PropertyGuru Property Report No.181 (December 2023 - January 2024) by PropertyGuru Property Report

116 CHINA CRISIS TAKES TOLL 128 THAILAND’S ULTIMATE INSIDER 98 BIG DATA BENEFITS

USD10; SGD13; IDR135,000; MYR41; THB330

MUD STICKS IN INDIA 72 WARDHANA BOOSTS GBA 80 PHNOM PENH’S NEWEST GEM 64

Kohler

Prompt 88

Sinar Mas Land

Situated within the Golden Triangle of Jakarta, the hotel features 282 spacious guest rooms with a private balcony and iconic St. Regis Butler service, distinctive culinary venues and expansive space for celebrations, gatherings and meetings. The Office Tower is a prestigious 31storey commercial office building which has been accorded the BCA Greenmark Platinum Certification.

Sinar Mas Land

Rajawali Place, Jalan HR Rasuna Said Kav. B/4, Setiabudi, Jakarta Selatan, 12910 Indonesia stregisjakarta.com rajawaliplaceoffice.com

A Development by PT Permadani Khatulistiwa Nusantara A MEMBER OF

Kambujaya Development Co., Best Retail Development Ltd Best Retail Architectural Design

Developer

RM COMMERCIAL CO., LTD.

Land Lot No. 43, Samdech Techo Hun Sen Blvd, Phum Tuol Roka 1,Sangkat Chak Angrekroam, Khan Mean Chey, Phnom Penh, Cambodia

069 547 788 / 067 967 788 10

Mean Chey Avenue

meancheyavenue

Kambujaya Development Co., M C A Ltd ean

hey

venue,

flagship

Mean Chey Avenue has a central tree garden that

community mall destined for retail, leisure, and

canopies over 0.5 hectares perfect for casual

entertainment.

outdoor hangouts and big community events

Offering

Cambodia’s

most

prestigious stores, Mean Chey Avenue is situated in

embodying an eco-friendly conceptual design.

the heart of the newly constructed region on Samdach Techo Hun Sen Boulevard (60m Avenue), the fastest-growing development zone in Phnom Penh, Cambodia.

DETAIL INFO

13 417 SQM Rental Area

5+ Hectares Development Size

250+ Rental Space

Angkor Palace Development Co.,Ltd.

DEFINE A NEW STANDARD OF LUXURY LIVING IN VILLAS Borey Dragon Land ននន

2023 WINNER

PROPERTY AWARDS

សមិទ�ផលថ�ី របស់បុរ� ��ហ�ន ��ន ននន ��ល��ើឲ��ើង��យ�បុរ� �� (�� ) �� )))��)��))� ��

T1: LS-07-21-022 | T2: LS-07-21-023

Experience beyond ordinary living.

*Arrst’s Illustrarons

Discover these housing oppons in these prime locapons:

lipa

tanza

B ATA N G A S

C AV I T E

batulao B ATA N G A S

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pandi

san pablo

B U L AC A N

L AG U N A

magalang PA M PA N G A

naic C AV I T E

gen-tri C AV I T E

BALANGA B ATA A N

the cove lipa 22

B ATA N G A S

calamba L AG U N A

baliwag B U L AC A N

gapan N U E VA E C I JA

Fall in love with beautifully

Complete homes

Conceptive amenities are brought to life Where everyone is Connected to life’s essentials And owning your home is a Convenient and guided journey Where

*Actual Photo

DISCOVER A REDEFINED WAY OF LIVING AT PHIRST PARK HOMES.

SCAN THE QR CODE TO FOLLOW US ON OUR SOCIALS.

WINNER

BEST WELLNESS RESIDENTIAL DEVELOPMENT

BEST LIFESTYLE DEVELOPER

The Zora by PT. BSD Diamond Development

PT. BSD Diamond Development

2023

For inquiry call: For inquiry call:

0811 9741 088 0811 9741 088 www.thezora.com www.thezora.com TheZoraBSD @TheZoraBSD TheZoraBSD

@TheZoraBSD

HIGH ABOVE EXPECTATION The Zora is an area of high above expectation concept currently providing a luxury semi furnished house with premium specification valued up to 70.000 USD. From imported marble to low e-glass, Kanade offers the most harmonious living located in BSD City, Indonesia. BSD City itself is a developing township which has increased its land price by 1086,9% in the last 15 years. Since the new government decree 2023, foreigners can now own & inherit property in Indonesia with only passport, visa and residence permit.

Developed By

An Iconic Sanctuary of Refined Living twosenopati.co.id

WINNER BEST UPPER CONDO ARCHITECTURAL DESIGN TwoSenopati by Asiana Group

2023 28

+62 811-9782-777 info@andaraliving.id

HIGHLY COMMENDED

BEST CONDO LANDSCAPE DESIGN Andara Living by Asiana Group

2023 29

Canopy Sands Development Champ

WINNER Best Housing Architectural Design Marum Estate by Sir Stamford Raffles (Cambodia) Co., Ltd.

2023

Sir Stamford Raffles Development Co.,Ltd Champ

WINNER Best Housing Landscape Design Marum Estate by Sir Stamford Raffles (Cambodia) Co., Ltd.

2023

Sir Stamford Raffles Development Co.,Ltd Champ WINNER

WINNER

Best Township Development

Best Mixed Use Development

Marum Estate by Sir Stamford Raffles (Cambodia) Co., Ltd.

2023

Torre Lorenzo Development Corporation PPA

PHINMA Properties PPA

Innovating industrial real estate environments to energize businesses

AyalaLand Logistics Holdings Corporation PPA

www.ayalandlogistics.com

AyalaLand Logistics Holdings Corporation PPA

corporate@ayalandlogistics.com

LIVE SETTLE Eastland Property Ventures, Inc. PPA

ONE OF THE BEST HOUSING DEVELOPMENT IN METRO

Cebu

ENJOY Eastland Property Ventures, Inc. PPA

EASTLAND PROPERTY VENTURES INC. Eastland Estate II YATI, LILOAN CEBU Eastlandestateofficial

Eastlandcares@gmail.com

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ISSUE 181 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 Head of Regional Sales Orathai Chirapornchai Regional Manager of Event Sponsorship Kanittha Srithongsuk Solutions Manager (Australia) Watcharaphon Chaisuk Solutions Manager (Cambodia) Phumet Puttasimma Solutions Manager (Cambodia and Greater Niseko) Nyan Zaw Aung Solutions Manager (China and Australia) Kai Lok Kwok Solutions Manager (China) Yiming Li 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) Alicia Loh Senior Account Director (Thailand) Kritchaorn Rattanapan Senior Account Director (Thailand) Rattanarat Srisangsuk Head of Awards & Developer Business (Vietnam) Nguyen Tran Minh Quan Account Manager, 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

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CONTENTS | Issue 181

Gadgets

Trends

Style

Some of the best tidings to please your technophilic loved ones

Prepare your home for the holidays with these merry and bright furnishings

These essentials have you covered whether you are under in the sun or on the slopes

Project confidential: Jewel in the crown

Interview: When mud sticks

Design Focus: Suites to the stars

Diamond Bay Garden, a skyline-changing development in Phnom Penh, stands at the confluence of style and ambition

Vagabond architect Vinu Daniel is helping to shake up India’s home construction scene

Jimmy Wardhana of JWCC Architecture has earned huge acclaim for his work in the Greater Bay Area

Supporting Partner of PropertyGuru Asia Property Awards

AUSTRALASIA PROPERTY ADVISORY ASSOCIATION We are a not-for-profit organisation creating a community for property developers and multidisciplinary leaders that operate across the entire development lifecycle.

SUBSCRIBE & FOLLOW US Linkedin: www.linkedin.com/company/ australasia-property-advisory-association Website: www.apaassociation.com.au Email: info@apaassociation.com.au 47

CONTENTS | Issue 181

108

Neighbourhood Watch: Marine Parade, Singapore

Special feature: Granular fever

Special feature: Divided we stand

Handily located Marine Parade has emerged as a vibrant investment choice in the Lion City

Big data is transforming the real estate industry by enabling analysis of market trends, property performance, and neighbourhood dynamics

Asia’s real estate industry faces many and varied challenges as external factors continue to bite

116

128

131

Special feature: Serpents in the garden

Dispatch: The ultimate insider

Dispatch: Reach for the skies

Real estate sectors around Southeast Asia are showing signs of contagion from China’s ongoing property market crisis

Srettha Thavisin, Thailand’s new prime minister and former CEO of Sansiri, is expected to pursue real-estate-friendly policies

Australia’s housing crisis is sparking a trend towards vertical living in its cities

EDITOR’S NOTE Issue 181

Time’s knack for seeming to pass at the speed of a turbo-charged Shinkansen is never more noticeable than in the closing months of the year. Indeed, I find it hard to believe that I’m introducing yet another end-of-year issue already. Although it feels as though I’ve barely cleared out the surplus Christmas turkey dishes from the freezer, a lot has occurred over the past 12-or-so months. It’s been another volatile year for Asia’s real estate industry with ailing economies around the region struggling with pain points ranging from soaring property prices to repercussions from China’s ongoing real estate crisis. We’ve taken a closer look at some of these challenges and how they scan for the future in our analysis of the year that is about to disappear into the rear-view mirror. In our other special feature, we’ve taken a closer look at how big data is continuing to revolutionise the real estate industry in the region. Elsewhere in the issue, there’s positive tidings from India where Vinu Daniel and his Wallmakers architectural practice is doing amazing work with sustainable materials. We also track uplifting in our profile of Jimmy Wardhana whose designs are elevating the skyline of the Greater Bay Area linking Macau, Shenzhen, and Hong Kong. Enjoy the issue and see you in 2024!

Duncan Forgan Property Report duncan@propertyguru.com

WINNER

BEST SUSTAINABLE DEVELOPER Primary Homes, Inc.

2023

PrimaryHomes' commitment to excellence in innovation, sustainability, and environmental responsibility

WINNER

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WINNER

SPECIAL RECOGNITION IN SUSTAINABLE DESIGN AND CONSTRUCTION

WINNER

BEST ECO FRIENDLY CONDO DEVELOPMENT ROYAL OCEANCREST MACTAN

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DETAILS | Gadgets

SEASON’S GIVINGS Some of the best Yuletide tidings to please your technophilic loved ones

EAR-RESISTIBLE For the audiophile in your life, the Nothing Ear 2 makes for a sonically splendid Christmas gift. Equipped with an 11.6-millimetre driver, coupled with a dual chamber design, these earphones produce recording-studio-quality sounds, enhanced by active noise cancellation.

USD149, nothing.tech

Orchard Sophia

DETAILS | Gadgets

EYE SEE YOU The Amazon-made Ring video doorbell lets you see visitors at your doorstep from your smartphone (or Alexa device) and receive alerts for unusual activity. You can watch and talk to your visitors through HD video, even with night vision. Available in both battery-powered and wired variants.

From USD64.99, ring.com

LINES CROSSED Untangle yourself from the chaos of individual cords by using the Intoval 3-in-1 Wireless Charger. This professional charging station can charge your phone, earpods, and smartwatch all at the same time. It also boasts faster charging speeds than conventional chargers.

USD50, intoval.com

HAIRY BUSINESS Give your loved one the gift of neat facial hair with the Philips 9000 Prestige, which runs 165,000 cutting actions a minute. With its self-sharpening NanoTech blades and PowerAdapt sensor, the trimmer offers precise grooming and even trims for everything from stubble to bushy beards.

USD299.96, philips.com

LIGHTS WATER ACTION Insta360’s action camera goes next level with its latest incarnation, the X3, which can capture 5.7K 360-degree video and dive down to 33 feet of water. It also comes with an “invisible” selfie stick, which magically disappears in your edit, and an AI-powered companion app.

USD479, insta360.com

Asiana Homes Inc PPA Take a new turn to a leap in life with ASIANA. Asiana Homes is a symphony of thematic and elegant design, quality homes, and sophisticated amenities. Nurturing lifestyles and fostering meaningful connections, make Asiana Homes your new abode for you to craft and live your best story.

www.asianahomes.com

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DETAILS | Trends

DECK T HE HALLS Prepare your home for the holiday gatherings with these merry and bright furnishings

FEAST FIXTURE Lay out your holiday dinner on the Lark Manor Alyra, a dining table of solid and engineered wood with a delightfully distressed finish. Its eye-catching tabletop, balanced on tapered legs, features artistic moulding. A removable leaf lengthens the table to 81 inches long.

USD1,004, wayfair.com

Supporting Association of PropertyGuru Asia Property Awards

The Philippine Star Nate

DETAILS | Trends

FESTIVE FOAM Open your presents while sitting on the Swyft Model 02, a three-seater sofa in eyecatching vine green, among other colours. This mid-century-inspired sofa comes with a solid wood plinth and legs and high-density, dual-layered foam in the cushion, plus stylish pulled seam and piped detailing throughout.

GBP1,595, swyfthome.com

PINE-TASTIC Grandin Road’s Woodside Christmas tree spruces up your holidays with lifelike PVC and polyethylene set on metal branches. Pre-lit with up to 1,200 warm white mini-lights, the tree has abundant, down-swept tips as well as a broad profile. It can be fluffed and styled right after unpacking.

