, Silicon Valley-style campuses in the suburbs with its penthouse office suites. The suites offer a cavernous option in addition to the tower’s Grade-A offices: multi-level office spaces at triple heights, set in the CBD. Despite the Gotham association, Jakarta is a city beyond compare, and Autograph Tower is very much a structure derived from its distinctive context.

“We delivered the tallest building in the Southern Hemisphere,” says Gozali. “It gives us a bit of nationalistic pride that we could do that.”

WITH ITS UNIQUE MIX OF PROGRAM TYPES, CONNECTIONS TO PUBLIC TRANSPORTATION, AND PUBLIC SPACES, THAMRIN NINE WILL CONTRIBUTE TO JAKARTA’S SKYLINE AND FURTHER ITS STATUS AS ONE OF THE WORLD’S GREATEST CITIES

STANDING STRONG In Indonesia, the safety factors for buildings are twice the regular design loads in other countries. But the country’s tallest building, Autograph Tower, is built with a safety factor 25% higher than the country’s seismic code.

Through advanced computer models, developer PT Putragaya Wahana and its intercontinental team of structural engineers analysed how the tower would have behaved in the worst-scenario earthquakes of the last 100 years.

Working closely with the Jakarta government, the developer has installed recorders on the building columns to track seismic activity and settlement over time. This data will be shared with the academic and structural engineering community to improve building performance in Indonesia.

Although wind loads carry more import in the typhoon belts of places like Hong Kong and Taiwan, buildings taller than 250 metres are still mandated to undergo wind tunnel tests in Indonesia. For this, the developer worked with the engineering firm RWDI to conduct the tests in London.

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Conversation starter Nick Myers, the CEO and co-founder of digital healthcare startup RedFox AI sees massive crossover potential for AI technology in real estate

BY BILL CHARLES

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VOICE-ACTIVATED PROPERTY SEARCHES WOULD HELP BUYERS AND SELLERS MAKE ‘INTELLIGENT DECISIONS’, SAYS NICK MYERS

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I like to remind people that this technology can do a lot.

But you still need expertise from people who come in and say this is how we’re going to use it to solve specific problems

N

ick Myers is the CEO and co-founder of RedFox AI, a digital healthcare startup based in the US that uses conversational AI technology to facilitate home diagnostic testing and medical device use, along with other services.

He has twice been a featured speaker at the PropertyGuru Asia Real Estate Summit.

The first time was in 2019 when he led a session on technology in the hands of youth—a discussion that took place as the first generation of conversational AI products, like Amazon Alexa, were pushing the frontiers in our homes and offices.

Fast forward to 2023 and that now feels almost quaintly old-fashioned. Largelanguage models like ChatGPT have upended even society’s wildest speculations about the timeline for AI adoption in nearly every aspect of our lives. The latest advancements are moving the technology “away from the voice-activated part into the true conversational AI piece,” Myers says.

“At the end of the day, what I like to remind people is that this technology can do a lot.

But you still need expertise from people who come in and say this is how we’re going to use it to solve specific problems,” he says.

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Myers sees significant crossover potential for AI technology in real estate, citing the massive reduction in customer support costs his business delivers to its clients.

Voice-activated property searches would add “a whole new layer of efficiency to the process” and help buyers and sellers make “intelligent decisions,” he says. He adds that negotiations, closing, and the signing of contracts are all “within the realm of possibility now.”

What are some other ways AI technology is being used in the property industry?

In China, voice-activated elevators are common in many buildings. So instead of having to go in and press buttons, you walk in and simply use your voice to say “I need to go to floor eight, or 10, or wherever”. From a property standpoint, there’s a lot of value there.

Taking that further, there’s the rise of smart homes. There are a lot of smart-home systems where you can use your voice to do pretty much anything within your home. In the US, we have a lot of smart-home systems 106

CONVERSATIONAL AI IS ALLOWING REAL ESTATE INVESTORS TO INTERFACE WITH COMPUTERS IN A MORE HUMAN-LIKE WAY

from Amazon, Google, etc. that allow you to do that. But in Asia, a lot of that is now embedded within the home itself.

We haven’t quite hit that level yet in the US. Conversational AI really is just a mechanism to allow us to interface with computers in a more human-like way. Because let’s be real, typing on a small keyboard on smartphones is not a great way to interface with computers.

For others in real estate, like architects or builders, where do you see potential opportunities with AI technology?

Architecture is especially interesting. There are a lot of schematics that go into that job, a lot of higher-level mathematics, and things like that. That’s where I think this technology can come into play. Maybe you’re drawing up a schematic or a plan for a building. I imagine if you had a voice-activated, conversational AI-powered system and you say, “Run this equation, give me an output,” that it could save you a ton of time.

Or with some of these image-generated AI applications, adding the voice layer on top of that and saying, “Based on this set of inputs for this schematic, what is the output for the overall plan or blueprint, etc.?” I think that could be very valuable.

I don’t know if there are many applications like that currently out there, but it’s possible—and that’s a value I see. One thing I like to remind people: There’s this huge concern about whether AI systems are going to eliminate jobs. But I think it’s also going to open up new jobs because the tool is going to change how we do things and people are going to reskill and work with it, versus the current way, where we have a lot of different data-heavy positions. I don’t view it as a negative, to be honest. For every new technology that we’ve invented, it has always created more opportunities.

Between Asia and the west, who is leading the way in the adoption of this technology?

Real estate in the US is not innovative. It’s a system that’s existed for a very long time

MYERS IS OF THE VIEW THAT MORE ADVANCED THINGS ARE BEING DONE IN ASIA—IN AI VOICE OVERALL—THAN IN THE WEST

and it’s one of those things where if it ain’t broke, it ain’t getting fixed.

What I see—and part of the reason I love working with PropertyGuru—is that advancements in this technology are happening in the real estate and property sector in Asia more than they’re happening in the United States. I think the innovation that you’re seeing in the US is more on the energy front, in terms of more solar in homes and things like that.

In terms of hard technology, we’re just not seeing that at least from what I’ve seen. I’d say more advanced things are being done in Asia—in AI voice overall—specifically in China. They made a strategic decision long ago to dump a ton of money and resources into advanced technology, specifically artificial intelligence. Don’t get me wrong, the US is catching up. But when you compare the two, China is still way ahead. A lot of folks probably wouldn’t like me saying that, but I call it for what it is. And I think a lot of it is trickling down now into Southeast Asia, too, specifically Malaysia and Singapore.

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REAL ESTATE RELATED FIELDS SUCH AS ARCHITECTURE ARE SET TO BENEFIT FROM TIME-SAVING, VOICE-ACTIVATED CONVERSATIONAL AI-POWERED SYSTEMS

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With conversational AI, the use of different languages seems to be a limitation. How is the technology addressing this challenge?

One of the biggest discussions we had in 2019 when I was on the panel at the PropertyGuru Asia Real Estate Summit, was about how we can work to make the technology more accessible for Asian languages, which are starkly different.

China has made a lot of advancements and the major tech companies in China have conversational AI platforms that are trained predominantly in Mandarin. So they’ve been able to tackle that, but I’d say look at the technology overall.

Even in just the past few years, it has gotten remarkably better at being able to accommodate different languages. So I’d say we’re making progress. Lastly, anyone who says a conversational AI system regardless of the language can achieve 100% accuracy is not being truthful—that just doesn’t exist. We keep getting closer and closer. Today, as long as you’re aiming for above 90% or greater accuracy, that’s a pretty solid system, and that’s what ours can handle.

In the post-COVID world with more people working from home, remote offices, and so forth, how do you think AI technologies will further these trends?

It’s funny because even before Covid happened, the writing was on the wall. In 2018-19, I predicted that by 2030 a majority of the workforce would work from home.

Not even just from home—but work from wherever you want because the office now is anywhere you have a laptop, a smartphone, and an internet connection.

I think over the next several years, the commercial real estate market, especially in the US and I imagine elsewhere, is going to face a bit of a reckoning when these leases come due for office space. I think you’ll always have office space, but it will change.

AI is just opening up more opportunities and new jobs that allow people to work remotely because any technology-based job can be done remotely. And for anybody to say otherwise is just living in the past.

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ADVERTORIAL

LIVING CITIES Transforming cities through responsible, sustainable design, Lead8 aims to leave a positive impact on the world

MIXC NANJING, NANJING, CHINA

The city is something to be seen as ever growing, evolving, and regenerating.

To view the built environment as a living, breathing ecosystem puts property developers, landlords, and operators closer to their environmental, social and governance (ESG) goals.

“There is a definable shift in how we conceive our cities today,” says David Buffonge, co-founder and executive director of Lead8, the international design studio at the forefront of resilient and adaptive design for cities and urban developments. “Designing and building responsibly is at the top of the agenda as the health of our environment and communities takes centre stage.”

In pursuing this agenda, Lead8 found several models of sustainability emerging again and again: typologies that could hold the key to creating the cities of the future.

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For Lead8, the path to transformative, impactful development is one that not only coexists with nature but also brings it unto itself. The company is a leader in this movement, having designed many biophilic properties that serve as extensions of planetary life.

“Urban ecology is the new biophilia,” says Buffonge. “With advancements in biotechnology in architecture, our desire to connect to nature can now be achieved on a much grander scale.”

Humans are increasingly urban creatures, with a huge fraction of the global populace moving to cities over the next decades. But the human body is still made for the natural world, with numerous studies linking positive health outcomes to proximity to landscape-enriched areas and biodiversity. Concepts such as retail eco-therapy and forest bathing have gained a following over the last few

years as a result. Few understand this better than Lead8, with pioneering commissions such as The Ring in Chongqing, a retail hub that also hosts one China’s largest indoor botanic gardens.

At 11 SKIES, Hong Kong’s largest hub for retail, dining and entertainment, Lead8 is re-defining the business and travel experience as a function of great transit-oriented design. Located directly adjacent to Hong Kong International Airport, 11 SKIES is a new gateway to the Greater Bay Area, a super-regional connector accessible by air, sea and land. With this project, Lead8 was able to execute an environmentally friendly design (which has earned LEED, WELL and BEAM certifications) that expands the programming around a major global transport hub.

“Density is inherently sustainable, and when we consider our major

ADVERTORIAL with all its heritage columns and brickwork, has been master-planned as a multi-activity destination atop a new metro interchange station, welcoming visitors to the site of the 2022 Winter Olympics in China.

“Today, we are told to avoid single use, and this message should also be the same for our buildings,” says Buffonge.

11 SKIES, HONG KONG

transportation hubs and the millions of people they can accommodate each year, we should be striving to meaningfully develop the land surrounding transit-infrastructure,” says Buffonge.

“Walkability and cyclability provide zero-carbon mobility networks, connecting communities, businesses and attractions, and have the power to revitalise neglected and under-utilised areas,” says Buffonge.

Also in Hong Kong, Lead8 has its thumbprint all over HarbourLoop, a 23-kilometre activated waterfront pathway along Victoria Harbour.

More than just a walkable city loop for a dense metropolis, HarbourLoop represents the global push for pedestrianisation, setting aside entire streets for the use of people walking instead of vehicles.

Many cities across China have evolved over the last century with the growing economy, giving birth to hundreds of new buildings while leaving many others obsolete. World-wide, governments are coming to terms with the fact that buildings account for a third of greenhouse gas emissions.

Repurposing existing building stock has proven to be an effective workaround to this conundrum.

Creating pedestrianised streets and networks yields enormous environmental benefits.

Pedestrianisation especially benefits places like Hong Kong where almost 7,000 people are packed into every square kilometre.

In Beijing, Lead8 revitalised the 100-year-old Capital Steel Factory Park into a flagship transit-oriented development (TOD) called the Shougang Park Urban Weaving District. The former industrial site,

SHOUGANG PARK URBAN WEAVING DISTRICT, BEIJING, CHINA

This is adaptive reuse in action, and Lead8 has also employed this to great effect, with shrewd urban placemaking, in Nanjing.

Lead8 has turned the city’s 700-yearold Sanshan Street district into a retailled development, MixC Nanjing.

Opened in December 2022, the ultra-modern development preserves the historic area’s cultural texture, eschewing the closed-box format typical of many shopping centres for an open scheme. At the heart of the development is the original Yunzhang Gongsuo building, surrounded by layered setbacks that recall old village streets.

Balancing modernity and heritage is just one of many ways Lead8 is making sure the next generation has something to inherit. Through everything from adaptive reuse to transit-oriented design, Lead8 is passing down good culture—and an equally good climate—to cities alive enough to receive them in the future.

URBAN CITY CULTURAL PLAZA, CHINA

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Keeping it real Zhong Ling, the founder of DUTS Design, is fascinated by the intersection of architecture where technology and innovation meet site characteristics and human creativity

BY LIAM ARAN BARNES

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T

he year is 2023, and the spectre of AI-driven job loss looms large over the global workforce. As automation continues to replace tasks once reserved for human workers, almost every industry is expected to be impacted by the march of machines.

But despite the sci-fi narrative that currently dominates discussions around artificial intelligence, it’s not all doom and gloom. Studies suggest that professions that rely on creativity and social intelligence, such as those in the arts and design fields, may be less susceptible to automation.

A recent report from the McKinsey Global Institute specifically highlights architecture as an industry that may be relatively insulated from significant job losses.

“Architects need to consider the time, atmosphere, emotions, and memories of sites. It is an industry that is so dependent on social and humanistic aspects,” explains Zhong Ling, founder of the architecture firm DUTS Design.

“The faster the world changes, the more we need to pay attention to those ‘unchanging’ things, which are the wealth left by time.”

Nevertheless, Zhong is not oblivious to the advantages and advancements of technology. His firm’s latest project is arguably one of the most innovative buildings currently under construction in China.

In 2021, DUTS won the bid to mastermind the Shanghai Second Intermediate People’s Court. The design of the fully suspended building is inspired by the concept of “law is like water, virtue is like a mountain,” and aims to create a modern courthouse that embodies the ideals of judicial openness, justice, fairness, and the sanctity of the law.

One of the most notable technological features is its horizontal orientation, which diverges from the traditional vertical design of court buildings.

This innovative approach not only creates a new dimension of an “urban landmark,” but also facilitates the horizontal arrangement of the function rooms of the court, improving the spatial relationship with the land.

With a design that also integrates the building with the surrounding environment, creating a seamless organic whole between the building, road, greening system, and external space, the court follows what Zhong coins the “in and out” approach.

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ZHONG LING, FOUNDER OF DUTS DESIGN, BELIEVES THAT TECHNOLOGY AND HUMAN CREATIVITY CAN BE HARNESSED IN COMBINATION TO ELEVATE THE BUILT DESIGN SPHERE

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Architects need to consider the time, atmosphere, emotions, and memories of sites. The faster the world changes, the more we need to pay attention to those ‘unchanging’ things, which are the wealth left by time

“Our focus on dimensionality and exploration of dimensionality reduction, or ‘zooming in and out,’ guides our approach to new projects,” he says. “We first zoom out to consider the overall relationship between the city or building, its surrounding environment, and nature. This provides a broad context and understanding of the needs of the city and society for the building.

More than a decade on and Zhong shows no signs of slowing. His firm’s landmark large-scale projects include the Linxia Grand Theater and Olympic Sports Center Stadium in Gansu province and the Jinniu District Library in Chengdu. He was also among the trailblazing designers showcased in the book Chinese Contemporary Architects published

by Tianjin University Press in 2016.

“We then zoom in to the specific space and scale of people’s lives, paying attention to lifestyles and experiences. Innovative design practices often stem from addressing subtle issues. By solving these problems, we can create new designs that truly serve the needs of the people.”

Encouraged by domestic recognition, Zhong is now keen to expand the firm’s horizons beyond China and promote Chinese design’s burgeoning reputation worldwide.

