pb 1 jan 2019 · hong kong luxury apartments hong kong 100.9 87.9 8.6 4.4 singapore 38.2 38.2...

REPORT

Savills Research

Asia Pacifi c – January 2019

Prime Benchmark

Prime Benchmark

2savills.com/research

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Aus

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Savills Asia Pacific NetworkAustralia Hong Kong

India

IndonesiaJakarta

JapanTokyo

MacaoMacao

MalaysiaJohor BahruKuala LumpurPenang

SingaporeSingapore (3)

South KoreaSeoul

TaiwanTaichungTaipei

ThailandBangkok

VietnamDa nangHanoiHo Chi Minh City

AdelaideBrisbaneCanberraGold Coast (2)GordonLindfieldMelbourneNotting HillParramattaPerthRosevilleSt IvesSouth SydneySunshine CoastSydneyTurramurra

CentralQuarry Bay (3)Tsim Sha Tsui

BengaluruMumbaiGurgaon

19Aus

tra

lia & New Zealand

Of s

41Asia

Of s

PhilippinesMakati City *Bonifacio Global City *

New Zealand Auckland

Christchurch

Cambodia Phnom Penh *

China Beijing Changsha Chengdu Chongqing Dalian Guangzhou Haikou Hangzhou Nanjing Shanghai Shenyang Shenzhen Tianjin Wuhan Xiamen Xi’an Zhuhai

* Associate Office

Prime Benchmark

Comprehensive Services

Innovative Thinking

Asset Management

Facilities Management

Hotels

Industrial Services

Investment and Sales

International Residential

Occupier Services

Offi ce Services

Project Management

Property Management

Research and Consultancy

Residential Services

Retail Services

Valuation and Professional Services

Serviced Apartment Services

Assumptions: 1) 1 sq m = 10.7639 sq ft/0.3025 ping/0.3025 tsubo 2) As of 31 December 2018, USD/RMB = 6.8785; USD/HKD = 7.834; USD/NTD =30.377; USD/JPY = 112.18; USD/KRW = 1,118.1; USD/SGD = 1.36631; USD/MYR = 4.14; USD/VND = 22,800; USD/AUD = 1.408; USD/PHP = 52.724; USD/IDR = 14,481

This report has been prepared to provide a benchmark of occupancy costs of selective prime properties in various cities in Asia, inclusive of rents, management fees and government taxes/rates. Except for the hotel sector, all the costs are quoted on a net fl oor area basis per month, which is defi ned as the fl oor area exclusively allocated to a unit, excluding common areas. As only a small basket of 5 to 10 prime buildings are monitored in each sector, the rental data and occupancy costs reported in this publication might be higher than the average market fi gures being reported elsewhere. Given varying local market practices, necessary assumptions and judgments are made by our real estate professionals in local offi ces to achieve comparable results among the diff erent cities.

3

Savills is a leading global real estate service provider listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth. The company now has over 600 offi ces and associates throughout the Americas, Europe, Asia Pacifi c, Africa and the Middle East. In Asia Pacifi c, Savills has 60 regional offi ces comprising over 25,000 staff . Asia Pacifi c markets include Australia, China, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, New Zealand, Singapore, South Korea, Taiwan,

Thailand and Viet Nam. Savills provides a comprehensive range of advisory and professional property services to developers, owners, tenants and investors. These include consultancy services, facilities management, space planning, corporate real estate services, property management, leasing, valuation and sales in all key segments of commercial, residential, industrial, retail, investment and hotel property. A unique combination of sector knowledge and entrepreneurial fl air

gives clients access to real estate expertise of the highest calibre. We are regarded as an innovative-thinking organisation supported by excellent negotiating skills. Savills chooses to focus on a defi ned set of clients, off ering a premium service to organisations and individuals with whom we share a common goal. Savills is synonymous with a high-quality service off ering and a premium brand, taking a long-term view of real estate and investing in strategic business relationships.

