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Category: Real Estate

Retail News Asia is committed to providing both local and global retailers with the latest Real Estate news throughout the Asian market. This on a daily base.

  • Singapore retail rents show signs of stabilisation

    Singapore retail rents show signs of stabilisation

    Singapore retail rents stabilised island-wide in the last quarter of last year, according to real estate specialists Edmund Tie & Company.

    In the company’s quarterly Real Estate Times research report, ETC said monthly rents of ground-floor space in the Orchard/Scotts Road precinct were the most resilient of the year, staying firm at $37.20 per sqft, compared to a decline of 2.2 per cent in 2016. Improving tourist numbers were a large contributor to the trend, along with a limited pipeline of new space coming on stream.

    And the arrival of overseas brands such as Apple, Pablo and Don Quijote into the area attracted more crowds and reinforced Orchard Road’s position as a retail destination, said ETC.

    Gross rents of prime first-storey retail space in the other city areas and suburban areas fell slightly by 0.6 per cent and 0.5 per cent last year to about $19.75 and $30.45 per sq ft per month respectively.

    Monthly gross rents of prime first-storey retail space island-wide remained unchanged for the second consecutive quarter in the final three months of last year, bringing about a slight decline of 0.3 per cent for the full 12 months. That compares well to a 4.3 per cent decrease in 2016.

    The authors of the report said the moderation in the decline in rents was due to the recovery in the city state’s retail sales, resulting in an increase in occupancy rates. Occupancy increased by 0.4 percentage points to 91 per cent in the third quarter of last year.

    Outlook for 2018

    Brick-and-mortar retailers face challenges as more consumers turn to e-commerce platforms in the coming year, said the report.

    “However, e-commerce will likely come under the local tax regime… This will mean having e-commerce players registering for GST in Singapore or customers having to pay tax on the goods and services purchased online. This may act as an additional factor for the online retailers to go for physical space, if the prices between the goods bought online and offline narrow,” said the authors.

    ETC suspects the upcoming new supply of retail space in suburban and other city areas may exert downward pressure on rents of retail spaces in both subzones.

    “From Q1 to Q3 2017, about 621,000 sqft of retail space was completed island-wide, with another 432,000 sqft expected to complete in Q4 2017. This will mainly emanate from Northpoint City (318,000 sqft). Subsequently, there will be around 1.1 million sqft of space completing this year and next year, respectively. The other city areas will be faced with the largest pressure, with the supply in both years exceeding the 10-year annual average absorption (2007 to 2016) of 239,000 sqft.

  • Gaw Capital keen on more S’pore properties

    Gaw Capital keen on more S’pore properties

    Hong Kong private equity property group Gaw Capital Partners (GCP) is keen to expand its presence here after investing around $500 million in Singapore in recent years.

    It made its intentions clear last month when it completed the $342 million acquisition of PoMo, a nine-storey office and retail block in Selegie Road.

    It intends to revamp the block, particularly its retail component, to tap the student population from the many educational institutions in the area.

    President and co-founder Kenneth Gaw said: “Singapore’s property sector is one of the very few major markets in Asia which suffered a downturn in the past few years.

    “It is now on the cusp of recovery and we are confident about buying into a recovery.”

    The group also owns Hotel G in Middle Road. It is a revamp of the former Big Hotel that GCP picked up for $203 million in late 2015 before forking out a further $10 million to refurbish and rebrand the asset.

    Both properties are in the Bugis arts and cultural district.

     

    “Other than Hotel G and PoMo, we are interested in acquiring other assets in the commercial office and residential sectors in Singapore,” said Mr Gaw.

    He and his elder brother Goodwin set up GCP in 2005.

    Since its inception, the group has raised equity of US$8.7 billion (S$11.6 billion) and has US$13.4 billion in assets under management.

    It specialises in adding strategic value to underutilised real estate through redesign and repositioning.

    Mr Gaw noted that in Singapore, with the successful official launch of Hotel G last year, the group’s asset management team has become familiar with the neighbourhood and its traffic flow.

    “We’re confident that we can add value to PoMo,” he said.

    GCP senior investment director Imelda Tham noted PoMo’s strategic location in a vibrant arts and educational neighbourhood and its close proximity to several large educational institutions, which provide access to about 17,000 captive students and teaching staff in the area.

