Asia Paciﬁc – Q4 2023
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 Paciﬁc

04

Australia

05

China

06

Hong Kong SAR

07

India

08

Indonesia

09

Japan

10

Macau SAR

11

Malaysia

12

Pakistan

13

Philippines

14

Singapore

15

South Korea

16

Taiwan17

Thailand18

Viet Nam

19

Major transactions Q4 2023

20

3

Asia Paciﬁc Investment Quarterly

Asia Paciﬁc
In the ﬁnal quarter of the year, prolonged high interest rates,
China’s economic slowdown and rising global economic
uncertainties continued to cloud the regional property
investment market. Preliminary estimates show regional
property investment volumes (deals worth over US$10 million,
excluding development sites and pending transactions) fell by
23.2% YoY to US$31.8 billion in Q4/2023 but rose by 10.2% QoQ.
With the support of proactive ﬁscal and monetary measures,
China regained its place as the most upbeat market in termsof investment volume. Investment sentiment improved
slightly due to more realistic seller expectations and astabilizing economy. More domestic end users and wellfunded investors (e.g.: insurance companies) are planning toincrease their presence by acquiring good quality properties
in Tier 1 cities and re-ﬁnancing assets from auctions, while
foreign investors continue to show a lack of interest.
Japan remained one of the top contributors to regional
property investment activity in Q4/2023, beneﬁting froman ultra-loose monetary policy, a weak currency androbust inbound tourism. Although softening demandfor oﬃce and residential properties dragged down theinvestment volume in Q4/2023, overall investment
sentiment remains positive. Investors have a healthy
appetite for logistics, retail, and hotel properties.
Property investment volumes in Australia and Korea
continued to fall in Q4/2023, due to higher costs of ﬁnanceand a wide buyer-seller expectations gap. Hong Kong andSingapore also experienced similar situations, but several
notable deals supported investment volumes in Q4/2023,
including a local ﬁnancial regulator’s acquisition of 12

ﬂoors of One Island East in Hong Kong (US$694.1 million)
and a Malaysian Tycoon’s acquisition of Shenton House
commercial tower in Singapore (US$408.1 million).
Retail and hotel investment performed relatively well among
other asset types, both registering double-digit YoY growth in
Q4/2023. Transactions were mainly dominated by Chinese realestate developers’ auction sales and prime unit transactions
from Tokyo. Oﬃce investment continued to underperformin Q4/2023 due to the high cost of borrowing and negative
yield spreads, but it remained the most popular asset typeoverall, accounting for over 30% of total investment volume.
Industrial investment also saw a mild decline in Q4/2023,
due to diminishing returns and a lack of modern warehousestock. Residential investment was also subdued in Q4/2023, but
Australia’s residential market proved to be a bright spot amid arising number of immigrants and international students.
Looking ahead to 2024, multiple elections will be held
across the region in the ﬁrst half of the year, including Taiwan,
Pakistan, Indonesia, Cambodia, South Korea and India
giving rise to some uncertainty. Interest rates are expected
to fall from mid-2024 following an easing of inﬂationarypressures and concerns over slower economic growth, but
rates are unlikely to return to their pre-COVID lows in
the short term. Regional investment activity may pick up
during the second half, as monetary policy normalises andnew governments are formed. Japan and India are expected
to attract interest from domestic and international capital
due to Japan’s looser monetary policy and India’s strong
economic outlook. More investors are expected to look to‘beds, meds and sheds’ for opportunities.

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 Q4/2023
Offices

RetailIndustrial

HotelsApartments

Senior Housing & Care80
70

US$ BILLION

60
50
40
30
20
10
0

Source MSCI, as of 16 January 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 $10 million and greater. Data believed to be accurate but not guaranteed.
*Preliminary for Q4/2023.

Notable Transactions in Asia Paciﬁc, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

12 ﬂoors (42/F-54F excl 49/F)
of One Island East

Quarry Bay,
Hong Kong

HK$5.4 bil/
US$694.1 mil

The Securities and Futures
Commission

OfficeSamsung SDS Tower

Seoul,South Korea

KRW850.0 bil/
US$652.5 mil

KB AMC

Office60 Margaret Street

Sydney,Australia

AU$777.2 mil/
US$510.3 mil

Mitsubishi Estate,
AsheMorgan

Office

LaSalle CCB Logistic Portfolio

East China,
South China

est. RMB3.0 bil/est. US$419.8 mil

CCB

Logistics

Shenton House

3 Shenton Way,
Singapore

S$538.0 mil/
US$408.1 mil

Shenton 101 Pte Ltd

Commercial

Source Public announcement, Savills Research & Consultancy

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

4

Asia Paciﬁc Investment Quarterly

Australia
Slowing growth and inﬂation are raising the prospect thatthe interest rate cycle is nearing its peak. Real GDP growthslowed to just 0.2% in Q3/2023 to be 2.1% higher over theyear. Economic activity is being supported by government
spending, investment, and strong population growth. Higher
interest rates are weighing on consumer spending, which
was ﬂat in real terms in Q3. Slowing global growth and theimpact of higher interest rates will drag on activity in nextyear, with GDP growth expected to slow further in 2024.
Overall consumer price inﬂation continues to decelerate but
growth in services prices remains high. Growth in headline
CPI slowed to 5.4% over the year to Q3/2023, down from a peakYoY growth rate of 7.8% in Q4/2022. The monthly CPI indicatorsuggests price growth slowed further to 4.9% over the year to
October. However, strong population growth and tight labour
market conditions are contributing to price pressures.
Reﬂecting elevated services price growth, the RBA
increased the cash rate by 25bps in November to 4.35% but
left interest rates unchanged in December. Australia looks
to be approaching the end of its tightening cycle. Financial
markets are currently pricing in no further rate increases,
and the potential for one 25bps cut in 2H/2024, while mosteconomists expect 50bps of cuts in 2024 to 3.85%.
Australia has recorded a larger decline in activity YoY
compared to the global average, reﬂecting the slower
adjustment of capital values to higher interest rates. Interest

rate stability and further pricing adjustment will reduce thegap between buyer and seller expectations and help fuel arecovery in investment market activity. It is expected thatinvestment activity is likely to gain momentum only slowly
in 2024, with the recovery gaining more traction later inthe year and into 2025.
While overall investment activity has seen a decline thisyear, a number of major deals closed during Q4 and there areseveral in the pipeline, suggesting liquidity has improvedfor some buyers and sectors. Opportunistic capital has
been active, alongside syndicators, select institutions andoﬀshore groups. The preference for global capital to increase
exposure to Australia will continue to play a signiﬁcant rolein unlocking investment activity in 2024.
Preliminary estimates for Q4 indicate that investment
volumes across the oﬃce, industrial and retail sectors(AU$10 million+) fell 50% in quarterly terms to c.AU$2.8
billion, down from c.AU$5.7 billion in Q3/2023 (excludingtransactions that are in due diligence/pending). By sector,
oﬃce volumes are at c.AU$1.26 billion, down 32% fromc.AU$1.86 billion in Q3. Industrial volumes are currently
at c.AU$1.01 billion, down 57% from c.AU$2.38 billion in
Q3. Retail deal volumes sit at c.AU$583 million, down 60%
from c.AU$1.45 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 Q4/2023 (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

Q4#

2023

Source MSCI, Savills Research*Estimated transaction volumes (AU$10 million+) in due diligence or pending#
Preliminary for Q4/2023

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Settlement City

Port Macquarie, NSW

AU$107.0 mil/
US$70.3 mil

Fawkner Property

Retail57-65 Templar Road

Erskine Park, NSW

AU$107.0 mil/
US$70.3 mil

ESR Cayman

Industrial

60 Margaret Street

Sydney, NSW

AU$777.2 mil/
US$510.3 mil

Mitsubishi Estate,
AsheMorgan

Office16-28 Quarry Road

Yatala, QLD

AU$66.9 mil/
US$43.9 mil

Hines

Industrial

2-30 Saintly Drive

Truganina, VIC

AU$94.1 mil/
US$61.8 mil

Barings JV Rest Super

Industrial

Source MSCI, Savills Research

5Asia Paciﬁc Investment Quarterly

China
key buyer groups, including local serviced apartment
operators/developers, asset management companies(AMCs), and fund investors supported by banks andinsurance, are likely to focus their eﬀorts on upgrading
existing stock and project conversions.
China accepted its ﬁ rst four retail Real Estate Investment
Trust (REIT) applications in October 2023, raising a totalof RMB12.7 billion. Three of the issuers were state-backed
developers—China Vanke, China Jinmao, and China
Resources Land—as well as one private retail giant Wumart.
Regulatory approval for the state-backed developers'
REITs was granted by the China Securities Regulatory
Commission (CSRC) at the end of November 2023. The
inclusion of the retail sector in the REITs regime provides
new exit channels, liquidity, and transparency for the retailsector. Retail recorded a transaction volume increase of
57.2% YoY in the 12 months to 15 December 2023.
Developer cash ﬂow problems have persisted in 2023 withsome cases leading to delinquencies, with assets used forcollateral against loans being placed on auction. 584,000
properties were listed in the ﬁrst nine months of 2023, up
32.3% YoY, though the transaction rate fell from 21.4% to18.6% as investors focused their search on premium quality
stabilized assets instead. A number of assets however failed
to attract bids despite their reserve prices being lowered to
56% of the appraised value. The assets that managed to sell
did so at a discount of 23.1% from the appraised value, up from
20.6% a year earlier.

