Asia Pacific – Q1 2024

REPORT
Savills Research

Investment QuarterlyAsia Pacific Investment Quarterly

Asia Pacific Network
China
BeijingChangshaChengduChongqing
DalianFuzhouGuangzhou (2)HaikouHangzhouNanjingShanghai
Shenyang
Shenzhen
Tianjin
Wuhan
XiamenXi’an
Zhuhai
Cambodia
Phnom Penh*

Indonesia
JakartaJakarta*

Australia
Adelaide
Brisbane
Canberra
Lindfield
Melbourne
Notting Hill
Parramatta
PerthSunshine Coast
Sydney (2)JapanTokyo (2)Macau SAR
Macau
Malaysia
Johor Bahru
Kuala Lumpur
Kuala Lumpur*
Penang

New Zealand
AucklandChristchurch

Philippines
Cebu*
Bonifacio*
Singapore
Singapore (4)Singapore*

Hong Kong SARSouth Korea
Central
Seoul
Central*Exchange Square
Taikoo Shing (2)Taiwan, China
Taichung
India
Taipei
AhmedabadBangalore
Thailand
ChennaiBangkok
Delhi
Hyderabad
VietnamMumbai
Hanoi
Pune
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 Q1 2024

20

3

Asia Pacific Investment Quarterly

Asia Pacific
The Asia Pacific commercial real estate markets remained softin the first quarter of 2024. Preliminary estimates show that
regional investment volumes (deals worth over US$10 million,
excluding development sites and pending transactions)contracted by 18.6% to US$27.7 billion in the first quarter.
Despite the expectation of interest rate cuts in most Asia
Pacific markets after the middle of the year (with the exceptionof Japan and China), interest rates are unlikely to return to2019 levels in the short term. The higher cost of borrowing,
wide bid-ask spreads, and persistent global headwinds remain
the major factors hindering investment sentiment.
Japan ended its era of negative interest rate policy in midMarch. The rise in interest rates didn't affect its position as
the most buoyant market in terms of investment volume
in Q1/2024, despite experiencing a YoY decline. Lowerinterest rates and a weak Japanese yen remained the key
reasons attracting global capital. Elsewhere, investment
volumes in South Korea also registered YoY growth, mainly
led by domestic capital. The robust performance of office
investment markets and a rebound in hotel investments
offset the contraction in other asset classes. Investment
activity in other mature markets remained weak in Q1/2024,
including Australia, Singapore, and Hong Kong, mainly due
to the high cost of finance and a wide bid-ask gap.
In China, the property market crisis, softening
consumption, weak business sentiment, and local government
debt levels continued to hinder investment activity in Q1/2024.
The Chinese government is currently implementing stimulus
measures to bolster the property market, including rate cutsin late February and expanding access to loans for domestic
developers. Despite the presence of fiscal support and priceadjustments, investors have remained cautious, resulting ina significant decline in Chinese investment volume during
the first quarter.
In contrast, despite a slowdown in investment activity
compared to the last quarter, investors have maintained abullish outlook on the Indian real estate market. While manyare likely to defer commitments until after the elections, there
is a persistent interest in commercial office and industrial andlogistics assets, driven by the positive economic outlook.
Several emerging markets also experienced significant
growth in terms of investment volume in Q1/2024, particularly
Taiwan, Malaysia, and Indonesia. In Taiwan, growth was
mainly driven by the office sector, fueled by increasing demandfor prime offices, particularly from family office investors.
Meanwhile, volumes in Malaysia and Indonesia were swelled byseveral data center portfolio transactions.
The industrial sector demonstrated a strong performancecompared to other asset types in Q1/2024, primarily
propelled by logistics warehouses, cold storage, and data
center transactions. Notably, investments in data centers
reported impressive growth, surpassing US$1.5 billion
with a triple YoY increase. In contrast, investments intraditional commercial asset types, including office, retail,and residential, experienced a YoY decline during Q1/2024.
Many investors are adopting a cautious approach andawaiting a clear interest rate outlook in the middle of thisyear before making any investment commitments.

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 Volume by Sector, Q1/2019 to Q1/2024
OfficeRetailIndustrial

Apartment

Hotel

Seniors Housing & Care80
70

US$ BILLION

60
50
40
30
20
10
0

Source MSCI Real Capital Analytics, as of 17 April 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 Q1/2024.

Notable Transactions in Asia Pacific, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Logisteed JP Industrial Warehouse
Portfolio

Various locations,Japan

JPY104.4 bil/
US$694.3 mil

HK Logistics GK

Logistics

Part of Shibuya Sakura Stage

Tokyo,
Japan

Over JPY100.0 bil/Over US$662.0 mil

SPC invested in by a domestic
institutional investment fundand Tokyu Land

Office andretailArc Place

Seoul, GBD,
South Korea

KRW791.7 bil/
US$588.2 mil

KORAMCO REITs & TRUST

OfficePart of land offormer Shinagawa Goose

Tokyo,
Japan

Undisclosed (Gain of approx
JPY85.0 bil/US$563.0 mil)Toyota Motor

OfficeD•Park (1-3FL)

Tsuen Wan,
Hong Kong

HK$4.0 bil/
US$513.6 mil

Chinachem Group

RetailSource Public announcement, MSCI Real Capital Analytics, Savills Research & Consultancy

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

4

Asia Pacific Investment Quarterly

Australia
Real GDP rose 0.2% QoQ over Q4 2023, to be 1.5% higher
YoY, meeting market expectations. Population growth
remains a key driver of economic growth, with GDP per capita
declining by 0.3% QoQ in Q4 to be 1.0% lower YoY. Household
consumption rose by just 0.1% in Q4, making no contribution
to quarterly growth, driven by essential goods and services
but offset by reduced spending on discretionary items.
Positive contributions came from private business investment(non-residential construction) and government spending.
The economy is expected to slow in 1H/2024, before a slight
pickup later this year. FocusEconomics predicts 1.8% GDP
growth for 2024, accelerating to 2.3% in 2025.
CPI rose by 0.6% over the December quarter due to higher
prices for tobacco, new dwelling purchases, domestic holiday
travel, and medical services. Annual inflation dropped to 4.1%
in December 2023, down from 5.4% in the previous quarter,
marking the fourth consecutive quarter of decline from thepeak in December 2022 at 7.8%. Early 2024 indicators suggest
easing inflation pressures, with headline CPI at 3.4% YoY in
the ABS experimental monthly CPI indicator in February,
though services price inflation remains high.
The RBA now meets eight times a year instead of 11. In
March, they kept the cash rate at 4.35%. Financial market
participants expect that major central banks will begin toease monetary policy later this year, with one 25bps RBA
rate cut fully priced in by November.

Australia saw a larger Q1 activity decline than the global
average, mainly due to slower capital value adjustments
to high interest rates. This has resulted in a persistent
gap between buyer and seller expectations, dampening
investment activity. Despite the drop, Q1 volumes exceeded
the 10-year average.
Stability in interest rates and further adjustments in pricing
are anticipated to narrow the gap between buyer and seller
expectations and stimulate a recovery in activity. The reboundwill be gradual, with slow activity in 1H/2024 but a stronger
recovery later, aided by anticipated rate cuts in late 2024.
While overall investment declined, notable Q1
transactions and early Q2 deals suggest improved liquidity
for certain buyers and sectors. Opportunistic capital,
syndicators, select institutions, and offshore entities haveremained active. The inclination of global capital to increase
exposure to the Australian market is poised to be a significant
driver in reinvigorating investment activity throughout 2024.
Q1 estimates show a 53% drop in investment volumes
across office, industrial and retail sectors (AU$10m+),
totalling around AU$3.4 billion, compared to AU$7.2 billion in
Q4 2023 (excluding pending transactions). Office volumes areat c.AU$800 million, down 68% from c.AU$2.6 billion in Q4.
Industrial volumes are at c.AU$926 million, a 63% decrease
from c.AU$2.5 billion in Q4. Retail deal volumes sit at c.AU$1.7
billion, down 21% from c.AU$2.1 billion in the previous quarter.

