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Thailand’s real estate excellence celebrated at 2014 Thailand Property Awards
The Bravothai Lifestyles Co., Ltd. team from
Pattaya celebrate their Thailand Property Awards win for The Vineyard with
judge Mark Bowling.
Setting a benchmark for excellence in the region’s
property sector, the 2014 Thailand Property Awards welcomed over 500 of the
industry’s leaders to celebrate the winners at a lavish Gala Dinner held
11th September at Bangkok’s Conrad Hotel.
“There were many exceptional entries for the 22 awards this year and the
judges had a tough time in whittling down thousands of nominations, hundreds
of entries and visiting more than 40 short-listed developments around the
country to finally reach their decisions. It’s never an easy task and I’d
like to thank the judges for their time, diligence and expertise,” said
Terry Blackburn, CEO, Ensign Media Co. Ltd., organisers of the awards.
Dennis Dila is all smiles as
he accepts the award for Best Landscape Architectural Design on behalf of
Silverlake Vineyard & Winery.
Run by Ensign Media, publishers of Property Report
magazine, the ninth annual Thailand Property Awards recognised quality in
architecture, design, construction and development, rewarding the best
condominiums, housing developments, villas, commercial buildings and hotels.
The international judging panel was led by Chairman Sunchai Nuengsit,
Managing Director, BuilderSmart Public Company Limited and was overseen by
BDO Advisory Limited.
Five VIP speakers gave insightful speeches before the awards ceremony,
including Blackburn, who gave the opening remarks, and Nuengsit, who spoke
on behalf of the judges’ panel. The others were Paul Ashburn, Senior Partner
at BDO; keynote speaker Dr Robert Mather, head of the Southeast Asian group
of the International Union for Conservation of Nature and Natural Resources
(IUCN); and the evening’s Guest of Honour, Dr Naris Chaiyasoot,
Director-General of the Treasury Department at the Ministry of Finance of
Thailand.
Rony Fineman from Nova Group
accepts his award and says: “Nova is very proud of the award and this is the
third year straight that we win this prestigious award. It makes us even
more aware and determined to do better all the time. Both Kobi and myself
are proud of this honor and looking forward to residents of Amari moving in
next year … we will deliver more than expectations.”
As the industry evolves, so have the Awards and
organisers this year opted for no agency awards with the focus being on
developers, development, design and architecture in residential and
commercial real estate nationwide, including specific regional awards for
Bangkok, Phuket, Eastern Seaboard, Samui, Hua Hin, Chiang Mai and Khao Yai.
The much-anticipated ‘Best Developer Thailand’ award - past winners of which
reads like a who’s who of Thailand’s real estate industry - this year went
to Major Development PCL whose more than 15-year track record of real estate
development in the Kingdom is exemplary.
Big winners of the night were Magnolia Quality Development Corporation
Limited, who took home three awards and were Highly Commended in two other
categories, while Pace Development Corporation PLC took home the highly
sought-after ‘Best Luxury Condo Development (Bangkok)’ award against some
tough competition for The Ritz-Carlton Residences at MahaNakhon.
(L to R) Rony Fineman and Kobi
Elbaz receive their award from Thailand Property Awards judge Mark Bowling.
On the Eastern Seaboard, Amari Residences by The Nova
Group was the winner of Best Condo Development (Eastern Seaboard);
Silverlake Vineyard and Winery by Silverlake Vineyard Co., Ltd., won Best
Landscape Architectural Design (national) and Bravothai Lifestyles Co. Ltd.
won awards for their The Vineyard, Phase Three, La Residence - Winner Best
Villa Development (Eastern Seaboard), and Amaya Hill by Bravothai Lifestyles
Co., Ltd. - Highly Commended Best Villa Development (Eastern Seaboard).
Centara Grand Phratamnak by Tulip Group was also highly commended in the
Best Hotel Architectural Design (national) category.
Bravothai Lifestyles Co., Ltd. MD, Terrence Allen Collins stated that his
team was extremely thrilled that The Vineyard finally won the award for best
villa development Eastern Seaboard after coming second for three years
running. To add to the excitement, Bravothai also came second with their
newest project Amaya Hill.
