PropertyGuru Property Report No.189 (April - May 2025)

32 MODEL’S RUNWAY TO RENOVATION 74

TRUMP TARIFFS HIT CHINA 94

ASIA’S TOP URBAN TOWNSHIPS

AUSTRALIA’S FRINGE BENEFITS 58

100 HANOI STRUGGLES FOR BREATH

BANGKOK GAP GROWS 66

NO. 189 asiapropertyawards.com/property-report

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ISSUE 189 PUBLISHING Publisher / General Manager Jules Kay Associate Publisher / Head of Brand & Marketing Richard Allan Aquino Publishing Assistant / Marketing Relations Manager Tanattha Saengmorakot EDITORIAL Editor Duncan Forgan Deputy Editor Al Gerard de la Cruz Digital Editor Gynen Kyra Toriano Editorial Contributors Liam Aran Barnes, Bill Charles, Steve Finch, George Styllis, Jonathan Evans CREATIVE & MARKETING Head of Creative Ausanee Dejtanasoontorn (Jane) Senior Graphic Designer Poramin Leelasatjarana (Min) Digital Marketing Executive Anawat Intagosee (Fair) Senior Manager, Media & Marketing Services Nate Dacua Senior Executive, Media & Marketing Services Piyachanok Raungpaka Senior Product Lifecycle & Brand Manager Marco Bagna-Dulyachinda REGIONAL SALES & DISTRIBUTION Director of Sales Udomluk Suwan Head of Regional Sales Orathai Chirapornchai Australia Watcharaphon Chaisuk Cambodia Phumet Puttasimma China (Mainland, Hong Kong, Macau) Kai Lok Kwok Yiming Li India & Australia Monika Singh Indonesia Wulan Putri Japan Tony Thirayut Malaysia June Fong Jess Lee Philippines Marylourd Pique Singapore Alicia Loh Thailand Kritchaorn Mueller Vietnam Nguyen Tran Minh Quan Sponsorships Priyamani Srimokla Distribution Manager Rattanaphorn Pongprasert General Enquiries awards@propertyguru.com Advertising Enquiries petch@propertyguru.com Distribution Enquiries ying@propertyguru.com Property Report by PropertyGuru is published six times a year by

© 2025 by PropertyGuru Pte. Ltd. All rights reserved. No part of this publication may be reproduced without prior permission of the publisher KDN PPS 1662/10/2012 (022863)

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CONTENTS | Issue 189

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Gadgets

Trends

Style

Waterproof your communications with these devices

Kick back with all-weather furniture for your patio or poolside

Make a splash during solar new year with these charismasoaked statements

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Project Confidential: Alternative culture

Interview: Runway to renovation

Design Focus: Push and pull

BSD City remains one of Indonesia’s boldest living experiments, acting as a proxy for Jakarta and paving inroads to sustainable urbanisation

Anton Wörmann has swapped the catwalks of Europe for the less glamorous world of reviving abandoned homes in Japan

Creative tensions have fuelled the partnership between Madhav Raman and Vaibhav Dimri, the co-founders of New Delhi-based practice Anagram Architects

A Member of:

A Project by:

Investasia Sdn Bhd (Co. 219789-U) Level 2, The Magellan Sutera Resort 1 Sutera Harbour Boulevard, Sutera Harbour 88100 Kota Kinabalu, Sabah.

+ 6088 308 333 + 6019 381 8331 Email: coralbay@gshcorporation.com Website: www.coralbay-sutera.com

Coral Bay @ Sutera (Type of Property: 12-Storey Condominium) Developer: INVESTASIA SDN BHD. (219789-U) Level 2, The Magellan Sutera Resort, 1 Sutera Harbour Boulevard Sutera Harbour, 88100 Kota Kinabalu, Sabah, Malaysia | Developer License No: 05-2025/06791(2) | Advertising & Sales Permit No: 05-2025/05108(2) | Validity: 24/05/2024 – 23/05/2025 | Land Tenure: Leasehold 99 Years | Land Encumbrances: CIMB Bank Berhad (13491-P) | HDA Account: 8009657756 | Approving Authority: Ministry of Local Government & Housing (MLGH) | Building Plan Reference No: BP/254/10.21/U/509(E) | Building Plan Approving Authority: Kota Kinabalu City Hall (DBKK) | Expected Completion: 2024 | Total Unit Types: 52 | Total Unit: 460 | Built-up: 1,541 sqft - 9,283 sqft | Prices : RM 1,800,000.00 – RM 10,000,000.00 | 30% reserved for Bumiputra with 5% Discount | For more details on project and selling prices, please contact the developer.

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CONTENTS | Issue 189

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Neighbourhood Watch: Macau

Destination: Australia

Destination: Thailand

Draws in the casino nexus include award-winning residences, dazzling attractions, a distinct cuisine, and a unique Sino-Portuguese heritage

Investors are gravitating to suburban areas and overlooked towns as Australia’s alpha cities see skyrocketing demand and prices

New luxury mega projects boost the top end of Bangkok’s market, but stagnancy reigns elsewhere due to weak liquidity and slow economic growth

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Special feature: Beating the crowds

Dispatch: Rough trade

Dispatch: A choke too far

Planned communities are emerging as a solution to Asia’s urban challenges as cities approaching breaking point

Escalating US tariffs are expected to strain China’s slowing economic growth and dampen buyer confidence, creating trouble for the country’s housing market

Hanoi’s worsening annual toxic smog is highlighting the pressures of balancing sustainability with rapid economic growth

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EDITOR’S NOTE Issue 189

Asia’s cities pulse with energy, their dynamism shaping the region’s economic and cultural identity.

From Bangkok’s neon-lit avenues to the motorbike-packed streets of Hanoi and Ho Chi Minh City, these urban centres are not just hubs of commerce and industry but also vital engines of growth for their respective nations. However, as impressive as their skylines may be, these metropolises face an array of pressing challenges.

With the Asian Development Bank (ADB) forecasting that over 55% of the region’s population will be urban by 2030, the demands on infrastructure, water supply, transport networks, and land development are set to intensify. Addressing these concerns is crucial to ensuring that Asia’s urban expansion is sustainable and equitable. It is against this backdrop that we present our Cities issue—an exploration of the developments, challenges, and solutions shaping the region’s urban future.

One of the most significant strategies for managing urban density is the rise of mixed-use developments, which maximise limited space by integrating residential, commercial, and recreational areas. With several landmark projects nearing completion, we highlight some of the region’s most striking and innovative city-based developments.

Beyond these architectural and planning solutions, we delve into a variety of urban-centric topics. Our Project Confidential section examines Indonesia’s pioneering BSD City, a key barometer for Jakarta’s evolving urban landscape. Meanwhile, our Neighbourhood Watch feature turns its focus to Macau, exploring its shifting cityscape and future prospects. In our market updates, we assess the challenges facing investors in Australia’s sought-after alpha cities and analyse the growing inequalities within Bangkok’s real estate sector.

Duncan Forgan Property Report duncan@propertyguru.com

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ADVERTORIAL

A New Standard in Urban Living Award-winning condominium development 1 Ki Lung Street proves that the ideal location is crucial to shaping a truly exceptional living experience

Urban living is all about the perfect balance between accessibility, convenience, and lifestyle.

A prime location, paired with superb amenities, sets the stage for an unparalleled quality of life in Hong Kong.

At 1 Ki Lung Street, residents benefit from unparalleled access to a robust transportation network, located just 30 seconds from Prince Edward MTR station. With a variety of public transport options available—including crossborder services to Mainland China and Macau— connectivity has never been more convenient.

The project even won Best Connectivity Condo Development (Hong Kong and Macau) at the 2024 PropertyGuru Asia Property Awards.

To highlight this exceptional location, developer LOFTER GROUP chose a famous Canton-pop song, “最佳位置” (Best Position/Location), as the central theme of the project. The song, reimagined by LOFTER GROUP and reinterpreted by the acclaimed Hong Kong singer Charmaine 10

Fong, beautifully encapsulates the spirit and essence of 1 Ki Lung Street. The love story woven into the lyrics mirrors the relationship between two individuals finding their “best position” with one another—an analogy for the ideal location of a property.

This musical journey is further complemented by a thoughtfully crafted microfilm, immersing viewers in the daily life and experiences that 1 Ki Lung Street offers. The film showcases not only the physical attributes of the location but also the lifestyle it enables.

During the recent naming ceremony and press conference for 1 Ki Lung Street, LOFTER GROUP sought to leave a lasting impression on both the media and the public. The event featured two theme songs that reflected the Group’s vision for urban living. The project theme song “最佳位置” (Best Position) highlighted the prime location while the animated LOFTER GROUP theme song conveyed a broader vision of innovative urban living.

A highlight of the event was a captivating ministage play featuring Charmaine Fong and Tse Kwan Ho, which showcased the essence of community and the experience of urban living. These carefully crafted elements left a memorable impression, underscoring the company’s commitment to creating thriving communities.

A Prime Location for Growth and Convenience “最佳位置” (Best Position/Location) goes beyond just transportation. It encompasses factors like the view, appreciation potential, surrounding facilities, and the school network.

Located in a dynamic area, 1 Ki Lung Street blends urban convenience with tranquil spaces.

The vibrant district is home to major shopping destinations like MOKO and Langham Place, as well as a variety of local shops. Residents are also within easy reach of attractions such as Mong Kok Stadium and the Flower Market.

ADVERTORIAL

The area is poised for significant growth, with exciting developments on the horizon, including the Flower Market Road Redevelopment and Hong Kong’s first “Waterway Park.” The upcoming “Green Heart” commercial project on Sai Yee Street promises to transform the landscape into a bustling hub for business, retail, and tourism, offering remarkable investment opportunities for those looking to secure their future at 1 Ki Lung Street.

Expanding on the Concept of “最佳位置 “最佳位置”” (Best Position/Location) The concept of “最佳位置” (Best Position/ Location) is a guiding principle in all of LOFTER GROUP’s residential projects. When selecting

redevelopment sites, the team ensures that each location fulfils the essential criteria of this concept. From connectivity and accessibility to surrounding amenities, views, and potential for appreciation, every project is chosen with careful consideration of these key factors.

Of course, 1 Ki Lung Street stands out with the best connectivity among all the company’s projects, offering unrivalled access to transportation and a vibrant urban environment.

This philosophy is shared across the Group’s entire portfolio, including 2C Boundary Street, where the company prioritises locations that offer not only immediate convenience but also long-term value and growth potential.

While the surrounding environment is important for urban living, the interior also plays a key role in defining the experience. This philosophy is reflected in both 1 Ki Lung Street and 2C Boundary Street.

Winner of Best Condo Interior Design at the 2024 PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau), 2C Boundary Street evokes nostalgia with vintage aesthetics that create a warm, inviting atmosphere. The entrance lobby features a curved ceiling and marble floors with vintage-patterned colours. The “East Meets West” theme is reflected in the pairing of Western furniture with Eastern lighting while flooring showcases traditional Eastern patterns.

Antique-style signage and warm wood veneer add to the cosy, inviting feel. The landscape design features vintage tiles and décor, alongside an artificial lawn and moss wall, creating a serene outdoor space. A vintage fan and barbecue area with stone benches capture the charm of traditional Hong Kong architecture.

Experience the Location Advantage To emphasise the location advantages of LOFTER GROUP’s urban redevelopment projects, the company prioritised areas with excellent connectivity and accessibility. This vision was showcased at Hong Kong’s largest Book and School exhibition, “Children’s Book Fair 2024,” where LOFTER engaged the community with an interactive experience—the “樂風盃-旺角東地 標賽” (LOFTER Cup-Mong Kok East Landmark Challenge).

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ADVERTORIAL

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ADVERTORIAL

This innovative FPV racing car game, set in a meticulously crafted miniature model of Mong Kok District, offered parents and children an entertaining way to explore the area’s transportation networks, school district benefits, and the potential for property value growth.

Targeting Young Families From song selection to celebrity endorsements and marketing activities at exhibitions, LOFTER GROUP is targeting a specific demographic: young families who value key factors such as connectivity, accessibility, and proximity to amenities. By targeting this demographic, the company highlighted how its projects, including

1 Ki Lung Street and 2C Boundary Street, fulfil these criteria. Both offer strategic locations in core urban areas, providing easy access to schools, transport, and shopping hubs.

LOFTER GROUP is redefining urban living, combining modern design with thoughtful amenities and a vibrant environment. Here, residents can experience a contemporary lifestyle in a well-planned setting.

About the Developer LOFTER GROUP is one of Hong Kong’s leading property developers and the winner of the Best Boutique Developer (Hong Kong and Macau)

title at the 2024 PropertyGuru Asia Property Awards. The Group has been actively developing urban renewal projects across core districts of Hong Kong, with a particular focus on Grade A commercial and luxury residential projects.

1 Ki Lung Street, also named UPPER PRINCE in December 2024, and 2C Boundary Street are the latest milestones in LOFTER GROUP’s prestigious residential portfolio. These projects showcase the Group’s commitment to contemporary living solutions and its signature The Timeless Series, which seamlessly integrates rich heritage with modern design.

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DETAILS | Gadgets

FULL IMMERSION A little bit of H2O need not disrupt communication and get in the way of good diversions this summer

PLAY THE POOL The waterproof Brane X Smart Speaker delivers earthshaking bass, powered by its revolutionary Repel Attract Driver technology. This incorporates an 8-inch subwoofer with specialised magnets, producing lower frequencies at powerful volumes. With Wi-Fi streaming and app control, this speaker truly makes a splash by the pool.

USD499, braneaudio.com

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DETAILS | Gadgets

FLASH IN THE SPLASH Take photos as deep as 15 metres underwater with the waterproof OM System Tough TG-7. This camera boasts a 4x zoom lens and a wide aperture, plus versatile shooting modes, including macro focusing and adjustable white balance presets. It can withstand tall drops as well as frigid temperatures.

USD499.99, omsystem.com

GO WITH THE FLOW With accurate lap counting, open-water swim tracking, and surfing stats, the Suunto Race could be the perfect all-in-one watch for swimmers. Triathletes may appreciate its automatic transitions between running and swimming segments. Plus, you can monitor sleep, track HRV, and do more on its vibrant AMOLED display.

USD399, suunto.com

NATURE’S CALL Equipped with the swift Snapdragon 8 Elite processor and a long-lasting 6,000mAh battery, the OnePlus 13 is the first phone to offer IP69 resistance.

Its Aqua Touch 2.0 and Glove mode features make the screen incredibly responsive, allowing you to swipe effortlessly with wet or greasy fingers.

USD899.99, oneplus.com

AQUA RHAPSODIES Thanks to IP68 waterproofing, the Guudsoud bone conduction headphones keep the tunes flowing even when you’re swimming laps.

With 32GB of storage and Bluetooth 5.2 (with a range of 10 metres), it can easily play thousands of songs for around 10 hours and let you take calls.

USD49.90, guudsoud.com

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DETAILS | Trends

RIGHT AS RAIN Kick back with all-weather furniture for your patio or poolside

OVERSHADOWED The Treasure Garden Push Button Tilt umbrella gives an excellent shield from the sun under a fade-resistant Sunbrella (or O’bravia) canopy, which can be adjusted easily with a crank-lift mechanism. With a strong aluminium frame and double vent, this umbrella can stand strong in windy conditions.

USD279.80, treasuregarden.com

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DETAILS | Trends

RUSTIC FANTASTIC Alfresco dining looks good on Article’s Latta table, with its solid, slatted acacia top that naturally weathers from warm honey to a soft grey hue. Its powder-coated aluminium legs defy corrosion while an umbrella hole provides added protection from the elements.

USD749, article.com

WICKED WICKER Relish the breezy elegance of the Frontgate Isola Loveseat Set, crafted from widewoven, breathable wicker and sustainably harvested, kiln-dried teak wood. These weather-resistant lounge chairs and loveseat, which are ideal for coastal or dry climes, acquire a silvery patina over time, with reinforced joints for lasting durability.

From USD1,947, frontgate.com IMPERIAL RECLINE Stretch out in style on Design Within Reach’s Terassi Chaise, inspired by the 1930s-era furniture designs of Oregon’s Timberline Lodge. This Indonesianmade chaise has a straight-grain teak frame that gradually develops a refined patina; UV- and mildew-resistant plush cushions; and an ergonomic backrest that reclines into multiple lounging positions.

USD4,495, dwr.com

FOLD INTO YOU The three-piece Emma & Oliver Ciel set beautifully combines rust-resistant steel with faderesistant, handwoven PE rattan.

Lightweight yet durable, the folding bistro table and chairs support up to 85 pounds and 300 pounds, respectively. It also includes plastic floor pads for indoor use.

From 146.98, emma-and-oliver.com

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DETAILS | Style

SOAK IT ALL IN The solar new year is upon us—along with 543 ways to have wet and wild fun

STEELY DETERMINATION Bestway’s Steel Pro round aboveground pool features a sturdy, corrosion-resistant frame and durable, tear-resistant liner. With a minimum capacity of 3,440 gallons, it offers plenty of room for your water-loving companions. The set includes a filter pump, cartridge, chemical dispenser, and flow control valve.

From USD379.99, bestwayusa.com

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DETAILS | Style

PAWSITIVELY YOURS Kids and pets can frolic together on the VISTOP non-slip splash pad. Durable enough to withstand claws, it has a phthalate- and BPA-free PVC surface and a surrounding rim that inflates with water, creating a shallow pool with sprinklers at the centre.

From USD38.94, amazon.com

DOUBLE THE FUN The Ultra Climber Water Slide

by Sunny & Fun is perfect for tykes who want to race to the top without waiting for their turn. Watch them careen down a pair of slides into the extrawide, padded splashdown pool or scale a wall equipped with footholds and fabric handles.

USD479.99, sunnyandfun.com

WHAT A BLAST

Bask in the water without baking in the sun with Eramaa’s canopied pool. This family-sized inflatable is spacious enough for up to eight people. Made of thickened, non-slip PVC, the pool balloons in just three minutes so the gang can jump right in without delay.

Get ready for battle this Songkran with Kulariworld’s high-power water blaster. With a 1,500-millilitre capacity, this water gun can shoot an extraordinary 36-foot range. It is equipped with a nozzle that rotates to four spray options, including a flat-slot spray for high-pressure coverage.

USD129.99, amazon.com

From GBP52.80, toyscentral.uk

SUNUP TO SUNDOWN

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ALTERNATIVE CULTURE

BSD City remains one of Indonesia’s boldest urban experiments, acting as a proxy for Jakarta and paving inroads to sustainable urbanisation

BY AL GERARD DE LA CRUZ

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or decades, Indonesia has wrestled with an existential question: Is there an alternative to an overcrowded, traffic-choked, sinking Jakarta?

A definitive answer today might be found in Nusantara, the new seat of power rising from Bornean jungles. But years before Indonesia set its sights on relocating the capital, Bumi Serpong Damai, better known as BSD City, had emerged as a case study in strategic urban planning.

This audacious work-in-progress by development giant Sinar Mas Land, located 30 kilometres southwest of Jakarta, was designed as a suburban satellite of the capital. Now, as it marks its 41st anniversary, BSD City is primed for further growth—a self-contained metropolis.

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FROM WATER RETENTION AREAS TO PLANT NURSERIES, BSD CITY’S GREENERY SERVES MORE THAN JUST AESTHETIC PURPOSES—IT ACTIVELY CONTRIBUTES TO MAINTAINING ECOLOGICAL BALANCE

This year, an extension of the KRL Commuterline would bring a new station, Jatake, to BSD City while the underconstruction Balaraja-Serpong Toll Road would further weave the city into megalopolitan Jakarta.

The concept of a fresh start from Jakarta took root in January 1984 when Sinar Mas Land established a business unit, PT Bumi Serpong Damai Tbk, to create Indonesia’s first masterplanned city. The chosen site, a 6,000-hectare rubber forest in Tangerang Regency, posed a trifecta of obstacles to the project.

“The developers had to secure large tracts of land while ensuring fair compensation for landowners,” says Herry Hendarta, deputy group CEO for strategic development and assets at Sinar Mas Land. “Infrastructure, such as roads, water supply, and electricity, required significant investment and coordination with the government. Environmental concerns, including flood risk and deforestation, were addressed by integrating green spaces and constructing a comprehensive drainage system.”

Inaugurated in 1989, BSD City took shape in phases, notably capturing widespread attention in the early 1990s for its world-class Damai Indah golf course. By 2010, Sinar Mas Land secured control over BSD City through a merger of PT Bumi Serpong Damai Tbk and PT Duta Pertiwi Tbk, consolidating its real estate holdings in what had become one of Indonesia’s largest urban planning schemes.

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For Sinar Mas Land, the appeal was evident: proximity to Jakarta, abundant land, and long-term growth potential, all waiting to be unlocked by transport infrastructure.

BSD City found its footing with the completion of the Jakarta–Serpong Toll Road in 1999. The Jakarta Outer Ring Road, also developed in the 1990s, additionally improved connectivity in the previously unknown area.

“The government collaborated with investors through publicprivate partnerships to finance and construct these roads,” says Hendarta. “Their completion significantly boosted BSD City’s accessibility, encouraging commercial investment, residential migration, and overall urban expansion.”

With so many moving parts, BSD City today relies on regular design reviews to uphold architectural harmony across its disparate districts—infrastructure consultancy AECOM has provided design guidelines for the CBD. Sinar Mas Land conducts frequent coordination meetings with structural engineers in a process facilitated by integrated Building Information Modeling (BIM) systems.