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, Q1/2020 to Q1/2024 (YTD)
ClosedPending*

VOLUME (AU$ MILLION)

25,00020,00015,00010,000

5,000

0
Q1

Q2

Q3

Q4

Q1

Q2

2020

Q3

Q4

Q1

Q2

2021

Q3

Q4

Q1

Q2

2022

Q3

2023

Q4

Q1#
2024

Source MSCI Real Capital Analytics, Savills Research* Estimated transaction volumes (AU$10 million+) in due diligence or pending#
Preliminary for Q1/2024

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Cairns Central Shopping Centre

Cairns, QLD

AU$390.0 mil/
US$258.2 mil

Fawkner Property

RetailRoxburgh Village

Roxburgh, VIC

AU$123.6 mil/
US$81.8 mil

The JY Group

RetailStockland Nowra

Nowra, NSW

AU$130.1 mil/
US$86.1 mil

Fawkner Property

Retail

124 Walker Street

North Sydney, NSW

AU$95.5 mil/US$63.2 mil

Ho Group

OfficeTaylors House

Waterloo, NSW

AU$87.0 mil/
US$57.5 mil

Cambridge RE Partners

OfficeSource MSCI Real Capital Analytics, Savills Research

5Asia Pacific Investment Quarterly

China
The Chinese economy grew by a robust 5.2% in 2023
despite the protracted property crisis, weak consumer
confidence and soft business sentiment, as well as
mounting local government debts. The government
however has set a bold target of around 5% growth in 2024
and is committed to achieving it, which will likely mean aramping up of support for the broader economy throughfiscal and monetary means. In February the 5-year LPR was
cut by 25 basis points to 3.95%, the first cut in six months
and the largest since the LPR was introduced in 2019.
The real estate sector faced continued pressure in thefirst two months of 2024, evidenced by a 60% decline inrevenue for the top 100 real estate enterprises comparedto the previous year. Reports indicate that banks remain
cautious about lending to property companies amid abearish market and constrained credit availability.
Nevertheless, recent policies look to bolster financial
support for real estate enterprises, with improved accessto property loans. A joint initiative by the Ministry of
Housing and Urban-Rural Development of the People's
Republic of China (MOHURD) and the National Financial
Regulatory Administration (NFRA) introduced acoordination mechanism for urban real estate financing.
As of 28 February, approximately 6,000 projects in 276

cities nationwide have implemented urban financing
coordination mechanisms, with over RMB200 billion
approved by commercial banks.
En-bloc transactions exceeding RMB100 million across
China reached a provisional total of RMB307 billion in
the 12 months leading up to 15 March 2024, in line withhistorical levels. The office sector, which remains themost active asset class, saw its share of transactions fall
20 ppts YoY to 28% during the same period. Despite priceadjustments, investors remain cautious given the economic
uncertainties and subdued demand.
Retail, multifamily, and hotel investments however
experienced robust growth, with YoY increases of 113%,
83%, and 80%, respectively, in the 12 months leading up
to 15 March 2024, with these sectors benefiting from a
recovery in travel and consumer spending post-COVID.
While quality assets in the multifamily and hotel sectors
remain relatively limited, investment-grade retail assets
are easier to find in many different cities and are drawing
increased attention given their recent addition to the REIT
sector.

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), Q1/2019 to Q1/2024
2019

180

2020

2021

2022

2023

2024

160

RMB BILLION

140
120
100
80
60
40
20
0
OfficeRetailIndustrial

Hotel

Residential
Source MSCI Real Capital Analytics

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Capital Square (95% share)

Beijing

RMB2.4 bil/
US$333.4 mil

AIA

OfficeVanke Mall Qibao (50% share)

Shanghai

RMB2.4 bil/
US$331.2 mil

Link REIT

RetailGAW Capital Logistic
Portfolio

Jiangmen, XianRMB2.3 bil/
US$319.5 mil

Ping An Overseas

Logistics

Ascott Hengshan

Shanghai

RMB1.3 bil/
US$180.6 mil

TBC

Serviced Apartment

Hong Shou Fang

Shanghai

RMB1.2 bil/
US$167.5 mil

Dajia Insurance

Mixed-use
Source Savills Researchsavills.com.hk/insight-and-opinion/

6

Asia Pacific Investment Quarterly

Hong Kong
The commercial real estate investment market continued
to drift in Q1/2024, with only HK$8.4 billion worth ofproperties transacted over the quarter, a marked declineof 59% when compared to Q4/2023, which saw a similar
57% YoY decrease. The most significant deal over the first
three months of the year was the sale of D. Park, a 630,000sq ft shopping centre with 1,000 car parking spaces in Tsuen
Wan, for HK$4.02 billion by New World to Chinachem,with a reported 6% yield the key driver of the deal. Other
investment deals saw similar yields on offer, some comingwith deep discounts.
The prolonged period (2009-2021) of low interest rates
means that many property investors are fully invested, andmany were hard hit by the sharp rise in cost of funds from2022 to 2023 and now need to unwind their positions. The
commercial market is now in a period of consolidation
which began in Q3/2019 with demand dwindling andinterest rates rising. Even border reopening has proved to
be of little help in reviving market sentiment.
With private investors and investment funds keen toacquire commercial assets over the past few years, bothare now firmly in divesting mode, leaving end users and
SOEs as the two remaining active buyer groups in thecommercial market in late 2023 / early 2024.
Looking ahead, structural shifts in the local property
markets are shaping ‘New Norms’ for the commercial realestate sector, including but not limited to oversupply inmost commercial / industrial markets to further disrupt
the supply / demand balance, higher interest rates forlonger, and weak consumption among both locals andtourists to further dampen business sentiment and muteHong Kong’s traditionally energetic retail ambience.
The 2024 investment market may therefore face anotherbumpy ride.

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

Commercial Investment by Type of Investor, 2015-2019, 2022-2022 and 2023

2023

22%

8%
4%
21% 28%35%

Cross-Border
Institutional
REIT/Listed

6%2020-2022
54%

1%

2015-2019

15%

52%

PrivateUser/Other

11%
4%

39%

Source MSCI Real Capital Analytics

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

D•Park Mall with car parks

Tsuen Wan

HK$4.0 bil/
US$516.7 mil

Chinachem

Retail25, 26A & B Lugard Road

The Peak

HK$838.0 mil/
US$107.7 mil

A mainland buyer

Residential

K88 Retail Podium, Wealth Garden

Kwai Fong

HK$310.0 mil/
US$39.8 mil

CR Longdation

Retail88WL

Sheung Wan

HK$700.0 mil/
US$90.0 mil

A local investor

Office18 units, Pine Hill Villa

Jardine's
Lookout

HK$1.2 bil/
US$150.7 mil

A local investor

Residential

Source MSCI Real Capital Analytics, Savills Research & Consultancy

7

Asia Pacific Investment Quarterly

India
India continued to demonstrate remarkable resilience toglobal headwinds in Q1/2024, aided by supportive domestic
demand conditions. Further, decisive measures undertakenby the Reserve Bank of India (RBI), effectively steered theeconomy through the turbulence. Notably, India's economy
remained strong in Q4/2023, with real GDP registering 8.4%
YoY growth, surpassing all expectations.
The upward trajectory of the economy has been reflected bymacroeconomic indicators. Retail inflation moderated to 5.1%
in February 2024, comfortably within the acceptable range
of 2% to 6%. Concurrently, the Manufacturing Purchasing
Managers' Index (PMI) ascended to a five-month peak of
56.9 during the same period, underscoring the momentumof consumption-led growth. Moreover, forex reserves surged
to an historic high of US$642.6 billion (INR53 trillion) as of
22 March 2024, indicative of robust economic fundamentals.
Projections indicate that this growth momentum will persist
in forthcoming years and India will likely retain the tag of
the fastest growing economy for the current fiscal year andbeyond. Oxford Economics has raised India’s growth forecast
to 6.6% for FY 2024-2025.
With a focus on economic growth and all-inclusive
welfare, the Interim Budget 2024-2025 (announced on 1st
February 2024) stayed with the theme of providing modern
infrastructure and growth opportunities. The budget
unwrapped the government’s multi-pronged approach to drive
economic growth with focus on building next-generation
infrastructure, developing new energy avenues as well as key
structural reforms for sustained growth. The special emphasis
on research and innovation in sunrise sectors, green energy,