Beijing has pledged to enhance economic development witha speciﬁc focus on high-quality growth. This commitment
involves the continuation of proactive ﬁscal and monetary
policies with a particular focus on stimulating domestic
consumption, reducing the economy's dependency onreal estate, and providing increased support to high-techindustries. China's GDP expanded by 4.9% YoY in Q3/2023,
surpassing market expectations of 4.4%. Industrial activity andconsumption growth also outperformed forecasts, indicatingthat recent policy interventions have helped reinforce theeconomic recovery. Despite persistent challenges, global
institutions such as the International Monetary Fund (IMF),
Organization for Economic Co-operation and Development(OECD), and major investment banking ﬁrms have upgraded
China's 2024 GDP growth forecast to a range of 4.6%-5.0%.
China-wide en-bloc transactions (RMB100 million andabove) reached a provisional total of RMB269 billion in the
12 months leading up to 15 December 2023, representing an
18% YoY decline. Nevertheless, investor interest showed signsof improvement in Q4/2023, driven by a growing numberof opportunities, more realistic seller expectations, anda stabilizing economy. The multifamily/residential sector
recorded a 63.9% YoY growth in transaction volumes during
the same period, accounting for 18% of the total transaction
consideration. Beijing and Shanghai remained the most
attractive cities for investors in Q4/2023 due to stronger tenant
demand and higher rent aﬀordability. With a substantial
reduction in land supplied for rental housing development,

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), 2018 to 2023

2018

2019

2020

2021

2022

2023

200
180
160

RMB BILLION

140
120
100
80
60
40
20
0
OfficeRetailIndustrial

Hotel

Residential
Source RCA

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

LaSalle CCB Logistic Portfolio

East China,
South China

est. RMB3.0 bil/est. US$419.8 mil

CCB

Logistics

The Westin Beijing Chaoyang

Beijing

RMB2.8 bil/
US$392.1 mil

Bohai Runze

Hotel

Huafa Inter Coast(45% share)

ZhuhaiRMB2.0 bil/
US$280.0 mil

Huafa

Mixed-use

Deppon CDH Logistic
PortfolioWest and Central
China

RMB1.8 bil/
US$244.9 mil

CDH Investment

Logistics

Zhangjiang 368

Shanghai

RMB937.0 mil/
US$131.1 mil

Chengdu Tianfu Bio City

Business Park
Source Savills Researchsavills.com.hk/insight-and-opinion/

6

Asia Paciﬁc Investment Quarterly

Hong Kong SAR
2023 ended on a high note with two sizeable end user deals
concluded: The Security and Futures Commission (SFC),
a quasi-government body, bought the nine ﬂoors they lease,plus three adjacent ﬂoors (total of 296,000 sq ft) in One Island
East for HK$5.4 billion (HK$18,200 per sq ft). Meanwhile,
Li Ning, a Mainland sportswear retailer, purchased theen-bloc oﬃce of Harbour East in Island East (144,000 sq ft)
for HK$2.2 billion (HK$15,333 per sq ft), reportedly to usepart of the building as their headquarters in Hong Kong.
Both vendors (Swire and Henderson) were not in any sort of
distress and the two deals reﬂected the fact that there are end
users willing to pay current market prices to purchase qualityoﬃce assets suitable for owner-occupation.
With these two deals concluded, total en-bloc / majorcommercial transactions for 2023 surpassed the 2022
levels by 16% YoY, with HK$31.1 billion worth of properties
changing hands. Oﬃce assets represented the lion’s share(60%) despite steady declines in both prices and rents,
reﬂecting a possible increase in end users’ (and in somevery rare cases, investors’) appetite to bargain-hunt in thisfalling market.
Hotel and retail properties, the two sectors expected to
beneﬁt most from border reopening, only represented 34%(slightly above HK$10 billion) of all major transactions.
The industrial sector almost drew a blank in most of2023 but registered two major deals towards the end of
the year, namely CR Logistics purchase of another Kerry
warehouse, this time in Fanling, for HK$1 billion (HK$3,800
per sq ft). Blackstone partnered with StoreFriendly again
to purchase another en-bloc industrial building in Tsuen
Wan for around HK$560 million (HK$4,000 per sq ft), tobe converted into a self-storage premises. Nevertheless,the total volume of industrial transactions only reached
HK$1.9 billion in 2023, a marked decrease of 88% from
HK$15.1 billion last year.
The residential sector also saw some late-in-the-year
momentum: the primary launch of YOHO WEST in Tin
Shui Wai received an overwhelming response with the ﬁ rst
three batches witnessing a sales rate of over 80%, and of
the 1,400 units launched, over 1,000 units were sold foran average price of HK$11,000 to HK$12,000 per sq ft.
The aggressive pricing was one of the reasons behind thestrong sales, but the indication from the US Fed of the endof rate hikes, and a possible two to three rounds of ratecuts in 2024 also brought some impetus to the cautious
residential market.

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

Total En-bloc / Major Commercial Transactions by Sector, 2023

Industrial, Residential &Others, 6%

Offices,
60%
Retail & Hotels,
34%

Source Savills Research & Consultancy

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

12 ﬂoors (42/F-54/F, excl 49/F)
of One Island East

Quarry Bay

HK$5.4 bil/
US$694.1 mil

The Securities and Futures
Commission

Office68 Electric RoadTin Hau

HK$511.0 mil/
US$65.7 mil-

RetailHale Weal Industrial Building

Tsuen Wan

HK$560.0 mil/
US$72.0 mil

Blackstone andStoreFriendly

Industrial

Harbour East

North Point

HK$2.2 bil/
US$282.8 mil

Li Ning

Office8-12A Wilson Road

Jardine's
Lookout

HK$1.2 bil/
US$150.7 mil-

Residential

Source Savills Research & Consultancy

7

Asia Paciﬁc Investment Quarterly

India
India continued to demonstrate a resilience to global
headwinds in 2023, aided by supportive domestic demandconditions. It recorded a robust GDP growth of 7.7% in theﬁrst half of FY2024 exceeding all forecasts. However, domestic
inﬂation remained stubbornly close to the tolerance mark, as
it rose slightly from 4.9% in October 2023 to 5.6% in November
2023. The Monetary Policy Committee of the Reserve Bank ofIndia (RBI) maintained the status quo on benchmark rates fora ﬁfth consecutive meeting in early December, maintaining it
at 6.5%, and continuing its hawkish stance of "withdrawal ofaccommodation". Although headline inﬂation lies within thecentral bank's 2% to 6% target range, it is still above the 4%
midpoint target. The RBI’s inﬂation projection for FY2024
currently stands at 5.4%.
Oxford Economics raised its 2023 GDP growth estimate by
0.3 percentage points to 7% as the economy was more resilient
than expected. However, against the backdrop of anuncertain external environment, a slew of national elections
across the globe including in big economies, and a probablecooling of domestic consumption, we might see momentum
moderating in the coming year. Hence, for 2024, Oxford
Economics estimates approximately 5.7% growth.
Despite these uncertainties, foreign institutional investors
have continued to bet on Indian real estate. Private equity
investment inﬂows into the Indian real estate sector amounted
to US$3.9 billion (INR323 billion) during 2023, registering a
14% increase YoY. PE investments sustained their momentum
as the real estate sector provided favourable avenues for foreignand domestic institutional investors. With a 75% share,
foreign investors remained the primary contributors toinvestment activity in 2023.
Commercial oﬃce assets continued as frontrunners,
garnering a 65% share of the overall investment pie.
The sustained high occupancy of investible grade oﬃce
assets supported this dominance. Most investment camefrom foreign institutional investors and a majority wasconcentrated in Mumbai.
2023 marked the expansion of the investible universe in
the Indian real estate sector with the increase in listed REITs.
In May 2023, the market witnessed the launch of India’s
maiden retail REIT, Blackstone-backed Nexus Select Trust.
India remains a bright spot in the global economy, at a time
when recessionary shadows loom over a major part of the world
and we expect India to clock in approximately US$3.5 billion to
US$4.0 billion (INR291 billion - INR333 billion) of private equity
investment in real estate in 2024. Given limited investment
grade assets, we may witness muted activity in the oﬃce
segment. However, alternative segments such as life sciences,data centers and student housing are likely to gain prominence
in 2024 as growth drivers are in place for these industries.
We anticipate a gradual widening of the investor base withnew investors entering the Indian market as well as a risein investment activity, particularly from Asian institutional
investors in 2024. As evidenced in 2023, several Japanese
investors increased their commitment to real estate across all
formats ranging from direct purchase to forming joint ventures.