“Cohesion has been maintained through strict adherence to the masterplan guidelines, with a strong emphasis on green corridors, pedestrian pathways, and uniform architectural themes,” says Meka Desinta, master planner for Sinar Mas Land.

CONNECTED BY TOLL ROADS AND RAPID TRANSIT LINES, THE TOWNSHIP IS A SELF-SUSTAINING ECOSYSTEM DRIVEN BY TECH INNOVATION, WITH VAST HECTARES OF LAND STILL AVAILABLE FOR DEVELOPMENT

Now home to 450,000 people, BSD City has groomed itself as a counterpoint to Jakarta on many metrics.

While Jakarta remains one of the world’s fastest-sinking cities, BSD City, though perched 40 metres above sea level, faces flooding risk due to flat terrain. This has spurred creative solutions to mitigate rainwater accumulation.

“Our approach to landscaping has evolved from traditional green spaces to multifunctional, ecologically responsive landscapes,” says Desinta. “We’ve introduced sponge city principles, using green infrastructure for water management.”

Engineers have implemented a sustainable urban drainage system (SUDS), integrating permeable pavements and landscaped water retention areas to control runoff.

“BSD City’s proactive flood control measures have made it one of the most resilient urban developments in Indonesia,” says Hendarta.

To manage traffic, Sinar Mas Land designed a hierarchical road network for BSD City, with arterial streets forming the spine of the city’s transportation system. Complementing them are feeder bus routes, bike lanes, and pedestrian walkways, all aimed at encouraging alternative modes of travel.

Aside from newfangled innovations like EV charging stations and solar-powered streetlights, Sinar Mas Land has partnered with PT Chandra Asri Pacific Tbk to pioneer the use of plastic asphalt on BSD City. The initiative repurposes over 164 million plastic bags—equivalent to about 410 tons of landfill waste—into eco-friendlier roads and pavements.

Sinar Mas Land has also introduced a specialised management system that converts non-organic waste into construction materials or energy. Organic waste is turned into compost, fertilising the 400 hectares of green spaces in the city.

Landscape architects conceived continuous green belts throughout BSD City. Sinar Mas Land itself is headquartered in the 25-hectare Green Office Park, a commercial area designed to have the ambience of a garden.

Flora in BSD City are cultivated onsite rather than uprooted from elsewhere. “We continue to rely on nurseries, both internal and external, to ensure biodiversity and plant resilience,” says Desinta.

As an urban jungle, BSD City thrives on its network of highspeed fibre-optic cables, laid underground during the city’s early phases of development. Redundancy was built into the system to ensure multiple pathways for data transmission, with consistent maintenance and upgrades guaranteeing long-term dependability.

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COHESION HAS BEEN MAINTAINED THROUGH STRICT ADHERENCE TO THE MASTERPLAN GUIDELINES, WITH A STRONG EMPHASIS ON GREEN CORRIDORS, PEDESTRIAN PATHWAYS, AND UNIFORM ARCHITECTURAL THEMES

AWAKENING GIANT While its early years were relatively quiet, the 1992 launch of the Damai Indah Golf Course, designed by legendary golfer Jack Nicklaus, put BSD City on the global map. Ranked number one in Indonesia by Golf Digest, the course signalled the area’s birth as a destination for recreation.

The 2006 opening of Ocean Park drew more families and thrill-seekers. “The park significantly boosted BSD City’s tourism industry, increasing foot traffic to nearby businesses and real estate developments,” says Herry Hendarta, deputy group CEO for strategic development and assets at Sinar Mas Land. “It also reinforced BSD City’s identity as a balanced urban environment where work, life, and leisure coexist seamlessly.”

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Retail followed suit, with major developments like AEON Mall (opened in 2015) and QBig BSD City (2016) attracting shoppers and tenants to the mega-township.

Sinar Mas Land has made sure to cultivate talent pipeline within city limits by partnering with universities, international schools, and research institutions. With land incentives and high-quality infrastructure, BSD City has attracted institutions such as Australia’s Monash University as well as local heavyweights like Prasetiya Mulya University, Atma Jaya University, and International University Liaison Indonesia.

“BSD City’s focus on education aligns with its long-term vision of creating a knowledge-based economy, attracting students, researchers, and businesses seeking a skilled workforce,” says Hendarta.

SINAR MAS LAND PLAZA IN BSD CITY HOLDS A GREEN MARK GOLD CERTIFICATION, MAKING IT INDONESIA’S FIRST GREENCERTIFIED OFFICE DISTRICT xxx

“The implementation followed a ‘dig once’ policy, minimising future disruptions,” says Desinta.

Over the years, Sinar Mas Land has increasingly envisioned BSD City as a tech-driven centre. Its Digital Hub, for example, has been attracting multinationals and local unicorns since 2016. A recent addition to the hub, the Biomedical Campus, was approved as part of a special economic zone.

“When developing the BSD Digital Hub, we worked closely to ensure that buildings could accommodate future technology upgrades without altering their structural integrity,” says Desinta.

As a catchment area, BSD City has grown to hold over 40,000 homes. Even though early developments targeted the middle-to-upper-class market, the city has since expanded its demographic focus. “The development of various residential clusters caters to a diverse range of income levels, ensuring inclusivity within the community,” says Hendarta.

In the first half of 2024, Sinar Mas Land reported marketing sales of IDR4.8 trillion (USD295 million) for BSD City.

“The increasingly conducive economic situation and the government’s high attention to the housing sector are some of the catalysts for the growth of the property industry,” says Hermawan Wijaya, director of PT Bumi Serpong Damai Tbk. Despite being half the size of Paris, BSD City still has 4,700 hectares planned for development by 2035. The third phase of development, currently underway, designates a 2,450-hectare area for mixed-use projects, set to be completed in 10 to 15 years.

As Indonesia continues to decentralise with Nusantara, BSD City is building on the successes—and learning from the mistakes—of its predecessor. Like Jakarta, with all its centuries of ups and downs, BSD City remains a project in motion.

“The city has evolved significantly,” says Desinta.

“Sustainability, walkability, and smart city infrastructure now define BSD City’s urban fabric.”

Sustainability credentials buttress latter-day developments such as The Armont Residences, the first residential development to achieve Gold certification from the Green Building Council Indonesia (GBCI). Similarly, NavaPark, a 77-hectare community developed in collaboration with Hongkong Land, has earned Greenship Neighbourhood certification with a Platinum rating from the GBCI. 31

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Runway to renovation Anton Wörmann has swapped the catwalks of Europe for the less glamorous world of reviving abandoned homes in Japan

BY AL GERARD DE LA CRUZ

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TO MANY JAPANESE HOMEOWNERS, AKIYA ARE BURDENS— ACCUMULATING TERMITES AND TAXES WHILE DETERRING BROKERS FROM LISTING THEM

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Abandoned buildings are fascinating for several reasons. What did this place look like when it was in its former glory? If something is abandoned, I see an opportunity to revive it

B

lond, blue-eyed Anton Wörmann cuts a fashionable figure in Japan.

Discovered as a model straight out of school in Sweden, he had that classic rags-to-fame story—until a trip to Japan changed everything.

The journey east led him from the catwalk into real estate. Wörmann saw firsthand an opportunity to rejuvenate Japan’s 9 million neglected homes, known as akiya, which have proliferated as the nation has aged rapidly.

Taking on these Japanese fixer-uppers came naturally to Wörmann. Growing up in Älvsjö near Stockholm, he spent his childhood and teenage years helping restore a rundown 1909 house his parents bought. “That has had a huge impact on the rest of my life,” says Wörmann.

Then, thrust into the jet-setting world of fashion, Wörmann alighted on Japan in 2015.

“There was a structure to society that I’d never seen before, despite travelling and living in my suitcase for years,” he says. “And I thought, ‘Japan one day might be my home. I would like to spend more time here.’”

In 2018, Wörmann moved to Tokyo—trading Ikea for akiya, as it were. Guided by a Canadian mentor, he purchased his first Japanese apartment, a shabby unit that rekindled his passion for renovation.

“When the renovation was done, I wanted to renovate more because it was fun,” he recalls. “And then I just happened to stumble across akiya, and then I realised how big of a societal issue it is. I just started digging deeper and deeper into that world.”

By 2020, he had bought his first akiya in Tokyo. He renovated even more properties, ranging from an 18-square-metre abode near Tokyo Skytree to larger dwellings. One transformation succeeded as a rental, inspiring him to launch Japandi Houses, a boutique hotel line with six properties and counting in its portfolio.

Gatekeeping information was not an option for Wörmann. Over two years, he has chronicled his journey on his YouTube, TikTok, Facebook, and Instagram channels, amassing a 2.3-million-strong global following as Anton in Japan.

Wörmann has encapsulated his journey in a book, Free Houses in Japan: The True Story of How I Make Money DIY Renovating Abandoned Homes.

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LEARNING JAPANESE AND CARPENTRY, MODEL-TURNEDRENOVATOR ANTON WÖRMANN HAS TRANSFORMED DERELICT PROPERTIES INTO DAZZLING HOMES ACROSS JAPAN

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Now fluent in Japanese, he muses about this unexpected turn of events in the runway of life.

What sparked your passion for revitalising akiya?

Abandoned buildings are fascinating for several reasons. What did this place look like when it was in its former glory? If something is abandoned, I see an opportunity to revive it. I do something similar whenever I walk into an empty apartment or house. It doesn’t have to be akiya. That’s something I have from growing up, from living around my parents who bought this old house.

What drew you to the Japandi aesthetic, and how does it influence your projects?

I try to revitalise as much of the history and the soul of the house as possible. Some of the Japanese houses are a hundred years old, and some of them are 50 years old. But they still have the same kind of structure to them. Everything is built up on the Japanese sanjaku system. There are 91 centimetres between each post in the house versus in Sweden, where we’re using the twoby-four system, which they also have in newer Japanese houses. But the traditional Japanese houses have a very particular way of being built. I try to save as much of that as possible while incorporating my growing up in Sweden.

Those design styles go hand in hand. It’s a touch of nature. There’s a lot of sunlight. It’s a minimal style. We use a lot of wood, and we revitalise and try to use as much sustainable materials as we can. Most of the appliances are used. It takes a little time to source these things, but they make the house more unique. Instead of what they’re doing now in Japan: They’re tearing houses down and building brand new ones when the house is only sometimes 20, 25, or 30 years old. I think that’s a shame.

What were the biggest challenges to your first akiya renovations?

We had termites everywhere, so we needed to remove and replace beams. We needed to add braces for earthquake safety. There are natural disasters in Japan that you must consider. We needed to pour a new concrete

slab under the house. We needed to do a lot of structural upgrades that I wasn’t prepared for. And the amount of time it takes just to correct the minor mistakes—I wasn’t prepared for that.

What were some lessons you learned while navigating real estate laws in Japan?

I think the Japanese real estate market is very divided, and it’s way more local than elsewhere as well. There is no register for what people have bought and purchased their homes for. And that makes it hard to understand what a house or an apartment is worth unless it’s a brand-new build. Because the Japanese don’t have a tradition of buying an old house, renovating it, and then living in it or flipping it. Not to the same extent as in Sweden or the US, for example.

It’s also about finding a good mentor. I know people who have done well for themselves with Japanese real estate without speaking Japanese. But it will be harder because you don’t understand, and you won’t be served these off-market deals. Many transactions are happening under the surface: properties that are not listed online.

What is the key to seeking a good agent to find akiya?

If you’re looking for a cheap house in a good location, the probability of an agent sitting on a listing like that is pretty high. But the agent probably doesn’t even realise it—they might have been handed the listing years ago and couldn’t sell it. It was cheap and old, and no one wanted it back then. So why would someone want it now?

If you can convey this to the broker, maybe they know someone or can find this piece of paper that the owner handed them many moons ago. Perhaps you can bargain on that house. Maybe you can get it for free. These properties are burdens for a lot of Japanese people. Brokers don’t want to sell them because they don’t get a good commission.

You have to be in the area where you want to buy into. If you talk to the community, if you give a little bit to the community, maybe spend a little time there, people understand that “this is someone I would like to help.”

And if you do that, opportunities will arise 37

WÖRMANN STARTED CONVERTING AKIYA INTO TOP-RATED STAYS AFTER HIS GIRLFRIEND’S SEARCH FOR STORAGE TURNED THEIR INTENDED HOME INTO A THRIVING RENTAL

and a lot of akiya will show up around you—if you’re a little bit curious as well. It’s never a bad thing, but respectful.

How do you balance the creative side of renovation with the financial aspects of running a business?

If you create something good, people will come and stay. And if you’re cheap, it will bite you in the tummy at some point.

Now my renovations are getting more and more expensive because I want to become better and better and challenge myself.

Given demographic trends in Japan, how would you encourage younger Japanese to take an interest in revitalising akiya?

It depends on your life situation. If you’re working a full-time job in Japan, there’s a lot of overtime. But if you have a little bit more time, you want to be more entrepreneurial. I’ve had

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many conversations with akiya owners, and we’re talking about the akiya problem. And then after a few minutes, they’re like, “Oh we have an akiya in my family. What should we do with it?” I’m like, “Why didn’t we start the conversation with that?” It’s something that people don’t want to talk about. The first thing to do is to start talking about it and start doing something about it.

What is your next goal?

I want to take on more historical houses—maybe a temple or something with historical value—and see how you can make them beautiful again. That would be a dream of mine.

What’s the one piece of advice you’d give someone considering an akiya?

Don’t buy the first akiya. Buy into the community. See it as buying into the community rather than just buying a house.

WÖRMANN INCREASINGLY USES PREMIUM MATERIALS SUCH AS DOUGLAS FIR IN HIS RENOVATIONS BUT HE STILL AIMS FOR SUSTAINABILITY WITH SECOND-HAND APPLIANCES AND RECLAIMED WOOD

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Push and pull Creative tensions have been key to the success Madhav Raman and Vaibhav Dimri have had with Anagram Architects, the New Delhi-based practice they co-founded

BY LIAM ARAN BARNES

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f there’s one thing Madhav Raman and Vaibhav Dimri agree on, it’s that disagreement fuels their best work.

The Anagram Architects co-founders have built their practice on a creative tension that has persisted since their student days.

Raman is precise and analytical, Dimri instinctive and unfiltered.

One refines, the other disrupts. These contrasting qualities have shaped their approach to architecture, where ideas are challenged from opposing directions rather than settled through compromise.

“As individual personalities, we are, in many ways, polar opposites,” Raman says. “But that benefits our practice by diversifying our projects, clientele, and creative expression.”

Their dynamic was tested early. For the first four years, Raman and Dimri had no office of their own. Their shared apartment doubled as their studio, with the living room serving as a workspace by day and a common area by night. It was an arrangement born out of necessity, but one that, in hindsight, shaped how they thought about space—not as something to be dictated, but as something to be negotiated.

“Those early years forced us to trust each other’s instincts,” Dimri says. “We weren’t just designing together—we were negotiating space, life, and work under one roof.”

One of their earliest commissions was designing teachers’ residences for The Doon School. Rather than presenting a single solution, they pitched parallel concepts, each testing different spatial possibilities.

One prioritised modular flexibility, the other a more permanent arrangement—allowing the school to assess how space could adapt to shifting faculty needs. This method of constructive friction became a hallmark of their process, sharpening both their design thinking and their clients’ decision-making.

And as the pair’s work evolved, so did the scale of their ambitions. Anagram Architects expanded their focus beyond individual buildings to the broader urban fabric—how architecture connects with infrastructure, history, and daily life. Raman and Dimri see

Indian urbanisation as a layering of traditions and modern infrastructure, in contrast to Western models, which, they argue, often displace rural ways of life.

They call this process “de-ruralisation,” a perspective that shaped their work on the Delhi Metro. Instead of designing transit hubs as isolated nodes, they integrated them into the city, encouraging pedestrian movement, informal commerce, and social interaction. The success of these designs lies in recognising that cities are not just a sum of structures but interwoven networks of activity.

It also shaped Project Samman, a community sanitation initiative in two eastern Indian cities. Public toilets in India often suffer from poor maintenance and low adoption, largely because they are built without considering how people use them, according to Raman. Instead of imposing a one-sizefits-all model, they adapted each design to its surroundings, making the facilities more accessible and sustainable. By studying how communities moved through and occupied public space, they developed layouts that improved both usability and upkeep— ensuring function dictated form, not the other way around.

“We’ve always been interested in how people navigate and negotiate space, whether in a public square, a transit hub, or a theatre,” Dimri says.

Indeed, before turning to architecture, the pair bonded over a love of the stage—a passion that continues to shape their work. They often speak of architecture as stagecraft, framing movement, interaction, and experience.

Koodaaram, their pavilion for the 2018 KochiMuziris Biennale, embodied this philosophy.

Held in Fort Kochi’s historic warehouses, the Biennale is a collision of contemporary art and layered history. Anagram’s brief was to create a gathering space for performances, discussions, and workshops—one that remained open and adaptable. They responded with Koodaaram, a semitransparent, half-buried structure inspired

by Kerala’s Koothaambalam theatres. Built in just two months, it was designed for easy dismantling and reuse, reducing its 41

ANAGRAM ARCHITECTS CO-FOUNDERS MADHAV RAMAN AND VAIBHAV DIMRI HAVE DIFFERING BUT COMPLEMENTARY APPROACHES TO THEIR CRAFT

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As individual personalities, we are, in many ways, polar opposites. But that benefits our practice by diversifying our projects, clientele, and creative expression

environmental footprint while blurring the line between event and architecture.

“Theatre teaches you to work with time, to create a sense of place that isn’t static but unfolds,” Raman adds. “That’s something we try to bring into our designs, whether it’s a temporary pavilion or a permanent urban intervention.”

Delhi’s Ring Rail Line allowed them to apply this thinking on a much larger scale. Built in the 1970s to ease congestion at major railway stations, with a passenger service added in 1982, it was intended to connect emerging zones. But poor integration left it largely forgotten, running empty trains through a rapidly expanding metropolis.

Their proposal transformed the corridor into a multi-use urban belt—both a transit route and a reclaimed public space. It transformed the neglected railway into a pedestrian- and cycle-friendly corridor, integrating street vending and small businesses to create a network of accessible, human-scaled spaces. As Delhi became increasingly carcentric, their plan sought to preserve the informal urban activities being pushed to the fringes.

Though the project was never realised, it led to deeper engagement with urban policy.

Working with NASVI, a street vendors’ collective, they helped design a COVIDcompliant vending cart and contributed to masterplans for street vendors in other cities.

“The real challenge isn’t designing new spaces,” Raman says. “It’s rethinking how we use what’s already there.”

Across South Asia, development has prioritised vehicles over people, reshaping the street-level experience. High-speed

roads have displaced pedestrians and small businesses, eroding the multifunctionality that once defined urban life.

“The urban public realm remains woefully neglected despite the presence of great cities with rich architectural and historical significance,” Raman adds. “The problem isn’t just congestion—it’s that we’re designing cities for movement rather than for people.”

Rather than treating streets as transit corridors, they argue for recognising them as spaces of social and economic exchange.

Multi-modal, multi-functional planning, they believe, is essential to keeping cities both high-density and human-scaled.

Their latest venture takes them to Goa, where a new satellite studio explores ecological and community-driven design. Unlike Delhi, where the challenge is unchecked density, Goa faces a different tension—balancing tourism, conservation, and local livelihoods.

Here, they are investigating development models that work with, rather than against, local ecosystems and social dynamics.

“What happens when architecture is part of an ecosystem rather than an object within it?” Dimri asks.

For Raman and Dimri, architecture has never been about grand statements. Their work is rooted in the lived realities of the cities they build in—imperfect, evolving, and deeply layered. The healthiest cities, they believe, balance tradition with transformation, resisting the urge to impose rigid masterplans.

“Buildings don’t define a city,” says Raman.

“Real architecture is about how we negotiate space, movement, and change.”

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Shiprapath Park – Jaipur, India Part of Jaipur’s Dravyawati River redevelopment, Shiprapath Park transforms a 450-metre linear space into a dynamic riverfront hub. Raised eight metres above the high flood line, the park reconnects with the water’s edge through an elevated walkway, while remodelled topography brings recreational activities closer to the river. “The challenge was to integrate the river’s seasonal shifts with everyday public life,” Dimri says. “We saw it as an opportunity to make the riverfront a lived experience rather than a boundary.”

Sustainability measures include runoff treatment ponds and check dams, while a continuous pedestrian walkway, jogging track, and cycling path ensure accessibility.

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Musi Riverfront Development – Hyderabad, India The Musi River revitalisation project reimagines Hyderabad’s riverfront as an integrated ecological and urban corridor.

“A river shapes a city’s identity as much as its streets and buildings,” Dimri explains. “Our approach restores that connection, ensuring Hyderabad grows with, not against, its natural systems.” Extending from Hyderabad’s heritage core to its expanding outskirts, the proposal envisions a revitalised riverfront—one that integrates water management, green spaces, and transport connectivity. The design weaves together ecological, socio-cultural, and economic elements, “creating a harmonious riparian fabric”.

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National War Memorial – India Gate, New Delhi Inspired by the Dharmachakra, the National War Memorial is a dynamic architectural expression of duty, sacrifice, and continuity. “This memorial isn’t just a monument— it’s a space for reflection, for understanding the depth of sacrifice,” Raman explains. Its circular form resonates with the geometries of its historic precinct, guiding visitors through a contemplative journey. The design fosters a space for remembrance, honouring India’s fallen soldiers while drawing the public into a collective act of gratitude.

