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  • Schroders Seeks $220 Million for Wisteria Mall in Singapore

    Schroders Seeks $220 Million for Wisteria Mall in Singapore

    Schroders is seeking around $220 million for Wisteria Mall in northern Singapore, appointing Knight Frank and Savills to run an expression of interest closing in late November 2026.

    The two-storey suburban retail asset in Yishun currently operates at 93 per cent occupancy.

    London-based Schroders, acquired by Nuveen in October 2026, purchased the property in 2022 for $208 million through its Pamfleet Real Estate Fund III. Commercial brokers Knight Frank and Savills are managing the private bidding process.

    “We regularly review our real estate portfolios and consider opportunities in the best interests of our investors,” said a spokesperson for Schroders Capital, the firm’s private markets investment arm. Savills declined to comment, while Knight Frank did not immediately respond to inquiries.

    Divestment push in suburban retail

    The attempted disposal targets an exit yield supported by stable everyday neighbourhood footfall. Suburban retail in Singapore has demonstrated resilient trade post-pandemic, supported by grocery anchors and basic services, yet capital upside remains tightly bounded by modest rent revision caps in residential heartlands.

    For incoming buyers, underwriting the asset at $220 million leaves narrow margins against rising debt financing costs. Achieving a higher valuation than the 2022 entry price requires an incoming operator to extract better specialty tenant performance across its two levels without disrupting the core neighborhood traffic that sustains the current 93 per cent occupancy rate.

    Portfolio rebalancing across asset classes

    The Yishun offering adds to an existing divestment pipeline for the manager in Singapore. Schroders previously initiated a sale process via Jones Lang LaSalle in 2024 to offload a hospitality asset co-owned with TPG Angelo Gordon for $320 million, though that property has yet to change hands.

    Institutional real estate funds reaching end-of-life cycles are resetting their price expectations to return capital. Total commercial property transactions across the city-state reached approximately US$20 billion (S$25.7 billion) across the first three quarters of 2026, more than triple the volume recorded in the corresponding period a year earlier, according to MSCI data.

    The Pamfleet acquisition track record

    Schroders initially acquired Wisteria Mall in 2022 to capture value-add opportunities within essential suburban commercial hubs. Pamfleet Real Estate Fund III absorbed the retail podium as part of a mandate targeting defensive, income-generating neighborhood real estate.

    Bidding for the asset through the expression of interest exercise concludes in late November 2026, determining whether institutional pricing meets the vendor’s $220 million hurdle.

  • Hong Kong Family Offices Drive 16% of Commercial Property Deals

    Hong Kong Family Offices Drive 16% of Commercial Property Deals

    Hong Kong family offices and ultra-high-net-worth investors generated 16 per cent of commercial property transactions year-to-date, up sharply from 9 per cent in 2025, according to Knight Frank. The brokerage reported that hotel deal volume hit HK$11.3 billion (US$1.4 billion), nearly doubling the HK$6.3 billion recorded across all of 2025.

    Private capital accounts for 24 per cent of deals in hotels and student accommodation as buyers target repriced hospitality sites alongside deeply discounted prime offices. According to Ken Peng, chief investment officer at Raffles Family Office, an expected 0.25 percentage point interest-rate increase by the US Federal Reserve in December will do little to curb outbound or local acquisitions.

    Colliers head of capital markets Thomas Chak noted that local dynasties often deploy funds through direct equity structures or high-dividend real estate investment trusts. Rather than pausing for higher borrowing costs, wealthy families continue allocating capital across Hong Kong, Japan, Europe and the United States.

    Cash Flow Drives Conversions in Hong Kong

    Local buying has concentrated on discounted hospitality and office assets suited for conversion into long-term rentals or student housing. Rising university enrolments and a persistent shortage of purpose-built student beds allow operators to lock in rental cash flows nine to twelve months in advance. Repriced hospitality assets offer quicker turnaround times than ground-up residential builds.

    Deeply discounted prime office buildings are also drawing private equity groups and family syndicates capable of absorbing vacancy without bank pressure. Single-family offices representing established local dynasties often hold assets through direct equity structures or high-dividend real estate investment trusts. Alternatively, legacy properties acquired decades ago at minimal cost basis remain locked away for long-term rental income.