Still, Zhong is hesitant to define it as his or the firm’s philosophy, noting that “it’s still early days.”

Aged just 41, he is a relative upstart in an industry dominated by the old guard. And yet his impressive resume would be the envy of many seasoned peers.

Drawing on a deep-rooted passion for art, Zhong left his native Beijing to pursue a degree in architecture at the School of Architecture in Montpellier, France in 2003. During his time there, he gained international experience through a one-year study and work trip to Canada. Zhong then completed a six-month internship in China, where he had the opportunity to work on numerous projects, benefiting from the country’s “unparalleled design speed.”

He continued his education at the La Villette School of Architecture in Paris, earning a master’s degree and the French National Architecture Diploma. In 2009, amidst the financial crisis, Zhong and his graduate supervisor, Eric Dubosc, were invited to work on several Chinese projects, which inspired him to establish DUTS in Shanghai in 2010—all before his 30th birthday.

“For us to thrive in the competitive market and maintain innovation, it is essential to have a healthy operation,” he says. “We are keen to explore opportunities for overseas projects, whether it is collaborating with clients for overseas markets or partnering with international firms. I believe that Chinese design will continue to shine brightly on the international stage.”

As an advocate for the power of design, Zhong also believes that architects will continue to play a critical role in shaping the future of the built environment.

Even in the face of the challenges posed by AI, he remains optimistic that it will allow them even more time to focus on the creative and humanistic aspects of their work.

“Technological developments have brought us new tools and greater convenience in our work, as well as new experiences and styles,” he says. “These are all positive directions. However, true innovation and the human spirit of constantly pushing boundaries will not be replaced by technology “alone... at least” not in the short term.”

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Linxia Grand Theater Linxia Grand Theater harmoniously blends with the surrounding landscape of Gansu Province to create a visually striking experience for visitors. The 1,052-capacity theatre’s unique geometric sphere design is crafted from steel beams, and its undulating organic roof was inspired by the rolling hills of the area. A reflective pool surrounds the theatre, creating a tranquil ambience that complements the building’s bold design. “The aim was to integrate modern design techniques into this traditional body and create a building that reflects its cultural and historical context, as well as the rugged landscapes,” according to Zhong.

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Building No. 8, Happy Harbour, Shanghai The audacious renovation of a disused 1960s factory in the heart of Shanghai’s Huangpu District saw it transformed from a motorcycle workshop into a multi-purpose fitness hub, featuring an indoor football pitch. Dubbed the “floating battleship project”, DUTS retained the existing structural system, incorporating it into the final design. To achieve optimal kick-about conditions, “we decided to cut off the cable and reinforce the original concrete beam into a steel truss and reinforce the brackets,” explains Zhong. “The pitch occupies the former first-storey office space, so it seemingly floats atop the rest of the space.”

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World Expo Joint Pavilion No. 3, Shanghai Another project located in Shanghai’s Huangpu District, the former World Expo Joint Pavilion No. 3 has undergone a striking renovation. DUTS transformed the top floor into a multi-use space for conferences, shows, roadshows, and parties, featuring an oversized terrace and an “anti-gravity” area that incorporates commercial space and exhibition into the office.

To create a sense of calm and rationality, the designers utilised basic materials such as cement brick, steel plate, and wood in black and white colours, prioritising authenticity over unnecessary decorations. “The complete balance between beauty and simplicity is the ultimate goal, so people can feel the pragmatic peace created from the components in this space,” according to Zhong.

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Flowing Chapter, English Giraffe, Qiantan, Shanghai DUTS recently designed a versatile and engaging learning environment for English Giraffe at Flowing Chapter in Shanghai. The 630-squaremetre space features independent and elevated classrooms that create a suspended atmosphere with stunning aesthetics. The open stage, drama classroom, and library are cleverly integrated into the scene-based space, which resembles a magic book that entices children to explore. “Children are our future,” Zhong remarks. “In a multi-dimensional world, children’s spaces are progressing towards a more multifunctional level, delivering more public cultural exposure and richer experiences for growth.”

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PARK by balabala, Guangdong DUTS has transformed a century-old Lingnan house in Foshan into a family-friendly PARK store for the Chinese kids’ fashion brand balabala, which seamlessly integrates nature, retail, and lifestyle elements. Retaining traditional Lingnan cultural features such as gables, brick carvings, and dragon gates, the project features an organic integration of landscape and architecture, utilising outdoor courtyards of different scales in combination with indoor glass patios and green walls. The result is a “green forest” that invites visitors to unwind for a few hours. According to Zhong:“We have created an ‘unbounded’ park space for local residents and visitors, integrating with the natural landscape, and an innovative lifestyle experience that brings history and culture to life in modern times.”

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Techstorm Headquarters, Lingang, Shanghai The Techstorm Headquarters Park is a brand-new complex that includes a humanised office space, a modern factory, and a cutting-edge R&D centre equipped with world-class equipment and advanced production lines. DUTS also incorporated public cultural spaces into the industrial buildings and offices, creating a unique “museum experience” for visitors.

As Zhong points out: “The office environment and architectural style of a company are as important as its logo and visual identity. They can fully display the corporate image and personality while becoming an inseparable part of the corporate culture.”

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Money in the ‘bank

BY JONATHAN EVANS

Surprisingly affordable despite its proximity to Melbourne’s CBD, Southbank is a great bet for investment in the Victoria capital

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Stature Southbank (Salvo Property Group)

Melbourne Square (OSK Property)

Hopscotch Urban Beer Bar

Stature by Rothelowman Architects showcases a modest 171 units across 33 storeys, with upper floors commanding spectacular views. Southbank’s familiar retail, transport, and cultural amenities are close by, and plentiful parks within walking distance chime with the development’s own lush, green flora, including a rooftop garden with a pool area. Stature’s muted colour tones, minimalist design, and large windows—which allow light to flood the interior—emphasise this harmony with nature, as well as the sleek modernity of the glass-dominated exterior. Two years in the making, the project is particularly endowed with enviable communal spaces, including a sympathetic, elegant entrance area and a lounge guaranteed to make residents linger, featuring multi-purpose spaces for entertaining or working.

Malaysian firm OSK teamed up with design-focused local practitioners COX Architecture and landscape specialists TCL to fashion this expansive project overlooking a giant park. Melbourne Square adds to this green space, previously scarce in the area, with its two public parklands that became especially popular post-pandemic and generous planting below, while other useful amenities include a double-storey supermarket (a Melbourne first) and early-education centre. Ultimately, it will incorporate a luxury hotel as well as office space. More than 20,000 residents can avail of the uncluttered designs of this swish mega-complex, whose soaring twin towers conjoin at the base to form a multilevel podium, replete with public facilities; key-holders also enjoy pri-vate dining areas, pools, gyms, a sun terrace, movie theatre, and garden.

In a city overflowing with idiosyncratic bars, an earthier, perennial favourite by the river is this spacious gastropub with a capacity for 600 people featuring an onsite microbrewery called “Frank”. Hopscotch is always buzzing with drinkers sampling the 36 beers from 52 taps, sports fanatics watching regular televised clashes, punters enjoying live music, and diners feasting on superior comfort food or enjoying private events. The venue’s waterside location, streamlined interior design, and an unfussy menu of entertainment bring a mainstream crowd at all times of the year. Serious cocktail aficionados might be better directed elsewhere. But the dazzling array of ales, many churned out in boutique batches, has won it major kudos among the city’s substantial craft-beer fraternity.

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A former industrial inner-city suburb of Victoria’s state capital, the riverside hotbed of Southbank has been prized for many years for its location, a stone’s throw from the CBD, the Yarra River, and seafront St Kilda. The area’s architecture was reimagined 30 years ago when a succession of high-rise apartment and office towers sprang up alongside one of Australia’s pre-eminent entertainment and shopping districts. It swiftly became a prime catchment area for affluent families yearning for a live-work-play urban lifestyle. Southbank nevertheless offers good value compared to other Melbourne suburbs as it tends to be more affordable than Docklands or the CBD.

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Federation Square

Fitzroy Gardens

Gimlet at Cavendish House

Melbourne’s only major public plaza has become such a staple of city life that it’s hard to remember a time without it. The square’s unveiling coincided with the centenary of Australia’s Federation after drawn-out delays in its construction, first suggested almost a century before. After a worldwide contest to find a suitable architect, the winning consortium proposed, controversially, a deconstructivist design filled with complex, asymmetrical shapes. Occupying an entire block in Melbourne’s busiest quarter, near Flinders Street station and the CBD, its paving forms a giant artwork using ochrecoloured sandstone blocks, invoking the Outback. Visitors flock to its prominent attractions, the Australian Centre for the Moving Image and the Ian Potter Centre— which houses 20,000 art pieces from the National Gallery of Victoria.

Melbourne’s premier garden-within-acity since the 1850s, and named for an ex-governor of New South Wales, the 26-hectare Fitzroy Gardens lie on the edge of the city’s CBD. They were initially designed by English naturalist Clement Hodgkinson using ferns, blue gums, and willows, establishing an identity reinforced in subsequent years whereby trees became the park’s calling card feature. Sweeping lawns and ornamental flowerbeds were added in wartime, along with a conservatory; in 2014 a visitor centre began, offering information on the gardens’ famed building, Cooks’ Cottage—an idyllic domicile transported from Yorkshire that once housed the parents of noted explorer Captain James Cook. Must-see horticultural highlights include the intricately patterned Fairies’ Tree and the Scarred Tree, whose bark was used by Aboriginal Wurundjeri people to make canoes and shields.

Chef Andrew McConnell kickstarted this all-in-one gastronomic haven within Melbourne’s CBD in early 2020. It slowly won Melburnian diners’ hearts before landing a coveted spot (84) on 2022’s World’s Best Restaurants list. Named for a vintage gin cocktail, Gimlet evokes nostalgic glamour in its 1920s heritage building though the menu cleaves to a European template. The layout, with its booths and dining stage, is designed to encourage casual catch-ups as much as luxuriant dinners, while the showstopping bar serves time-honoured classics (New Mexico, Sazerac, Gimm’s Cup with pisco and vermouth) alongside an extensive global wine list. The cuisine is a largely carnivorous affair focusing on local produce and sustainability, and starring steaks and seafood; oyster shuckers will be in seventh heaven.

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AUTOMATION FOR THE PEOPLE AI-powered tools provide convenience and cost savings, and can also enhance predictive maintenance in larger residential properties, such as condominium buildings and planned communities

BY LIAM ARAN BARNES

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AI-POWERED HOME AUTOMATION IS BENEFICIAL IN HOT AND HUMID CLIMATES LIKE ASIA, WHERE THESE SYSTEMS OPTIMISE THE TEMPERATURE AND HUMIDITY LEVELS

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he morning sun rises, and the day begins with the familiar sound of the alarm. With a simple command to your AI-powered home automation system, it falls silent, the curtains open, the temperature adjusts, and the bathroom lights turn on.

As you head downstairs, the smart mirror displays the latest news and weather updates, while the coffee machine brews a pot. The fridge reminds you to add milk to your shopping list. Tucking into breakfast, the AI assistant plays suitably lively tunes. And when it’s time to leave, the system turns off lights and appliances as you walk out the door.

Welcome to the future of home automation, where AI technology permeates our daily routines, promising to make life easier and more convenient.

Recent years have seen rapid advances in smart home features thanks to developments in AI technology. These systems already perform an array of tasks that traditionally require human intervention, such as adjusting temperature and humidity levels, controlling lighting and appliances, and managing energy consumption.

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Data collected by AI smart home technologies can predict user behaviour and even develop situational awareness. In other words, it can automate tasks based on a homeowner’s preferences

SMART HOME DEVICES CAN INTERACT AND COMMUNICATE WITH EACH OTHER, ALLOWING THEM TO LEARN HUMAN HABITS

habits,” explains Zac Amos, a tech writer focused on AI and automation. “Data collected by AI smart home technologies can predict user behaviour and even develop situational awareness. In other words, it can automate tasks based on a homeowner’s preferences.”

Indeed, the market for smart home hardware and software has soared in recent years. Global research and consultancy firm Grand View Research recently projected it will reach an estimated value of about USD445 billion by 2030.

AI-powered home automation is particularly beneficial in hot and humid climates like Asia, where these systems optimise the temperature and humidity levels to create comfortable and energy-efficient homes. For example, they can turn on the air-conditioning in the living room when people are present and turn it off when the room is empty to help reduce utility bills. It can also be integrated with other smart devices in the home, such as smart lighting and smart appliances, allowing homeowners to control all aspects of their environment with a single app or voice command.

SMARTER INVESTMENTS The pandemic catalysed the adoption of digital tools in the Asian real estate market, with AI and robotic process automation technology reshaping how investors purchase a property. These tools are already providing evaluations for investors and brokers, allowing them to search for properties under market price around the clock. AI robots can also analyse large volumes of property listings and accurately estimate market prices, giving investors a competitive edge in this crowded market.

Home automation not only provides convenience and cost savings but can also enhance predictive maintenance in larger residential properties, such as condominium buildings and planned communities. By integrating home automation systems with AI-powered predictive maintenance tools, 133

BY INTEGRATING PREDICTIVE MAINTENANCE TOOLS, PROPERTY MANAGERS CAN REMOTELY MONITOR AND MANAGE VARIOUS BUILDING SYSTEMS

property managers can remotely monitor and manage various building systems, such as HVAC, lighting, and security.

For instance, if an alert indicates a system issue in a condominium building, property managers can quickly assess the problem using predictive tools on their smartphones or computers. They can also remotely control the building’s HVAC system to identify the issue and quickly dispatch a maintenance team to resolve it.

“Human intervention is still a vital part of keeping these systems functional, but more automation and selfcorrective actions are probable in the future,” says Michael Zucchero, a consultant, and executive at ISS, a global facility management services company.

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“Although people will likely always be a part of the process, the development of new technologies can help technicians and facility managers perform their duties and stay safe while doing so, providing excellent outcomes for both facility companies and their clients.

“The increase in the effectiveness of AI and machine learning has the potential to revolutionise how building maintenance is performed.”

Despite the appeal of emerging trends like home automation and predictive maintenance, some experts remain cautious about the reliance on data and monitoring, as well as the challenges associated with personalisation.

According to Jordan Kostelac, founder of deploy, a decentralised scout network, and former Asia Pacific director

of proptech for JLL, home automation is particularly difficult to personalise due to the unique ways in which each household utilises its space. He believes that the products and technologies for this market need to meet much higher quality standards to appeal to a wider consumer base.

Regarding predictive maintenance, Kostelac argues that the current excitement may be premature, saying, “It’s one of those terms that industry pundits love to talk about but can never really define. It overpromises and underdelivers like Elon Musk stating that self-driving cars are ‘just a year away’ every year since 2016. Or how offices are going paperless any day now.”

Instead, he proposes that a more realistic ambition for the property and facilities management industry is responsive maintenance, which can help managers react to issues in buildings in much shorter timeframes. He explains that most building issues are subject to the “pothole paradox”, where small issues are often overlooked until they become much larger problems.

However, AI can effectively help overcome this and make managers of properties able to react in much shorter timeframes.

To demonstrate the potential of this approach, Kostelac describes an AR application he worked on that provides security and inspection staff with real-time data input, enabling the application to gather necessary visual data to train machine vision models to automatically detect anomalies with more understanding. This approach can help overcome the reporting issue of the pothole paradox, allowing managers to react more quickly to issues without human intervention.

UNREAL ESTATE The growing popularity of NFTs and the metaverse has garnered mixed reactions from the real estate industry. But some believe it still has the potential to take off. NFTs, for instance, can be used to represent ownership of unique virtual assets in the metaverse. They also offer developers opportunities to create virtual real estate within the metaverse that can be bought and sold using NFTs. Despite these possibilities, Kostelac remains unconvinced, stating that “while there are legitimate use cases for many of the technologies associated with the metaverse, speculative plays on where the next trendy spot will be in this virtual realm is nothing but tech-bro non-sense.”