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Baha’i House of Worship – Bihar, India Set within Bihar’s historic Sramanic landscape, the Baha’i House of Worship emerges as a spiritual and ecological landmark. Designed around a nine-sided enneagram, the structure reflects the region’s deep-rooted agricultural traditions, guiding visitors through an ever-changing landscape shaped by water, light, and the passing seasons.

“Sacred architecture should invite introspection and connection—not just awe,” Dimri notes. Surrounding educational and social institutions extend their community focus, while their open, meditative spaces foster spiritual growth.

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Cleft House – New Delhi, India Built for a three-generation family on a narrow 326-squaremetre plot, Cleft House reinterprets privacy and spatial organisation in dense urban living. “We saw the house as a sculpted volume rather than a series of enclosed rooms,” Raman says. The northwest-facing residence shields itself from the busy city road with insulated stone facades, while service areas at the rear minimise heat gain. A naturally ventilated central courtyard connects the rooms, filtering in light and views. Cross-ventilation is optimised with adjustable windows, aided by thermal stacking and evaporative cooling during summer and monsoon seasons, ensuring a comfortable microclimate year-round.

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Teachers’ Residences at The Doon School – Dehradun, India As part of The Doon School’s evolving campus, the new teachers’ residences balance privacy, community, and ecological sensitivity. “Faculty housing needs to encourage interaction while respecting individual space,” according to Dimri. The staggered apartment rows foster connection while maintaining privacy, with layouts designed to preserve sightlines and integrate existing trees. Shared service attics optimise space, while red and yellow terracotta, along with sandstone, tie the new structures into the school’s architectural fabric.

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A Winning Hand

BY JONATHAN EVANS

Draws in casino nexus Macau include award-winning residences, dazzling attractions, a distinct cuisine, and a unique Sino-Portuguese heritage

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San Tung Fong Commercial Inn North Wing

Hotel Central Macau

Coloane Village & Chapel of St. Francis Xavier

An acclaimed 62-room boutique hotel on bustling Avenida de Almeida Ribeiro, the teahouse San Tung Fong lay derelict for 33 years before Eddie Wong and Associates transformed it in 2023 into a glamorous, minimalist Art Deco retreat.

Adorned with decorative tiles that pay homage to local history, the hotel provides an ideal introduction to central Macau’s rich contrasts, where traditional streetfood stalls sit just metres from the city’s monumental casinos. For the interiors, Jess Yu Design carefully preserved the spirit of the original Lok-Kok restaurant, retaining elements like the lounge floor pattern while infusing a contemporary twist.

The recently refurbished Hotel Central (formerly President Hotel) stands at the confluence of the cobblestoned Historic Centre, Leal Senado Square, and St. Dominic’s Square. Inside, Palace Restaurant specialises in nostalgic international cuisine, while the Historical Cultural Corridor showcases artefacts narrating the area’s history. At 95 years old, this 11-storey landmark was once the tallest hotel in the Portuguese-speaking world, making it Macau’s first skyscraper and the first building with an elevator.

The meticulous redevelopment by Team Plus Architectural and Engineering Consultancy, in collaboration with Cheng Chung Design Co Ltd., involved reinforcing the foundations and restoring the hotel’s original charm with sustainable materials across its 114 retro-chic guestrooms. For the best panoramic view of central Macau, take the elevator to the top-floor Historical Sightseeing Promenade.

More than 90% of Macau’s most southerly region—its serene green lung—is covered by forests, parks, and gardens, with 11 interconnected hiking trails of varying lengths and difficulty levels. Rustic Coloane, long home to shipyard communities, is often associated with scenes of dried fish hanging from metal frames and unpretentious Chinese eateries. Yet, it also houses Lord Stow’s Bakery, the renowned egg tart specialist established by an Englishman in 1989, now one of Macau’s most famous pastry institutions. The area’s most picturesque landmark is the stunning 1928 Chapel of St. Francis Xavier, which overlooks a tranquil square that once safeguarded some of Asia’s most sacred Christian relics, including the remains of Catholic priests crucified in Nagasaki in 1597.

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Macau entices visitors with its blend of excitement, history, and beauty, integrating sleek real estate, hotels, and entertainment developments. The smooth handover from Portugal to China in 1999 resulted in the best of both worlds: a prosperous, walkable destination with a UNESCO-listed Historic Centre, remote rural outposts, remarkable modern architecture, impeccably maintained public plazas, a thriving arts and nightlife scene, a distinct fusion cuisine, and a wealth of Chinese and Portuguese historical sites, particularly in Taipa Village.

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A Lorcha

St. Regis Bar

Skypark by AJ Hackett

Macanese cuisine, often regarded as the world’s first fusion food, dates back to the 16th century, blending Cantonese and Portuguese/European flavours. This eclectic tradition reflects Macau’s history as a vibrant trading hub. Signature dishes include galinha à Africana (African-style chicken), pastéis de nata (egg tarts), pato de cabidela (duck stew), minchi (seasoned ground meat with vegetables), and the pork chop bun. Named after the traditional sailing vessels that once plied Chinese waters, A Lorcha has served authentic Macanese fare for three decades, prepared with time-honoured techniques.

Their signature golden, crispy deep-fried cod fritters conceal a delicious savoury filling, while specialities like sautéed pork with clams, Alentejo-style, and Macanese coconut and turmeric chicken highlight the menu.

Despite its name, the opulent St. Regis Bar is not affiliated with the renowned luxury hotel chain. Instead, it occupies the second floor of The Londoner, redesigned in 2023.

With St. Regis Bar ranked No. 22 on Asia’s Best Bars list in 2023 (No. 18 in 2022), head mixologist Kevin Lai from Taipei has cemented his reputation among Asia’s cocktail elite. Designed by Hong Kong’s Steve Leung, the ultra-luxurious lounge features a softly illuminated onyx bar, rich fabrics, emerald countertops, and crystal accents. The venue also serves as a premier destination for Macau’s live jazz scene, presented in a New York-style setting. A standout cocktail is the Maria Do Leste, their take on the Bloody Mary, infused with spices that celebrate Macau’s rich cultural heritage.

Standing at 388 metres, Macau Tower, completed in 2001, is home to the city’s only commercial bungee-jumping facility, Skypark Macau. This adrenaline-pumping attraction is part of the global franchise founded by New Zealand entrepreneur AJ Hackett, who pioneered commercial bungee jumping in Queenstown in 1988.

Skypark Macau boasts the world’s highest bungee jump at 233 metres. For those who prefer a less stomach-churning experience, the Macau Tower’s observation deck offers panoramic views, while nearby shopping malls, restaurants, and theatres provide additional entertainment. Thrill-seekers can also try Skywalk X, a guided walk along the tower’s outer rim, offering the most breathtaking vistas of Macau’s striking contrasts.

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FLIGHT TO THE FRINGES

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Investors are gravitating to suburban areas and overlooked towns as Australia’s alpha cities see skyrocketing demand and prices

BY GEORGE STYLLIS

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MANY AUSTRALIANS HAVE BEEN LOCKED OUT OF THE HOUSING MARKET IN SYDNEY’S CORE DUE TO SKY-HIGH PROPERTY PRICES

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n October last year, residents in the New South Wales suburb of Copacabana welcomed a new neighbour—not just any neighbour, but the prime minister of Australia.

Anthony Albanese moved into a striking three-bedroom mansion overlooking the Central Coast to start a new chapter with his fiancée, Jodie Haydon. While few begrudged the Labour leader a chance at love, many raised eyebrows at his decision to purchase a luxury property for AUD4.3 million (USD2.75 million) at a time when Australia’s housing market faced one of its worst crises in years. Critics labelled his move “tone-deaf” and “gobsmacking.”

They had a point.

Albanese secured his dream home while many Australians struggled with high property prices and soaring mortgage rates. In Sydney and Melbourne, the situation was especially dire. Many young Australians have been locked out of the

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housing market entirely, forced instead into long-term renting situations that offer scant security and rising costs.

“Confidence was very low last year,” Peter Li, a principal at Plus Agency realtors, says.

“The third and last quarters of last year were the lowest in terms of production and price points for real estate in years.”

The impact has been felt across demographics. First-time buyers have had to delay their homeownership dreams indefinitely, while existing homeowners, particularly those on variable mortgage rates, have been struggling to keep up with repayments. The Australian property market, once one of the world’s most accessible for buyers, has become increasingly impenetrable for many.

Australia’s housing market has been grappling with limited supply, high interest rates, and multi-decade-low

First-time buyers have had to delay their homeownership dreams indefinitely, while existing homeowners, particularly those on variable mortgage rates, have been struggling to keep up with repayments

unemployment since the pandemic, creating a perfect storm of skyrocketing demand and unaffordable prices. In November, investment firm AMP’s chief economist Shane Oliver revealed that house prices nationwide were 34% above fair value.

This persistent unaffordability—expected to worsen in major cities like Sydney due to an anticipated immigration boom of one million people over the next 15 years—has triggered an exodus to previously overlooked towns and suburban areas, igniting a real estate boom beyond city centres.

“Queensland, especially around Brisbane, has experienced very strong growth in the last two to three years. The boom started just towards the end of the Covid period because everybody wanted a beachy, sunny lifestyle,” says Li. “Especially when you can work from home.”

According to PropTrack, a property valuation firm, Townsville in Queensland has seen house prices soar by over 80% in some areas over the past three years. Townsville’s median house price is now 41.4% higher than in January 2022, reaching AUD526,000. Other regional areas such as the Sunshine Coast and Byron Bay have also experienced sharp property price increases as city dwellers have sought more space, a slower pace of life, and, crucially, more affordability.

Asian buyers have played a significant role in fuelling this boom, complemented by government incentives aimed at easing congestion in central business districts.

In Sydney, the government has invested heavily in metro lines, roads, and tunnels to enhance suburban connectivity.

For AUD2 million, buyers must choose between a compact two-bedroom apartment in the central business district or a spacious five-bedroom house in the suburbs. Once-daunting

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two-hour commutes have been slashed to just 45 minutes via public transport.

Additionally, growing Asian communities and reputable schools have drawn buyers from Taiwan and Hong Kong to suburban areas such as Chatswood and Burwood.

Since the beginning of the year, suburbs have remained among the most attractive locations for property buyers.

Ivan Lam, executive director of international business at Charter Keck Cramer, a property advisory firm, notes that 62

suburban buyers have more housing options, including townhouses, unlike city centres that predominantly feature apartments. Wealthier buyers and downsizers are also opting for pricier suburban properties.

“These buyers are cash-rich and don’t have to rely on financial mortgages. So, in a way, they’re not as sensitive to price,” he says.

For the rest of the country, 2025 has started on a more optimistic note.

AUSTRALIAN PRIME MINISTER ANTHONY ALBANESE’S RECENT PURCHASE OF A BEACHSIDE MANSION IN COPACABANA IN NEW SOUTH WALES SPARKED CONTROVERSY

TOWNSVILLE SET FOR BIG WINS The city of Townsville is expected to be one of the big winners of 2025 with its housing market expected to rise by as much as 30%.

The Queensland settlement will see the median value of its houses soar from AUD520,000 to around AUD676,000, says the head of research at estate agent Propertyology.

“Like seagulls fighting over a few chips, buyers will compete seriously hard for the record low volume of housing supply in Australia’s 14th largest city,” says Simon Pressley.

The findings come as doubts remain over whether construction costs can come down significantly to encourage house building in Sydney and Melbourne and ultimately tamp down prices. Benson Zhou, a director of sales at Savills, says: “Our construction price is pretty expensive, and we don’t see this is going to drop at all so it means the property price will continue to rise.”

Michelle Ciesielski, head of residential research at McGrath Estate Agents, described a “sigh of relief” across households after the Reserve Bank of Australia cut its benchmark lending rate for the first time in over four years in February, lowering it to 4.10%. This followed a much-needed easing of inflation, which stood at 2.5% in January, down from 3.8% in mid-2023.

“Inflation continues to moderate and is expected to return to the target range of 2–3% in 2025 and to reach the midpoint in 2026,” the RBA stated in February.

Driving Townsville’s growth is a huge injection of cash in major projects and a booming economy. Last year the city exported USD12 billion worth of commodities, earning it the title Australia’s port of the year by the national maritime industry.

“There won’t be anywhere in Queensland that won’t do well from a property market perspective in 2025,” says Pressley.

“Cairns will do well. Sunshine Coast will probably be Australia’s second-best property market with around 15% growth,” he adds.

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BRISBANE IS EXPERIENCING STRONG GROWTH AS PROPERTY INVESTORS TRAIN THEIR SIGHTS ON DESTINATIONS IN QUEENSLAND

While confidence is improving in Sydney and Melbourne, a full recovery remains distant.

The pandemic caused major disruption in labour and material supply chains, derailing pre-Covid construction plans and exacerbating costs. Mortgage rates, which were around 2% before Covid-19, now stand at approximately 6%. Many property developers were forced to shelve projects indefinitely as building costs soared and loan repayments became unsustainable.

Despite these challenges, several major projects are in progress. Malaysian developer Setia is advancing Atlas Melbourne, a 73-storey mixed-use development featuring 839 residential units priced between AUD410,000 and AUD12.8 million. In North Sydney, local luxury developer Casa is preparing to launch The McLaren, a highend residential project with 71 units ranging from AUD890,000 to AUD4.45 million.

These projects signal renewed optimism in the market, though it remains to be seen whether demand will match supply.

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HOUSING CRISIS LOOMS OVER AUSTRALIAN ELECTION As Australians prepare to head to the polls in May, the lack of affordable housing has emerged as a central political issue.

A survey published in January revealed that dissatisfaction with housing affordability in Australia was among the worst globally. More than 75% of Australians surveyed by Gallup expressed unhappiness with the housing situation.

Housing stress is no longer confined to low-income earners.

Middle-class families are also feeling the pinch, with many forced to stretch their budgets to meet rising mortgage repayments. Renters have not been spared either, with rental prices increasing dramatically in major cities, exacerbating cost-of-living pressures.

“Australians are uniquely dissatisfied with housing compared with residents of other high-income countries,” survey co-authors Benedict Vigers and Madeleine Ambort note.

ALBANESE WILL BE JUDGED BY AUSTRALIAN VOTERS SOMETIME THIS YEAR AS THE COUNTRY GOES TO THE POLLS

“Construction costs skyrocketed postCovid, but they are now starting to stabilise,” Lam says.

Developers have adapted by revising designs, costs, and timelines to accommodate market conditions.

“We’re just hoping that the overall economy will stabilise and that global economic factors—such as inflation and geopolitical tensions—will subside, bringing long-term investors back into the market,” Lam adds.

“With more projects being launched, the undersupply issue will gradually be resolved, but it’s going to take a few years at least.”

ELECTION UNCERTAINTY AND MARKET PREDICTIONS Despite political uncertainty, the Australian housing market is expected to regain momentum in the second half of the year, especially after the federal election.

McGrath Estate Agents’ Michelle Ciesielski predicts that residential prices along Australia’s east coast will rise by 4% in Sydney, 1% in Melbourne, and 7% in Brisbane by the end of 2025.

“Traditionally, Australians tend to delay major financial decisions in the lead-up to an election. Given additional cost-of-living pressures, we’re likely to remain in this holding pattern until mid-2025,” she says.

“However, many investors are diligently researching and preparing to capitalise on the upswing in property cycles,” she adds.

With auction clearance rates surpassing 70% in certain markets, underlying demand remains strong, despite a limited inventory of new residential listings.

The road ahead for Australia’s housing market remains challenging, but with stabilising interest rates, improving supply chains, and increasing suburban demand, it is poised for a gradual recovery.

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MIND THE GAP

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New luxury mega projects boost the top end of Bangkok’s market, but weak economic growth hampers other ranges of the city’s real estate sector

BY STEVE FINCH

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MIXED-USE MEGAPROJECT ONE BANGKOK INCLUDES FIVE HOTELS AND THREE RESIDENTIAL TOWERS AS WELL AS GIANT MALLS

n Bangkok, recent residential projects and policy launches indicate the extent to which the bottom and the top of this increasingly segmented market have become stretched.

In late October, the mixed-use megaproject One Bangkok officially launched. It includes five hotels and three residential towers, all high-end offerings in the city’s CBD overlooking Lumphini Park, the city’s main green lung.

A month earlier, at the opposite side of the park, the relaunch of the Dusit Thai hotel marked the first rollout stage of another luxury, mixed-use development, Dusit Central Park, featuring offices and high-end residences. Forestias, another luxury, mixed-use project in Bangkok designed by English starchitect Norman Foster’s firm Foster + Partners, also launched in late October.

The rising supply at the luxury and “ultimate class” end of the residential market points to the shift underway in Bangkok towards higher standards of living, particularly in the centre, as growing numbers of high-net-worth Asian buyers gravitate towards the city.

Yet high household debt and a sluggish economy have led to a drawn-out recovery at the lower end of the residential market, causing developers to press the government for greater policy support. The result has been a rising gap between the top and bottom of the market as wealthy buyers from countries such as China and Myanmar seek second homes in downtown Bangkok. In contrast, demand from local buyers, saddled with among the highest rates of household debt in the region, has continued to stall.

In January, Pheu Thai, the leading party in the government’s fragmented coalition, launched the latest of its populist policies, Homes for Thais. This policy aims to offer hundreds of thousands of low-cost homes to first-time buyers using a lottery system. In early February, The Nation reported that the project’s official website received 75 million visits, equivalent to more than one visit per person in this country of 72 million people.

“The ‘Homes for Thais’ project will help first jobbers or any workers who are saving money for their residences,” said Thai Prime Minister Paetongtarn Shinawatra at the project launch.

The impacts of the scheme remain untested, although real estate analysts in Thailand say they are likely to be minimal in terms of residential sales since the majority of those accepted on the scheme would

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Outside of the very top of the market, the outlook for Bangkok’s residential real estate industry remains modest at best, despite significant growth in the hospitality and industrial segments, based on a strong rebound in international arrivals and foreign business start-ups

TRUMP TARIFFS SET TO IMPACT THAILAND Thailand expects to receive a greater influx of Chinese business and private investment as a result of recent additional tariffs placed on Chinese exports by the US at the start of President Donald Trump’s second term.

However, much of these positive benefits will be absorbed by Chinese rather than Thai developers, according to Cushman & Wakefield. In its analysis of associated impacts, it said Chinese property developers typically register companies in Thailand with majority Thai ownership to comply with foreign ownership regulations.

Cushman & Wakefield noted that in practice, these companies are mostly controlled by Chinese investors with Chinese capital, meaning knock-on property market gains would likely see profits going to Chinese rather than Thai companies. Given the speed of construction

associated with Chinese developments and their typical reliance on importing Chinese rather than local construction materials, this influx of Chinese property development is also expected to create additional market challenges for Thailand and its property sector.

Data from Thailand’s Board of Investment has already indicated an uptick in Chinese investment in Thailand, even before the US election in November last year. In the first nine months of 2024, BOI recorded a near 10% rise in Chinese registered capital in Thailand, to THB409.3 billion (USD12 billion).

By October 2024, nearly 42,000 Chinese nationals held work permits, the first time Chinese official workers in Thailand have surpassed those from Japan in more than a decade.

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THE RECENTLY REVAMPED AND RELOCATED DUSIT THANI HOTEL IS THE CENTREPIECE OF DUSIT CENTRAL PARK, ANOTHER HIGH-END BANGKOK MEGAPROJECT

not typically qualify for a standard mortgage from a bank.

The low-end, mass market and rental segment are therefore expected to be impacted only.

The scheme is widely seen as a response to growing difficulties among ordinary Thais who have struggled to afford to buy housing. In late 2024, household debt in Thailand climbed to 104% of GDP, among the highest rates in the region, according to a study by Chulalongkorn University which also factored in informal lending.

Poor credit, high bad loan rates registered by Thai banks, and a corresponding drop in liquidity in the financial sector have directly impacted the housing market, buyers, and sellers. Since the pandemic, mortgage application rejections have soared in Thailand for properties below THB3million (USD89,000), reaching 70% in 2024, a rate due to continue to rise into 2026, according to a report by Siam Commercial Bank last year.

in February, the central bank said the rate of bad loans at banks in Thailand had fallen slightly to an average of 2.78% amid signs of a slowdown in household debt, indicating positive signs for liquidity.

However, the overall economic outlook for Thailand in 2025 remains weak. In mid-February, the World Bank reduced its GDP growth forecast to below 3% as the country continued its sluggish rebound from the global pandemic. “Providing targeted household debt relief while minimising credit tightening and maintaining financial stability remains a priority,” it says.

In late February, the Thai central bank slashed interest rates to 2%, the second quarter-point reduction in the benchmark one-day repurchase rate in four months amid a shift from curbing inflation towards kickstarting the economy.

Developers have also suffered decreasing access to credit, prompting industry bodies including the Design and Construction Real Estate Trade Association and the Housing Business Association to issue a public call to the government and central bank to introduce stimulus measures.

Among the factors cited by the Secretary of the Monetary Policy Committee Sakkapop Panyanukul as justification for the latest rate cut was “intensified competition” from imported products, including in the construction materials sector. Thailand continues to produce and export key materials, including cement but has faced growing competition from China in particular.