    The Singapore Management University, Nanyang Academy of Fine Arts, LaSalle College of the Arts (McNally Campus), School Of the Arts and Kaplan are among the educational institutions in the area.

    Ms Tham said: “PoMo itself is anchored by Kaplan, which has a substantial student enrolment.

    “We believe we can harness this potential by creating a more comprehensive retail tenant mix that engages the student population and draws higher foot traffic into the mall.

    “The mall has a mix of food and beverage (F&B), fitness, and health and beauty tenants, and we are looking to introduce more experiential aspects by introducing an entertainment zone.”

    PoMo’s net lettable area of about 180,000 sq ft comprises 110,000 sq ft of offices – levels four to nine – and 70,000 sq ft of retail space that goes from basement one to level three.

    Its offices are fully leased, with education service provider Kaplan the biggest tenant. Almost the whole of level five is designated for the Community/Sports Facilities Scheme, with The Little Arts Academy occupying it now.

    The retail space is 75 per cent leased, achieving an average rent of about $9 psf a month. Tenants include Evolve Mixed Martial Arts, Cosmoprof Academy, Mos Burger, Ya Kun Kaya Toast and other F&B outlets. Major tenancies will be expiring in about two years.

    PoMo, which has 143 carpark spaces, is on a site with 99-year leasehold tenure starting on March 17, 1983. The 43,027 sq ft plot is zoned for commercial use.

    The existing gross floor area of 234,996 sq ft has maximised the site’s development potential.

    Revamp work is likely to begin progressively this year, Ms Tham said. She could not estimate the cost of the project as it is still in the planning phase.

    It will be focused mainly on the retail area to improve the circulation and enhance visibility of the shops, with light touch-ups of the common areas and the facade.

    Mr Gaw said: “We will harness our numerous experiences in other parts of the world when we renovate PoMo.”

    The firm’s renovations include work at Pacific Century Place in Beijing, Plaza 353 in Shanghai, Metropolitan Plaza in Guangzhou and West 9 Zone retail podium in Hong Kong.

    GCP manages four opportunistic property funds targeting assets in the Greater China and Asia-Pacific regions, and a fund that specialises in hospitality assets in Asia-Pacific.

    It also manages two funds that invest in United States properties, as well as various separate account investments in Britain.

    Its activities include investing, value-adding renovations and development in residential, commercial offices, retail malls, serviced apartments, hotels and logistics.

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  • CapitaLand marks 10th year in India with mall openings

    CapitaLand marks 10th year in India with mall openings

    CapitaLand India plans to divest six retail malls and its half-share in CapitaLand Retail Prestige Mall Management, which manages some of the properties.

    Singapore-headquartered CapitaLand has entered into definitive agreements to divest:

    * Its respective equity interests in six special-purpose vehicles (SPVs), which each hold a retail mall asset in the Indian cities of Bangalore, Mangalore, Hyderabad, Mysore, Cochin and Udaipur to Prestige Retail Ventures; and

    * Its 50 per cent equity interest in CapitaLand Retail Prestige Mall Management (CRPMM), which manages the properties in Bangalore, Mangalore and Hyderabad, to Prestige Estates Projects for an aggregate consideration of INR3.4 billion (about S$71.5 million or US$53 million), to be fully satisfied in cash and negotiated on a willing-buyer/willing-seller basis.

    When the transaction is completed, probably this quarter, the SPVs and CRPMM will no longer be subsidiaries or associates of CapitaLand.

    The SPVs and properties involved are:

    • Prestige Garden Constructions – The Forum Neighbourhood Mall and Oakwood Residences, Bangalore.
    • Prestige Mangalore Retail Ventures – The Forum Fiza Mall (pictured), Mangalore.
    • Babji Realtors – The Forum Sujana Mall, Hyderabad.
    • Prestige Mysore Retail Ventures – Forum Centre City (FKA Mall), Mysore.
    • Thomsun Realtors – Forum Cochin Mall, Cochin.
    • Flicker Projects – The Celebration Mall Udaipur, Udaipur.
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  • Asian Pac’s diverse and original real estate projects attract Asia-Pacific investors

    Asian Pac’s diverse and original real estate projects attract Asia-Pacific investors

    Touted as Kota Kinabalu’s one-stop premier shopping destination and one of its largest retail establishments, Imago KK Times Square has set the bar for shopping centres in Sabah’s flourishing capital.