Beyond its end-user applications, AI continues to transform working practices in the construction sector. One notable development is the use of predictive analytics in project planning. By crunching data from past projects, AI algorithms can predict how much time, money, and resources will be required for future developments, helping managers make more informed decisions and plan for potential challenges.

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AI-POWERED PROJECT MANAGEMENT TOOLS ARE PLAYING A CRUCIAL ROLE IN ENHANCING COLLABORATION AND COMMUNICATION AMONG PROJECT PARTNERS, INCLUDING CLIENTS, ARCHITECTS, ENGINEERS, AND CONTRACTORS

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BY CRUNCHING DATA FROM PAST PROJECTS, AI CAN PREDICT HOW MUCH TIME, MONEY, AND RESOURCES WILL BE REQUIRED FOR FUTURE DEVELOPMENTS

collaboration and communication among project partners, including clients, architects, engineers, and contractors, allowing them to share and work on project information in real-time.

Many developers in the region, including GuocoLand in Singapore, have already adopted such tools as Common Data Environment (CDE) and Document Management Systems.

GuocoLand is also working with Lian Beng Construction and start-up Millipede to develop a construction progress tracking and inspection app, which leverages AI to improve workplace safety and efficiency.

“We hope to see GuocoLand’s digitalisation drive create a digital ecosystem that provides a seamless end-to-end journey for building processes, boosting the need for technology companies to collaborate and develop dynamic and integrated innovations,” Jane Ong, the developer’s digitalisation committee lead, says. “The transformation of Singapore’s built environment sector requires all organisations in the ecosystem to play their part.”

The industry is already witnessing similar calls for collective action, spurred by trends such as home automation, predictive maintenance, and the use of AI to enhance project management. Indeed, these advancements are poised to

revolutionise how we live, work, and build. But like with any tool, how they are wielded, and the rules put in place to guide their development and deployment, will ultimately determine their benefits—and risks—as the real estate sector collides with the future.

BUILDING BLOCKS The use of blockchain to facilitate digital transactions via smart contracts is another trend spurred by the pandemic.

According to Ken Yim, from property and technology company CM Square, the recent global situation of reduced travel and interpersonal interactions resulted in a decrease in real estate transaction volumes. He emphasises that developers, brokers, agencies, banks, and mortgage lenders should be enthusiastic about promoting as many digital transactions as possible to counter this trend. “Looking to the future, with the latest NFT trends, blockchain technologies, and AI advancements helping to make property transactions more efficient, buying and selling a property will soon be as simple as online shopping,” Yim adds.

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LOST IN TRANSITION With sentiment cautious amid a struggling economy and far-reaching reform of its property sector, Vietnam segues into an era of economic reckoning and transformative real estate policies

BY AL GERARD DE LA CRUZ

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aving grown its GDP by 8% in 2022, Vietnam was the quickest Southeast Asian economy to recover from the pandemicinduced global downturn.

Beneath that veneer of progress, however, was an undercurrent of rising interest rates, tightened credit, and legal uncertainties. The economy entered the first quarter of 2023 with an annual growth rate of 3.32%, close to its lowest in 13 years.

With the dong weakened and inflation risks heightened, the State Bank of Vietnam (SBV) towards the end of last year increased its policy rates by 100 basis points—twice—to 6%.

Vietnam is in a period of transition following the global easing of Covid-19 restrictions. While resurgent consumer spending and rising tourism resulted in bonanzas for the retail and hospitality property segments, respectively, the residential sector did not seem as propitious.

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HO CHI MINH CITY (HCMC) RANKED IN THE TOP THREE FOR THE FIRST TIME ON CBRE’S 2023 ASIA PACIFIC INVESTOR INTENTION SURVEY, WITH HANOI IN THE TOP 10

“With sentiment cautious among developers, homebuyers, and investors, there has been a drop in new supply as most developers will ‘wait and see’ before either launching their remaining stock or implementing new projects,” says Hang Dang, managing director of the consultancy CBRE Vietnam.

The government has recently announced new policies removing short-term corporate bond burden and allowing credit institutions to help with bond difficulties. More gripping, however, is a mooted raft of amendments to the 2013 Land Law, due to be finalised this year.

Long a means for local developers to raise capital, the issuance of bonds faltered over the last year as the government sought to inject transparency into the regulatory framework. Developers were forced to get creative, working with foreign investors, leasing financial assets, or reaching out to investment funds.

The draft of the Amended Land Law proposes, among others, that the annual land rental be the default form of land use rights. Upfront rental payment, in contrast, will apply mostly to lands related to agriculture, forestry, aquaculture, saltmaking, industrial zones and clusters, processing zones, and hi-tech zones.

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NEW FRONTIERS Shortages in land reserves and competitive pressures have pushed developers to invest in alternative locations beyond key provinces, according to CBRE Vietnam.

Regions such as the North Central Coast and South Central Coast have recently received USD1.7 billion in financial support from multilateral institutions such as the ADB, AFD, IFAD, JICA, KOICA, KEXIM, and WB. This infusion of investment could be a boon for residential and industrial development, especially in the space of townships.

“Looking ahead, we anticipate a continued increase in the supply of residential housing, with a slower rate of growth in major cities and provinces but a more dynamic pace in less populated regions,” says Hang Dang, managing director of CBRE Vietnam.

“Depending on how that is conducted, that could make some property developers a little bit nervous because it creates a bit more immediate uncertainty regarding the value that they’re going to have to pay on an annual basis,” says Paul Volodarsky, partner and head of regional real estate practice at the firm DFDL Legal and Tax. “The alternative is that it may result in developers wanting to do more lump sum payments to the government for the land use rights.”

The amendments could imperil new commercial developments and incentivised projects such as those in power and hospitality, according to Hang.

The construction of interprovincial roads and expressways spells further growth for the real estate sector. Significant infrastructure projects include the Eastern cluster of the NorthSouth Expressway, whose 729-kilometre second phase will begin construction this year, as well as Hanoi’s Ring Road 4; HCMC’s Ring Road 3; the Bien Hoa-Vung Tau Expressway; Khanh HoaBuon Ma Thuot Expressway; and Chau Doc-Can Tho-Soc Trang Expressway.

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With sentiment cautious among developers, homebuyers, and investors, there has been a drop in new supply as most developers will ‘wait and see’ before either launching their remaining stock or implementing new projects “To make the real estate market healthier and more sustainable, the Land Law needs to include solutions to address some of the problems that market participants must face, such as the land use right ownership tenure, the classification of the land, and the appropriate method to value land,” says Hang.

For years, the Vietnamese real estate market has had to navigate a variety of contradictory regulations and convoluted rules. But nothing roils the housing market like the land price bracket, which sets the ceiling and floor price for various categories of land every five years. The tool tends to open a Pandora’s box of disputes, corruption, and price disturbances.

The Amended Land Law proposes to abrogate the land price bracket. Under the new law, the local government can set land prices based on market fluctuations, to be published in a yearly table and updated as necessary.

“Removing the land price bracket will speed up the process of land compensation and building new projects and create a basis for full tax calculation,” says Hang.

“The valuation method should match the fair value determined by the market factors rather than the land price bracket method used by the government,” she adds.

In other moves, the government is making efforts to stabilise the lending interest rate.

As of March, the SBV lowered its benchmark

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refinancing rate to 5.5%, down by 50 basis points. Although this could translate into improvements in the housing market, homebuyers and investors in Vietnam tend to hold back large-scale investment in the face of financial risks.

Fortunately, the economy continues to synergise with the nation’s industrial output, stoked by improving infrastructure networks and solid demand from manufacturers like Apple, Quanta, Samsung, and LG. Vietnam remains a beneficiary of the China Plus One strategy encouraging companies to diversify their businesses from its northern neighbour.

In the final quarter of 2022, average occupancy rates of industrial properties hit 83% and 90% in tier-one markets of the northern and southern regions, respectively, according to CBRE Vietnam data. In the north, the average rental rate for industrial land reached USD120 per square metre, an increase of 11% from 2021. In the south, the average rate increased by 8% to 13% yearon-year, reaching USD166 per sqm.

The robust demand could fuel rental prices in tier-one markets to soar by up to 10% this year. Most tellingly, Ho Chi Minh City (HCMC) ranked in the top three for the first time on CBRE’s 2023 Asia Pacific Investor Intention Survey, with Hanoi in the top 10.

But there are talks of overheating and deteriorating competitiveness.

“If you’re looking at making sure that the manufacturing sector continues apace, you

IN BINH DUONG PROVINCE, HOME TO DOZENS OF INDUSTRIAL PARKS, INCLUDING A USD1.3-BILLION FACTORY FOR LEGO, THE AFFORDABLE HOUSING SECTOR ACCOUNTED FOR UP TO 45% OF THE QUARTERLY NEW SUPPLY

CLEAN AND CLEAR According to Transparency International, Vietnam moved up the Corruption Perception Index from 123rd place out of 180 countries to 77th in 2022.

In doing so, it trails only Singapore and Malaysia in the region.

The anti-corruption campaign, spearheaded by Vietnam’s Communist Party General Secretary Nguyen Phu Trong, has redefined the political and economic landscape of Vietnam. Despite the initial disruption caused by the campaign, which led to widespread delays in the property development licensing process, the long-term benefits to the economy are expected to be substantial.

Eliminating corruption builds trust with investors and buyers, the short-term damage catalysing stability and long-term growth.

“It’s a good thing to see the government taking steps to reduce the risk of corruption. I don’t think any developers are saying that it’s a bad thing,” says Paul Volodarsky, partner and head of regional real estate practice at the firm DFDL Legal and Tax. “For developers that may not have entered the market or joint venture partners that may be looking to enter the market, anti-corruption drives are going to help them enter more quickly and therefore continue to improve the quality of construction works in Vietnam.”

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VIETNAM’S INDUSTRIAL OUTPUT IS STOKED BY IMPROVING INFRASTRUCTURE NETWORKS AND SOLID DEMAND FROM MANUFACTURERS LIKE APPLE, QUANTA, SAMSUNG, AND LG

want to make sure that it’s still an attractive location to do that,” says Volodarsky. “If pricing gets too high, it makes other jurisdictions look more interesting.”

Residential projects with proximity to industrial parks have attracted demand from local workers as well as expatriates, reports CBRE Vietnam. In Binh Duong province, home to dozens of industrial parks, including a USD1.3-billion factory for Lego, the affordable housing sector accounted for up to 45% of the quarterly new supply.

The government’s new VND120-trillion (USD5.1 billion) credit package is expected to increase social and worker housing projects in provinces packed with industrial zones.

In a recent survey by the property portal Batdongsan.com. vn, 68% of respondents stated that they planned to buy property over the next year. Newly developed properties in the price range of VND2.5-5 billion garnered attention in particular.

The buying sentiment for the luxury and ultra-luxury condominiums in HCMC have been gloomy in comparison, with no new supply coming into the segments in Q1 2023, according to CBRE Vietnam. The last two new launches in these segments in Hanoi were recorded in Q4 2021 and Q1 2022. Similarly, no new affordable condominium supply has 144

entered the HCMC and Hanoi markets since 2019 and Q1 2021, respectively.

“The general condominium market across all segments has been negatively impacted by the economic hardship,” remarks Hang.

Still, CBRE forecasts 10,000 units in new condominium launches this year in HCMC, with Hanoi due for 15,000 units.

A reversal signal could arrive in Q4 2023 or Q2 2024, predicts Batdongsan.com.vn.

“The recovery of the market is expected to take place faster if the government’s policies issued to support the real estate market penetrate more quickly and have a positive impact on market stakeholders,” says Dinh Minh Tuan, southern regional director of Batdongsan.com.vn.

For perspective, consumption power usually stays low in the first few months of a new year. Investors could be missing the big picture framing one of Asia’s most powerful manufacturing dynamos.

“You look at the growth of Vietnam on an annual basis and you say, ‘This is an economy that I want to be a part of,’” says Volodarsky.

SECONDARY DESTINATIONS LIKE VUNG TAU ARE SET TO BECOME MORE ATTRACTIVE TO INVESTORS AS MAJOR INFRASTRUCTURE PROJECTS PROGRESS

GREEN SCENE The recent investment of Lego in a carbon-neutral facility in Binh Duong exemplifies growing interest in green building and sustainable operations in Vietnam.

Aside from green materials in construction, developers also invest in energy-efficient technologies such as LED lighting, smart metres, and building automation systems.

Vietnam is leading the way in Southeast Asia in renewable energy production, having reduced annual fossil energy subsidies by 56% due to the emergence of green power. Developers and investors are considering environmental factors and quality of life across the entire lifecycle of their projects, from design to construction and operation.

“Green buildings can have rental premiums due to tenants wanting to associate with them,” says Hang.

“The operating costs of green buildings should be lower over time due to the energy-efficient technologies implemented. Finally, a strong case exists that higher investor demand for these types of assets results in a premium valuation upon sale.”

Green building certification has been a particularly effective tool. “Many developers and investors assume that green building construction is costly, but the construction cost fluctuates according to the level of certification,” says Hang Dang, managing director of CBRE Vietnam.

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LETTING LOOSE

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Singapore’s skyrocketing rent prices have come back down to earth somewhat as a post-pandemic influx of foreigners slows and new housing stock is bolstered

BY GEORGE STYLLIS

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raditionally, renters in Singapore have taken little heart from the phrase “what goes up must come down” — so rarely does that apply to house prices there. However, after years of enduring skyrocketing lets, they might finally be in luck.

Singapore’s housing market has slowed since the start of the year with prices coming down by around 5% in places.

On popular Newton Road, a studio apartment that was being rented for SGD4,000 (USD3,000) in September went for SGD200 less than three months later.

“A condo that used to take one week to close can now take one month or so if the landlord does not want to give in to tenants’ demands or meet them halfway,” says Mukul Jain, 42, a property agent in Singapore.

The slowdown comes as tenants push back against two years of rising prices.

Another agent, Samantha Foo, who helped sell the property on Newton Road, saw her earnings from commission soar 40% last year amid the demand. On some of her best days, she was having to whittle down groups of 20 and closing the deal within a day of the viewing.

Singaporeans are used to shelling out a large part of their wages on rent. But things got out of hand after as rents reached a record high following the pandemic.

Tenants were being hit by rent increases of between 20% and 30% or more after spending just a couple of years in the property.

One expat, Lauren, told the Financial Times the rent on her four-bedroom apartment had been hiked by 61%, prompting her to consider moving her family back to Hong Kong.

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Demand has largely been satisfied after the initial post-pandemic influx of foreigners and locals who rent as a temporary solution to their housing requirements while waiting for their new homes. Rents should soften a bit more before stabilising

SINGAPORE HAS BENEFITED FROM HONG KONG’S RECENT STRUGGLES WITH FOREIGN WORKERS IN SECTORS SUCH AS BANKING AND LOGISTICS CHOOSING TO RELOCATE

CRUISE CONTROL Disney is making waves in Singapore as it prepares to launch cruises from the city-state.

The move comes as the luxury form of transport returns to Southeast Asia since disappearing during the pandemic.

Adorned with Marvel and cartoon characters, Disney’s 208,000-ton vessel will be the largest ship in Disney’s fleet and the largest to call in Singapore.

“We are incredibly excited to make Singapore the home port to our seventh-launched ship, which will sail from here yearround starting in 2025,” says Josh D’Amaro, the chairman of Disney Parks, Experiences and Products.

The deal, struck between Disney Cruise Line and the Singapore Tourism Board, reflects growing confidence in Asia’s cruise business since being halted in March 2020.

Singapore, Malaysia, and Indonesia have all resumed port calls.