In February, assistant central bank governor Suwannee Jatsadasak said the Bank of Thailand was “weighing measures” in response. In its annual report on 2024 released

A glut of housing inventory amid oversupply has created an additional key challenge for the real estate industry. Last year, Thailand’s Real Estate Information Center reported

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FORESTIAS, ANOTHER LUXURY, MIXED-USE PROJECT, LAUNCHED IN LATE OCTOBER LAST YEAR

that the value of unsold units across the country had nearly doubled in the past decade, up to THB1.57 trillion (USD 46.6 billion) in housing stock, or more than 350,000 units nationwide.

Recent oversupply, rising levels of unsold units, and the credit crunch have together led to a significant fall in project rollout in Bangkok, as new launches fell 19% in 2024, according to the Agency for Real Estate Affairs.

A lack of land supply in prime areas in central Bangkok represents yet another factor impacting housing developers. Sarawut Tikhachon, senior analyst at Cushman & Wakefield, comments: “Recently, it has been rare to see new condominiums launched in the CBD area, as [we have seen] high land prices and limited supply of land for project development.”

This caused a drop in the average selling price of condo units in Bangkok during the second half of 2024 for the first time since the global pandemic, says Tikhachon, as most new units were located outside of the city centre.

Sluggish activity will continue through 2025 with Thailand’s listed developers having announced “very limited plans for new project launches”, CBRE told reporters at a market update in Bangkok in mid-February.

The bright spot for Thailand’s capital remains the very top of

the residential market. The supply of “ultimate class” units in Bangkok, priced above THB100million (USD2.97 million), has steadily grown from almost nothing in 2015 to nearly 400 units today, with more than half sold across 25 projects by the end of the third quarter last year, according to a report

by Colliers.

It said that this rapid rise in the construction of luxury units has been driven by the draw of Bangkok as a destination for high-net-worth individuals from around the region. By the end of September 2024, there were 168 unsold ultimateclass units left to be sold across Bangkok, with a further 30 units due on the market by the end of last year. The northern fringe of the Thai capital, close to Don Mueang Airport, has recorded the highest take-up rates of ultimate-class units in Bangkok.

This super-luxury segment, an emerging signature of downtown Bangkok’s residential market, is typified by projects including One Bangkok and Dusit Central Park.

Dusit has reported that 85% of its units were sold during the construction phase, a project which includes “ultra-luxury” four-bedroom, 900-square-metre penthouses with views over Lumphini Park, the largest green space in downtown Bangkok.

“Early signs for 2025 suggest increased activity in the downtown condominium market, particularly in the luxury and super-luxury segments, for both branded and non71

STAGNANCY REIGNS SUPREME OUTSIDE THE HIGHEST RUNGS OF THE MARKET AS MIDDLE CLASS THAIS STRUGGLE WITH ECONOMIC UNCERTAINTY

branded projects,” says head of residential sales at CBRE Thailand Artitaya Kasemlawan, an agent for Dusit Central Park. “The target market will be a mixture of domestic enduser demand and foreign buyers seeking second homes, particularly from countries in the region.”

Forestias, a mixed-use project with luxury residential units located on the eastern outskirts of Bangkok, has faced challenges, however. After plans to launch the project in 2023 were delayed due to the pandemic, the original developer sold 95% of the “Happitat” component of the project, including shopping malls and an office tower, in December.

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The buyer, CP Axtra, is listed on the Stock Exchange of Thailand and owned by the wealthiest family in Thailand.

Following the buyout, Bualuang Securities stated they expected the deal to have a negative impact on CP Axtra’s earnings per share, a sign of the risks associated with the project.

Outside of the very top of the market, the outlook for Bangkok’s residential real estate industry remains modest at best, according to analysts, despite significant growth in the hospitality and industrial segments based on a strong rebound in international arrivals and foreign business startups, particularly from China.

THAILAND RECORDS A DROP IN RESIDENTIAL TRANSFERS Transfers of residential property in Thailand fell more than 5% to just under 350,000 units in 2024, according to the Real Estate Information Center (REIC), a state-owned body operated by the Government Housing Bank.

This marked the second consecutive year that transfers of property have fallen in Thailand following a drop of 6.6% in 2023. Although the drop was less severe in 2024, and condo transfers climbed 7.7%, newly released REIC data offered few other positives for Thailand’s struggling housing sector.

The rebound in condo transfers was spurred in part by a government policy whereby units priced below THB7 million (USD204,700) incurred a reduced transfer fee of just 0.01%, causing a rush of transfers before the measure expired at the end of the year.

Overall, the value of residential transfers fell 6.3% to THB981 billion (USD28.7 billion) in 2024, higher than the drop in the value of transfers in 2023 at 1.7%.

This reflects the fact that the average price of properties sold declined in 2024, with units in the THB2 million to THB3 million, and THB7.5 million to THB10 million, recording the steepest declines in activity.

Data from CBRE shows that new condominium completions and launches this year were scheduled to be lower than in 2024, and would remain significantly down compared to 2020, a sign Bangkok’s residential market has still not recovered from the pandemic.

Roongrat Veeraparkkaroon, managing director of CBRE Thailand, says that continued excess supply means 2025 will be a “year of consolidation” for the residential market with a more positive outlook for non-residential segments. “Overall, we are hopeful that domestic demand and financial liquidity will improve during the year, creating positive sentiment and generating increased market activity across all sectors,” he adds.

Property between THB1 million and THB1.5 million recorded the lowest contraction in transfer activity at just 1.5%, a sign of decreased spending power in the Thai housing market amid tighter liquidity and soaring mortgage refusals by banks.

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BEATING THE CROWDS Planned communities are emerging as a solution to Asia’s urban challenges as cities approach breaking point

BY LIAM ARAN BARNES

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CONNECTIVITY IS A KEY MEASURE OF SUCCESS IN LINKING NEW TOWNSHIPS WITH EXISTING INFRASTRUCTURE AND PREVENTING THE RISE OF URBAN BUBBLES

A

sia’s next great urban experiment is well underway.

With an estimated 1.2 billion people expected to move into its cities by 2050, according to UN-Habitat, pushing the total to 3.6 billion, the region’s urban spaces are reaching breaking point.

Traditional city planning is struggling to keep up, forcing governments and developers to rethink how cities should expand and function in the decades ahead.

The response?

Urban townships—self-contained, meticulously planned communities designed to reshape how people live, work, and interact in Asia’s fastest-growing economies.

Originally conceived to balance density, sustainability, and liveability, urban townships have evolved into some of the most sophisticated, high-end developments in the region.

More than just mixed-use projects, they are engineered ecosystems, integrating residential, commercial, and recreational spaces into a single, controlled environment.

While some focus on affordability and accessibility, others are positioning themselves as exclusive lifestyle enclaves, catering to global investors and high-net-worth individuals.

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“The future of urban development is about creating ecosystems. Successful townships are places to live first and foremost. But they’re also places where people work, socialise, and thrive in a connected environment,” says Bill Barnett, managing director of the consultancy C9 Hotelworks.

Connectivity remains a key measure of success. Governments and developers alike are prioritising infrastructure that keeps these new townships from becoming isolated urban bubbles. In Indonesia, the KRL Commuterline links Jakarta with surrounding cities, ensuring that township residents remain connected to the capital’s economic hub.

Similarly, Malaysia’s KTM Komuter network integrates Greater Kuala Lumpur with emerging satellite communities, providing vital transit access for township residents.

Meanwhile, Hong Kong’s Rail + Property model, where residential towers are built directly above MRT stations, has become a global benchmark for transit-oriented planning, offering a model for cities looking to densify without overwhelming transport systems.

Sustainability, too, is a major selling point. New townships increasingly market themselves as eco-conscious urban

The future of urban development is about creating ecosystems. Successful townships are places to live first and foremost. But they’re also places where people work, socialise, and thrive in a connected environment hubs, with developments like Nordhavn in Copenhagen leading the way with carbonneutral energy systems, smart grids, and extensive green spaces.

Yet, not all sustainable developments deliver on their promises. While projects like Seoul’s Cheonggyecheon Stream revitalisation have proven how sustainable redevelopment can genuinely transform city life, elsewhere, so-called “eco-friendly” townships have amounted to little more than traditional developments dressed up with solar panels and a sustainability slogan.

Crucially, the most forward-thinking townships recognise that sustainability isn’t simply about infrastructure—it also promotes social benefits.

In markets like Vietnam, Thailand, and Indonesia, these projects cater to affluent second-home buyers and investors looking for exclusive, serviced lifestyles that blur the lines between tourism and permanent residence. This integration of global brands into township planning reinforces their status as premium destinations—but also raises questions about whether such developments prioritise visitor appeal over local liveability.

“Tourism-driven economies can’t survive in isolation. The best developments serve visitors and locals, creating a long-term, sustainable ecosystem that benefits everyone—not just those passing through,” adds Barnett.

“It’s all about the resident experience and what people want from a home,” says Simon Latson, JLL’s head of Building Consultancy for Living. “There’s a sense of wider purpose when it comes to placemaking. Some form of shared outdoor green space can facilitate those serendipitous encounters that allow people across different age groups to meet neighbours they may not otherwise have encountered.”

As these projects push further into the luxury market, questions of accessibility and inclusivity become harder to ignore.

Many high-profile townships promote their eco-friendly credentials, but the cost of high-tech green infrastructure is often passed onto buyers, making these so-called sustainable communities financially out of reach for the middle class. This reinforces the notion that sustainability is becoming a premium commodity rather than a shared urban responsibility.

Developers are increasingly partnering with luxury hospitality brands to enhance the appeal of townships, particularly in tourismdriven destinations. Branded residences— such as those affiliated with Kempinski, Ritz-Carlton, and Banyan Tree—are becoming a hallmark of high-end township developments, blending resort-style living with long-term investment potential.

Whether townships live up to their promise or remain another real estate buzzword will be decided over the next decade. Their longterm success will depend on whether they can be more than just investment vehicles— whether they can truly enhance the urban experience for the people who live in them.

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Ecovillage Saigon River, Dong Nai Province, Vietnam

What is it?

A 55-hectare wellness retreat that reimagines urban living through the lens of longevity. Developed by Ecopark Corporation, the township takes cues from Blue Zones— regions where people live longer, healthier lives. With lowdensity villas, townhouses, and shophouses, it prioritises green spaces, wellness amenities, and nature-based therapies. Expect forest bathing trails, mineral therapy centres, and Japanese-inspired onsen retreats designed to promote an active, restorative lifestyle.

Where is it?

Situated by the Saigon River in Dong Nai Province, the township provides a tranquil alternative to Ho Chi Minh City’s congestion. A 25-minute boat ride connects residents to District 1, avoiding traffic bottlenecks. The upcoming Cat Lai Bridge will further improve road access, reinforcing its appeal as a well-connected retreat.

Wow factor With 85% of its land dedicated to green and communal spaces, Ecovillage Saigon River prioritises nature over highdensity development. From hot spring villas to immersive forest environments, it offers a rare blend of wellness, 78

exclusivity, and riverside living. A Kempinski-managed resort reinforces its luxury-wellness hybrid concept, positioning the township as a pioneering model for nature-first urban living in Vietnam.

Koh Pich City, Phnom Penh, Cambodia

What is it?

This 100-hectare urban expansion is already reshaping Phnom Penh’s skyline. Developed by OCIC Group, it has transformed what was once a low-lying island into a highend satellite city. Featuring luxury condos, office towers, entertainment precincts, and a waterfront promenade, the development is designed for exclusive city living with a lifestyle-driven focus.

Where is it?

Strategically positioned in Tonle Bassac, Phnom Penh, Koh Pich City bridges old and new—literally. The Twin Dragon, Swan, and Norea Bridges link it to key business and diplomatic districts, ensuring smooth access to the city’s core. Its prime riverside location has made it a magnet for investors seeking high-growth waterfront real estate.

Wow factor With 50% of units sold and 75% of construction complete, Koh Pich City is no longer just a vision—it’s a reality. Combining high-rise lux with riverside leisure, the development brings Phnom Penh’s property market into the next era, catering to an emerging class of urban professionals and investors.

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Medini Innopolis, Johor, Malaysia

What is it?

Touted as Southeast Asia’s first Net Zero Carbon CBD, Medini Innopolis is shaping Malaysia’s blueprint for sustainable urban living. Spanning 1,227 acres and targeting 65,000 residents by 2030, this Iskandar Investment Berhad project merges green-certified offices, EV-ready infrastructure, and renewable energy solutions into a tech-driven, low-carbon cityscape.

Where is it?

Located in Iskandar Puteri, Johor, Medini sits at the centre of Malaysia’s economic transformation. Its proximity to Singapore makes it an attractive destination for multinational companies and cross-border trade, while its integration with Iskandar Malaysia positions it as a key growth catalyst for the region.

Wow factor Most master-planned cities promise the future—Medini is actively building it. With a Net Zero Carbon CBD, EV charging networks, and solar-powered infrastructure, the township proves that urban growth and sustainability don’t have to be at odds. As the green city movement gains momentum, Medini aims to be at the forefront of Malaysia’s sustainable development agenda.

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Riverpark, Cavite, Philippines

What is it?

A 600-hectare township designed to integrate city living with expansive green space, Riverpark is among Cavite’s most ambitious master-planned developments. Created by Federal Land, Inc., it features a mix of high-rise and midrise condos, residential subdivisions, commercial hubs, and office districts, with a 2.6-kilometre central park at its core. Thoughtful urban planning ensures a walkable, self-contained community that combines environmental considerations with upscale conveniences.

itself as a destination for those seeking balance between urban energy and green space.

Where is it?

Located in General Trias, Cavite, Riverpark is part of Metro Manila’s expanding orbit, offering a spacious alternative to the capital’s high-density developments. Direct access to the Cavite-Laguna Expressway makes commuting a breeze, while its riverside setting along the Rio Grande and YlangYlang Rivers acts as a natural buffer from urban congestion.

Wow factor Riverpark’s 70 hectares of parks, adventure zones, and tree nurseries make outdoor living a priority. A dedicated Japanese district, featuring traditional architecture and curated retail, adds a distinctive cultural layer. With Cavite emerging as a major growth corridor, Riverpark is positioning 81

Summarecon Bogor, Bogor, Indonesia

What is it?

A 500-hectare township in the West Javan foothills, Summarecon Bogor is designed around low-density housing, natural landscapes, and a more relaxed way of living. Developed by Summarecon, it integrates residential enclaves, commercial districts, and green corridors, making it an attractive alternative to Jakarta’s fast-paced environment.

Where is it?

Located in Sukaraja, Bogor, Summarecon Bogor is one hour from Jakarta, offering a cooler, less congested lifestyle. The Jagorawi Toll Road provides direct access, while planned integration with the Jabodebek LRT will make commuting even more convenient.

Wow Factor Summarecon Bogor takes full advantage of its natural setting. With tree-lined streets, cross-ventilated homes, and open-air communal spaces, it offers a refreshing alternative to dense urban living. With 100% of units sold and strong demand for suburban retreats, the project highlights a growing shift towards greener, more breathable communities.

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THE JUDGES Thien Duong, Chairperson of the Awards in Vietnam and General Director, GroupGSA Vietnam Chau Ta, Executive Director – Legal Transactions, SC Capital Partners Pte Ltd David Jackson, Principal and CEO, Avison Young Vietnam Hang Dang, Managing Director, CBRE (Vietnam) Co., Ltd Jack Nguyen, Vietnam CEO, InCorp Vietnam Jean-Francois Chevance, Group Director of Hospitality and Design, Archetype Group Mauro Gasparotti, Director, Savills Hotels APAC Paul D. Volodarsky, Partner, Head of Regional Real Estate Practice, Head of Hospitality Sector, DFDL Legal and Tax

The milestone 10th edition of the PropertyGuru Vietnam Property Awards was held at the Gem Center in Ho Chi Minh City on 15 November 2024.

Gamuda Land garnered the Best Developer award, marking the company’s second win in this category.

CapitaLand Development (Vietnam), hailed Best Sustainable Developer, received the inaugural Social Impact Award.

CapitaLand – Thien Duc Company Limited and Sycamore Company Limited won the Best of Vietnam awards.

To mark the momentous occasion, the Developers of the Decade were awarded for the first time. The Sustainable Design Award also debuted with Keppel Vietnam as winner.

Core5 Vietnam, a member of Indochina Kajima, won Best Industrial Developer while Alphanam Investment Joint Stock Company won Best Lifestyle Developer. Phu Long Real Estates Corporation won Best Community Developer while Vietnam Germany Steel Pipe JSC won Best Breakthrough Developer.

Oh Dongkun, CEO of Becamex Tokyu Co., Ltd, accepted the Vietnam Real Estate Personality of the Year award. The first Rising Star award went to Nguyen Hoang Viet, managing director for sales, marketing, and customer service at SonKim Land.

For the full list of winners, visit asiapropertyawards.com/en/award/vietnam 84

SPONSORS AND PARTNERS Platinum sponsor Kohler Gold sponsor Dulux Professional Gold sponsor Hafele Gold sponsor V-ZUG Vietnam Official portal partner Batdongsan.com.vn Official ESG knowledge partner Vietnam Green Building Council Official magazine Property Report by PropertyGuru Media partners Bao Xay Dung, Reatimes, and Vietnam Insider Official supervisor HLB

VIETNAM’S FINEST DEVELOPERS TAKE THE ANNUAL CLASS PHOTO AT THE GEM CENTER

GAMUDA LAND IS HAILED AS VIETNAM’S BEST DEVELOPER

OH DONGKUN, CEO OF BECAMEX TOKYU CO., LTD, BEAMS AS THE VIETNAM REAL ESTATE PERSONALITY OF THE YEAR

CAPITALAND DEVELOPMENT (VIETNAM) WINNING THE BEST SUSTAINABLE DEVELOPER TITLE

CORE5 VIETNAM, A MEMBER OF INDOCHINA KAJIMA, EARNS THE BEST INDUSTRIAL DEVELOPER AWARD

ALPHANAM INVESTMENT JOINT STOCK COMPANY HONOURED AS BEST LIFESTYLE DEVELOPER

PHU LONG REAL ESTATES CORPORATION RECEIVES THE BEST COMMUNITY DEVELOPER AWARD

THE BEST BREAKTHROUGH DEVELOPER AWARD GOES TO VIETNAM GERMANY STEEL PIPE JSC

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THE JUDGES Sorn Seap, Chairperson of the Awards in Cambodia and President of Cambodian Valuers and Estate Agents Association (CVEA) David Granger, Siem Reap Branch Manager, IPS Real Estate Agency Dilip Abye, Architectural Design Manager, Archetype Cambodia Freek Jansen, Branch Manager, Dewan Architects and Engineers Jenny Chea Sok You, Architect & Managing Director, CMED Construction Jovany Antonio, Residential Director, DA&G Asset Management Kinkesa Kim, Managing Director, CBRE Cambodia Lim Veasna, Managing Partner and Attorney-atLaw, PALISOKHALAY Law Oiffice Simon Griffiths, Managing Director, The Mall Company

The 9th PropertyGuru Cambodia Property Awards celebrated the elite range of companies representing the finest real estate in the kingdom.

The winners received the prestigious golden statuettes during the PropertyGuru Asia Property awards International Luncheon on 13 December 2024 at The Athenee Hotel, a Luxury Collection Hotel, Bangkok.

Among the standout achievers, OCIC Group received the inaugural Sustainable Design Award for the project Connexion, showcasing the company’s commitment to ESG. The company was also awarded Best Township Development for Koh Pich City.

In the Design categories, V.I Land Investment Co., Ltd. won Best Housing Architectural Design (Greater Phnom Penh) for Vong Residence while LP Residences Co., Ltd won Best Housing Interior Design for Palm Springs.

The Awards were followed by an exclusive appreciation dinner for outstanding companies on 18 December 2024 at the Sofitel Phnom Penh Phokeethra.

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

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Dr. Simon Vancliff, Independent Director, GLOBAL MIND AGRICULTURE PTE. LTD. Thida Ann, Managing Director, PropNex Cambodia

SPONSOR AND PARTNERS Gold sponsor CBRE Cambodia Official magazine Property Report by PropertyGuru Official publicity partner TWPR Media partners Construction Property and Kiripost Supporting associations Cambodia Valuers and Estate Agents Association and European Chamber of Commerce in Cambodia Official supervisor HLB

CAMBODIA’S INDUSTRY STAKEHOLDERS GATHER FOR THE APPRECIATION DINNER IN PHNOM PENH

THE VICTORIOUS OCIC GROUP TAKES PLUM HONOURS AT THE LUNCHEON IN BANGKOK

LP RESIDENCES CO., LTD WOWS WITH ITS DESIGNS

V.I LAND INVESTMENT CO., LTD. RECOGNISED FOR ARCHITECTURAL EXCELLENCE

CAMBODIA CONTINGENTS PROUDLY REPRESENT THEIR COUNTRY AT THE INTERNATIONAL LUNCHEON

SORN SEAP ADDRESSES THE AUDIENCE DURING THE LUNCHEON

CAMBODIAN VALUERS AND ESTATE AGENTS ASSOCIATION OFFICIALLY SIGNS ON AS SUPPORTING ASSOCIATION DURING THE APPRECIATION DINNER

THE JUDGES BOND IN PHNOM PENH AFTER A YEAR OF SELECTING CAMBODIA’S FINEST REAL ESTATE

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THE JUDGES Eddie Guillemette, Chairperson of the Awards in Japan and CEO of Midori no Ki (MnK) Acme Wu, Marketing Professional for Tourism and Destination Promotion Bill Barnett, Founder and Managing Director, C9 Hotelworks Greg Hough, Managing Director, Niseko Portfolio and Explore Travel Group Minoru Okubo, Representative Director, ResortPropertyJapan Co., Ltd.