start-ups, and support for EV infrastructure through viability
gap funding along with long-term interest free loans highlighted
government’s focus areas to drive growth in the coming years.
Drawing confidence from government efforts to builda favorable environment, investment sentiment appears
to be positive. During Q1/2024, private equity investment
inflows into the Indian real estate sector amounted to
US$554 million (INR46 billion), registering a 12x increase ininvestment quantum compared to a year ago. However, ona sequential basis, private equity investments registereda decline of 69%. This could be explained as investors
being on ‘wait and watch’ mode as they likely deferredinvestment decisions ahead of the elections.
Investors looked at diversification strategies to include theindustrial & logistics segment in their portfolio. For the firsttime, this segment received the maximum share of investment
during Q1/2024. Standing at US$260 million (INR21 billion),
the sector garnered a share of 47% of the overall pie. All
the investment came from Asian institutional investors
and was spread across core and under-construction assets
in Pune, Chennai and the NCR. The commercial officesegment which was maintaining the pivotal position
until now stood second and garnered a 35% share. All thequarterly investment in this segment came from domestic
investors and was concentrated in core office assets in
Bengaluru. This trend could be partly attributed to limited
availability of investible grade office assets and concurrent
strengthening of manufacturing sector along with growing
demand from e-commerce players that is leading toconsistent investments in the industrial & logistics segment.

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, Q1/2022 to Q1/2024
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
Q1/2022

Q2/2022

Q3/2022

Q4/2022

Q1/2023

Q2/2023

Q3/2023

Q4/2023

Q1/2024

Source Savills Research & Consulting

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

1.21 msft IT Park in Bengaluru

Bengaluru

INR14.8 bil/
US$177.6 mil

Edelweiss
Alternatives

OfficeLOGOS Chakan
Logistics Estate

Pune

INR11.0 bil/
US$132.4 mil

Ivanhoé Cambridgeand LOGOS

Industrial & Warehousing

A 100 acres of land in
Chakan-Talegaon

Pune

INR7.0 bil/
US$84.3 milEverstone

Industrial & Warehousing
Source Savills Research & Consulting

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

8

Asia Pacific Investment Quarterly

Indonesia
Indonesia's economy in Q1/2024 is expected to grow by 5%with stable interest rates at 6%. Increasing consumption
during Ramadhan and Eid al-Fitr should both help boost
economic growth in the first quarter The government has
officially extended home DTP VAT to increase purchasing
power, especially in the landed house sector.
The landed housing market posted a positive trend in
Q1/2024 as demand for new homes continues to increase.
There is demand for affordable housing projects withgood accessibility to train stations, toll roads, and public
transportation. Housing projects with unit prices below
IDR600 million are still predominantly sought after bypotential buyers.
The apartment market remains under pressure withlimited demand absorption as well as stagnant price levels.
There are no newly launched projects as developers areconcentrating on disposing of existing units. Demand ismostly being generated by end-users, whilst most investors
continue to adopt a wait and see attitude to buying
apartment units.
A new office building completion has caused theoccupancy rate in the Jakarta CBD office market to decline
during Q1/2024. However, enquiries and leasing activity
increased during the first quarter driven by the technology,energy, and financial sectors. Flight to better quality officepremises and cost savings are still the trend.
Occupancy rates in the hotel market declined at the
beginning of the year, due to MICE activity by both
the government and private sector held back due to theelections. The average occupancy rate ranged from 50% to
60% during Q1/2024.
The retail market is enjoying a strong increment in
net take-up which has resulted in a healthier occupancy
rate of above 88%. Foot traffic in popular retail centers
increased during the month of Ramadhan, boosting
spending by visitors. However, this trend has not brought
rental increments, as average rents remained at thesame level as the previous quarter. Several malls due forcompletion during the first quarter have suggested that
their operations may be delayed until mid-year.
The performance of the modern warehouse sector looks
positive still even at modest levels. Prices are estimatedto slightly increase by 1% to 2% during Q1/2024. Investors
continue to be active in developing previously purchased
land. Demand is mostly being generated by the automotive
sector and electric vehicle vendors, followed by the
manufacturing, FMCG, and pharmaceutical sectors.

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

Gross Domestic Product Growth, 2017 to 2023
6
5

GDP GROWTH (%)

4
3
2
1
0
-1
-2
-3
2017

2018

2019

2020

2021

2022

2023

Source Indonesian Central Bureau of Statistics

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

An office building

East Jakarta

IDR100.0 bil/
US$6.4 mil

Citra Swarna Group

OfficeOffice strata title, 1 floor(2,200 sq m)

South Jakarta

IDR48.4 bil/
US$3.1 mil

Semen Indonesia Group

OfficeA 35.7-ha of land

Banten

IDR991.0 bil/
US$63.3 mil

PT Pantai Indah Kapuk
Dua Tbk

Residential andcommercial

An hotel (50% share)

Labuan Bajo

IDR112.3 bil/
US$7.2 mil

PT Bukit Uluwatu Villa Tbk(BUVA)

Hotel

Source Savills Indonesia Research & Consultancy

9Asia Pacific Investment Quarterly

Japan
According to the Ministry of Finance, corporate profits
across all industries in Q4/2023 saw a considerable increase of
13.0% year-on-year (YoY). While exports and production are
projected to be flattish for the time being due to the slowdownin overseas economies, corporate profits are expected to keep
improving due to factors such as the pass-through of rising raw
material costs to selling prices. Despite rising prices, private
consumption had increased moderately due to government
measures and should continue doing so with noticeable wage
growth from the spring Shunto negotiations.
The February 2024 CPI excluding fresh food was up
2.8%, and has generally continued to ease over the year.
Meanwhile, with greater confidence in achieving a stable
2% inflation target, the Bank of Japan (BoJ) decided to end
its negative interest rate and yield curve control policies.
While further interest rate increments are likely, they arewidely expected to be moderate, and already appear to havebeen accounted for in underwriting acquisitions to a certain
extent. As such, real estate investment volumes are likely
to be stable and see gradual growth thereafter, with moreclarity on the interest rate environment.
TOPIX has increased significantly by 17.0% quarter-onquarter (QoQ) in Q1/2024, having grown on the back ofheightened interest from overseas investors due to robust
corporate performance and improved corporate governance,
as well as the start of new tax-free programs for retailinvestors (NISA). Meanwhile, the TSE J-REIT index had kept

decreasing until the BoJ March meeting but subsequently
rapidly recovered, overall to a slight dip of 0.7% over the same
period. With greater clarity on the interest rate environment,
further improvements are expected.
Despite the increase in vacancy rates, the logistics sector
continues to attract investor interest. Residential demand has
softened slightly, although rental growth goes from strength
to strength with the positive demographic trends. While
offices have received mixed reception, overall momentum
is on the rise, and we anticipate some rental growth in 2024.
Hotels, particularly those at the higher end, have thrived due
to robust demand, attracting interest from both investors
and operators. Prime high street retail has experienced asurge in activity driven by strong inbound tourist demand.
Overall, investor sentiment in Japan is showing further signsof improvement, coupled with greater clarity on the interest
rate environment, leading to expectations of increasedtransaction volumes.
In Q1/2024, the Grade A office market continued to see
slight improvements, with rents increasing by 0.2% QoQ to
JPY32,656 per tsubo, and vacancy tightening 0.2 percentage
points QoQ to 3.0%. A quiet year in 2024 is anticipated due tothe limited upcoming supply, which should provide breathing
room for further absorption. Overall, the market should
continue to experience positive momentum in 2024, especiallywith prime offices, particularly modern ones with strong ESG
certifications, set to perform well, and some rental increments
are anticipated among such properties.