“This is an important milestone for STB and reflects Disney Cruise Line’s strong confidence in Singapore and Southeast Asia,” says Keith Tan, chief executive of the Singapore Tourism Board. “The new Disney cruise ship will be an attraction itself and is expected to boost the tourism sector in Singapore for many years to come.”

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THE COUNTRY’S HOUSING MARKET HAS SLOWED SINCE THE START OF THE YEAR WITH PRICES COMING DOWN BY AROUND 5% IN PLACES

The rise was caused by a lack of housing due to pandemic-induced construction delays, as well as an influx of residents from China, Hong Kong, and Europe.

“While borders stayed closed, locals were renting due to remote work arrangements and those awaiting to collect keys to their new homes,” says Tan Tee Khoon, country manager of PropertyGuru Singapore.

Residents took to social media to vent their frustration with some likening it to other markets where Chinese capital has made real estate unaffordable for locals.

“Think Vancouver; this is basically what is happening in Singapore,” said one social media user.

“Come in, pay exorbitant prices for property, and drive the whole market up. Property owners rejoicing, the remaining Singaporeans not owning property getting screwed over. The rich get richer, poor get poorer,” they added.

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Data showed rent per square foot in some central areas overtaking Hong Kong for the first time. In Q4 2022 Singapore pushed New York off the top spot for rental growth, growing to 28% from 23% in the previous quarter.

Leonard Tay, Knight Frank’s head of research in Singapore, calls the situation a “landlord’s market” with rents “likely to rise further.”

The tide, however, appears to be turning in favour of renters as an estimated 40,000 new homes—both public and private residential properties—are expected to be completed imminently.

Notable projects include Park Nova by Shun Tak Holdings, which has already scooped many accolades.

The penthouse-topped vertical garden’s biophilic design incorporates greenery-filled, butterfly-shaped balconies throughout, with stellar views and numerous pools.

SINGAPORE’S REPUTATION AS A SHOPPERS’ PARADISE IS SET TO BE BOLSTERED BY THE IMMINENT LAUNCH OF SEVERAL NEW MALLS

MALL MY LOVING Singapore’s retail market is recovering with several new mall launches.

Almost one million square feet of retail space is expected to be completed in 2023, an almost three-fold increase on levels seen between 2020 and 2022.

Among the biggest launches are the Sengkang Grand Mall, One Holland Village, and the Woodleigh Mall.

Located in the North-East region of Singapore, the Sengkang Grand will span three levels and include a hawker centre, childcare centre, community club, and 680 residential units.

One Holland Village sold 237 out of its 296 residential units

by January this year and was on course to achieve 82% occupancy of its retail space, which includes pet-friendly

cafes and restaurants. The Woodleigh Mall is located near the Woodleigh MRT station and includes supermarkets, restaurants, and food stalls.

“Recovery in Singapore’s retail market was compellingly building momentum in the latter half of 2022,” said Knight Frank’s Head of Leasing Ethan Hsu. “Shopper crowds, street activities, public events, vibrancy, and a general buzz signalling that the worst of the pandemic is past, returned to the prime Orchard Road shopping belt, boosting sales of the businesses there,” he added.

Over the next three years, the average supply of rental space is 52.8% below 10-year historical averages, according to CBRE.

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THE OUTDOOR SPACES AT JUNIPER HILL—A NOTABLE NEW PROJECT IN BUKIT TIMAH— HAVE EARNED PLAUDITS FOR THEIR SYMPATHETIC DESIGN

Another interesting newcomer is Juniper Hill, in Bukit Timah, which expands the portfolio of prolific developers Allgreen, whose properties are dotted around Singapore.

The government has also helped by raising taxes for property purchases, concerned that prices “could run ahead of economic fundamentals.” From April 27 both local and foreign buyers will have to pay higher stamp duties. It was the third round of cooling measures by the government following measures taken in December 2021 and September 2022.

“If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes,” the Finance Ministry and Monetary Authority of Singapore said in a joint statement.

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Tay Kah Poh, an adjunct associate professor in real estate at the National University of Singapore, said the changing market conditions are now emboldening renters.

“Tenants are resisting the 20% to 30% hikes we’ve seen,” said Tay. “I reckon that demand has largely been satisfied after the initial post-pandemic influx of foreigners and locals who rent as a temporary solution to their housing requirements while waiting for their new homes. I expect rents to soften a bit more before stabilising.”

Yet just how much further rents are likely to drop is key.

Many analysts agree that they will not return to what they were in 2021. This could hurt Singapore’s ability to

THE BIOPHILIC DESIGN OF PARK NOVA INCORPORATES GREENERY-FILLED, BUTTERFLY-SHAPED BALCONIES

SETTING A HIGH STANDARD The Standard will launch its first hotel in Singapore later this year as the company continues to expand across Asia.

The hotel will be located on Orchard Road and will feature 143 rooms, an infinity pool and botanical courtyard.

It follows the launch of the company’s flagship Asia property in Bangkok and comes amid broader expansion.

“We also have multiple projects under various stages of development for The Standard in Lisbon, Dublin, Brussels, Brooklyn, NY, Austin, TX, Mexico, and many other major cities globally,” CEO Amber Asher told Forbes. compete with Hong Kong in drawing talent and competing as one of the world’s top financial destinations.

However, if rents soften too much, they could have the effect of making owning a second or third home less attractive, particularly amid high-interest rates and a slowing global economy.

Tay called the raising of Additional Buyer’s Stamp Duty, which doubled from 30% to 60%, “crippling”. For now, though, there will be many relieved that after two dizzying years, rents have reached their peak and are now on the descent. The trend has put a stop to the crazy bidding wars and wrested some power back from landlords.

Other notable hotel openings for Singapore this year are the Park Royal on Beach Road, the Hilton Singapore Orchard, a 1,080-room hotel that will be the largest Hilton in Asia and Voco Hotel. The offerings come as Singapore’s international arrivals beat forecasts in 2022, paving the way for its tourism sector to recover to prepandemic levels by 2024.

“If Singapore were to receive more visitors in 2023 than in 2022, we could expect a decent boost from the resurgent services sector as a counterweight to softer domestic demand and slowing global trade,” ING said in a recent analysts’ report.

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Dispatch

Signs of life Hong Kong’s reopening has led to growing indications of a rebound in the territory’s struggling housing market. Will the market register a sustained recovery despite still high-interest rates?

By Steve Finch

F

or nearly three years, Hong Kong’s border with China remained closed even as much of the rest of the world reopened after the pandemic.

When visitors were finally allowed back in January, followed by a full border reopening in February after Chinese New Year, the city-state launched its Hello Hong Kong campaign designed to reassure visitors and investors that the pandemic and recent political instability had been consigned to the past.

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HONG KONG IS EMERGING FROM A DIFFICULT PERIOD TO REASSERT ITSELF AS ONE OF ASIA’S PREEMINENT HUBS

“Hong Kong is off to a good start in the Year of the Rabbit after three challenging years,” says John Lee, Hong Kong’s new chief executive, ahead of a tour to the Middle East in February.

After the most difficult year on recent record, there are signs positive sentiment may be returning to Hong Kong’s real estate market as Chinese visitors have returned.

In 2022, home sales dropped to their lowest level since the global financial crisis in 2008, as prices slumped nearly 17%, according

Dispatch

THE BORDER REOPENING HAS BEEN THE LARGEST POSITIVE FACTOR SO FAR. IT HAS HELPED TO UNLEASH SOME PURCHASING POWER IN THE MARKET

to Hong Kong’s Ratings and Valuation Department.

But by the fourth quarter of last year, prices already recorded a 1.25% upswing, signaling the possible start of a recovery which appeared to gather momentum into the first quarter of this year.

Prices continued to rise in each of the first three months of 2023, including a 1.4% increase in March, the first full month after the border reopened, the latest sign that a sustained recovery may be underway in the world’s most expensive residential real estate market.

“The border reopening has been the largest positive factor so far,” says Martin Wong, director of research at Knight Frank Hong Kong. “It has helped to unleash some purchasing power in the market.”

In the weeks after mainland Chinese and international visitors returned, Lee’s government posted a new budget which included measures designed to jumpstart the property market, among them an adjustment to the stamp duty paid by permanent residents with no other residential properties.

“This is great news for those who plan to purchase their first homes,” Deloitte stated in a commentary on the new budget.

Despite rising mortgage rates, previously struggling would-be first-time homeowners in Hong Kong have found buying more achievable in recent months, says Cherrie Lai, senior director of residential sales, development, and investment at Savills Hong Kong.

House prices collapsed last year amid excess pandemic inventory of about 40,000 units at the lower end of the market, and 100,000 more units are due to come online by 2025 or 2026, says Lai, estimating annual absorption at between 18,000 to 20,000 units.

“For the general public, the pain has been less than for institutional investors,” she says. “Developers have suffered a lot because they have short-term financing structures… they have to pay high [interest] rates.”

The extent and speed of Hong Kong’s property recovery are expected to be driven in part by interest rate trends and sentiment in the coming months.

Individual mortgages in Hong Kong are mostly tied to the lower HIBOR, or interbank rate, which hovered around 3% at the start of the second quarter. Developers with shorter-term loans tend to incur higher borrowing costs close to the base rate which was raised by 25 basis points to 5.25% by the Hong Kong Monetary Authority in late March.

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It remains to be seen whether Hong Kong has reached the top of its recent rate cycle.

The US Federal Reserve has indicated it may make one further rise in rates before the end of 2023.

And with the Hong Kong dollar closely pegged to the greenback, the HKMA may decide to follow suit as it has done on all but two occasions since the start of the Ukraine conflict. The latter is the spur for rates rises globally amid high inflation. Analysts in Hong Kong mostly agree that the top of the recent interest rates peak is in sight, which has further helped buyer sentiment following the reopening of the border with China.

Yet few analysts agree on the direction of prices in the near term, highlighting the high level of uncertainty that still plagues the residential market in Hong Kong. Analysts’ forecasts for the sector have historically tended to fall within a tight band but have remained anything but consistent recently.

As recently as late January, analysts at Goldman Sachs forecast a 10% drop in home

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THE LIFTING OF TOUGH PANDEMIC REGULATIONS LIKE MANDATORY MASKING OUTDOORS HAS ENHANCED HONG KONG’S APPEAL

prices for this year, citing high-interest rates, an upwards revision on a previous forecast of a 15% decline in prices for 2023. In March, global ratings agency S&P forecast a price jump of between 5% and 8% for Hong Kong’s residential market this year, the most upbeat thus far, “supported by solid pentup demand” amid “an improved economic outlook.”

In April, Wong of Knight Frank says he expected prices to instead fall by up to 5% in 2023 based on a high level of outstanding inventory combined with elevated interest rates. “As some developers may be more actively destocking from now, it will lead to price pressure on both primary and secondary markets,” he says.

Lai of Savills declined to forecast a residential price trend for the remainder of the year and instead warned it was too early for over-optimism following a difficult period of limited transactions and heavy discounts.

“We haven’t reached ground zero. We are still underwater,” she says. “If we move ahead for another two quarters, we can start talking of a recovery.”

Dispatch

Tarnished gold Portugal is considering scrapping its “golden visa” program. But scheme proponents say it is not to blame for soaring values pricing locals out of the market

By Oliver Irvine

I

n a country where 50% of workers earn under EUR1,000 (USD1,101) a month, Portugal’s “golden visa” scheme was controversial from the start. Introduced under the centre-right Social Democratic government of Pedro Passos Coelho in 2012, the officially titled Authorisation of Residency for Investment program allowed high-net-worth international investors to reside in Portugal and start businesses by, among other routes, purchasing property worth over EUR500,000.

MANY ANALYSTS SAY THAT BLAME FOR PORTUGAL’S OVERHEATED REAL ESTATE MARKET LIES WITH BUY-TOLET INVESTORS RATHER THAN GOLDEN VISA PARTICIPANTS

Now, the ruling Socialist government of Prime Minister Antonio Acosta is seeking an end to the golden visa in a raft of hard measures aimed at tackling Portugal’s housing crisis, which has seen prices swell by as much as 150% since 2012.

But Acosta’s efforts to reverse the golden visa have met fierce—and so far successful— opposition. After announcing in February of this year that he would rescind all visas issued under the scheme and immediately void applications submitted after February 16, Acosta was forced to backtrack in the

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THE GOLDEN VISA HAS HAD ZERO EFFECT [ON PROPERTY PRICES]. THE CURRENT HOUSING CRISIS IS CAUSED BY OTHER POLICY FAILINGS, IN PARTICULAR LACK OF CONSTRUCTION OF NEW HOMES

face of mounting pressure from local governors, constitutional lawyers, and property developers.

One of Portugal’s original constitution drafters of 1976, Jorge Miranda, has come out to describe the draft law as unconstitutional.

Likewise, the Portuguese president, Marcelo Rebelo de Sousa, has described it as “unfeasible” and called the bill a “poster law” designed to bolster support for the Socialist party rather than effect real policy change.

“When the golden visa program was introduced in 2012, the Portuguese economy was on its knees and desperate to raise non-debt funding after the EU bailout of the PIIGS [Portugal, Italy, Ireland, Greece, Spain],” comments Paul Williams, CEO of La Golden Visa, a firm that facilitates the acquisition of residency, immigration, and citizenship through investment in Portugal.

“The golden visa helped turn the economy around and since that time has been the source of over EUR6 billion in inward investment into the Portuguese economy, or around 3% of GDP,” he continues.

But Portugal’s booming real estate market has come with consequences for its local population. In 2022, the average rental price jumped 37%, according to a report by real estate platform Casfari. In a study of over 180,000 properties around Paris, Lisbon, Madrid, and Milan, Casafari found that Lisbon’s average price per square metre of EUR21 is now nearly equal to Milan at EUR23,

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and outstrips the capital of Spain, where the average income is around twice as high.

Many argue that the EUR6 billion of investment that the scheme has generated for Portugal’s real estate market has negatively impacted local communities.

Commenting in May 2022, when the proposal to end the golden visa was first rejected, the Portuguese Communist Party (PCP) said in parliament that the scheme had generated “almost no productive investment or job creation” and only “a clear contribution to real estate.”

Indeed, of the 12,000 visas issued, around 85% have been through property investment. As of December 2021, there had only been 20 visas issued based on job creation, with the remaining number issued for other investments such as capital transfer and purchasing of company shares.

Left Bloc (BE) politician Mariana Mortagua said during the May 2022 debate: “We know who the golden visas serve, and we know who buys them and for what: China, Angola, Russia. Autocratic regimes where parasitic elites germinate, who shop for real estate in Europe in exchange for a residence visa and the opportunity to launder their money.”

But Mortagua’s generalisations only half stack up. While statistics published by the Portuguese Immigration and Border Service (SEF) show that around 50% of the visas issued under the scheme have been for

Dispatch mainland are exempt from the golden visa requirements, and yet these have seen the most dramatic increase in property prices.

“In the last few years, the golden visa has had zero effect [on property prices] as all the investment in the major cities and coastal areas has to go into commercial projects, typically hotels,” says Williams. “The current housing crisis is caused by other policy failings, in particular lack of construction of new homes.”

As it stands, proponents of the golden visa are winning their case to keep Portugal open to foreign investors. But it’s not just Portugal’s golden visa scheme that’s on trial here. With Ireland terminating its form of golden visa in March, and similar schemes currently operating in Greece, Malta, and Spain, 2023 might prove a turning point for foreign investments that were once seen as a quick fix to the 2008 financial crash.

Chinese nationals, only 4% went to Russian nationals, equal to South Africa and fewer than Turkey.

Vasco Carvalho Marques is a tax lawyer for the law firm TRFA, who works with clients applying for visas on the scheme. For him, property investments from China and other countries have had far less consequence on Portuguese property prices than the shortterm rental market of Airbnb and other holiday lets, which, he says, are not driven by golden visa applicants from China.