Terry also stated that he is planning a new mega project in the near future
and his commitment to Pattaya is stronger than ever. He said that his
ambition is for his projects to come first, second and third in the same
category “Best Villa Development Eastern Seaboard” in the years to come.
Terrence Allen Collins, MD of
Bravothai Lifestyles Co., Ltd. is delighted with the win for The Vineyard.
“We would also like to thank all the realtors in Pattaya
as well as our residents for their support over the years, the positive
feedback and congratulations we have received has been very complementary
and we all feel very humbled by the whole experience. We feel genuine love
for the Pattaya real estate market and for the people involved and plan to
continue raising the benchmark on quality, design and customer service in
the years to come. Watch this space,” he concluded.
Recognising the growing social and community responsibility that developers
have, organisers Ensign Media this year introduced the ‘Special Recognition
in CSR’ award which was awarded to two companies who have excelled in their
corporate and social responsibilities: Magnolia Quality Development
Corporation Limited and Absolute World Group.
The publisher’s choice award for Real Estate Personality of the Year was
presented to Tos Chirathivat, the 49-year-old Chief Executive Officer of The
Central Group. Chirathivat’s vision and leadership in the past year have
been a testament to his firm’s success, as well as an instrument for his
firm’s plans for regional and international expansion.
Following is the full list of Winners at the 2014 Thailand Property Awards:
Developer
Best Developer Thailand
Major Development PCL - Winner
Best Boutique Developer Thailand
SLM Real Estate Co. Ltd. (Trading as Orchid Palm Homes) - Winner
Special Recognition in CSR
Absolute World Group - Winner
Magnolia Quality Development Corporation Limited - Winner
Development
Best Luxury Condo Development (Bangkok)
The Ritz-Carlton Residences, Bangkok at MahaNakhon by Pace Development
Corporation PLC - Winner
Best Affordable Condo Development (Bangkok)
Than Living Pracha Uthit by Kitha Properties Co., Ltd. - Winner
Best Housing Development (Bangkok)
Soul Ratchadaphisek 68 by AP (Thailand) Public Company Limited - Winner
Best Condo Development (Phuket)
Baan Mai Khao by Sansiri PLC - Winner
Best Villa Development (Phuket)
Point Yamu Villas by COMO by COMO Hotels & Resorts - Winner
Best Condo Development (Eastern Seaboard)
Amari Residences by The Nova Group - Winner
Centara Avenue Residence & Suites by Tulip Group - Highly Commended
The Palm, Wongamat Beach by Nova Luxury Developments Co., Ltd. - Highly
Commended
Waterfront Suites & Residence by Tulip Group - Highly Commended
Best Villa Development (Eastern Seaboard)
The Vineyard, Phase Three, La Residence by Bravothai Lifestyles Co.,
Ltd. - Winner
Amaya Hill by Bravothai Lifestyles Co., Ltd. - Highly Commended
Silk Road Place Pattaya by Better Home Development Co., Ltd. - Highly
Commended
Best Residential Development (Samui)
The Ridge by Panoramic Estate Company - Winner
Best Residential Development (Hua Hin)
My Resort by My Resort Holding Co., Ltd. - Winner
Best Residential Development (Chiang Mai)
Baan Chiang Mai Riverside by Vorrawut Property Development Co., Ltd. -
Winner
Best Residential Development (Khao Yai)
Toscana Valley Casa Del Artiste by Toscana Valley Company Limited -
Winner
Best Commercial Development
AIA Capital Center by AIA Company Limited - Winner
Design
Best Residential Architectural Design
Magnolias Ratchadamri Boulevard by Magnolia Finest Corporation Limited -
Winner
Best Residential Interior Design
Magnolias Ratchadamri Boulevard by Magnolia Finest Corporation Limited -
Winner
Best Commercial Architectural Design
The District Em by The Emporium Group Co., Ltd. - Winner
Best Landscape Architectural Design
Silverlake Vineyard and Winery by Silverlake Vineyard Co., Ltd. - Winner
Best Villa Architectural Design
Villa Seawadee by STK Development Co., Ltd. - Winner
Best Hotel Architectural Design
Point Yamu Villas by COMO Hotels & Resorts - Winner
Centara Grand Phratamnak by Tulip Group Highly Commended
Publisher’s Choice
Real Estate Personality of the Year
Tos Chirathivat, CEO, The Central Group
All the winners in the developer, development and design categories are now
automatically entered in the fourth annual South East Asia Property Awards
2014, which will be held at The Shangri-La Hotel, Singapore, on 16 October.