    Encompassing 800,000 sq ft of world-class retail, entertainment and dining outlets, the four-level landmark mall forms part of KK Times Square – a modern, vibrant and strategically located 24-hectare mixed-use development project comprised of office, residential and commercial space.

    It is Kota Kinabalu’s first non-stratified retail establishment with wholly management-owned and operated tenant stores. Since its opening in 2015, it has reached a tenant occupancy rate of 90 per cent with more than 300 retail outlets.

    Imago shopping mall and KK Times Square would have been but invisible twinkles on the Kota Kinabalu horizon without the initiatives of industry-leading Malaysian real estate developer Asian Pac Holdings.

    A company that is forging a reputation as the partner-of-choice among Asian and Chinese developers, consultants and contractors, Asian Pac is reputed for its first-mover advantage, strong local market knowledge and industry expertise honed over more than 100 years.

    With a portfolio of projects ranging from landed real estate, strip malls and high-rise residential towers to township developments and niche projects such as industrial parks, Asian Pac’s generalist approach to property development is a key advantage.

    “Being able to tackle a wide range of property types gives us strength in planning wider scale or stand-alone projects effectively,” says managing director Mustapha Buang. “Our differential edge is that we look into areas others tend to overlook with educated research. We focus ahead and look at what the potentials are. To a certain degree, we have a first-mover approach by looking into locations, themes and ideas that people have never tried before.”

    Led by a strong management team of young multidisciplinary professionals, Asian Pac traces its expertise and origins back to 1913. The company entered Kota Kinabalu in the early 2000s through its construction of KK Times Square.

    Apart from Imago, KK Times Square also houses The Loft Residences – Asian Pac’s premier residential address featuring an exclusive and integrated lifestyle experience.

    Nestled within KK Times Square’s vast leisure and recreational space, The Loft Residences offers 631 highly sought-after units ranging from US$413,898 to US$658,739 – and serviced apartments 1,834 to 4,192 sq ft in size.

    Listed on the main board of the Bursa Malaysia exchange, the company’s business interests include investment holdings, property development and investment, mall and carpark ownership and trading in building materials. By focusing on property investments with recurrent income such as the ownership and management of around 2,500 car parking bays in KK Times Square, Asian Pac keeps itself afloat through economic fluctuations.

    “We are able to renew ourselves frequently because we are quite a small team – compact, agile and capable of quickly adapting to changes,” Buang says. “We do everything in-house from leasing to facility management.”

    Asian Pac’s upcoming projects include investments in off-the-radar land banks. It also envisions to expand beyond Malaysia in the future.

    Driven to beget positive change in Malaysia through sustainable modernisation, Asian Pac has also earned the BCA Green Mark for its environment-friendly projects. Certified by Singapore’s Building and Construction Authority, the BCA Green Mark scheme is an initiative to promote sustainability in the construction and real estate sectors.

    “We always see how to make things work rather than see how things can’t,” Buang says. “We’ll still be looking at creating really sustainable projects that work long-term, and we’ll never say no to potential investors and partners who can bring added value to the table in terms of concepts and ideas – not just in the monetary sense.”

  • SM Prime adds to Luzon portfolio

    SM Prime adds to Luzon portfolio

    Philippine integrated property company SM Prime Holdings has opened a mall in Batangas to continue its expansion in southern Luzon.

    SM Center Lemery adds 25,000sqm to SM Prime’s total gross floor area in the Philippines, and follows SM City Batangas and SM City Lipa.

    It opened with nearly 90 per cent of space leased. There are three floors of mixed retail and food tenants including brands such as Ace Hardware, BDO, Miniso, Simply Shoes, SM Appliance Center, SM Hypermarket, Surplus and Watson’s. There are also a Cyberzone and a Wellness Zone.

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  • Flagship Project of Lai Sun Group Novotown Welcomes New Strategic Partners

    Flagship Project of Lai Sun Group Novotown Welcomes New Strategic Partners

    Novotown, an integrated project with a mix of cultural and entertainment attractions currently under development in Hengqin Zhuhai by Lai Sun Group, today announced a slew of new strategic partners at a ceremony attended by Zengqing Luo, Deputy Director of the Administrative Committee of Hengqin New Area, and representatives of concept brands and media.