    Capital Targets Japanese Hospitality and Tokyo Offices

    Beyond the domestic market, Hong Kong private capital has targeted Japan as its primary Asia-Pacific destination. Cross-border funds have concentrated heavily on Japanese hotels and hospitality assets, alongside core office developments in Tokyo. Australia and New Zealand represent secondary targets for regional diversification, providing established legal protections and steady yield profiles.

    Western gateway cities in Europe and the United States continue to absorb wealth from families seeking portfolio dispersion. Most Hong Kong family offices hold minimal local domestic real estate relative to their net worth, preferring trophy commercial and residential holdings in cities where family members live, study or maintain corporate branches. This structure shields multi-generational portfolios from single-market regulatory shifts.

    use Risks Surface Under Prolonged Borrowing Costs

    A quarter-point rate hike in December will have limited impact on unencumbered buyers, yet sustained elevated rates create pressure for overleveraged property owners. Debt-financed commercial operators face refinancing gaps as lenders write down collateral valuations. That pressure creates acquisition pipelines for cash-rich family offices hunting distressed office assets across regional hubs.

    Federal Reserve policy shifts could cool rate pressures by 2027 if US economic growth moderates and fiscal policy tightens following legislative shifts. Until monetary policy reverses, institutional funds with high borrowing costs remain constrained, leaving private family offices to dominate off-market commercial disposals.

    Hong Kong commercial real estate deals closed 2025 with HK$6.3 billion in hotel volume before private capital stepped up conversion activity early this year. Attention now turns to the Federal Open Market Committee meeting in December, where Fed officials have indicated they may raise interest rates.

  • Knight Frank and CBRE|WTW Market 55-Storey Menara Tun Perak

    Knight Frank and CBRE|WTW Market 55-Storey Menara Tun Perak

    Knight Frank Malaysia and CBRE|WTW have been jointly appointed to advise on the proposed investment opportunity in Menara Tun Perak, bringing the landmark 55-storey commercial tower in central Kuala Lumpur to market.

    Completed in 1988, the 244-metre building along Jalan Tun Perak previously served as the headquarters of Malayan Banking Berhad (Maybank). The former Menara Maybank sits near Merdeka 118, Chinatown, Petaling Street, Central Market and Dataran Merdeka, giving investors exposure to commercial, heritage and tourism precincts.

    The advisory team is marketing the skyscraper for partial or full investment structures. Prospective plans include ongoing commercial use, asset enhancement or repositioning into hospitality, serviced accommodation and mixed-use development, subject to feasibility assessments and regulatory approvals.

    Structure and Conversion Options

    Transit access anchors the property’s location. The site sits roughly 450 metres from Masjid Jamek LRT Station and 550 metres from Plaza Rakyat LRT station, connecting commuters to three RapidKL train lines, Kelana Jaya, Ampang and Sri Petaling, across the Klang Valley.

    Surrounding blocks have seen an emergence of boutique hotels, hospitality concepts and lifestyle destinations, supported by growing tourism activity and the revitalisation of Chinatown and its neighbouring streets.

    “Menara Tun Perak represents a unique opportunity to invest in a property that has played an important role in shaping Kuala Lumpur’s skyline and commercial history. Landmark assets of this nature, particularly those located within the city’s historic core, are rarely made available for investment.

    With the continued revitalisation of central Kuala Lumpur and growing interest in the surrounding heritage and tourism precincts, the property offers considerable potential for investors with a long-term vision to preserve and enhance its legacy while exploring opportunities to unlock further value.”

    James Buckley, Head of Capital Markets at Knight Frank Malaysia, noted that the asset allows buyers with a long-term vision to explore opportunities to unlock further value as downtown rejuvenation proceeds.

    “Menara Tun Perak’s strategic location within Kuala Lumpur’s historic city centre, coupled with its architectural prominence and established identity, presents an interesting proposition for investors. As the surrounding precinct continues to evolve, we see opportunities for the property to benefit from the ongoing rejuvenation of the city centre and increasing demand for well-located assets with the flexibility to accommodate a variety of potential uses.”

    Next Steps for Bidders

    For further enquiries, prospective investors can contact jointly appointed agents James Buckley at Knight Frank Malaysia and Marcus Yeo at CBRE|WTW as marketing outreach progresses.