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, Q4/2021 to Q4/2023

No. of Deals (RHS)
40

1,800

36

1,600

32

1,400

28

1,200

24

1,000

20

800

16

600

12

400

8

200

4

0

NO. OF DEALS

US$ MILLION

Deal Value (LHS)
2,000

0
Q4/2021

Q1/2022

Q2/2022

Q3/2022

Q4/2022

Q1/2023

Q2/2023

Q3/2023

Q4/2023

Source Savills Research & Consulting

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Good Host Spaces

Sonipat, Jaipur,
Solan, Manipal

INR27.0 bil/
US$324.3 mil

Alta Capital

Student Housing

A 56.52 acres of land in
Farukh Nagar (Gurugram)

Gurugram

INR1.3 bil/
US$16.1 mil

Allcargo Inland Park

Industrial & Warehousing

Source Savills Research & Consulting

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

8

Asia Paciﬁc Investment Quarterly

Indonesia
Investment in Indonesia has continued to record highs in recent
years, with the 2023 target reaching IDR1,400 trillion. Foreign
direct investment represented about 63.8% or IDR872.6
trillion of the total investment realization up to Q3/2023.
Logistics is still considered to be one of the most promising
sectors for investment and this sector is expected tocontinue growing in the future. The major requirements for
the Indonesian logistics industry come from high-tech, storage
warehouses, and even distribution hubs.
In the midst of global disruption throughout 2023, theIndonesian economy remained relatively resilient, which
was indicated by a stable economic growth rate of 5.05% up
to Q3/2023. Indonesia's inﬂation has also remained undercontrol at 2.61% YoY as of December 2023.
Several major factors inﬂuence property market movements
in Indonesia, including the year-end and Christmas holidays,
as well as preparation activities for major political events in
2024 (February 14th election and possibility to the secondround election in June 2024). There has been a contractionin certain sectors, such as apartments, which witnesseda decline in sales. Conversely, we have seen a pick-up inother sectors, especially hotels and retail, which recorded
increases in occupancy rates and visitor traﬃc.
In line with the logistics market, absorption of industrial
land was recorded as a positive movement, with net demand
increasing 40% compared to Q3/2023, while prices in the
Q4/2023 tended to be stable. Industrial land absorption in
Q4/2023 has continued to rise in line with the growth of

the automotive, data center, and industrial sectors. Severaltransactions were concluded from the expansion of existing
buyers, such as F&B processing ﬁrms, FMCG companies andpharmaceuticals.
The hotel market during Q4/2023 saw increased activity
compared to the previous quarter, driven by the peak periodof Government MICE activity, as well as the holiday season.
Various events and gatherings have become a major
contributor to the hotel market’s performance. Hotelmarket performance in cities whose economies are basedon business and leisure increased by 3% to 5% in Q4/2023 interms of both occupancy and room rate.
The Christmas and New Year holidays have accelerated
retail market performance, especially due to the signiﬁcant
increase in the number of visitors and spending. It was recordedthat the number of visitors to shopping centers increased by 15%
to 20% compared to the same period last year. This brought asigniﬁcant increase in average sales in most shopping centers.
Throughout 2023, the oﬃce market in the Jakarta CBD
showed a positive trend with demand mostly driven by corporate
consolidations and tenant relocations to better-quality oﬃce
buildings. Although the number of transactions fell in Q4/2023,
leasing activity continued to increase towards the end of theyear, marked by an uptick in tenants entering the market.
Unlike most sectors, the apartment market performanceslowed down at the end of the year with very limited absorption.
In anticipating political events in 2024, most investors continue
to take 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

Total Investment Realization in Indonesia, 2012 to Q3/2023
Domestic Direct Invesment

Foreign Direct Investment

1,600
1,400

IDR TRILLION

1,200
1,000
800
600
400
200
0
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Up to
Q3/2023

Source Savills Research & Consultancy

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Land in Serpong

Serpong, Banten

IDR16.4 bil/
US$1.1 mil

PT Bumi Serpong Damai

Commercial land

Land in Pantai Indah Kapuk

Tangerang, Banten

IDR892.7 bil/
US$57.1 mil

PT Pantai Indah Kapuk
Dua Tbk

Residential

Neo Soho MallWest Jakarta

IDR1.4 tri/
US$92.2 mil

PT NSM Assets Indonesia

RetailSource Savills Research & Consultancy

9Asia Paciﬁc Investment Quarterly

Japan
According to the Ministry of Finance, corporate proﬁts
across all industries in Q3/2023 experienced a signiﬁcant
uptick of 20.1% YoY. Exports have generally improved in
2023, having beneﬁtted from the weak yen, especially inthe case of automakers and other export-driven industries.
Although private consumption has been supressed byinﬂationary pressures, it is expected to rebound withfurther wage growth.
The November CPI excluding fresh food was up 2.5%
YoY and has been consistently easing from the record highof 4.2% in January 2023. With increasing conﬁdence inachieving the 2% price stability target in 2H/2023, the Bankof Japan is gearing up for a transition towards monetary
policy normalisation, including further ﬂexible Yield
Curve Control management, likely ending the decade-longnegative interest rate era in the near term. The anticipationof another round of robust wage growth is likely to trigger
further policy normalisation. Larger companies havealready announced plans for stronger wage growth next
spring.
TOPIX increased slightly by 1.9% QoQ in Q4/2023,
remaining elevated due to strong corporate earnings
prospects and optimism regarding the initiation of nominal
economic growth triggered by wage growth. On the other
hand, the TSE J-REIT index decreased marginally by
2.8% QoQ. Rising interest rates and a supply and demand

imbalance resulting from a series of public oﬀerings are
keeping the indices lukewarm.
The logistics sector continues to captivate investors
despite rising and elevated vacancy rates. Residential
appetite has experienced subtle softening, contrastingwith the backdrop of improved rental growth. Althoughoﬃces have displayed mixed receptions, the overall
momentum has improved, especially after absorbing
the large supply in 2023. Hotels have ﬂourished with the
uptick in tourist demand, garnering interest from bothinvestors and operators. Prime high street retail has surged
with robust inbound tourist demand. In addition, theanticipated modest hike of short-term interest rates has
already been factored into capital markets. Overall, investor
sentiment remains positive in Japan, and transaction
volumes managed to hold well. Consequently, an upturn intransaction volumes await the market, fuelled by diverse
perspectives and global exposures.
In Q4/2023, rental changes in the Grade A oﬃce
market were marginal, increasing slightly by 0.5% QoQ to
JPY32,579 per tsubo while vacancy tightened by a modest
0.2ppts QoQ to 3.2%. The market has welcomed stability- minimal ﬂuctuations were seen throughout the year, andsound demand able to absorb the large supply in 2023 wasobserved. In addition, the oﬃce market should continue toimprove given the limited incoming supply in 2024.