    Novotown’s strategic partners include China Mobile Group Guangdong Co., Ltd. Zhuhai Branch, CITIC Bank, Trans-Island Limousine Service Ltd. and travel partners Guangdong Gongbei Port China Travel Service Ltd., Guang Zhilv (GZL) International Travel Service Ltd. and Century Holiday International Travel Group. These partners will work closely with Novotown to craft and build a quality community in the Greater Bay Area.

    ‘Novotown is Lai Sun Group’s flagship project in the Greater Bay Area which aligns ideally with China central government’s Greater Bay Area development plan.’ said John Tse, Chief Executive Officer of Novotown. ‘We’re delighted that so many quality partners are coming onboard to support our grand vision for one of the most immersive and participative tourism and entertainment destinations in China, fostering high technology, travel, culture and creativity to benefit economic development of the area.’

    He added, ‘Novotown has great potential to become the landmark of Hengqin. Together with other lifestyle elements and infrastructure, I am confident that Novotown will become a quality living, leisure and creative destination for both domestic and international audiences.’

    China Mobile unveiled its plans to launch its first concept store in Hengqin at Novotown to elevate retail experience of its guests. In addition, the brand will also introduce a ‘smart mall’ concept to Novotown – by logging-in to the shopping mall’s Wifi system, customers can get access to comprehensive services, such as parking payment, restaurant and locker reservation, locating stores and receiving coupons, via app or website. The system also grants tenants access to certain customer data, which could allow them to better craft their marketing strategies.

    Meanwhile, CITIC Bank intends to open a branch at Novotown, providing financial services for the residents, tenants and travellers in the area.

    Trans-Island Limousine Service Ltd. will provide point-to-point shuttle bus services between Hong Kong and Novotown via the new Hong Kong-Zhuhai-Macao Bridge to encourage customer traffic, while Guangdong Gongbei Port China Travel Service, Guang Zhilv (GZL) International Travel Service and Century Holiday International Travel Group will also help to promote multiple travel products available at the destination to international, mainland China and Hong Kong tourists.

    Wenqiang Hu, Director and General Manager of Guangdong Gongbei Port China Travel Service Ltd., said: ‘We are very excited to be the strategic partner of Novotown. As travellers are more sophisticated these days, Novotown’s partnerships with world-renowned brands create a diverse range of themed entertainment experiences, which together with their comprehensive infrastructure, are the key elements that help us attract these travellers in such keen competition. We are happy to work closely with Novotown and promote it as a vibrant and creative lifestyle community in the Greater Bay Area.’

    In addition to strategic partners, a range of China’s popular concept brands was a part of the ceremony today. They included Super Species, Sports Infinite, and Hutaoli Music Restaurant & Bar.  

    Adjacent to Macau, Novotown is positioned as a cultural and creative incubator. Benefiting from China (Guangdong) Pilot Free Trade Zone and Special Economic Zone policies, Novotown has been actively developing a wide range of leisure facilities which helps elevate the quality of life in the Greater Bay Area. With the addition of other confirmed partners including Lionsgate, National Geographic, Taipei Wellness Clinic and Resort, Real Madrid Football Club, Porsche and a world-class institute, the Innovation Leadership Academy Hengqin managed by Harrow International (China), Novotown is gearing up to become a vibrant and creative lifestyle community in the Greater Bay Area.

  • CapitaLand partners WeWork to cocreate office of the future at Funan integrated development

    CapitaLand partners WeWork to cocreate office of the future at Funan integrated development

    Funan, one of the most highly anticipated developments in Singapore opening in 4Q 2019, has signed its first office tenant. CapitaLand Mall Trust Management Limited (CMTML), the manager of CapitaLand Mall Trust which owns Funan, today announced that coworking space behemoth WeWork has leased 40,000 square feet (sq ft) of space in Funan. WeWork’s space will be located across two floors of Funan’s North Office Block – namely Level 4, which is the prime connector space linking the office blocks with Funan’s retail component, and Level 5.