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Pattaya all set for 2nd annual property show
The 2nd Pattaya Property Show will take place at the
Dusit Thani Pattaya resort from October 3rd -5th with free entry to all
members of the public.
All the latest projects and pre-sales bargains will be on display from over
55 exhibitors who will give buyers and investors a great opportunity to see
what is on offer, compare locations and negotiate a good price on property
around the region.
Developers and realtors will be promoting condos, villas, town houses and
apartments from all over Pattaya as well as Rayong, Bang Saray, Hua Hin and
further afield.
Developers and realtors taking part include Veranda Resort and Spa, Raimon
Land, A+ Property, Natureza, Kingdom Property, Del Mare, Onyx Residence with
Marriott Executive Apartments, The Ville, Universal Group, Global Top Group,
Matrix Developments, Heights Holdings, Ocean Residential, Sea Saran, Siam
Realty Group, Norwegian Group, New Nordic, Pattaya Posh, Rightmove Pattaya,
Mosaic and many more.
The show will be open daily (Friday – Sunday) from 10.00-18.00hrs. For up to
date information visit www.pattayapropertyshow.com.
Exact Trading are also organizing the 1st Thai Property Expo at the Conrad
Bangkok on November 7th-9th 2014. This expo’s theme is escape from Bangkok
and will feature real estate from across Thailand including Chiang Mai, Kao
Yai, Rayong, Phuket, Koh Chang, Pattaya and Hua Hin. For more information
visit www. thaipropertyexpo.com.
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Riviera Group set to launch new project in Jomtien
Riviera Jomtien will feature a 46-storey
development incorporating 1053 luxury units.
Local property developer The Riviera Group recently announced it will soon
be formally launching a new luxury high-rise project on Jomtien 2nd Road
called The Riviera Jomtien.
 Currently
at pre-launch stage, the project will comprise of 46 storeys and incorporate
1053 units varying in size from 23sqm Studios up to 1, 2 bedrooms, ranging
from 35sqm to 65sqm, as well as Duplexes.
Developer Winston Gale said: “We believed we offered a product last year
(The Riviera Wongamat Beach) to the market that we hoped would be well
received for a variety of reasons. Fortunately our calculations were correct
and the project has sold very well. After much evaluation, we felt extending
the brand to Jomtien in the particular location chosen would also yield a
strong response by the market. Although very early days, so far the interest
has been excellent and so we look forward to the coming months ahead.”
The project itself sits on just over 6 rai of land and is also home to 26
commercial units designed to provide additional facilities and conveniences
to residents.
“An extensive showroom on-site is under construction which if all goes to
plan has an opening date of early-mid December. Investors, buyers and agents
can expect to have a similar showroom experience as we created in our
Wongamat Showroom,” said Mr. Gale.
As The Riviera Group moves up a few gears in the local property market, so
too has their involvement with Eastern Seaboards largest networking
organisation ‘Movers and Shakers’. Last month saw them host their first M&S
event at the all-new Holiday Inn’s fashionable venue called ‘The Workshop’.
Over 230 guests attended the event that provides upmarket networking in both
Pattaya and Bangkok whist raising funds for charitable causes. The Riviera
Group will now be the lead sponsor for the coming 12 months ahead, replacing
Kingdom Property.
For further information, call The Riviera Jomtien sales team on 087-499-6551
An artist’s graphic shows Riviera Jomtien’s
spectacular sky pool.
The Riviera Group team show their support for
business networking and charity at the latest Movers and Shakers event held
last month at the Holiday Inn, Pattaya.
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A greener future for Thailand’s property sector
Park Ventures Ecoplex is one of a growing number
of new commercial buildings in Bangkok that fully integrate green
technology.