Christian Mancini
CEO, Asia Pacific(excl Greater China)+81 3 4330 3611
cmancini@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, 2014 to Q1/2024
Grade A Vacancy (RHS)

Grade B Vacancy (RHS)

Grade A Rents (LHS)

Grade B Rents (LHS)

40,0006%
5%30,0004%

25,0003%

20,00015,0002%

10,000VACANCY RATEJPY PER MONTH PER TSUBO

35,000

1%

5,000

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

0
2014

2015

2016

2017

2018

2019

2020

2021

2022

2023 2024

Source Savills Research & Consultancy

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Part of Shibuya Sakura Stage

Tokyo

Over JPY100.0 bil/Over US$662.0 mil

SPC invested in by a domestic
institutional investment fundand Tokyu Land

Office and retailPart of land offormer Shinagawa GooseTokyo

Undisclosed (Gain of approx
JPY85.0 bil/US$563.0 mil)Toyota Motor

OfficeBridgestone Mikawadai Dai-Ichi
and Dai-Ni Shataku

Tokyo

Undisclosed (Gain of approx
JPY63.4 bil/US$420.0 mil)Undisclosed

Residential

Mitsubishi Heavy Industries
Plant Site (part of land)Tokyo

Undisclosed (Gain of approx
JPY50.0 bil/US$331.0 mil)Undisclosed

Industrial

Toyosu Bayside Cross Tower(26.7% interest,
office and retail portion)Tokyo

JPY43.8 bil/
US$290.0 mil

Nippon Building Fund

Office and retail

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

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

10

Asia Pacific Investment Quarterly

Macau
On April 12th, the Macau government announced thecomprehensive rescindment of all cooling measures
implemented in the property market. This includes theabolition of three additional stamp duty levies: the 10% extra
stamp duty applicable to property buyers owning two or more
residential properties, the 10% to 20% extra stamp duty on
resale transactions within two years, and the 10% extra stamp
duty imposed on all non-resident buyers. Furthermore, theinterest rate stress test requirement has been suspended, andthe maximum loan-to-value (LTV) ratio for non-resident
buyers has been raised from 50% to 70% for residential
property transactions.
These policy changes are widely regarded as a positive
response to the prolonged market downturn, aimed at
stimulating the industry. It is anticipated that these measures
will effectively release pent-up purchasing power by relieving
prospective buyers from the burden of interest rate stress tests
and additional stamp duties. Moreover, the removal of theextra stamp duty for non-resident buyers and the increase in
the maximum mortgage ratio are expected to attract foreign
capital inflows, thereby contributing to market revitalization.
The deadline for an application for economic housing units
in the 2023 period concluded on 27th March of 2024. Reports
indicate approximately 6,500 applications were submitted,
while the total number of units available for this application
cycle was 5,415. Retrospectively, during the previous

submission period in 2021, around 5,200 economic units wereopen for applications, garnering over 11,000 applications.
The substantial decline in the number of applications isbelieved to stem from several factors. Primarily, the revision of
economic housing regulations, wherein all economic units canonly be resold back to the government at the original purchaseprice, the removal of capital appreciation potential has led
to a steady decrease in applications since its implementationin 2020. Another contributing factor is the narrowing
price gap between economic housing and private housing.
According to government reports, the average unit priceof economic housing units in salable area is approximately
MOP2,430. In contrast, the average unit price of residential
transactions in the private market stands at only about
MOP3,955 in saleable area following a series of recent
decreases. Consequently, more prospective buyers perceive
less advantage in choosing economic units, particularly
considering the resale restrictions, prompting a shift ofpurchasing power towards the private market.
In response, the government has decided to halt thedevelopment of economic housing this year, despite initialplans to construct five additional economic housingbuildings. The oversupply of public housing poses a
significant concern for the private market, and this pause in
new developments aims to strike a balance under the current
market conditions.

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

Residential Transaction Volumes and Average Transaction Prices, January 2019 to January 2024

TRANSACTION VOLUME

Transaction Unit Price (RHS)
12,0001,000

10,000

800

8,000

600

6,000

400

4,000

200

2,000

0

2020

2021

2022

Jan

Nov

Jul

2023

Sep

May

Jan

Mar

Nov

Jul

Sep

May

Jan

Mar

Nov

Jul

Sep

May

Jan

Mar

Nov

Jul

Sep

May

Jan

Mar

Nov

Jul

2019

Sep

May

Jan

Mar

0

2024

UNIT PRICE IN SALEABLE AREA (MOP PER SQ FT)Transaction Volume (LHS)
1,200

Source DSEC

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

5 shops at La Cite

Rua Da Perola Oriental
Nº 17 - 101

HK$172.8 mil/
US$22.2 mil

NARetailSource Savills Macau

11

Asia Pacific Investment Quarterly

Malaysia
The Malaysian economy grew by 3.0% in Q4/2023, taking fullyear GDP growth to 3.7% in 2023. An improved labour market
and a recovery in tourism in 2023 acted as the primary drivers
for Bank Negara Malaysia’s 2024 GDP forecast of an increaseof 4% to 5% despite the challenging global environment.
In Q1/2024, major transactions surged by 128% YoY and
37% QoQ, reaching MYR5.01 billion. The single largest
transaction was the MYR1.95 billion sale of the 40%
minority interest (by CBRE Investment Management to
KLCC Property Holdings) in the SPV that holds Suria
KLCC, but transactional activity would have been up by
39% YoY even had this deal been excluded. This transaction
has now made Suria KLCC a wholly owned subsidiary of
KLCCP, resulting in a net yield of 6% to 7%.
Ecoworld Malaysia’s subsidiary, Eco Botanic 3 Sdn Bhd,
acquired 240 acres of freehold land in Iskandar Puteri Johor,
near Eco Botanic and Eco Botanic 2 townships, from River
Retreat Sdn Bhd (owned by Khazanah & IWH) for MYR450
million. The proposed Eco Botanic 3, is intended as a mixed
residential and commercial township targeting first-time
homebuyers and the M40 group.
Scientex Berhad, through its subsidiaries Scientex Park (M)Sdn Bhd and Scientex Heights Sdn Bhd, made significant landacquisitions in Selangor and Johor for property development.
Scientex Park secured 826 acres in Kuala Selangor from
Metalplex Plantation Sdn Bhd for MYR336 million, planninga mixed development, while Scientex Heights acquired a

1,094-acre freehold site in Muar from Guan Hong Plantation
Private Limited for MYR200 million. These acquisitions
support Scientex Group's goal of building 50,000
affordable houses nationwide by 2028.
In KL, YNH Property disposed of the 7-storey shopping
mall, 163 Retail Park, to RHB Trustees Bhd (trustee of Sunway
REIT) for MYR215 million. The mall sits on 5.21 acres andwas completed in 2018 and has a GFA of 819,629 sq ft and iscurrently 94% occupied by over 100 tenants. In Greater KL,
Tropicana Kajang Hill Sdn Bhd, a subsidiary of Tropicana
Berhad, secured a 7.79-acre site in Petaling, from Selangor
State Development Corporation (PKNS) for MYR224 million,
and proposes to develop four to five blocks of serviced
apartments adjacent to Tropicana’s mixed development,
Tropicana Gardens, which is near completion.
Two more hotel deals were concluded in the reviewed quarter
including the sale of the Courtyard by Marriott Penang – ahotel with 199 rooms – by Tropicana Group to IOI Properties
Group Berhad for MYR165 million. YTL REIT acquired
Syeun Hotel-13-storey-290 rooms-from Syeun Hotel Berhad
for MYR55 million. Lastly, NPC Resources Bhd disposed of
13 parcels of palm oil agricultural land in Labuk & Sugut,
Sabah to Tamaco Plantation Sdn Bhd for MYR165 million.
The positive market momentum in real estatetransactional activity has been encouraging in the last 12
months in Malaysia. We expect this trend to continue toimprove over the remainder of 2024.

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 Q1/2024
Transaction Volumes (RHS)
31

32

30

5

5.0

25
4

21

23

21

20
14

2
1

2.1

2.1

1.8

1.5

25
20

18

3

35

32

18

3.5

16

20

3.7

15

2.9
2.2

2.0

1.9

10
1.6
5

0.9
0

TRANSACTION VOLUME (NO.)