    Mr Tony Tan, CEO of CMTML, said: “We envision Funan as an aspirational and experiential space that fosters collaboration among complementary partners, sparking inspiration and discovery for consumers. We are thus delighted to partner WeWork, one of the world’s leading innovators in shared office space, to cocreate an office of the future at Funan. Both Funan and WeWork share the same ethos of breaking new ground and building a community of like-minded individuals driven by passion to make a difference. WeWork’s coworking space will leverage Funan’s central location and harness its live-work-play paradigm to create a world-class collaborative workspace that fosters connections and nurtures ideas. It will cater to the new generation of professionals who yearn to work in a collaborative environment that gets them inspired, and unwind in a convenient location where they can shop, play sports, be entertained and enjoy a whole host of lifestyle activities under one roof.”

    Mr Tan added: “As a new-built space, WeWork’s facility at Funan offers plenty of scope and flexibility to implement purpose-built infrastructure and services for WeWork’s members. As a start, Funan will boast a smart office with facial recognition turnstiles and optional card-less entry into the office. WeWork community members will also have full access to the suite of innovations made available at Funan, including video-based smart carparking facilities, a 24-hour drive-through click-and-collect, 100% hands-free shopping service using robotics and app-based booking of all the facilities within the development.”

    Funan is located right in the heart of the Civic & Cultural District with excellent connectivity, including a direct underpass linking to City Hall MRT interchange station. As a new paradigm for live, work and play in Singapore’s city centre, Funan offers a synergistic combination of retail, office and serviced residence components that is designed to appeal to savvy consumers pursuing quality of life in a socially-conscious and creative environment. The Funan integrated development comprises a 500,000 sq ft mall of the future serving as a platform to inspire retail innovation; two Grade A office blocks that meet the needs of a variety of business, including established MNCs and coworking spaces for the mobile workforce; as well as The Ascott Limited’s lyf brand of co-living serviced residence designed for millennials.

    With community, connectivity and convenience at its core, Funan caters to the new breed of consumers who favour a collaborative environment and authentic experiences that reflect their passions and tastes. In support of the global car-lite movement, Funan is set to become Singapore’s first commercial building to allow cycling through the building with a dedicated indoor cycling path, complete with end-of-trip facilities for cycling enthusiasts, including bike shops, bike cafés, lockers and shower facilities. Funan will also boast the largest area set aside for urban agriculture in the CBD with a 5,300 sq ft urban farm and 6,900 sq ft edible yard, where the public can learn more about the origins of their food and “adopt a plot” to grow their own produce.

    Amenities available in Funan include a Golden Village cineplex, a best-in-class gym, futsal court, swimming pool and a 55-lane rock-climbing facility. Theatre goers will also delight in the performances programmed by Singapore’s leading professional theatre company W!ld Rice, which operates the dedicated 380-seat theatre in Funan.

  • Thailand to launch ‘THE FORESTIAS’, a World-First Integration of Nature and Community

    Thailand to launch ‘THE FORESTIAS’, a World-First Integration of Nature and Community

    Magnolia Quality Development Corporation Limited (MQDC) unveils its latest business development plan, transforming a piece of land in Bangna into a real estate phenomenon under its Magnolias, the Aspen Tree, and Whizdom brands with collaborations from global partners.

    THE FORESTIAS, with a project value of over THB90 billion (USD2.8bn), is the world’s first property development to introduce a living environment integrated into a natural ecosystem to provide sustainable happiness under the concept ‘Imagine Happiness’.

    The mixed-use multi-generational lifestyle project spans 300 rai (119 acres), including residential housing and low- and high-rise buildings, retail buildings, office buildings, a health center, an innovation center, a forest pavilion, community space, a learning center, and Asia’s largest-ever forest ecosystem in a mixed-use lifestyle project.

    The project is designed for all multi-generational lifestyles and all families. Construction begins in 2018 and is expected to be completed in 2022.

    Mr. Visit Malaisirirat, CEO of MQDC, a company under DTGO Corporation Limited that develops, invests in, and manages property projects, said, “Today, innovation and technology play a significant role in the economy. They connect living and lifestyle together. Amidst materialistic advancement, the world is challenged in many ways – the natural ecosystem is deteriorating, families are drifting apart creating distance between people, leading to feelings of isolation and depression, and society is aging fast.

    “Our company is committed to developing real estate projects to close the gap and bring sustainable happiness with a promise of ‘for all well-being’. We want to offer the best and we do that through ecofriendly design, modern innovation and technology, and enhanced space for all four generations – grandparents, parents, children, and great-grandchildren. The whole community can spend time together and interact, creating a happy society.