Christian Mancini
CEO, Asia Paciﬁ c(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, 2011 to Q4/2023

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

8%

VACANCY RATEJPY PER MONTH PER TSUBO

Grade A Vacancy (RHS)
40,000

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Source Savills Research & Consultancy

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Edion Namba Main Store

Osaka

JPY54.0 bil/
US$380.1 mil

Edion

RetailSanko Kigyo Shirokane
Dormitory Site

Tokyo

JPY50.0 bil/
US$351.9 mil

DaikyoResidential

Hino Motors Plant Site(part of land)Tokyo

Approx JPY50.0 bil/Approx US$351.9 mil

Mitsui Fudosan

Industrial

BGO residential portfolio(25 properties)

Tokyo

Approx JPY35.0 bil/Approx US$246.4 mil

City Development Limited

Residential

Former Resonac Holdings
Head Office Building

Tokyo

Undisclosed (Gain of approx
JPY18.3 bil*/US$128.8 mil*)Undisclosed

OfficeSource Nikkei RE, MSCI, J-REIT disclosures, Savills Research & Consultancy*Including the sale of two smaller buildings

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

10

Asia Paciﬁc Investment Quarterly

Macau SAR
The Macau government announced substantial changes to
Macau's real estate policies prior to the 2024 policy address,
including the elimination of the additional 5% stamp duty forsecond residential property purchases and the dissolutionof mortgage percentage beneﬁts and restrictions for local
residents in favor of a uniﬁed mortgage limit of 70%. Bothmeasures will become eﬀective from 1 January 2024.
The government anticipates that the removal of thesecond-property purchase tax and the standardizationof the maximum mortgage across all residences at 70%
will aid property owners looking to upgrade or alter theirliving conditions. Under the new policy, the mortgage ratioof residential properties valued above MOP8 million can
increase from the former 50% to a maximum of 70%.
Conversely, the mortgage ratio for ﬁrst-time buyers will fallfrom the range of 80% to 90% to a maximum of 70%.
In anticipation of the forthcoming regulatory adjustment
concerning mortgage ratios, the market has observed aproactive response from developers specializing in small-sized
residential units. The urgency to initiate sales prior to theenactment of these measures stems from a concern that stricter
mortgage requirements, scheduled for implementation in 2024,
may dampen the enthusiasm of potential buyers.
The interval between the announcement in November andthe policy's activation in January is brief, compelling developers
to oﬀer substantial discounts to attract buyers swiftly. This
marketing tactic has been necessitated by the predicted
contraction in buyer demand due to the regulatory changes.

Historical data from 2019 indicates that the average pricefor new residential units was approximately MOP10,000 per
sq ft of GFA. This valuation experienced a decline during
the COVID-19 pandemic, falling to a range of MOP8,500
to MOP9,000, largely attributable to a scarcity of largescale developments and a predominance of smaller projects
within older districts. The current climate has seen certain
projects launching with prices between MOP6,500 and
MOP7,000 per sq ft of GFA, ﬁgures that are competitively
lower than many secondary market oﬀerings.
This downward pricing trend has exerted pressure onother market participants to recalibrate their pricing
strategies to maintain competitiveness. Consequently, someprojects have adjusted their prices to a range of MOP7,500
to MOP8,000, reﬂecting a decrease of approximately 15% to
20% from previous levels.
The secondary market has similarly reported priceadjustments, with recent ﬁgures indicating a drop to around
MOP5,600 per sq ft of GFA in November, representing a
6.5% YoY decrease.
Despite these price corrections, the market has
witnessed a robust transaction volume, with close to
100 deals reported by industry sources. It is anticipatedthat the introduction of the new mortgage measures will
facilitate more substantial transactions in the years ahead,
contributing to a recalibration of the market which previously
exhibited a skew towards smaller units.

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, June 2019 to November 2023

TRANSACTION VOLUME

Average Price (RHS)
12,0001,000

10,000

800

8,000

600

6,000

400

4,000

200

2,000

0

2020

2021

2022

Oct

Jun

Aug

Apr

Feb

Oct

Dec

Jun

Aug

Apr

Feb

Oct

Dec

Jun

Aug

Apr

Feb

Oct

Dec

Aug

Jun

Apr

Feb

Oct

Dec

Jun

Aug

0

2023

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

Source DSF Macau, Savills Macau

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

A BT9a land plot

Taipa

MOP893.7 mil/
US$104.5 mil

Gold-Rising Property
Development Co Ltd

Residential
Source Macau Government

11

Asia Paciﬁc Investment Quarterly

Malaysia
the sale of a 2.76-acre freehold site through its subsidiary
Agile Property Development Sdn Bhd to Law Developments
Sdn Bhd for MYR310 million. The land is the former siteof the British Embassy and is situated at Taman U Thant,
Kuala Lumpur, and is earmarked for the construction of
condominium units. KSL Bestari Sdn Bhd purchased 17.99
acres of freehold development land from Bandar Setia AlamSdn Bhd for MYR229 million. The group aims to construct
2,600 dwellings, scheduled to commence in phases from 2025.
In the southern region, Crescendo Corporation Berhad(CCB) generated a total of MYR543 million by disposing of
numerous sites including seven parcels of adjoining vacantland totaling 22.39 acres in Nusa Cemerlang Industrial Park,
Gelang Patah, Johor, to STT GDC Malaysia 2 Sdn Bhd; nineland parcels with a combined area of 20.39 acres Yu Ao Sdn Bhd
for MYR111 million and a 60.29-acre freehold industrial landin Pulai, Johor to Microsoft Payments (Malaysia) Sdn Bhd for
MYR315 million. These transactions are expected to contributeto the expansion of data centres in Johor, given the involvementof the purchasers in the data centre services industry.
The real estate transaction market concluded 2023 on a
positive note, featuring increased non-RPT deals, developers
strategically replenishing landbanks, and a surge in alternative
asset transactions such as data centres, logistics, and the living
sector (student accommodation, worker accommodation, etc.).
These trends bode well for 2024, fostering growing conﬁdence
among real estate players. We anticipate the market will see
an inﬂux of lucrative deals in 2024 as more value investors
continue seeking opportunities.

The Malaysian economy grew 3.3% in Q3/2023, leading tototal growth of 3.9% in the ﬁrst nine months of the year,aligning with Bank Negara Malaysia's (BNM) forecast ofaround 4% for the entire year. Looking ahead, BNM projects
the economy to expand by 4% to 5% in 2024 despite thechallenging global environment.
In Q4/2023, the value of major transactions improved
signiﬁcantly by 84% YoY and 4% QoQ, reaching MYR3.7
billion (Q4/2022: MYR2.0 billion, Q3/2023: MYR3.5 billion).
Alliance Bank Malaysia acquired 24 ﬂoors of oﬃce suites
and four adjoining retail lots in the KLCC area from Oxley
Holdings for MYR406 million as its new headquarters.
Another noteworthy transaction in Kuala Lumpur was thesale of the W Kuala Lumpur – a luxury hotel with 150 rooms– by Tropicana Corporation Berhad to IOI Properties Group
Berhad for MYR270 million, establishing a new market KL
benchmark of RM1.8 million per key, signiﬁcantly higher
than the previous record (MYR1.3 million per key in 2015).
During the same period, Malaysian Resources Corporation
Berhad (MRCB) secured the development right of a 9.11acre site in the PJ Sentral Garden City from Selangor State
Development Corporation (PKNS), its JV partner in the
project, for MYR270 million, planning a purpose-built oﬃce
tower development. The settlement of this transaction
involved a combination of cash and oﬀset of assets, including
Plaza Alam Sentral Mall and adjacent land for MYR178 million,
along with 44 residential units for MYR79.9 million.
In separate news, Agile Group Holdings Limited disclosed

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 Q4/2023
Total Transaction Value (LHS)

Transaction Volumes (RHS)
31

32

35
30

4.0

25
23
21

21

20

3.0

3.5

20
18

3.7

18
2.9

20
16

14
2.0

2.1

2.1
1.8

1.0

2.0

1.9

25

15

2.2

10

1.6

1.5

5

0.9

TRANSACTION VOLUME (NO.)