The number of ‘green’ building in Thailand has been
growing rapidly since 2007, almost doubling annually as the direct result of
increasing awareness driven by the Thai Green Building Institute,
universities, the private sector, and the Thai government.
New commercial constructions account for almost 80% of green buildings in
the kingdom because they are easier to adopt compared to restructuring
existing ones. Moreover, green buildings are currently limited to the
commercial sector, as the accrued green cost is easier to bear by the
companies who occupy as tenants, compared to individuals in residential
buildings.
Smart elevator systems can
save up to 35% energy costs over existing designs.
According to Mickael Feige, manager of commercial growth
strategy consultancy Solidiance’s Thailand operation, there were zero green
building in Thailand as of 2007, while the number has now increased to reach
22. “Although it’s still small in number, Thailand is not behind its
counterparts in other ASEAN countries,” Mr Feige added.
Image cautious multinational companies are increasingly looking at setting
up their operations in green buildings in Thailand to leverage their
corporate branding, which is considerably impactful for the green building
development.
In the case of new construction projects, there is also a significant
decrease in operating cost resulting in higher savings as the building ages
over time, with a certain amount of added asset value and time on the return
on investment (ROI). The operating costs of green retrofit or renovation
projects are lower than the new buildings over the first year, but are
limited to 13% over 5 years.
“Green buildings translate into higher asset value, which renders a higher
rent charged to tenants,” said Mr Feige. “The cost of their construction is
higher than standard buildings by 10-15% but the rental fees charged to
tenants is also significantly higher — in Bangkok, the monthly occupancy
price per square meter can be up to 30% higher compared to other non-green
buildings of category A standard,” he added.
Main challenges hampering green building growth in Thailand include
reluctance by developers to initially take on the increased investment of
importing energy saving materials and solutions from abroad; a lack of
consistency and support from central government; the limited ‘green’
technical capacity and know-how of locally sourced construction workers; and
a lack of awareness of tenants of the benefits, both economic and
environmental of green building technology.
The question also arises: what makes a building ‘green’? Some technology and
solutions are mainly preferred in the market, i.e. LED lighting can save up
to 60% in energy compared to normal lighting systems. New heating,
ventilation and air-conditioning (HVAC) systems with the required technology
can also save up to 30% on energy consumption and elevator systems up to
35%. Combined with the implementation of effective building management
systems, even higher energy saving is feasible.
The future of green buildings in Thailand appears to be one of consistent
growth, especially in the short term in the commercial sector. While
residential developers are for now still hesitant to embrace the concept,
due to increased costs and a consequent impact on price point attractiveness
to customers, as the cost of green technology decreases and more solutions
become available on the market, buyers and investors of residential projects
will begin to experience more and more the true benefits of green building
technology.
(Source: Solidiance)
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Raimon Land PLC announces
two new appointments
Dr. Siri Ganjarerndee.
Property developer Raimon Land has announced the
appointments of Dr. Siri Ganjarerndee as an Independent Director and a
Member of the Audit Committee, and Sataporn Amornvorapak as Executive
Director and Chief Financial Officer of the company.
Dr. Siri has had a distinguished professional and academic career and holds
a PhD in Monetary Economics, Econometrics and Operations Research from
Monash University, Australia; a Master’s of Economics in Economic Statistics
and Monetary Economics from the University of Sydney, Australia; a
Bachelor’s of Economics (Hons.) from the University of Sydney, Australia;
and an AMP degree from Harvard University, USA.
 Sataporn
Amornvorapak.
Sataporn, who served as Raimon Land’s Vice President of Finance and
Operations since April 2013, has played an integral role in the company’s
success during his tenure with the firm. Before joining Raimon Land, he
served as Chief Financial Officer for Univentures PLC, from 2011 to 2013.
Prior to that, he was the Chief Financial Officer for Mermaid Maritime PLC,
from 2008 to 2011.
Sataporn holds a Master’s of Business Administration in Finance from
Kasetsart University and a Bachelor’s of Business Administration in
Accounting from Rajamangala University of Technology - Centre.