“What we see in our client profile is that they are not in the short-range markets,” comments Marques. “When we had the revolution of Airbnb, it became very attractive to come from a city that’s a 2–3 hour flight away from Lisbon and spend a weekend here. This caught most of the houses in the city centre, which were not purchased on golden visas. These houses in some historic areas were in ruins. This has sent the traditional citizens of Lisbon away from the city.”

MAJOR DESTINATIONS SUCH AS PORTO ARE EXEMPT FROM THE GOLDEN VISA REQUIREMENTS, BUT HAVE SEEN THE HIGHEST INCREASE IN PROPERTY PRICES

Brussels is also intervening. Last year, the European Commission pleaded with European governments to stop selling citizenship to investors amid fears of security risks.

“In my opinion, whether it’s in Cyprus, Malta or Spain, all these projects have a positive side, and some negative aspects,” says Marques. “I think that the balance for Portugal has been very positive. But perhaps now, the connection between the golden visa and real estate needs to close. The visa could continue not with the need for investment in real estate, but in acquiring public debt, or investing in other commercial areas.”

But not everyone takes Marques’ balanced stance. “If Portugal ends its golden visa,” says Williams, “it will be the end of Europe’s most successful golden visa program.”

Interestingly, residential properties in central Lisbon, Porto, and coastal towns on the

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THE JUDGES Lui Violanti Chairperson of the Awards in Australia and Regional Manager of Western Australia for Inhabit Group Benson Zhou Director of Savills Melbourne and Divisional Head of Asia in Victoria Ivan Lam Head of International Business, Charter Keck Cramer Jessica Liew Principal, Plus Architecture Peter Li General Manager, Plus Agency Richard Newling Ward Director, Bayleyward Sandra Furtado Co-Founder and Director, Furtado Sullivan Steven Yu Founder and CEO, Valorton Group

The 5th Annual PropertyGuru Asia Property Awards (Australia) were presented 9 December 2022 in an exclusive luncheon and presentation at The Athenee Hotel, a Luxury Collection Hotel, Bangkok.

Auriton Group became the first winner of the Best Developer title in the history of the Awards in Australia. Other winning companies include Salvo Property Group, named Best Residential Developer, and Spacious Group, which won the Best Boutique Developer title.

SPG Land won all seven of its nominations—the most of any company—for its Gold Coast development Paradiso Place.

The honour of Best Condo/Apartment Development (Australia) went to Forbes Residences, Applecross by Mustera Property Group Ltd in one of three wins for the company. Mayrin Group gained four wins, including the honour of Best Housing Development (Australia) for The Archwood Residences.

William Wu, director of Mayrin Group, became the first recipient of the Australia Real Estate Personality of the Year award.

This year’s Awards also honoured homes that catered to different demographic segments from students to seniors.

For the full list of winners, please visit asiapropertyawards.com/en/award/australia 160

SPONSORS AND PARTNERS Official channel partner History Official magazine Property Report by PropertyGuru Official PR partner Good Talent Public Relations Media partner Your Investment Property Official supervisor HLB

THE BEST RESIDENTIAL DEVELOPER AWARD GOES TO SALVO PROPERTY GROUP

RECIPIENTS OF THE AWARDS FROM AUSTRALIA, JAPAN AND INDIA CAPTURE MEMORIES TOGETHER

SPG LAND GAINS THE MOST AWARDS OF THE NIGHT, WINNING ALL SEVEN OF ITS NOMINATIONS

MAYRIN GROUP BAGS MULTIPLE WINS, WITH DIRECTOR WILLIAM WU NAMED REAL ESTATE PERSONALITY OF THE YEAR

MUSTERA PROPERTY GROUP LTD WENT HOME WITH THREE GOLDEN STATUETTES FOR FORBES RESIDENCES, APPLECROSS

MARK MORAN GROUP’S SENIOR LIVING PROJECTS ARE RECOGNISED AS AUSTRALIA’S FINEST

HEYINGTON BY STERLING GLOBAL IS THE BEST LUXURY APARTMENT DEVELOPMENT IN VICTORIA

SCAPE AUSTRALIA EARNS THE BEST STUDENT ACCOMMODATION DEVELOPMENT AWARD

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THE JUDGES Bill Barnett Chairperson of the Awards in Greater Niseko and Founder and Managing Director, C9 Hotelworks Acme Wu Marketing Director, Niseko Tourism Eddie Guillemette CEO of Midori no Ki (MnK) Greg Hough Managing Director, Niseko Portfolio and Explore Travel Group Minoru Okubo Representative Director, ResortProperty Japan Co. Ltd Shigeru Uehara Director of Niseko Home Design, Ltd.

Elevating the Gold Standard of real estate within Japan, the Awards in Greater Niseko were presented in an exclusive luncheon and presentation on 9 December 2022 in Bangkok.

Blue Waves Group dominated the celebration with multiple wins for its resort housing project Andaru Collection Niseko.

The project was named Best Completed Resort Housing Development, Best Resort Housing Architectural Design, and Best Resort Housing Interior Design.

The heritage-inspired resort project SHIGUCHI meanwhile yielded two wins—Best Resort Architectural Design and Best Resort Interior Design—for developer KOOKAN. Nihon Harmony Resorts KK and PCPD jointly won the title of Best Integrated Resort Development for Park Hyatt Niseko Hanazono and Hanazono Resort Niseko. A special award, the Special Recognition for Tourism Landmark Development, was also presented to the companies for Mountain Lights at Park Hyatt Niseko Hanazono.

Other awardees include H2 Group, Niseko Village, Terraform Capital, and Zekkei.

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

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SPONSORS AND PARTNERS Official channel partner History Official magazine Property Report by PropertyGuru Official PR partner Powderlife Supporting association Niseko Tourism Official supervisor HLB

THE AWARDEES GATHER WITH VICTORS FROM AUSTRALIA AND INDIA FOR THE CLASS PHOTO

A VICTORIOUS NIGHT FOR MARK SOETANTYO AND DINO SOETANTYO OF BLUE WAVES GROUP

PROPERTYGURU’S JULES KAY PRESENTS NIHON HARMONY RESORTS KK AND PCPD THEIR AWARD

ONE OF TWO WINS FOR THE HERITAGE-INSPIRED RESORT PROJECT SHIGUCHI

KOOKAN AND TERRAFORM CAPITAL STEP UP TO RECEIVE THEIR ACCOLADES

AND THE BEST HOTEL CONDO DEVELOPMENT AWARD GOES TO HINODE HILLS BY NISEKO VILLAGE

EDDIE GUILLEMETTE OF MIDORI NO KI (MNK) PRESENTING THE AWARDS

HAKUVILLAS BY H2 GROUP IS HAILED BEST COMPLETED LUXURY HOTEL CONDO DEVELOPMENT

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THE JURY Amit Khanna Chairperson of the Awards in India and Managing Director, Phoenix Advisers Ajai A Kapoor CEO, 360 degrees – Real Estate Services Avinash Khater Founder and Chairman of The Real Estate Kings (TREK) Jitender Girdhar, FRICS, FAIQS Co-Founder and Director, Qonqests Technical Solutions and VDC Technologies Madhav Raman Co-Founder, Anagram Architects Mallika Desai Thakker Co-Founder and Creative Head at Vibe Design Lab Shradha Mithal Managing Director, Resettle Destination Services

The winners of the 3rd Annual PropertyGuru Asia Property Awards (India) were unveiled 9 December 2022 over an exclusive luncheon and presentation in Bangkok.

Casagrand Builder Pvt. Ltd. received the never-beforepresented title of Best Lifestyle Developer, impressing judges with its gated community and apartment developments.

Embassy REIT won all eight of its nominations, including the never-before-presented Best Operational Office Portfolio award.

Piramal Aranya by Piramal Realty won the coveted honour of Best Condo Development (India) as well as the Best Condo/ Apartment Development award. Armaan Infrastructure won Best Luxury Condo/Apartment Development for The Waterfall – P’residential.

Sunteck Realty Limited, named Best Developer (Mumbai) last year, garnered the Best Waterview Condo/Apartment Development award for Sunteck Beach Residences (SBR) while Trifecta Projects Private Limited gained the Best Housing Development honour for Trifecta Verde En Resplandor.

Sahil Vachani, CEO and managing director of Max Estates Limited, was inaugurated as the first recipient of the India Real Estate Personality of the Year award.

For the full list of winners, please visit: asiapropertyawards.com/en/award/india 164

SPONSORS AND PARTNERS Official portal partner Housing.com Official magazine Property Report by PropertyGuru Official PR partner FleishmanHillard Media partner The Hindu Supporting association IFC – Excellence in Design for Greater Efficiencies Official supervisor HLB

INDIA’S FINEST DEVELOPERS POSE FOR A PHOTO WITH THE AWARDEES FROM AUSTRALIA AND JAPAN

WITH EIGHT WINS, EMBASSY REIT DOMINATES THE AWARDS

SAHIL VACHANI OF MAX ESTATES LIMITED IS THE FIRST INDIA REAL ESTATE PERSONALITY OF THE YEAR

A SPEECH BY ARMAAN INFRASTRUCTURE AFTER WINNING FOR THE WATERFALL – P’RESIDENTIAL

TRIFECTA PROJECTS PRIVATE LIMITED IS HONOURED FOR TRIFECTA VERDE EN RESPLANDOR

SHRADHA MITHAL OF RESETTLE DESTINATION SERVICES PRESENTS THE CATEGORIES

JACK PRINYA KEEPS THE CELEBRATION FLOWING AS EMCEE OF THE CEREMONIES

ORGANISERS AND JUDGES ADMIRE THE AWARDEES AS THEY TAKE THE STAGE

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THE JURY Thien Duong Chairperson of the Grand Final and General Director, Group GSA (Vietnam) Amit Khanna Managing Director, Phoenix Advisers (India) Bill Barnett Founder and Managing Director, C9 Hotelworks (Greater Niseko) Cyndy Tan Jarabata President of TAJARA Leisure & Hospitality Group Inc. (Philippines) Dato’ Sr. Lau Wai Seang President, Royal Institution of Surveyors Malaysia (RISM): 2017-2018 (Malaysia) Kristin Thorsteins Head of Partnership Growth for APAC at IWG PLC (Singapore)

The 17th Annual PropertyGuru Asia Property Awards Grand Final, presented by Kohler and supported by Leading Real Estate Companies of the World®, revealed the regional winners representing the Best in Asia on 9 December 2022 in Bangkok.

New World Development Company Limited garnered the award of Best Developer (Asia), representing China (Hong Kong and Macau). Along with the design practice Lead8, the company also received the Best Mega Mixed Use Development (Asia) award for 11 SKIES. Lead8 additionally won the Best Retail Architectural Design (Asia) award while Benoy Limited won Best Mixed Use Architectural Design (Asia).

The Philippines and Thailand each garnered seven regional wins while Singapore and Indonesia each scored six regional wins. Australia scored five regional wins, followed by Vietnam with four regional wins.

Three winning titles went to Greater Niseko as Cambodia and Malaysia each earned two regional wins. India was also well represented with a win for Embassy REIT. Candra Ciputra, CEO of Ciputra Group and president director of PT Ciputra Development Tbk, received the PropertyGuru Icon Award.

For the full list of winners, please visit: asiapropertyawards.com/en/award/grandfinal 166

Lui Violanti Regional Manager for Western Australia, Inhabit Group (Australia) Dr. Nirmal De Silva Director/CEO, Paramount Realty Paul Tse President, Board of Directors, Macao Association of Building Contractors and Developers (Mainland China, Hong Kong and Macau) Sorn Seap Executive Vice President, Cambodian Valuers and Estate Agents Association (Cambodia) Suphin Mechuchep Chairperson, JLL Thailand (Thailand) Vivin Harsanto Senior Director and Head of Advisory, JLL Indonesia (Indonesia)

SPONSORS AND PARTNERS Platinum sponsor Kohler Gold sponsor Leading Real Estate Companies of the World® Official portal partner PropertyGuru Official channel partner History Official magazine Property Report by PropertyGuru Official PR partner Artemis Associates Official ESG partner Baan Dek Foundation Official charity partner Liter of Light Supporting partners IFC – Building Resilience Index, IFC – Excellence in Design for Greater Efficiencies, and REHDA Institute

Media partners BusinessWorld, Construction & Property, d+a Magazine, Daily FT, Deluxe Magazine, Discover Pattaya, Esquire PH, Hot Magazine, Housing.com, Kompas, Kopiandproperty. com, Luxuo, Manila Bulletin, Mingtiandi, Palace, Pattaya Trader, Penang Property Talk, People Asia Magazine, PhilStar PropertyReport PH, Powderlife, Real Estate News PH, Real Living, REm, Robb Report, Southeast Asia Globe, Suara Indonesia, The Grid, The Hindu, The Manila Times, Think of Living, Top 10 of Malaysia, Vietnam Heritage, WhenInManila.com, Yacht Style, and Your Investment Property Supporting associations EuroCham Cambodia, Global Design Awards Lab, Green Building Consulting & Engineering, Niseko Tourism, Singapore Estate Agents Association, and Singapore Green Building Council Official supervisor HLB

AND THE BEST DEVELOPER (ASIA) AWARD GOES TO NEW WORLD DEVELOPMENT COMPANY LIMITED

GUOCOLAND WINS BOTH THE BEST LUXURY DEVELOPER (ASIA) AND BEST SUSTAINABLE DEVELOPER (ASIA) AWARDS

ABOITIZ INFRACAPITAL ECONOMIC ESTATES IS HAILED BEST INDUSTRIAL DEVELOPER (ASIA)

UOL GROUP LIMITED IS HONOURED WITH THE BEST HOSPITALITY DEVELOPER (ASIA) TITLE

SPACIOUS GROUP IS NAMED BEST BOUTIQUE DEVELOPER (ASIA)

KAMBUJAYA DEVELOPMENT CO., LTD TAKES THE BEST BREAKTHROUGH DEVELOPER (ASIA) STATUETTE

KOTA BARU PARAHYANGAN BY PT. BELAPUTERA INTILAND IS THE BEST TOWNSHIP DEVELOPMENT IN ASIA

CANDRA CIPUTRA OF CIPUTRA GROUP RECEIVES THE PROPERTYGURU ICON AWARD

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An elite pool of award-winning developers converged for the 17th PropertyGuru Asia Property Awards Grand Final in Bangkok on 9 December 2022.

Amidst the glamour and prestige of The Athenee Hotel, Bangkok, the event was an evening of opulence, as the crème de la crème from 13 dynamic markets gathered to celebrate excellence and innovation in property development.

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Seri Austin Heights

Taman Seri Austin, Malaysia Seri Austin Heights consists of exclusive private bungalows with luxurious architecture and design. Set “where nature beckons and inspirational living blossoms”, Seri Austin Heights is a sought-after freehold development in Johor’s most exclusive neighbourhood.

Every corner of the development is designed as a visual statement on inspirational living amid a lush tropical setting. Green landscapes serve as an extension of the homes while exceptional facilities are just a stroll away from the units.

The open park at the development is a verdant enclave where residents can roam or stretch their legs, with the option of an outdoor gym to keep parkgoers in shape. A gym and fitness amenities are also available atop Seri Austin Heights’ elevated entrance.

Meanwhile, a cycling track lattices the outdoor landscapes, which are ringed by interconnected pocket gardens.

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A sense of homecoming greets residents of the community. Seri Austin Heights opens with an artfully sculptured gateway, manned 24 hours a day with CCTV surveillance and protected by perimeter fencing.