  • Indonesia Leads Global Surge in Ultra-Wealthy Population Through 2031

    Indonesia Leads Global Surge in Ultra-Wealthy Population Through 2031

    Indonesia will post the fastest growth in ultra-high-net-worth individuals worldwide over the five years to 2031, expanding its wealthiest cohort by 81.7 percent.

    Data from Knight Frank’s The Wealth Report 2026 shows the country’s population of individuals with a net worth exceeding $30 million will jump from 3,833 in 2026 to 6,966 by 2031.

    Southeast Asia claims four of the top ten spots globally for ultra-wealth expansion. Vietnam ranks fourth worldwide with a projected 59 percent increase, lifting its ultra-rich count from 1,233 individuals in 2026. The Philippines takes ninth place with 48.9 percent growth from a base of 1,910 wealthy residents, while Singapore ranks tenth with an expected 46.4 percent gain.

    Shifting Wealth Concentrations Across the Region

    Singapore maintains the largest absolute pool of wealth in Southeast Asia, housing 7,171 ultra-high-net-worth individuals in 2026. Indonesia holds second place, followed by Thailand with 2,853 individuals, the Philippines with 1,910, Malaysia with 1,566, and Vietnam with 1,233.

    Together, the combined ultra-wealthy population across Indonesia, Vietnam, the Philippines, Singapore, and Thailand will climb from more than 14,000 people in 2026 to over 22,000 by 2031. That pace adds an average of more than four individuals to the $30 million wealth bracket every single day.

    Saudi Arabia and Poland rank second and third globally, each registering projected growth of roughly 63 percent. Australia ranks fifth at 58.5 percent, Sweden sixth at 55.3 percent, the United States seventh at 54.1 percent, and Romania eighth at 49.5 percent.

    Commodities and Digital Platforms Drive Jakarta Liquidity

    Indonesia’s domestic market of more than 280 million consumers provides substantial scale for homegrown commercial enterprises. Rapid expansion across commodity extraction, logistics, and digital financial platforms continues to convert private equity and equity holdings into personal liquidity for founding families.

    For luxury retailers, private wealth managers, and premium real estate developers, this structural shift alters where high-ticket capital originates. Luxury operators have traditionally concentrated flagship retail footprint and private client salons in Singapore. As wealth pools deepen in Jakarta, Manila, and Ho Chi Minh City, commercial landlords in those secondary capitals will capture direct allocations of luxury retail square footage rather than relying solely on outbound tourist spending.

    The operational risk sits in domestic wealth preservation and regulatory shifts. High headline percentage growth rates partly reflect lower starting baselines in developing markets, meaning total addressable purchasing power still trails mature western hubs. Capital controls, local currency volatility, and uneven infrastructure also determine how much of that accumulated balance sheet stays within domestic retail and property assets.

    Billionaire Tallies Tell a Divergent Story

    Billionaire creation patterns diverge from broader wealth expansion. Indonesia does not place in the global top ten for forecast billionaire growth over the five-year forecast window.

    The Philippines leads regional billionaire momentum instead, with its billionaire roster projected to grow 63 percent to 26 individuals by 2031, ranking eighth fastest worldwide. Thailand registers a more modest trajectory, with its ultra-rich population expected to grow 26 percent through 2031 to rank 17th globally.

    Tracking these shifts shows how Southeast Asian manufacturing gains, supply chain relocations, and digital commerce adoption have steadily lifted private balance sheets across developing Asian economies over the past decade.

    Luxury brands and commercial property operators will monitor whether Indonesia reaches its interim milestones toward 6,966 ultra-rich residents as new wealth data releases throughout 2027.

  • Knight Frank Boosts Research Team in APAC

    Knight Frank Boosts Research Team in APAC

    The global property advisor has appointed an industry veteran to oversee its research teams across the region. Knight Frank has appointed Christine Li as head of research, Asia-Pacific, based in Singapore, it said in an announcement on Monday.

    Li brings over 15 years of industry experience delivering research and strategic analysis for both commercial and residential real estate markets. She joins from Cushman & Wakefield, where she spent six years, most recently as head of research, Singapore and Southeast Asia.

    Li will oversee the firm’s forecasts and insights across office, industrial and residential sectors as well as specialist asset classes such as student accommodation, multi-family and data centres, and will provide an Asia-Pacific perspective on Knight Frank’s global reports, the announcement said.