Raimon Land’s previous Executive Director and Chief Financial Officer, Nuch
Kalyawongsa, will remain as an Executive Director and a member of Executive
Committee of the Company.
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European skyscrapers
on the up & up
An artist’s impression shows the Lakhta Center
in St. Petersburg, Russia. The tower will stand 463 meters tall upon
completion.
Nowhere in Europe are taller buildings going up than in
Russia. St. Petersburg is currently witnessing the construction of the
continent’s future tallest skyscraper, Lakhta Center. At a height of 463
meters, the tapering, pointed super-tall will surpass the current
record-holder, Moscow’s Mercury City, by no fewer than 124 meters.
Emporis, the international provider of building data, has compiled a list of
the ten tallest skyscrapers currently under construction in Europe. In
addition to Lakhta Center, the list contains a further six projects from
Russia, all of whose construction sites are located in Moscow.
Some way behind the Lakhta Center, with a future height of 361 meters, lies
Vostok (Federation Tower East), the second-placed skyscraper in the ranking,
closely followed by the OKO Apartment Tower, which will reach 352 meters
into the skies. Both of these major projects are being built in Moscow, as
are a further four entries in the list. Two of them are not far off
completion – Eurasia Tower, which is set to come in at just over 300 meters
and will offer exclusive apartments on its highest floors, and Evolution
Tower, 255 meters tall and particularly conspicuous for its shape, which
twists upward in a spiral.
Due to these numerous major projects, Moscow is set to continue as Europe’s
skyscraper capital into the future. Already today, five of the continent’s
ten tallest completed skyscrapers are located in the city, including the
current European front-runner Mercury City with its record height of 339
meters. In as little as two years, following the projected completion of
Vostok (Federation Tower East), Moscow will dominate the top ten of the
tallest skyscrapers in Europe, with no fewer than seven buildings.
Alongside Moscow, the Turkish metropolis of Istanbul is increasingly
establishing itself as a center of skyscraper construction. The only city in
the top ten not in Russia, Istanbul has no fewer than three buildings in the
list. In addition to the two 284-meter-tall Skyland Towers, the city also
has The Metropol Tower, at 250 meters the tenth-placed building, in the
starting blocks. The three towers are due to grace the skyline of the city
on the Bosphorus from 2016 onward.
However, even if the Lakhta Center is set to approach the 500-meter mark,
European skyscraper construction still has some distance to go to catch up
with its Asian paradigms in terms of height. By way of comparison, the
world’s tallest building, the 828-meter Burj Khalifa in Dubai, is as tall as
Lakhta Center and Vostok (Federation Tower East) combined – and the tallest
building currently under construction anywhere in the world, Kingdom Tower
in Jeddah, will, with its projected height of a kilometer, be more than
twice as tall as the future European record-holder.(Source: www.emporis.com)
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Outrigger procures second Indian Ocean property in two years
Outrigger Konotta Maldives Resort to open in
July 2015.
Hawaii-based Outrigger Enterprises Group has purchased the Konotta Island
Resort situated in the Gaafu Dhaalu Atoll of the Republic of Maldives from
Crystal Lagoon Pvt Ltd. It is the second resort for Outrigger in the Indian
Ocean following the purchase and highly successful opening of the Outrigger
Mauritius Resort and Spa in April this year.
The transaction took place on September 23, 2014, for an undisclosed amount
and was brokered by Jones Lang LaSalle’s Singapore-based Hotels and
Hospitality Group, acting as exclusive adviser to the vendor. Following a
property renovation, the hotel is expected to open as the Outrigger Konotta
Maldives Resort in July 2015.
“This latest acquisition marks the continued successful expansion of
Outrigger in the Indian Ocean and fits perfectly with Outrigger’s aim to be
the world’s premier beachfront resort brand,” said David Carey, president
and chief executive officer at Outrigger Enterprises Group. “The Outrigger
Konotta Maldives Resort will be operated and marketed as a high-end premium
property located in a magnificent atoll setting.”