BEST HOUSING/ LANDED ARCHITECTURAL DESIGN (MALAYSIA)

Seri Austin Heights

by Aksi Sepakat Sdn Bhd

FACT BOX

Developer: Aksi Sepakat Sdn Bhd Product type: Bungalow villas Architect: Wai Lai Architect Launch date: November 2020 Completion date: June 2023 Total land area: 8.25 acres Number of units: 40 Average unit size: 4561-7122 sq ft Facilities: Gym, playground and more Monthly maintenance fees: MYR800-1,200 Price range: MYR2.5-3.7 million Contact: Phone number: 017-614 1665 Email: sales.aksisepakat@gmail.com Address: No 81, Jalan Kebun Teh, Taman Kebun Teh, 80250 Johor Bahru, Johor, Malaysia

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One East

Petaling Jaya, Malaysia One East is a residential tower nestled strategically in the heart of Damansara, a flourishing, affluent township in Petaling Jaya.

Embodying 65 designs and six layout styles in a single landmark address, One East is the first development of its kind in Malaysia.

Each layout style is meticulously crafted to capture a facet of contemporary urban life, expressed in exclusive unit designs that reflect the resident’s individuality.

gives spectacular skyline panoramas to fitness enthusiasts; the Sky Infinity Pool, set above picturesque cityscapes; and the Pinnacle Garden, a rooftop venue featuring green spaces with a jogging track, playground, and whimsical ponds, including one visible from inside the building.

One East offers an impressive range of facilities, catering to everything from active lifestyles to a need for quality bonding time or a personal retreat. The project houses a retail boulevard and facilities deck all under one roof.

Indulge in luxurious celebrations and intimate gatherings at One East’s exquisite Grand Event Hall and Private Dining Hall.

Perched atop with a breathtaking view, the Grand Event Hall is the epitome of luxury and sophistication, offering ample space to accommodate up to 100 guests. For a more intimate setting, the Private Dining Hall is the perfect choice. With a cosy living area and top-notch kitchen facilities, it is ideal for gatherings of up to 40 guests.

One East features the Urban Forest, a verdant indoor landscaped area on the first floor of the tower designed as a refuge from the daily bustle of city living. Other noteworthy facilities include the Horizon Gym, which

As a resident, you get to enjoy the privilege of both stunning halls. Simply reserve your spot through the CK East Community app and make your celebrations an unforgettable experience.

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BEST CONDO ARCHITECTURAL DESIGN (MALAYSIA)

One East @ Damansara

by CK East Group

FACT BOX

Developer: One East Development Sdn Bhd Product type: Villas Architect: Chong Voon Wee Architect Launch date: 2021 Completion date: 2024 Total land area: 38,223 sq ft Number of units: 66 Average unit size: 800-6,000 sq ft and above Facilities: Urban forest, infinity pool, garden, playground, private dining hall, event hall, gym, sauna, spa, Jacuzzi, koi fish pond, café, EV parking Monthly maintenance fees: MYR0.35 Price range: MYR700,000-6 million Contact: Phone number: 016-4198035 Email: serena@ckeast.my Website: www.oneeast.my Address: One East Sales Gallery, Jalan Melati, Kayu Ara, 47400 Petaling Jaya, Selangor, Malaysia

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Parc3

Jalan Pudu Perdana, Kuala Lumpur Parc3 is a new development based around the innovative concept of being designed by nature, inspired by foliage and treehouses. The building’s wave-like structure mimics the streamlined and fluid form and movement of nature and is designed as a ‘building that breathes’, providing true cross ventilation for all its units.

Bringing community, personal health, and natural eco-systems together, Parc3 is designed with a landscape masterplan that follows two interrelated concepts.

The landscaping of Parc3 incorporates flowing gardens, i.e., creating a flow of greenery into the building, immersing residents in nature and passively cooling the building. The landscape design also involves home gardens designed around its My Home Garden concept, i.e., affording residents with health benefits, providing natural habitats for birds and butterflies, and building community.

Fully sold out, Parc3 has won a Gold GreenRE Provisional Certification and received a QLASSIC score of 82%.

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Fronting the 64-acre Taman Pudu Ulu, Parc3 stands next to several shopping, medical, education and leisure establishments in a neighbourhood with an array of amenities and conveniences. Offering uninterrupted views of Kuala Lumpur, Parc3 is within proximity of main public transportation hubs, including the Rapid bus stop and the Maluri LRT and MRT stations. It is also easily accessible via major highways such as Sungai Besi Highway, MEX Highway, Cheras-Kajang Highway, and MRR2.

With Parc3, developer Eupe Corporation Berhad provides value to residents and gives back to the community. A covered walkway has been constructed from Parc3 to the nearby Maluri MRT and LRT stations for public use. The DBKL-owned land beside Parc3 has also been converted into a public park, restoring the plot for the benefit of the community.

FACT BOX BEST CONDO DEVELOPMENT (MALAYSIA)

Parc3

by Eupe Corporation Berhad

Developer: Eupe Corporation Berhad Product type: Serviced apartments Architect: NWKA Architects Sdn Bhd Launch date: October 2017 Completion date: December 2021 Total land area: 116,305.2 sq ft Number of units: 793 Average unit size: 592-1,617 sq ft Facilities: 50-metre lap pool and wading pool, herb and sky gardens, celebrity kitchen (event space), business centre, function hall, floating and outdoor gyms, dancing studio, moonlight deck, badminton and basketball courts, reading room, games room, sauna, Jacuzzi, play-ground, and more Monthly maintenance fees: Approx. MYR0.33 per sq ft Contact: Phone number: +(6017) 275 7188 Email: enquiry@eupe.com.my

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KL Wellness City

Bukit Jalil, Kuala Lumpur KL Wellness City (KLWC) is the first real estate development in Southeast Asia to pioneer a comprehensive ecosystem of healthcare and wellness-centric living. A city dedicated to healthcare and wellness living, KLWC is expected to become a local and international medical tourism hub.

Spanning over 26.49 acres, KL Wellness City is a complete wellness and healthcare integrated development with superior healthcare and wellness facilities. The development is only 45 minutes away from Kuala Lumpur International Airport (KLIA) in the heart of Bukit Jalil. As the first-of-itskind medical and wellness hub, KL Wellness City cultivates a health-centric lifestyle among residents and medical professionals.

The development includes a healthcare hub; residential living and a Malaysia Digitaldesignated (formerly known as Multimedia Super Corridor) office space; a central park; and retirement resorts for independent and assisted living.

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KL Wellness City is anchored on The Nobel Healthcare Park, a massive complex of medical, business, wellness and retail suites. It has a fully connected ecosystem of specialists and ancillary medical services interlinked with the adjacent International Hospital @ KL Wellness City, a tertiary hospital with 624 beds and a capacity for 1,000 beds.

The Nobel Healthcare Park developed by KL Wellness City (H) Sdn Bhd offers 379 medical specialist suites. It also has 512 wellness suites that cater to patients in step-down care and families of medical tourists. Apart from that, there are retail suites and business suites on offer.

BEST MIXED USE DEVELOPMENT (ASIA)

KL Wellness City

by KL Wellness City Sdn Bhd

FACT BOX

Township Developer: KL Wellness City Sdn Bhd Total land area: 26.49 acres Phase 1: The Nobel Healthcare Park: KL Wellness City (H) Sdn Bhd Product type: Medical suites, wellness suites, retail suites, business suites Architect: Konzepte Asia Sdn Bhd Launch date: Mid-2023 Completion date: 2025 Number of units: 379 medical suites, 512 wellness suites, 55 retail suites; 50,000 sq ft of business suites.

Price range: MYR366,000 onwards Contact: Phone number: 03 8090 7778 Email: sales@klwellnesscity.com Address: No.1, Jalan Bukit Jalil 5, Bukit Jalil, 57000 Kuala Lumpur, Malaysia

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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.

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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.

FACT BOX BEST BRANDED RESIDENTIAL DEVELOPMENT (ASIA)

BEST CONDO INTERIOR DESIGN (PHILIPPINES)

The Residences at Sheraton Cebu Mactan Resort

by AppleOne Mactan, Inc.

The Residences at Sheraton Cebu Mactan Resort

by AppleOne Mactan, Inc.

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

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11 SKIES

Lantau, Hong Kong Developed by New World Development Company Limited and operated by K11, 11 SKIES is the largest retail, dining and entertainment destination in Hong Kong.

A brand-new landmark in Hong Kong, the HKD20-billion project houses more than 800 shops with 120 dining concepts. It also boasts the largest indoor entertainment hub in Hong Kong featuring eight world-class attractions. It also includes three Grade A office towers with a focus on professional services.

Strategically located near the Hong Kong International Airport (HKIA) and the Hong Kong-Zhuhai-Macao Bridge, 11 SKIES is an integral part of SKYCITY, an integrated development set to transform HKIA into Airport City.

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The project provides unrivalled connectivity to the Greater Bay Area and the rest of the world. This game-changing destination will redefine traveller and consumer experience, capture cross-border business opportunities, and reshape the retail landscape in Hong Kong.

The project is slated to open in phases from 2022 to 2025.

FACT BOX WINNER BEST DEVELOPER (ASIA)

BEST MEGA MIXED USE DEVELOPMENT (HONG KONG AND MACAU)

New World Development Company Limited

11 SKIES

by Lead8 & New World Development Company Limited

Developer: New World Development Company Limited Product type: Mega mixed use development Architect: Lead8 Hong Kong Limited (architectural and retail planning consultant), Ronald Lu & Partners (Hong Kong) Ltd. (authorised person and project architectural consultant) Launch date: 2022 Completion date: 2025 Total land area: 79,000 sqm Facilities: 800 shops including 120 dining concepts, 8 entertainment attractions, 3 Grade A office towers, and more Contact: Phone number: 3110 5795 Email: enquiry@11-skies.com Website: www.11-skies.com

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LRT City Jatibening Bekasi, Indonesia

LRT City Jatibening is a transit-oriented development in every sense of the word.

The development is directly in front of and connected to the LRT Jatibening Baru station at Kalimalang in Bekasi. The 5.9-hectare development also features an innovative bicycle and pedestrian network that is separate from motorised lanes for vehicles.

LRT City Jatibening has a residential component as well as commercial areas such as shopping malls and shophouses, with hospitals and shopping centres found in the wider Bekasi neighbourhood.

Set along Jalan Kapin Raya, LRT City Jatibening boasts a strategic location, accessible to various modes and routes of transportation. Apart from the LRT, residents and visitors can access the site through Jalan Raya Kalimalang, Becakayu Toll Road, Cikampek Toll Road, and, soon,

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Jalan Curug. LRT City Jatibening is only 10 minutes from Halim Perdanakusuma Airport and five minutes from the Jakarta-Bandung High Speed Train Station.

LRT City Jatibening is an urban resort as much as a transit-oriented project.

Its residential areas are laid out to be exclusive and distinct from the public areas, maintaining homeowners’ privacy and keeping them away from the hustle and bustle of the city.

LRT City Jatibening is equipped with various facilities such as a swimming pool, gym, garden, and jogging track, offering residents a chance to take a break from the stress of work and everyday life.

The residential units of LRT City Jatibening are ideal for investment, with commuterfriendly vertical housing increasingly in demand among property seekers in Jabodetabek.

BEST CONNECTIVITY CONDO DEVELOPMENT (ASIA)

LRT City Jatibening

by KSO PT Adhi Commuter Properti Tbk. & PT Urban Jakarta Propertindo Tbk.

FACT BOX

Developer: PT Adhi Commuter Properti, Tbk., PT Urban Jakarta Propertindo Product type: Apartments Architect: Biastekno Launch date: September 2017 Completion date: November 2020 Total land area: 5.9 ha Number of units: 891 Average unit size: 24.56 sqm Price range: IDR600 million to IDR1.4 billion (USD33,536.90-80,488.56) Monthly maintenance fees: IDR500,000-1.3 million (USD33.54-89.34) Facilities: Swimming pool, jogging track, fitness centre, private garden, parking area, cowork-ing space, mini-market, coffee shop Contact: Phone number: 012 - 8291010 Email: marketinggatewaypark@adcp.co.id Website: https://lrtcity-jatibening.com/

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Metland Cibitung Bekasi, Indonesia

Metland Cibitung is a residential transitoriented development (TOD) integrated with Jakarta’s mass transportation networks, such as the KRL Commuterline and soon the MRT Jakarta. Featuring access to the Metland Telaga Murni station, Metland Cibitung facilitates easy transportation for its residents and guests and reduces traffic congestion on the roads.

Metland Cibitung is envisioned to be a business centre in Cibitung, with plans for a 20-hectare commercial area called Metland Milenia City (MMC). MMC is planned as a lifestyle destination for residents of Metland Cibitung and surrounding areas.

At MMC, visitors can enjoy many shopping and entertainment centres, restaurants, cinemas, and a variety of modern facilities.

Metland Cibitung will be developed into a mixed-use site that includes landed houses and apartments, commercial areas, educational facilities, hospitals, hotels, and various other components. This puts all the residents and visitors’ needs and conveniences in one location. This area of Wanajaya is one of the fastest-growing centres of commerce and lifestyle in the Cibitung district.

Offering convenience and comfort, Metland Cibitung is a promising place to live and invest in for the future.

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BEST CONNECTIVITY HOUSING/ LANDED DEVELOPMENT (ASIA)

Metland Cibitung

by PT Fajarputera Dinasti a subsidiary of PT Metropolitan Land Tbk.

FACT BOX

Developer: PT Metropolitan Land Tbk Product type: House, shophouse Architect: Krea Architects Launch date: December 2022 Completion date: July 2023 Total land area: 4.2 ha Number of units: 334 Average unit size: 51 sqm (building), 90 sqm (land) Price range: USD47,500-74,000 Monthly maintenance fees: USD10 Facilities: Mini-clubhouse, gate system, smart gate, green jogging area, park, CCTV, hospi-tal, commercial area Contact: Phone number: 0813 8888 8202 Email: marketing_cibitung@metropolitanland.com Address: Jl. Raya Metland Cibitung, Wanajaya, Cibitung, Bekasi, Jawa Barat, Indonesia 17520

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Pasir Putih Residences

PIK2 Sedayu Indo City, Tangerang, Indonesia Pasir Putih Residences is a premium cluster of homes in PIK2 Sedayu Indo City. Situated around a 16.2-hectare lake with whitesand shores, Pasir Putih Residences has the distinction of being the only housing development in the Pantai Indah Kapuk (PIK) area with a resort-like environment.

a clubhouse designed by DPArchitects.

The 1.5-hectare clubhouse offers exclusive services and luxurious facilities including an Olympic-sized swimming pool, lagoon-style pool, spa and sauna, cafés, meeting rooms and ballrooms, a supermarket, senior club, and children’s daycare.

The PIK2 area, including Pasir Putih Residences, is protected against flood and subsidence by the latest vacuum soil compaction technology. It works with the polder system for flood prevention.

Pasir Putih Residences is only five minutes from Greater Jakarta via the nearest tollway.

It is also near the Mangrove Boardwalk area by the Rukan Marina Pasir Putih and the Marina Bay Commercial District, a thematic culinary and lifestyle destination at the main boulevard of PIK2.

Residents can enjoy a 2.5-kilometre jogging and cycling track around the lake interspersed with gazebos, outdoor gym areas, a kids’ playground, and picturesque bridges. On the far side of the housing complex, a 2.7-kilometre track gives joggers a stunning view of the mangrove forest lining the Java Sea coast.

The development also contains The Club,

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Pasir Putih Residences is close to the Youth Center and Edu City, home to many international-level educational institutions.