0

2021

2022

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

Q2

0.0
Q1

TRANSACTION VALUE (MYR BILLION)

5.0

2023
Source Savills Research

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Office suites andretail lots

Kuala Lumpur

MYR405.8 mil/
US$88.4 mil

Alliance Bank Malaysia

Office and retailA 60.29 acres of land

Johor

MYR315.2 mil/
US$68.7 mil

Microsoft Payments (Malaysia)
Sdn Bhd

Industrial

A 2.76 acres of land andbuilding

Kuala Lumpur

MYR310.0 mil/
US$67.5 mil

Law Developments Sdn Bhd

Residential

W Kuala Lumpur(Luxury hotel)

Kuala Lumpur

MYR270.0 mil/
US$58.8 mil

IOI Properties Group BerhadHotel

A 9.11 acres land

Petaling, Selangor

MYR270.0 mil/
US$58.8 mil

Malaysian Resources Corporation
Berhad (MRCB)

OfficeSource Savils Research, Bursa Malaysia

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

12

Asia Paciﬁc Investment Quarterly

Pakistan
Karachi’s existing Grade A and B oﬃce stock comprises
around 4.7 million sq ft of gross leasable area including 1.8
million sq ft of Grade A developments, concentrated primarily
in Clifton, with the remaining 2.8 million sq ft accounted forby Grade B developments distributed across the city.
By 2030, Karachi will have a planned ~10.4 million sq ft
of gross leasable area with Grade A oﬃce developments
accounting for ~7 million sq ft and Grade B accounting for~3.4 million sq ft. The mix of Grade A developments willgo from 39% currently to 67% in 2030, which shows strong
demand for Grade A buildings from MNCs and large corporates.
Most clients prefer lease over sale with Grade A development
lease rates ranging from US$1-US$1.5 per gross sq ft, while
Grade B range from US$0.5-US$1.1 per gross sq ft.
Grade A development sales rates range from US$127US$195 per gross sq ft, while Grade B range from US$127US$148 per gross sq ft.
Occupancy levels of Grade A and B buildings remain high,resulting from the steady demand from multinationals andlarge corporates. This shows a clear opportunity for developers,
especially for Grade A oﬃce developments which are state of theart, having quality amenities and parking. Challenges include
that given Grade A developments tend to be in prime locations,they will have higher land costs, and higher development
costs and lead times since Grade A developments requireﬁxtures, ﬁttings and furniture which are largely imported andsubject to import restrictions and ongoing PKR devaluation.

Pakistan continues to face adverse macroeconomic conditions,which have resulted in protracted Pakistani Rupee (PKR)
depreciation, leading to higher construction costs throughimported materials, and high borrowing costs, resulting
from elevated interest rates. The State Bank of Pakistan(SBP) has held interest rates at 22% since June 2023 to stem
inﬂation. This has resulted in macroeconomic indicators
slowly improving; however the high interest rates have stiﬂed
overall national real estate funding.
Karachi’s oﬃce market is going through a transitionary
phase. Karachi’s original oﬃce hub was I.I. Chundrigar Road
in the city’s ‘Saddar’ region, where most ﬁnancial institutions
were stationed. In the recent past there has been a shift to
Clifton (an up-market area by the sea) and onto Shahrah-eFaisal (the city’s main artery and a central location). This shift
has been largely on account of road infrastructure, congestion,and parking availability on I.I. Chundrigar Road. MNCs andlarge corporates have shifted to developments in Clifton andon Shahrah-e-Faisal which provide state of the art buildings,
better road infrastructure, ample parking, security, structural
stability (seismic assessments for earthquake prooﬁng),
ﬁreprooﬁng and high-end amenities. For ﬁnancial institutions,
given the SBP and Pakistan Stock Exchange (PSX) are locatedon I.I. Chundrigar Road, non-client facing functions (such as
the head oﬃce and some support functions) remain there,
while client facing functions have moved out.

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

AVERAGE LEASE RATE (US$ PER GROSS SQ FT)Existing Grade A and B Offices Lease Rates by Location, Q4/2023
Grade A

Grade B

1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Civil Lines

LalazarShahrah-e-Faisal

Clifton

I.I. Chundrigar Road
Source Pakistan Bureau of Statistics

Major Leasing Transactions, Q4/2023
PROPERTY

LOCATIONTOTALLEASING AMOUNTTENANT

USAGE

Floor 15 (10,000 sq ft),
West Wing, Dolmen Sky Towers

Karachi

PKR241.0 mil/
US$850,538.0

GSK Pakistan

OfficeFloor 9 (5,000 sq ft),
West Wing, Dolmen Sky Towers

Karachi

PKR110.0 mil/
US$388,212.0

BASF Pakistan

Office108 workstations,
COLABS serviced office

Karachi

PKR68.0 mil/
US$239,809.0

EY Rapid Innovation

Serviced office1,800 sq ft, United Mall

MultanPKR6.5 mil/
US$22,869.0

HaleonOfficeA 12.5 acres
agricultural land

LahorePKR3.9 mil/
US$13,896.0

Syngenta Pakistan

Agricultural

Source Savills Pakistan - Transaction Advisory Services

13

Asia Paciﬁc Investment Quarterly

Philippines
and sustainable design. Consequently, older buildings
have witnessed a fall in overall demand as they struggle tocompete with newer green buildings.
In terms of demand, the ﬂ ight to high-grade buildings
has driven a positive net absorption of 64,766 sq m.
As a result, the vacancy rate fell marginally to 20.2%
QoQ. Tenants of the newly leased space were mainly
from the Information Technology and Business Process
Management (IT-BPM) sectors.
Among the three major Central Business Districts(CBDs) in Metro Manila, Makati CBD and Bonifacio
Global City (BGC) tallied a lower vacancy rate of 14.3% and10.9%, respectively. Most of the leasing activity took placein buildings with premium addresses as they continue tooﬀer more competitive terms. Meanwhile, Ortigas Center’svacancy rate increased by 0.5 ppts to 25.9% QoQ due totenants moving out from its relatively older buildings.
Looking forward, leasing demand in Metro Manila will
still be anchored by the IT-BPM sector as the industry’s
expansion persists. Despite this, upward pressure on
vacancy rates is anticipated in early 2024 as Grade A oﬃce
supply is expected to increase by more than 380,000 sq mduring 1H/2024.

The Philippines’ GDP growth has exceeded expectations
and continued to expand by 5.9% in Q3/2023, spearheadedby robust household expenditure and increased government
spending. Further, the Philippine Government expects GDP
to grow by 6.0% to 7.0% in 2023, with the help of increased
consumer spending due to the holiday season along withlower inﬂation expectations. To achieve this, the Philippine
economy must grow by at least 7.2% in Q4/2023.
The Philippines’ central bank, Banko Sentral ng
Pilipinas (BSP), has kept its policy rate unchanged at 6.5%.
However, the BSP may cut rates as full-year inﬂation is
likely to taper down to 3.7% in 2024. As of December 2023,
the country’s inﬂation rate slowed to 3.9%, bringing thefull-year inﬂation rate to 6.0%.
In Q4/2023, Metro Manila’s Grade A oﬃce stock
marginally increased by 52,911 sq m, as GBF Center 1 wascompleted in one of the major thoroughfares, C-5 Corridor.
With the newly completed project, the total Grade A oﬃce
stock in Metro Manila totals around 9.12 million sq m. The
overall average rent increased slightly to PHP857.2 per sq m
per month during the last quarter of 2023.
Property developers continue to shift their focus to
introducing certiﬁed green buildings which are favoredby tenants due to their environmentally friendly features

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 Q4/2023
Take-up (LHS)

Vacancy Rate (RHS)

2020

2021

Q1

Q1

Q3

2019

2022

Q4

0%
Q3

-100
Q2

3%

Q4

-50

Q3

6%

Q2

0

Q4

9%

Q3

12%

50

Q2

100

Q1

15%

Q4

150

Q3

18%

Q2

200

Q1

21%

Q4

250

Q2

24%

Q1

'000 SQ M (GLA)

Supply (LHS)
300

2023
Source KMC Savills Research

Major Leasing Transactions, Q4/2023
PROPERTY

LOCATION

LEASE TERMTOTAL LEASINGAMOUNT

BUYER

USAGE

A 1,000 sq m of landin BGC

Bonifacio Global City,
Taguig City

10 years

PHP165.6 mil/
US$2.9 mil

Multinational Retail
Concept

Commercial

A 6,000 sq m of officespace in Cyberscape Beta

Ortigas Center,
Pasig City

3 years

PHP156.8 mil/
US$2.8 mil

IT-BPM company

OfficeA 4,000 sq m of officespace in Ortigas
Technopoint

Dona Julia Vargas
Avenue, Pasig City

3 years

PHP114.6 mil/
US$2.0 mil

IT-BPM company

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

14

Asia Paciﬁc Investment Quarterly

Singapore
The investment sales ﬁgures for Q4/2023 came in at S$5.4
billion, falling 26.6% from the S$7.3 billion achieved in theprevious quarter. Besides the holiday season, the reasonsfor the sharp turnaround include weaker investor sentimentamid the economic uncertainty, the high interest rateenvironment, a mismatch of price expectations between
buyers and sellers and rigorous due diligence checks toprevent money laundering.
In terms of sales value by sector, the residential sector
made up 64.4% of total investment sales. Next camecommercial and then industrial with 30.4% and 5.2% of thetotal investment sales value respectively.
The investment value for residential sites and properties
totalled S$3.5 billion in Q4/2023, on par with the previous
quarter. The majority (82.0%) of the sales value was fromthe award of four Government Land Sale (GLS) sites.
This was made up of three private non-landed residential
parcels and one executive condominium (EC) site, totalling
S$2.8 billion. In the private sector, however, investment
sales remained lukewarm with only S$620.8 million oftransactions. Notable deals include two adjoining freeholdplots at Gentle Road (S$30.9 million), a residential
redevelopment site at Sophia Road (S$33.6 million) and a
new detached house at Mount Rosie Road (S$33.9 million).