    Christine’s experience working with Singapore’s leading institutional and private investors, alongside her breadth of expertise across Asia and profile in the market make her the ideal candidate to lead Knight Frank’s research in the region, Kevin Coppel, managing director, Knight Frank Asia Pacific, said.

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  • Knight Frank Hires Asia Workplace Strategist

    Knight Frank Hires Asia Workplace Strategist

    Knight Frank appointed an Asia Pacific lead for the workplace and strategic consulting amidst unprecedented transformation of employee conditions driven by the ongoing pandemic.

    Samarth Kasturia joins Knight Frank in the new role, according to a statement, based in the firm’s regional headquarter in Singapore.

    A trained architect with a Master’s degree in finance and investment, Kasturia has over a decade of consulting experience specializing in workplace and real estate strategy. He has previously advised numerous global firms including Royal Dutch Shell, Standard Chartered Bank, Total SA, Novartis, British Petroleum, Nestlé, Maersk, Uber and Facebook.

    Demand for workplace strategy has increased as corporates look for ways to right-size their offices toward a future that integrates an increased need for collaboration, well-being, and flexibility, said Tim Armstrong, APAC head of occupier services & commercial agency.

  • Japanese megastore Don Quijote to open its first Hong Kong store

    Japanese megastore Don Quijote to open its first Hong Kong store

    Don Quijote Hong Kong is set to make its debut in the middle of this year. The Japanese discount merchandise retailer – which has three stores in Singapore and also plans to make its Thai debut in Bangkok this year – has leased a 15,000sqft space in the basement of Mira Place Two on Nathan Road in Tsim Sha Tsui.

    In Japan, most of the company’s 160 discount stores trade 24 hours, but this is unlikely in Hong Kong.

    Helen Mak, senior director and head of retail services at Knight Frank said the basement location would appeal to local consumers and tourists.

    “Don Quijote’s Tsim Sha Tsui location can attract mainland tourists who travel via the high-speed rail and mega bridge. Instead of shopping for luxury items, these same-day visitors usually spend money on cosmetics, health care items and food, products that are most celebrated at [Don Quijote].”

    According to the SCMP, Don Quijote will pay HK$1 million (US$127,000) a month for the space, with the fitout expected to be complete by July.

    Besides its general merchandise and fresh food offer, the Don Quijote Hong Kong store will feature a cafe.

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  • Malaysian office space to remain vibrant despite influx of new supply

    Malaysian office space to remain vibrant despite influx of new supply

    The Klang Valley office market is expected to remain vibrant this year, despite the influx of new buildings which is expected to affect occupancy rates, said Knight Frank Malaysia. “Due to the influx of new buildings, particularly in TRX, occupancy rate in Kuala Lumpur city is expected to decline marginally. However, rental rates will continue to hold steady as newer buildings tend to command higher rental rates,” it said in its Real Estate Highlights 2nd Half 2018 report.

    The report highlighted the trend of co-working and shared services as a sweet spot in the challenging office market environment.

    Labelled “space as a service”, the rising popularity of this market segment is demand driven by freelancers, start-ups and small and medium sized entrepreneurs. Knight Frank expects to see active take-up by co-working, shared services and IT related industries this year.

    “Moving into 2019, occupancies in selected sub-office office markets are expected to be under pressure due to heightened competition from impending and existing office stock while rentals will continue to hold steady as newer buildings tend to command higher rates.

    “We continue to observe active enquiries and leasing activities in the co-working and IT related segments. Also, an increasing number of older buildings are looking into repositioning and refurbishment to meet current occupier needs,” said Knight Frank Malaysia executive director of corporate services Teh Young Khean.

    Dated but well located office buildings such as Menara Weld, Menara Standard Chartered, Menara Maxis and Menara Milenium will reportedly be undergoing repositioning/upgrading works to improve their market competitiveness in terms of rental and occupancy levels.

    Knight Frank noted that the new government’s concerted efforts to implement numerous regulatory reforms will augur well for the business operating environment and this is expected to be positive for the country’s economic and property market performance over the longer term.

    Looking back at 2H2018, the cumulative supply of purpose-built office space in Kuala Lumpur and Selangor stood at 103.17 million sq ft following the completion of six buildings with a combined space of 1.84 million sq ft.