2021

2022

2023

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

0
Q1

TRANSACTION VALUE (MYR BILLION)

Total Transaction Value (LHS)
62024
Source Savills Research

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

A 240 acres of land

Johor

MYR450.1 mil/
US$95.4 mil

Eco Botanic 3 Sdn Bhd

Residential andcommercial

A 826 acres of land

Selangor

MYR335.7 mil/
US$71.1 mil

Scientex Park (M) Sdn Bhd

Mixed-use

A 7.79 acres of land

Selangor

MYR224.0 mil/
US$47.5 mil

Tropicana Kajang Hill Sdn Bhd

Residential

163 Retail Park

Kuala Lumpur

MYR215.0 mil/
US$45.6 mil

RHB Trustees Bhd (trustee of
Sunway REIT)

RetailCourtyard by Marriott
Penang Hotel

Penang

MYR165.0 mil/
US$35.0 mil

IOI Properties Group Bhd

Hotel

Source Savils Research, Bursa Malaysia

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

12

Asia Pacific Investment Quarterly

Pakistan
Pakistan has seen recent macroeconomic improvements, withincreased activity compared to FY23 and 1H/FY24. However,this is largely due to International Monetary Fund (IMF)
conditions as part of a US$3 Billion Stand-By Arrangement,with further stringent conditionalities on the horizon.
Lahore’s hotel market demand stems from businesstravel followed by tourism and sports. From a tourism
perspective, Lahore is Pakistan’s cultural hub withinternationally recognized heritage buildings. Religious
tourism is another key segment with the mosques andshrines attracting global tourists.
From a sporting perspective, domestic and internationalcricketing events are hosted at Pakistan’s Gaddafi Stadiumin Lahore. Champions Trophy is an international cricket
event to be hosted by Pakistan in 2025, for which the
Pakistan Cricket Board (PCB) has recently bought amulti-story building near Gaddafi stadium, to renovate andtransform into a seven-star hotel.
From a business perspective, given increasing security
issues in Karachi, many MNCs and large corporates haverelocated their head offices to Lahore, with new companies
setting up in Lahore.
Lahore hotel market currently has ~7,000 rooms, withthree and four-star hotels having ~4,200 rooms. The PearlContinental (PC) Lahore is the only five-star hotel in Lahorewith 605 rooms, not enough to meet service demand during
peak periods. Guest houses are the other alternative, which

are generally more low-end and don’t have the service quality,
offerings and facilities that hotels do. International chainssuch as Hyatt Regency and Intercontinental are slated to add
additional room supply in the coming years.
The Average Daily Rate (ADR) for Lahore’s four and five-star
hotels ranges from US$53 to US$83. PC Lahore charges
US$73 per night, lower than Nishat Johar Town and Nishat
Suites Gulberg. Nishat is a local conglomerate and though
their developments are not considered five-star given they
don’t have the requisite offerings, their high price point ison account of being marketed as boutique hotels offering aunique and exclusive experience.
Barring Best Western Premier, occupancy rates range from
52% to 65%. PC Lahore occupancy ranges from 51% to 61%,
however this is on account of their large supply of 605 rooms.
Nishat Johar Town and Nishat Suites Gulberg, even with thehighest ADRs, have occupancy ranging from 53% to 63% and 60%
to 65% respectively, showing guests are willing to pay a premium.
A key addition to the hotel market is hotel-run serviced
apartments, which are serviced and maintained by the hotel,
who can also rent them out to tenants, giving the owner afinancial return, net of all management costs. Indigo Heights,
a four-star hotel, is the only hotel currently providing these,with 25 of their 127 rooms available as serviced apartments.
With ~900 serviced apartments coming onto the market overthe next five years, other hotels may also increase their supply
based on the success of Indigo Heights.

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

Nadine Malik
Director
Strategic Consultancy+92 21 3561 2550-2
nadine.malik@savills.pk

ADR and Occupancy Rates of Four and Five-star Hotels, Q1/2024
Occupancy Rate (RHS)
70

75

60
50

60

40
45

%

ADR (US$)ADR (LHS)
90

$83

$82

$73

30

30

$71

$63

$62

$58

$56

$53

15

20
10

0

0
NishatJohar
Town

NishatSuitesGulberg

PC Lahore Ramada by
WyndhamAvari Hotel

IndigoHeights

Avari
XpressPark Lane
Hotel

Best
Western
Premier
Source Savills Research

Major Sales and Leasing Transactions, Q1/2024
PROPERTY

LOCATION

CATEGORYTOTAL AMOUNTBUYER/TENANT

USAGE

Former US Consulate

Civil Lines,
Karachi

Sales

PKR5.0 bil/
US$17.8 mil

Bank Alfalah

Office12 Marla Commercial

Raiwind Road,
LahoreLeasing

PKR179.6 mil/
US$640,956.0

Habib Bank Limited

RetailOcean Tower

Clifton,Karachi

Leasing

PK179.5 mil/
US$640,464.0

Medtronics

Office8 Marla Commercial

Ring Road,
LahoreLeasing

PKR87.8 mil/
US$313,377.0

Habib Bank Limited

RetailNice Trade Orbit

Shahrah-e-Faisal,
Karachi

Leasing

PKR46.3 mil/
US$165,243.0

IBM

OfficeSource Savills Research

13

Asia Pacific Investment Quarterly

Philippines
Philippine real GDP growth expanded by 5.6% in 2023 ledby strong household expenditure and higher government
spending. Estimates for the first quarter of 2024, show that
the Philippine economy is expected to increase by 6.1% asinfrastructure spending rises, with the help of ODA (Official
Development Assistance) funding, and PPP (Public-Private
Partnership) projects.
Meanwhile, inflation is at 3.3% in Q1/2024 and is
projected to remain within the government’s target of
2% to 4% throughout the year. The monetary board of the
Banko Sentral ng Pilipinas (BSP), the Philippines’ central
bank, maintained the status quo on policy rates at 6.5% attheir meeting last February. This is due to upside risks to
the inflation forecasts linked mainly to higher transportcharges, increased electricity rates, and higher oil anddomestic food prices.
In Q1/2024, Metro Manila’s prime office stock remained
the same at 9.12 million sq m as construction timelines
were delayed for all office buildings. For the next quarter,
expected building completions have bloated to 573,000
sq m. The overall average rent has increased slightly to
PHP858.5 per sq m per month.
All three major Central Business Districts (CBDs) in
Metro Manila – Bonifacio Global City (BGC), Makati
CBD, and Ortigas Center, have seen positive demand thisquarter. BGC breached single-digit vacancies for the firsttime since Q2/2023 as it posted a vacancy rate of 9.8%.
Meanwhile, Makati CBD and Ortigas Center also tallied
lower vacancy rates of 13.9% and 25.4%, respectively.
Transactions in the CBDs were mainly tenants fromtraditional office space (headquarters of local andmultinational companies) and Information Technology
and Business Process Management (IT-BPM) offices.
Among the other submarkets in Metro Manila, the Bay
Area has seen the greatest improvement as vacancy rates
fell by 4.0% to 28.6% QoQ. Transactions tallied to 56,100
sq m for Q1/2024 almost equal to the total transactions
for the past two quarters. The submarket’s location – as
its name suggests – is close to Manila Bay, which gives it
a competitive advantage for tenants in the logistics andshipping industry.
Advancing through the year, Metro Manila’s officedemand will be anchored by the growth of the IT-BPM
sector. However, bright spots in multiple submarkets may
be seen with the expansion of sunrise industries such as
third-party logistics. Upward pressure on vacancy rates
and rents is anticipated as new office buildings are slated
to open in 2024.