From USD899, grandinroad.com

NOEL NOOK STAR OF WONDER Your dinner presentation gets a celestial touch with the Shooting Stars Dessert Plate, designed by Catherine Martin exclusively for Anthropologie. Crafted from glazed stoneware with 24k gold accents, each piece is unique due to hand-painting. The hand-washable plate takes inspiration from 1920s Art Deco.

GBP18, anthropologie.com

Get Santa to sit on the Mercury Row Tufted Club Chair, a mid-century modern seat with a button-tufted cushion. The deep, wide chair assembles easily, its frame made of kiln-dried hardwood. It is upholstered in regal polyester navy blue or heather gray and features high-density foam cushioning.

USD369.50, wayfair.com

DETAILS | Style

POLAR OPPOSIT ES Whether you’re summering in Australia or wintering in Niseko, these essentials have got you covered at the beach or slopes

BUCKLE BLISS Make sure your feet are ready for the sands with a pair of Birkenstock Madrid sandals. The single-strap, German-made footwear is made of skin-friendly, hard-wearing Birko-Flor as well as suede footbed lining and EVA soles. With adjustable metal buckles, these ergonomic sandals are a joy to traipse on.

USD79.95, birkenstock.com

DETAILS | Style

GAGA OVER GOGGLES Smith’s Skyline goggles offer fogfree visibility with a rimless design, compatible with helmets. Their customisable, distortion-free spherical lens have trademark ChromaPop technology. Many skiers will fit right into the goggles with their Responsive Fit frame, QuickFit strap adjustment system, and silicone-backed strap.

USD108, smithoptics.com

SLOPE ELEGANCE Bundle up in North Face’s Cirque Down Jacket, stuffed with responsibly sourced, 550-fill down. Sewn from waterproof fabrics like ripstop nylon and taffeta, the Cirque features synthetic insulation, plus underarm vents for temperature control. There’s ample storage, too, with internal pockets and a stretchy powder skirt.

USD450, thenorthface.com

FRAME GAME FOLD GOLD The HDX Black Plastic Seat Foldable Folding Chair is great to carry around on a fun day out. The tall backrest and wide seat both have airy, see-through plastic mesh. Constructed from 18-gauge coldrolled steel, the chair folds up compactly.

USD28, homedepot.com

The Saint Laurent D-Frame Sunglasses are a top choice in men’s designer eyewear, thanks to their understated elegance. They’re versatile, designed for the beach as much as the ballroom. Made from glossy acetate, the Italian-made shades can accommodate prescription or UV-protective lenses.

USD270, mrporter.com

JEWEL IN THE CROWN Diamond Bay Garden, a skyline-changing development in Phnom Penh, stands at the confluence of style and ambition BY AL GERARD DE LA CRUZ

SET AT THE CONFLUENCE OF PHNOM PENH’S RIVERS, DIAMOND BAY GARDEN REDEFINES THE CONCEPT OF WATERFRONT LIVING FOR THE CITY’S DENIZENS

ighty rivers—the Mekong, Bassac, and Tonlé Sap— flow through Phnom Penh, their waters nourishing the alluvial plains on which the Cambodian capital

is built.

A trio of 39-storey buildings will soon tower above these waterways. This mixed-use project, Diamond Bay Garden, expands on Koh Pich or Diamond Island, a satellite city by Cambodian conglomerate Overseas Cambodian Investment Corporation (OCIC). Eight years earlier, Diamond Bay Garden was conceived as another project entirely. The development then went into hiatus before it was revived and repurposed in its current iteration about three years ago. “Basically, we had the opportunity to create and establish a unique, strategically located residential property overlooking the rivers of Phnom Penh,” says Thierry Tea, vice-president of OCIC, which is a member of the Canadia Group of companies.

The river island on which Diamond Bay Garden sits has undergone enormous changes itself. When OCIC visited the island in 2004, they saw a swampy site with potential for urbanisation. “Prior to the development of the satellite city, nearly a thousand families lived in makeshift houses without adequate infrastructure in the western part of Koh Pich,” recalls Charles Vann, executive vice-president of Canadia Group. “The area was unsafe, and a few people knew about or visited this island.” With the blessing of the municipal government, OCIC in 2006 began the long, laborious process of rehabilitating the island. Koh Pich would ultimately become the first of several satellite cities privately built and financed by OCIC. Today, many residential projects on the 100-hectare island trade on the exquisite river views. Occupying a 9,757-squaremetre plot on the island’s north-eastern shores, Diamond

A GLIMPSE INSIDE ONE OF THE 1,500 RESIDENCES SET TO BE BUILT WITHIN THE DEVELOPMENT

Bay Garden features prime water frontage at the confluence of the Mekong and Bassac Rivers. But the insular nature of the site obligates OCIC to make hefty infrastructural commitments. Over the last 15 years, the conglomerate has invested in several double-sided bridges linking Koh Pich to mainland Phnom Penh. OCIC is now in the final stages of constructing a bridge connecting Koh Pich to another island, Koh Norea, where it is building a 125-hectare satellite city. The bridge is expected to serve 200,000 people, particularly commuters from the traffic-choked streets of Chbar Ampov. OCIC has a long history of backing or developing transformative infrastructure works in Phnom Penh, from bridges to roads to flyovers. It holds the construction and operation rights for Techo International Airport, the city’s future aviation hub. OCIC’s portfolio also includes Canadia Tower, once Cambodia’s tallest building.

“When it comes to construction, I think we are pretty solid in term of efficiency and effectiveness,” says Tea. “But now we need to improve the design. We need to improve our projects’ inspiration.” Diamond Bay Garden’s structural and architectural design team lifted some inspiration from a distant island. SinoPacific Construction Consultancy (SPCC) looked to the “natural beauty of Hawaii,” influencing the project’s “openconcept, flow-through contemporary design,” the Vietnambased firm stated. In a way, the project also mines elements of old Khmer architecture, as seen on the Angkor Wat and Bayon temples in Siem Reap. “This past civilization always built their foundation with the concept of living within the environment, whether it was the forest, the jungle, or around the abundant rivers of Cambodia,” says Tea. “We wanted to be inspired by

WE WANTED TO BE INSPIRED BY TRADITION, THE HERITAGE FROM PAST CIVILIZATION. DIAMOND BAY GARDEN ACTS AS THE GATEKEEPER OF THE DISTRICT THAT WE ARE BUILDING

THE DEVELOPER, OCIC, IS CREATING NOT ONLY A MIXED-USE SITE WITH DIAMOND BAY GARDEN BUT AN ENTIRE SATELLITE CITY AROUND IT, WITH PARKS, SCHOOLS, AND MYRIAD AMENITIES

THE UNITS, A MIX OF STUDIOS AND MULTI-BEDROOM ABODES, WILL BE OFFERED AT RELATIVELY AFFORDABLE PRICE POINTS, IN SYNC WITH DEMAND FROM PHNOM PENH PROPERTY SEEKERS

CITIES IN ORBIT Overseas Cambodian Investment Corporation (OCIC) is transforming the skyline of Phnom Penh, one satellite city at a time. This ambitious journey commenced with the inception of Koh Pich Satellite City in 2006, a sprawling 100-hectare project commonly referred to as Diamond Island. Following this, the 260-hectare Chroy Changvar Satellite City emerged, complete with the groundbreaking Mekong Gardens serviced apartments and condominiums. OCIC is also developing a 125-hectare satellite city on Koh Norea or Norea Island, as well as the 3.9-hectare Olympia City Complex and 500-hectare Nr 51 Industrial Park. The array of projects necessitates a consistent flow of materials from Cambodia and abroad to sustain the satellite cities.

“At the end of the day, nothing replaces teamwork, proper planning, and focus,” says Thierry Tea, vice-president of OCIC. “So, we have to be laser-focused, even if we have many, many different projects. Planning is very, very important. And execution is key.” The conglomerate’s new award-winning endeavour, Diamond Bay Garden, signifies an extension of its condominium portfolio. It joins other Koh Pich projects such as The Elysée, a Paris-inspired development; Two River Residences, a riverside villa complex; and Elite Town III, a low-rise commercial and residential building. “Koh Pich today would be very different from what Koh Pich in five years would be. That I can guarantee,” says Tea.

UNITS ARE DESIGNED TO FRAME VIEWS OF THE MEKONG, TONLE SAP, AND BASSAC RIVERS

tradition, the heritage from past civilization. Diamond Bay Garden embraces the coastline of Koh Pich and acts as the gatekeeper of the district that we are building.” Tower A at Diamond Bay Garden is steadily ascending to its final height of 146 metres. The residences will rise to the 37th floor, where the Sky Bridge connects all three towers together. On the floors above it, the Sky Terrace and Sky Bar will open not only to residents but also to the public. OCIC assembled an array of contractors for the project, including the conglomerate’s own Koh Pich Construction Company, which oversaw the roof structure and steel framework. Cana Sino Construction Corporation, a joint investment by OCIC and SPCC, managed the project’s concrete structural aspects. Although OCIC has access to suppliers from Asia to Europe, the pandemic made it difficult for the company to certify and verify certain building materials. Wooden boards with the right density, for example, were challenging to source. “That was mainly the challenge during the pandemic: to receive the samples before we put in the orders to the suppliers,” says Tea. “It’s being able to get the samples to 70

really see the quality, if it’s good or not, and then to be able to procure them.” OCIC does have an in-house facility, Diamond Glass Processing Plant, equipped with advanced glass transformation machinery. The plant supplied some finishing works to Diamond Bay Garden, including those for its windows, handrails, and aluminium doors. The selection of façade materials for Diamond Bay Garden had to align with the project’s riverfront character. Its curtain walls were specifically engineered to endure the strong wind loads wafting from the neighbouring bodies of water. The water itself foisted a different set of challenges on the project. A sturdy drainage system was imperative for the riverside site, which features two-level basement parking spaces for around 1,400 vehicles. “These are some very challenging construction obstacles that you normally don’t have when you are not that close to the water,” says Tea. Fortunately for Diamond Bay Garden, Cambodia is relatively impervious to natural disaster, compared to its more

DIAMOND BAY GARDEN IS LINKED TO THE MAINLAND AND RIVER ISLANDS BY STURDY BRIDGES

vulnerable Southeast Asian neighbours. “We are a bit lucky that there are no seismic issues in Cambodia. There are no typhoons,” says Tea. “On that part, we’re quite safe.” Containing 591 units, the first tower of Diamond Bay Garden is anticipated to complete by the second quarter of 2025. The development will eventually house around 1,500 residential units for a total of three phases, each estimated to cost around USD100 million. The resulting units, a mix of studios as well as two- and threebedroom residences, are strategically kept at accessible price points, commensurate with demand. “I think our strength is really economies of scales,” says Tea. With approximately 70% of the initial tower’s investments already in place, Tea foresees the project achieving maturity, complete with essential infrastructures, over the next five years. “Being able to start and finish a project in the current condition is what we can give to the market,” says Tea. “It is really showing that Cambodia can still have a project that comes to completion and comes to the market for customers to use.

“We will be proud of the project when we do the handover,” he adds. In addition to Tower A, the first phase of the project will include Connexion, a community hub with a startup accelerator. The low-rise building at the foot of Diamond Bay Garden continues an ecosystem of learning that began with the establishment of the Canadian International School of Phnom Penh in Koh Pich in 2012. OCIC also invests in the Cambodia University of Science and Technology in Chroy Changvar. With the imminent arrival of Diamond Bay Garden, Koh Pich is unrecognisable from the swampland OCIC found almost 20 years ago. But there lies a long journey ahead for both the satellite city and the nation itself. “Koh Pich is still a teenager, so it has to mature and grow,” says Tea. “Essentially, we know that 70% of the population of Cambodia is less than 30 years old. They want to enjoy life, they want lifestyle, they want to live. They don’t just want to work, work, work, and die. That’s basically the new mindset of the young generation.”

When mud sticks In adhering to a frugal philosophy espoused by Mahatma Gandhi, vagabond architect Vinu Daniel is helping to shake up India’s home construction scene BY BILL CHARLES

VINU DANIEL ADHERES TO A DESIGN PHILOSOPHY ESPOUSED BY MAHATMA GANDHI, WHO SAID THAT THE IDEAL HOUSE SHOULD BE BUILT WITH MATERIALS FOUND WITHIN A FIVE-MILE RADIUS

We need to understand that we must change our outlook toward our shelters. Many people think they’re being eco-friendly, but they’re not actually contributing in a significant way when it comes to bigger things, like their home

inu Daniel has had a remarkable year. The Indian architect’s TED Talk on “the beauty of building with mud and trash,” delivered in April, is approaching a million views. Time Magazine named him in September to its Time 100 Next list, which spotlights rising stars shaping the future of industries. And his dreamlike Chuzhi House, built with scavenged and discarded local materials on a rocky plot in southern India, has earned him a long list of accolades. Daniel adheres to a design philosophy espoused by India’s independence movement leader, Mahatma Gandhi, who said that the ideal house should be built with materials found within a five-mile radius. The architect’s use of mud bricks, along with waste such as used plastic bottles and car tires, has led some in India to refer to him as a “scrap engineer.” But he says nothing is more sustainable or eco-friendly than mud—and it turns out that mud bricks are even stronger than normal-fired bricks, he says—and he describes his junkyard finds as “pure gold.”

