Asia Pacific – Q2 2024

REPORT
Savills Research

Investment QuarterlyAsia Pacific Investment Quarterly

Asia Pacific Network
CHINA
BeijingChangshaChengduChongqing
FuzhouGuangzhou (2)HaikouHangzhouNanjingShanghai
Shenyang
ShenzhenSuzhouTianjin
Wuhan
XiamenXi’an
ZhuhaiCAMBODIA
Phnom Penh*
HONG KONG SAR
CentralCentral*Exchange Square
Taikoo Shing (2)INDIA
Ahmedabad
Bengaluru
Chennai
Gurugram
Hyderabad
Kolkata
MumbaiPune

INDONESIA
JakartaJakarta*

AUSTRALIA
Adelaide
Brisbane
Canberra
Chatswood
Melbourne
Notting Hill
Parramatta
PerthSunshine Coast
Sydney (2)JAPANTokyo (2)
MACAU SAR
Macau
MALAYSIA
Johor Bahru
Kuala Lumpur
Kuala Lumpur*
PenangNEW ZEALAND
AucklandChristchurch
Hamilton

PHILIPPINES
Bonifacio*
Cebu*
SINGAPORE
Singapore (4)Singapore*
SOUTH KOREA
Seoul
TAIWAN, CHINA
Taichung
TaipeiTHAILAND
Bangkok
VIETNAM
Hanoi
Ho Chi Minh City (8)* Associate Office

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Asia Pacific Investment Quarterly

Content

Asia Pacific04

Australia

05

China

06

Hong Kong

07

India

08

Indonesia

09

Japan

10

Macau

11

Malaysia

12

Pakistan

13

Philippines

14

Singapore

15

South Korea

16

Taiwan17

Thailand18

Viet Nam

19

Major transactions Q2 2024

20

3

Asia Pacific Investment Quarterly

Asia PacificAsia Pacific’s 2024 real GDP forecast has been revised up
to 3.9%1, fueled by India’s robust economic performance anda strong export recovery. However, the resilient US economy
pushed back the Fed’s rate-cut timeline and monetary policies
are expected to remain broadly unchanged across most major
markets, with higher interest rates likely persisting until theend of the year, except for Japan and China. Investors haveremained cautious and slowed investment commitments
during Q2/2024, resulting in a 28.1% YoY decline in preliminary
investment volumes (deals worth over US$10 million, excluding
development sites and pending transactions) to US$26.3 billion.
Investment volumes in Japan slowed in Q2 following theend of negative interest rates, but it remained one of the
top spots in the region, underpinned by low interest rates
and favourable yield spreads compared to global peers. In
contrast, despite China’s sustained position among the
top three most active markets in Q2, investment activity
remained weak amid a sluggish property market and limited
foreign inflows. Hospitality was the only sector registering
growth during Q2, benefiting from the recovery in domestic
tourism and business travel.
Meanwhile, Australia finally reversed its downward
trend in Q2, led by a strong recovery in the prime officesector. The decline in prime office values released pentup demand, resulting in an increase in transactions andrenewed interest from global investors. South Korea’s

investment volume was driven by robust demand for Seoul
CBD’s prime offices, amidst low vacancy and limited prime
office stock availability. Hong Kong experienced a mild QoQ
improvement, driven by several notable retail deals while
Singapore’s investment activity was relatively soft in Q2 dueto the high cost of finance and tight yield spreads.
Other major emerging markets, including India andMalaysia, saw sustained growth momentum in Q2. India
remained a key target for global institutional investors, withstrong demand for prime office assets driving significant
growth. Malaysia also saw robust growth, buoyed by several
notable retail deals and a surge in demand for data centers.
Although overall investment volumes in Taiwan dropped
in Q2, the industrial and logistics sector benefitted fromthe AI boom and resilient residential investment, partially
offsetting the declines in the office sector.
The commercial sector (office, retail and industrial/
logistics) continued to dominate investment volumes in
Q2, accounting for over 75% of the total. However, theproportion of investments in hotels doubled during Q2,
indicating a continued shift towards alternative assets
which can offer favourable yields.
Looking ahead, rate cuts are anticipated by year-end due toeasing inflationary pressures and slower economic growth andthe regional property market is expected to see a gradual recovery
over the coming quarters. However, the US elections and ongoinggeopolitical tensions may weigh on the regional recovery.

1 Source: Oxford Economics

Simon Smith
Regional Head of
Research & Consultancy,
Asia Pacific+852 2842 4573
ssmith@savills.asia
Susan ManManager,
Regional Research &Consultancy+852 2842 4270
susan.cy.man@savills.asia
Susan ManManager,
Regional Research &Consultancy+852 2842 4270
susan.cy.man@savills.asia

Asia Pacific Investment Volumes, Q1/2019 to Q2/2024*
80
70

US$ BILLION

60
50
40
30
20
10
0
Q1

Q2

Q3

Q4

Q1

2019

Q2

Q3

Q4

Q1

Q2

2020

Q3

Q4

Q1

Q2

2021

Q3

Q4

Q1

2022

Q2

Q3

2023

Q4

Q1

Q2*

2024

Asia Pacific Investment Volumes by Asset Class, Q2/2023 and Q2/2024*
5%
9% 1%

17%
8%

32%

36%

OfficeIndustrial
Retail22%

Hotel

Q2/2023

Residential

Q2/2024*

21%

Seniors Housing & Care
28%

21%
Source MSCI Real Capital Analytics, as of 12 July 2024
Note Office, retail, industrial, apartment, hotel, and senior housing & care transactions included. Entity level deals included. Development sites
excluded. Based on independent reports of properties and portfolios US$10 million and greater. Data believed to be accurate but not guaranteed.
*Preliminary for Q2/2024
savills.com.hk/insight-and-opinion/research.aspx

4

Asia Pacific Investment Quarterly

Australia
As Q2 ends, economic expectations have again beenadjusted as monetary policy and economic performancecontinue to dominate the local narrative. Higher interest
rates and cost of living pressures are weighing on householdspend and overall economic activity. Real GDP rose 0.1%
over Q1/2024, to be 1.1% higher YoY, in line with market
expectations. However, in per capita terms, GDP declined
by 0.4% QoQ to be 1.3% lower YoY as population growthcontinued to outpace economic growth. The economy
is expected to continue to grow at slow pace in Q2, withgrowth then picking up slightly later in the year. The Focus
Economics consensus forecast is for 1.8% growth in 2024,
accelerating to 2.5% in 2025.
After slowing sharply over the course of 2023, inflation
has picked up, with the monthly indicator for May
climbing to 4%, up from 3.6% in April to its fastest pacesince November 2023. Persistent growth in residential
rents, food, electricity, and transport prices are the main
contributors. Comprehensive June quarter inflation data
is due late July, just ahead of the RBA’s next rate decisionon August 6. However, following the May inflation reading,financial market participants have already pushed out thetiming of RBA policy easing until late 2025 and are now
pricing in a roughly 50% chance of another 25bps increaseby the end of 2024.

While volatility in the interest rate outlook may result ina slower recovery than previously anticipated, investment
turnover in Q2 is 33% higher than its lowest quarter last year.
After a 12-month period of muted activity, increased deal flowin the office sector is a significant contributor to the uptick,with office volumes (+AU$10m) reaching c.AU$2.57 billion in
Q2, up from c.AU$882 million in Q1. The deal flow suggests
an increased number of motivated sellers.
Industrial volumes totalled c.AU$1.8 billion in Q2, up
from c.AU$1.3 billion in Q1. Retail volumes for Q2 arec.AU$1.5 billion, down from c.AU$2.1 billion in the previous
quarter. In aggregate, investment volumes (deals above
AU$10m) total c.AU$5.8 billion, compared to AU$4.3 billion
in Q1/2024.
Active players include opportunistic capital, syndicators,
select institutions, and offshore entities. Select REITs
have become active again ahead of June 30th valuations.
The pricing on major office transactions in Sydney andMelbourne indicates that values are trading at a discountof up 25% from their peak, with the end of financial year
reporting period expected to provide further insight. While
the recent unexpected acceleration in inflation may hamper
further improvement in sentiment, it is expected that theprice expectation gap will begin to close as more investors
speculate markets are close to the cyclical bottom.