Michael McCullough
Managing Director
KMC Savills, Inc+632 217 1730
michael@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 Q1/2024'000 SQ M (GLA)

Supply (LHS)

Take-Up (LHS)

Vacancy Rate (RHS)

300

24%

250

21%

200

18%

150

15%

100

12%

50

9%

0

6%

-50

3%

-100

0%

Source KMC Savills Research

Major Leasing Transactions, Q1/2024
PROPERTY

LOCATIONTOTAL LEASINGAMOUNTTENANT

USAGE

A 1,440 sq m of office spacein PBCOM Tower

Makati City

PHP100.3 mil/
US$1.8 mil

POGO company

OfficeA 14,498 sq m of office spacein iMet 2

Bay Area

N/A

HQ

OfficeA 752 sq m of office spacein One Trium Tower

Alabang CBD

PHP24.9 mil/
US$444,736.5 mil

HQ

OfficeSource KMC Savills, Incsavills.com.hk/insight-and-opinion/

14

Asia Pacific Investment Quarterly

SingaporeAs expected, Singapore’s real estate investment market started
the year on a relatively quiet note with transaction value in thefirst quarter falling 23.8% QoQ to S$4.13 billion. The decline
was partly due to the unsuccessful award of the white site
at Marina Gardens Crescent under the Government Land
Sales Programme. The S$770.5 million sole bid submitted
by the consortium of GuocoLand (Singapore), Intrepid
Investments and TID Residential was assessed to be too
low by the Urban Redevelopment Authority. However,investment sales in the retail and hospitality property
sectors have regained strength and contributed significantly tothe total number in the reviewed quarter.
In the retail sector, well-located suburban malls continued
to attract strong interest on the back of resilient rents anddemand from retailers with two big-ticket transactions ofsuch properties being inked in Q1/2024. The first was Frasers
Centrepoint Trust (FCT)’s acquisition of an additional 24.5%
effective interest in Nex at Serangoon Central from its sponsor
Frasers Property. The acquisition valued the largest suburban
mall in the north-east of Singapore at S$2,127.0 million or
S$3,352 per sq ft (psf) by net lettable area (NLA) including
Community / Sports Facilities Scheme use. The other was
the S$550 million purchase of The Seletar Mall by Allgreen
Properties from Cuscaden Peak Investments and United
Engineers. The agreed price translates to about S$2,900 psf
NLA. The addition of this suburban shopping mall locatednext to Fernvale LRT Station in the Sengkang Area extended
Allgreen’s presence in the retail landscape into the heartland.

Singapore’s strategic position as a global hub for businessand tourism, together with supportive policies and initiatives
aimed at boosting tourism by the government, have bolstered
the hospitality sector’s recovery after the pandemic. The
number of international visitors arriving in Singapore
more than doubled to 13.6 million in 2023 and is expected
to rise further to 15 to 16 million in 2024. This will keepinterest levels for hospitality assets high by both establishedand new market players. The hospitality sector witnessed
three transactions totalling S$556.0 million or 13.5% of
total investment sales in Q1/2024. The Ascott Limited andCapitaLand Wellness Fund (C-WELL) acquired Hotel G
located along Middle Road for S$238.0 million in January.
The 308-room freehold hotel within walking distance of both
Bugis and Bencoolen MRT train stations will be upgraded andrebranded as lyf Bugis Singapore in mid-2024. In February,
CapitaLand Ascott Trust divested Citadines Mount Sophia
Singapore for S$148.0 million to a joint venture between
the Hong Kong-headquartered rental accommodation
brand Weave Living and a fund managed by BlackRock. The
serviced apartment property on Wilkie Road will undergorenovation and reopen under Weave Living’s serviced
accommodation brand, Weave Suites, in early 2025. Towards
the end of the quarter, TPG Angelo Gordon teamed up with
Far East Consortium and Atelier Capital Partners to purchase
Capri by Fraser, Changi City from Frasers Property for S$170
million. The property is a 313-room serviced apartment near
Singapore’s Changi airport.

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, Q1/2024
Hospitality
13%

Mixed
3%

Industrial
9%

Residential
43%

Commercial
32%

Source Savills Research & Consultancy

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

The Seletar Mall

33 Sengkang West
Avenue

S$550.0 mil/
US$407.9 mil

Allgreen Properties Limited

RetailNEX (24.5% stake)23 Serangoon Central

S$521.1 mil/
US$386.4 mil

Frasers Centrepoint Trust

RetailGovernment land

Orchard Boulevard

S$428.3 mil/
US$317.6 mil

United Venture Development (No.7)
Pte. Ltd.

Residential

Government land

Plantation Close (EC)

S$423.4 mil/
US$314.0 mil

Hoi Hup Realty Pte Ltd andSunway Developments Pte. Ltd

Residential

Government landMedia Circle

S$395.3 mil/
US$293.1 mil

CNQC Realty (Clementi) Pte. Ltd. andForsea Residence Pte. Ltd

Residential

Source Housing & Development Board (HDB), Urban Redevelopment Authority (URA), Savills Research & Consultancy

15

Asia Pacific Investment Quarterly

South Korea
In its February 2024 Economic Outlook Report, the Bankof Korea (“BoK”) forecast GDP growth of 2.1% for 2024, amoderate improvement as robust growth in the IT sector
offset sluggish domestic consumption. The BoK kept theBase Rate at 3.5% for the ninth consecutive time, citing
concerns over the resilience of consumer price inflation.
Despite the unchanged Base Rate, there are signs thatinterest rates are beginning to fall from mid-5% to early-5%,
contributing to a notable 53% YoY and 8% QoQ surge in
office transactions in Q1/2024, totaling KRW2.19 trillion.
The Prime gross office cap rates in Q1/2024 are estimatedin the mid-4% range, increasing to upper-4% range on an
effective-rent basis, up 20bps from the previous quarter.
With an occupancy rate of over 96%, the office sector has
been resilient in both leasing and investment markets,
continuing to garner investor interest. With an increase inavailable properties for sale, the bid-ask spread between
sellers and buyers in the office sector has narrowed.
Consequently, office transaction volumes are anticipated torise in the upcoming quarters.
The logistics sector, however, has experienced subdued
investment activity due to elevated vacancy rates resulting
from a substantial volume of new supply. Landlords areoffering increased incentives to attract tenants, leading

to significant decreases in average monthly effective rents
for dry and cold storage facilities. Investor preference has
shifted towards slightly older assets with little vacancy
in prime locations, over newly constructed or ongoingprojects that are exposed to leasing risk. Accordingly,
75% of transactions during Q1/2024 were completed bystrategic investors/end-users, interestingly those from thesemiconductor and energy industries.
In the hotel sector, despite the volume of foreign tourists
remaining below 30% of pre-pandemic levels, RevPAR has
surpassed that of 2019. This suggests the conversion of
hotels into office or residential space during the pandemic
has led to a shortage in supply, driving up both occupancy
rates and average daily rates. In Q1/2024, investment
in hotels rebounded, buoyed by strong growth in NOI,
evidenced by Shinhan Seobu T&D REIT's acquisition of
Gwanghwamun G Tower, a mixed-use property featuring
hotel and office, for KRW289.0 billion, as well as Gravity
AMC and Angelo Gordon's acquisition of T Mark Grand
Hotel for KRW228.2 billion. Both acquisitions signal anintent to operate these properties as hotels, with Angelo
Gordon actively seeking a global hotel operator. This
momentum reflects the historic interest within the sector,
alongside the prospect of increased foreign tourists.

