Property Report by PropertyGuru

Property Report concludes 2024 with a comprehensive review of the year's key trends. The report covers it all, from generational shifts in property-seeking behaviour to the region's uneven yet promising infrastructure and commercial landscapes. This edition also delves into the resurgence of a prominent figure in Thai politics, the evolving Chinese buyer sentiment, and the growing allure of Bukit Timah in Singapore. The report features expert insights from Ivan Lam of Charter Keck Cramer on the Australian market and showcases Dewan Architects + Engineers' innovative projects in Southwest Asia. To cap off the year, Aki Niseko offers a glimpse into Japan's luxurious world of winter. #PGPropertyReport #realestate #2024recap #recap #magazine

The PropertyGuru Asia Property Awards series invites the most esteemed names in selected real estate markets to the International Luncheon 2024, which will take place on Friday, 13 December 2024, at the luxurious Athenee Hotel, a Luxury Collection Hotel, in Bangkok, Thailand. The luncheon will begin at 11:00 (GMT +7) and serve as the penultimate highlight of PropertyGuru's most prestigious real estate awards programme. The International Luncheon will recognise and celebrate exceptional achievements across various property markets. This year is particularly significant with the debut of the Awards for the Middle East market, a nod to the region's growing influence in global real estate. Additionally, the India and Sri Lanka markets make a welcome return, alongside perennial participants from Cambodia, Japan, Mainland China, Hong Kong, and Macau. Over 50 awards will be presented across three key categories: Design, Development, and Developer Awards. Real estate enthusiasts, agents, and consumers worldwide can join the celebration virtually by tuning into the live stream. The programme will be streaming on the official PropertyGuru Asia Property Awards website, APA Facebook page, and APA YouTube channel. Join us in celebrating this year’s excellence, innovation, and vision in selected real estate markets. #PGPropertyReport #propertyguruasiapropertyawards2024 #internationalluncheon #AsiaPropertyAwards  

The 19th PropertyGuru Asia Property Awards Grand Final is poised to ignite Bangkok on Friday, 13 December 2024. Across 15 distinct property markets, from the bustling shores of Australia to the ancient wonders of Cambodia, the victors from regional competitions will lock horns in a prestigious battle for 70 "Best in" titles. The luxurious Athenee Hotel sets the stage for this glittering gala. Registration starts at 4:00 PM (GMT+7), followed by the red-carpet entrance and the much-anticipated awards presentation at 5:00 PM. Witness the culmination of a year-long quest for excellence as developers, architects, and designers vie for glory across three categories: Developer of the Year: 11 contenders will showcase their visionary leadership and unwavering commitment to quality construction. Development Awards: 40 projects will compete, highlighting the region's most innovative and captivating residential and commercial spaces. Design Awards: 19 finalists will face off in this prestigious category, showcasing their masterful ability to blend aesthetic brilliance with functionality. Invites to the black-tie event at the Athenee Hotel are exclusive for finalists and event partners only. Consumers, real estate agents, and the general public can register to watch the programme on the Asia Property Awards website (/tv-podcast/), APA Facebook page, and APA YouTube channel. #propertyguruasiapropertyawards2024  #AsiaPropertyAwards  #grandfinal

Almost two decades since Thaksin Shinawatra was ousted in a military coup, Thailand’s most divisive dynasty is back in the driving seat—at least for now. The third instalment of the Shinawatra saga saw Thaksin’s daughter, Paetongtarn Shinawatra, stepping into the spotlight after real estate mogul Srettha Thavisin’s abrupt departure from power, following just 358 days as prime minister. This political shake-up couldn’t come at a more crucial time for the real estate sector. Inflation is soaring, properties are piling up in an oversupplied market, and the industry is desperately searching for stability. As Thailand’s political drama intensifies, so too do the questions about the country’s economic future. Will the return of the Shinawatras spark the infrastructure-led growth of the past? Or will populist policies stir uncertainty and rattle investor confidence? “Historically, the Shinawatra family has emphasised infrastructure growth,” says real estate analyst Marciano Birjmohun. “If such priorities are renewed, the real estate sector could benefit from significant upgrades in transportation and regional airport expansions, especially in entertainment complexes and destination developments.” #PGPropertyReport #realestate #thailand #propertymarket #infrastructure 

In recent weeks, city authorities across China have rushed to introduce more favourable terms for homebuyers. At the end of September, Guangzhou lifted all restrictions on home purchases, while Shanghai and Shenzhen relaxed the country’s most restrictive curbs. According to the Party-run newspaper People’s Daily, a total of 60 cities across China introduced new home purchase subsidies in October. These cities included Jingmen, Changde, Yichang, and Dazhou. In Suzhou, downpayment requirements were lowered for first- and second-time homebuyers using loans, and Foshan announced plans to increase maximum mortgage limits. Following a series of measures implemented by both the central government and local administrations, analysts report a rise in housing activity amid a prolonged real estate crisis. However, some experts argue that the recent policy adjustments from Beijing and city governments have not gone far enough. In late September, President Xi Jinping led a Politburo meeting in Beijing to address various economic concerns, concluding with a mandate that the government “must work to halt the real estate market decline and foster stable economic recovery.” #PGPropertyReport #realestate #China #stimulus #propertyinvestment #homebuying #realestatecrisis