WALLMAKERS USES A COMBINATION OF MUD AND WASTE IN ITS DESIGNS

Born in Dubai to south Indian parents, Daniel founded the forward-thinking Wallmakers design studio in Kerala in 2007. Today it comprises some 20 architects along with 200 masons, fabricators, carpenters, and others. With projects all over India, the team refer to themselves as “vagabond architects,” Daniel says, and they are currently overseeing a whole host of different builds, including schools, museums, residences, public institutions, and more. “We do not have a specific type of project that we focus on,” he says. “We only want our clients to understand why they are working with us. We are extremely sensitive to the potential damage to Earth’s ecosystem by the construction industry.” Daniel is an architectural visionary promoting a truly sustainable approach to development. In highlighting his methods, Time wrote: “Hyperlocal materials and techniques make for mighty elegant buildings,” adding that Daniel “teaches us respect for local wisdom and material culture are key for a truly responsible attitude toward the environment and the future.”

How did you start using recycled materials in your designs? We were using mud bricks exclusively on projects when we first started. Then we began to follow Gandhi’s philosophy. We saw there were a lot more resources we could incorporate. We created a system where we took whatever was available from the area. Sometimes obtaining mud can be a problem, and we often found there was already a building on the site that we were asked to demolish. Instead of dumping that waste, we said: “There are a lot of raw materials here. You don’t need to buy them.” Today we use a combination of mud and waste. What are some of the challenges of converting unattractive materials into something that’s beautiful? Are people turned off by the idea of using debris and plastic to build their homes? The challenge started when humans decided their homes are for showcasing their ego. Once that happened, it was all about: How do I show off? How do I cement my position on the top ladder of society? This is a big challenge, to be honest. But on the other side are people who understand

DANIEL’S PROJECTS HAVE EARNED WIDESPREAD ACCLAIM FROM TOP DESIGN ORACLES FOR THEIR INGENUITY

the damage that construction inflicts on ecosystems and the environment. I think the pandemic helped more people understand that we cannot go on like this forever. Are most of your clients generally already aligned with your worldview or do you find that it takes some convincing? This has become more difficult because most people you meet nowadays think they are sustainable. They want to contribute to the environment, but they are only happy to contribute in small, small ways—by not using plastic straws or something like that. But what really matters is a fact like this: The construction industry uses about 30-40% of the world’s resources. Unless we put our mind to this, we’re not going to make a major difference by using plastic straws. We need to understand that we must change our outlook toward our shelters. Many people think they’re being eco-friendly, but they’re not actually contributing in a significant way when it comes to bigger things, like their house or occupation.

Chuzhi House has been much praised. What makes this project so special? This is a small house on the outskirts of Shoolagiri in Tamil Nadu, and it’s an example of “camouflage architecture.” It’s on a rocky terrain populated by trees and shrubs. Most architects would remove some of the vegetation and rocks, level the land, and build on a flatter surface. But we built right into the terrain, camouflaging the structure. We built circular beams with thousands of plastic bottles, reinforced concrete, and mud. We wanted to build around the trees and stones in such a way that they were protected. Each tree is an ecosystem in itself. I never knew how it would end up, but the response blew my mind. Generally, we have a 60/40 concept, meaning that the drawings for the project are there, giving us an idea how the final product will look. But ultimately, for all of our designs, the site itself is our teacher, our master, our guru. We have to constantly pay attention to see how the structure will ultimately come up.

DANIEL SAYS THAT IT IS HIS MISSION TO LEAD BY EXAMPLE AND INSPIRE OTHER DESIGNERS IN INDIA TO ADOPT MORE SUSTAINABLE PRACTICES

WALLMAKERS IS CURRENTLY OVERSEEING A HOST OF DIFFERENT BUILDS, INCLUDING SCHOOLS, MUSEUMS, PUBLIC INSTITUTIONS, AND RESIDENCES

What are some other interesting projects you’re working on now? There is a wonderful museum for a south Indian singer, SP Balasubrahmanyam. He was a great man who died during the pandemic and had a lot of fans, and we’ve asked fans to contribute used car tires to build the museum. It’s made entirely out of mud and more than 10,000 tires. These tires would otherwise end up in landfills or worse—they would be burned. There’s really no other way of repurposing or reusing tires. But when we look at tires as construction materials, they have very strong volume. If you put mud over them, it insulates them so that none of the toxicity of the tire is released. That’s a major advantage of combining materials. We are also doing the Sharjah Biennale pavilion in the United Arab Emirates. We are also building that structure out of used tires because there is a lot of such waste in the world. India discards half a million tires every day. And the rest of the world sends another half a million tires to India each day to dispose of them. What are your goals for the next few years?

It’s impacting every country in the world. Construction is happening everywhere all the time. It would be great if we can share our knowledge. We do not have other aspirations, other than just to make sure that those who follow us—you know there are a lot of new Wallmakers who are now taking baby steps in the world of construction—we just want to make things easier for them so that they can really flourish. How can more architects and construction companies move toward true sustainability? There are a lot of people who are trying to work in more sustainable ways. The challenge very often is that the original concept gets diluted when it comes to mass production. Sustainability is a really, really misused word in the industry. Many non-sustainable techniques are called sustainable. Many non-eco-friendly products are called eco-friendly. It’s something that architects should be very careful about. Many architects and designers are flocking to these concepts because they are so popular. The problem is that the concepts are easily diluted. There’s nothing wrong at all with commercial aspirations. Commercial success in construction and design is truly wonderful. But greed is not good.

We would like to see these concepts spread. Environmental damage is not something that’s only affecting our country. 79

Suites to the stars Inspired to design by one of Hong Kong’s most prestigious hotels, Jimmy Wardhana of JWCC Architecture has earned huge acclaim for his work in the Greater Bay Area BY LIAM ARAN BARNES

eritage hotels have a knack for sparking inspiration. As an impoverished child, Federico Fellini first glimpsed la dolce vita through the iron gates of the Grand Hotel Rimini, the wellspring for many of his films. In 1940, Glenn Miller composed the jazz standard “Pennsylvania 6-5000,” a nod to New York’s Hotel Pennsylvania, where his orchestra played the Café Rouge. And Stephen King dreamt up one of horror’s most iconic settings, The Overlook, after an eerie stay at Stanley Hotel in Colorado. For architect Jimmy Wardhana, it was the grande dame of Hong Kong’s hotels that ignited his passion. “My fascination with design was triggered by observing the space within The Peninsula Hotel,” he explains. “I remember thinking how remarkable it is that architecture and interior design have the power to touch our hearts and convey a story.” Born in Indonesia of Chinese descent, Wardhana grew up in the rapidly developing, high-octane Hong Kong of the 1990s. These contrasting worlds, both contextually and culturally, kindled a fascination with the built environment. But it was ultimately a high school project that encouraged Wardhana to turn passion into a profession. In a paper focused on the city’s subway network, he identified and proposed essential security measures, including the implementation of platform screen doors (PSDs). Later, as the government upgraded many stations with PSDs, the student’s ambitions were vindicated. “It was the realisation that others shared my idea,” he reflects. “That’s when I understood that contributing to the positive development of a city was my calling.” Answering the call, Wardhana relocated to Sydney, where he studied at the University of New South Wales. Soon after earning a Master of Architecture degree, he joined the award-winning practice BVN Architecture, and worked on prestigious projects such as Kinghorn Cancer Centre and Ravenswood School.

JIMMY WARDHANA’S PASSION FOR ARCHITECTURE WAS SPARKED BY HIS FASCINATION WITH THE SPACES WITHIN HONG KONG’S FAMOUS PENINSULA HOTEL

Ultimately, our main objective is delivering a project that respects context and local culture, conceived with people in mind. After all, design should always be about those it serves

While Sydney provided a nurturing environment during those formative years, the bright lights of one of the world’s other great harbour cities still beckoned the budding architect. “I always wanted to return to Hong Kong, drawn by the dynamism of the city’s development,” Wardhana says. “I was eager to explore different opportunities, and I knew that one day I would like to start my own practice after gaining enough experience.” Opportunity soon knocked, albeit 40 miles across the Pearl River estuary in Macau, when his partner Christine Choi suggested they design a low-density, high-end residential project. “I thought it was too soon at first, but quickly knew it was a nowor-never opportunity,” he recalls. Wardhana has not looked back since. The duo founded JWCC Architecture and got to work on One Guia Hill. One of Macau’s most eagerly anticipated boutique luxury residences upon its launch in 2014, the 30unit development occupies a prestigious plot within a World Heritage Site zone, offering panoramas of the Macau Grand Prix circuit. The maiden venture marked the inception of the firm’s understated design philosophy, combining subtle aesthetics with functionality and sustainability—a signature of JWCC Architecture’s work ever since. “Our creations will be part of the cityscape for many years to come, so we must be comprehensive and thoughtful in our approach,” Wardhana explains. “Ultimately, our main objective is delivering a project that respects context and local culture, conceived with people in mind. After all, design should always be about those it serves.”

The success of One Guia Hill set in motion a cascade of accolades for Wardhana and Choi, including a Best Residential Development (Macau) trophy at the China Property Awards, among other international honours. In addition to project-based recognition, Wardhana and Choi have received individual acclaim. Both have been named among the 40 under 40 Young Design Talent of China, representing Macau. Most recently, they received the Shenzhen-Hong Kong-Macau Young Entrepreneur Excellence Award. The firm’s recent achievements, spanning diverse projects in the residential and hospitality sectors within Macau, have spurred Wardhana to explore opportunities beyond familiar horizons. Moreover, he believes the government’s ambitious Greater Bay Area initiative, aimed at integrating the nine cities within the Pearl River Delta with Hong Kong and Macau to form an economic powerhouse, will present even more opportunities for Macau-based architects in Mainland China. “China has been steadily nurturing its own pool of architectural talents, transitioning away from being a testbed for contextagnostic designs and embracing an approach deeply rooted in cultural identity,” Wardhana says. “And it’s an evolution that resonates with our architectural philosophy.” With his sights set on the delta horizon, Wardhana anticipates a future where he can weave narratives for communities on a grander scale, harnessing the storytelling power of design he first encountered amidst the grandeur of The Peninsula Hotel many years ago.

One Guia Hill Strategically situated within the world heritage precinct of Guia Hill in Macau, the award-winning project boasts a distinctive architectural design that harmoniously integrates with the unique location. The design revolves around uniting indoor and outdoor spaces, with each apartment’s perimetre featuring terraces that enable the building to blend into its context. Large, glazed walls and windows, meanwhile, minimise any visual obstructions. “Our approach was to seamlessly blend modern luxury with the surrounding environment, creating a serene yet sophisticated living space,” Wardhana explains. Rather than overpowering the site, the design aims to create a tranquil architectural piece that complements its surroundings. Furthermore, green elements, such as a double-story green wall, add a contemporary touch to the interiors, emphasising ecofriendly living.

The Studio The Studio is a six-storey, 30-unit apartment development located a stone’s throw from Macau’s heritage precinct. Facilitating a transition between the different styles and scales of the two neighbouring buildings, the architecture integrates contemporary design within the existing traditional streetscape. “The façade plays with elevation, creating an intriguing relationship with the apartment sizes and surrounding properties,” Wardhana says. In contrast to the densely developed commercial surroundings, a central atrium introduces a sense of openness and facilitates natural ventilation in lift lobbies and common corridors. The landscaped roof, meanwhile, serves as a tranquil green space for residents, offering a retreat from the bustling streets below.

Hillside Residence Taking pride of place at One Guia Hill, the split-level penthouse Hillside Residence showcases the firm’s interior design chops. “The 600-square-metre apartment is inspired by traditional Chinese architecture through the use of warm timber elements, patterns and textures, set against cooler and dark earth tones to create an ambience that highlights the prestige of its prominent location,” explains Wardhana. On the lower level, a rich palette intertwines with contemporary interpretations of classic Chinese timber screening. Movable partitions offer a touch of sophistication to the living areas, while an art-adorned open staircase acts as a central connection hub between the living spaces, the kitchen, and the private upper floor. Upstairs, a softer palette of amber tones fosters intimacy. Screening elements forge a link between the double-storey living area and the master bedroom.

FIT Centre Macau lobby café For the recent redesign of the lobby café at FIT Centre Macau, the objective was to craft a welcoming space with an air of refined luxury. The entrance draws from traditional Chinese aesthetics, with grand wooden columns and subtly concealed lighting, creating an aura of grandeur, according to Wardhana. “The café takes on the form of a ship, complete with a dark yellow sandalwood hull, an aluminium mast, and expansive mesh screens that evoke the image of billowing sails,” he adds. To elevate the atmosphere and foster an expansive ambience, the firm integrated a copper and bronze grid frame screen. Moreover, the wall showcases imported Turkish marble while wave patterns rendered in cappuccino-coloured and beige marble introduce a dynamic element to the nautical-inspired design.

Areia Preta Elevated Walkway In the Areia Preta district of Macau, the firm is overseeing the creation of a 600-metre covered elevated walkway. This significant civic project aims to connect multiple urban areas, enhancing pedestrian convenience and safety. Wardhana explains the multifaceted considerations for this project, stating:, “Designing the footbridge involves carefully balancing aesthetics, convenience, safety, context, and sustainability. This is one of those projects that reminds me why I wanted to become an architect.” He also highlights the team’s goal to create a walkway that not only serves its practical purpose but also seamlessly fits into the urban environment, emphasising how architecture can improve the daily lives of residents.