Commercial investment sales amounted to S$1.6 billion
in Q4/2023, slipping 0.9% quarter-on-quarter (QoQ). The
biggest deal in the quarter was the collective sale of Shenton
House to Shenton 101 Pte Ltd, a company owned by Lee
Yeow Seng, group chief executive oﬃcer of IOI Properties
Group. At the price of S$538.0 million, and accounting
for an estimated land betterment charge and a lease topup premium to a fresh 99-year lease, the land rate wasreported to be about S$1,885 per sq ft per plot ratio (psfppr) based on the gross plot ratio of 14.0. Other signiﬁcantdeals included the sale of VisionCrest Commercial (S$441.0
million), Wilkie Edge (S$348.0 million) and Jelita Shopping
Centre (S$91.7 million).
The sales value for the industrial sector continued tocontract for a second straight quarter to S$278.2 million in
Q4/2023. In the public sector, two industrial GLS sites worth
a total of S$89.0 million were awarded, signiﬁcantly higher
than the S$7.0 million in the previous quarter. On the other
hand, private industrial investment sales plummeted 58.1%
on a QoQ basis to S$189.2 million in Q4/2023.
For the whole of 2023, investment sales totaled S$20.5
billion, down 28.1% from S$28.0 billion in 2022. This waswithin our earlier full-year expectation of S$19.0 billion to
S$21.0 billion.

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, Q4/2023
Industrial
5%

Commercial
30%

Residential
65%

Source Savills Research & Consultancy

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Government land

Lorong 1 Toa Payoh

S$968.0 mil/
US$734.3 mil

CDL Constellation Pte. Ltd.,
Frasers Property Phoenix Pte. Ltd.
and Sekisui House, Ltd.

Residential

Government land

Pine Grove (Parcel B)

S$692.4 mil/US$525.3 mil

Golden Ray Edge 3 Pte. Ltd.

Residential

Government land

Clementi Avenue 1

S$633.4 mil/
US$480.5 mil

CSC Land Group (Singapore) Pte. Ltd.
and Caspian Residential 3 Pte. Ltd.

Residential

Government land

Tampines Street 62(Parcel B) (EC)

S$543.3 mil/
US$412.1 mil

Sim Lian Land Pte Ltd and
Sim Lian Development Pte Ltd

Residential

Shenton House

3 Shenton Way

S$538.0 mil/
US$408.1 mil

Shenton 101 Pte Ltd

Commercial

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

15

Asia Paciﬁc Investment Quarterly

South Korea
In January 2023, the Monetary Policy Board of the Bank of
Korea ("BoK") raised the Base Rate and kept it unchanged
throughout the year. The fourth quarter of 2023 witnessed
a 0.4% contraction in Korea's economy QoQ. On the brightside, GDP is projected to expand at a modest rate of 2.1% in
2024, driven by a pickup in exports. In 2024, as inﬂation is
expected to ease to 2.6% from 3.6%, the BoK may relax its
tight monetary policy later in the year.
In Q4/2023, Seoul's prime oﬃce transaction volume
registered a modest KRW1.99 trillion, contributing to anannual total of KRW9.29 trillion. While there is a gradualshift in power dynamics favoring tenants, the availabilityof vacant space remains constrained. Notably, strategic
investors were dominant, with a case in point being
KORAMCO REITs & Trust's acquisition of Majestar City
Tower 1 near Seocho Station for KRW399.2 billion (KRW36.9
million per pyeong). The buyer has shared plans to occupy
the building once its current lease on Teheran-ro expires.
Another end-user transaction was Krafton’s purchaseof Megabox Square Seongsu. The game developer acquired
the 8-storey mixed-use asset for KRW243.5 billion(KRW33.0 million per pyeong). Completed in 2019, theproperty, primarily functioning as a cinema, is strategicallylocated within a 15-minute walk of Krafton's upcoming

headquarters, scheduled for completion in 2028. The recent
acquisition aligns with the company’s vision, to establish acreative hub in the vibrant and dynamic district of Seongsu.
The slowdown in investment activity was more
pronounced in the logistics sector. Over the past two years,
supply additions have notably outpaced demand growth,
intensifying oversupply concerns, particularly in cold andfrozen storage. Against this backdrop, no new transactions
were actively negotiated during the quarter, with the
exception of pre-contracted deals or the execution of
forward transaction terms. These deals are challenging
for parties involved, especially in the case of development
projects with aggressive ﬁ nancing terms.
Numerous high-proﬁ le oﬃce transactions haveexperienced delays or withdrawals due to wide bid-ask
spreads, as well as fundraising diﬃculties arising fromconstrained market liquidity. The adoption of a moreconservative approach by institutional investors has led toa considerable decline in overall investment activity. As the
new year unfolds, there is potential for a gradual recovery,
backed by increased accessibility to debt and ﬁ nanciallysecure investors actively seeking repricing opportunities,
particularly amidst the emergence of distressed assets.

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

Office Transaction Volumes, 2019 to 2023 (P)

Q1

Q2

Q3

Q4

16
14

KRW TRILLION

12
10
8
6
4
2
0
2019

2020

2021

2022

2023(P)

Source Savills Korea Research & Consultancy

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Majestar City Tower 1

Seoul, Others

KRW520.0 bil/
US$399.2 mil

KORAMCO REITs & Trust

OfficeSamsung SDS Tower

Seoul, Others

KRW850.0 bil/
US$652.5 mil

KB AMC

OfficeHSBC Building (Office)Seoul, CBD

KRW181.0 bil/
US$138.9 mil

Shinhan REITs Management

OfficeMegabox Seongsu Square

Seoul, Others

KRW243.5 bil/
US$186.9 mil

Krafton (End-User)

Mixed use

Sujeong-ri Complex
Logistics Center

IcheonKRW150.0 bil/
US$115.1 mil

Mastern IMC

Logistics

Source Savills Korea Research & Consultancy

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

16

Asia Paciﬁc Investment Quarterly

TaiwanAmid sluggish exports and a high-interest rate environment,
Taiwan's economy is being driven by domestic consumption.
While the Directorate-General of Budget, Accounting, andStatistics (DGBAS) estimated the economic growth rate
for 2023 at 1.42%, marking the lowest rate in 14 years, thecommercial property market showed resilience with a totaltransaction volume of NT$139.9 billion in 2023, showing amodest decreased of 4% compared to the previous year.
As the Taiwan central bank ceased interest rate hikes
in the second quarter, investor conﬁdence gradually
returned, leading to a more evident recovery in the ﬁ nal
quarter, with a quarterly transaction volume of NT$45.6
billion, up 61% QoQ and 122% YoY respectively. The
growing demand for 5G and AI applications meant thattechnology companies were the most active buyers during
the year, purchasing NT$43.3 billion of real estate, markinga 170% growth YoY and accounting for 31% of total sales.
High-quality and newly completed industrial oﬃces are
preferred by technology companies’ upgrading oﬃces andR&D space. Notable transactions included Cloud Network
Technology Singapore, an aﬃliated company of Foxconn,
which purchased a 42,065 sq m industrial oﬃce underconstruction for NT$7.5 billion to relocate from a nearby
area. Topco Scientiﬁc Co meanwhile purchased an en-bloc
presale industrial oﬃce building in Neihu Technology Park
for NT$5.4 billion, the second largest deal by technology

companies in 2023. Given the beneﬁts of industry clusteringand talent retention, technology companies prefer to lookfor newly completed or soon-to-be-completed oﬃce spacein their original regions. Developers and professional
investment institutions were the second largest buyers in
2023, accounting for 19% and 15% of the total respectively.
In terms of real estate types, oﬃces have consistently held
the top spot for two consecutive years, with a total annualtransaction amount of NT$36.5 billion in 2023, accountingfor 26% of all deals by value. Notable transactions included
Kee Tai Zhongxiao Building, a mixed-use building comprisedof two hotels and oﬃce space which sold to an individual for
NT$12.5 billion. Three strata-titled oﬃces owned by ShinKong No.1 REITs were sold to end-users and family oﬃces
for a total of NT$12.6 billion with an oﬃce yield ranging
from 2.1% to 2.4%. Given that 70% of oﬃce acquisitions
are for investment purposes, buyers particularly favored
opportunities in mature development areas with uniﬁedbuilding ownership and signiﬁcant land value.
Looking ahead to 2024, the fading of presidential election
uncertainty, the end of rate hikes, and the continued
expansion of semiconductor production lines in Taiwan
will support momentum and price growth. However,given the deglobalization trend, the impact of production
processes shifting overseas is expected to become anothercause of uncertainty in the market.