WINNER BEST HIGH END CONCEPT HOUSING DEVELOPMENT (GREATER JAKARTA)

Pasir Putih Residences

by Agung Sedayu Group & Salim Group

FACT BOX

Developer: Agung Sedayu Group & Salim Group Product type: Residential Consultants and architects: AECOM, Belt Collins, DDG, DP Architect, HOK, Meinhardt, Callison RTKL, SOM, Townland, Witteveen Bos, Grain & Green, Urban+, Megatika, Airmas Asri, and Litac Launch date: 2021 Completion date: 2024 Total land area: 1.5 million sqm Number of units: ±4,000 Contact: Phone number: +6221 588 8000 Email: marketing@pik2.com Website: www.pik2.com, www.pasirputihpik2.com

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PIK2 Sedayu Indo City Tangerang, Indonesia Dubbed “The New Jakarta City”, PIK2 Sedayu Indo City is a 2,650-hectare integrated seaside township in Tangerang. It is a new venture of Agung Sedayu Group and Salim Group, following the success of the original Pantai Indah Kapuk (PIK1).

PIK2 Sedayu Indo City is just seven minutes away from Soekarno-Hatta International Airport and directly accessible from the Inner and Outer Ring Roads.

Significantly larger than its predecessor, PIK2 holds a comprehensive range of living components: residential areas, commercial zones, hospitality and lifestyle destinations, private schools and universities, hospitals, modern sports clubs, and recreational facilities. It is designed as a smart city, with multiple modes of transport connecting it to many parts of Greater Jakarta.

At the heart of the PIK2 CBD is Southeast Asia’s biggest Islamic financial district,

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with the Menara Syariah office complex as its centrepiece. Nearby is the Sedayu Watertown Mall, centred around the 14-hectare Celebration Lake.

PIK2 also features the 4-kilometre-long White Sand Beach, which connects to the 6-kilometre Miami Beach: both relaxing destinations to meet family and friends.

The township has another popular outdoor location at Community Park where the White Sand Beach meets the Tahang River.

PIK2 has many open spaces and green lungs, such as the 60-hectare Greenbelt with river attractions, and the 54-hectare Ecopark, the only multi-religion, multi-cultural complex in Indonesia. PIK2 is also home to the Nusantara International Convention & Exhibition centre, with a capacity for 48,000 people.

BEST TOWNSHIP MASTERPLAN DESIGN (ASIA)

PIK2 Sedayu Indo City

by Agung Sedayu Group & Salim Group

FACT BOX

Developer: Agung Sedayu Group and Salim Group Product type: Township Consultants and architects: AECOM, Belt Collins, DDG, DP Architect, HOK, Meinhardt, Calli-son RTKL, SOM, Townland, Witteveen Bos, Grain & Green, Urban+, Megatika, Airmas Asri, and Litac Launch date: November 2015 Total land area: 26.5 million sqm Number of units (first phase): ±20,000 (landed residential units), ±23,000 (apartments), ±1,500 (shophouses and SoHo units), ±500 (business centre units), and more Average unit size: 1,000 sqm Price range: IDR347 million to IDR30 billion Contact: Phone number: +6221 588 8000 Email: marketing@pik2.com Website: www.pik2.com

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Pantjoran PIK

Golf Island, Indonesia Jointly developed by Agung Sedayu Group and Salim Group, Pantjoran PIK is a retail project that celebrates the meeting of Indonesian and Chinese cultures. Curated and managed by Amantara, a subsidiary of Agung Sedayu Group, Pantjoran PIK houses small-medium enterprises (SMEs), many with diverse culinary offerings, and showcases rich architecture, including heritage-inspired landmarks.

Since opening in November 2020, this destination has become a favourite of travelers, thanks to attractions such as paifang, called Gerbang Kemakmuran; Red Pagoda; and Chinese Zodiac Garden, plus colourful murals and other photogenic features. The statues here, such as the ones of Guan Yin, Guan Gong, Laughing Buddha and Cai Shen Ye, serve as pilgrimage sites and places of worship.

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Architecturally, Pantjoran PIK is inspired from buildings found in Guangdong and Fujian. These Chinese provinces are said to be the origins for many settlers in Batavia or today’s Old Town Jakarta, especially Jembatan Lima, Pancoran, Glodok, and surrounding neighborhoods.

Open weekdays from 10am to 11pm and weekends from 7am to 11pm, Pantjoran PIK has many legendary restaurants for consumers of all ages, including Es Kopi Tak Kie, Wong Fu Kie, May Star, Hawaii, Zanggrandi Ice Cream, Pin’s Grocery, Maison Weiner Cake Shop, Din Tai Fung, Ponggol Nasi Lemak, Beach Road Scissors Cut Curry Rice, Kam’s Roast, Xiao La Guo, and Bubur Kam Seng.

Facilities at Pantjoran PIK include a prayer room, 24-hour security system, free WiFi, drop-off points and parking areas, ATMs, and vending machines. The retail compound is a pet-friendly destination.

BEST RETAIL ARCHITECTURAL DESIGN (INDONESIA)

Pantjoran PIK

by Agung Sedayu Group & Salim Group, curated by Amantara

FACT BOX

Developer: Agung Sedayu Group Product type: Retail compound Architect: Gallery Living Architect & Jacob Tian Launch date: November 2020 Completion date: November 2020 Total land area: 13,000 sqm Number of units: 163 Average unit size: 9-288 sqm Price range: IDR 600,000 Monthly maintenance fees: IDR120,000 per sqm Contact: Phone number: +62 811-1503-505 Website: www.amantara-asg.com/contact-us

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Batavia PIK

Golf Island, Indonesia Batavia PIK is a brand-new retail concept by Agung Sedayu Group and Salim Group. The waterfront development takes inspiration from Batavia, the predecessor of modernday Jakarta known as the “Queen of the East.”

The eco-friendly development consists of two floating compounds, one on Pantai Maju (Golf Island PIK) and the other on Pantai Kita (Riverwalk Island PIK), connected by bridges across a canal. Lined with long boardwalks and dotted with mooring boats, the project is designed to recall Batavia’s heyday as a centre of commerce.

Curated and managed by Amantara, a subsidiary of Agung Sedayu Group, the tenants of Batavia PIK have been chosen to reflect the rich history, heritage and culture of Indonesia, with brands such as Dewata, Canton 168, Orasa’s, Sate & Seafood

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Senayan, Villa Capri, Pisang Goreng Madu Bu Nanik, Filosofi Kopi, Yeu Saigon Café, Cutt n Grill, and Warung Made.

Batavia PIK also provides spaces for smallmedium enterprises (SMEs) to thrive in a robust trading ecosystem. Shoppers at Batavia PIK can stroll through Pasar Rakjat, which contains various markets such as Pasar Buku, Pasar Gerabah, Pasar Loak, Pasar Anyaman, and Pasar Perabot, capturing the diversity of Indonesian arts, crafts and products. Visitors can also enjoy an interactive art gallery inside the Batavia Icon.

Batavia PIK is a pet-friendly destination with ample car and bike parking spaces, free WiFi, indoor and outdoor seating areas, a floating prayer room, an entertainment centre, and a water-recreational center.

BEST RETAIL DEVELOPMENT (INDONESIA)

Batavia PIK

by Agung Sedayu Group & Salim Group, curated by Amantara

FACT BOX

Developer: Agung Sedayu Group Product type: Retail compound Architect: A+A Architecture & Interior Launch date: May 2023 Completion date: May 2023 Total land area: 12,500 sqm Number of units: 87 Average unit size: 72-377 sqm Price range: IDR500,000 Monthly maintenance fees: IDR120,000-125,000 per sqm Contact: Phone number: 62 811-1503-505 Website: www.amantara-asg.com/contact-us

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Thamrin Nine Complex Central Jakarta, Indonesia Thamrin Nine redefines mixed-use developments in the capital of Indonesia.

A first-of-its-kind, world-class superblock with a complex breadth of offerings that includes luxury offices, F&B spaces, sports and entertainment facilities and a range of hospitality offerings, including PARKROYAL Hotel & Service Suites, Pan Pacific Hotel and the first Waldorf Astoria Hotel in Indonesia.

Thamrin Nine features a retail podium, a low-density, luxury residential property, and two mixed-use skyscrapers: Autograph and Luminary. The former has reached unprecedented heights, becoming the tallest building in the Southern Hemisphere.

Both towers are also the tallest buildings in Indonesia.

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Strategically located along Jenderal Sudirman Road, just a few steps away from the iconic Bundaran HI, Thamrin Nine is the only transit-oriented development (TOD) in Indonesia and redefines convenience and connectivity with four railway connections: MRT, LRT, Commuter Line and the Airport Train.

The complex will also have direct access to Grand Indonesia shopping mall and to Dukuh Atas MRT Station, making it the most connected superblock in the Jakarta CBD.

BEST MIXED USE DEVELOPMENT (INDONESIA)

Thamrin Nine Complex

by PT Putragaya Wahana, a member of Galeon Group

FACT BOX

Developer: PT Putragaya Wahana Product type: Mixed-use superblock Architect: Kohn Pedersen Fox (KPF) and Wimberly, Allison, Tong & Goo (WATG) Completion date: Q4 2023 Total land area: 5.2 ha Price range: IDR70 million (USD4,588) per sqm Monthly maintenance fees: IDR88,000 (USD5.77) per sqm Facilities: Observatory decks, lifestyle mall, hotels, serviced residences, VIP facilities, interna-tional school, concert hall, sports complex, IMAX theatre, ballrooms, meeting rooms, and more Contact: Phone number: +62 811 306 399 Website: www.thamrinnine.com

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Eastvara: The Light of Asia Tangerang, Indonesia Eastvara is a commercial compound that follows a semi-outdoor concept, integrating nature with a fresh, modern, aesthetically pleasing architectural concept influenced

by Asian culture.

Located in the heart of West BSD CITY, Eastvara has a large captive market in a location surrounded by 14 residential areas, 60 clusters, and up to 10,000 densely populated houses dominated by millennials and young people.

Eastvara can be divided into four zones, namely Urban Groove, Spring Ville, The Light Atrium, and Sunset Boulevard.

Occupying the main area, the Urban Groove zone caters to the young set with a regularly updated series of art installations alongside retail tenants. The Spring Ville zone, designed in bright colours, is ideal for shoppers with children, thanks to its

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play centre, F&B establishments, and fashion shops. The Light Atrium zone has a stage that can host a variety of special performances and carries modern products from gadgets to cosmetics. The Sunset Boulevard Zone presents a range of F&B tenants, representing diverse cuisines, on a minimalistic scale, with Asian design touches such as tabebuya trees.

In the afternoon, visitors can enjoy spectacular, Instagram-worthy sunset views from every corner of the shopping mall.

Set to open in Q2 2024, this new lifestyle commercial centre can be reached via various toll roads. Eastvara will later be integrated with various public transportation modes such as the BSD City feeder bus and shuttle as well as the Commuterline trains via the Cisauk station.

WINNER

BEST SUSTAINABLE DEVELOPER

SPECIAL RECOGNITION IN SUSTAINABLE DESIGN AND CONSTRUCTION

PT. Bumi Serpong Damai

PT. Bumi Serpong Damai

FACT BOX

WINNER

Developer: Sinar Mas Land and Ararasa BSD Product type: Lifestyle commercial centre (street mall) Architect: AllZone and Airmas Asri Launch date: April 2024 Completion date: April 2024 (TBD) Total land area: 4.8 ha Number of units: 100 Average unit size: 150-1,600 sqm Facilities: Supermarket, F&B establishments, wellness amenities, entertainment venues, fashion retail stores Contact: Phone number: +62 812-8383-1842, +62 812-8000-1119 Email: hello@eastvara.com Website: www.eastvara.com (coming soon)

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Laurel at NavaPark BSD City, Indonesia Laurel is a landed residential development at the heart of NavaPark, a mixed-use resort project in BSD City. A celebration of waterfront lifestyle surrounded by nature, NavaPark is a joint venture by Sinar Mas Land and Hongkong Land.

The development provides homeowners and residents with a refined living experience and unparalleled comfort, thanks to its contemporary facilities and elegantly planned living spaces. Only a step away from Botanic Park and Country Club, Laurel is easily accessible through the NavaPark West and North gates.

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Overall, NavaPark offers high-quality homes and remarkable facilities, making it an excellent alternative for luxury property seekers in BSD City. NavaPark recently won the Greenship Neighborhood certification with a Platinum rating from the Green Building Council Indonesia (GBCI)—the first mixed-use residential area to do so in the country.

NavaPark is equipped with many botanic facilities and a green expanse of approximately 10 hectares with 1,200 trees across various species.

BEST BOUTIQUE DEVELOPER (INDONESIA)

PT. Bumi Parama Wisesa (NavaPark) Hongkong Land & Sinar Mas Land Joint Venture

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Developer: Sinar Mas Land and Hongkong Land Product type: Luxury landed houses.

Architect: Nataneka Launch date: January 2022 Completion date: April 2024 Total land area: 4.5 ha Number of units: 75 Average unit size: 370-441 sqm Facilities: Jogging track, Laurel Park, Vantage Point (river viewing deck) Contact: Phone number: +62 21 29580282, +62 8817787877 (WhatsApp) Email: navapark.bsd@gmail.com Website: www.navapark.id

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Enchanté Residence Tangerang, Indonesia Enchanté Résidence is a collection of luxurious three-storey houses located in the heart of BSD City, one of the first planned cities in Indonesia. Designed by a renowned architect, these modern masterpieces boast a post-pandemic design and a stunning façade.

Equipped with private lifts, state-of-theart smart home features, and five ensuite bedrooms, Enchanté Residence offers a lavish living experience. Its spacious rooms come with walls of glass, looking out to great views, while the open-air terraces and covered outdoor decks invite residents to relax and unwind outside.

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Located along Jalan Lkr. Bumi Botanika Utara in BSD City, Enchanté Residence is surrounded by topnotch amenities, including a shopping mall, school, and hospital.

Enchanté Residence offers residents a breathable environment with fresh air circulating well throughout the compound.

The homes are meant to be enjoyed like a resort, like living in an island, complemented by a luxury clubhouse exclusive for residents.

BEST HOUSING / LANDED DEVELOPMENT (INDONESIA)

Enchanté Résidence @BSD City

by Sinar Mas Land

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Developer: Sinar Mas Land Product type: High-end residence Architect: Studio Air Putih Launch date: 2022 Completion date: 2024 Total land area: 7 ha Number of units: 112 Average unit size: 398-760 sqm Facilities: Exclusive main gate, private clubhouse, pedestrian green passage, guest parking area, private service mobilisation (buggy cars) Contact: Phone number: +62 881 1385 958 Email: ali.achmad@sinarmasland.com Website: www.enchanteresidence.id

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Correctio

Cikarang, Indonesia Billed as the “Silicon Valley of Jababeka”, Correctio provides a new integrated ecosystem for startups, multi-national companies, and academics in Indonesia.

It is a centre for communities to create tech-based business innovations and fulfil their passions through a complete, interconnected infrastructure.

The three pillars of Correctio include Society 5.0., Industry 4.0., and TOD (Transit Oriented Development). Jababeka together with the partners will accelerate the growth of start-ups with 5G networks, IoT facilities smart building systems, and fiber optic telecommunications networks.

Located in Cikarang, carries great potential because it coincides with the agglomeration of the largest industrial area in Asia, a region that has triggered the growth of the country’s economy. Correctio is also been equipped with a TOD-based urban planning design that can be reached by LRT, MRT,

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high-speed trains, damri and highways that support easy community access for public transportation, pedestrians, and cyclists.

Supported by the first net-zero industrial cluster in Southeast Asia, Correctio is crucial towards realising Indonesia’s Society 5.0, made up of millions of individuals who embrace and live by the vision of “Connect, Collaborate & Grow.”

Several world-class facilities will be developed within Correctio that will support both Society 5.0 and Industry 4.0.

These facilities will include district cooling systems, solar panel installations, fabrication labs, data centres, smart command centres, an urban farm, and many more.

Correctio will soon actualise a new business ecosystem in Indonesia featuring great talent and competitive communities.