Since embarking on its expansion into the Asia-Pacific region in 2008,
Outrigger has grown its presence outside of Hawaii to include properties
currently open or under development in Phuket and Phi Phi Island, Thailand;
Fiji; Australia; Guam; Hainan Island, China; Mauritius; and Vietnam.
“In the Maldives, Outrigger will create a unique resort experience that will
attract discerning travelers from around the world,” said Darren Edmonstone,
Outrigger managing director, Asia Pacific. “Our acquisition in the Maldives
builds on 67 years of iconic resort management expertise developed within
Outrigger.”
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BLINK Design extends China portfolio with Rosewood Clearwater Bay
The stunning environment and spectacular vistas
at Rosewood Clearwater Bay on Hainan Island are designed to be seamlessly
integrated into the resort’s concept.
Bangkok and Singapore based BLINK Design Group claims to
have dialed up the design drama with its latest Chinese project, the
Rosewood Clearwater Bay on the resort island of Hainan.
 Clint
Nagata.
Rosewood, established in 1979, is a distinctive collection of highly
individual, luxurious, residential-style hotels inspired by the culture,
history and geography of each locale. Rosewood Clearwater Bay is part of an
Asian growth spurt by the brand which will be joined by Rosewood hotels in
Guangzhou, Phuket, Bangkok, Phnom Penh, Bali and Jakarta by 2017.
BLINK senior creative director and founder Clint Nagata said BLINK’s goal in
tackling the design of Rosewood Clearwater Bay - currently under
construction and due to open in 2016 - was to stay true to the pristine
Hainan Island setting by creating a sequence of dramatic build-ups and
reveals.
“It was about creating an element of surprise through the design that let
the spectacular views and landscape stand out even more,” Nagata said. “We
strove to make the resort a natural extension of the sea and beach, and this
was achieved through the strategically placed bodies of water. When viewed
from eye level, the waters form an infinite extension that merges with the
ocean, creating the illusion of floating on an infinite sea.”
Nagata said the use of high walls and long corridors also narrows the view,
while moving between courtyards heightens the suspense. The guest is
rewarded by dramatic, expansive views of the ocean and different, unexpected
spaces at the end of each corridor, he added.
BLINK’s Bangkok-based Head of Design, Ong-Art Ngamnarongkij, the lead
designer on the project, said a stand-alone ‘specialty restaurant ‘ on the
beach took a different design direction - encouraging a more casual kind of
luxury that’s confidently understated, laid-back to the point where guests
can dine in comfort in their designer flip-flops.
“Here, we have taken some of the angles and roof lines and use of bamboo
from local traditions and given them a twist,” Ong-Art said. “We have also
taken the immersion experience one step further, offering guests the option
to sit in a sunken dining area surrounded by bodies of water while they gaze
across endless ocean views.”
Ong-Art said he had just returned from Hainan Island where some minor
‘tweaks’ to the design were requested by the owners. In terms of materials
and inspirations, Ong-Art said BLINK’s deep-dive approach involving
extensive research into the locale and its design history, culture and
vernacular had been important.
“We have decided to use a lot of Chinese light grey granite that looks very
luxurious. The design is like a series of stacked boxes and this wraps it
all up like a jewel box. It’s honed, very smooth, but a matte finish. Then
we emphasize certain features like the swimming pool that sits on top of the
lobby with a ceramic tile in a zig-zag effect, which is lit up at night and
will be quite spectacular. Overall it’s a fairly neutral architectural
language. A simple massing, brought to life with articulation and shading.
Space and choice of materials are where the luxury resides.”
Other BLINK projects under construction in China include Doubletree by
Hilton, Benxi, a 500 key property set to open in the famed hot spring resort
in 2015, Renaissance & Courtyard by Marriott Resort, Hailing, Qianshen Spa &
Hotel, Hefei, and Sheraton Resort Beijing.
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CBRE Thailand secures
3 top Euromoney awards
David Simister, Chairman of CBRE Thailand.
Property management and advisory company CBRE Thailand
has received some glowing recognition at the 2014 Euromoney real estate
awards. CBRE won first place in the Top Agency/Letting, Top Valuation, and
Top Research in Thailand categories. In Asia Pacific as a whole, CBRE
secured 18 awards in the Advisors and Consultants category, including six
overall country wins.