Paul Craig
CEO+61 2 8215 8888
pcraig@savills.com.au

Katy Dean
Head of Research &Consultancy+61 2 8215 6079
kadean@savills.com.au

Commercial Property Transactions (AU$10 million+) by Status, Q2/2020 to Q2/2024 (YTD)

VOLUME (AU$ MILLION)

25,00020,00015,00010,000

5,000

0
Q1

Q2

Q3

Q4

Q1

Q2

2020

Q3

Q4

Q1

2021

Q2

Q3

2022

Q4

Q1

Q2

Q3

2023

Q4

Q1

Q2#

2024

Source MSCI Real Capital Analytics, Savills Research#
Preliminary for Q2/2024

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

255 George Street

Sydney, NSW

AU$363.8 mil/
US$242.6 mil

Keppel REIT

Office5 Martin Place (50% stake)

Sydney, NSW

AU$296.2 mil/
US$197.5 mil

Cbus Property

OfficeRosebud Plaza

Rosebud, VIC

AU$134.5 mil/
US$89.7 mil

Rest Super JV Barings

Retail628 Bourke Street

Melbourne, VIC

AU$115.8 mil/
US$77.2 mil

Charter Hall Retail REIT

OfficeAustralian industrial portfolio(Goodman Group)

Various locations,Sydney/Melbourne

AU$780.0 mil/US$520.0 mil*Rest Super JV Barings

Industrial

Source MSCI Real Capital Analytics, Savills Research* Price is approximate

5

Asia Pacific Investment Quarterly

China
China's economy showed resilience in Q1/2024, posting a
1.6% quarterly growth and a 5.3% year-on-year (YoY) increase,driven by supportive policies and a rebound in industrial
production, manufacturing investment, and exports. However,real estate investment remained a drag, contracting by 9.5%
YoY in the first quarter. The ongoing slump in the property
sector may undermine the sustainability of the economic
recovery, leading to a more cautious outlook for future growth.
In response to these challenges, the Chinese governmenthas been adjusting its policies in 2024, prioritizing stabilizing
the real estate market. Steps such as relaxing house purchase
restrictions and lowering mortgage rates are expected toincrease transaction volumes and improve developers’ cash
flow, providing them with much needed liquidity. Additionally,
China's first three retail infrastructure REITs were listed in
March, namely China Jinmao Retail REIT, Jiashi Wumart
Retail REIT and China Resources Retail REIT, helping to enrich
the variety of asset types available through REIT structures.
China-wide en-bloc transactions (RMB100 million andabove) reached a provisional total of RMB279 billion in the 12months leading up to 15 June 2024, representing an 11% YoY
decline. Among them, office transactions fell the most, by 45%
YoY to RMB76 billion, mainly stemming from uncertainties
in the economic environment, oversupply and weak investor
sentiment. The second largest segment, the industrial sector,

saw transaction volumes decline by 16% YoY, with theinvestment market dominated by mergers and acquisitions
by domestic companies and developers, while institutionalbuyer activity still hasn’t fully recovered.
Nevertheless, the transaction volume of retail, hotel
and multifamily in the same period still maintained steady
growth, increasing by 35%, 79% and 48% YoY in the 12 months
ending 15 June 2024, respectively. The hotel investment market
has been steadily improving, thanks to the continued recoveryof the domestic tourism market and business travel, while more
assets are coming to the market as owners look to restructureand streamline portfolios. The retail sector is receiving
renewed interest from investors given their recent inclusion
into the REIT regime. During the same period, multifamily still
maintained strong growth on the back of land, fiscal, taxation,and financial policy support, but there are increasing concerns
about potential for short term oversupply as investors rush
into the space. At the same time, there are new policies being
enacted such as the recent announcement by the PBOC that
it is setting up a RMB300 billion relending fund to support
local governments and banks to purchase unfinished homes,
with the aim of then providing them affordable housing
when finished. While not direct competition to moremarket-based schemes this and other schemes should bemonitored closely by investors.

Louisa Luo
Head of Capital Markets
& ILS
China
+86 21 6391 6688
louisa.luo@savills.com.cn
James Macdonald
Head of Research
China+86 21 6391 6688
james.macdonald@savills.com.cn

China Enbloc Transaction Volumes (income producing), 2019 to Q2/2024
2019

2020

2021

2022

2023

2024

180
160

RMB BILLION

140
120
100
80
60
40
20
0
OfficeRetailIndustrial

Hotel

Residential
Source MSCI Real Capital Analytics

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Beijing INDIGO Phase II(64.79% share)

Beijing

RMB4.0 bil/
US$551.3 mil

China Life JV
Swire Properties

Commercial complex

Sinochem International Plaza(70% share)

Shanghai

RMB1.5 bil/
US$209.1 mil

Huatai Securities

OfficeLangham Place Hotel
Nanfeng

Guangzhou

RMB1.4 bil/
US$193.0 mil

Haizhu Industrial
Investment

Hotel

Building B of Fuhui Plaza

Shanghai

RMB1.3 bil/
US$182.9 mil

Caitong Securities

OfficeBuilding C of Fuhui Plaza

Shanghai

RMB1.3 bil/
US$173.6 mil

Caitong Securities

OfficeSource Savills Researchsavills.com.hk/insight-and-opinion/research.aspx

6

Asia Pacific Investment Quarterly

Hong Kong
The first half of 2024 experienced considerable market
turbulence, primarily driven by sustained high interest
rates, which led to high funding costs. As a result, banks
adopted a conservative approach, leading to a reduction
in commercial real estate lending. Consequently, theinvestment market has been dominated by end users
and cash-rich buyers, perpetuating the subdued market
atmosphere which has persisted since 2023, with en-blocand major commercial investment value amounting to only
HK$9.9 billion, a 47% YoY decline.
Despite the overall market challenges, the second quarterof 2024 witnessed some notable en-bloc transactions. A
standout deal was the sale of a brand-new hotel in Hung
Hom for HK$1 billion to the Hong Kong Metropolitan
University. The 255-room hotel was part of the University’splan to provide comfortable, conveniently locatedaccommodation for its students. This transaction highlights
the demand from cash-rich end users driving the market.
Another significant transaction involved the retail
podium and public car park at Alto Residences, which
is located seven minutes from Tseung Kwan O station.
Following an extensive year of negotiation, CR Longdation,a subsidiary of China Resources Group, acquired theproperty. The retail podium offers an attractive 6% return

which could lure long-term investors even under thecurrent high interest rate environment.
The office sector was dominated by distressed sales. The
new commercial building 88WL, located in the business areaof Sheung Wan, was sold for HK$700 million, representing
a significant discount to the original acquisition andredevelopment costs. The low unit price was a key incentive
in the buyer's decision, and the property is expected to yielda return of approximately 5% when fully leased.
Other notable discounted sales included two entire floorsof the Bank of America Tower, selling for HK$18,732 andHK$18,012 per sq ft respectively, some 60% lower than thehighest unit price achieved in the building. Additionally,
the 29th floor of No. 9 Queen's Road Central (QRC) was
acquired for HK$22,514 per sq ft, a more than 60% discountto peak prices.
With banks’ loan quality likely to further deteriorate
over the next few months, meaning they will be equally if
not more cautious in terms of lending, coupled with highrefinancing costs pushing more large property portfolio
owners to offload some of their fringe assets at discounts,
we may see more discounted / distressed sales in thecommercial real estate market in the second half of 2024.
Cash rich buyers will be the major beneficiaries and should
continue their bargain hunting.

Peter Yuen
Managing Director
Investment & Sales+852 2842 4436
pyuen@savills.com.hk

Jack Tong
Director
Research & Consultancy+852 2842 4213
jtong@savills.com.hk

Significant Non-Residential Transactions (En-bloc, and 30% Ownership Above), 2016 to 2024*
Industrial

OfficeRetail Podium/Shopping Centre

Hotel

TRANSACTION VOLUME (HK$ BILLION)

160
139.6

140

9%

120
23%
100
83.8
8%

80
56.9
60

4%
16%

22%

40
20
0

48%
68%
12%
2016

38% YoY

55%

13%

22%

2017

2018

34.9
20%
5%
56%

43.2
10%
9%
36%

22.8

19%

12%
6%
54%
28%

2019

2020

45%

26.7
23%
8%
56%

2021

2022

16% YoY

47% YoY

31.1
22%
12%
59%
6%

25%
57%

2023

2024*

13%

9.9
18%

Source Land Registry, EPRC, HKEx, Market News, Savills Investment, Savills Capital Markets Research* 2024 figures are as of 30 Jun 2024 and subjected to change.

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

88WL

Sheung Wan

HK$700.0 mil/
US$90.0 mil

A local investor

Office29/F, 9 Queen's Road Central

CentralHK$310.0 mil/
US$39.8 mil

TBC

OfficeHouse B, No. 10 Black's Link

The Peak

HK$448.0 mil/
US$57.6 mil

TBC

Residential

84-102 Wuhu Street

Hung Hom

HK$1.0 bil/
US$128.5 mil

Hong Kong
Metropolitan University

Hotel

Retail podium and public carparks, Alto Residences

Tseung Kwan O

HK$540.0 mil/
US$69.4 mil

China Resources
Longdation Co Ltd

RetailSource Savills Research & Consultancy

7

Asia Pacific Investment Quarterly

India
India continued to demonstrate remarkable steadfastness
amidst domestic elections and global economic uncertainties
in the first half of 2024, mainly due to supportive domestic
demand conditions. India's real GDP grew by 8.2% in FY2024,
surpassing the 7.0% expansion in FY2023. Macro-economic
indicators point to robust domestic activity in FY2025,with real GDP growth projected at 7.2% for the full year.
Consequently, Forbes expects India to be the world’s thirdlargest economy by 20272 .1In early June, the RBI maintained
the repo rate (unchanged since February 2023) at 6.5%,
thereby conveying its confidence on managing inflation.
Domestic inflation dropped to a 12-month low of 4.75% in
May 2024. The RBI has projected India’s headline inflation
rate at 4.5% for FY2025, comfortably within the target
range of 2% to 6%. The stability in the policy rate, alongwith moderated inflation, has fostered an encouraging
environment that bodes well for investor confidence.
In April 2024, world's largest democratic exercise cameto an end with the conclusion of general elections in India.
The National Democratic Alliance (NDA) secured a third
consecutive term. The new government’s Union Budget
2024-25, anticipated in July 2024 will likely focus on targeted
spending and an infrastructure revamp. It is expected to focus
on capital expenditure, prioritising investment over private
consumption, while staying fiscally prudent overall.
2 https://www.forbes.com/sites/benjaminlaker/2024/02/23/india-to-becomethird-largest-economy-by-2027-implications-for-leaders/