    “THE FORESTIAS was born from the question “What is true happiness in life?” This is not easy to answer because everyone has a different definition of happiness. But one thing is certain: happiness affects our body and mind, the people around us, and the environment. This is the foundation of ‘sustainable happiness’.”

     Mr. Kittiphun Ouiyamaphun, Senior Vice President, Project Development, The Forestias, MQDC, said, “This is the first time for a property project to be based on ‘sustainable happiness’. We are working with global partners in designing and creating the project to offer sustainable happiness now and in the future.

    “The idea led to the world-first flagship project THE FORESTIAS, which redefines the property industry with a new phenomenon. The THB90 billion [USD2.8bn] project is developed under the concept ‘Imagine Happiness’. There’s something for everyone and every lifestyle at this mixed-use multi-generational lifestyle project, the first of its kind in the world, which includes residential houses and buildings, retail buildings, office buildings, a health center, an innovation center, a forest pavilion, a community space, a learning center, and the largest-ever forest ecosystem in a mixed-use lifestyle project in Asia. Its core elements, or Eternal 4, are 50 Shades of Nature, happiness from living amid nature; Connecting 4 Generations, happiness from being with family members across four generations; Community of Dreams, happiness from space and facilities that allow people to connect and interact with each other; and Sustainnovation for Well-being, technology and innovation that drive sustainability and promote health and well-being. It is the DNA of MQDC to create a new living concept for today and the future.”

    Mr. Ouiyamaphun added, “We have global partners who are experts in their fields. Together, we are creating a living phenomenon in an environment that brings happiness to its residents. This is the first model of its kind in the world. We have worked with Foster + Partners, which provided consultancy on the architectural master plan; EEC Engineering Network, which helped research and develop systems in the buildings based on MQDC’s concept of Sustainnovation, centered on sustainability, social responsibility, and the environment; and Atelier Ten, which has contributed to the research and prevention plan to reduce environmental impact and ensure balance and sustainability through innovations. Atelier Ten is also in charge of monitoring and assessing construction and design to make this project the model for other world-class projects. ITEC Entertainment is in charge of experience and entertainment in the project. To provide a one-of-a-kind experience to residents and visitors, Six Senses has been brought on board for hospitality and residential management services, with a focus on nature, health, and sustainability.”

    In addition, Harvard T.H. Chan School of Public Health is joining to conduct innovative scientific research and data collection on the impact of the project’s landscape and design features on human health. This new model of urban development, combining healthier buildings with biodiversity, environmental buffers, and infrastructure that promotes physical activity, may demonstrably enhance health resilience and well-being, both of which are fundamental to happiness.

    THE FORESTIAS is on 300 rai (119 acres) at Bangna-Trad Road km 7. Construction begins in 2018 and is expected to be completed in 2022.

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  • Hong Kong shopping centre rents predicted to rise

    Hong Kong shopping centre rents predicted to rise

    Hong Kong retail rents are expected to inch up in 2018 according to projections by Savills.

    In a media briefing on Tuesday, Savills senior director of research and consultancy, Simon Smith, predicted a rise in prime retail shop rents of up to 3 per cent, following a decline of 2 per cent this year.

    “The domestic economy is supporting demand as unemployment is low and consumer confidence is high as incomes grow and house prices hit new records,” Smith said.

    “Retail sales are beginning to show signs of life while mainland demand is also returning after two to three years of downward adjustment.”

    At the end of last year, Smith forecast a prime street retail rent decline of between 5 per cent and 10 per cent, but despite some high-profile rent renegotiations, they held up.

    Smith’s data is based on ‘spot’ rents which are different to the headline-grabbing rent reductions achieved by some retail groups in Central and Causeway Bay during this year.

    “When you read about a 50 per cent rent cut, that is usually the renewal of a three-year lease. My rents are ‘spot’ rents and the 2 per cent is this year alone.”

    However, Smith expects shopping mall rents to slip over the next year, giving the narrowing gap with strip-shops. After a decline of just 1 per cent this year, he is tipping a fall of up to 5 per cent next year.

    In terms of sales of retail real estate, Smith predicts an increase in prices of up to 5 per cent next year following a decline of 4 per cent this year, which was well below the 5 to 10 per cent he expected in late 2016.