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 Buyer Type, 2019 to 2023

Insurance

Technology

Developer

Financial

Professional Investment Institution

Manufacturing

Other

200
180
160

NT$ BILLION

140
120
100
80
60
40
20
0
2019

2020

2021

2022

2023
Source Savills Research & Consultancy

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Kee Tai Zhongxiao Building

Taipei City

NT$12.5 bil/
US$401.7 mil

Individual

OfficeAn industrial office building in
DES Cloud Universal Park

New Taipei City

NT$7.5 bil/
US$242.6 mil

Cloud Network Technology
Singapore

Industrial Office

An industrial office buildingin Neihu

Taipei City

NT$2.4 bil/
US$75.5 mil

Shuttle Inc.

OfficeElite Xinyi (19% share)

Taipei City

NT$4.9 bil/
US$158.7 mil

Enterprises Corp

RetailSource Savills Research & Consultancy

17

Asia Paciﬁc Investment Quarterly

ThailandThe economic trajectory of Thailand in 2024 appears
to reﬂect the lingering challenges from previous years.
Projections suggest a modest 3.2% expansion in real GDP,
with the country's tourism sector, notably inﬂuenced by
reduced visits from Chinese tourists, showing signs ofslower recovery. Additionally, the government's proposed
cash handouts to bolster domestic consumption face acontroversial challenge and might not materialize until
mid-2024.
In Bangkok, the tourism recovery has been a primary
driver of the city's economic growth but a fully-ﬂedged
recovery depends heavily on Chinese tourist numbers.
Over the period to 2027, Bangkok is forecast to grow ata faster pace than the national economy with a lead inwholesale, retail, accommodation, and food services.
In the real estate sector, data indicates a mixed pattern
for residential units in Bangkok. While there was a 7% QoQ
rise in residential unit transfers by September's end, a YoY
decrease of 9% was noted. Condominiums emerged as thefavored unit type, witnessing an 11% QoQ surge compared
to a marginal increase of less than 1% for housing types
including detached, twin houses, and townhouses. The
overall value of transferred residential properties increasedby 8.9% QoQ, predominantly led by condominiums,
accounting for more than half the total residential value.

Statistics from REIC reveal intriguing shifts in foreignowned condominiums. Bangkok accounted for 37.5% of
total foreign-owned units, slightly trailing Chonburi
at 41.7%. Notably, Chonburi surpassed Bangkok for theﬁ rst time since 2018 in terms of foreign unit transfers.
Despite this, Bangkok retained dominance in transferredvalue, capturing 57.7% of the total, amounting to over
THB30,000 million in the initial nine months of 2023.
The market has generally enjoyed a stabilized growthrate, anticipating a return to momentum post-pandemic.
Condominium transfers look promising, especially incomparison to housing units, which have remained
relatively static for three consecutive quarters after
posting a signiﬁcant decline from Q4/2022 to Q1/2023.
Furthermore, the foreign-owned segment is poised for
growth in both the number of units transferred and theircumulative value.
Thailand’s economic landscape remains inﬂuenced by
the tourism sector and government interventions. While
Bangkok’s real estate sector faces ﬂuctuations, particularlyin the preference for condominiums over other housing
types, the overall market is showing resilience andpotential for further growth.

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

Puncharas Angkeaw
AnalystResearch & Consultancy+66 2636 0300
puncharas.a@savills.co.th

Bangkok Residential Transferred, Unit and Value, Q1/2018 to Q3/2023
Condo Unit (LHS)
Condo Value (RHS)

Housing Unit (LHS)
Housing Value (RHS)
90,00025,00080,000NUMBER OF UNITS

70,00060,00015,00050,00040,00010,00030,00020,0005,000

VALUE (THB MILLION)

20,00010,000
0

2018

2019

2020

2021

2022

Q3

Q1

Q2

Q4

Q2

Q3

Q1

Q4

Q2

Q3

Q1

Q3

Q4

Q1

Q2

Q3

Q4

Q2

Q1

Q4

Q2

Q3

Q1

0

2023
Source REIC, Savills Thailand

Major Investment Transactions, Q4/2023
PROPERTY

LOCATION

PRICE

BUYER

USAGE

Lot 504, 509-510 in
304 Industrial Park

Si Maha Phot,
Prachin Buri

N/A

Complex Micro
Interconnection Co Ltd

Commercial andindustrial

Land at 304 Industrial IP 7 in
304 Industrial Park

Si Maha Phot,
Prachin Buri

THB374.3 mil/
US$10.8 mil

Gold Circuit Electronics Ltd

Commercial andindustrial

Plot A15 of Apex Green
Industrial Estate

Plaeng Yao,
Chachoengsao

THB382.8 mil/
US$11.1 mil

Getac Holdings Corporation

Commercial andindustrial

Land at Rojana Nong Yai
Industrial Estate

Ban Bueng,
Chon Buri

THB145.9 mil/
US$4.2 mil

Donpon Precision Inc

Commercial andindustrial

111 Praditmanutham

111 Praditmanutham,Bangkok

THB691.0 mil/
US$20.0 mil

Ally REIT

RetailSource MSCI

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

18

Asia Paciﬁc Investment Quarterly

Vietnamsupport the entry of new supply and development processes.
The Real Estate Trading Laws (Amended) stipulates stricter
legal requirements for developers before they can sell oﬀ
the plan houses and collect money from buyers. With the
Housing Law (Amended), developers are now exempt fromthe procedures for requesting exemption from land use
fees and land rent for social housing; developers now havemore options in how to allocate the required social housingdevelopment land within the commercial residential projects.
In the last months of 2023, major ﬁrms rolled out new
residential products across the country, including The
Privia in Ho Chi Minh City and The Canopy Residences andLumière Evergreen in Ha Noi. The next phases of Akari City,
Glory Heights also welcome new releases.
More than 85% of Viet Nam's fastest-growing companies
have ESG commitments, which is driving a surge in demandfor oﬃces which meet green standards. By 2026, Ho Chi
Minh City is expected to welcome 300,000 sq m of newoﬃce space with Grade A projects such as The Nexus and
VP Bank Saigon Tower. More than 80% of future Grade A
and B supply in the city will have green certiﬁcates. In Ha
Noi, upcoming green developments include 27-29 Ly Thai
To, Grand Terra, and Tien Bo Plaza; these projects are
forecast to deliver 68,400 sq m of green oﬃce space by theend of 2025.