Strong macro-economic fundamentals facilitatedmomentum in investment activity in Indian real estate.
During Q2/2024, private equity investment inflows into thesector amounted to US$1.1 billion (INR96 billion), on a par withthat recorded in the corresponding period of the previous
year. Further, the inflows during 1H/2024 stood at US$1.7
billion (INR142 billion), registering a 42% increase YoY.
The commercial office segment maintained its pivotal
position during Q2/2024, garnering a 51% share of the overall
investment pie. Of note, investment in the residential
segment picked up pace, and it stood a close second with a
47% share. This could be attributed to sustained demand as
well as an infusion of new projects funded by institutional
investors. A majority of investment in the residential
segment came from foreign institutional investors indevelopment assets in Bengaluru and Mumbai.
Indian real estate has been a constant recipient offoreign investment on the back of robust domestic demandand policy support. Further, the market is witnessing asubstantial rise in investor confidence from the APAC
region. Per our recent report ‘Private Equity In Indian Real
Estate: Rising Opportunities’, the share of Asian investors
in Indian real estate grew from 15% during 2019-2020
to 47% during 2021-2023. During 1H/2024, over 70% of
the investment was accounted for by Asian investors
and a significant majority was concentrated in office andresidential assets in Bengaluru and Hyderabad.

Anurag Mathur
Chief Executive Officer+91 96 500 37779
anurag.mathur@savills.in

Arvind NandanManaging Director
Research & Consulting+91 98 200 97634
arvind.nandan@savills.in

Private Equity Real Estate Investment, Q2/2022 to Q2/2024
Deal Value (LHS)

No. of Deals (RHS)

2,000

25

1,800
1,600

20

US$ MILLION

1,200

15

1,000
800

10

NO. OF DEALS

1,400

600
400

5

200
0

0
Q2/2022

Q3/2022

Q4/2022

Q1/2023

Q2/2023

Q3/2023

Q4/2023

Q1/2024

Q2/2024

Source Savills Research & Consulting

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Waverock IT SEZ

Hyderabad

INR22.0 bil/
US$263.4 mil

GIC and Xander
Investment Management

OfficePortfolio of greenfield
residential projects
across 4 cities

Bengaluru, Mumbai,
Goa & NCR

INR20.0 bil/
US$239.6 mil

Abu Dhabi Investment
Authority (ADIA) & Kotak
AIF

Residential

A 41-acre land parcelin Bengaluru

Bengaluru

INR19.0 bil/
US$227.5 mil

Mapletree Investments

OfficeSource Savills Research & Consulting

savills.com.hk/insight-and-opinion/research.aspx

8

Asia Pacific Investment Quarterly

Indonesia
The hotel sector was one of the earliest property markets
to emerge in urban areas in Indonesia, of which Greater
Jakarta accounts for a majority of star-rated hotels
followed by Bali as a global tourist destination.
Hotel market performance in Indonesia accelerated
during Q2/2024, coinciding with the Eid Al-Fitr and school
holidays, as well as an increase in the government’s MICE
activities. Leisure activities during the holiday seasons
were the main generator for hotels, particularly in tourismbased areas such as Bali and Bandung. In addition, MICE
activities were also identified as a main generator mostly
by government institutions.
Meetings and business travel related to the new capitaldevelopment have had a positive impact on hotel market
performance in certain cities in Indonesia including
Balikpapan and Greater Jakarta. Another major event
which contributed to hotel market performance in Q2/2024
was preparations for the XXI National Sports Week (PON)
and the 2024 Summer Olympics. Overall, the hotel market
performed better in most major cities, posting an increasein both occupancy and room rates.
An improvement in the office market occurred in a
few big cities such as Jakarta and Surabaya. Even though
there was an increase in demand absorption, rents haveremained largely stagnant. The ongoing trend of a “flightto quality and cost saving” is still prominent in thecurrent office market. As a result, Grade A offices saw
higher absorption levels as well as generally more active
leasing markets. Demand generators in Jakarta include
technology-based companies, followed by companies in theservice sector, financial institutions, oil, gas, and mining.
Meanwhile, demand generators outside Jakarta include
logistics, trading, futures and services companies.
Demand for retail space continues to be dominated by
F&B, sports fashion, health & beauty and entertainment
tenants. Several international brands are starting to
expand their first stores, especially in CBD Jakarta. Indoor
playgrounds and sports-theme parks continue to expand.
Meanwhile, department stores have closed their outlets
in several retail centers. Many retail centers are currently
adjusting their concept to attract new tenants and improvetheir competitive advantages.
Residential market activity continued to be dominatedby landed houses, driven by demand from millennials and
Gen Z. Meanwhile, the apartment market continued to
be under pressure with limited demand absorption andstagnant price levels. Investors who were previously themain demand generators adopted a “wait and see” attitude
to buying apartments.

Kevin Murtagh
President Director+62 21 293 293 80
kevin.murtagh@savills.co.id

Tommy Henria Bastamy
Senior Director
Research & Consultancy+62 21 293 293 80
tommy.bastamy@
savills.co.id

Hotel Supply Distribution, Q2/2024
Pekanbaru
3%
Batam
6%

Greater Jakarta
38%

Palembang
3%
Balikpapan
3%
Makassar
5%
Medan
4%

Surabaya
9%

Bandung
11%
Bali
18%

Source Savills Indonesia Research & Consultancy

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

A 4,000-sq m of landSouth Jakarta

IDR160.0 bil/
US$9.8 mil

N/A

Data Centre

A 108-ha of land

Subang, West Java

IDR1.7 tri/
US$106.0 mil

BWD

Industrial

A 5,600 sq m of landSouth Jakarta

IDR308.0 bil/
US$18.9 mil

N/ACommercial

Brawijaya Hospital ShareGreater Jakarta

IDR2.4 tri/
US$150.0 mil

PT Saratoga Investama
Sedaya Tbk (SRTG)

Hospital

A 16,000 sq m of office space

CBD, Jakarta

IDR3.2 bil/
US$196,337.9 mil

ShopeeOfficeSource Savills Indonesia Research & Consultancy

9Asia Pacific Investment Quarterly

Japan
According to the Ministry of Finance, corporate profits
across all industries in Q1/2024 saw a notable increase of 15.1%
year-on-year (YoY). One in five listed companies in Japanare likely to achieve new historical profit highs at the end of
this fiscal year in March 2025. Top global players in nichemarkets and services focusing on inbound business seem tobe performing strongly. Employment and income conditions
have moderately improved, but private consumption has
been lukewarm amid general price increases.
The May 2024 CPI excluding fresh food inched up
2.5% YoY. Robust wage growth announced this spring is
expected to result in positive real wage growth but only
after the summer. In response to this inflation, the Bankof Japan has decided to begin reducing the volume of its
JGB purchases on a substantial scale starting in summer.
Additionally, speculation about earlier tightening isincreasing due to the weak yen, but it appears that the
government has hinted at delays.
TOPIX increased moderately by 1.3% quarter-on-quarter(QoQ) in Q2/2024, following a rapid price increase since thebeginning of 2024, coupled with ongoing global uncertainty.
The TSE J-REIT index remained tepid, experiencing adecline of 3.8% QoQ due to unfavorable interest rate
prospects, as well as lukewarm dividend growth.
The prospect of rising interest rates appears to be

influencing sector preferences within the investmentcommunity. While the logistics and residential sectors
may not be the most favourable asset classes in a risinginterest rate environment, the residential sector is gaining
popularity due to prospects for rental increases. The officesector seems to have bottomed out, yet overseas investors,
particularly from the West, remain lukewarm. Hotels haveposted a strong performance, bolstered by robust tourist
demand. Similarly, the retail sector is attracting increasing
investor interest, including from strategic buyers. Overall,
investor sentiment in Japan remains positive, supported by
the wide yield spread. As we approach the end of the year,with likely greater clarity on the interest rate outlook, higher
transaction volumes are expected.
In Q2/2024, the Grade A office market witnessed sustained
improvements and recovered further. Japanese corporate
expansion supported by strong profits has lifted the outlook of
the Tokyo office market, with rents increasing by 1.1% QoQ to
JPY33,000 per tsubo, and vacancy tightening 0.1ppts QoQ to
2.9%. Indeed, the large new office supply in 2023 was absorbed
uneventfully due to strong demand for modern office space,
and the limited incoming supply in 2024 should provide somebreathing room. In particular, the growing demand for modernbuildings with strong ESG certifications in prime central
locations is likely to drive further rental growth.