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  • Xidan Joy City’s new zone unveiled to mark 10 year anniversary

    Xidan Joy City’s new zone unveiled to mark 10 year anniversary

    Beijing’s iconic Xidan Joy City celebrated its 10 year anniversary today by unveiling its newly renovated Rose Garden relaxation zone. The celebration also marks the completion of the first phase of a significant upgrade of the mall’s interior and public areas that will continue until 2019.

    Mall owner COFCO has commissioned Woods Bagot to lead the interior design of renovation works as part of its wider strategy to deliver a new generation of Joy City malls that continue to stay ahead of changing lifestyles and interactive digital technology in China.

    Already a favourite destination among Beijing’s trend-setters and fashion-conscious youth, the 185,000 m2 mall is arranged over 12 floors in an established downtown shopping district and is home to a range of global brands including Apple, Kate Spade, Michael Kors, Sephora and Zara.

    When the renovation is complete in 2019 the mall’s leading brand portfolio will be showcased across eight diverse thematic areas, providing a change of pace and an engaging journey for visitors as they move through the space.

    Xidan Joy City’s reimagined Rose Garden is a spacious relaxation area within the F&B zone featuring a spectacular organic-form wood and glass spiral staircase as its focal point.

    The Rose Garden offers breathing space in an outdoor-themed environment, bathed in abundant natural light during the day and lit dramatically from above at night by an abstract rose ceiling light fixture. Different-height seating scattered with foliage and greenery gives shoppers a unique line of sight to enjoy a more natural and personal experience as they relax.

    Billy Ip, Woods Bagot, said:

    “Beijing’s youth market has evolved greatly over the last decade, with social, economic and technological developments driving new trends, desires and lifestyles. Visitor experience is the new battleground for this sophisticated audience who seek to spend time in unique, engaging environments.

    “For Xidan Joy City’s many fans, the Rose Garden is a space where many happy memories have been made. We have honoured this sentiment by creating a place for visitors old and new to both recall and build new memories.

    “Woods Bagot’s concept for the revived Rose Garden provides an avant-garde interpretation of an energising and peaceful ambience, and we look forward to sharing our creative direction for the other spaces as works progress over the next year.”

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  • Saigon scores high on global property growth index

    Saigon scores high on global property growth index

    Ho Chi Minh City has been ranked third in a survey of 50 cities worldwide for property rental growth.

    The survey, conducted by real estate firm Savills, also ranked Vietnam’s southern metropolis fifth in terms of investment prospects, and second for development prospects.

    In its new publication, “Impacts: the future of global real estate”, Savills said cities that are resource rich, young and fast-growing, economic powerhouses, or at low risk from natural disasters, are the ones to watch for over the next decade.

    Troy Griffiths, deputy managing director of Savills Vietnam, said: “This is an annual, long-running survey across a multitude of sophisticated property investors that demonstrates the strong sentiment towards Ho Chi Minh City and Vietnam as a highly favorable investment destination.”

    “This is underwritten by the first position across all surveyed cities as buy options for office, retail, industrial and residential assets,” he added.

    According to another report, “Emerging Trends in Real Estate Asia Pacific 2016”, jointly published by the Urban Land Institute and consulting firm PwC, foreign investors, mainly from Japan, South Korea and Singapore, are interested in the city’s property market on expectations of an annual return of between 20 and 25 percent.

    The city is an attractive destination to investors mainly due to the government’s efforts to stabilize the local currency, control inflation, ease property lending regulations and improve market access for foreigners.

    Global investors prefer entering Vietnam’s real estate market through mergers and acquisitions. Many are eying beach resorts, serviced apartments, residential buildings and hotels, mostly in Hanoi, Ho Chi Minh City and Da Nang.

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  • Outstanding start for Nanchang Capital Outlets

    Outstanding start for Nanchang Capital Outlets

    In its first three days, Nanchang Capital Outlets generated sales of more than RMB21.8 million (US$3.2 million) with customer traffic exceeding 1.8 million.

    It is the second outlet project this year for Beijing Capital Grand, the commercial property arm of Beijing Capital Land, and its sixth outlet project in China. It is also the company’s first foray into central China. Nanchang is one of the 10 youngest cities in China.

    Covering 130,000sqm, Nanchang Capital Outlets combines key elements of Chinese lifestyle and culture. It has more than 300 shops, including international, fast-fashion and sportswear brands, children’s entertainment, theme restaurants, reading corners and 2000 parking spaces.