The 2024 PropertyGuru Asia Property Awards (Japan) unveiled the finest developers, design firms, and portfolio managers from the country’s premier resort markets during an exclusive luncheon at The Athenee Hotel, a Luxury Collection Hotel, Bangkok on 13 December 2024.

H2 Life, part of H2 Group KK, was celebrated for the Best Property Management Portfolio, recognising its excellent range of completed projects throughout Japan.

Kisin by Yoichi Dreams dominated the awards, winning Best Resort Housing Development, Best Nature Integrated Development, and Best Resort Housing Architectural Design.

Grand Tsuru Niseko by Niseko Woodlands Limited was recognised as Best Boutique Resort Housing Development.

The Top Luxury Private Villa (Greater Niseko) award was jointly presented to Alba by Noforma Design Studio and Grand Tsuru Niseko by ABD Architecture LLC.

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

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PARTNERS Official portal partner PropertyGuru Official magazine Property Report by PropertyGuru Official supervisor HLB

JUBILANT JAPANESE WINNERS JOIN THE INTERNATIONAL LUNCHEON CLASS PHOTO

WITH THE KISIN PROJECT, YOICHI DREAMS RAISES BENCHMARKS FOR JAPANESE DEVELOPMENT

NISEKO WOODLANDS LIMITED TAKES THE BEST BOUTIQUE RESORT HOUSING DEVELOPMENT AWARD

GRAND TSURU NISEKO BY ABD ARCHITECTURE LLC HAILED TOP LUXURY PRIVATE VILLA (GREATER NISEKO)

ALBA BY NOFORMA DESIGN STUDIO ALSO EARNS THE TOP LUXURY PRIVATE VILLA (GREATER NISEKO) TITLE

AND THE BEST PROPERTY MANAGEMENT PORTFOLIO GOES TO H2 LIFE, PART OF H2 GROUP KK

CHAIRPERSON EDDIE GUILLEMETTE WELCOMING LUNCHEON GUESTS FROM JAPAN

JUDGE MINORU OKUBO TAKES THE STAGE TO PRESENT THE GOLDEN STATUETTES

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THE JUDGES Ajai A Kapoor, Chairperson of the Awards in India and CEO of 360 degrees – Real Estate Services Dr. Nirmal De Silva, Chairperson of the Awards in Sri Lanka and Director and CEO of Paramount Realty James A. Kaplan, CEO, Destination Capital Company Limited Madhav Raman, Co-Founder of Anagram Architects Stephen Oehme, Director, Quantum Analysis Pte Ltd Singapore

PropertyGuru announced the winners of its real estate awards in the Middle East and South Asia during the exclusive International Luncheon at The Athenee Hotel, a Luxury Collection Hotel, Bangkok on 13 December 2024.

The inaugural PropertyGuru Asia Property Awards (Middle East) recognised exemplary real estate achievements across the growing region. Dominating this milestone edition of the awards, Oud Real Estate Company won the coveted Best Mixed Use Developer (KSA) title as well as the Best Retail Office Development (KSA) and Best Retail Office Interior Design (KSA) awards for its project, The North Yard.

The PropertyGuru Asia Property Awards (India) and PropertyGuru Asia Property Awards (Sri Lanka) this year returned for their fifth editions, celebrating great projects and industry leaders across South Asia. Signature Global (India) Limited claimed its first Best Developer award in India while Home Lands Skyline (Pvt) Ltd achieved its first Best Developer title in Sri Lanka.

For the full list of winners, visit asiapropertyawards.com/en/award/middle-east asiapropertyawards.com/en/award/india asiapropertyawards.com/en/award/srilanka

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PARTNERS Official portal partner PropertyGuru Official magazine Property Report by PropertyGuru Official supervisor HLB

DEVELOPERS FROM THE MIDDLE EAST, INDIA, AND SRI LANKA EXCEL AT THE INTERNATIONAL LUNCHEON

OUD REAL ESTATE COMPANY SHOWING OFF WELL-DESERVED GOLDEN STATUETTES

SIGNATURE GLOBAL (INDIA) LIMITED CELEBRATES CROWNING ACHIEVEMENTS AS BEST DEVELOPER IN INDIA

SRI LANKA’S BEST DEVELOPER IS NONE OTHER THAN HOME LANDS SKYLINE (PVT) LTD

SURYAM DEVELOPERS LLP WINS THE BEST WATERVIEW HOUSING DEVELOPMENT AWARD

A HISTORY-MAKING WIN FOR THE NORTH YARD PROJECT IN SAUDI ARABIA

THE TEAM OF HOME LANDS SKYLINE (PVT) LTD MAKE A GRAND ENTRANCE IN BANGKOK

DR. NIRMAL DE SILVA RETURNS AS CHAIR OF THE SRI LANKA JUDGING PANEL

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THE JUDGES Ken Ip, Chairperson of the Awards in Mainland China and Chairman of Asia MarTech Society Coco Lin, Principal and Project Director at B+H Consulting International Inc. Chou Kuang Ming (Ray), Founder and Creative Director at Vermilion Zhou Design Group Eunice Wu, Product Director at China Merchants Shekou/Overseas Development Division Fang Lei, Founder at One House Design Guo Nu, Founder and Design Principal at AUD Architect and Urban Design James Woo, Executive Director, Co-Head of Valuation and Advisory Services at China Colliers Jesse Wang, Design Director at F.G Studio Luo Minjie, Director of Planning and Design Department at Sichuan Waterfront Urban and Rural Development Co., Ltd Wang Shaoqing, Founder and Chief Designer at CLV.DESIGN Wei Jinjing, Founder and Chief Creative Director at Nature Times Art Design Zhong Ling, Founder at DUTS Design

Modern and heritage projects shone at the 11th PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau) on 13 December 2024 at The Athenee Hotel, a Luxury Collection Hotel, Bangkok.

The event celebrated both property developers and design practices, with many golden statuettes awarded to mixeduse developments, luxury residences, heritage restorations, and asset enhancement initiatives.

Paul Tse, Chairperson of the Awards in Hong Kong and Macau and President of Macao Association of Building Contractors and Developers Bernie Devine, Senior Regional Director, Asia Pacific, Yardi Systems, Inc. Edmond Yew, Vice-President, China Real Estate Chamber of Commerce (HK and International Chapter) Gregory Ku, Independent Property Professional Jimmy Wardhana, Co-Founder and Principal Architect, JWCC Architecture Co. Ltd Vincent Cheung, Founder and Managing Director, Vincorn Consulting and Appraisal Limited Yu Kam Hung, Past President, The Hong Kong Institute of Surveyors

Highlights included Zhuhai Huafa Properties Co., Ltd. winning Best Developer (Mainland China), plus trophies for the projects Shenzhen Huafa Snow World and Xi’an Huafa Lijun ‧ Center Glorous.

New World Development Company Limited was awarded Best Developer (Hong Kong and Macau), with 83 King Lam Street and The Pavilia Forest also receiving wins. Lofter Group Limited earned the Best Boutique Developer (Hong Kong and Macau) title and wins for 1 Ki Lung Street and 2C Boundary Street.

S E A Holdings Limited won the inaugural Sustainable Design Award and an award for THE CENDAS.

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

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PARTNERS Official partner Anjuke Official marketing partner Global Design Awards Lab Official magazine Property Report by PropertyGuru Official publicity partner Molihua Media Group (MMG) Media partners Mingtiandi and The Standard Official supervisor HLB

OUTSTANDING DEVELOPERS FROM MAINLAND CHINA AND THE CHINESE SARS MEET IN BANGKOK FOR THE LUNCHEON

ZHUHAI HUAFA PROPERTIES CO., LTD. RECEIVES THE COVETED BEST DEVELOPER (MAINLAND CHINA) TITLE

LOFTER GROUP LIMITED PREVAILS AS BEST BOUTIQUE DEVELOPER IN HONG KONG AND MACAU

THE LUXURIOUS PANO HARBOUR PROJECT IN HONG KONG CLAIMS TOP HONOURS

LEAD8 MARKS VICTORIES FOR ITS MIXED-USE AND RETAIL DESIGNS IN MAINLAND CHINA

THE SPOTLIGHT IS ON PRISMA XINJIA BY SHANGHAI XIN ZHUO REAL ESTATE CO., LTD. AND ECE

NEW ORIENT GROUP GETS HIGH PRAISE FOR ITS HERITAGE LODGE RESTORATION EFFORTS

A WINNING MOMENT FOR LEK HANG GROUP AND THE NEWLY RESTORED HOTEL CENTRAL MACAU

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Dispatch

Rough trade Escalating US tariffs are expected to strain China’s slowing economic growth and dampen buyer confidence, hardening challenges for the country’s housing market

By Steve Finch

A

t first glance, there appears to be little connection between fentanyl, the synthetic opioid fueling a public health crisis in the United States, and China’s real estate sector.

However, as US President Donald Trump advances his second-term policy priorities, his administration has tied stricter trade measures to Beijing’s perceived role in the opioid epidemic. This has ignited a second round of the trade war, with potentially severe consequences for China’s already fragile housing market.

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US PRESIDENT DONALD TRUMP IS RAMPING UP HIS COUNTRY’S TRADE WAR WITH CHINA AS HIS SECOND TERM GETS INTO GEAR

In early March, the White House announced an additional ten-percentage-point increase in tariffs, bringing some rates on Chinese goods to 45%. This followed similar tariff hikes imposed just 12 days into Trump’s second term. The president has indicated that tariffs on Chinese exports could climb as high as 60% unless Beijing takes concrete steps to curb fentanyl shipments to the US. While neither country has introduced policies directly impacting their respective housing markets, the ripple effects of a weakened Chinese economy are expected to place

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Dispatch

WHILE TARIFFS DON’T DIRECTLY IMPACT THE PROPERTY SECTOR, THE SECONDARY EFFECTS ON CHINA’S ECONOMY COULD WEIGH ON HOUSEHOLD INCOME AND CONSUMER CONFIDENCE, ESPECIALLY IF EXPORTS AND MANUFACTURING SLOW DOWN

additional pressure on a real estate sector already suffering from low buyer confidence and an oversupply of properties.

“Historically, weaker consumer sentiment translates into more cautious spending on big-ticket items like cars and homes,” says David Zhang, an analyst at Trivium, a firm specialising in China policy with offices in Beijing and Shanghai. “While tariffs don’t directly impact the property sector, the secondary effects on China’s economy could weigh on household income and consumer confidence, especially if exports and manufacturing slow down.”

After achieving 5% GDP growth in 2024, economists now project that China’s economy will slow to between 4% and 4.6% this year, with further deceleration expected in 2026. The extent of this downturn will largely depend on the severity of future US tariff hikes.

According to the Economic Intelligence Unit, the current 20 percentage-point tariff increase could reduce China’s GDP growth by 0.6 percentage-points annually through 2027.

In a worst-case scenario, where US tariffs reach 60%, GDP growth could decline by a significant 2.5 percentage-points over the same period.

UBS, in its analysis of a potential 60% tariff scenario, has projected that China’s GDP growth will slow to just 4% this year and 3% in 2026. If these forecasts materialise, China could experience its weakest economic performance in decades, aside from the immediate aftermath of the pandemic.

The resulting decline in consumer income, confidence, and spending would have 96

inevitable consequences for the housing sector.

As US tariffs squeeze external demand, the Chinese government may prioritise boosting domestic consumption to offset economic losses.

“Given the impact of tariffs on external demand, boosting domestic demand takes priority,” says Vicky Xiao Zhou, a Greater China macroeconomist at ANZ in Hong Kong.

“We don’t expect an external shock to change China’s domestic fundamentals.”

Beijing’s unexpected intervention in January to support the heavily indebted property developer Vanke suggests that policymakers may adopt a more flexible approach to managing the property sector and the broader economy.

China’s annual parliamentary meetings, led

by President Xi Jinping, began in early March— coinciding with the US announcement of increased tariffs. During these meetings, known as “the Two Sessions,” Beijing is expected to unveil new GDP growth targets.

Policymakers face the challenge of sustaining the official growth target of approximately 5% amid mounting economic pressures.

“Beijing could respond with more aggressive stimulus if the trade situation worsens,” says Zhang of Trivium. “We’ve already seen numerous targeted measures aimed at stabilising the property market, and a prolonged trade conflict could push policymakers to expand demand-side support. This could include subsidies for firsttime buyers, lower mortgage rates, or even direct fiscal transfers to boost consumption.”

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Dispatch

China’s central bank has signalled its intention to continue lowering interest rates “at the proper time” as it navigates the dual challenges of a weakening yuan and slowing economic growth. Many economists expect the next rate cut as soon as March, following reductions in late 2024 aimed at achieving last year’s GDP targets.

Lower interest rates would lead to cheaper mortgages, which could help improve homebuyer sentiment. However, despite modest gains in property prices, significant structural challenges remain.

In January, new home prices in China’s largest cities rose by an average of 0.36%, the most substantial increase in months.

Yet developers continue to grapple with high debt levels and excessive housing inventory, limiting the prospects for new construction in the near term.

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NEW HOME PRICES IN CHINA’S BIG CITIES ARE RECOVERING, BUT THE COUNTRY’S REAL ESTATE SECTOR STILL FACES SERIOUS CHALLENGES

Despite the inevitable impact of US tariffs on the broader economy, some experts argue that China’s real estate sector faces deeper, more fundamental problems.

“China’s property sector is facing more fundamental and long-term challenges beyond the impact of tariffs,” says James Macdonald, head of China research at Savills.

“Oversupply across key sectors, coupled with weak domestic demand and consumption, remains the more pressing concern.”

While US trade policies will certainly influence China’s economic trajectory, the country’s real estate sector must contend with structural imbalances that predate the current tensions. Until these deeper issues are addressed, the housing market is unlikely to see a sustained recovery, regardless of fluctuations in trade policy.

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Dispatch

A choke too far Hanoi’s worsening annual toxic smog is highlighting the pressures of balancing sustainability commitments with rapid economic growth

By Liam Aran Barnes

V

ietnam’s capital blanketed by toxic smog. Hanoi declared the world’s most polluted city. Nine million people choking in a soup of hazardous air!

Just a few headlines from January this year. The last one is courtesy of The Sun, a reliably sensationalist UK tabloid—but the reality wasn’t much better. For years, Hanoi has ranked among the world’s most polluted cities, with PM2.5 levels routinely exceeding safe thresholds.

In early 2025, conditions hit a new low.

Air quality readings soared above 300 on

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HANOI’S TOXIC SMOG SAW IT DECLARED AS THE WORLD’S MOST POLLUTED CITY EARLIER THIS YEAR

multiple days, deep into hazardous territory, with PM2.5 levels reaching more than six times the WHO’s recommended limit. Ho Chi Minh City fared little better, recording pollution levels eleven times beyond WHO guidelines in early 2025.

Vietnam’s air pollution crisis risks affecting every aspect of city life, from urban living to investment sentiment and real estate development. While its major cities remain economic powerhouses, worsening air quality is making homebuyers more cautious and pushing businesses to reassess their locations.

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Dispatch

I HAVE SEEN PEOPLE—ESPECIALLY FOREIGNERS WITH FEWER FAMILY TIES—EVENTUALLY HAVE ENOUGH OF HANOI’S AIR QUALITY AND RELOCATE TO OTHER PARTS OF VIETNAM “I’ve not heard of anyone moving to a different part of Hanoi because of pollution,” says longterm expat resident Ian Paynton. “During certain seasons, the whole city is affected. But I have seen people—especially foreigners with fewer family ties—eventually have enough of Hanoi’s air quality and relocate to other parts of Vietnam.”

But for the millions who call Hanoi home, escaping pollution isn’t an option. A decade of rapid urbanisation and economic expansion has come at a cost. Factories, coal-fired power plants, and construction sites continue to spew fine particulate matter into the air, while millions of cars and motorbikes—many with outdated engines—choke Vietnam’s streets.

Green space is disappearing too. In Hanoi, residents have just 2.2 square metres of greenery per person, well below the United Nations’ recommended minimum of nine, the country’s Minister of Construction Nguyen Thanh Nghi noted in 2023.

These factors have pushed air pollution to record highs, worsened by transboundary haze from neighbouring countries.

Public health experts have long warned of the consequences. Pollution-related illnesses— including respiratory infections, strokes, and cardiovascular diseases—contribute to an estimated 70,000 deaths annually in Vietnam, according to the United Nations Development Programme.

Still, the long-term effects on productivity, tourism, and investor confidence remain uncertain. While property prices in Hanoi and Ho Chi Minh City have held steady, buyers and investors are becoming more selective.

“In the short term, air pollution hasn’t significantly impacted demand or pricing,” says Hang Dang,

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managing director at CBRE Vietnam. “Hanoi and Ho Chi Minh City remain key growth hubs, but wellness features are shifting from a ‘nice-to-have’ to a ‘must-have’ in new developments.”

This shift is most visible in residential real estate, where homebuyers increasingly prioritise green spaces, outdoor areas, and air filtration systems. In Ho Chi Minh City, several new projects in 2023 and 2024 launched with low-E glass, water filtration systems, and rooftop gardens as standard— features once reserved for high-end luxury properties but now expected across the market.

Developers are also marketing suburban and retreat-style projects that promise cleaner air and a better quality of life. While air quality is becoming a factor in lifestyle choices, it has yet to significantly sway broader investment trends.

“There’s no clear sign that investors are avoiding Vietnam due to air quality,” Dang notes. “At the moment, location, connectivity, and surrounding amenities still take priority.”

However, she adds that sustainability is becoming an important differentiator, particularly in commercial real estate. Green-certified office buildings in Hanoi and Ho Chi Minh City are gaining a competitive edge, with major landlords retrofitting properties to meet growing ESG (Environmental, Social, and Governance) demands.

ESG goals are already a top priority for REITs and property funds, with investment increasingly tied to long-term sustainability commitments.

In response, major landlords in Hanoi and Ho Chi Minh City are retrofitting properties with energy-efficient cooling, air filtration, and LEED certification upgrades to stay competitive.

“This is no longer a secondary concern— developers that fail to align with ESG principles risk being excluded from international investment

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Dispatch and all taxis to be electric by 2030, progressing toward full electrification of road vehicles by 2050. “This is the responsibility of the state to the people, and there must be specific and timely actions,” Deputy Prime Minister Tran Hong Ha told Tien Phong in January.

flows,” says Xuan Pham, senior director and head of business development services at Cushman & Wakefield Vietnam. As businesses push to meet 2030 carbon neutrality targets, she notes, developers and property owners are under mounting pressure to attract global capital through ESG compliance.

Vietnam now has around 430 green-certified buildings, according to a 2024 Cushman & Wakefield report, spanning international standards like LEED, EDGE, and Green Mark.

Still, Pham highlights that this remains modest compared to the country’s total building stock.

“Funds are now actively limiting investment into projects without clear ESG implementation plans,” she adds. “The market is moving fast, and developers must adapt to stay competitive.”

Despite these advances, Vietnam has yet to produce a single net-zero building. With carbon neutrality deadlines fast approaching, developers must accelerate sustainability efforts or risk losing relevance in an ESG-driven market.

Of course, private-sector efforts can only go so far. Without stronger government intervention, urban emissions will continue to rise.

At the national level, Vietnam has introduced the National Roadmap and Action Plan for the Electric Mobility Transition, which aims to phase out fossil-fuel-powered transport. Under this plan, the government is targeting 50% of buses

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Hanoi and Ho Chi Minh City, meanwhile, are struggling to implement local solutions to urban emissions. Their long-delayed metro projects were designed to reduce congestion and pollution, yet progress has been sluggish.

Ho Chi Minh City’s first metro line finally opened in late 2024, but additional lines may not be completed before 2030. Hanoi, meanwhile, is only now breaking ground on two key metro lines.

HANOI RESIDENTS HAVE JUST 2.2 SQM OF GREENERY PER PERSON, WELL BELOW THE UN RECOMMENDED MINIMUM OF NINE

Beyond transport, Hanoi’s long-term master plan includes sustainability pledges, from expanding green spaces to improving wastewater treatment. But as urbanisation accelerates, these commitments risk being overshadowed by the pressures of rapid economic growth.

For now, Vietnam’s real estate sector remains resilient. But as air pollution persists, developers who prioritise sustainability will be better positioned to attract buyers and investors. Those who don’t risk falling behind.

Meanwhile, policymakers face a growing challenge: balancing urban development with the need to address environmental decline in the country’s major cities.

For residents, though, the crisis isn’t about long-term policy shifts or investment trends— it’s about the daily reality.

“I can’t tell if the air quality has got worse over time, or if I’m just more aware of it and concerned about it as I get older,” says Paynton.

“And because it’s only at its worst for a few months at a time, it’s quite easy to forget how bad it is until it comes back around.”

That cycle of forgetting may help explain the slow pace of action. But while Hanoi’s smog lifts with the seasons, the broader crisis isn’t going anywhere. The real question is whether Vietnam is finally ready to confront it.