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

Transction Volumes by Property Type, Q1/2024

Logistics
KRW0.37 bil,
16%

Hotel
KRW0.28 bil,
12%

OfficeKRW1.63 bil,
72%
Source Savills Korea Research & Consultancy

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Arc Place

Seoul, GBD

KRW791.7 bil/
US$588.2 mil

KORAMCO REITs & TRUST

OfficeK Square City

Seoul, CBD

KRW307.0 bil/
US$228.1 mil

Pacific AMC

OfficeMetro Tower

Seoul, CBD

KRW415.6 bil/
US$308.8 mil

IGIS AMC

OfficeSeoullo Tower

Seoul, CBD

KRW309.9 bil/
US$230.2 mil

IGIS AMC

OfficeGwanghwamun G Tower

Seoul, CBD

KRW289.0 bil/
US$214.7 mil

Shinhan Seobu T&D REIT

Mixed use

Source Savills Korea Research & Consultancy

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

16

Asia Pacific Investment Quarterly

TaiwanSupported by the gradual recovery of export momentum,
an improvement in domestic consumption, and the politicalstability following the end of the Taiwan presidential race lastyear, the annual economic growth rate is projected to reach 3.43%
YoY in 2024, according to the Directorate-General of Budget,
Accounting and Statistics (DGBAS). The investment momentum
in the commercial property market remains active and thetotal transaction volume reached NT$38.3 billion in Q1/2024,
representing a 132% YoY increase and a 16% QoQ decline.
Office was the most active category this quarter, with atransaction volume of NT$17.2 billion, accounting for 45% of
the total. The largest deal was the divestment of the Lotus
Building, an old office building in Taipei CBD, with eightdevelopers purchasing 60% of the property for NT$13.1
billion, which translates to NT$15.3 million per ping in land
prices. This transaction marks the second office deal in
Taipei City worth NT$10 billion or more within the past ten
years, after last year's sale of the Kee Tai Zhongxiao Buildingat NT$12.5 billion. It is worth noting that the buyers of Lotus
Building intend to redevelop the property into a high-end
residential project, which will require further negotiation
with the remaining building owners.
Family office investors have become more active recently
and shown interests in acquiring offices in prime areas. One
notable deal involved a local family office bought two floors
in Taipei One, a pre-sales office project in the Dunhua N.

district for NT$1.06 billion. The unit price of this transaction
reached NT$1.76 million per ping, making it the fourthhighest unit price in the past five years.
The land market has experienced a significant recovery as
the transaction volume totaling NT43.1 billion in Q1/2024, up
156% YoY and 18% QoQ. The rebound in residential demand
from end-users and the fiscal support from first-time homebuyers loan assistance programs launched by the government
last year, have continued to boost developers’ confidence. As
such, developers acquired 28 plots of land worth a total of
NT$30.5 billion during Q1, up 281% YoY, marking the highest
transacted volume in the past eight quarters. Among which,
11 deals were large-scale transactions which are over NT$1
billion in value. This surge in interest is in stark contrast
to the same period last year when the market only saw
two deals of similar size. The biggest land transaction in
the quarter was the NT$3.5 billion acquisition of the PleasantHotels International redevelopment site in Taoyuan.
Looking forward, stable economic expansion and increasing
construction costs will drive prices up for the rest of the year.
The electricity price is set to increase by over 10% in Q2/2024.
Additionally, discussions are underway regarding theimplement of a carbon tax expected to take effect in 2025.
Major carbon emitters, such as cement and steel companies,
will be subject to taxation first, implying an inevitable increasein development costs and property prices going forward.

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, Q1/2021 to Q1/2024
RetailFactory

Industrial Office

Office

Hotel

Other

60

NT$ BILLION

50
40
30
20
10
0

Source Savills Research & Consultancy

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Nanshan Life Neihu Building

Taipei City

NT$4.8 bil/
US$149.1 mil

Delta Electronics

Industrial Office

Tainan Ambassador Theaterand retail podium

Tainan City

NT$1.6 bil/
US$51.1 mil

Individual

Theater and retail

Zhan Hua Garden Hall

Taichung City

NT$3.4 bil/
US$105.9 mil

GUO-JU Construction

RetailSeveral floors of Lotus Building

Taipei City

NT$13.1 bil/
US$408.8 mil

Puyong Archiland, Hiyes
International and six local
developers

OfficeSource Savills Research & Consultancy

17

Asia Pacific Investment Quarterly

ThailandThailand's GDP growth saw an uptick of 1.7% YoY in
Q4/2023, up from 1.4% YoY in Q3, driven by the resilient
export performance and a healthy resurgence in tourism.
However, private consumption was strained under thepressure of high household debt and an elevated interest
rate environment. On the bright side, starting from 1 March
2024, Thailand and China enacted a mutual visa-free policy.
This regulatory change could potentially stimulate a surge
in inbound tourism from mainland China, thus lending
support to the economy. The Thai government is expecting
33.5 million foreign tourist arrivals for the full year of2024, which translate to around 84% of the pre-COVID
level recorded in 2019. Given these factors, the Thai
economy is projected to accelerate to a 3.1% YoY growth in2024, largely due to the rebounding market conditions andburgeoning tourism sector.
Investment activities in Bangkok remained subdued in
Q1/2024, reflecting the repercussions of high financing costs.
Since the year's onset, political pressure has been mounting onmonetary policymakers to implement a rate cut amid sub-par
inflation and stagnated economic growth. Nonetheless, inFebruary 2024, the Bank of Thailand opted to retain the policy
rate at 2.5%, the highest level seen in a decade.
The hotel market was the most active asset class during
the quarter, attracting a significant portion of investment
interest. The most notable deal was a THB1.6 billion portfolio

deal undertaken by Malaysia-based YTL Corporation fromAF Global Limited. This transaction encompasses a THB1.18
billion equity transfer of six plots of freehold land in Phuket
intended for hotel development, and a THB420 million
asset transaction consisting of two plots of freehold land,also in Phuket, designated for residential development, two
condominium units at Andaman Cove Condominium, alongwith two plots of land located on Bon Island.
The market has witnessed several large-scale landtransactions changing hand this quarter. For example, AssetWorld Corporation purchased seven land plots located in the
Chang Klan sub-district of Chiang Mai Province, totalinga size of 9,352 sq m, for THB519.8 million. The buyer plans
to develop the site into a retail-cum-hotel project, with aprojected development cost of THB690.7 million. Meanwhile,
Tri Ocean Textile, a Taiwan-based manufacturer, sold apiece of industrial land plot (42,399 sq m) and the warehouse
constructed on top (24,211 sq m) in the Ban Khai district of
the Rayong province for THB165 million.
Looking ahead, the outlook for Thailand's commercial
property investment market in 2024 appears cautiously
optimistic. The interest rates set by the Bank of Thailand
will play a crucial role in shaping investment landscapes, andany easing of monetary policy could act as a stimulus for thesector. Meanwhile, the sustaining recovery in tourism may
prompt more investors looking into the hotel industry.

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

Puncharas Angkeaw
AnalystResearch & Consultancy+66 2636 0300
puncharas.a@savills.co.thInternational Tourist Arrivals to Thailand, January 2023 to February 2024

NUMBER OF PEOPLE, THOUSAND

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23

Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24
Source Ministry of Tourism & Sports, Savills Research & Consultancy

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Land at Chang Klan

Mueang Chiang Mai,
Chiang Mai

THB519.8 mil/
US$14.1 mil

Asset World Corporation

Commercial

Land at Moo 4 Ban Laem Khae

Ban Laem,
Phetchaburi

THB54.3 mil/
US$1.5 mil

Avita Corporation

Commercial andindustrial

AF Global TH Mixed
Portfolio 2024

Mueang Phuket,
Phuket

THB1.6 bil/
US$43.5 mil

YTL Corp

Commercial

Former Tri Ocean Textile

Ban Khai, Rayong

THB165.0 mil/
US$4.5 mil

Fongkai New Energy(Thailand) Co Ltd

Industrial

Land near Muang Thong Thani

Pak Kred,
Nonthaburi

N/A

Narai Property

Residential

Source MSCI Real Capital Analytics

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

18

Asia Pacific Investment Quarterly

VietnamAccording to the Asian Development Bank, International
Monetary Fund (IMF) and World Bank, GDP growth of 5.5%
to 6.5% is forecast. According to the IMF, Viet Nam is set tohave one of the fastest-growing economies in the world in 2024,
joining peers such as Macao, India, and the Philippines.
By the end of March 2024, GDP is estimated to increaseby 5.66% YoY, higher than the growth rate in the firstquarters of the 2020-2023 period. Total FDI registered by
the 20th of March (newly registered, adjusted, and M&A)
was US$6.17 billion, rising by 13.4% YoY. Newly registered
FDI reached US$4.77 billion, increasing by 57.9% YoY.
Semiconductor chips will likely draw in notable investment
in 2024, and Viet Nam will benefit from the US Science
and CHIPS Act, which includes US$500 million forimproving semiconductor training, cybersecurity,and business climates globally according to the US
undersecretary of state for economic growth, energy,
and the environment. Lam Research (US), a leading
semiconductor manufacturer, plans to develop a factorywith an investment of US$1 to US$2 billion.
In the industrial sector, Gelex Group and Frasers Property
are collaborating to create industrial parks which adhere to
LEED standards. They recently started the Industrial Center
Yen My Project (Hung Yen), which will offer 159,000 sq m ofversatile industrial facilities. Additionally, their Industrial
Center Dong Mai (Quang Ninh) involves a 71,000 sq m
ready-built factory, set to be completed by Q4/2024. Becamex
IDC Corp recently signed an investment agreement for an