Qingmao Plaza The upcoming Qingmao Plaza project, a collaborative effort with Enzyme and PAL AsiaConsult, is set to transform the port area into a spacious, green square, serving as a “prominent new gateway”. Central to the design is a distinctive circular building that stands as a notable landmark, accentuated by an impressive water curtain, while a sunken theatre sits at the heart of the development. The objective, according to Wardhana, is to craft a serene space accessible to people of all ages and featuring amenities such as playgrounds, sports fields, and fitness facilities. “To enhance the pedestrian and vehicular flow in the area and stimulate the local business environment, the team strategically positions stores along the primary walkway within the square, providing accessibility from both the front and rear,” he adds.

Brilliant parade BY JONATHAN EVANS

Handily located between Singapore’s Central and East regions, Marine Parade has emerged as a vibrant investment choice in the Lion City

LIV @ MB

Meyer Mansion

East Coast Park

This sprawling complex from Bukit Sembawang Estates Limited completes in 2026, and looks tailor-made for wealthier families who enjoy plentiful living space (80% is dedicated to greenery and recreation) and elegant design. LIV @ MB’s central section is a huge lawn uncommon in such developments while alongside the main pool is a clubhouse comprising five pavilions inspired by seafront bungalows. The façade’s hexagonal details nod to Peranakan architectural motifs, reiterated by the clubhouse’s tiling, while themed zones contain dense planting. Spacious interiors from 2nd Edition design group emphasise adaptability, with one-bedroom units convertible as studios, a choice of open or closed kitchen, and warm or cool colour schemes. The project’s use of smart technology ups the “wow” factor with electric-vehicle charging points and a carplate recognition system.

Another generously sized, upcoming condo (completing in 2024) from GuocoLand, this 25-storey, single-towered giant fronts a Grand Lawn, 40-metre pool, and clubhouse and beach house for entertaining friends. Within the high-end development, 80% of space is devoted to landscaping by COEN Design and communal amenities. Interior layouts come in eight types of 25 units each, created by Index Design to capture optimum sea views and guarantee flexibility and functionality. The architecture combines understated luxury living with tropical detail; taking its cue from seafront mansions of bygone years, the entrance recalls Meyer Road’s old bungalows. The upcoming Katong Park MRT station will be a five minutes’ walk away.

Anyone living around Marine Parade will enthuse about this multi-faceted park stretching along its southern tip, whose 12.5-kilometre sprawl connects Marina Bay Sands with Bedok Jetty in the east and beyond. While distant steamers and cargo ships ply the Singapore Strait, the sea air’s freshness is a welcome tonic to the stifling humidity. Key to East Coast Park’s all-ages popularity are its versatility and shifting landscapes: The ravishing Gardens by the Bay’s famous Supertrees and Cloud Forest contrast with the Coastal PlayGrove, a children’s seaside paradise 3 kilometres east. Xtreme Skate Park headlines sporting options (beach volleyball, cycling, and cable skiing are also on offer), and nature abounds with coconut palm, casuarina, and ketapang (sea almond) trees, plus a therapeutic Wellness Garden. Barbecuing, hawkers, and campsites are also available.

Famous for its proximity to key cultural touchstones, Marine Parade grew up alongside its illustrious neighbour Katong, the traditional home of Singapore’s Peranakan community. While significant vestiges of Straits Chinese culture (architecture, food, clothing) remain in nearby Joo Chiat, Marine Parade presents different kinds of attractions: its position right next to the sea (see East Coast Park, below) and near Changi airport, a sports centre, plentiful retail opportunities, and an increasing number of private condominiums. Families moving here will be further incentivised by the area’s plethora of schools and relatively low population density, and by the prospect of a local MRT station opening next year.

i12 Katong

AlibabaR The Hawker Bar

328 Katong Laksa

Marine Parade’s own mall, Parkway Parade, is consumer spending à gogo, but Singapore outdoes itself in the field of shopping, even within the same neighbourhood. A five-minute walk away, this seven-storey sanctuary (formerly Katong Mall) offers an experiential edge rather than a functional retail walkabout. Styling itself as a community centre above all, i12 feels more than ever like a place people would feel happy to spend time after re-opening last year; local gatherings have since its inception in 2011 included dog adoption events, yoga sessions, cooking workshops, and art exhibitions. Notable tenant luminaries include Hong Kong’s Michelin-starred dim sum supremo Tim Ho Wan, Chinese cuisine experts Crystal Jade, sports outfitters Lululemon, and athletic centre Climb Central while a Golden Village cinema crowns the experience.

Directly across from i12 Katong, this drinking hole presents a unique proposition: Enjoy a cup of joe at the kopitiam (coffee shop) during the day, then return later to sip on select craft beers and savour bistro food from stalls including Mediterranean, burgers, and Thai and Chinese favourites. It’s a concept that clearly works since the eclectic bar dates back a decade; beers tend towards dark Teutonic or Belgian brews like Warsteiner, König Ludwig Dunkel, Leffe and Duvel, lending the joint a permanent Oktoberfest vibe. AlibabaR occupies the street level of a 1916 shophouse at the intersection of East Coast Road and Joo Chiat Road, with its three distinct parts: a chi-chi southern end, a mid-section dominated by Vietnamese businesses, and an Islamic northern end leading towards Geylang Serai.

It would be remiss to discuss Katong without mentioning its signature dish, the laksa, a spicy vermicelli concoction with various meat toppings, drenched in a thick coconut soup flavoured with sour tamarind and sambal chilli, and eaten with a spoon rather than chopsticks. In Singapore, the dish was supposedly popularised 50 years ago when Peranakans interacted with Malays; uniquely among laksas, Katong laksa uses shrimp alongside coconut milk. One enduring result of this culinary hybridisation is this landmark restaurant owned and run since 1998 by Lucy (aka Nancy) Koh. Several complementary dim sum are also served, such as charcoal salted egg custard. 328 Katong Laksa attained its greatest renown in 2013 when celebrity chef Gordon Ramsay participated in a “cook-off”, pitting his skills against local hawkers.

GRANULAR FEVER

Big data is transforming the real estate industry by enabling analysis of market trends, property performance, and neighbourhood dynamics BY LIAM ARAN BARNES

As technology continues to advance, data’s intrinsic value will grow, facilitating a market where information becomes a valuable commodity. This shift empowers investors to navigate the market

y the late 1990s, John Zgoda had been living in Bangkok for a few years. The British marketing executive had fallen in love with the city’s energy, and owning a home in the Thai capital was the logical next step. But realising that dream was no small feat. Real estate listings back then were a far cry from the digital databases and online platforms of today. To discover available properties, Zgoda had to rely on classified ads in local newspapers, a daily ritual that began his property quest. “Word-of-mouth was the norm,” he recalls. “Friends, neighbours, and colleagues served as my informal property scouts. I often felt like a detective following leads.” Even when Zgoda eventually found a potential apartment, either through a connection or the assistance of a local broker, the available information was typically scant. This led to hours spent navigating Bangkok’s infamous traffic jams, often culminating in disappointment. “Property

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THE UTILISATION OF BIG DATA HAS PROPAGATED A REVOLUTION IN THE WAY INVESTORS SEARCH FOR PROPERTIES

visits could be eye-opening,” he says. “I sought a location away from the CBD, so I crisscrossed the city. Weekends disappeared in the back of taxis, and usually, I’d only view a few properties before giving up.” He eventually found a place in On Nut, then Bangkok’s final Skytrain stop. Now, 25 years later, Zgoda and his wife are embarking on another fresh property hunt. With their daughters leaving home, the couple is looking for a quieter life on the paradise island of Koh Samui.

As with most industries, big data is transforming the way real estate operates. Investors can make more informed decisions with a laser focus on specifics. It enables granular analysis of market trends, property performance, and neighbourhood dynamics, aiding in the selection of properties with the highest potential for return on investment.

The internet, online property portals, and big data have transformed this house hunt into a vastly different experience.

The transition has made firms like PropertyGuru a valuable tool for serial investors and house hunters. Founded in 2007, the company has for most of its existence operated as an online property portal, essentially replicating the traditional listings model, connecting buyers, sellers, and agents.

“We’ve moved several times since I bought that first apartment,” John explains. “With each move, the process became much easier.”

But the firm’s vision has evolved beyond the property classifieds business to become one of the leading property data providers in the region.

For their latest purchase, they virtually viewed a threebedroom home in Chaweng before visiting in person. They also compared it with other properties and considered local amenities, market trends, and historical sales figures—all thanks to big data analytics.

To realise this vision, PropertyGuru has been strategic in its acquisition efforts. In 2021, the company successfully acquired the assets of the Australian real estate classifieds portal, REA Group, which operates property platforms in Thailand and Malaysia.

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In November 2020, the group also acquired the Malaysian property data firm MyProperty Data, rebranding it as DataSense, a suite of proptech data tools for agents. “Property seekers typically begin their journey on property platforms, so it makes sense that our platforms are our primary source of data,” says Lee Nai Jia, the head of real estate intelligence, data, and software solutions for PropertyGuru For Business. He points out that modern property buyers are increasingly discerning, relying on data to steer clear of pitfalls. They scrutinise transaction volumes and local pricing trends before making their purchases. “In many ways, every potential buyer has become an expert during their search process.” PropertyGuru not only offers real-time pricing and rental trends for listings but also generates comprehensive market reports based on visitor interactions with their current offerings, shedding light on emerging trends. Meanwhile, the NYSE-listed company is creating “developer operating systems” that automate processes in property development, sales, and management, in addition to facilitating home services like contracting and moving. Its embrace of data utilisation has yielded tangible results. In Q2 2023, the fintech and data services segment contributed SGD1.512 million to its total revenue, marking a significant 46.8% increase from the previous year. “This data empowers them to make wellinformed decisions and evaluate the effectiveness of their strategies,” Lee explains. “To enhance our insights, we integrate third-party data, including mobility patterns and flood risk assessments. Recognising that each market is unique, we collaborate with local experts and continuously validate our hypotheses with our business partners.”

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AT TRUE DIGITAL PARK, A TECH AND STARTUP HUB LOCATED IN BANGKOK, BIG DATA PLAYED A PIVOTAL ROLE IN ASSESSING TRAFFIC FLOW, EMERGENCY RESPONSE TIMES, AND AIR QUALITY

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DATA HAS EMPOWERED INVESTORS TO MAKE INFORMED DECISIONS ON IMPORTANT CALLS SUCH AS REMOTE SECOND HOME PURCHASES ON DREAM DESTINATIONS LIKE KOH SAMUI IN THAILAND

As for data and software solutions, more investments will be made in intelligent workflows, high-quality valuation, and data consultancy services for valuers, banks, developers, and governments. Indeed, developers are increasingly tapping into customer behaviour. This is helping them to identify lucrative niches and ideal project locations. Notably qualitative and quantitative data now enables forecasting and roadmap building for future buyer aspirations, a departure from the historical reliance on market experience. Thai developer MQDC was an early adopter of proptech. In 2020, it launched the data research centre FutureTales LAB to utilise big data analytics throughout its operations. In addition to identifying customers in more detail, the

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firm harnesses site-specific data, including environmental factors such as air quality, trees, wildlife, water resources, and disaster risk assessments to enhance decision-making processes. Geographic Information Systems, meanwhile, allow MQDC to analyse locations in greater detail, aiding in better site selection and project design. “When planning for new project development, we explore indepth information about each building in terms of area usage to be able to determine the most effective development strategy,” says Karndee Leopairote, the centre’s chief of foresight and digital asset. “Some commercial buildings for instance might be used for commercial on the first floor and residents on the rest of the floors. These insights assist in designing project concepts that specifically serve areaspecific customers’ needs.”

MACHINE MEETS MAN The real estate industry is undergoing another significant transformation driven by the proliferation of artificial intelligence (AI). AI, notably ChatGPT, is already being used by brokers to automate tasks such as drafting listings, calculating mortgage payments, and data analysis. While AI may streamline processes and reduce human labour, the consensus among real estate professionals is that it’s more about augmenting human capabilities than replacing them. “A common feeling [in the property sector] is that it will help rather than replace real estate professionals,” a recent Cushman & Wakefield report noted. “Some tasks will be automated [but] it’s more about helping to make people really good at what they do.”

MQDC’s use of big data analytics in their projects is exemplified through several initiatives. For a recent development in Phuket, it performed an analysis of the area, factoring in the expansion plans of two airports to select a location that balanced proximity to both, ensuring convenience for future residents. Additionally, the developer has leveraged sources, such as Ministry of Transportation data, for transportation modelling within project areas, optimising internal and external systems to effectively meet residents’ needs.

For now, at least, the intangible aspects of the real estate business, like understanding the unique qualities of a property or reading the emotions of buyers and sellers, remain firmly in the domain of humans. The ultimate question is whether AI will reduce the need for as many human realtors in the future or simply enhance their abilities.