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Email: wctsales@wct.my

+6013-727 9988 wcitylarkinton.com

WCT Property Gallery | W City Larkinton

Developer: WCT Green Sdn Bhd 201101001824 (929961-P) • Developer’s License No. : 30376/02-2028/0053(A) • Validity: 17/02/2023 – 16/02/2028 • Advertising & Sales Permit No. : 30376-2/12-2027/1128(N)-(S) • Validity: 10/12/2024 – 09/12/2027 • Approving Authoirity: Majlis Bandaraya Johor Bahru • Building Plan Reference No. : MBJB-U-2021-14-BGN-134-KOM (69) • Land Tenure: Freehold • Expected Completion Date: December 2028 • Land Encumbrances: NIL • Type of Property: Serviced Residences • Development Name: Adison (Phase 4) • Car Park Bays: 1 Unit: 1-2 bays • Total No. of Units: 238 Units; • Selling Price: Min. RM 449,000.00 – Max. RM 779,000.00; • 15% Bumiputra Discount. Sekatan-sekatan Kepentingan: 1. Tanah yang dikurniakan ini tidak boleh dijual, dicagar, digadai, dipajak atau dipindahmilik dengan apa cara sekalipun termasuk dengan cara menggunakan surat perjanjian yang bertujuan untuk melepaskan/ menjual tanah ini tanpa kebenaran Pihak Berkuasa Negeri; 2. Tuanpunya tanah tidak dibenarkan menawar atau menjual unit-unit (parcels) bangunan yang akan dibina di atas tanah ini melainkan bangunan telah mula dibina mengikut pelan yang diluluskan oleh Pihak Berkuasa Tempatan yang berkenaan; 3. Petak-petak bangunan yang didirikan di atas tanah ini apabila sahaja bertukar miliknya kepada Seorang Bumiputra maka tidak boleh terkemudian daripada itu dijual, dipajak, atau dipindahmilik daripada apa cara sekalipun kepada Orang Bukan Bumiputra/ Syarikat Bukan Bumiputra tanpa persetujuan Pihak Bekuasa Negeri; 4. Petak-petak bangunan yang didirikan di atas tanah ini tidak boleh dijual atau dipindahmilik dengan apa cara sekalipun kepada Bukan Warganegara/ Syarikat Asing tanpa persetujuan Pihak Berkuasa Negeri; 5. Syarat ini adalah terpakai dan berkuatkuasa ke atas skim strata yang berdampingan iaitu PTB24788 dan PTB 24790.

THIS ADVERTISEMENT HAS BEEN APPROVED BY MINISTRY OF HOUSING DVELOPMENT. DEVELOPMENT INFORMATION CAN BE OBTAINED FROM TEDUH.KPKT.GOV.MY PORTAL.

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The information contained herein is subject to change without notification as may be required by relevant authorities or the developer’s consultants and cannot form part of an offer or contract. All illustrations are artist’s impression only. All stock images and pictures are for reference only. The items are subject to variations, modifications and substitutions as may be recommended by the company’s consultants and/or relevant Approving Authorities.

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83 King Lam Street

Cheung Sha Wan, Hong Kong 83 King Lam Street is a distinctive office development that redefines the conventional tower-and-podium typology in Hong Kong. Situated in Cheung Sha Wan, Kowloon, the development consists of two 23-storey office towers with a generously ventilated public space in between.

The twin towers each have two main office lobby entrances and stand on a three-level podium housing various shops and F&B establishments. A dramatic portal at street level frames views of the gently rising hillside, capitalising on the site’s connection to its leafy surroundings. This “Green Canyon” vertically links the street to the hills, integrating landscape features within the podium.

A cascading landscape of Feature Steps rhythmically weaves through the podium, connecting different levels. Expressed as a series of pixelated steps, they vary in height, forming an engaging landscape of stairs, seating, and planters.

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Below the Feature Steps, two interconnected auditorium spaces can function as a single venue or be partitioned. Retractable seating in the upper auditorium can even transform the space into a multipurpose open-plan area for workers. The open-concept podium also forms a three-storey terrace, softening the hard, angular building edges with layered greenery.

A two-storey courtyard structure brings office tenants and the public closer to nature. The ground-level terrace ascends like a three-dimensional chessboard, inviting movement heavenwards. Two staircases cleverly connect to the second and third levels of the podium block, allowing a smooth transition from the bustling street to a tranquil third-storey lobby that visually merges with the surrounding hillside greenery.

WINNER BEST OFFICE DEVELOPMENT (HONG KONG AND MACAU)

83 King Lam Street

by New World Development Company Limited

2024

FACT BOX

Developer: New World Development Company Limited Product type: Office Architect: Rocco Design Architects Limited (Authorised Person and Project Architect) in collaboration with Collective Studio Limited (Podium Architect) Completion date: March 2024 Total land area: 83,184 sq. ft.

Facilities: Signature pixelated staircase, townhall, and other building amenities

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The Pavilia Forest

2 Shing King Street, Hong Kongg The Pavilia Forest boasts a flat mix with over 80% of units comprising one- to twobedroom apartments, designated for young families who enjoy a harbourside lifestyle.

The design intent is to introduce a living experience immersed in nature, akin to residing in a forest.

a two-kilometre waterfront promenade.

Rooftop urban farming promotes a green and healthy lifestyle within the development.

At the heart of the landscaped area, a 50-metre outdoor swimming pool serves as the focal point, complementing the overarching theme of nature. Elements such as waterfalls, rocks, cascading planters, and wide-canopy trees echo the relaxing atmosphere, offering residents an escape from busy urban life.

Designed to integrate with the new Kai Tak waterfront masterplan, the development mostly has units that overlook either the Victoria Harbour or the internal landscaped garden. The project also benefits from direct vehicular access to the newly developed Kai Tak Sports Park, which features diverse sports venues and open spaces, serving as an urban oasis for the public.

The clubhouse facilities, including first-floor function rooms and an eighth-floor sky lounge, provide direct sea views, allowing residents to enjoy the breezes and a social life along the harbourfront. Wellness is further promoted through a multi-purpose ball court, gymnasium, children’s play zone, outdoor playground, and direct access to 108

In total, the project includes over 26,500 sq. ft. of clubhouse space and more than 49,780 sq. ft. of landscaped areas.

WINNER BEST CONDO DEVELOPMENT (HONG KONG AND MACAU)

The Pavilia Forest

by Joint Venture by New World Development Company Limited & Far East Consortium International Limited

2024

FACT BOX

Developer: Joint venture project by New World Development Company Limited and Far East Consortium International Limited Product type: Condominium Architect: Archiplus International (HK) Limited Launch date: July 2024 Completion date: August 2025 Total land area: 574,733 sq. ft.

Number of units: 1,305 Average unit size: 440 sq. ft.

Facilities: Indoor and outdoor pools, gym, yoga room, badminton court, table tennis room, function rooms, children’s play area, BBQ areas, landscaped area, and urban farm Price range: HKD3.8-15 million Contact: Tel: 6257 7381 Email: mavislau@nwd.com.hk Address: 15/F, Kingston International Centre, 19 Wang Chiu Road, Hong Kong

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2C Boundary Street Mong Kok, Hong Kong 2C Boundary Street is a 23-storey mixeduse development in the Mong Kok district of Kowloon, Hong Kong.

It offers 58 residential units alongside high-quality recreational facilities, landscaped areas, and commercial spaces, complementing the district’s density. The design harmonises with Mong Kok’s heritage as a hub for light industry while embracing contemporary urban lifestyles emerging from Sham Shui Po’s cultural streets. The building’s articulated monotone façade exudes vintage chic, using materials such as stone-patterned glass, sleek metal cladding, and low-emissivity glass.

Strategically located within walking distance of the Sham Shui Po, Nam Cheong, and Prince Edward MTR stations, 2C Boundary Street boasts unparalleled connectivity. Residents have access to multiple public transport options, including buses, minibuses, and cross-border services to Mainland China and Macau. The area also features top-tier 110

primary and renowned traditional secondary schools—a rich source of future talent.

Situated within the “Parkside Green Community,” 2C Boundary Street is surrounded by parks and recreational areas, offering residents ample opportunities for outdoor activities and tranquillity away from the urban bustle. The project will benefit from the Urban Renewal Authority’s redevelopment plan, creating 40 hectares of green space and recreational facilities, enhancing the district’s liveability.

Additionally, SHKP’s landmark 1.52-million sq. ft. development at Sai Yee Street and the government’s Mong Kok Sai Yee Street/ Flower Market Road regeneration plan are poised to drive significant appreciation potential of units at 2C Boundary Street.

Merging historical charm with modern comforts, 2C Boundary Street offers a sophisticated and convenient lifestyle in Kowloon.

WINNER BEST CONDO INTERIOR DESIGN (HONG KONG AND MACAU)

2C Boundary Street

by Lofter Group Limited

2024

FACT BOX HIGHLY COMMENDED

HIGHLY COMMENDED

BEST CONDO ARCHITECTURAL DESIGN (HONG KONG AND MACAU)

BEST CONDO LANDSCAPE DESIGN (HONG KONG AND MACAU)

2C Boundary Street

by Lofter Group Limited

2C Boundary Street

by Lofter Group Limited

2024

2024

Developer: Lofter Group Limited Product type: Condominium or residential composite Architect: ARK Associates Limited Launch date: Q2 2025 Completion date: Q2 2025 Total land area: Approx. 2,800 sq. ft. (site area) Number of units: 58 Average unit size: 210-260 sq. ft.

Facilities: Residents’ Clubhouse (including gym, coffee lounge, bbq area, landscape garden) Contact: Phone number: +852 2953 7555 Email: enquiry@loftergroup.com

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U1 ki lung street

No. 1 Ki Lung Street, Hong Kong UPPER PRINCE is a residential development that embodies the essence of elevated living in a prime location in Hong Kong, offering easy transport access, abundant amenities, a strong school network, and beautifully designed landscapes enhanced by exquisite interiors. Located at No. 1 Ki Lung Street in Mong Kok, Kowloon, the development is surrounded by a recently transformed cultural and creative district, affirming its status as the best location.

With Prince Edward MTR station just 30 seconds away, the development provides exceptional convenience. A comprehensive public transport network, including buses and minibuses, connects residents to various destinations, with numerous cross-border services to Mainland China and Macau.

A dynamic lifestyle awaits, with renowned shopping destinations such as MOKO and Langham Place, alongside charming local shops. Nearby attractions include Mong Kok Stadium and the enchanting Flower Market, 112

enriching the neighbourhood’s character.

The area is poised for significant growth, with developments such as the Flower Market Road Redevelopment and Hong Kong’s first Waterway Park. The large-scale Green Heart project on Sai Yee Street will become the second tallest commercial landmark in West Kowloon, establishing a thriving hub for business and retail.

UPPER PRINCE’s fluid building façade features a dark grey base with warm gold accents, reflecting the Golden Wave concept. Interiors embrace a bohemian style infused with modern Scandinavian influences, showcasing earthy tones and colourful accents.

The clubhouse offers diverse amenities, including an outdoor grill, spa, gym, children’s play zone, pet garden, and cosy coffee lounge, creating a communal atmosphere amid unique fusion art pieces.

WINNER BEST CONNECTIVITY CONDO DEVELOPMENT (HONG KONG AND MACAU)

1 Ki Lung Street

by Lofter Group Limited

2024

FACT BOX WINNER

WINNER

HIGHLY COMMENDED

BEST CONDO ARCHITECTURAL DESIGN (HONG KONG AND MACAU)

BEST CONDO LANDSCAPE DESIGN (HONG KONG AND MACAU)

BEST CONDO INTERIOR DESIGN (HONG KONG AND MACAU)

1 Ki Lung Street

by Lofter Group Limited

1 Ki Lung Street

by Lofter Group Limited

1 Ki Lung Street

by Lofter Group Limited

2024

2024

2024

Developer: Lofter Group Limited Product type: Condominium or residential composite Architect: Andrew Lee King Fun & Associates Architects Launch date: Q1 2025 (target) Completion date: Q4 2025 Total land area: 7,475 sq. ft. (site area) Number of units: 139 Average unit size: 220 to 490 sq. ft.

Facilities: Outdoor grill and dining area, spy room, gym room, multi-function room, amphitheatre or sitting-out area, kids’ area, pet garden, and coffee lounge Contact: Tel: 2953 7555 Email: enquiry@loftergroup.com Address: Basement 1/F, Chuang’s London Plaza, 219 Nathan Road, Jordan, Hong Kong

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THE CENDAS

15 Sheung Yuet Road, Hong Kong UPPER PRINCE is a residential development that embodies the essence of elevated living in a prime location in Hong Kong, offering easy transport access, abundant amenities, a strong school network, and beautifully designed landscapes enhanced by exquisite interiors. Located at No. 1 Ki Lung Street in Mong Kok, Kowloon, the development is surrounded by a recently transformed cultural and creative district, affirming its status as the best location.

With Prince Edward MTR station just 30 seconds away, the development provides exceptional convenience. A comprehensive public transport network, including buses and minibuses, connects residents to various destinations, with numerous cross-border services to Mainland China and Macau.

A dynamic lifestyle awaits, with renowned shopping destinations such as MOKO and Langham Place, alongside charming local shops. Nearby attractions include Mong Kok Stadium and the enchanting Flower Market, 114

enriching the neighbourhood’s character.

The area is poised for significant growth, with developments such as the Flower Market Road Redevelopment and Hong Kong’s first Waterway Park. The large-scale Green Heart project on Sai Yee Street will become the second tallest commercial landmark in West Kowloon, establishing a thriving hub for business and retail.

UPPER PRINCE’s fluid building façade features a dark grey base with warm gold accents, reflecting the Golden Wave concept. Interiors embrace a bohemian style infused with modern Scandinavian influences, showcasing earthy tones and colourful accents.

The clubhouse offers diverse amenities, including an outdoor grill, spa, gym, children’s play zone, pet garden, and cosy coffee lounge, creating a communal atmosphere amid unique fusion art pieces.

FACT BOX WINNER

HIGHLY COMMENDED

BEST OFFICE ARCHITECTURAL DESIGN (HONG KONG AND MACAU)

BEST OFFICE DEVELOPMENT (HONG KONG AND MACAU)

THE CENDAS

by S E A Holdings Limited

THE CENDAS

by S E A Holdings Limited

2024

2024

Developer: S E A Holdings Limited Product type: Office development Architect: Ronald Lu & Partners (RLP Asia) Launch date: H1 2025 Completion date: H1 2025 Total land area: 33,583 sq. ft.

Facilities: Office, retail units, parking spaces, podium garden, roof garden Contact: Phone number: (852) 5500 6822 Email: leasing@seagroup.com.hk Address: 26/F, Everbright Centre, 108 Gloucester Road, Wanchai, Hong Kong

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Shenzhen Huafa Snow World

Shenzhen Baoan Airport New City Complex, China Shenzhen Huafa Snow World is a 131-hectare entertainment destination in the heart of the Qianhai Bay area, Shenzhen. This recordbreaking development integrates retail, entertainment, commercial, hospitality, civic, and cultural elements, creating a vibrant hub of activity.

Located adjacent to the Shenzhen World Exhibition and Convention Center, the project is anchored by the world’s largest indoor ski resort. It is fully equipped with amenities that meet the standards of the International Ski Federation for hosting world-class winter sports events.

Shenzhen Huafa Snow World has achieved six global and national records. It boasts

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the world’s largest indoor ski area at 80,000 sqm and the greatest vertical drop of any indoor slope, reaching 83 metres.

The project features China’s longest ski run, stretching 441 metres, as well as the country’s longest linear slide at 401 metres.

It also ranks first globally in cableway configuration, combining a towed cableway with a fixed cableway. Finally, it offers the world’s highest ski trail loading capacity, with five single and double magic carpets and two ropeways.

With its advanced winter sports facilities, Shenzhen Huafa Snow World sets a new benchmark for indoor skiing and entertainment experiences worldwide.

WINNER BEST MIXED USE DEVELOPMENT (MAINLAND CHINA) Shenzhen Huafa Snow World

by Zhuhai Huafa Properties Co., Ltd.

2024

FACT BOX

Developer: Joint venture project by New World Development Company Limited and Far East Consortium International Limited Product type: Condominium Architect: Archiplus International (HK) Limited Launch date: July 2024 Completion date: August 2025 Total land area: 574,733 sq. ft.

Number of units: 1,305 Average unit size: 440 sq. ft.

Facilities: Indoor and outdoor pools, gym, yoga room, badminton court, table tennis room, function rooms, children’s play area, BBQ areas, landscaped area, and urban farm Price range: HKD3.8-15 million Contact: Tel: 6257 7381 Email: mavislau@nwd.com.hk Address: 15/F, Kingston International Centre, 19 Wang Chiu Road, Hong Kong

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Xi’an Huafa Lijun.Center Glorious Xi’an, China

A modern landmark in an ancient city, Xi’an Huafa Lijun.Center Glorious is a mixeduse development spanning 87,200 sqm, with a total gross floor area of 330,000 sqm, integrating contemporary living with commercial vibrancy.

The development features 21 high-rise residential buildings and seven shopping facilities, forming a dynamic urban hub at the Tumen Junction of Hanseong South Road and Fenghao West Road in Lianhu District. Situated within one of Xi’an’s seven major functional zones, it stands at the heart of the city’s core, mixing heritage with modern aspirations.

The project offers 244,185 sqm of ground floor area and an underground space of 84,479 sqm, providing ample room for residential, retail, and communal functions. With a floor area ratio of 2.8, the

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development achieves an optimal balance between density and spaciousness. Green spaces cover 35.1% of the site, improving the quality of life for residents. The building density of 19.23% allows for open areas that promote a harmonious integration of architecture and nature.

The development includes 2,505 motor vehicle parking spaces, alongside 183 public bicycle spaces at ground level and 784 underground bicycle spaces, encouraging eco-friendly transport.

Bridging past and future and intertwining cultural influences with cutting-edge design, Xi’an Huafa Lijun.Center Glorious awakens a deep sense of identity and creates a culturally immersive, future-ready urban environment.

WINNER BEST HIGH END CONDO DEVELOPMENT (MAINLAND CHINA) Xi'an Huafa Lijun • Center Glorous

by Zhuhai Huafa Properties Co., Ltd.

2024

FACT BOX

Developer: Zhuhai Huafa Properties Co., Ltd Product type: Condominium Architect: PTA Launch date: H2 2023 Completion date: H1 2025 Total land area: 87,208.78 sqm Number of units: 2011 Average unit size: 110 sqm

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My Ensō Lofts

Quezon City, Philippines My Ensō Lofts is a premier condominium development, designed for modern urban dwellers seeking style and function in Metro Manila.

The development features top-notch amenities such as a fitness centre, co-working spaces, a lounge area, and pocket garden, creating a dynamic, inspiring environment for its residents.

Located in the vibrant district of Timog, Quezon City, My Ensō Lofts offers the “Extra Space at No Extra Cost” advantage. With maximised living areas, residents can enjoy a more comfortable, creative, and convenient lifestyle—all without the added price tag.

Situated within South Triangle—one of the city’s prime entertainment and business hubs—My Ensō Lofts is just steps away from a wide range of dining spots, shopping malls, major business districts, and top schools. Accessibility is a breeze, with major roads like Timog Ave., Sgt. Esguerra Ave., and EDSA nearby, plus the MRT Kamuning Station within walking distance.

Each unit comes with the unique benefit of “AllOut Fit Out for Free”, meaning you move into a fully fitted space, complete with premium finishes, built-in storage, and modern fixtures, saving you both time and money. Whether you’re a young professional, a growing family, or an investment-savvy property seeker, My Ensō Lofts provides an ideal blend of lifestyle and value.

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As an investment, My Ensō Lofts presents a strong potential thanks to its strategic location and unique offerings, making it an ideal property for both end users and investors.

Experience a smarter way of city living with My Ensō Lofts—where space, convenience, and style come together effortlessly to create a truly elevated lifestyle.

FACT BOX WINNER

HIGHLY COMMENDED

BEST MID END CONDO DEVELOPMENT (METRO MANILA)

BEST CONDO ARCHITECTURAL DESIGN

My Enso Lofts

by PH1 World Developers

My Enso Lofts

by PH1 World Developers

2024

2024

Developer: PH1 World Developers Product type: Condominium Architect: Edward Co Tan + Architects Launch date: October 2020 Completion date: Q4 2026 Total land area: 3,001.4 sqm Number of units: 1,204 Average unit size: 35 sqm Facilities: Pool, co-working space, pocket garden, gym, roof deck, function areas, play area Estimated price range: PHP5.4-16.7 million Contact: Tel: +63 917 8154348 Email: mcvrodrigo@ph1world.com Address: 22nd Floor, Primex Tower, EDSA cor. Connecticut, San Juan, 1503 Metro Manila, Philippines

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Greenland International Industrial Center (GIIC) at Kota Deltamas Jawa Barat, Indonesia

Kota Deltamas, developed by PT. Puradelta Lestari Tbk. (DMAS IJ), is a master-planned township spanning ±3,200 hectares in the heart of Central Cikarang, Bekasi District.

Strategically located on the eastern outskirts of Jakarta with direct access to the Jakarta-Cikampek Toll Road, Kota Deltamas integrates residential, commercial, and industrial areas into a single, self-sustained city, providing unmatched convenience and accessibility.

Designed as a live-work-play destination, Kota Deltamas offers world-class amenities, including international and vocational schools, sports facilities, and clubhouses that foster community engagement and active lifestyles. The residential sector features diverse housing options, catering to a wide demographic range and ensuring quality living spaces for families and professionals.

The township’s industrial hub, the Greenland International Industrial Center (GIIC), is an eco-conscious estate hosting leading automotive manufacturers like Hyundai, Mitsubishi, Wuling, and Suzuki. It also houses 12 cutting-edge data centers, solidifying its status as a hub for high-tech 122

industries. The commercial sector features the expansive AEON Mall, Southeast Asia’s largest (20 hectares), and Greenland Square, a vibrant business complex strategically located to facilitate various enterprises.