In 2023, Viet Nam’s GDP growth is forecast at 4.7% by theWorld Bank. Recently, Fitch Rating upgraded Viet Nam's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to'BB+', from 'BB' with a stable outlook. In 2024, Viet Nam's GDP
growth target is 6% to 6.5%, underpinned by stable FDI andongoing governmental eﬀorts, including easing diﬃculties inreal estate, promoting public investment, and administering
economic policies promptly to stimulate balanced growth.
In 11M/2023, newly registered FDI into Viet Nam totalled
US$28.85 billion, up by 14.8% YoY. FDI disbursements
reached US$20.25 billion, increasing by 2.3% YoY, andreaching a ﬁve-year high.
There were sizeable industrial investments in Q4/2023.
HiteJinro, South Korea's largest beverage ﬁrm invested
US$100 million into a new factory on 8.2 ha in Thai Binh. Deli
Group will invest US$270 million in 21.2 ha of land in Hai
Duong. Hyosung Corporation approved US$720 million for abiopolymer ﬁbre facility factory at Phu My 2 Industrial Park.
At the end of September, Lotte oﬃcially opened Lotte MallWest Lake Hanoi, spanning an impressive 354,000 sq m GFA.
THISO launched its third Emart in Ho Chi Minh City and iseyeing an expansion in northern Viet Nam with the strategicpurchase of 2.4 ha commercial land in Tay Ho Tay Urban
Area, Ha Noi.
Amendments to the Housing Law and Real Estate Trading
Laws were approved in late November, which is likely to

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 FDI Disbursements in the First 11 Months, 2018 to 2023

11-month cumulative newly registered FDI

11-month cumulative FDI disbursement

25

US$ BILLION

20

15

10

5

0
2018

2019

2020

2021

2022

2023

Source Vietnam National Tourism Administration

Major Investment Transactions, Q4/2023

PROPERTY

LOCATION

PRICE

BUYER

USAGE

Imperial Hotel

Thua Thien Hue
Province

N/A

TTC Hospitality JSC

HotelLand plot (56,208 sq m) in
Vinhomes Smart CityHa NoiN/A

CapitaLand

Residential

Land plot (18.9 ha)
in Binh Duong

Binh Duong
Province

VND5.9 tri/
US$240.0 mil

Sycamore Company,a subsidiary of CapitaLand

Residential

Land plot of Taseco Land

Ha Noi

N/A

N/A

Office and commercial

63 Ly Thai To - Hoan Kiem
(Equity Interest)

Ha Noi

N/A

DaibiruCommercial
Source Public Information19

Major Transactions Q4/2023

Australia▼ Soﬁtel Brisbane Central
Brisbane, QLD
AU$177.7M/US$117.7M
in December

8 Nicholson Street,►
Melbourne, VIC
AU$213.7M/US$141.6M
in October

55 Elizabeth Street ▲Brisbane, QLD
AU$172.0M/US$114.0M
in December◄ Intercontinental Double Bay
Double Bay, NSW
AU$210.0M/US$139.2M
in October

1 Nicholson Street ▼Melbourne, VIC
AU$155.0M/US$102.7M
in November

60 Margaret Street ▼Sydney, NSW
AU$777.2M/US$510.3M
in October▲ Melbourne Square BTR (75%)
Melbourne, VIC
AU$300.0M/US$198.8M
in December▲ Sheraton Grand Mirage Gold CoastGold Coast, QLD
AU$192.0M/US$127.3M
in November

Beijing◄ Westin Beijing
Chaoyang District
RMB2.8B/US$392.1M
in Q4◄ CapitaMall Shuangjing
Chaoyang District
RMB842.0M/US$118.0M
in Q4

Lianbao Apartment (Block 7) ►Chaoyang District
RMB690.0M/US$96.6M
in Q4

ChengduFucheng International Square T1 ►Hi-tech ZoneRMB356.0M/US$49.9M
in December

savills.com.hk/insight-and-opinion/◄ Retail Podium, Jingdu Building
Jinjiang
RMB680.0M/US$95.2M
in December

20

Major Transactions Q4/2023

Guangzhou/Shenzhen◄ GDH Future City A2 & A6
Baiyun District, Guangzhou
RMB1.1B/US$153.7M
in Q4
Shenzhen Bay Intelligence Centre ►Nanshan, Shenzhen
RMB990.0M/US$138.2M
in Q4

29/F-32/F, 34/F-38/F,
T1, Joy Plaza ►Meilin, Futian, Shenzhen
RMB583.0M/US$81.5M
in Q4

Shanghai◄ Wanda Reign on the Bund
Huangpu
RMB1.7B/US$237.9M
in Q4

Bvlgari Hotel Shanghai ►JinganRMB2.4B/US$340.0M
in Q4◄ Zhoupu Wanda Square
Pudong New Area
est. RMB3.0B/est. US$419.8M
in Q4

Hong Kong SAR◄ 68 Electric RoadTin Hau
HK$511.0M/US$65.7M
in November

12 ﬂoors (42/F-54/F excl 49/F),
One Island East ►Quarry Bay
HK$5.4B/US$694.1M
in November◄ Hale Weal Industrial Building
Tsuen Wan
HK$560.0M/US$72.0M
in December

Harbour East ►North Point
HK$2.2B/US$282.8M
in December

8-12A Wilson Road ►Jardine's Lookout
HK$1.2B/US$150.7M
in December21

Major Transactions Q4/2023

Japan
BGO Portfolio (25 properties) ▼Tokyo
JPY35.0B/US$246.0M
in September

Setagaya Business Square(35% interest) ►Tokyo
JPY15.0B/US$106.0M
in Q4▲ Sanko Kigyo Shirokane
Dormitory Site
Tokyo
JPY50.0B/US$352.0M◄ Former Resonac Holdings Head Oﬃce Building
and two other buildings
Tokyo
Approx. gain of JPY18.3B/US$128.8M
in Q4

Malaysia◄ A 60 acres freedhold land
Nusa Cemerlang
Industrial Park, Johor
MYR315.0M/US$69.0M
in November
Sale & leaseback of purpose-built workers
accommodation assets ▼Bukit Minyak, Penang
MYR81.0M/US$17.4M
in December◄ W Kuala Lumpur
Jalan Ampang, Kuala Lumpur
MYR270.0M/US$59.0M
in December

A 18 acres freeholdcommercial land ►Bandar Setia Alam, Selangor
MYR229.0M/US$50.0M
in November▲ 24 ﬂoors (6/F-29/F) ofoﬃce suites and 4 retail units
on G/F & 1/F, Oxley @ KLCC
Jalan Ampang, Kuala Lumpur
MYR406.0M/US$88.0M
in October

Tampoi, Johor
MYR146.0M/US$31.4M
in December

Singapore
Noel Building ►50 Playfair Road
S$81.2M/US$61.6M
in November◄ Jelita Shopping Centre
293 Holland Road
S$91.7M/US$70.0M
in November

Shenton House ►3 Shenton Way
S$538.0M/US$408.1M
in November

savills.com.hk/insight-and-opinion/▲ Wilkie Edge
8 Wilkie Road
S$348.0M/US$259.1M
in November

22◄ VisionCrest Commercial
103 Penang Road
S$441.0M/US$334.5M
in November

Major Transactions Q4/2023

South Korea
Centerpoint Gangnam ►GBD
KRW343.6B/US$265.0M
in Q4▲ Samsung SDS Tower
Jamsil
KRW850.0B/US$657.0M
in Q4

HSBC Tower (66% of ownership) ▼CBD
KRW181.0B/US$140.0M
in Q4◄ Majestar City Tower One
SeochoKRW525.6B/US$406.0M
in Q4

Taiwan◄ An industrial oﬃce building in
DES Cloud Universal Park
New Taipei City
TWD7.5B/US$242.6M
in October

An industrial oﬃce buildingin Neihu ►Taipei City
TWD2.4B/US$75.5M
in November

Elite Xinyi (19% share) ►Taipei City
TWD4.9B/US$158.7M
in December◄ Kee Tai Zhongxiao Building
Taipei City
TWD12.5B/US$401.7M
in October

23

Savills Regional Investment Advisory,
Asia Paciﬁc
Head of Regional Investment Advisory

Head of Regional Research and Consultancy

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

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
Diwakar Rana
Email: diwakar.rana@savills.in
Tel: +91 8527000387
403, Tower B, Level 4, The Capital, Street 3,
G Block, Bandra Kurla Complex, Bandra East,
Mumbai 400 051, India
With offices in Delhi NCR, Hyderabad, Bangalore,
Mumbai, Pune and Chennai

South Korea
Kookhee Han
Email: khhan@savills.co.kr
Tel: +82 (0) 2 2124 4181
13/F, Seoul Finance Center, 84 Taepyungro-1-ga,
Chung-gu, Seoul 100-768, Korea

Malaysia

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 6, 41 Shortland Street, Auckland,
NZ 1010, New ZealandPhilippines
KMC MAG Group
Michael McCullough
Email: michael@kmcmaggroup.com
Tel: +632 8403 5519
11/F Sun Life Centre, 5th Ave,
Bonifacio Global City 1634, 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 TaichungIndonesia

ThailandPT 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

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

Japan

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

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

AUSTRALASIANew Zealand

NORTH AMERICA
Richard Stevenson
Email: rstevenson@savills.us
Tel: +1 212 328 3972
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

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/2023)

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