Jon Salyards
Managing Director,
Institutional Investment
Advisory+81 3 4330 3266
jsalyards@savills.co.jp
Andy Hurfurt
Managing Director,
Institutional Investment
Advisory+81 3 4330 3328
ahurfurt@savills.co.jp
Tetsuya Kaneko
Managing Director,
Head of Research &Consultancy+81 3 4330 3103
tkaneko@savills.co.jp

Office Rents and Vacancy in Tokyo’s Central Five Wards, 2011 to Q2/2024
Grade B Vacancy (RHS)

Grade A Rents (LHS)

Grade B Rents (LHS)

35,0007%30,0006%

25,0005%

20,0004%

15,0003%

10,000

2%

5,000

1%

0

0%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2

8%

VACANCY RATEJPY PER TSUBO PER MONTH

Grade A Vacancy (RHS)
40,000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023 2024

Source Savills Research & Consultancy

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Park Front Hotel

Osaka

Over JPY70.0 bil/Over US$444.0 mil

GK PF Realty(Private fund formed by
Tokyu Group)

Hotel and retail

Hommachi Garden City

Osaka

JPY65.9 bil/
US$418.0 mil

BentallGreenOak

Office, retailand hotel

Garden City Shinagawa
GotenyamaTokyo

JPY61.0 bil/
US$387.0 mil

Domestic Company

OfficeMitsui & Co. Group portfolio(29 properties)

Tokyo

Approx. JPY40.0 bil/Approx. US$254.0 mil

Gaw Capital, Alyssa Partners

Residential

Kyushu University
redevelopment site

Fukuoka

Approx. JPY37.0 bil/Approx. US$236.0 mil

Group represented by
Sumitomo Corporation

Site

Source Nikkei RE, MSCI Real Capital Analytics, J-REIT disclosures, Savills Research & Consultancy

savills.com.hk/insight-and-opinion/research.aspx

10Asia Pacific Investment Quarterly

Macau
Macau has been ranked as the most satisfactory outbounddestination city in the first quarter of 2024 by the China
Tourism Academy. At the end of May, the cumulative
visitor arrivals to Macau reached 14.17 million, equating toa daily average of over 93,000 arrivals, representing a YoY
increase of more than 50%. This statistic indicates thatthe number of visitors has recovered to nearly 82% of thelevels observed during the same period in 2019.In addition,
the Chinese government continues to expand the list of
cities eligible for individual visas to Macau from 51 to 59,
underpinning the tourism market's robust and sustained
momentum.
In popular tourist areas such as the Central and Rua deCunha districts, crowded scenes can be observed nearly
every weekend and especially during Chinese public
holidays. Fueled by the rising popularity of online media
and recommendations in China, featured shops in theseareas often have long queues during peak dining hours. The
vacancy rate on core streets remains below 5%, and adjacentstreets, benefiting from visitor overflow and the desire to
explore further, are expected to experience lower vacancy
rates in the near future. Rental transactions with unit rates
exceeding HK$100 per sq ft are more frequently observed
on typical tourist streets, especially for small shops in theCentral district, with some cases near the Domingos area

reporting unit rates of over HK$450 per sq ft transacted in
the first quarter.
Significant retail sales deals were witnessed during thefirst half of the year, and a total area of a series of retailpremises on the ground floor of approximately 63,000
sq ft of La Cite – a prominent residential project locatedat the Pearl of the Orient region, were brought to themarket. Recent deals for street shops in La Cite wereclosed at an average unit price of HK$20,000 per sq ft
gross, and over HK$28,000 per sq ft for superior locations
or smaller shops. The monthly rental rates of these shops
are typically about HK$80 per sq ft of gross floor area,translating to an attractive rental yield of about 4.8%,
which sets a benchmark for the market given this project
can be regard as one of the most desirable among wellestablished local retail areas.
Hotel properties also remain strong, with the averageoccupancy rate of hotel guestrooms reported at 85.1% in thefirst quarter of 2024, representing a significant 17.2% YoY
increase. This figure is predicted to exceed 90% annually
in 2024. Regarding guestroom rates, the average rate for all
hotel guestrooms was reported as MOP1,191 per night in thefirst quarter of 2024, signifying a growth of approximately
22% YoY, further underscoring the robust performance ofthe tourism market.

Franco LiuManaging Director+853 2878 0623
fliu@savills.com.mo

Cindy Liu
Senior Director andHead of Valuation (Macau)+853 2878 0623
cliu@savills.com.mo

Number of Tourist Arrivals and Gaming Revenue, January 2020 to April 2024
Tourist Numbers (LHS)

Gaming Revenue (RHS)
25,0003,000

20,0002,500
15,000

2,000
1,500

10,000

1,000
5,000

500
0

GAMING REVENUE (MOP MILLION)NUMBER OF TOURISTS ('000)

3,500

2021

2022

Jan

Mar

Nov

Jul

2023

Sep

Mar

May

Jan

Nov

Jul

Sep

May

Jan

Mar

Sep

Nov

Jul

May

Jan

Mar

Nov

Jul

2020

Sep

Mar

May

Jan

0

2024
Source DSEC

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

9 shops at LA CITE

Rua Da Perola Oriental
Nº 17 - 101

Approx. HK$160.0 mil/Approx. US$20.5 mil

NARetailSource Savills Macau

11

Asia Pacific Investment Quarterly

Malaysia
In Q2/2024, Malaysia’s real estate sector witnesseda remarkable 170.5% YoY rise in total transactions,reaching RM4.2 billion. This surge was primarily driven
by industrial and data centre activity, strong demandfor development land from developers and interest inoperating assets from investors.
The Prime Minister and his economic team have actively
promoted the data centre and semiconductor industries
domestically and internationally, resulting in a substantial
RM1.9 billion in transactions in Q2/2024, up nearly 15-foldfrom RM126 million in Q2/2023. This surge was further
boosted by significant investments from global tech giants
such as Microsoft and Google, particularly in Johor, whichborders Singapore and has the potential to serve bothcountries. In one particularly notable deal, Eco World
Development Group Berhad sold 123 acres to Microsoft
Payments (Malaysia) for RM75 per sq ft after having bought
the land in 2023 as part of a larger 403-acre acquisition.
The development land transaction market totalled overRM1.5 billion in Q2/2024, an eight-fold increase from
RM195 million in Q2/2023. Two of the biggest names inthe so-called affordable housing townships, Scientex andLagenda, concluded three transactions totalling RM993
million for 1,914 acres of development land in Seberang Perai(Pulau Pinang), Pulai (Johor) and Kuala Muda (Kedah). KSL
Holdings Berhad also acquired 183.3 acres of freehold landfor RM211.6 million in Pulai, Johor.

M-REITs were active during the period, with the mostnotable transaction being KIP REIT’s reported acquisitionof D’Pulze Shopping Centre in Cyberjaya for RM320
million. Details of this transaction, which was one of
the more unexpected in recent times, remain limited.
Meanwhile, AmanahRaya REIT successfully disposed of its
75,014 sq ft NLA office building in Cyberjaya for RM42.5
million as part of its efforts to rebalance its portfolio tobetter reflect post-COVID realities.
One key factor to watch is the rollout of tapering ofsubsidies on diesel fuel, which was initiated during the quarter.
There is a widespread concern that this may drive inflation
higher, although it has long been evident that subsidies andentitlements such as this had to be tackled urgently as theassociated costs were a key budgetary constraint for thecountry. Further subsidy rationalisation for other fuels is
expected later this year (but rollout may depend on theeventual success of the diesel rationalisation exercise).
Malaysia’s real estate market is set for continued growth,
driven by ongoing industrial expansion and strategic
investments in digital infrastructure. The data centre segment
is expected to remain a key driver as Malaysia cements its
position as a regional data hub. However, as has been thecase for several years now, much depends on the continued
stability of the current government, which while still notcertain, appears to have consolidated to some degree.

Datuk Paul KhongManaging Director+603 2092 5955 ext 137
paul.khong@savills.com.my

Nabeel Hussain
Deputy Managing Director
Head of Capital Markets+603 2092 5955 ext 126
nabeel.hussain@
savills.com.my

Transaction Volumes and Value, Q1/2021 to Q2/2024
Transaction Volumes (RHS)
31

21

35

32

20

20

18
14

2

2.1

2.1

1.8

1.5

5.0

25

23

21

3

1

32

30

5
4

32

4.2
18

3.5

16

20

3.7

15

2.9
2.0

1.9

25

2.2

10
1.6

TRANSACTION VOLUME

5

0.9
0
2021

2022

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q2

Q3

0
Q1

TRANSACTION VALUE (MYR BILLION)