At the developer’s True Digital Park, a tech and startup hub located in Bangkok, big data played a pivotal role in assessing traffic flow, emergency response times, and air quality, enabling the implementation of safety measures like emergency response plans, air quality monitoring,

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THE SHIFT TOWARDS BIG DATA IS ENABLING HOMEBUYERS TO NAVIGATE THE REAL ESTATE MARKET WITH NEWFOUND CONFIDENCE

and biodiversity conservation strategies to enhance sustainability and wellbeing. Still, MQDC faced several hurdles when implementing big data strategies. One significant challenge was accessing government data, which was often hindered by bureaucratic processes and limited data availability. Access to specialist expertise also remains a concern. “Active engagement and collaboration with government agencies, advocating for open data policies, and establishing clear data-sharing protocols are essential in improving data access,” Karndee explains. “We are also fostering relationships with specialists in relevant fields like the environment and logistics to ensure accurate data collection and analysis.”

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As technology continues to advance, data’s intrinsic value will grow, facilitating a market where information becomes a valuable commodity. This shift not only empowers investors to make more informed decisions with a focus on specific market trends but also enables homebuyers to navigate the real estate market with newfound confidence. The experience of individuals like John Zgoda, who has witnessed the transition from the analogue days of property hunting to the data-driven present, reflects the vast potential for data to enhance the real estate industry, ultimately reshaping Southeast Asia’s property market into a more informed and dynamic environment.

DOING THE BUSINESS In 2022, PropertyGuru unveiled its enterprise arm, PropertyGuru For Business. This initiative includes a comprehensive suite of proprietary solutions like DataSense, ValueNet, and marketing-as-a-service (MaaS). Following in the footsteps of industry leaders like Zillow in the US and OnTheMarket in the UK, PropertyGuru for Business aims to provide guidance and innovative solutions to property developers, agencies, banks, valuers, and policy planners. Among the featured products is DataSense, an intelligence service that empowers property developers with advanced analytics tools.

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DIVIDED WE STAND Asia’s real estate industry faces many and varied challenges as a precarious geopolitical and economic situation and looming climate change threat continue to bite BY AL GERARD DE LA CRUZ

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VIETNAM’S CENTRAL BANK HAS CUT KEY INTEREST RATES TO SUPPORT THE COUNTRY’S SLOWING ECONOMY

ow may be the most dangerous time the world has seen in decades.

That was the view of JP Morgan Chase CEO Jamie Dimon who delivered his chilling thesis during an address made in October, a fittingly pessimistic coda to a year of uncertainty and conflict. Bloody carnage in the Middle East, in addition to the grinding Russia-Ukraine conflict, would have “far-reaching impacts on global trade and geopolitical relationships,” he warned. The summer of 2023 was also widely cited as the hottest on record, with the entire year on track to be an all-timer as well. If the science as it is currently being showcased is accurate, the planet is struggling to limit the temperature increase to 1.5°C above pre-industrial levels as per the Paris Agreement. Caught between manmade and climate strife, will the way forward for real estate be pitched down a dark path? Or will the road to a brighter future rise before us all?

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A slow global economy There are no easy answers. Shaped by the commodity price shock and rising energy prices, inflation was the watchword for the industry in 2022—an economic slowdown has since gripped the globe. The International Monetary Fund (IMF) is projecting global growth to slow this year to 3%, down from 3.5% in 2022 and up from 2.9% in 2024. Part of the slowdown may be attributed to the monetary policies necessary to bring inflation down, according to Pierre-Olivier Gourinchas, economic counsellor at the IMF. “Tighter credit conditions are weighing on housing markets, investment, and activity, more so in countries with a higher share of adjustable-rate mortgages or where households are less willing, or able, to dip into their savings,” he says. Real estate pundits had hoped for a palpable turnaround earlier, on the assumption that inflation and interest rates would reach their peak later in 2023.

DRASTIC COOLING MEASURES ADOPTED IN SINGAPORE INCLUDE A STAGGERING 60% ADDITIONAL BUYER’S STAMP DUTY (ABSD) ON FOREIGN BUYERS

And they would be right—global inflation is predicted to descend to 6.9% in 2023 and 5.8% in 2024, down from a crippling 8.7% in 2022, according to the IMF. Disinflation may well be happening, with nearly threequarters of economies around the world expected to see lower headline inflation by the end of the year. The pace is not even among advanced and low-income economies. Inflation might be affecting development risk, but developers in countries like Singapore enjoy the policies and resources to mitigate its impact on construction costs and manpower shortages. “Some have passed on the costs to consumers. Others have been more measured when they place bids for new land purchase,” says Christine Sun, senior vice-president of research and analytics at the consultancy OrangeTee & Tie. Inflation is not expected to return to target until 2025 in most cases, says the IMF. In low-income countries, inflation is on average projected to be in the double-digits and not expected to fall until 2024.

Several markets have paused rate hikes as of H1 2023, with some, like Vietnam, cutting rates altogether to revive a stuttering economy. Still, the elevated interestrate environment is widely expected to persist into the foreseeable future. While the industry still clings to the theory of real estate as a hedge against inflation, the lasting impact of higher interest rates is “a tougher judgement call,” according to PwC in a joint report with the Urban Land Institute earlier this year. Interest rate movement will at least impact the residential resale market. “If interest rates start to moderate next year, some buyers may enter the market,” predicts Sun. Housing unaffordability continues The ensuing deterioration in debt availability and rise of borrowing costs have not been hindrances to a surge in property prices though. Previously predicted to fall dramatically at the start of 2023, average home prices in major markets worldwide, including 111

Macroeconomic uncertainties will play a major part in influencing overall market sentiment, which in turn impacts the demand and price trajectory for properties

India and Australia, are expected to rise in 2024, according to a recent poll of property analysts by Reuters. Also, fixed-rate mortgages have shielded existing homeowners from the impact of higher interest rates while first-time home buyers have been kept away from the property ladder. “The reality is, you’ve got very low supply and house building volumes in most markets because of Covid disruption and supply chain disruption,” states Liam Bailey, head of research at Knight Frank. “The fundamental point is strong demand meets weak supply.” The prices have climbed to an extent that some markets have resorted to very drastic cooling measures this year. In April, Singapore slapped a staggering 60% additional buyer’s stamp duty (ABSD) on foreign buyers. This has had a “material impact on the market,” according to Kristin Thorsteins, head of partnership growth for APAC at IWG PLC. “None of us expected the mother of all cooling measures,” she says. “Nonetheless, I still maintain that Singapore real estate players find themselves in an enviable position.” “We saw a significant fall in foreign buying ever since the ABSD has been increased,” adds Sun. “Foreign buying trend was returning to almost pre-pandemic levels prior to the increase.”

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While higher mortgage rates have taken a toll on housing affordability, Japan has chosen to retain its loose monetary policy this year. This has had the effect of maintaining its appeal to real estate investors, despite core inflation remaining high. Of carbon taxes and sustainable designs This year scaled new heights in other ways. In October, Singapore experienced its highest temperature on record: a possible foreshadowing of what the world will experience if global warming is allowed to breach 2°C. The property sector—which drives around 39% of global emissions—plays a key role more than ever in slowing down and potentially reversing global warming through various mitigation efforts. “In any case, if we don’t get behind this by ourselves, we can expect the gahmen to step in as it so frequently does to regulate our industry,” says Thorsteins. And it has stepped in. Singapore levies a carbon tax on property owners at SGD5 a tonne, rising to SGD25 and SGD45 a tonne over time. Singapore is now one of roughly around 73 nations with carbon taxes or emissions trading systems (ETS) that capitalise on greenhouse gas reductions. In 2022, that number was just 68; this year, Indonesia is throwing its hat into the proverbial ring with the launch of its own mandatory ETS.

MALAYSIA IS AMONG THE COUNTRIES IN THE REGION TO HAVE MADE GREAT STRIDES IN ADOPTING SUSTAINABLE DESIGN PRACTICES

Companies themselves are also taking the initiative. More than 250 companies in Japan have declared to CDP, formerly the Carbon Disclosure Project, that they use internal carbon pricing, which puts a value on an organisation’s emissions. Yet 88% of real estate companies do not report on their use of internal carbon pricing, making real estate the secondlowest user of the tool among sectors. Fortunately for the world, sustainable design has experienced a landmark year in 2023, with bioclimatic and biophilic design coming to the fore, as well as spatial planning and passive solar design. Architects are also taking kindly to recycled materials, bamboo, and wood in their designs.

Singapore, which has a Green Mark certification programme in place, as well as Malaysia will be “leading the charge” in the rise of sustainable design, predicts Thien Duong, general director of the design practice Group GSA Vietnam. “This is being driven by a growing awareness of the environmental impact of the construction industry, as well as by government regulations and incentives.” Nevertheless, challenges persist. Sustainable materials and technologies often command a higher price tag compared to their conventional counterparts. A deficiency in skilled labour and expertise in sustainable design and construction compounds the dilemma.

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MIXED-USE PROJECTS OFTEN INTEGRATE PUBLIC SPACE INTO THE PREMISES, CREATING A SENSE OF COMMUNITY AND REDUCING THE NEED FOR PEOPLE TO TRAVEL LONG DISTANCES

“Government regulations and incentives for sustainable design may vary from country to country,” says Thien.

expansionary appetite of occupiers now, a legacy of the pandemic.

Where to live, work, play

The buck now stops with landlords, faced with the pressure to do upgrades related to ESG and energy efficiency. Proximity to transport hubs now come as standard to entice remote workers back to the office.

With a mix of uses attractive to both residents and businesses, mixed-use developments will have greater currency in the future. Designed to adapt to the times, mixed-use projects often integrate public space into the premises, creating a sense of community and reducing the need for people to travel long distances to work, shop, and recreate—a complement to sustainability. “Mixed-use development will become more common in Asia Pacific in the coming years, as it can help to reduce traffic congestion, create more livable communities, and promote social interaction,” says Thien. “[But] balancing the needs of different users can be challenging. Designing buildings that are both functional and aesthetically pleasing can be difficult, and coordinating the construction and management of a mixed-use development can be complex.” The office components of these projects, as well as their standalone counterparts, also fall prey to the weak 114

Such exodus to greenness and quality is expected to remain on trend as the office market continues to favour tenants. In fact, regional vacancy hit a 20-year high of 18% in the first half of 2023, according to CBRE. Still, offices accounted for 43% of total investment in H1 2023, and completions equivalent to about 20% of Grade-A supply will come online over the next three years. The rebound for the office segment in Asia will be “slow and L-shaped,” the company further predicts. The allure of remote work has been “unexpectedly resilient” in Asian cities where houses are too limited in size for work-from-home productivity, according to PwC. Office is clearly the “new retail,” the company reports, alluding to the disruption e-commerce has wrought on the brick-andmortar scene over the years.

ASIA’S LOGISTICS INDUSTRY IS STILL ON THE RISE DESPITE A DECLINE IN E-COMMERCE FOLLOWING THE END OF THE PANDEMIC

Logic in logistics As people locked down at home during the pandemic, e-commerce shored up another segment of real estate: logistics. Fast-forward to 2023 and leasing demand from e-commerce platforms has decelerated, with several players willing to outsource logistics operations to third parties (3PLs). Vacancy rose across the segment in 2023, with landlords dangling incentives en masse. Around 68% of logistics occupiers plan to expand their warehouse portfolios in the next three years, but that number is down from 78% in 2021, according to a CBRE survey of Asia-Pacific logistics occupiers this year. Worldwide, the manufacturing sector is reckoning with the economic downturn, which reflects the post-pandemic shift in consumption back toward services. The swing of the pendulum props up service-oriented economies over industrial powerhouses such as China. With that said, logistics has a bright path ahead independent of online shopping. Logistics and office yields in the Pacific have expanded dramatically this year, with rental growth atoning for the fall in capital values, according to CBRE.

“The bigger game is the whole demand for urban logistics and light industrial space for all sorts of uses, not just e-commerce,” an investment manager tells PwC. After the ABSD has been increased for residential properties, demand has shifted to non-residential properties in Singapore, including logistics, according to OrangeTee & Tie. “There has been a noticeable increase in demand for strataoffice spaces and industrial properties in recent months,” says Sun, adding that demand for commercial and industrial properties had been slower than that for residential properties during the pandemic. In the end, industrial properties and other segments of real estate are at the mercy of the geoeconomics fragmentation that assailed the international community in 2023. The world could further splinter into blocs that trade exclusively with one another, reducing annual global GDP by up to 7%, warns the IMF. This picture of a divided world could spell insecurity for some time to come. “Macroeconomic uncertainties will play a major part in influencing overall market sentiment, which in turn impacts the demand and price trajectory for properties next year,” says Sun.

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SERPENTS IN THE GARDEN

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Struggling real estate sectors around Southeast Asia are showing signs of contagion from China’s ongoing property market crisis BY STEVE FINCH

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MALAYSIA’S USD100-BILLION FOREST CITY PROJECTS FACES UNCERTAINTY DUE TO FINANCIAL CHALLENGES

n late August, after news reports said its sprawling Forest City development in Malaysia appeared “deserted”, Chinese developer Country Garden issued a statement reassuring investors amid mounting debt concerns. “Our company’s projects in Malaysia are operating normally and the sales performance is strong,” it said in a statement. Two months later, after further delays in making dollar interest payments on its offshore bonds, Country Garden’s default was “all but official”, according to Bloomberg. The company’s stock price has lost about 75% of its value this year, down from about HKD3 in early January to HKD0.71 in the last week of October, amid losses of USD6 billion during the first half of this year. Following Evergrande’s default in 2021, Country Garden’s similar debt concerns represented the latest chapter of a Chinese property crisis which until recent months had shown little indication of contagion in the rest of the region. Whether these impacts extend across Asia will much depend on China’s ability to reverse the recent property market slide. Yet there were still signs of recovery by the start of the fourth quarter. New home prices in China fell at a slower pace of just 0.2% in September, compared to 0.3% the previous month following a range of stimulus measures by the government including a lifting of restrictions on home purchases in major cities. However, analysts at Nomura said China’s property downturn is yet to reach the bottom. And ratings agency Moody’s warned in late October that market improvements derived from recent supportive government measures may be short-lived. “The credit quality of many developers has weakened in the past one to two years amid the property market’s prolonged 118

downturn,” Moody’s said a month after downgrading its rating for China’s property market from stable to negative in September.