    In 1H2019, office buildings slated for completion include The Exchange 106, Menara Prudential, Menara Star 2, 1Powerhouse and Symphony Square.

    Overall occupancy rate for Kuala Lumpur city was about 78.7% in 2H2018 compared with 79% in 1H2018. The overall occupancy rate for decentralised office locations in Kuala Lumpur fringe fell to 82.2% from 83.8% during the same period.

    In Selangor, overall occupancy was slightly lower at 78.3% in 2H2018 compared with 79.2% in 1H2018.

    The average rentals in Kuala Lumpur fringe and Selangor rose marginally in 2H2018 to RM5.75 psf and RM4.22 psf respectively compared with RM5.72 psf and RM4.20 psf respectively in 1H2018.

    However, average rental in Kuala Lumpur city remained flat at RM7.15 psf as owners and landlords of newer office buildings offered competitive rental and attractive tenancy terms to improve take-up.

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  • Testing times: Singapore’s retail scene shows four signs of weakness

    Testing times: Singapore’s retail scene shows four signs of weakness

    Rents in the Central region may fall 6-8% in Q4.

    The outlook for Singapore’s retail sector for the last three months of the year remains subdued, with weak retail rents made worse by retailers consolidating outlets to streamline cost.

    Average island-wide prime retail rents moderated in Q3 2016, with that of Orchard Road falling for the first time since Q2 2015 on the back of the tougher retail climate, reports Knight Frank (KF).

    The average gross rents for prime spaces was $31.20, which represents 2.2% decline YoY and 0.2% dip on a quarterly basis. Average Orchard Road prime rents, meanwhile, declined by 0.1% YoY and 0.5% QoQ.

    According to KF, average rents in the Central Region are envisaged to fall by 6.0% to 8.0% y-o-y by Q4 2016, while the more resilient prime rents to moderate downwards by up to 3.0% y-o-y in the same period.

    “The expected fall in rents takes into account not only the projected weakened demand from retailers, but also the likelihood of landlords readjusting the rental structures to help their tenants tide over down cycles of the market in order to maintain healthy occupancy status,” it said.

    An estimated 1,072,000 sq ft of net lettable major retail space is slated for completion in the whole of 2016. KF noted that out of this, 38.2% (409,000 sq ft) was ready in the first half of 2016, with the remaining 663,000 sq ft to be completed in H2 2016.

    “In addition to this is the cautious stance taken by retailers towards business expansion, and island-wide occupancy is likely to fall from 92.8% in Q4 2015 to between 90.0% and 92.0% in Q4 2016,” said KF.

    KF’s bearish outlook on Singapore’s retail sector is supported by the following indications of weak overall spending:

    1. Singapore’s consumer confidence entered the pessimistic range.

    According to the Mastercard Index of Consumer Confidence, Singapore saw a significant decline of 10.7 points in H1 2016 from H2 2015. The degree of decline lagged behind only Indonesia (-14.7 points) and Hong Kong (-12.4 points), of the 17 countries within the Asia Pacific region tracked by Mastercard.

    2. The overall Retail Sales Index (excluding motor vehicles)(seasonally adjusted, at constant prices) improved by 3.5% m-o-m in July 2016 compared to the preceding month. All retail trades saw improvement with the exception of Food & Beverages, which declined by 1.5% monthon-month (m-o-m) over the same period. However on a year-on-year (yo-y) basis, the overall retail sales (at constant prices) declined by 3.7% in July 2016, with Computer & Telecommunication Equipment (-18.7% y-oy), Watches & Jewellery (-16.6% y-o-y) and Food & Beverages (-9.7% yo-y) trades seeing the steepest falls.

    3. Employment in the wholesale and retail trade declined by 1.8% in H1 2016 compared to H2 2015. This could be attributed to the weaker retail sales and greater caution in manpower deployment by retailers.

    4. Total visitor arrivals for the period of January to July 2016 increased by 11.5%, compared to the same period last year, to reach 9.8 million. While visitors from China and Indonesia rose by 49.2% y-o-y and 6.8% y-o-y respectively in the first seven months of 2016 compared to the same period in 2015, visitors from Malaysia dropped by 1.6% y-o-y.