Committed to sustainability, Kota Deltamas integrates green technologies, including water treatment plants, waste recycling systems, and renewable energy solutions certified

by TIGRS. An exclusive fiber-optic network and professional estate management, including Japan and Korean desks, add to its appeal for global investors. Its lush greenery and seamless integration of business, residential, and recreational facilities create a balanced urban lifestyle.

Kota Deltamas exemplifies a forward-thinking township with eco-friendly infrastructure, strategic connectivity, and a holistic lifestyle approach, making it a premier destination for residents and investors alike.

FACT BOX WINNER BEST MEGA SCALE INDUSTRIAL DEVELOPMENT (ASIA) Greenland International Industrial Center (GIIC) at Kota Deltamas

by JV Sinar Mas Land & Sojitz Corporation

2024

Developer: PT. Puradelta Lestari Tbk Product type: Township Development Architect: Masterplan by AECOM Launch date: 1993 Completion date: — Total land area: ± 3,200 Ha Number of units: ± 190 existing tenants Average unit size: Dependent on tenant needs (minimum 10,000 sqm) Contact: Tel: +62 888 9971 188 Email: admin.sales@deltamas.co.id; deltamascity@gmail.com Address: Tol Jakarta Cikampek KM 37, Cikarang Pusat, Jawa Barat 17530, Indonesia Website: https://deltamas.id/

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Matera Residences

Gading Serpong, Tangerang, Banten, Indonesia By the end of 2022, Paramount Land unveiled Matera Residences, a luxurious residential development in the highly sought-after south Gading Serpong area, Tangerang. Positioned within an exclusive and strategic location, Matera Residences caters to the growing demand for high-end residential properties in Gading Serpong, a township home to over 120,000 residents with peak traffic reaching 6,500 vehicles daily.

world-class facilities such as the Matera Community Club. This 5,000 sqm sports and recreation hub includes a bowling alley, infinity swimming pool, multi-function rooms, a gym, putt-putt golf, and a billiard area. Its diamondinspired architecture is reflected in the iconic Diamond Gate, Diamanti Garden, and other striking hardscape elements, reinforcing the project’s commitment to sophistication and innovation.

WINNER BEST TOWNSHIP DEVELOPER (ASIA) Paramount Land

Matera Residences embodies the essence of ‘Luxurious Living,’ combining modern classic design with high-quality materials to create a timeless aesthetic. The homes feature spacious layouts, double-volume voids, full-height doors, and expansive windows, optimizing air circulation while exuding an air of elegance and grandeur. Designed for flexibility, the residences allow homeowners to personalise their spaces to suit their unique lifestyles.

Paramount Land has seamlessly integrated luxury and convenience by incorporating 124

Strategically located, Matera Residences offers unparalleled access to shopping malls, culinary hotspots, education institutions, and healthcare facilities, as well as excellent connectivity to nearby cities. This premier location enhances daily convenience while fostering a vibrant lifestyle. Surrounded by lively neighborhoods, Matera Residences blends elegance with practicality, making it the ultimate destination for modern families and investors alike. With its outstanding design and comprehensive amenities, Matera Residences ensures an elevated living experience.

2024

FACT BOX

Developer: Paramount Land Product type: Luxurious Residential Architect: Inhouse (Paramount Land) Launch date: 14 December 2022 Completion date: 30 December 2024 (Phase 1) Total land area: ± 6 hectares Number of units: 170 units Average unit size: 220 sqm Contact: Tel: +62 21 542 00999 / Hotline: +62 8111 891 999 Email: digitalcare@paramount-land.com Website: matera-residences.com Address: Jl. Boulevard Raya Gading Serpong Kav.1, Gading Serpong, Tangerang, 15810, Banten, Indonesia

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Paramount Petals Township Tangerang, Banten, Indonesia Paramount Petals Township is an ambitious 400-hectare master-planned community

by Paramount Land, situated in the west of Greater Jakarta. Designed to foster a selfsustaining and close-knit community, the development is strategically divided into three zones: South Petals, North Petals, and West Petals. With residential and commercial offerings, Paramount Petals creates an integrated urban environment where lifestyle, convenience, and nature coexist harmoniously.

The township’s masterplan centres around a vibrant lifestyle hub, equipped with excellent primary and secondary access points. Subcores throughout the community feature attractions such as a modern market, anchor fashion outlets, an adventure park, and business hubs including an automotive exchange and supermarkets. Residential units, ranging from 35 to 135 sqm, are thoughtfully designed for diverse demographics, from millennials to growing families. Commercial shophouses, with sizes between 96 and 180 sqm, further enhance the area’s appeal.

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Paramount Petals’ tagline, ‘Lovable Living’ reflects its commitment to creating a green and sustainable environment with amenities that promote outdoor activities, relaxation, and a connection with nature.

Existing operational facilities include a marketing gallery, the Bethsaida Clinic, Paramount Petals Estate Management, and a convenience store. A 4,135 sqm community club is nearing completion and will soon serve as a recreational hub for residents. Future developments include shopping malls, hotels, hospitals, education facilities, and parklands, ensuring a comprehensive and ever-evolving community.

Paramount Petals offers a unique investment opportunity, combining modern urban infrastructure with a tranquil living environment. Completion of South Petals is targeted for December 2027, paving the way for a sustainable and thriving community in Tangerang.

FINALIST BEST TOWNSHIP MASTERPLAN DESIGN (ASIA) Paramount Petals

by Paramount Land

2024

FACT BOX

Developer: Paramount Land Product type: Residential and Commercial Architect: In-house (Paramount Land) Launch date: July 2021 Completion date: 31 December 2027 (South Paramount Petals) Total land area: ±400 hectares Number of units: 898 (residential only) Average unit size: Residential: 35–135 sqm, Commercial: 96–180 sqm Contact: Tel: +62 21 5999 9999 / WA Hotline: +62 813 9990 8999 Email: info@paramountpetals.com Address: Jl. Boulevard Sakura No. 9, Tangerang, Banten, Indonesia Website: paramountpetals.com

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Spring Residence

Sentul City, Bogor, Indonesia Spring Residence by PT Sentul City Tbk. is an innovative residential development nestled in the heart of Sentul City. Designed to harmonise modern living with the surrounding natural beauty, this vibrant community spans 6.4 hectares and offers 543 thoughtfully designed homes. With an average unit size of 46 m², Spring Residence provides compact yet comfortable living spaces that cater to modern families, young professionals, and first-time homeowners alike.

Set at an altitude of 375 meters above sea level, residents enjoy a refreshing climate and stunning views of Mount Pancar and the lush landscapes of Sentul City. The community prioritises well-being, with open spaces and carefully designed facilities promoting a balanced, healthy lifestyle.

Key amenities include a children’s playground, a serene yoga area, a reflexology path, and a scenic walking track, allowing residents to relax, rejuvenate, and connect with nature.

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For those who appreciate an active lifestyle, the development also features outdoor areas perfect for jogging and recreational activities, encouraging social interaction and a sense of community. Each home incorporates smart home technology, enhancing convenience and offering a seamless blend of modernity and functionality.

Spring Residence’s prime location within Sentul City ensures easy access to essential facilities such as reputable schools, healthcare services, vibrant shopping centers, and outdoor recreational spots.

Surrounded by green spaces, residents can enjoy a tranquil yet connected lifestyle, making this community a true sanctuary from urban stress.

With its meticulous design, strategic location, and focus on sustainability, Spring Residence represents an exceptional opportunity for families, professionals, and investors seeking a harmonious living environment in one of Bogor’s most desirable areas.

FINALIST BEST AFFORDABLE HOUSING / LANDED DEVELOPMENT (ASIA) Spring Residence at Spring City, Sentul City

by PT Sentul City Tbk

2024

FACT BOX

Developer: PT Sentul City Tbk. Product type: House Architect: Internal Team from PT Sentul City Tbk. Launch date: 5 November 2023 Completion date: June 2025 Total land area: 6.4 hectares Number of units: 543 units Average unit size: 46 m² Contact: Tel: +62 21 8792 6777 Email: ptsc@sentulcity.co.id Website: https://sentulcity.co.id/ development/detail/spring_residence Address: Jl. MH. Tharin Kav. 8, Sentul City, Bogor 16810, Indonesia

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Layton at NavaPark

Tangerang Selatan, Indonesia Layton at NavaPark is an exclusive luxury residential development by PT. Bumi Parama Wisesa, a joint venture between Sinar Mas Land and Hongkong Land.

Nestled in the serene and prestigious NavaPark neighborhood, Layton offers an unparalleled blend of luxury and tranquility, seamlessly integrating modern living with the beauty of nature.

Spanning 76,205 sqm, this upscale cluster comprises 105 exquisitely designed units, each set on a generous land parcel of 375 sqm with a spacious building area of 544 sqm. Designed by renowned P&T Singapore, Layton embodies architectural excellence, combining sleek modernity with timeless sophistication and thoughtful functionality.

Located in the heart of BSD City, Layton provides residents with unmatched connectivity and access to premium amenities. The development is integrated with NavaPark’s signature 10-hectare private Botanic Park, a lush sanctuary that fosters 130

a strong connection to nature. Residents also enjoy exclusive access to the NavaPark Country Club, which features world-class recreational and leisure facilities, including fitness centers, swimming pools, and fine dining options. Layton further enhances convenience and comfort with advanced smart home systems and pedestrianfriendly pathways that seamlessly connect the residences to the surrounding amenities and green spaces.

Layton at NavaPark is more than a residence—it is a lifestyle. The development offers a peaceful retreat while being within reach of BSD City’s vibrant urban conveniences, including shopping malls, international schools, healthcare facilities, and business hubs. With prices starting at IDR 19 billion, Layton is an exceptional investment opportunity for discerning homeowners seeking a prestigious address that harmoniously blends luxury, nature, and modern living in one of Indonesia’s most sought-after locations.

WINNER BEST GREEN DEVELOPMENT (ASIA) Navapark

by PT. Bumi Parama Wisesa, Hongkong Land & Sinar Mas Land J/V

2024

FACT BOX

Developer: PT. Bumi Parama Wisesa (JV - Sinar Mas Land & Hongkong Land) Product type: Luxury Landed Houses Architect: P&T Singapore Launch date: February 2023 Completion date: October 2025 Total land area: 76,205 sqm Number of units: 105 Average unit size: Land parcel: 375 sqm, Building area: 544 sqm Contact: Tel: 021 29580282 / 0881 7787877 (WA) Email: navapark.bcd@gmail.com Address: Jl. Grand Boulevard BSD City, Tangerang Selatan, Indonesia Website: https://www.navapark.id/site/

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Britania Bekasi

Bekasi Regency, Indonesia Britania Bekasi is an exclusive residential development by MASGROUP, offering a blend of elegance and affordability with a touch of British-inspired architecture.

Located in the dynamic Bekasi Regency, this housing project has become a soughtafter address for young homeowners due to its vibrant design, superior facilities, and strategic location.

track, clubhouse, swimming pool, and a double gate system for enhanced security.

The thematic gardens and Europeanstyle gates create a serene environment for leisure and relaxation, catering to residents of all ages. These features make Britania Bekasi a place where quality and value meet to form an exceptional living experience.

Spanning 16.3 hectares, the development comprises 1,202 units, with each home designed to provide comfort and functionality. Units feature an average building area of 36 sqm and land area of 78 sqm, making them ideal for families or individuals looking for a cosy yet stylish living space. The project’s colourful aesthetic and modern classic designs set it apart as a unique and desirable community, with a focus on fostering a welcoming neighbourhood atmosphere.

Britania Bekasi’s strategic location provides excellent connectivity to major infrastructure, schools, and urban hubs, while its affordability makes it an attractive investment opportunity. Monthly maintenance fees are IDR 150,000, ensuring the development remains wellmaintained and accessible. Its awardwinning design and consistent sales performance underscore its reputation as a benchmark for quality housing in North Tambun. Completion is set for the end of 2023, marking the realisation of a vision for modern living in Indonesia.

Residents benefit from a comprehensive range of amenities, including a jogging 132

FINALIST BEST AFFORDABLE HOUSING / LANDED DEVELOPMENT (ASIA) Britania Bekasi

by PT. MEKAR AGUNG SEJAHTERA

2024

FACT BOX

Developer: MASGROUP Product type: Residential Architect: In-house architect team Launch date: December 2019 Completion date: End of 2023 Total land area: 16.3 hectares Number of units: 1,202 Average unit size: Building: 36 sqm, Land: 78 sqm Contact: Tel: +62 812 1864 8445 Email: sales@masgroup.co.id Address: Kisamaun No. 1, Sukasari, Tangerang City, Banten 15118, Indonesia Website: www.masgroup.co.id/bb

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The Links Golf Villa Bali Pecatu, Bali, Indonesia The Links Golf Villa Bali, developed by PT Intra Golflink Resort Tbk, is a luxurious residential project located in the prestigious Pecatu area of South Bali. Known for its breathtaking landscapes and iconic resorts such as Jumeirah Bali, Ayana Resorts, and Bvlgari Resorts, Pecatu offers an unparalleled setting for an exclusive lifestyle.

Positioned adjacent to a world-class 18hole international golf course, The Links Golf Villa Bali is the first and only golf villa development in Indonesia. Each villa enjoys direct access to the course, allowing residents to indulge in their passion for golf at their convenience.

Designed with privacy and opulence in mind, these fully furnished villas boast modern interiors that seamlessly blend elegance and functionality. Key features include private elevators, swimming pools, and golf

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cart pickup services, ensuring that every aspect of luxury living is catered for. The unique 2- and 3-floor villa configurations are tailored to provide expansive spaces that balance comfort and sophistication.

The Links Golf Villa Bali represents more than just a residence—it embodies a lifestyle of prestige and exclusivity. With a prime location in Pecatu, residents are in proximity to upscale amenities, including fine dining, luxury spas, and vibrant nightlife. The area’s natural beauty, combined with its status as a premier destination, makes these villas a sound investment for discerning buyers seeking both a home and a trophy property.

Experience a new level of grandeur and redefine your lifestyle at The Links Golf Villa Bali—a sanctuary of luxury, leisure, and legacy.

FINALIST BEST HOUSING / LANDED ARCHITECTURAL DESIGN (ASIA) The Links Golf Villas

by PT. NEW KUTA GOLF AND OCEAN VIEW

2024

FACT BOX

Developer: PT Intra Golflink Resort Tbk Product type: 2 & 3 Floor Type Villas Architect: — Launch date: 9 August 2024 Completion date: 9 June 2024 Total land area: 10 Ha Number of units: 90 units Average unit size: 11m x 18m Contact: Tel: +62 812-6078-8898 Email: mangkuluhurvillapecatu@gmail.com Address: New Kuta Golf, Jalan Raya Uluwatu, Kawasan Pecatu Indah Resort Pecatu, Jimbaran, Kec. Kuta Sel., Kabupaten Badung, Bali, Indonesia 80361 Website: thelinksgolfvilla.com

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Biomedical Campus Tangerang, Indonesia The Biomedical Campus is Indonesia’s first fully integrated smart building, developed

by Sinar Mas Land. Located within BSD City’s Digital Hub, it combines the best of technology, healthcare, and education to foster innovation and cross-industry collaboration. The campus aims to provide a cutting-edge environment for medical, technology, and education sectors, making it an ideal location for startups, multinational companies, and educational institutions, while contributing to the national healthcare goals.

The Biomedical Campus spans 11,800 m² with a 31,800 m² smart building that features advanced health technology and medical facilities, including clinics, diagnostic centers, laboratories, and pharmacies. The campus is set to become a hub for medical tourism and research, attracting top talent in the biomedical field. Partnering with leading companies such as Microsoft, PathGen, and Careoth, the campus leverages Digital Twin technology to enable real-time monitoring 136

and management of building operations, including temperature, energy, and security systems.

In addition to medical and healthcare innovation, the Biomedical Campus offers flexible office spaces, educational hubs, and a Makerspace Advanced Manufacturing Center (IAMC), which provides prototyping tools like 3D printers and laser cutters.

These facilities will support professionals, students, and innovators in various industries, from biomedical to automotive and aerospace.

This development is also part of the broader Digital Hub ecosystem, which includes over 7,000 workers from more than 30 companies, fostering a collaborative environment that encourages innovation. The Biomedical Campus is poised to redefine work and lifestyle dynamics, making it a key player in the future of Indonesia’s healthcare and technology sectors.

WINNER BEST SMART BUILDING DEVELOPMENT (ASIA) Biomedical Campus

by Sinar Mas Land

2024

FACT BOX

Developer: Sinar Mas Land Product type: Smart Building Development Architect: NBJJ Launch date: Grand Launching in November 2024 Completion date: June 2024 Total land area: 11,800 m² Number of units: 50 (Science Tower), 34 (Knowledge Tower) Average unit size: 100-500 m² per zone Contact: Tel: Ricke (+6812-9908-8224), Nabila (+62822-1304-4306) Email: ricke.adriana@sinarmasland.com, nabila.julianti@sinarmasland.com Address: BSD City Marketing Office - Jl. Grand Boulevard BSD City, Sampora, Kec. Cisauk, Tangerang Website: linkedin.com/company/ digitalhub-bsdcity

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BSD City

Tangerang, Banten, Indonesia BSD City is Indonesia’s largest and fastestgrowing mega township, developed by Sinar Mas Land. A pioneer in integrated urban planning, BSD City is designed to support the modern lifestyle, offering a dynamic living environment where people can live, work, play, shop, and dine—all within the same community. Since its launch in 1984, BSD City has evolved into a landmark development, continually innovating to meet the growing demands of urban living.

Spanning approximately 6,000 hectares, BSD City is a comprehensive urban environment that blends residential, commercial, and recreational areas seamlessly. Its extensive list of amenities includes residential complexes, office spaces, the Indonesia Convention Center (ICE), resorts and entertainment venues, places of worship, a golf course, a civic center, educational institutions, and health centers. This diversity ensures that residents have everything they need within close proximity, making BSD City a one-stop destination for all aspects of life.

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BSD City is committed to sustainability, featuring green spaces and parks that encourage outdoor activities, enhancing the well-being of its residents. It is home to Indonesia’s first green office park, with energy-efficient buildings reflecting the city’s commitment to eco-friendly practices.

Additionally, the recent opening of Eastvara, a modern open-concept mall, and The Barn, a unique semi-outdoor mall, has further enriched the area’s entertainment and culinary offerings.

With ongoing infrastructure developments like the Balaraja Toll Road and the upcoming Jatake Station, BSD City is set to become even more accessible, enhancing connectivity. Looking to the future, BSD City is also spearheading the development of a smart digital city with the introduction of the Digital Hub, further solidifying its position as a forward-thinking urban destination.

WINNER BEST MEGA TOWNSHIP DEVELOPMENT (ASIA) BSD City

by Sinar Mas Land

2024

FACT BOX

Developer: Sinar Mas Land Product type: Mega Township Launch date: 1984 Completion date: Ongoing Total land area: ±6,000 hectares Contact: Tel: +62 21 5315 9000 Address: BSD City Marketing Office, Jl. Grand Boulevard BSD City, Sampora, Kec. Cisauk, Tangerang, Banten 15345 Website: bsdcity.com

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The Morizen

Makassar, South Sulawesi, Indonesia The Morizen is an exclusive Japaneseinspired landed housing development in Makassar, South Sulawesi, created through a collaboration between Summarecon Mutiara Makassar and Sumitomo Forestry Indonesia.

Designed by the renowned Japanese architect Takahiro Fuwa, The Morizen integrates the traditional Shakkei or “borrowed scenery” concept, blending natural surroundings with home landscapes. Surrounded by expansive mangroves and a serene river, the development provides residents with a unique“Life in Nature” experience, allowing natural elements to flow seamlessly within the residential environment.

This eco-conscious project has achieved the EDGE Preliminary Certificate from the International Finance Corporation (IFC), recognising its sustainable design aimed at energy and resource conservation. The Morizen’s green features include 22% energy savings, 34% water savings, and a 27% reduction in embodied energy in materials, underscoring a commitment to environmentally responsible living. Its interior 140

layout includes a double-ceiling living room with a height of 6.65 metres, an alfresco dining area, a multifunction room, and a rooftop space for enhanced outdoor enjoyment.

Homebuyers may select from four distinct unit types: Yanagi (8x18), Hiiragi (10x18), Keyaki (10x20), and Nara (12x20), each offering unique features designed to accommodate various lifestyle preferences and household needs.

Located within the 500-hectare Summarecon Mutiara Makassar township, The Morizen enjoys excellent connectivity to major local hubs, including the Sultan Hasanuddin International Airport, Makassar New Port, and the forthcoming Trans Sulawesi Train Station.

The township includes Rainbow Food City, a modern market, schools, and recreational spaces, along with the Summarecon Mall Makassar. This prime location provides both convenience and promising investment potential for residents and investors alike.