Risk-averse Chinese have reined in spending on property at home. But that has not necessarily pushed buyers overseas where purchase activity by mainlanders remains mixed at best

“The unclear recovery prospects of contracted sales add further uncertainty for them to restore financial profiles commensurate with their rating levels in the next 12 to 18 months.” Overall economic data in China has been more encouraging in recent months. The country’s GDP growth increased 4.9% in the third quarter compared to a year earlier, according to official data, which was above analysts’ forecasts, prompting Citigroup, JP Morgan, and Morgan Stanley to all raise their full-year growth forecasts to between 5.1% and 5.3%. Although such a low growth rate would have been considered unthinkable by China economists just a few years ago, most analysts had written off any chance of a rebound over 5% until a few weeks ago, given the 3% GDP expansion in 2022 and market difficulties this year. Still, Chinese homebuyers remain cautious amid uncertain economic conditions at home and abroad, typified by the most severe recent downturn in the housing market, previously considered a haven for capital among ordinary Chinese. The response by many in the world’s most populous nation has been a flight away from risky assets towards perceived safety. In 2023, Chinese have saved at rates even higher than last year—when Chinese were already estimated to be the biggest financial savers in the world—with 27% of every additional yuan earned being placed in savings accounts and other low-risk instruments, according to a recent survey by the data agency Morning Consult. So, risk-averse Chinese have reined in spending on property at home. But that has not necessarily pushed buyers overseas where mainland purchase activity remains mixed at best, according to analysts.

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SINGAPORE’S DECISION TO RATCHET UP ITS STAMP DUTY ON FOREIGN BUYERS ACCOUNTED FOR A DRAMATIC SLUMP IN PROPERTY ENQUIRIES FROM CHINESE

Among the drag factors have been concerns over Chinese developers and their projects in the Southeast Asia region, including Country Garden in Malaysia. Also impactful are growing signs of ever stricter capital controls, and enforcement by Chinese authorities. Chinese investors in the region represent a disguised source of overseas investment that appears to be declining amid more strenuous efforts by Chinese authorities to stop money flowing out of the country, according to a study by the French corporate bank Natixis earlier this year. In October, domestic Chinese brokerages and their overseas units reported a new measure circulated by authorities by which mainland clients would be “strictly monitored” to prevent bypassing of China’s foreign exchange controls. Chinese citizens are subject to several restrictions on spending overseas, including a limit of USD50,000 on foreign currency exchange per year which makes it difficult and time-consuming for Chinese to channel funds overseas. “Capital controls have made it more difficult for most ordinary Chinese residents to take money out for big-ticket purchases, and the trend has only tightened further in recent years, such as a daily cash withdrawal limit,” says Gary Ng, a senior economist at Natixis in Hong Kong.

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Increased efforts to curb Chinese outflows of capital by the government have coincided with the sharpest outflow of direct investment capital since early 2016, according to Bloomberg. Relatively low interest rates in China, coupled with enduring high rates in many countries overseas, have encouraged many foreign investors to pull their money from the mainland. Despite these challenges, some Chinese buyers have started to return to some Southeast Asian markets. Property inquiries for Thailand, still the top destination in ASEAN among Chinese buyers, more than doubled in the third quarter compared to a year earlier, according to a leading overseas Chinese property portal. Nonetheless, Chinese inquiries for the entire southeast region are still down on 2019 as the number of flight connections between the Chinese mainland and many destinations in Southeast Asia remain below pre-pandemic levels. The Philippines saw the next biggest jump in Chinese inquiries in Southeast Asia after Thailand with a 43% annual increase compared to the third quarter of 2022. Private buyers may be showing greater interest, but there are few signs that inquiries are translating into a jump in Chinese purchases on the ground, both in terms of private and corporate buyers.

THE PHILIPPINES IS PROVING ATTRACTIVE TO CHINESE BUYERS DUE TO ITS GEOGRAPHICAL PROXIMITY AND FAVOURABLE PROPERTY PRICES

The stock had previously been suspended for 17 months after Evergrande failed to submit financial results for 2021, the same year the company was unable to meet interest repayments on its bonds. The company has been unable to issue new debt amid an investigation into its main subsidiary in mainland China, Hengda Real Estate Group Co Ltd. Evergrande has estimated combined debts of more than USD328 billion.

EVERGRANDE TROUBLES MOUNT

The company agreed on a USD35-billion debt restructuring plan in April. However, the company filed for bankruptcy protection in New York in August in a bid to protect its assets in the United States.

Evergrande, the Chinese developer which defaulted on its debt in 2021, sparking China’s enduring property crisis, saw its shares suspended again in late September followed by reports the company was nearing bankruptcy.

Staff of the struggling developer in Shenzhen were detained by police in early September, and at the end of the same month, Evergrande CEO Xu Jiayin was held under residential surveillance amid police investigations.

Trading of the company’s shares in Hong Kong only resumed in late August, sparking losses of more than 80% in the stock in just one month of trading.

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THAILAND REMAINS THE TOP DESTINATION IN ASEAN FOR CHINESE PROPERTY BUYERS

Joey Bondoc, associate director of research at Colliers in Manila, noted that Chinese investment sentiment remains delicate in the local market amid an ongoing territorial dispute between the two countries, but added the Philippines remains attractive to mainland buyers—in theory—due to its geographical proximity and favourable rates. “When you look at viable investment destinations outside of China, the Philippines is one of those because in Asia we still have among the lowest property prices on a per square-metre basis,” says Bondoc. “It’s much cheaper than Singapore or Hong Kong.” Despite debt concerns associated with Country Garden and its sprawling Forest City development on Malaysia’s border with Singapore, Chinese property inquiries for Malaysia are also on the rise. It remains to be seen how Country Garden’s default will impact its flagship Forest City development in Johor, and Chinese buying sentiment in Malaysia in general. In August, Malaysia’s central bank stated the country’s banking sector has limited exposure to Country Garden 122

with less than 0.1% of total banking system loans and bonds linked to the Chinese developer. In an apparent effort to preempt knock-on impacts, the Malaysian government has reassigned Forest City as a special financial zone with favourable rates to boost investment. In late April, the Singaporean government abruptly raised foreign property stamp duty from 30% to 60%, in another possible boost to Forest City’s fortunes. The development overlooks the Johor Strait and was conceived in part as a lowpriced alternative to Singapore. Many analysts thus believe that Chinese buyers recently priced out of the Singapore market may now look at lower-priced alternatives across the border in Malaysia. The sudden jump in stamp duty was a key factor behind a 76% decline in third-quarter Chinese property inquiries for Singapore, the worst performer in Southeast Asia regarding potential Chinese home purchases. The new tax hike applies to all nationalities, including Chinese, except those from countries with separate freetrade deals with Singapore, including the United States and Iceland. Many international realtors now consider Singapore

REAL ESTATE WOES CURB CHINA’S GDP GROWTH Property sales in China could fall 25% next year, compared to 2022, to about RMB10 trillion (USD1.4 trillion), in a worst-case scenario for China’s struggling property sector, according to international ratings agency S&P. It said it saw a 20% chance of such a scenario, as it issued an additional warning that the country’s property sector problems could translate to GDP growth of 2.9% next year. If realized, this would be worse than the annual GDP growth figure of 2.99% recorded in 2022, and the lowest since the country began its Reform and Opening policy in 1978. Many analysts have forecast a GDP growth figure of over 5% for 2023.

among the most expensive markets in the world for private overseas homebuyers in terms of stamp duties and associated taxes. In a market where 10% of deals are made by foreign nationals, China ranked among the top overseas buyers. But in recent months, US homebuyers exempt from the recent stamp duty increase have overtaken those from China, says Aric Lim, an associate director at private real estate agency Hutton’s. Yet overseas buyers are already finding ways around the tax hike by seeking out commercial rather than residential properties, a category unaffected by the tax increase, says Lim, which in turn has led to a buoyant commercial market at the expense of the residential segment. “When buyers hear that there’s an additional stamp duty of 60%, it is a big amount of money for them, especially if you are buying in the luxury market,” says Lim, who regularly deals with Chinese clients, estimating a 40% drop in sales to Chinese buyers. “It may be a knee-jerk reaction to the tax increase. We simply don’t know yet.”

Renewed concerns over the property market and its potentially negative impacts across the whole economy have led to gloomier projections for next year. The real estate market accounts for about one-third of China’s entire GDP and is therefore considered a vital component of a potential recovery. S&P said a worst-case scenario for the Chinese economy and its property sector would be more likely if the central government continues to avoid implementing substantial stimulus measures in the property market beyond a repealing of previous curbs. By the end of October, Beijing had still not announced any substantive new measures as another major developer, Country Garden, appeared closer to official default following months of concern over delayed debt repayments.

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THE JUDGES Vivin Harsanto Chairperson of the Awards in Indonesia and senior director and head of advisory, JLL Indonesia Alex Bayusaputro Founder and managing partner and creative director for Indonesia and Singapore, Genius Loci M. Archica Danisworo Co-founder and design director, PDW Architects Bagus Adikusumo Senior director for office services, PT. Colliers International Indonesia Cornel B. Juniarto Country managing partner, Hermawan Juniarto Deloitte Legal Djinadi Gunawan Managing director, PT Meinhardt Indonesia Doddy A. Tjahjadi Managing director, PTI Architects Hendra Hartono CEO, PT. Leads Property Services Indonesia Lina Gan founder and editor-in-chief, Indonesia Design

The 9th PropertyGuru Indonesia Property Awards, presented by Kohler, honoured the archipelago’s best real estate on 15 September 2023 at The Ritz-Carlton Jakarta, Pacific Place, the official venue. Sinar Mas Land won the title of Best Developer, its fourth win in this coveted category. PT Sinar Mitbana Mas, Sinar Mas Land’s venture with Mitbana (Mitsubishi and Surbana Jurong), was named Best Breakthrough Developer while PT. BSD Diamond Development, a Sinar Mas Land subsidiary, was named Best Lifestyle Developer.

SPONSORS AND PARTNERS Platinum sponsor Kohler Official venue The Ritz-Carlton Jakarta, Pacific Place Official portal partner Rumah.com Official magazine Property Report by PropertyGuru

Agung Sedayu Group was named Best Hospitality Developer while PT. Mitra Bangun Prasada (Cimanggis Golf Estate) was named Best Boutique Developer. Paramount Land earned the Best Commercial Developer title.

Official publicity partner Publicom Communications

Loemongga Haoemasan, president director of Asiana Group, became the first female recipient of the Indonesia Real Estate Personality of the Year award.

Supporting association IFC – Excellence in Design for Greater Efficiencies

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

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Media partners Detik.com, Kompas.com, and Top 10 Indonesia

Official supervisor HLB

THE CLASS OF 2023 TAKE A PHOTO AT THE END OF A GLAM EVENING

SINAR MAS LAND GETS THE NIGHT’S ULTIMATE RECOGNITION: BEST DEVELOPER

LOEMONGGA HAOEMASAN MAKING HERSTORY AT THE CELEBRATION

PT SINAR MITBANA MAS IS HAILED BEST BREAKTHROUGH DEVELOPER

BEST COMMERCIAL DEVELOPER GOES TO PARAMOUNT LAND

PT. BSD DIAMOND DEVELOPMENT IS NAMED BEST LIFESTYLE DEVELOPER

AGUNG SEDAYU GROUP SCORES THE BEST HOSPITALITY DEVELOPER TITLE

PT. MITRA BANGUN PRASADA (CIMANGGIS GOLF ESTATE) IS BEST BOUTIQUE DEVELOPER

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THE JUDGES Cyndy Tan Jarabata Chairperson of the Awards in the Philippines and president of TAJARA Leisure & Hospitality Group Inc. Carlo Cordaro President and CEO, Atelier A Jaime A. Cura, PhD Vice-chairman, The RGV Group of Companies Jean Jacquelyn Nathania A. de Castro CEO, ESCA Incorporated Kathleen P. Obcemea Principal interior designer, KPO Beyond Designs Co. Luis Enrique T. Mangosing CEO, Metro Development Managers, Inc. (MDMI) Michelle Barretto Founder and CEO, Vitamin B, Inc. Philip Mareschal Head of property and asset management, JLL Philippines Raymond Rufino CEO, NEO Richard Raymundo Managing director, Colliers Philippines

The 11th PropertyGuru Philippines Property Awards celebrated the islands’ top real estate on 22 September 2023 at Shangri-La The Fort, Manila.

SPONSORS AND PARTNERS

Robinsons Land won Best Developer in the Philippines for the second year as well as the Best Developer (Visayas) title. Shang Robinsons Properties, Inc.’s Aurelia Residences won Best Condo Development (Philippines) while Seafront Residences won Best Housing Development (Philippines), with Aboitiz InfraCapital Economic Estates winning Best Industrial Developer.