BEST TOWNSHIP DEVELOPMENT (INDONESIA)

Correctio

by PT. Jababeka Tbk

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Developer: PT Jababeka Tbk Product type: Township Architect: Jason Pomeroy Launch date: September 2022 Completion date: In progress Total land area: 60 ha Number of units: Up to 100 Facilities: District cooling systems, solar power systems, urban farm, fabrication labs, data centres, smart command centres, and more Contact: Phone number: +62812-8919-9400 Email: endah.ningtyas@jababeka.com Website: www.jababeka.com

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Kota Baru Parahyangan Bandung Barat, Indonesia Kota Baru Parahyangan is a self-contained city, forming a new community designed to decongest Bandung and decentralise from the populous metropolis.

The masterplan of Kota Baru Parahyangan takes advantage of the natural beauty of its location. Located beside Lake Saguling at 650 to 900 metres above sea level, Kota Baru Parahyangan maximises the green ambience of its environment, supporting outdoor activities among residents.

The development follows eco-friendly design standards for townships and balances economic, social, and environmental interests in its planning. More than 40% of Kota Baru Parahyangan comprises green areas, surrounded by hills, mountains, paddies, rivers, and such.

Despite its relatively new status as a town, Kota Baru Parahyangan incorporates local heritage into its development. The

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development counts culture, history, and education as three pillars of its foundation.

It adopts local culture wherever it can, using Sundanese names for clusters, house types, streets, and even activities.

Paying homage to history, Kota Baru Parahyangan uses the Garden City concept for its site plan. It also applies Bandung’s Indo-European architectural style to the design of homes, shophouses, and facility buildings.

Kota Baru Parahyangan is known for excellent-grade schools and academies, incorporating education into every aspect of urban development. Science workshops and other educational activities are organised often in the township.

BEST TOWNSHIP DEVELOPMENT (ASIA)

Kota Baru Parahyangan

by PT. Belaputera Intiland

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Developer: PT. Belaputera Intiland & PT. Bela Parahiyangan Investindo Product type: Township Architect: AMA, Hadi Vincent Architect, Airmas Asri, Umar Zain, and in-house architects Launch date: 2000 Completion date: December 2040 Total land area: 1.250 ha Number of units: 50 housing clusters (200-500 units in each cluster) Average unit size: 95-199 sqm (LB), 120-290 sqm (LT) Price range: IDR2-5 billion Facilities: Schools and universities, hotel, golf course, retail centre, theme park, offices, sports club, supermarket, restaurants, cafés, and more Contact: Phone number: 022 680 3888 Email: marketing@kotabaruparahyangan.com Website: www.kotabaruparahyangan.com Address: Marketing Gallery Kota Baru Parahyangan, Jl. Panyawangan Kav. 6-B No. 6, Kota Baru Parahyangan, Bandung Barat

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Knowledge Hub

Digital Hub, BSD City, Indonesia Knowledge Hub is the first building in Digital Hub, a 25-hectare technology and innovation park aimed at fostering the growth of the digital and tech industries in Indonesia.

Knowledge Hub creates an environment that fosters a tech-savvy lifestyle for entrepreneurs, digital startups, and corporate teams. It promotes an interactive, collaborative working culture with knowledge-sharing in mind. The design of the Knowledge Hub reflects the modern millennial lifestyle and the evolution it brings to work culture.

A smart office building, Knowledge Hub offers an attractive high-tech environment with live-work-play elements. It is just a walking distance from the amenities building at Digital Hub and only minutes away from The Breeze Lifestyle Center, QBig, and Aeon Mall.

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Through a comfortable and dynamic ecosystem, tenants at Knowledge Hub are supported and encouraged to consistently strive to enhance their experience.

Highlighted features of the hub include Maker Space as well as an immersive experience room and huge covered courtyard.

Overall, Digital Hub provides modern, wellequipped working spaces and infrastructure for technology-based businesses, startups, and entrepreneurs. Offering support services and access to a large pool of talented professionals, Digital Hub is an attractive destination for tech companies looking to expand or establish a presence in Indonesia.

In addition to Knowledge Hub, Digital Hub is home for tech enthusiast and digital enterpreneurs with abundant recreational and educational amenities, such as Digital Loft and Urban Forest.

BEST OFFICE DEVELOPMENT (INDONESIA)

Knowledge Hub @ Digital Hub

by Sinar Mas Land

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Developer: Sinar Mas Land Product type: Leasable office space Architect: NBBJ Groundbreaking date: December 2021 Completion date: Early 2024 Total land area: 2 ha Number of units: 33 Average unit size: 400 sqm Facilities: Maker Space, video conference room, immersive experience room, wellness centre, integrated command centre, covered courtyard, global public cloud network, lifestyle and F&B centre, and more Contact: Email: digitalhub@sinarmasland.com Instagram: @digitalhub.bsdcity Website: www.digitalhub-bsdcity.com

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Greenland International Industrial Center at Kota Deltamas Cikarang, Indonesia Greenland International Industrial Center (GIIC) is an industrial estate that follows an integrated township development concept.

It is a modern and eco-friendly industrial estate located in Kota Deltamas, covering a total development area of approximately 2,167 hectares.

GIIC not only offers excellent services but also provides a comfortable and green environment with top-notch infrastructures.

With ample space, GIIC is fully equipped to cater to the needs of industrial companies with large area requirements, including those in automotive industries, spare parts, data centres, and others.

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The industrial area is equipped with international-standard facilities and infrastructure, such as premium electricity supply, clean water processing facilities, wastewater processing facilities, gas supply, telecommunication networks, and fiber optic network. GIIC has joined KLIK, the Area of Direct Construction Investment.

Kota Deltamas is a modern and integrated area covering approximately 3,200 hectares, consisting of industrial, residential, and commercial components. It is strategically located in the industrial area east of Jakarta and is accessible via the Jakarta-Cikampek KM 37 toll road. Kota Deltamas is developed

by PT Puradelta Lestari Tbk., a joint venture between Sinar Mas Land and Sojitz Corporation from Japan.

BEST INDUSTRIAL DEVELOPMENT (INDONESIA)

GIIC @ Kota Deltamas

by Sinar Mas Land & Sojitz Corporation

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Developer: Joint venture of Sinar Mas Land and Sojitz Corporation Product type: Industrial estate Architect: AECOM (master-planner) Launch date: 2008 Total land area: Approx. 2,167 ha Number of units: 140 Average unit size: 50,000-100,000 sqm Price range: IDR3.2 million (USD213.33) excl. VAT Monthly maintenance fees: IDR1,050 (USD0.07) excl. VAT Facilities: PLN premium service, WTP and WWTP (managed by Kota Deltamas), Security command centre (by Sanctuary), commercial and residential areas, vocational school, hospital, and more Contact: Phone number: +6221-89971188 Email: sales@deltamas.co.id, deltamascity@gmail.com Website: www.deltamas.id

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The Archwood Residences New South Wales, Australia The Archwood Residences is a community of luxurious fourbedroom townhouses in the Upper North Shore of Sydney. Designed by leading Australian architectural firm DKO, the development in the suburb of Roseville features an elegant style and standout luxury interiors.

The Archwood Residences has a contemporary design that combines classic and modern elements to create a warm, inviting atmosphere.

The townhouses offer an escape from the hustle and bustle of urban life but are still close to all the amenities homeowners will ever need. This allows residents to lead a unique and fulfilling lifestyle.

The Archwood Residences cater to both city dwellers and nature

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lovers. Residents can either spend the weekend exploring Chatswood’s top shopping centres and famous restaurants or simply sit back and enjoy the peace of their own private courtyards.

The Archwood Residences embodies Mayrin Group’s commitment to delivering highquality, well-designed homes that enrich people’s lives. It is a unique development that offers a modern expression of Roseville’s lush and leafy surrounds, combined with fine craftsmanship from Australia’s industry leaders. As a new home or an investment property, The Archwood Residences is must-see.

WINNER

WINNER

BEST TOWNHOUSE INTERIOR DESIGN

BEST TOWNHOUSE ARCHITECTURAL DESIGN

The Archwood Residences

by Mayrin Group

The Archwood Residences

by Mayrin Group

FACT BOX WINNER

WINNER

BEST TOWNHOUSE DEVELOPMENT (NEW SOUTH WALES)

BEST HOUSING DEVELOPMENT (AUSTRALIA)

The Archwood Residences

by Mayrin Group

The Archwood Residences

by Mayrin Group

Developer: Mayrin Group Product type: Townhouses Architect: DKO Architecture Launch date: July 2020 Completion date: Early 2024 Total land area: 6,460 sqm Number of units: 42 Facilities: Facilities: Central garden, communal pergola, outdoor lounge area, lobby, intelligent licence plate recognition systems, lifts Maintenance fees: AUD800-1,100 per quarter Price range: AUD3.28-4.48 million Contact: Phone number: 1800 171 188 Email: jason.xie@oakridgerealty.com.au

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Andaru Collection Niseko Niseko, Japan

Andaru Collection Niseko is a collection of luxury villas in the renowned ski destination of Niseko in Hokkaido, Japan.

The development is conceived as a luxury village, blending modern Japanese and Balinese styles together. The villas are set against the magnificent backdrop of Mount Yotei.

Boasting a direct view of the iconic volcano from the Kabayama area of Niseko, Andaru Collection Niseko stands on a premium, sought-after location in the centre of all the ski mountains and lifts. The villas are approximately just a five to 10-minute drive away from all the lifts and mountains.

The development is one of the latest projects

by Blue Waves Group. The project started in late 2016 with a design from local architect Koichi Ishiguro of ISA Design in collaboration with master-planner Paul Ma and main contractor Iwata Chizaki.

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WINNER

WINNER

WINNER

BEST RESORT HOUSING ARCHITECTURAL DESIGN

BEST RESORT HOUSING INTERIOR DESIGN

BEST COMPLETED RESORT HOUSING DEVELOPMENT

Andaru Collection Niseko

by Blue Waves Group

Andaru Collection Niseko

by Blue Waves Group

Andaru Collection Niseko

by Blue Waves Group

FACT BOX BEST COMPLETED HOUSING/ LANDED DEVELOPMENT (ASIA)

BEST HOUSING / LANDED INTERIOR DESIGN (ASIA)

Andaru Collection Niseko

by Blue Waves Group

Andaru Collection Niseko

by Blue Waves Group

Developer: Blue Waves Group Product type: Villas Architect: Koichi Ishiguro (ISA Design) Launch date: December 2019 Completion date: November 2019 Total land area: 9,151 sqm Number of units: 6 Average unit size: 118 sqm Facilities: Lounge and library area, restaurant, coffee shop Price range: JPY198,000 yen per night (peak season) Contact: Phone number: 0136-22-1816 Email: reservation.jp@andaru.com Website: www.andaru.jp

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Pisonia Ville

Bandar UDA Utama, Malaysia Pisonia Ville is a development of contemporary double-storey terrace homes, part of the sixth phase of the integrated development Bandar UDA Utama.

option of converting one of the rooms into a home office room, which is ready with an attached bathroom, at the ground or first floor of the unit.

Located in a populous catchment area within Iskandar Malaysia, Pisonia Ville has many schools, shopping malls, recreational destinations, banks, and hypermarkets within a 10-kilometre radius. Only a few minutes away from Johor Bahru City Centre, the development has excellent access to the Second Link to Singapore as well as highways such as the Eastern Dispersal Link (EDL), Lebuhraya Persisir Pantai Iskandar (Coastal Highway), and North-South Expressway.

Working from home at Pisonia Ville is easy.

Residents can connect to various available Internet service providers offering a highspeed broadband of 500 Mbps, thanks to the site’s fibre optic cable ready for connections.

Inspired by the new normal of living in more spacious homes, Pisonia Ville with a built-up area of 2,550 sq ft (GFA) on a 25’ x 75’ land area gives property seekers the option of five or six rooms with five attached bathrooms. Property seekers also have the

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Pisonia Ville offers fully extended terrace homes with 4-metre-high floor heights; master bedrooms with balconies; separate dry and wet kitchen areas; and wide, fully tiled car porch. A development that emphasises on privacy and protection, Pisonia Ville keeps residents secured with a built-in CCTV system.

Homeowners would also benefit and enjoy their time at the 14-acre Bandar UDA Utama recreational park nearby.

BEST INTEGRATED WORK FROM HOME DEVELOPMENT (MALAYSIA)

Pisonia Ville

by UDA Holdings Berhad

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Developer: UDA Land (South) Sdn Bhd Product type: Double-storey terrace Architect: A. Bakhtiar Architect Launch date: October 2022 Completion date: September 2024 Total land area: 227,601 sq ft Number of units: 200 Average unit size: 2,343 sq ft Facilities: Bandar UDA Utama recreational park, schools, convenient shops, mosque and more Price range: MYR732,000-1.5 million Contact: Phone number: 07-237 4944 (office), 011 1722 6120 (sales hotline) Email: morita@udanet.com Address: UDA Land (South) Sdn Bhd, Wisma SBBU, No 1, Jalan Padi Mahsuri 12, Bandar Baru UDA, Johor Bahru, Johor, Malaysia

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The Seasons Residences

North Bonifacio Global City, Philippines The Seasons Residences is a mixed-use development in Bonifacio Global City (BGC) that features upscale residences, curated amenities, and the first MITSUKOSHI in the Philippines. Inspired by the four seasons of Japan, the development is a joint venture between Federal Land Inc. and Japan’s leading firms Nomura Real Estate Development Co., Ltd. and Isetan Mitsukoshi Holdings Ltd. The property features Japanese technology and innovations such as Viscoelastic Coupling Dampers, a breakthrough in earthquake vibration control from PNS ASTech, and a sunken slab or below-floor drainage system. It also features kitchen floor storage; Japanese-branded shower toilets; air-washing tiles; and double-glazed low e-glass.

MITSUKOSHI BGC, the four-storey mall at the podium of The Seasons Residences, offers the ultimate Japanese-inspired

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shopping experience, housing brands never-before-seen in the Philippines and a signature basement-level supermarket.

Living up to its name, The Seasons Residences has a wide array of amenities in multiple themes: Active Spring, Breezy Summer, Creative Autumn, and Dreamy Winter. In addition, the development features The Guest House, a unique amenity that lets guests of residents experience a slice of Japanese living in BGC. The Season Residences thoughtfully fuses Japanese design and innovation into a contemporary Filipino setting. Tokyo-based architectural firm Nikken Sekkei created the masterplan and conceptual design of the project while the podium façade concept is from Torafu Architects in collaboration with Asao Tokolo, also known as the designer of the Tokyo 2020 Olympic Games Emblem.

BEST CONDO DEVELOPMENT (PHILIPPINES)

The Seasons Residences

by Sunshine Fort North Bonifacio Realty Development Corporation

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Developer: Sunshine Fort North Bonifacio Realty Development Corporation Product type: Condominium Architect: Nikken Sekkei (overall conceptual design), Casas + Architects (project architect) Launch date: November 2018 Completion date: December 2027 Total land area: 14,792 sqm Number of units: 345 Average unit size: 84 sqm Facilities: Gardens, gym, daycare, nursing room, pools, yoga/dance studio, lounges, karaoke room, golf simulation room, putting green, function room, music studio, business centre, spa, and more Price range: PHP18-77 million Contact: Phone number: (+63) 9190762521 Email: invest@federalland.ph Website: www.theseasonsresidences.ph.

Address (showroom): 7th Avenue corner 34th Street, Grand Central Park, North Bonifacio Global City, Taguig City, Philippines 1634

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AN 18-METRE-TALL REPLICA OF AN ANIME MECH TOWERS ABOVE THE GUNDAM FACTORY YOKOHAMA. THE 25-TON HUMANOID ROBOT IS A GUINNESS-CERTIFIED FEAT OF ENGINEERING, ABLE TO MOVE BODY PARTS INCLUDING ITS LEGS. YOK NARIS/SHUTTERSTOCK

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Seara sport

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