Total Transaction Value (LHS)
6

2023

2024
Source Savills Research

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

A 708-acre of land

Pulau Pinang

MYR462.5 mil/
US$98.2 mil

Scientex (Skudai) Sdn Bhd

Residential

A 123-acre of land

Johor

MYR402.3 mil/
US$85.5 mil

Microsoft Payments (Malaysia)
Sdn Bhd

Industrial

A 350-acre of land

Johor

MYR381.4 mil/
US$81.0 mil

Scientex Quatari Sdn Bhd

Residential

A 21-acre of land

Selangor

MYR320.0 mil/
US$68.0 mil

KIP REIT Management Sdn Bhd

Retail

A 48-acre of land

Johor

MYR238.0 mil/
US$50.6 mil

Bridge Data Centres Malaysia IV
Sdn Bhd

Industrial

Source Savils Research, Bursa Malaysia

savills.com.hk/insight-and-opinion/research.aspx

12

Asia Pacific Investment Quarterly

Pakistan
Lahore is rapidly developing its commercial real estate
sector, with significant investments in Grade A and Grade
B office space which offer superior amenities, ample
parking, and enhanced accessibility. The city has become acenter for various industries, including IT, education, andservices, contributing to its economic dynamism.
Pakistan has made recent progress towards
macroeconomic stabilization, but risks remain extremely
high and faster growth will require substantial reform.
Economic activity is expected to remain subdued, withreal GDP growth estimated at 2.5% in FY25, reflecting
continued tight macroeconomic policy, import controls,
high inflation, and continued policy uncertainty.
Lahore's current inventory of Grade A and Grade B
offices totals around 2 million sq ft of net leasable area,
predominantly located in the Gulberg and DHA districts.
Historically, Gulberg has been the city's commercial
and business nucleus due to its central location, offering
convenient access to the airport, highways, and othermajor thoroughfares in Lahore. DHA is also fast becoming
a prominent location for office developments with thelaunch of DHA Business Hub.
Lahore currently has five Grade A office buildings, withfour situated in the Gulberg area. Their occupancy rates
range from 90% to 95%, indicating strong demand forpremium office space in prime locations. The city also
has eight Grade B office buildings, with occupancy rates
varying between 65% and 95%, reflecting a high demand
for these spaces as well.
In the next four years, Lahore is set to add
approximately 1.1 million sq ft of net leasable Grade A and
Grade B office space across the city. Grade A developments
will account for over 775,000 sq ft, while Grade B
developments will add more than 341,500 sq ft, withadditional projects anticipated.
Most clients prefer leasing over purchasing, with typicallease rates for existing Grade A offices ranging from
US$0.57 to US$1.07 per sq ft, averaging around US$0.76
per sq ft. Lease rates for existing Grade B offices typicallyrange from US$0.39 to US$0.66 per sq ft, with an averageof US$0.50 per sq ft.
Sale prices for existing Grade A offices vary between
US$86.2 and US$143.6 per sq ft, whereas for Grade B officespaces, prices generally range from US$70.0 to US$102.3
per sq ft.
Though Gulberg remains the hub for existingdevelopments, new office developments are being built
beyond the traditional hub with competitive leasing andsales rates, offering investors promising opportunities in a
growing market.

Hammad Rana
Chief Executive Officer+92 21 3561 2550-2
hammad.rana@savills.pk

Danish Khan
Associate Director
Strategic Consultancy+92 301 2171770
danish.khan@savills.pk

Lahore Existing Office Development Lease Rates (Grade A and B) and Occupancy Rates, Q2/2024
Occupancy (RHS)

0.00Penta SquareHigh Q Tower

Haly Tower

20

DHA Business
HUB

0.2

Gul Mohar
Trade Center

40

Naveena N31

0.4

Tricon Tower

60

Askari Tower

0.6

The Enterprise80

EOBI BusinessCenter

0.8

Arfa IT Center

100

OCCUPANCY (%)

AVG. LEASE RATE (US$ PER SQ FT)

Average Lease Rate (LHS)
1.0

Source Savills Research

Major Sales and Leasing Transactions, Q2/2024
PROPERTY

LOCATION

CATEGORYTOTAL AMOUNTBUYER/TENANT

USAGE

Plots 125 and 135

LahoreSales

PKR1.3 bil/
US$4.5 mil

Bank Alfalah

RetailPlot 18-C, DHA Phase V

Karachi

Sales

PKR950.0 mil/
US$3.4 mil

Habib Bank Limited

RetailST-, Gulistan-e-Johar

Karachi

Sales

PKR690.0 mil/
US$2.5 mil

Habib Bank Limited

RetailPlot 180-C, DHA Phase VIII

Karachi

Sales

PKR630.0 mil/
US$2.3 mil

Habib Bank Limited

RetailPlot 1C, F-8

Islamabad

Leasing

PKR554.0 mil/
US$2.0 mil

Habib Bank Limited

RetailSource Savills Research

13

Asia Pacific Investment Quarterly

Philippines
Philippine real GDP growth expanded by 5.7% in Q1/2024,
lower than market expectations of 6.1%. The lackluster
economic performance was related to the slowing of
construction activity and household spending due toelevated food prices and the extreme heat caused by El
Niño. On the supply side, all economic sectors, namely,
Agriculture, Industry, and Services still posted gains of
0.4%, 5.1%, and 6.8%, respectively. Nonetheless, full-year
growth is expected to settle between 6% and 7%.
Inflation eased to 3.7% in June 2024 from 3.9% in May
2024, which brings the YTD average to 3.5% – within
the 3% to 4% target range. The government is seen totemper inflation as it lowers import tariffs on rice, a majorcommodity in the country. However, the underlying
inflationary pressure from the depreciating peso andrising food costs may cause inflation to trend upward.
Meanwhile, policy rates remain at 6.5% and are only
expected to be cut following the Fed. The country’s
monetary board only has three meetings left for the year –in August, October, and December.
The office market saw a significant boost in Q2/2024 withthe arrival of 210,000 sq m of office space, bringing total
office stock in Metro Manila to 9.4 million sq m. Despite theadditional office supply, vacancy rates in the Philippines’
capital region increased marginally by 0.4% due to thehealthy office absorption in Makati CBD and BGC, eachrecording 30,000 sq m of transactions for the quarter.
The Bay Area's office market continues to show signsof stabilization in Q2/2024 as 105,000 sq m of officetransactions have been recorded in the area. Whilevacancy rates remain elevated, recent lease agreements
indicate positive momentum in the seaside business
district. Office demand in the submarket is mainly fromgovernment agencies, which have leased an aggregateof 56,800 sq m of space in the DoubleDragon Tower andFilinvest Cyberzone. Its proximity to the Philippine
Economic Zone Authority (PEZA) and the Port of Manila
entices corporations of related industries to position
themselves in the surrounding office buildings.
Rents in Metro Manila have declined slightly thisquarter, averaging around PHP860.5 per sq m per month.
The decrease in rents was mainly from Ortigas Center with
its aging building portfolio. The monthly average rent in
the business district fell from PHP696.4 to PHP677.0 per
sq m QoQ. Meanwhile, rents in other submarkets haveremained stable, with changes not exceeding PHP5.0 per
sq m per month.

Joe CurranChief Executive Officer
KMC Savills, Inc+632 8403 5519
joe@kmcmaggroup.com

Joshua De Las Alas
Associate Director
Consultancy and Valuation
KMC Savills, Inc+632 8403 5519
joshua.delasalas@
kmcmaggroup.com

Metro Manila Office Supply, Take-up and Vacancy Rate, Q1/2019 to Q2/2024'000 SQ M (GLA)

350

Supply (LHS)

Take-up (LHS)

Vacancy Rate (RHS)

21%

300

18%

250

15%

200

12%

150

9%

100

6%

50

3%

0

0%

-50

-3%

-100

-6%

-150

-9%

Source KMC Savills Research

Major Sales and Leasing Transactions, Q2/2024
PROPERTY

LOCATION

CATEGORYTOTAL AMOUNTBUYER/TENANT

USAGE

A 988.8 sq m office spacein IBP Tower

Ortigas Center

Leasing

PHP45.9 mil/US$783,466 mil

BPO

OfficeA 11,200 sq m of office spacein 8912 Asean Tower

Bay Area

Leasing

N/A

Gaming Company

OfficeA 23,600 sq m of office spacein Filinvest Cyberzone

Bay Area

Leasing

N/A

Government

OfficeA 33,200 sq m of office spacein DoubleDragon Tower

Bay Area

Leasing

N/A

Government

OfficeA 12 hectares of industrial lot
in Laguna

LagunaSales

PHP892.7 mil/
US$15.2 mil

Sino Vanguard Realty
Corporation

Industrial

Source KMC Savills, Incsavills.com.hk/insight-and-opinion/research.aspx

14

Asia Pacific Investment Quarterly

Singapore
Investment sales rose 47.8% quarter-on-quarter (QoQ) to
S$6.19 billion in Q2/2024. The strong growth was mainly
powered by higher proceeds from the sale of state land
under the Government Land Sales (GLS) Programme.
Four residential sites and one industrial site have been
awarded for about S$3.16 billion in the April-June period.
Nevertheless, lower-than-expected participation rates andbids prevailed in the tenders, particularly for the private
residential sites at Upper Thomson Road (Parcel B) andZion Road (Parcel A) each of which attracted a sole bid
respectively. This is demonstrating yet again developercaution and a decreasing appetite to replenish land banks
amidst an uncertain macro backdrop, lower new sales, a
ramp-up in land supply by government and recent coolingmeasures. In addition, the market was further surprisedby the tender result of the private residential land plot at
Upper Thomson Road (Parcel A). Zero bids were received
for this second GLS site which is required to incorporate
long-stay serviced apartments. Together with the single
low bid for the first such site at Zion Road (Parcel A), it
has highlighted developers’ weak confidence in this stilluntested rental category, especially in the suburban areas.
In the private sector, the transaction value ofinvestment sales increased moderately by 6.2% on aquarterly basis, amounting to S$3.02 billion in Q2/2024. In
terms of transaction volume, the quarterly growth is higher

by 23.4%, rising from Q1’s 64 deals to Q2’s 79. The increaseis mostly attributed to the residential property sector with
52 luxury homes (each priced S$10 million and above)
being sold in Q2, up from the sales of 39 such properties aquarter ago. This may suggest some recovery in the luxury
housing market.
In view of higher financing costs and delays in Fed ratecuts, some S-REITs have continued to divest non-core
assets to reduce leverage and support growth. The largest
deal in the private sector for Q2 was Mapletree Pan Asia
Commercial Trust (MPACT)’s sale of Mapletree Anson for
S$775.0. The property is a 19-storey office building locatedat Tanjong Pagar. Apart from this, other such transactions
inked in Q2 include PARAGON REIT’s S$78.5 million
divestment of The Rail Mall and Mapletree Logistics
Trust’s sales of two industrial properties.
In the private sector, the second biggest transaction was
City Developments Limited’s acquisition of Delfi Orchard,a freehold strata-titled building comprising 127 shops
and 23 apartments located on Orchard Road, for S$439.0
million via a collective sale. Despite the recent rescissionof a S$908.0 million en bloc deal for Far East Shopping
Centre, the sales of Delfi Orchard reconfirms developerinterest in investment and redevelopment fueled by the
URA’s plans to rejuvenate and refresh Orchard Road.