Gold sponsor Boysen Paints

Federal Land, Inc. clinched the Best Developer (Luzon) and Best Mixed Use Developer titles. Cebu Landmasters, Inc. was named Best Developer (Mindanao), with the company’s leader Jose R. Soberano III becoming the Philippines Real Estate Personality of the Year. The all-new Rising Star award went to brothers Kyle Tan and Lucio Tan III.

Official newspaper The Philippine Star

Primary Homes, Inc. received the Best Sustainable Developer title while Torre Lorenzo Development Corporation won Best Boutique Developer. For the full list of winners, visit asiapropertyawards.com/en/award/Philippines

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Platinum sponsor Kohler

Silver sponsor Dongpeng Ceramic Official magazine Property Report by PropertyGuru

Official publicity partner Ripple8 Media partners Back End News, Bridges, Business Mirror, BusinessWorld, Manila Bulletin, Philstar Property Report PH, Real Estate News PH, and The Manila Times Supporting association IFC – Excellence in Design for Greater Efficiencies Official supervisor HLB

A RAIN OF CONFETTI OVER SHANGRI-LA THE FORT, MANILA, THE NEW VENUE

THE ROBINSONS LAND TEAM UNITE FOR THE BEST DEVELOPER AWARD

CLI’S JOSE R. SOBERANO III IS 2023’S REAL ESTATE PERSONALITY OF THE YEAR

FEDERAL LAND, INC. TAKES THE STAGE AS LUZON’S FINEST DEVELOPER

ETON PROPERTIES’ KYLE TAN ACCEPTS THE FIRST-EVER RISING STAR AWARD

ABOITIZ INFRACAPITAL ECONOMIC ESTATES IS HAILED BEST INDUSTRIAL DEVELOPER

TORRE LORENZO DEVELOPMENT CORPORATION WINS BEST BOUTIQUE DEVELOPER

PRIMARY HOMES, INC. IS LAURELED FOR SUSTAINABILITY EFFORTS

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Dispatch

The ultimate insider Srettha Thavisin, Thailand’s new prime minister and former CEO of Sansiri, is expected to pursue real-estate-friendly policies as he bids to regenerate the economy By Liam Aran Barnes

t is said that a week is a long time in politics. This year, Thailand’s parliament stretched that adage to new extremes when it took more than three months to elect a new leader. And, even then, the eventual choice was not a candidate from the party that won the most votes and seats in May’s general election. Following a lengthy political impasse, during which the heir apparent, Move Forward Party’s Pita Limjaroenrat, twice failed to secure the necessary parliamentary vote, Pheu Thai’s Srettha Thavisin was appointed

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SRETTHA THAVISIN, THAILAND’S NEW PRIME MINISTER, IS WELL SCHOOLED ON THE COUNTRY’S REAL ESTATE SCENE

Thailand’s 30th prime minister in August. He now leads a coalition government comprising 10 other parties. Srettha, an unelected member of parliament who only entered politics a year ago, made his name and fortune in real estate. From a family with deep connections in the business elite, the 60-year-old billionaire started his career at the Thailand arm of multinational firm Procter & Gamble after studying for economics and management degrees in the United States.

Dispatch

SRETTHA KNOWS HOW TO OPEN DOORS TO NEW MARKETS. WE’VE SEEN THAT WITH SANSIRI’S INTERNATIONAL PROJECT MARKETING AND ROADSHOW ACTIVITIES, PROMOTING THAI PROPERTIES TO OVERSEAS INVESTORS

In 1990, along with his cousins, he founded a company that went on to become property developer Sansiri, eventually growing it into one of Thailand’s largest real estate firms. Expectations are high, then, that Srettha, with his background, will tackle issues plaguing the country’s real estate sector. “From a developer perspective, he already has a deep understanding of the market dynamics,” says analyst Marciano Birjmohun, citing industry volatilities such as ownership rights, overseas transactions, high-density city development challenges, and changes in consumer behaviour, amongst other challenges. “Real estate is an intrinsic part of Thailand’s GDP and forthcoming income streams,” he adds. “It has the potential to elevate economic prosperity, create new employment opportunities, and contribute significantly to the competitiveness levels.” Such optimism is grounded in Srettha’s successful track record with Sansiri. In 2022, the company reported revenues of THB34.9 billion and THB4.2 billion in net profit. But the new premier must act promptly if he aims to use real estate investment to counter Thailand’s economic slowdown. The economy has underperformed in 2023, with the Central Bank of Thailand recently revising its growth forecast from 3.6% to 2.8%. This sluggishness has affected the residential market, which contributed about 10% to economic output in 2022. Meanwhile, in September, a report by leading Thai bank Kasikornbank predicted a 7.8% annual

decline in home sales in Bangkok and its surrounding areas. Several launches had been delayed in the capital this year, according to Phattarachai Taweewong, director of research and communications at Colliers Thailand, in response to the political uncertainty. “It is not the right time to launch new projects during a political vacuum. If a company launches a new project, there is a tendency it will not reach its sales goal,” he told Channel News Asia in August, adding that from the 45,000 new units due to launch in the Bangkok Metropolitan Area in the first half of 2023, only 12,000 hit the market. In contrast, foreign investment showed promise. During the same period, foreign homebuyers purchased 7,338 apartments worth THB35.2 billion, representing a yearon-year increase of about 66% and 58%, respectively, and accounting for nearly 15% of the total volume. Birjmohun believes the new administration should continue to tap into this healthy demand from foreign investors. “Srettha already knows how to open doors to new markets,” he says. “We’ve seen that with Sansiri’s international project marketing and roadshow activities, promoting Thai properties to overseas investors for almost a decade.” One of Srettha’s initial steps to boost the coffers was introducing a temporary visa

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exemption scheme in September, allowing nationals from China and Kazakhstan to stay in the country visa-free for 30 days. Such incentives could benefit not only the tourism industry but also offset negative factors affecting the domestic residential market. “Visa-free travel for nationals from countries of interest is likely to increase tourist arrivals, benefiting the hotel sector, retail industries, and potentially the residential sales market,” says Chotika Tungsirisurp, head of research and consulting at CBRE Thailand. Understandably, then, it raised eyebrows when, in September, the revenue department issued a new guidance, imposing personal income tax on foreign revenues of individuals residing in Thailand for over 180 days. The rule will reportedly come into effect in 2024, replacing the previous regulation that taxed foreign income remitted to Thailand in the year of earnings. In a letter to stakeholders, a representative of the Thailand Privilege Company, which administers the country’s Thai Elite Visas, said it was still unclear how the new

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BANGKOK’S PROPERTY SECTOR HAS WITNESSED A DECLINE IN RESIDENTIAL SALES DURING 2023

interpretation would impact foreigners living in Thailand on long-term visas: “This is a developing issue and will be subject to updates.” But much like a week in politics is a long time, so is a day in Thai bureaucracy. Directives can be forgotten as quickly as they are dreamt up. Moreover, it is unclear where Srettha’s administration stands on the issue. Investors, both domestic and foreign, will however be looking for far greater clarity on the future of the property sector and wider economy. And after a tumultuous period, even by Thai political standards, Srettha’s forthcoming decisions will demand careful consideration. The choices made in the coming months could shape the destiny of the real estate industry for the foreseeable future.

Dispatch

Reach for the skies The dream Aussie lifestyle has traditionally been synonymous with owning a home with lots of space. But Australia’s housing crisis is sparking a trend towards vertical living in its cities By George Styllis

ustralian homes have long ranked among the most spacious in the world.

Having several bedrooms, a study, and a big backyard for entertaining guests around a barbecue is a common aspiration for most Aussies and one that has historically been easily attainable. Yet the vision of the Australian dream home is disappearing amid a housing crisis that is forcing developers to build up rather than out.

IN CITIES LIKE MELBOURNE, HIGH-DENSITY PROJECTS ARE SEEN AS A WAY OF SATIATING DEMAND FOR HOUSING

In the suburb of Box Hill in Melbourne, the skyline is already being chiselled by hulking, multi-storey apartment blocks. Since development there took off a decade ago, the population has more than doubled, according to one local mayor, Mark Lane. Dozens of glassy high-rise buildings have sprung up to cope with Melbourne’s population boom. “We’re not making more land, so the only way is up,” Lane, who is the mayor at Whitehorse City Council in Box Hill, told ABC Australia.

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Dispatch

SOMEONE LIKE ME WOULD NEED A LOT OF HELP FROM MY PARENTS. AND IT WOULD STILL TAKE MORE THAN TEN YEARS TO SAVE FROM A DECENT JOB. AND EVEN WITH THOSE SAVINGS, I PROBABLY WOULDN’T BE ABLE TO LIVE WHERE I WANT TO LIVE

In May last year, planning approval was granted for a proposed 51-storey tower in Box Hill, making it the tallest building in the state outside of Melbourne’s city centre. Some 5.5 hectares at Box Hill Central will be turned into a mixed-use and retail hub at a combined total investment of around AUD700 million. The tower will house around 600 residents and 2,000 workers and is 42% higher than any other building in the municipality. The building marks just how much cities have changed in trying to adapt to the swell of young people and migrants who need a place to live. In Sydney, a grassroots movement has emerged to fight opposition to higherdensity housing in gentrified inner-city areas. Sharath Mahendran, a 21-year-old student who joined the Sydney YIMBY (Yes In My Backyard) group, says he could never afford the kind of freestanding home and 1,000sqm plot his parents bought in the 1990s. “Now someone like me would need a lot of help from my parents and then it would still take more than 10 years to save from a decent job. And even with those savings, I probably wouldn’t be able to live where I want to live. I’d live really far out.” Australia’s housing crisis began about two decades ago after a 50% cut in capital gains tax and higher immigration. Since the tax change came into effect in

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1999, investors have been competing with those looking for a place to live, sending prices rising in comparison to incomes. In the 14 months leading up to the summer of this year, interest rates in Australia rose 400 basis points, the fastest tightening in a generation, with prices rising further consequently. As of the start of October, house prices were on track to reach record highs: The median price of a home was now AUD1,110,660 in Sydney, AUD776,716 in Melbourne and AUD691,591 in Adelaide, according to housing data company CoreLogic. “We’ve seen the recovery of Australia’s housing market now move into its third quarter of growth for house prices and its second quarter of growth for unit prices,” one real estate analyst told ABC. She added that prices were expected to continue to grow next year but at a slower pace. While that might offer some hope for those looking to buy, buying a home in the main cities is a distant possibility for the vast majority amid such little supply. In recent months, the government has been pushing the idea of multi-storey housing as a solution. Prime Minister Anthony Albanese said the government was “promoting medium and high-density housing in well-located areas close to existing public transport connections, amenities, and employment

Dispatch

and streamlining approval pathways”. The government’s target is to build 1.2 million homes in five years, offering AUD3 billion in cash bonuses to states to build more homes than they have committed to. In New South Wales, higher and denser development is being allowed if developers allocate 15% to affordable housing. “This will incentivise states and territories to undertake the reforms which are necessary to boost housing supply and housing affordability,” says Albanese. Yet experts don’t see the rise in supply alone as a silver bullet to the country’s housing problems. With much of the higher density being buildto-rent, expected rent hikes are going to make life tough even for tenants. Suburbtrends, a data analytics company specialising in affordable housing solutions, has said many tenants could face increases of over AUD100 per week by next year due to the housing shortage.

OPPONENTS OF HIGH-RISE DEVELOPMENT SAY THAT IT BLOCKS OUT LIGHT AND DETRACTS FROM LESS INTRUSIVE ARCHITECTURE

view, and from politicians who don’t want higher density at the expense of community facilities and parkland. Immigration, too, has become a contentious issue as regards to housing. “The role of high immigration levels (now about 500,000 per annum) can’t be ignored. On our estimates, it needs to be cut back to nearer 200,000 people a year to line up with building industry capacity and to reduce the supply shortfall,” says Shane Oliver, chief economist at AMP Investments. Benson Zhou, a director at Savills, says the market faces a dilemma. “Build-to-rent are my best clients now. They are the only developers buying properties like high-density flats. They’re paying premium dollars,” says Zhou. “However, that is not solving the affordability problem. Why? Yes, they are providing more accommodation, but they are charging people to pay more than the market rent.”

There is also opposition from residents who say high-rises block out their light and

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Siha Residence

Hun Sen Blvd (Street 60m), Phnom Penh Siha Residence is the first luxury housing project by Siha Property Co., Ltd in the Cambodian capital. The project, launched in May 2022, is conveniently situated along Hun Sen Blvd (Street 60m) in the vibrant Phum Srok Chek neighbourhood of Phnom Penh. The vision of the project is to create resort-like homes for families: homes that foster interaction and connection. The void spaces are designed to connect from one floor to another, allowing for ventilation and promoting communication among family members. The homes are also designed to let sufficient light in, creating a warm, inviting atmosphere for occupants. The typical layout combines aesthetically pleasing living rooms 134

with dining spaces as well as a modernist kitchen, connected to an outdoor pool and backyard. The integration of these spaces builds a family-friendly environment, providing space for kids to have fun and relax. All units are equipped with branded fixtures and fittings such as Yale smart locks, Hafele door locks, Grohe shower systems, Bosch appliances, Daikin ACs, Rinnai water heaters, Cotto products, and Sika waterproofing solutions. The homes take inspiration overall from modern tropical design. The goal is to create a personal space that fits and blends seamlessly with the natural, landscaped surroundings and cater to many lifestyle possibilities through modern amenities.