In addition, CBRE Group has been named the Top Global Real Estate Advisory
Firm and Top Global Valuation Services Provider this year. CBRE is the only
firm to achieve both top honours in three consecutive years, and has now
earned the highest award seven times in the ten years that Euromoney has
been running its real estate awards programme.
Euromoney, a leading international finance publication, surveys the opinions
of real estate advisors, developers, investment managers, corporate
end-users and banks worldwide to determine the best providers of real estate
services. Real estate professionals from more than 160 countries
participated in this year’s survey. In addition to the global awards, CBRE
was named the top advisory firm in Western Europe and Africa, as well as the
top advisory firm in 20 countries*.
David Simister, Chairman of CBRE Thailand, commented, “This is the second
time we have won the Top Agency/Lettings and Top Research awards in
Thailand. CBRE Thailand is proud that our expertise, experience, and staff’s
dedication in brokerage, research and valuation is recognised by the
industry prosessionals and real estate related parties.”
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Rise of super cities will generate double digit rental growth
An artist’s graphic shows the Nine Elms
development in London (bottom left).
Rising new technology industries and economic recovery
are set to drive double digit rental growth in the fifteen leading global
cities over the next five years, according to a new report released by
property consultancy firm Knight Frank.
With rents at the start of a new cycle, a new wave of property development
is expected to accommodate future economic growth. Building will be focused
on new districts, like New York’s Brooklyn, and Nine Elms in London.
Skyscrapers will be the preferred means of maximising sites to deliver large
volumes of space.
James Roberts, Head of Commercial Research at Knight Frank, said: “Premium
pricing for real estate is found in those cities with the most high value
knowledge workers, which consequently attract the world’s leading
corporations. These are the ‘Global Cities’ and the they are set to
experience double digit rental growth in their respective office markets due
to substantial demand and restricted supply of new commercial stock.
“The race for knowledge workers and the attractiveness of firms operating in
these sectors is borne out by our prediction for office rental growth, with
San Francisco’s rents leading the way with an increase of 36.2 per cent by
2019, driven by the effect of Silicon Valley.”
The renaissance of demand for Madrid’s office market will see it achieve
substantial growth and join Singapore as the biggest movers in the top ten
list of office markets globally over the next five years.
“A new world of technology revolution with humans providing the creative
impetus is generating a renaissance in the commercial property world,” added
Roberts. “Firms today are scrambling to secure knowledge workers and the
trend for a return to urban living has turned the global cities into talent
magnets, and consequently multi-national corporations feel it is essential
to locate within them.”
The report said restricted supply of new office stock in conjunction with
this heightened demand for commercial space will see vacancy rates diminish
in key cities by 2019 with the average vacancy rate dropping to just 6.3 per
cent in the top 10 cities globally. Vacancy rates in Tokyo and London will
drop to just 3.9 and 4.4 per cent respectively.
“Our data illustrates the opportunity for property investors and developers,
who are in a position to exploit the growing trend for urban living across
the globe,” explained Roberts. “There was $202bn of global commercial real
estate investment in 2009 and we forecast this amount to increase to $606bn
in 2015, as just a taste of market activity to come.”
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Golden Tulip opens second property in Indonesia
Golden Tulip Essential Denpasar.
Louvre Hotels Group, the 10th largest hotel group in the
world, recently announced the opening of Golden Tulip Essential Denpasar in
Bali - the second Golden Tulip Hotel in Indonesia.
The newly-built hotel, primarily aimed at business travellers, aims to
pioneer the concept of “affordable comfort” in the market. It is located in
Denpasar’s thriving city center and business district area and features 94
contemporary-designed guest rooms as well as six function rooms with a
capacity for up to 150 persons.
Mark Van Ogtrop, Managing Director South East Asia of Louvre Hotels Group,
commented: “We are very proud to announce the opening of our second hotel in
Indonesia, which is a very good business hotel with a very nice ambiance. We
are also excited to launch our new F&B concept in this hotel called “The
Branche”, which is a contemporary outlet which will be featured in most of
our new hotels”.
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