Jeremy LakeManaging Director
Investment Sales &Capital Markets+65 6415 3633
jeremy.lake@savills.com.sg
Alan Cheong
Executive Director
Research+65 6415 3641
alan.cheong@savills.com.sg

Investment Sales Transaction Volumes by Property Type, Q2/2024

Industrial
3%

Mixed
9%

Commercial
22%
Residential
66%

Source Savills Research & Consultancy

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Government land

Zion Road(Parcel A)

S$550.0 mil/
US$407.9 mil

CDL-MFA Vega Property Pte. Ltd. and
CDL-MFA Altair Property Pte. Ltd.

Residential

Government land

Holland Drive

S$521.1 mil/
US$386.4 mil

Holly Development Pte. Ltd.

Residential

Government land

Upper Thomson Road
(Parcel B)

S$428.3 mil/
US$317.6 mil

GuocoLand (Singapore) Pte. Ltd. andIntrepid Investments Pte. Ltd.

Residential

Mapletree Anson

60 Anson Road

S$423.4 mil/
US$314.0 mil

PAG

OfficeGovernment landRiver Valley Green(Parcel A)

S$395.3 mil/
US$293.1 mil

Winchamp Investment Pte. Ltd.

Residential

Source Urban Redevelopment Authority (URA), Savills Research & Consultancy

15

Asia Pacific Investment Quarterly

South Korea
In June, the Bank of Korea (BoK) announced that thereal GDP growth rate for Q1/2024 was recorded at 1.3%.
Additionally, thanks to a rapid recovery in the global IT
sector leading to improved IT-related exports, the BoK
revised its 2024 GDP growth forecast upwards to 2.5%
from the previous estimate of 2.1%. The Consumer Price
Index in May showed a YoY increase of 2.7%. The BoK
forecast that inflation would continue its gradual decline,
eventually falling below 2.5% in the second half of the year.
During the Monetary Policy Meeting held on May 23rd, theBoK's Monetary Policy Committee decided to maintainthe base rate at 3.5% for an 11th consecutive time, andindicated that the probability of a rate cut this year has
become less likely.
Against this economic backdrop, investment
sentiment improved in Q2 compared to Q1, despite
a slight decrease in total transaction volume due tolonger deal closure times. The number of ongoing deals
has increased, indicating heightened overall market
activity, primarily concentrated in the office sector, withlogistics transactions occurring mainly at discounted
prices. Emerging niche opportunities in the residential
sector, such as co-living spaces, are also gaining investor
attention, although these transactions tend to be smaller
in size.

Seoul's prime office occupier market continues todemonstrate robust fundamentals. Rental growth,currently at 5.7% YoY for Q2, has been well above theinflation rate, which together with a low vacancy rate anda constrained supply pipeline until 2026, has boosted
investor confidence. While Q1 saw several notabletransactions of large prime offices over 30,000 sq m, Q2
saw a shift towards transactions of small and mediumsized offices, characterized by value-add plays. With large
prime offices expected to come onto the market, officetransaction volume is expected to rebound in the second
half of the year.
In the logistics sector, investment activity has declined
due to high vacancy rates from supply-demand imbalancesand reduced investment returns due to high loan interest
rates and rising construction costs. However, logistics
centers that have experienced default events are now
subject to foreclosures and distressed investments. Those
distressed assets were sold at prices approximately 30% to
40% lower than their appraised values. As logistics centersthat began construction in 2021 approach completion andinstances of contract non-fulfillment increase, the numberof foreclosures or non-performing loans is expected to rise.

Crystal Lee
CEO+82 2 2124 4163
csjlee@savills.co.kr

JoAnn Hong
Senior Director
Research & Consultancy+82 2 2124 4182
jhong@savills.co.kr

Prime Office Face Rent Growth, 2015 to Q2/2024
CBD

GBD

YBD

Seoul Overall

CPI Growth Rate (YoY)

16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
Q1

Q2

Q3

2023

Q4

Q1

Q2

Q3

2022

Q4

Q1

2021

Q2

Q3

Q4

Q1

Q2

Q3

2020

Q4

Q1

2019

Q2

Q3

Q4

Q1

Q2

Q3

2018

Q4

Q1

2017

Q2

Q3

Q4

Q1

Q2

Q3

2016

Q4

Q1

2015

Q2

Q3

Q4

Q1

Q2

-4%
2024

Source Savills Korea Research & Consultancy

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Seolleung WeWork Tower

Seoul, GBD

KRW147.0 bil/
US$105.6 mil

Hyunjin Group

OfficeICON Yeoksam

Seoul, GBD

KRW204.3 bil/
US$146.8 mil

Capstone AMC

OfficeBundang Yatap
Logistics Center

Seongnam

KRW222.6 bil/
US$160.0 mil

IGIS AMC

Logistics

Gunryang-ri
Logistics Center

IcheonKRW122.0 bil/
US$87.7 mil

DL E&C

Logistics

Food Nuri Logistics Center

IcheonKRW114.0 bil/
US$81.9 mil

KORAMCO AMC

Logistics

Source Savills Korea Research & Consultancy

savills.com.hk/insight-and-opinion/research.aspx

16

Asia Pacific Investment Quarterly

TaiwanDriven by the demands of AI and high-speed computing,Taiwan's export growth rate reached 3.5% in the first fivemonths of 2024. The economic performance is improving
significantly, and the Directorate-General of Budget,
Accounting, and Statistics (DGBAS) has raised its 2024
economic growth rate forecast by 0.51 percentage points to
3.94%, a new high in the past three years.
As the benchmark interest rate remained unchanged at
2% this quarter, in order to cool the overheated housing
market, the central bank introduced a sixth wave of selective
credit controls, which target second home buyers in major
city areas and adjusted the maximum LTV ratio from 70% to60%. However, it is expected that this will have only a limited
impact on the booming pre-sale housing market.
The active housing market directly stimulated sitetransactions. The value of land transactions in the second
quarter reached NT$50.7 billion, up 61% YoY. Developers
showed strong demand in land acquisition, contributing
72% of deals and total land acquisition up 63% YoY to
NT$36.5 billion in Q2. Several public land actions held by
the government achieved good results. The Kaohsiung City
Government held a land auction in June and 7 out of 10 landlots were successfully sold, with a total amount exceeding
NT$3 billion and an average premium rate of 29% overreserve prices.

Due to a worth of NT$30.7 billion of Shin Kong No.1 REITs
disposal concluded last year, the transaction amount in thecommercial property sector this quarter declined by 56%
YoY to NT$24.9 billion. However, prices in the commercial
property sector were relatively stable. End-users, suchas technology and manufacturing companies, dominatedthe market accounting for 67% of total deals. In terms of
demand from the technology industry, the IC design andsemiconductor industries are benefiting from the mostrecent wave of AI development. As IC design companies
target industrial offices or offices to expand R&D space,
the semiconductor industry prefers to set up factories
in science parks or seek assistance from the government
to obtain large land parcels, which means that industrial
offices and factories were the major transacted property
types in Q2.
Looking ahead to the second half of the year, several
leading AI companies such as NVIDIA and AMD haveannounced plans to establish an R&D facility in Taiwan.
Additionally, following Google and Microsoft, Amazon
AWS and Apple have unveiled plans to build large-scaledata centers in Taiwan. The continued expansion ofdomestic and international technology industries will drive
leasing and sales activity in the industrial property market in
the coming quarters.