WINNER

Best Boutique Developer

Best Luxury Housing Development (Phnom Penh)

Siha Property Co., LTD

Siha Residence by Siha Property Co., LTD

2023

FACT BOX WINNER

WINNER

Best Housing Development (Cambodia)

Best Luxury Housing Architectural Design

Best Luxury Housing Interior Design

Siha Residence by Siha Property Co., LTD

2023

Developer: Siha Property Co., Ltd Product type: Single villa Architect: Archi Craftman Launch date: May 2022 Completion date: August 2023 Total land area: 2.4 ha Number of units: 37 Average unit size: 450 sqm Monthly maintenance fees: USD200-250 Price range: USD1.75-4 million Contact: Tel: +855 61 246 789, 96 304 6789 Email: sales@sihagroup.com Address: Siha Residence Building 1, Hun Sen Blvd (60m), Phum Srok Chek, Sangkat Cheung Aek, Khan Dor Kor, Phnom Penh, Cambodia

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Bay of Lights

Sihanoukville, Cambodia The Bay of Lights is a world-class township set to rise in Ream City, the massive urban development in Sihanoukville. Sprawling over 934 hectares of coastal land, the Bay of Lights encompasses opulent residences, bustling commercial areas and vibrant entertainment spots, all woven into greenery. The Bay of Lights is made up of nine districts: Gateway, Riverside, Golf, CBD, Marina, Downtown East, Downtown West, South, and Seagate, catering to diverse facets of life and harmonising into a vibrant community where everyone can thrive. The project is designed according to a pioneering Holonic concept, dividing the township into self-sufficient microcosms of the larger cityscape. Woven into the urban tapestry, each holon is characterised by intelligent, eco-friendly designs with green roofs, vertical gardens, and open interiors

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adorned with locally sourced materials and propelled by smart technologies. Meanwhile, modern mobility systems, including cable cars, e-buses, marinas, water and air taxis, and more, seamlessly connect people in the township. At the heart of the megaproject is the Bay of Lights Business Center, set to open in 2024. The centre redefines the concept of a sales gallery, providing an immersive visual experience of spectacular cityscapes. Nestled strategically in the heart of the city, Bay of Lights is within proximity of key investment hubs such as the Sihanoukville Special Economic Zone, the Phnom PenhSihanouk Expressway, and the Sihanoukville International Airport, which reinforces Bay of Lights’ appeal to both local and international tourists and investors, pledging to make a bold statement in the thriving saga of Sihanoukville.

WINNER Best Leisure Development

Bay of Lights by Canopy Sands Development

2023

FACT BOX WINNER

WINNER

Best Township Masterplan Design

Best Leisure Architectural Design

Bay of Lights by Canopy Sands Development

2023

Developer: Canopy Sands Development Product type: Township Architect: Arc Studio, Singapore Launch date: December 2022 (groundbreaking) Completion date: 2050 Total land area: 934 ha Facilities: Business centre, financial hub, one-stop administrative building, medical centre, education centre, USGA waterfront golf course, marina beach club, modern mobility network, opera house, artificial beach and lakes, mall and premium outlets, club and themed walking street, go-kart, and more Contact: Tel: +855 77 355 000 (English), +855 77 388 000 (Chinese) Email: enquiry@canopysands.com Website: www.thebayoflights.com Address: Chhner Ream Blvd, Sihanoukville, Cambodia

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Marum Estate

South Kandal, Cambodia Designed like a botanical oasis, Marum Estate is a thoughtfully master-planned, mixed-use development in the heart of South Kandal. Marum Estate is envisioned as a modern village where the community comes first. The masterplan promotes a sustainable and healthy lifestyle among inhabitants through pedestrian-friendly boulevards; generously sized public gardens; waterscapes and landscaped amenities; children’s gardens; exercise corners; and wellness zones. The architectural design for the project’s residential component focuses on the user experience. The residences feature well-designed flexible spaces and modern comforts, catering to multi-generational families. Indoor-outdoor living, featuring doublevolume living spaces and abundant daylighting, is a design trait common to housing types in Marum Estate. Each 138

residence has a private garden on all three sides, connecting the home to nature. The most exclusive housing type boasts an expansive outdoor pool terrace with a direct link to a garden shared with neighbours. The residences exude a simple, timeless aesthetic with natural-toned and textured materials, articulated with deep overhangs, outdoor terraces, and decorative screens. The balconies and overhangs create depth and shading, with integrated planters bringing greenery vertically across multiple floors. Various unit types with complementary exterior designs are carefully planned to sit together, creating a harmonious yet articulated streetscape. With a team of international architects and consultants, Marum Estate is set to break new ground in design, building, and safety standards.

WINNER Best Township Development

Marum Estate by Sir Stamford Raffles (Cambodia) Co., Ltd.

2023

FACT BOX WINNER

WINNER

Best Mixed Use Development

Best Housing Architectural Design

Best Housing Landscape Design

Marum Estate by Sir Stamford Raffles (Cambodia) Co., Ltd.

2023

Developer: Sir Stamford Raffles (Cambodia) Co., Ltd. Product type: Township Architect: SCSY, Bloom Architect Launch date: Q4 2023 Completion date: Q4 2025 Total land area: 22.6 ha Number of units: 901 (residential and commercial) Average unit size: 200 sqm Facilities: Private school, medical centre, pool, basketball and badminton courts, gardens, food centre, community centre, 200-seat auditorium, and more Price range: USD150,000-999,000 Contact: Tel: +855 866 25 888 Email: info@marum-estate.com Address: Marum Estate In-City Sales Gallery, Ground Floor, The Point Community Mall, Mao Tse Toung Blvd (245), Phnom Penh, Cambodia

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I-Land Residences Sucat Parañaque City, Philippines I-Land Residences Sucat is the pioneering, sustainability-oriented urban condominium community and flagship residential project of independent boutique developer ISOC Land, Inc. Strategically located in the heart of Parañaque City in southern Metro Manila, the site has easy access to major highways and the airport, as well as shopping malls, groceries, schools, and hospitals. I-Land Residences Sucat aims to achieve LEED certification across all its towers. The project is composed of six mid-rise towers set on a two-hectare property. Around 60% of the land area is dedicated to green open spaces surrounded by noteworthy amenities like a clubhouse, jogging and bike lanes, fitness stations, a meditation area, pet parks, and different types of pools: kiddie, wading, and lounge pools. The project also has an indoor basketball court. All towers have corridors designed to be open from end to end, accompanied by an atrium and skylight feature to ensure 140

optimal ventilation. On ground floor level, indoor planting further enhances the ambience of the buildings. To ensure high-quality indoor air, carbon dioxide sensors have been integrated into the project. Thoughtful placement of low-emissive glass windows encourages a consistent flow of fresh air and deflects heat to maintain a cool, pleasant indoor environment, enhancing energy efficiency. The project is also equipped with rainwater tanks to collect and utilise water for maintenance purposes. LEED-certified plumbing fixtures are also used for water efficiency. Inside the residential units, homeowners enjoy generously sized, versatile living spaces, able to adapt to residents’ lifestyle changes easily and effortlessly.

WINNER

BEST AFFORDABLE CONDO DEVELOPMENT (METRO MANILA) I-Land Residences Sucat by ISOC Land, Inc.

2023

FACT BOX

Developer: ISOC Land, Inc. Product type: Condominium Architect: AIDEA, Inc. Launch date: 2020 Completion date: June 2024 (Tower 1), December 2025 (Tower 2), June 2027 (Tower 3) Total land area: 22,748 sqm Number of units: 308 (Tower 1), 476 (Tower 2), 476 (Tower 3) Average unit size: 43 sqm Facilities: Bike lane, pools, playgrounds, pet parks, clubhouse, fitness stations, shower & changing room, meditation area, jogging lane, seating area, indoor basketball court Price range: PHP3.1–6.4 million Contact: Email: inquiry@iland.com.ph Address: Dr. Arcadio Santos Ave., BF Homes, Parañaque City, Philippines

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ORCHARD RIVIERA Sentul, Indonesia

Orchard Riviera is the latest residential cluster of The Sanctuary Collection, a 75-hectare premium residential development nestled in the heart of Southern Sentul in Indonesia. The massive project is a joint venture between Perennial Holdings Pte Ltd, PT Cipta Harmoni Lestari, and CNQC Realty (South Pacific). Residents of Orchard Riviera look out to tranquil surrounds and mesmerising river views. The developers aim to seamlessly blend the natural beauty of Southern Sentul with meticulously crafted designs. Like other residential clusters in The Sanctuary Collection, Orchard Riviera comes complete with its own set of amenities. Orchard Riviera has its own miniclubhouse and offers residents the option of swimming pools or jacuzzis, as well as amenities like a jogging track, gym, bonfire and barbecue area, children’s playground, gardens, seating areas, and versatile multifunction platforms. 142

The Main Club House and Sport Parc, at the heart of The Sanctuary Collection, offer an array of spaces for leisure and play. Highlights include an Olympic-sized pool surrounded by lush greenery, thematic parks, and multipurpose sports fields. WINNER

Orchard Riviera is for property seekers longing to escape the hustle and bustle of the city centre and live out a contemporary lifestyle amid a lush, green environment. The site is just a 53-minute drive from downtown Jakarta and only 18 minutes away from Bogor. Such a strategic location ensures that residents are situated near major suburbs and townships. It is also close to retail hubs like AEON Mall and IKEA, as well as four-star hotels, universities, hospitals, international schools, and more.

BEST HIGH END HOUSING ARCHITECTURAL DESIGN The Sanctuary Collection by Perennial Holdings Pte. Ltd, PT. Cipta Harmoni Lestari, CNQC Realty (South Pacific)

2023

FACT BOX WINNER

WINNER

BEST HOUSING LANDSCAPE DESIGN

BEST ECO FRIENDLY HOUSING DEVELOPMENT

The Sanctuary Collection by Perennial Holdings Pte. Ltd, PT. Cipta Harmoni Lestari, CNQC Realty (South Pacific)

2023

Developer: Perennial Holdings Pte. Ltd, PT Cipta Harmoni Lestari, CNQC Realty (South Pacific). Product type: Landed residential Architect: DPA Launch date: November 2023 Completion date: Quarter 4 Total land area: 8 ha (The Sanctuary Collection: 75 ha) Number of units: 206 Unit size: 178-312 sqm (building area), 120-324 sqm (land area) Price range: USD244,910 to USD786,292 Facilities: Gym, main clubhouse, cluster clubhouse, swimming pool, jogging track, bonfire and barbecue area, optional pool or jacuzzi, children’s playground, and more Contact: Tel: +62812-9990-0588 Email: thesanctuarycollection@gmail.com Website: sanctuary.id

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Matera Residences Banten, Indonesia Matera Residences is a luxurious residential cluster development in the exclusive southern area of Gading Serpong, a busy township in the city of Tangerang. Matera Residences is being developed in response to the increasing demand for upscale residential products in Gading Serpong, home to more than 120,000 residents. With Matera Residences, developer Paramount Land offers luxurious living spaces with modern classic design elements and an open-layout concept. Designed to appeal to new generations, the homes use high-quality materials that express elegance and versatility, from imported marble slabs to sintered stone slabs. The open layouts endow the units with spacious rooms and provide owners with flexibility to transform the homes according to their needs. The homes are equipped with double-volume voids and full-height doors and windows, 144

optimising air circulation and emphasising the spaces’ luxurious feel. Each unit is equipped with exclusive features such as a smart home system, digital door locks, a smart air ventilation system, solar water heater, solar panel system, potable water system, automatic garage door, EV charging, and many more. For Matera Residences, Paramount Land partnered up with experts like Hadiprana Design, ETHOSpace, and Studio i27 for the architectural and interior design. The company also tapped Sonny Sutanto Architects for the design of the Matera Community Club, a 5,000-sqm sports and recreation facility, while Darcaniya Cinitra served as the landscape design consultant. Matera Community Club is equipped with multi-function rooms, a putt-putt golf course, infinity pool, bowling alley, gym, and billiard hall for residents’ enjoyment.

WINNER BEST HIGH END HOUSING DEVELOPMENT (GREATER JAKARTA) Matera Residences by Paramount Land

2023

FACT BOX

Developer: Paramount Land Product type: Luxury residential cluster Consultants: Studio i27, Hadiprana Design, ETHOSpace Launch date: December 2022 Completion date: December 2024 Total land area: ±6 ha Number of units: 180 Average unit size: 220 sqm Price range: IDR7-14 billion Monthly maintenance fees: IDR1.1-3.5 million Facilities: Matera Community Club, commercial and entertainment areas, education and healthcare facilities

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ONE OF THE FIRST COUNTRIES ON THE GLOBE TO WELCOME THE NEW YEAR, AUSTRALIA HAS SHOWN RESILIENCE WITH ITS ECONOMY, ALTHOUGH GROWTH MAY SLOW IN 2024 AND HOUSING COSTS HAVE RESUMED THEIR RISE. JONO PHOTOGRAPHY/SHUTTERSTOCK

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