Industrial Park project in Binh Thuan which covers 5,000 ha
and has a total investment of over US$800 million.
Vietnam welcomed over three million visitors by the endof February, matching pre-COVID-19 levels from 2019.
APAC tourist numbers are expected to return to 2019 levels
by 2025. Viet Nam is seeing a rise in its popularity as adestination wedding venue, particularly from India. Several
hospitality real estate projects resumed construction in Q1,
including the Flex Home Apartment development (within
the Libera Nha Trang Project) by Masterise Homes and KDI
Holdings with 300 condotels.
Q1/2024 saw the launch of new residential developments,
including the 877-hectare mega project Vinhomes Royal
Island in Hai Phong and Gamuda Land’s 3.7-ha Eaton Park
Ho Chi Minh City. Social housing has been prioritised andthe government is supporting development with an updated
legal framework and favourable interest rates. Currently,
129 projects with a combined 114,934 social housing units
are under construction. Many investors plan to deploy
social housing projects, which can be lucrative if the righteconomies of scale are achieved.
Strong demand from foreign manufacturing and IT
enterprises will continue to support office performance in
Ha Noi and Ho Chi Minh City. By the end of 2026, Grade A
and B office supply in Ho Chi Minh City is forecast to rise by
200,000 sq m, an increase of 20% compared to current stock.
Ha Noi is expected to welcome an additional 220,000 sq m,
an increase of 13% compared to current stock.

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

Cumulative Value of Newly Registered FDI and Total FDI inflow (newly registered, adjusted, M&A),
Q1/2022 to Q1/2024
Newly registered FDI

Total FDI Inflow (Newly registered, Adjusted, M&A)

40
35

US$ BILLION

30
25
20
15
10
5
0
Q1/2022

Q2/2022

Q3/2022

Q4/2022

Q1/2023

Q2/2023

Q3/2023

Q4/2023

Q1/2024

Source Ministry of Planning and Investment

Major Investment Transactions, Q1/2024
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Land plot (108,902 sq m)in Hoa Phu Industrial Park

Bac Giang

VND281.0 bil/
US$11.3 mil

Simplo Technology

Industrial

A warehouse (26,422 sq m)
in Long Thanh

Dong NaiVND433.4 bil/
US$17.4 mil

NAWarehouse
Source MSCI Real Capital Analytics

19

Major Transactions Q1/2024

Australia▼ 117 Clarence Street
Sydney, NSW
AU$130.0M/US$86.1M
in January

Chatswood Chase (49% share) ►Chatswood, NSW
AU$307.0M/US$203.2M
in March◄ Orica Deer Park Development
West Melbourne, VIC
AU$260.0M/US$172.1M
in February
Four Points by Sheraton ▼Docklands, VIC
AU$96.0M/US$63.6M
in February

635S Hall Road ▲Cranbourne West, VIC
AU$200.0M/US$132.4M
in March

Kingswood Golf Course ▼Dingley Village, VIC
AU$220.0M/US$145.6M
in March▲ Burra Park
Western Sydney, NSW
AU$850.0M/US$562.7M
in March▲ Cairns Central Shopping Centre
Cairns, QLD
AU$390.0M/US$258.2M
in February

Beijing◄ Capital Square (95% equity share)
Chaoyang District
RMB2.3B/US$316.7M
in Q1

Jia Long Hotel ►Dongcheng District
RMB534.3M/US$74.2M
in Q1◄ PowerChina Technology Innovation Center E#
Haidian District
RMB2.5B/US$348.3M
in Q1

savills.com.hk/insight-and-opinion/20

Major Transactions Q1/2024

Shanghai
Hongkou Qinggong Building ►Hongkou
RMB370.0M/US$51.4M
in Q1◄ Ascott Hengshan
Xuhui
RMB1.3B/US$180.6M
in Q1

67/F, Shanghai World
Financial Center ►Pudong New Area
RMB310.0M/US$43.1M
in Q1▼ Vanke Mall Qibao(50% share)
Minhang
RMB2.4B/US$331.2M
in Q1▼ Huaning Huge Lifestyle
CenterChangningest. RMB1.0B/est. US$139.9M
in Q1◄ Starcastle Middle Ring
Apartment Phase 2
Baoshanest. RMB400.0M/est. US$55.6M
in Q1

Hong Kong
Jessville ►Pokfulam
HK$207.0M/US$26.6M
in March◄ 25, 26A & B Lugard Road
The Peak
HK$838.0M/US$107.7M
in January◄ KF88 Retail Podium, Wealth Garden
Kwai Fong
HK$310.0M/US$39.8M
in January

Ovolo ►Sheung Wan
HK$320.0M/US$41.3M
in January21

Major Transactions Q1/2024

Japan
Bridgestone Mikawadai Dai-Ichi
and Dai-Ni Shataku ▼Tokyo
Price undisclosed (Gain on sale ofapprox. JPY63.4B/US$420.0M)
in MayPart of Shibuya Sakura Stage ►TokyoOver JPY100.0B/US$662.0M
in February▲ Four floors of GranTokyo
South TowerTokyo
JPY41.2B/US$273.0M
in March◄ Toyosu Bayside Cross Tower(26.7% interest, office and retail portion)Tokyo
JPY43.8B/US$290.0M
in January

Malaysia◄ 163 Retail ParkMont Kiara, Kuala Lumpur
MYR215.0M/US$45.0M
in January◄ A 8 acres development land
Selangor
MYR224.0M/US$47.0M
in February

A 826 acres development land ►Selangor
MYR336.0M/US$71.0M
in March

A 240 acres development land ►Iskandar Puteri, Johor
MYR450.0M/US$95.0M
in January

Singapore
Capri by Fraser,
Changi City ►3 Changi Business Park
Central 1
S$170.0M/US$126.1M
in March◄ NEX (24.5% stake)23 Serangoon Central
S$521.1M/US$386.4M
in January▲ Hotel G Singapore
200 Middle Road
S$240.0M/US$178.0M
in January▲ The Seletar Mall
33 Sengkang West Avenue
S$550.0M/US$407.9M
in Marchsavills.com.hk/insight-and-opinion/▲ Citadines Mount Sophia Singapore
8 Wilkie Road
S$148.0M/US$109.7M
in February

22◄ OneTen Paya Lebar
110 Paya Lebar Road
S$140.0M/US$103.8M
in MarchMajor Transactions Q1/2024

South Korea
T412 ►GBD
KRW327.7B/US$243.0M
in Q1▲ Arc Place
GBD
KRW791.6B/US$588.0M
in Q1

Gwanghwamun G Tower ▼CBD
KRW289.0B/US$215.0M
in Q1◄ Tmark Grand HotelCBD
KRW228.2B/US$170.0M
in Q1

Taiwan◄ Ambassador Theater andRetail Podium
Tainan City
TWD1.6B/US$51.1M
in January

68 & 70 Ruiguang Road
Neihu District ►Taipei City
TWD4.8B/US$149.3M
in January◄ Zhan Hua Garden Hall
Taichung City
TWD3.4B/US$105.9M
in March
Majority of Lotus Building ►Taipei City
TWD13.1B/US$408.8M
in March

23

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

This document is prepared by Savills for information only. Whilst reasonable care has been exercised in preparing this document, it is subject to change, and these particulars do not constitute, nor constitute partof, an offer or contract; interested parties should not rely on the statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy. No person in the employment of theagent or the agent’s principal has any authority to make any representations or warranties whatsoever in relation to these particulars and Savills cannot be held responsible for any liability whatsoever or for any
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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