    Still to come are a trampoline park, Jump360, a 5000sqm Imax cinema and an 8000sqm supermarket.

    The project’s 150-plus fashion and lifestyle boutiques include Adidas, Aigner, Chic Outlets Multi Brands Boutique, New Balance, Nike, Rodrigo, Skechers and Stella Luna. The food line-up includes KFC, Taste of Caimi and Yuemandajiang Classic Sichuan Hot Pot.

    About 12 more Capital Outlets projects are on the drawing boards.

  • Fourth mall in Bulacan by SM Prime

    Fourth mall in Bulacan by SM Prime

    SM Prime Holdings has continued its expansion in northern Luzon with its latest mall, SM Center Pulilan, in Bulacan.

    Its 66th mall in the Philippines, it adds 27,000sqm in gross floor area (GFA), taking SM Prime’s total GFA to 8 million sqm.

    Opening with 80 per cent occupancy, SM Center Pulilan offers three levels of retail and dining including such brands such as Ace Hardware, BDO, Miniso, Simply Shoes, SM Appliance, SM Hypermarket, Surplus and Watsons.

    It joins the group’s first three malls in Bulacan – SM City Marilao, SM City Baliwag and SM City San Jose Del Monte.

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  • Mitsui Outlet Park continue its opening phase

    Mitsui Outlet Park continue its opening phase

    About 35 new stores are lined up for the soft opening of phase two of Mitsui Outlet Park KLIA Sepang on December 15.

    An official launch is slated for February, says Mitsui Fudosan (Asia) Malaysia, which runs the project in a JV with Malaysia Airport Holdings, MFMA Development.

    Shops making their first appearance in Malaysia include Hummer bags store and The Beauty Laboratory by Shiseido.

    “The expansion will also introduce a good retail mix ranging from fashion apparel and accessories, sports and kidswear to cosmetics and personal care, with diversification into entertainment and amusement as well as specialty stores,” says Mitsui Fudosan.

    Phase 2’s environmental design follows the park’s “tropical resort” theme and also features the Sky Walk, River Walk and Forest Walk. The first phase opened in May 2015.

    Headquartered in Japan, Mitsui Fudosan is expanding in Asia with Shanjing Outlet Plaza Nimbo and Mitsui Outlet Park Linkou in Taiwan.

    For next year the group plans to open Mitsui Outlet Park Taichung Port in Taiwan, followed by Mitsui Shopping Park LaLaport Shanghai Jinqiao in 2020 and Mitsui Shopping Park LaLaport Kuala Lumpur in 2021.

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  • Japanese property giant, Tokyu invests in Titijaya’s unit

    Japanese property giant, Tokyu invests in Titijaya’s unit

    Titijaya Land Bhd has roped in Japanese leading property giant, Tokyu Land Corp, to be the new shareholder of its wholly-owned Epoch Property Sdn Bhd in a RM47 million deal.

    Epoch Property sealed a conditional share subscription agreement with Tokyu for the subscription of 47 million Class A ordinary shares in Epoch Property worth RM47 million.

    Titijaya said both companies will jointly enhance the development of Mizu Residence which is expected to command a gross development value of RM300 million.

    Tokyu, which holds more than one trillion yen of assets and is ranked third among Japanese real estate companies, is the core company of the Tokyu Fudosan Holdings Group, a Japanese company listed in the First Section of the Tokyo Stock Exchange.

    Tokyu Fudosan is also one of the companies in the Nikkei 225 Index, which refers to the price-weighted average of the 225 top-rated Japanese listed companies.

    Titijaya group managing director Tan Sri Lim Soon Peng believes the collaboration will help establish the two companies as one of the industry leaders, pushing the frontiers of urban development and property management.

    “We are envisioning through the knowledge transfer from Tokyu’s expertise in urban development, especially its expertise in transit-oriented development, retail knowledge, property management (best property management services in Japan), it will further strengthen Titijaya’s objective to offer products that will be a half-step ahead of the times.

    “TOD and enhancing senior living experience are definitely the directions going forward for us, as TOD concept will help a country to reduce carbon footprint while becoming more productive and move livable, and on the other hand, senior living experience values the living experiences for discerning individuals who have an affinity for actively engaging all that life offers,” he said.

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