Ricky Huang
Managing Director+886 2 8789 5828
rhuang@savills.com.tw

Erin Ting
Director
Research+886 2 8789 5828
eting@savills.com.tw

Commercial Property Transaction Volumes by Property Type, Q1/2022 to Q2/2024
RetailFactory

Industrial Office

Office

Hotel

Other

60

NT$ BILLION

50
40
30
20
10
0

Source Savills Research & Consultancy

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Taiwan Riken New Taipei City
Factory

New Taipei City

NT$3.1 bil/
US$97.1 mil

I-HWA Industrial

Factory

Factory in New Taipei
Industrial Park

New Taipei City

NT$2.3 bil/
US$72.4 mil

International Games System

Industrial Office

Resonac HD Taiwan Factoryin Hsinchu Science Park

Hsinchu County

NT$1.7 bil/
US$52.3 mil

Sigurd UTC

Factory

Factory in Liouying District

Tainan City

NT$1.5 bil/
US$45.5 mil

S-TechFactoryRich Development
Headquarters

Taipei City

NT$1.3 bil/
US$39.9 mil

Local Professional
Investment Institute

OfficeSource Savills Research & Consultancy

17

Asia Pacific Investment Quarterly

ThailandIn the first quarter of 2024, the Thai economy grew by
1.5% YoY, following a 1.7% growth in the previous quarter.
Seasonally adjusted, the economy increased by 1.1% QoQfrom Q4/2023. This growth was primarily driven by strong
export services and private consumption, along with the
expansion of private investment. However, the export ofgoods, public investment, and government consumption
expenditure experienced a decline.
GDP in the accommodation and food service sector roseby 11.8%, compared to 9.8% in the previous quarter, driven
by a significant increase in international tourist arrivals
and domestic tourism. International tourists numbered
9.37 million, reaching 92.0% of pre-pandemic levels, a 43.5%
growth. This generated THB371 billion in international tourism
receipts, 74.4% of pre-pandemic levels, up 38.3% from theprevious quarter's 76.8%. Domestic tourism saw 68.0 million
trips, an 8.6% increase, with receipts of THB232 billion, up
10.2%, marking nine consecutive months of growth. Total
tourism receipts amounted to THB603 billion, a 26.0%
increase. The average hotel occupancy rate rose to 75.3%,
the highest in 20 quarters since Q2/2019, up from 73.6% in
the previous quarter and 70.2% in the previous year.
This quarter witnessed several notable propertytransactions. Isetan Mitsukoshi Holdings, in collaboration with
TCC Assets and Frasers Property Holdings, opened the first
Mitsukoshi supermarket in Thailand and acquired One Bangkok

Office Tower 4 in Pathum Wan for an undisclosed amount.
This initiative aims to attract top-level businesspeople,
investors, and tourists, both local and international.
Additionally, Top Bright Holding Co., Ltd., a Taiwan-based
manufacturer, purchased land at BP Industrial Park Projectin Chachoengsao for THB159.5 million (US$4.4 million) from
Baanpho Greenpark. Meanwhile, Thai Ajiya Safety Glass Co.,
Ltd. (TASG), a 99.99% owned subsidiary of Ajiya Bhd, soldfreehold land and property in Thailand for THB204.6 million(US$5.6 million). TASG entered into a sale and purchaseagreement with Atlan (Thailand) Co., Ltd., for the disposal ofa 13,544 sq m site, along with a three-story office building anda factory in Amata City Chonburi Industrial Estate.
According to the NESDC, the economic management
strategy for the remainder of 2024 will prioritize
attracting high-purchasing-power tourists, particularly
those interested in long-term stays, by actively promoting
the long-term resident visa (LTR visa) program. Efforts
will also focus on encouraging greater spending among
tourists, especially from Asia, Europe, and North America.
Additionally, there will be enhanced preparations andsupport for the tourism sector to facilitate the return offoreign tourists. This includes ensuring the availabilityof airports and inbound flights, improving immigration
procedures, infrastructure, and facilities, and maintaining
high safety standards.

Robert Collins
CEO+66 2636 0300
robertc@savills.co.th

Kunvara Boosuk
Senior Analyst
Research & Consultancy+66 2636 0300
kurvara.b@savills.co.thResearch & Consultancy+66 2636 0300
puncharas.a@savills.co.thInternational Tourist Arrivals to Thailand, January 2023 to April 2024

NUMBER OF PEOPLE (THOUSAND)

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2023

Mar

Apr

2024
Source Ministry of Tourism & Sports, Savills Research & Consultancy

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

One Bangkok Tower 4

Pathum Wan,
Bangkok

N/A

Isetan Mitsukoshi Holdings

OfficeLand at BP Industrial
Park Project

Ban Pho,Chachoengsao

THB159.5 mil/
US$4.4 mil

Top Bright Holding

Commercial andindustrial

Thai Ajiya Safety Glass inAmata Industrial Road

Mueang Chon Buri,
Chon Buri

THB204.6 mil/
US$5.6 mil

Atlan (Thailand) Co Ltd

Industrial

Knightsbridge Sukhumvit Thepharak

Mueang Samut Prakan,
Samut Prakan

THB377.9 mil/
US$10.3 mil

Delta Electronics

Residential

Lot S406-S407 in Amata City
Chonburi Industrial Estate

Phan Thong,Chon Buri

THB726.1 mil/
US$19.8 mil

Foxsemicon Integrated
Technology Inc

Commercial andindustrial

Source MSCI Real Capital Analytics

savills.com.hk/insight-and-opinion/research.aspx

18

Asia Pacific Investment Quarterly

VietnamVietnam's Consumer Price Index for the first five monthsof 2024 increased by 4.0% YoY. Standard Chartered Bank
recently revised Vietnam's 2024 GDP growth forecast
downwards to 5.3% in Q2, a slight moderation from theirforecast in Q1 of 5.7%. While this represents a slowdown, theoverall recovery appears to remain intact. Challenges suchas geopolitical tensions, global inflationary pressures, andweak demand could persist into Q3, potentially impacting
recovery. Disbursed FDI in May rose 7.8% YoY to US$8.3
billion, a positive sign for the economy.
Industrial property is likely to see steady demand,
supported by FDI inflows and infrastructure development.
This will encourage developers to expand their portfolios,
such as VSIP, which is constructing a 600-hectare industrial
park in Lang Son, and Gaw NP Industrial, which is
introducing nearly 100,000 sq m of ready-built factories andwarehouses in Ha Nam.
Vietnam's tourism sector recovered in the first five monthsof 2024, welcoming approximately 7.6 million international
visitors, a 64.9% increase YoY, surpassing pre-pandemic levels
by 3.9%. The tourism sector's recovery is encouraging, but
its long-term prospects will depend on unpredictable global
travel patterns.
The residential real estate market remains cautious,with developers launching new projects to gauge market
sentiment, as potential buyers may adopt a wait-and-see

approach due to economic uncertainty. Masterise Homesand Ecopark are introducing residential projects spanning
7.2 ha in Hai Phong and 1.3 ha in Nghe An. Gamuda launched
The Meadow in Ho Chi Minh City with 212 high-end low-rise
residential units in Q2. Vinhomes has partnered with Japan’s
Nomura to co-develop two subdivisions in the Vinhomes
Royal Island project, offering 821 low-rise residential
units. VCRE launched 264 luxurious condotels in Da Nang,
partnering with the prestigious Nobu Hospitality brand.
Rising rents and limited space are driving businesses
away from the city centres. Ha Noi forecasts that 48% of new
office space will be in emerging CBD/NUA (new urban area)
areas such as West Lake by 2025, while Ho Chi Minh City isseeing a shift towards Thu Thiem with new green-certified
developments. Some major M&A transactions:

Neil MacGregor
Managing Director+84 8 3823 7454
nmacgregor@savills.com.vn

Troy Griffiths
Deputy Managing Director
Advisory Services+84 8 3823 9205
tgriffiths@savills.com.vn• K im Oanh Group (Vietnam) cooperated with NTT Urban
Development, Sumitomo Forestry, Kumagai Gumi Co
Ltd (Japan) to develop The One World, a 50 ha residential
development in Binh Duong.
• Nishi Nippon Railroad (Japan) acquired a 25% interestin the 45.5 ha Paragon Dai Phuoc Project from Nam Long
Group (Vietnam) for approximately US$26 million.
• Tripod Technology Corporation acquired an 18 ha
industrial land plot in Ba Ria – Vung Tau from Sonadezi
Chau Duc.

International Tourists to Vietnam, Q1/2022 to April-May 2024

5,000

NO. OF TOURISTS (THOUSAND)

4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Q1/2022

Q2/2022

Q3/2022

Q4/2022

Q1/2023

Q2/2023

Q3/2023

Q4/2023

Q1/2024

April-May/
2024

Source Vietnam National Authority of Tourism

Major Investment Transactions, Q2/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

A 18-ha industrial land plot

Ba Ria - Vung Tau

VND381.8 bil/
US$15.0 mil

Tripod Technology
Corporation

Industrial

Paragon Dai Phuoc(25% interest)

Dong NaiVND662.0 bil/
US$26.1 mil

Nishi Nippon Railroad

Residential

Source MSCI Real Capital Analytics, Public Information19

Major Transactions Q2/2024

Australia
5 Martin Place (50% share) ►Sydney, NSW
AU$296.2M/US$197.5M
in June▼ 55 Pitt Street (66% share)
Sydney, NSW
AU$1.3B/US$880.1M
in June◄ Melbourne International Roro andAuto Terminal, 46 Kooringa Way
Port Melbourne, VIC
AU$332.5M/US$221.7M
in May255 George Street (50% share) ▲Sydney, NSW
AU$363.8M/US$242.6M
in MayBeijing◄ INDIGO Phaess II Project
Chaoyang District
RMB4.0B/US$551.3M
in Q2