FINALIST BEST NATURE INTEGRATED DEVELOPMENT (ASIA) The Morizen at Summarecon Mutiara Makassar

by Summarecon Group & Sumitomo Forestry

2024

FACT BOX

Developer: Summarecon Mutiara Makassar and Sumitomo Forestry Indonesia Product type: Landed House Architect: Takahiro Fuwa Launch date: May 2024 Completion date: Estimated in Q1 2026 Total land area: 4.8 hectares Number of units: 137 units Average unit size: 200 sqm Contact: Tel: +62 411 483 0888 Address: Rainbow Boulevard Street, Exit Tol Sutami KM 8, Kel. Bulurokeng, Kec. Biringkanaya, Makassar, South Sulawesi, 90243, Indonesia Website: themorizenmakassar.co.id

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Flora at Summarecon Bandung Kota Bandung, Indonesia Cluster Flora at Summarecon Bandung is a thoughtfully designed residential development

by PT. Mahkota Permata Perdana (Summarecon Group), blending innovative design with sustainable and healthy living concepts. This exceptional cluster was developed to address the challenges of modern living, particularly during the pandemic, prioritizing flexibility, wellness, and sustainability.

Spanning a total land area of 75,918 sqm, Cluster Flora consists of 410 modern homes, each averaging 105 sqm. Designed by Hadi Vincent Architect, the homes feature an innovative indoor-outdoor concept with inner courtyards that allow natural light and fresh air to flow freely, creating a healthier and more comfortable living environment. The “cool house” concept integrates locally sourced rooster materials in the facades and walls, reducing energy consumption by minimising the need for air conditioning.

Cluster Flora’s homes are compact yet versatile, meeting the needs of today’s work-from-home 142

lifestyle. Flexible layouts allow spaces to function as offices, living areas, or additional bedrooms, adapting to the evolving lifestyles of residents.

Smart home technology enhances convenience and efficiency, offering control over lighting, air conditioning, and security through smartphones or voice commands.

The community amenities include a clubhouse with a swimming pool, a gym, and a children’s playground, promoting physical activity and social interaction. The lush landscape features tropical greenery, including mango trees, connecting residents to nature.

Strategically located near Summarecon Mall Bandung, Cluster Flora offers unmatched convenience with a shuttle service to the Tegalluar High-Speed Train Station and easy access to the Trans Metro Bandung system.

This prime location, combined with sustainable practices, modern design, and communityfocused amenities, makes Cluster Flora the perfect choice for families and individuals seeking a balanced and connected lifestyle.

WINNER BEST COMPLETED HOUSING / LANDED DEVELOPMENT (ASIA) Flora at Summarecon Bandung

by Summarecon Group

2024

FACT BOX

Developer: PT. Mahkota Permata Perdana (Summarecon Group) Product type: Landed House Architect: Hadi Vincent Architect Launch date: 05 January 2021 Completion date: 31 August 2022 Total land area: 75,918 sqm Number of units: 410 Average unit size: 105 sqm Contact: Tel: 6222 – 8730 1588 Email: zahrina_diyanda@summarecon.com Address: Plaza Summarecon Bandung, Jl. Bulevar Barat, No. 75-89, Summarecon Bandung, Kota Bandung, 40294, Indonesia Website: summareconbandung.com/ project/flora-new-type

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Leonora

Jl. Melody Boulevard, Symphonia, Summarecon Serpong, Tangerang, Indonesia Cluster Leonora is a groundbreaking residential development by Summarecon Serpong / PT Serpong Cipta Kreasi, offering a modern and sustainable living solution for today’s discerning homeowners. Launched in February 2024, this development is designed to meet the evolving needs of modern living, making it an ideal choice for families seeking comfort, convenience, and a healthy lifestyle.

Spanning 44,595 sqm, Cluster Leonora consists of 295 units, each thoughtfully designed with a real attic concept that caters to the work-from-home lifestyle and prioritises healthy living. The homes are built to maximise natural light and cross ventilation, with an open-layout design that allows flexibility for residents to adapt the space to their daily activities. The attic space itself is creatively designed to include both indoor and outdoor areas, providing extra room for work or leisure.

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Residents of Cluster Leonora enjoy a wide range of premium amenities, including a well-equipped clubhouse with a multifunction room, swimming pool, kids’ pool, and a children’s playground. The clubhouse is fully accessible, featuring ramps, a disabled toilet, and a spacious open plaza to accommodate senior or disabled residents. Green open spaces and pedestrian-friendly alleys further enhance the environment, making it ideal for outdoor activities and family gatherings.

Cluster Leonora also prioritises security and sustainability. The development uses a one-gate system with access cards and CCTV monitoring to ensure residents’ safety. Each home is equipped with a Smart Home System, and for eco-conscious living, Solar Panel Systems are installed to harness sunlight and reduce electricity consumption, further reinforcing the development’s commitment to sustainability.

FINALIST BEST MID END HOUSING / LANDED DEVELOPMENT (ASIA) Leonora at Summarecon Serpong

by Summarecon Group

2024

FACT BOX

Developer: Summarecon Serpong / PT Serpong Cipta Kreasi Product type: Housing/Landed Architect: Desain Media Citra Launch date: 19 February 2024 Completion date: 29 February 2024 Total land area: 44,595 sqm Number of units: 295 Average unit size: 78 sqm Contact: Tel: 021 – 5421 0008 Email: marketing_ss@summarecon.com Address: Jl. Boulevard Raya Gading Serpong, Blok M 5/3, Tangerang 15810, Indonesia Website: summareconserpong.com

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The Ebony Residence Bogor, Jawa Barat, Indonesia Summarecon Bogor proudly unveils The Ebony Residence, a prestigious residential cluster combining modern luxury with the tranquility of nature. This latest addition reflects the renowned Summarecon Quality Improvement Initiative (SQII), which ensures superior craftsmanship and high-quality living spaces for residents and investors alike.

Nestled in the heart of Bogor, The Ebony Residence is strategically located with direct access to the Jagorawi Toll Exit, connecting it seamlessly to key destinations in Jakarta and surrounding areas. This prime location offers an idyllic blend of urban convenience and the serene beauty of Bogor’s lush landscape, offering both a peaceful retreat and accessibility.

The Ebony Residence comprises 132 exclusive units across two distinct types.

Type 7 offers a perfect balance of scenic natural views and elegant modern living, featuring two spacious bedrooms designed 146

for comfortable family living. Type 9, tailored for growing families, provides an expansive layout and luxurious amenities, making it a haven for dynamic lifestyles.

The cluster is equipped with state-of-theart facilities to enhance daily life, including a 24-hour security system, a swimming pool, a multifunctional hall for meetings and coworking, and a children’s playground.

These amenities are designed to foster a vibrant and connected community, while also ensuring residents can relax and unwind in a secure environment.

The Ebony Residence offers not only a home but a lifestyle, complete with professional town management and trusted building quality. With its strategic location, modern designs, and comprehensive facilities, this residence is ideal for families and investors seeking a blend of luxury and practicality in Bogor.

FINALIST BEST TOWNSHIP DEVELOPMENT (ASIA) Summarecon Bogor

by Summarecon Group

2024

FACT BOX

Developer: Summarecon Bogor Product type: Residence Architect: Somia Design Launch date: 21 September 2024 Completion date: 24 Bulan Total land area: 5,85 Ha Number of units: 132 units Average unit size: 112 sqm Contact: Tel: +62 811 8870 388 Email: marketingsb@summarecon.com Website: summareconbogor.com Address: Jl. Summarecon Bogor Boulevard Utama, Sukaraja, Bogor, Jawa Barat 16710, Indonesia

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Live by the water’s edge

A Member of:

A Project by:

Investasia Sdn Bhd (Co. 219789 Level 2, The Magellan Sutera Resort 1 Sutera Harbour Boulevard, Sutera Harbour 88100 Kota Kinabalu, Sabah.

Coral Bay @ Sutera (Type of Property: 12-Storey Condominium) Developer: INVESTASIA SDN BHD. (219789-U) Level 2, The Magellan 2025/06791(2) | Advertising & Sales Permit No: 05-2025/05108(2) | Validity: 24/05/2024 – 23/05/2025 | Land Tenure: Leasehold 99 150 Government & Housing (MLGH) | Building Plan Reference No: BP/254/10.21/U/509(E) | Building Plan Approving Authority: Kota Kin Prices : RM 1,800,000.00 – RM 10,000,000.00 | 30% reserved for Bumiputra with 5% Discount | For more details on project and se

9-U)

+ 6088 308 333 + 6019 381 8331

Email: coralbay@gshcorporation.com Website: www.coralbay-sutera.com.

n Sutera Resort, 1 Sutera Harbour Boulevard Sutera Harbour, 88100 Kota Kinabalu, Sabah, Malaysia | Developer License No: 059 Years | Land Encumbrances: CIMB Bank Berhad (13491-P) | HDA Account: 8009657756 | Approving Authority: Ministry of Local nabalu City Hall (DBKK) | Expected Completion: 2024 | Total Unit Types: 52 | Total Unit: 460 | Built-up: 1,541 sqft - 9,283151 sqft | elling prices, please contact the developer.

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home-owners, and counting.

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Reinventing quality spaces

for 3 decades and counting.

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The new tomorrow is here and we are The MET Corporate Towers is the new premium business facilities that is not only a corpo

WINNER BEST OFFICE DEVELOPMENT (ASIA) The MET Corporate Towers

by Triterra Sdn Bhd

2024

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e poised to change the way we work. grade corporate landmark with state-of-the-art orate address but a business destination.

THE LAGENDA Perched atop The MET, offers an exclusive space with breathtaking 360º panoramic views of Kuala Lumpur’s vibrant city centre, perfect for elevated experiences.

A DEVELOPMENT BY

A CURATION BY

www.triterra.com.my

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Salty Jim is more than a villa—it’s an escape into a world of refined elegance and timeless charm. Nestled in the heart of Bali, this extraordinary retreat captures the spirit of the island with its seamless blend of modern design and natural beauty. Every detail has been thoughtfully curated to evoke a sense of serenity and sophistication.

Imagine mornings spent by the crystal-clear pool, afternoons unwinding in the sauna, and evenings under the stars by the fire pit. With spaces designed for connection and reflection, Salty Jim is a sanctuary where life slows down, and every moment feels like a masterpiece.

Inspired by the legend of a surfer who sought the perfect wave, Salty Jim embodies the pursuit of freedom, beauty, and meaning. Here, luxury isn’t just a statement—it’s a lifestyle.

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THE FIRST & LARGEST

PROPERTY DEVELOPER with

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Empower To Build The Future

PT Adhi Commuter Properti (ADCP), the first and largest mass transportation based property developer in Indonesia, presents housing / residences with accessibility advantages that facilitate daily activities and contribute to solving urban problems.

ADCP is a subsidiary of the State-Owned Enterprise (BUMN) PT Adhi Karya (Persero), Tbk. which is engaged in Property, Hospitality & Support. Started from the Transit Oriented Development (TOD) division of Adhi Karya in 2015 and developed into a separate entity in 2018.

PT Adhi Commuter Properti was established to provide integrated residential areas and support facilities around the Light Rail Transit (LRT) line area, which truly 0 kilometers away from LRT station.

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

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

WINNER

WINNER

WINNER

BEST TOD CONDO DEVELOPMENT (ASIA)

BEST TOD CONDO DEVELOPMENT

BEST TOD DEVELOPER

LRT CITY Cibubur

by PT ADHI COMMUTER PROPERTI Tbk.

LRT CITY Cibubur

by PT ADHI COMMUTER PROPERTI Tbk.

PT ADHI COMMUTER PROPERTI Tbk.

2024

2024

2024

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Discover Your Favorite Place in Bandung!

Nestled in the heart of Bandung’s, 23 Paskal Shopping Center is more than just a shopping destination—it’s where style, flavors, and entertainment meet.

• • •

Fashion Paradise: Explore the trendiest fashion brands, from casual streetwear to high-end collections.

Foodie Heaven: Savor local delights, international cuisines, and artisanal cafes that satisfy every craving.

Play & Joy: Enjoy family-friendly activities, modern cinemas, and special events that keep the fun going all year round.

Visit us at 23 Paskal Shopping Center – Inspir

Paskal Hypersquare, Jl. Pasirkaliki 25-27 Ba www.23paskal.com 188

ringly Yours

andung

Whether you're shopping for the latest looks, indulging in a culinary journey, or simply making memories, 23 Paskal is the place where style meets excitement.

WINNER BEST RETAIL DEVELOPMENT 23 Paskal Shopping Center

by PT Indonesian Paradise Property Tbk and Subsidiaries

2024

Follow us on Instagram @23Paskal

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Collaborated with INTEGRASI TRANSIT JAKARTA

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FINALIST BEST HOUSING / LANDED ARCHITECTURAL DESIGN (ASIA)

2024

The Links Golf Villas

by PT. NEW KUTA GOLF AND OCEAN VIEW

ASIA FINALIST

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

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MixC Changchun Changchun, China

Architecture | Interiors | Masterplanning | Branding + Graphics | www.lead8.com

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WINNER

WINNER

BEST HOUSING ARCHITECTURAL DESIGN

BEST HOUSING INTERIOR DESIGN

Kingsbridge

by Hermitage Building Group

Kingsbridge

by Hermitage Building Group

2024

2024

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Bridgetowne East, Pasig City, Philippines

THE ONLY EDGE-CERTIFIED

SUSTAINABLE CONDOMINIUM WITHIN BRIDGETOWNE DESTINATION ESTATE

DHSUD NCR AA-2024/07-4631 | DHSUD TLTS #: (Tower 1) 0001061 | (Tower 2) 0001062

Location: E. Rodriguez Jr. Ave., Brgy, Rosario, Pasig City, Philippines | Developer/Owner: Robinsons Land Corporation 228 Project Completion: (Tower 1) September 30, 2028 | (Tower 2) September 30, 2031 ASC Reference Code: R0016N073124R

Preliminary EDGE Certified

DHSUD-R7 AA-2024/11-082 | DHSUD LTS#: (Tower1) 868 | (Tower 2) 867

Location: Ouano Ave., Brgy. Subangdaku, Mandaue City, Cebu, Philippines | Developer/Owner: Robinsons Land 229 Corporation Project Completion: (Towers 1&2) July 26, 2029

ASC Reference Code: R0223N111324R

2024

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Fact Box

ASI JAKART

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LRT CITY CIBUBUR West Java, Indonesia

LRT City Cibubur is designed using the concept of reconnecting us with nature by integrating green open spaces, eco-friendly facilities, and sustainable infrastructure, all aimed at promoting a healthier and more environmentally friendly urban lifestyle.

LRT CITY Cibubur, as an Interconnected City. It is developed with a concept that makes it easier for residents to carry out their daily activities. Located in a golden triangle of Cibubur with a first-class surrounding area that supports a quality life. LRT CITY Cibubur has easy accessibility such as integration with the Harjamukti LRT station, Transjakarta, Jaklingko, Biskita, Tranpakuan, and surrounded by 3 toll gates of Jagorawi. Inside the LRT CITY Cibubur area, there is a Promenade Skywalk that will connect you from tower to tower so you can comfortably move within the area, and is also equipped with a commercial area. Surrounded with variety of high standard public facilities, to live in LRT CITY Cibubur means handing your life to the first-class services and leisure in town. Explore nearby parks such as Buperta Cibubur and Wiladatika Park, ideal for outdoor activities and family picnics. Enjoy convenient shopping at Trans Studio Mall Cibubur and Cibubur Junction, offering a variety of stores and restaurants. Access top-quality healthcare services at Mitra Keluarga Hospital Cibubur and Hermina Hospital. Provide excellent education for your children at Global Mandiri School and BPK Penabur Cibubur.

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LRT CITY Cibubur, as a Societal City, offers spaces designed to foster interaction among its residents and support various community activities. There are open areas for community events that bring residents together in a friendly atmosphere, coworking spaces that promote collaboration, as well as fitness centers and sports activity areas that encourage fitness and social activities. Additionally, LRT CITY Cibubur hosts various events such as music festivals, art festivals, and sports communities, creating strong bonds among residents and enriching the social life within this residential environment.

LRT CITY Cibubur, as a Serene City, provides a comfortable and peaceful living experience, ideal for those seeking tranquility amidst the city's hustle and bustle. Amenities such as an infinity pool and jogging track are designed to provide space for residents to exercise while enjoying a natural ambiance, while electric charging stations support environmentally friendly mobility.

Green spaces like pocket gardens and community gardens offer natural oases. Combined with the Serenity Hub, a space for various activities such as sports, workshops, and more, as well as mosque facilities for worship, LRT CITY Cibubur creates a harmonious environment that supports the well-being of its residents.

PT. Adhi Commuter Properti Condo PT. Megatika Perkasa November 2021 Desember 2025 5,6 hectares 606 Studio A: 22.6 m2 Studio B:22.7 m2 Studio C: 22.9 m2 1BR: 34.35 m2 2BR: 49.6 m2 SHMSRMS (Sertifikat Hak Milik atas Satuan Rumah Susun).

Studio: 500,398,000 1BR: 735,163,000 2BR: 1,039,858,000 Promenade Skywalk, The Avenue, Community Garden, Serenity Hub, Pocket Garden, Mosque, Private Oasis - Pool, Yoga Sanctuary, Endless Bicycle Track, Wide Pedestrian, Co-Working Space, Gym Center, 24/7 Security Commercial Area, Cashless System, Playground, Bicycle Parking, Repair, and Storage.

Email: lrtcitycibubur.marketing@gmail.com Tel: +62 811 333 544

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Discover Your Favorite Place in Bandung!

Nestled in the heart of Bandung’s, 23 Paskal Shopping Center is more than just a shopping destination—it’s where style, flavors, and entertainment meet.

23 Paskal Shopping Center Bandung, Indonesia

23 Paskal Shopping Center is a modern shopping mall located in the heart of Bandung.

Integrated with a 3-star hotel and a university, this shopping mall has become a new destination for Bandung residents to shop, dine, and socialize. With a contemporary design and a spacious area, 23 Paskal offers a wide variety of tenants ranging from well-known brands to local SMEs. In addition, the presence of various supporting facilities such as green open spaces and ample parking adds to the comfort of visitors.

As part of the Paskal Hyper Square complex, 23 Paskal is developed by PT Indonesian Paradise Property Tbk. The development of this shopping mall aims to meet the community's need for a modern and complete shopping center. With a strategic location and an attractive concept, 23 Paskal is expected to become a new icon for the city of Bandung and contribute to regional economic growth.

23 Paskal Shopping Center was officially opened in 2017. Since then, this shopping mall has continued to grow and become one of the favorite shopping centers in Bandung.

With various interesting events and promotions held regularly, 23 Paskal has successfully attracted visitors from various backgrounds. The success of 23 Paskal is inseparable from the support of various parties, including the local government, tenants, and the people of Bandung.

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Whether you're shopping for the latest looks, indulging in a culinary journey, or simply making memories, 23 Paskal is the place where style meets excitement.

FACT BOX • Name of project: 23 Paskal Shopping Center • Location: Jl. Pasir Kaliki No.25-27, Kb. Jeruk, Kec. Andir, Kota Bandung, Jawa Barat 40241 • Developer: PT Indonesian Paradise Property Tbk • Product type: Shopping Center • Architech: Budiman Hedropurnomo Ary Indra • Launch date: 25 April 2017 & June 2025 (extension project) • Total nett leasable area: 38.000 Sqm • Numer of tenants: + 175 brands

WINNER BEST RETAIL DEVELOPMENT

Facilities:

• Toilet (include Kids & Disabled Toilet) • Nursery Room • Mushola

23 Paskal Shopping Center

by PT Indonesian Paradise Property Tbk and Subsidiaries

• Parking area (include Ladies & Disabled Parking)

Contact details:

• Corner's Card Privilege Parking

Email: leasing@23paskal.id Website: https://23paskal.id Instagram: @23paskal

• Valet Parking

2024

• Wheelchair & stroller • Locker • Helmet storage • Free shuttle to/ from Stasiun Bandung

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Robinsons Land: A Partner in Progress For three consecutive years, Robinsons Land has been honored as the Best Developer at the PropertyGuru Philippines Property Awards, a testament to its leadership in creating world-class real estate developments.

From iconic office towers that house industry leaders and pioneering start-ups, to vibrant retail hubs that are home to the country’s most exciting brands, Robinsons Land delivers spaces that empower businesses to thrive.

Its diverse hotel portfolio, ranging from affordable to luxury accommodations, serves corporate clients and travelers across the Philippines, with a geographical footprint extending from key business districts to emerging cities.

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Expansive destination estate offer unparalleled opportunities for land development and leasing, while cutting-edge logistics and industrial facilities support the growing needs of e-commerce, manufacturing, and distribution industries.

With a commitment to innovation, sustainability, and collaboration, Robinsons Land remains the preferred partner of forward-thinking businesses. Together, let’s shape the future of progress.

Learn more at www.robinsonsland.com or @officialrobinsonsland on Facebook, Instagram and LinkedIn.

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THE PRESIDENTIAL GARUDA PALACE, INAUGURATED LAST YEAR, LOOMS ABOVE MEANDERING LANDSCAPES IN INDONESIA’S NEW CAPITAL, IBU KOTA NUSANTARA (IKN).

CREATIVICA_XERAVIN/ SHUTTERSTOCK

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SHAPING REAL ESTATE EXCELLENCE Success in real estate requires more than just market knowledge—it demands strategic insight and expert guidance. At HLB, we provide audit, tax, and advisory services tailored to developers, investors, and real estate professionals.

From navigating market shifts to optimizing your investments, our specialists deliver solutions that drive growth and mitigate risk. As the Official Supervisor of the PropertyGuru Asia Property Awards 2025, we uphold the highest standards of integrity, transparency, and excellence—the same values we bring to every client partnership.

Talk to us today to discover how HLB can support your growth.

www.hlb.global

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