While most of Asia has witnessed a growing number of branded residences in their real estate space, Japan has been notably slow on the uptake. What is the reason for the late adoption of a global trend and what is the current state of play? As many countries in Asia experience a flourishing trade in full-ownership vacation homes such as Thailand, Vietnam and Indonesia, Japanese developers were slow on the trigger given the absence of proof of concept in their home markets. Two key developments which put branded residences square on the playing field are the Park Hyatt Hanazono Residences in Niseko by Hong Kong developer PCPD and Malaysian Group Berjaya’s Four Seasons Private Residences Kyoto. Not only were these projects able to sell to Japanese buyers but these also triggered real estate investors from abroad with the lifestyle model. What added fuel to the fire has been an urban model, the Aman Residences Tokyo has ignited the imagination of Japan’s development community. In the wake of that project, there is a wave of other destinations in the country with branded projects from Okinawa to Hakuba and a mounting list of new pipeline entries. #PGPropertyReport #realestate #japan #brandedresidences #lifestyleproperty #propertyinvestment

#PropertyReportArchives: Rarely do outlying areas steal the limelight from the capital when it comes to real estate. But in Malaysia, Selangor is leaving Kuala Lumpur in the shade as it surges ahead with residential demand. 
In 2023, it contributed to nearly 63 percent of total sales, which amounted to 250,586 transactions worth MYR100.93 billion (USD21.3 billion), a year-on-year increase of three and 7.1 percent, respectively, according to Knight Frank Malaysia’s executive director of research Amy Wong. Selangor led the market with 22 percent of those transactions and 30 percent of the value. 
 Selangor’s rising star comes as another second-tier state, Johor, also performs well. Johor was the second-best performing state for residential real estate transactions and value last year, accounting for 16.2 and 18 percent of the total, respectively. #PGPropertyReport #realestate #malaysia #selangor #johor

Oh Dongkun, CEO of Becamex Tokyu Co., Ltd, was named Vietnam Real Estate Personality of the Year during the 10th Annual PropertyGuru Vietnam Property Awards, held on Friday, 15 November 2024 at the Gem Center in Ho Chi Minh City. The editorial team of Property Report by PropertyGuru recognised Oh for his achievements in urban development—a legacy that spans both Southeast and East Asia. Drawing on decades of experience in Japan, Oh is reimagining urban spaces in Vietnam, creating sustainable, self-sustaining ecosystems where people can live, work, and thrive. A sought-after voice on urban challenges in Japan, he has advised various government organisations on suburban regeneration, land use, and more. In 2012, he brought his expertise to Vietnam, where he took the helm at Becamex Tokyu, the joint venture between Tokyu Corporation and Becamex IDC Vietnam. Championing Tokyu Corporation’s time-honoured brand of transit-oriented development, he initiated the development of Binh Duong New City, a 1,000-hectare master-planned urban hub in Binh Duong province. His work in Vietnam, especially the development of Binh Duong New City, represents the culmination of years dedicated to mastering the art and science of urban planning. #PGPropertyReport #RealEstatePersonalityoftheYear #vietnam #realestate #Awards #BECAMEXTOKYU #BinhDuongNewCity #BinhDuong #awards

#PropertyReportArchives: Indonesia’s tourism and hospitality sectors are poised for significant growth in 2024, driven by a robust increase in foreign tourist arrivals and an optimistic outlook for business and leisure travel. The country welcomed over three million foreign tourists in the first quarter of 2024, marking the highest number of foreign visitors in four years. This represents a 25.4 percent increase compared to the same period in the previous year, underscoring a strong recovery trajectory. According to Indonesia’s Central Statistics Agency (BPS), Bali continues to be the top destination, accounting for 44.5 percent of the total foreign tourist arrivals through Ngurah Rai Airport. The majority of these tourists came from Malaysia, Australia, Singapore, and China, illustrating Indonesia’s broad international appeal. The hospitality industry is set to benefit significantly from the resurgence in both business and leisure travel. Resort hotels are also expected to thrive, fuelled by the enduring trend of family vacations. #PGPropertyReport #indonesia #indonesiatravel #indonesiatourism #tourism #hospitality #hospitalityindustry #bali

David Buffonge is co-founder and executive director of the Hong Kong-founded architecture and design firm Lead8. The company specialises in commercial mixed-use developments and is involved in retail architecture and interior design for One Bangkok, a megaproject in the Thai capital slated to open later in 2024. The nearly USD4 billion development is one of the largest mixed-use projects in Asia, with hotels, offices, residential, retail, and more, including multiple towers spread over 16.7 hectares. Buffonge, a British national who has been based in Hong Kong for more than two decades, says his firm wanted to create something “very unique” with One Bangkok by weaving in nature and landscaping in new and distinctive ways while drawing inspiration from Lumpini Park—the “Central Park of Bangkok,” as he describes it—which is situated across the street. Lead8 won multiple awards at last year’s PropertyGuru Asia Property Awards for developments in Hong Kong, Shanghai, and elsewhere. Following the successful completion of the retail design for One Bangkok, Buffonge says his firm is eying more global expansion. “We will continue to grow in Asia; it’s an exciting time here,” he says. “And we are also involved in opportunities taking us to different parts of the world as our expertise draws us further abroad.” #PGPropertyReport #realestate #architecture #design #RetailSpace #Lead8 #OneBangkok #K11ATELIER11SKIES