Schonbrunn Hotel ►Haidian District
RMB700.4M/US$96.5M
in Q2◄ Greentown Trevista Block 12 and 13
Chaoyang District
RMB558.6M/US$77.0M
in Q2

Chengdu/Guangzhou/Shenzhen
Chengdu Financial Square ▼Financial City, Hi-Tech Zone, Chengdu
RMB4.3B/US$596.8M
in May▲ LVGEM Zoll Shopping Mall
Futian District, Shenzhen
RMB814.0M/US$112.2M
in Q2▲ Nan Fung Langham Place
Haizhu District, Guangzhou
RMB1.4B/US$193.0M
in Q2

savills.com.hk/insight-and-opinion/research.aspx

20

Major Transactions Q2/2024

Shanghai
Citi Tower (5 floors) ►PudongEst. RMB1.0B/Est. US$137.9M
in Q2◄ Building B of Fuhui Building
RMB1.3B/US$182.9M◄ Building C of Fuhui Building
Est. RMB1.3B/Est. US$173.6M
Pudong New Area
in Q2
◄ Sinochem International Plaza(70% share)
Pudong
RMB1.5B/US$209.1M
in Q2◄ Baoneng Building Apartment
Xuhui
RMB909.0M/US$125.4M
in Q2

Hong Kong
Air House ►Sai Kung
HK$513.8M/US$66.0M
in June◄ 84-102 Wuhu Street
Hung Hom
HK$1.0B/US$128.5M
in June◄ Retail podium and public car parks,
Alto Residences
Tseung Kwan O
HK$540.0M/US$69.4M
in July

63/F The Center ►CentralHK$730.0M/US$93.8M
in May29/F, 9 Queen's Road Central ►CentralHK$310.0M/US$39.8M
in May◄ 88WL
Sheung Wan
HK$700.0M/US$90.0M
in AprilHouse B, No. 10 Black's Link ►The Peak
HK$448.0M/US$57.6M
in May21

Major Transactions Q2/2024

Japan
Mitsui & Co. Group portfolio(29 properties) ▼Tokyo
Approx. JPY40.0B/US$253.6M
in Q2

Hommachi Garden City ►Osaka
JPY65.9B/US$417.5M
in Q2▲ J6 FrontTokyo
Est. JPY20.0B - JPY25.0B/
Est. US$126.8M - US$158.5M
in Q2◄ Garden City Shinagawa Gotenyama
Tokyo
JPY61.0B/US$386.8M
in Q2

Singapore
Income At Prinsep ►30 Prinsep Street
S$147.0M/US$108.3M
in April▼ Fraser ResidenceRiver Promenade
5 Jiak Kim Street
S$140.9M/US$103.8M
in May▲ 20 Harbour Drive
20 Harbour Drive
S$160.0M/US$117.8M
in June▲ Delfi Orchard
402 Orchard Road
S$439.0M/US$323.3M
in May◄ Mapletree Anson
60 Anson Road
S$775.0M/US$570.8M
in MaySouth Korea
Boryung Building ►CBD
KRW131.5B/US$98.0M
in Q2▲ Icon Yeoksam
GBD
KRW204.3B/US$152.0M
in Q2

savills.com.hk/insight-and-opinion/research.aspx

YD318 ▼GBD
KRW105.0B/US$78.0M
in Q2◄ WeWork Tower
GBD
KRW147.0B/US$109.0M
in Q2

22

Major Transactions Q2/2024

Taiwan◄ Taiwan Riken New
Taipei City Factory
New Taipei City
TWD3.1B/US$96.2M
in JuneResonac HD Taiwan
Hsinchu Factory ►Hsinchu City
TWD1.7B/US$51.8M
in May◄ Rich Development Headquarters
Taipei City
TWD1.3B/US$39.5M
in April
Factory in New Taipei Industrial Park ►New Taipei City
TWD2.3B/US$71.7M
in May23

Savills Regional Investment Advisory,
Asia PacificHead of Regional Investment Advisory

Christian Mancini
Email: cmancini@savills.asia
Tel: +81 3 4330 3611
Toho Hibiya Promenade Building 8/F, 1-5-2 Yurakucho,
Chiyoda-ku, Tokyo 100-0006, Japan

Head of Regional Research and Consultancy

Simon Smith
Email: ssmith@savills.asia
Tel: +852 2842 4573
Room 1202-04, 12/F, 1111 King's Road, Taikoo Shing, Hong Kong

Regional Director, Greater China Investment
Frank Marriott
Email: fmarriott@savills.asia
Tel: +852 2842 4475
23/F, Two Exchange Square, Central, Hong Kong

ASIA
Greater China

Hong Kong SAR
Raymond Lee
Email: rlee@savills.com.hk
Tel: +852 2842 4518
23/F, Two Exchange Square, Central, Hong Kong
With offices in Taikoo
Mainland China
Louisa Luo
Email: louisa.luo@savills.com.cn
Tel: +8621 6391 6688 ext 8018
25/F, Two ICC, No. 288 South Shanxi Road,
Shanghai 200031, China
With offices in Beijing, Chengdu, Chongqing,
Dalian, Guangzhou, Hangzhou, Nanjing, Shenyang,
Shenzhen, Tianjin, Wuhan, Xiamen and, Xi'an andZhuhai
Macau SAR
Franco Liu
Email: fliu@savills.com.mo
Tel: +853 2878 0623
Suite 1309-10, 13/F Macau Landmark,555 Avenida da Amizade, Macau

India

Kaustuv Roy
Email: kaustuv.Roy@savills.in
Tel: +91 9820134623
Unit No 2604, 26th Floor, One Lodha Place,
Senapati Bapat Marg, Lower Parel,
Mumbai 400013, India
With offices in Delhi NCR, Hyderabad, Bangalore,
Mumbai, Pune and Chennai

Indonesia

PT CB Advisory, Savills Indonesia
Kevin Murtagh
Email: kevin.murtagh@savills.co.id
Tel: +62 21 293 293 80
Panin Tower - Senayan City, 16th floor, Unit C, Jl.
Asia Afrika Lot. 19, Jakarta 10270, Indonesia

Japan

Andy Hurfurt
Email: ahurfurt@savills.co.jp
Tel: +81 3 4330 3328
Toho Hibiya Promenade Building 8/F, 1-5-2
Yurakucho, Chiyoda-ku, Tokyo 100-0006, Japan

South Korea

Kookhee Han
Email: khhan@savills.co.kr
Tel: +82 (0) 2 2124 4181
13/F, Seoul Finance Center, 136 Sejong-daero,Jung-gu, Seoul 04520, Korea

Malaysia

AUSTRALASIA
Australia

Ben Azar
Email: bazar@savills.com.au
Tel: +61 2 8215 8824
Level 25, 1 Farrer Place, Sydney, Australia

Nabeel Hussain
Email: nabeel.hussain@savills.com.my
Tel: +60 3 2092 5955
Level 9, Menara Milenium, Jalan Damanlela,
Bukit Damansara, 50490 Kuala Lumpur, Malaysia

Offices throughout Sydney, Parramatta, Canberra,
Melbourne, Notting Hill, Adelaide, Perth, Brisbane,
Gold Coast and Sunshine Coast

With 2 branches throughout Malaysia

Ryan Geddes
Email: rgeddes@savills.co.nz
Tel: +64 0 9 951 5340
Level 4, 33 Shortland Street, Auckland,
NZ 1010, New ZealandPhilippines

KMC MAG Group
Michael McCullough
Email: michael@kmcmaggroup.com
Tel: +632 8403 5519
20/F Arthaland Century Pacific Tower, 5th Aveune
corner 30th St., Bonifacio Global City, Philippines

SingaporeJeremy Lake
Email: jeremy.lake@savills.com.sg
Tel: +65 6415 3633
30 Cecil Street, #20-03 Prudential Tower,
Singapore 049712

TaiwanRicky Huang
Email: rhuang@savills.com.tw
Tel: +886 2 8789 5828
21F, Cathay Landmark,No. 68, Sec. 5, Zhongxiao E. Road,
Xinyi District, Taipei City 110, Taiwan
With an office in Taichung

New Zealand

NORTH AMERICADavid Heller
Email: dheller@savills.us
Tel: +1 212 326 1045
399 Park Avenue, 11th Floor, New York, NY 10022

UNITED KINGDOM & EUROPE
Oliver Watt
Email: owatt@savills.com
Tel: +44 (0) 20 7016 3789
33 Margaret Street, London W1G 0JD,
United Kingdom

Offices throughout the United Kingdom, Belgium,
France, Germany, Hungary, Italy, Netherlands,
Poland, Spain and Sweden Associate offices inAustria, Greece, Norway, Portugal, Russia, Turkey
and South Africa

ThailandRobert Collins
Email: robertc@savills.co.thTel: +66 2 636 0300
26/F, Abdulrahim Place, 990 Rama IV Road,
Bangkok 10500, Thailand

Viet Nam

Neil MacGregor
Email: nmacgregor@savills.com.vn
Tel: +84 8 3823 9205
18/F, Ruby Tower, 81-85 Ham Nghi Street, District 1,
Ho Chi Minh City, Viet Nam
With an office in Ha Noi

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loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. This publication may not be reproduced in any form or in any manner, in part or as a whole without written
permission of the publisher, Savills. (IV/2024)

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