Prime Benchmark

MARKET CYCLE

TOTAL OCCUPANCY (TOP 5 AVERAGE COST)

TOTAL COSTUS$ PSM NET PM

RENT(US$ PSM NET EFF PM)

MANAGEMENT FEE(US$ PSM NET PM)

GOV’T RATES/TAX(US$ PSM NET PM)

US$ PSM NET PM

HONG KONG

299.7268.417.813.4

OSAKA

88.081.4INCLUSIVE6.5

GUANGZHOU

53.847.66.2INCLUSIVE

BEIJING


SHENZHEN


BRISBANE

51.747.80.63.3

JAKARTA

35.025.06.83.2

TOKYO

147.1137.0INCLUSIVE10.1

SHANGHAI


HO CHI MINH CITY

53.843.06.54.3

MELBOURNE

42.237.90.83.6

SINGAPORE

107.2107.2INCLUSIVEINCLUSIVE

SYDNEY

73.570.70.62.2

MANILA

33.027.33.81.9

KUALA LUMPUR


LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

HONG KONGTOKYOOSAKA

SHENZHENSYDNEYTAIPEI

GUANGZHOUHO CHI MINH CITY

BEIJINGSHANGHAI

KUALA LUMPUR

SEOULJAKARTA

SINGAPOREBRISBANE

MELBOURNEHANOI

MANILA

OFFICES

HANOI


SEOUL


TAIPEI

66.959.64.33.0

0 50 100 150 200 250 300 350

HONG KONG

TOKYO

BEIJING

SINGAPORE

SEOUL

OSAKA

SHANGHAI

SHENZHEN

SYDNEY

TAIPEI

GUANGZHOU

HO CHI MINH CITY

BRISBANE

MELBOURNE

HANOI

JAKARTA

MANILA

KUALA LUMPUR


Prime Benchmark

3.0%2.8%

-2.0%1.2%

-1.2%2.6%

7.7%8.0%

2.9%2.6%

-0.5%2.7%

-3.0%0.7%

-4.0%-0.3%

3.8%8.3%

1.1%1.4%

1.6%5.5%

2.8%2.8%

-4.1%0.0%

-4.1%0.0%

-0.1%-0.1%

-5.3%-4.8%

5.4%3.8%

-4.9%-2.6%

COST CHANGESJUL TO DEC 2018

TOTAL OCCUPANCY COST2H 2007 TO 2H 2018

Rental changes in US$

Rental changes in local currency

US

$ P

SM

NE

T P

M

OFFICES

TOKYO

SYDNEY

Source Savills Research & Consultancy

HONG KONG

TOKYO

BEIJING

SINGAPORE

SEOUL

OSAKA

SHANGHAI

SHENZHEN

SYDNEY

TAIPEI

GUANGZHOU

HO CHI MINH CITY

BRISBANE

MELBOURNE

HANOI

JAKARTA

MANILA

KUALA LUMPUR

-10% 0% 10%

BEIJING

SEOUL

SHANGHAI

SINGAPORE

TAIPEI

HO CHI MINH CITY

HONG KONG

KUALA LUMPUR

0

50

100

150

200

250

300

350

2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

5

Prime Benchmark

MARKET CYCLE






HONG KONG

1280.51189.431.659.5

SYDNEY


SHENZHEN

209.6193.416.3INCLUSIVE

SINGAPORE


GUANGZHOU


SEOUL

175.9159.416.5INCLUSIVE

HANOI


TOKYO#

524.2485.4INCLUSIVE38.8

MELBOURNE

236.4230.81.64.0

KUALA LUMPUR


HO CHI MINH CITY

114.996.09.39.6

SHANGHAI

353.0340.112.9INCLUSIVE

TAIPEI

226.1203.712.110.2

MANILA

46.338.55.22.5

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOSHANGHAI

BEIJINGTAIPEIOSAKA

SYDNEYSHENZHEN

KUALA LUMPUR

SEOULJAKARTA

HONG KONGSINGAPOREMELBOURNEGUANGZHOU

HO CHI MINH CITYHANOI

MANILA

PRIME RETAIL MALLS

JAKARTA

108.384.913.59.8

BEIJING

324.9312.612.3INCLUSIVE

OSAKA

225.7209.0INCLUSIVE16.7

US$ PSM NET PM

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

HONG KONG

TOKYO#

SINGAPORE

SHANGHAI

BEIJING

SYDNEY

MELBOURNE

GUANGZHOU

TAIPEI

OSAKA

SHENZHEN

KUALA LUMPUR

SEOUL

HO CHI MINH CITY

JAKARTA

HANOI

MANILA


Prime Benchmark



PRIME RETAIL MALLS

0.2%0.0%

-3.1%0.0%

-0.3%0.0%

1.4%1.1%

-4.2%-0.4%

3.8%8.3%

10.5%15.3%

0.3%4.2%

-0.6%-0.2%

3.6%6.9%

-1.8%2.0%

-2.4%0.0%

3.6%3.6%

0.0%0.0%

-2.6%-2.1%

3.5%3.5%

4.3%2.8%

HONG KONG

TOKYO

SINGAPORE

SHANGHAI

BEIJING

SYDNEY

MELBOURNE

GUANGZHOU

TAIPEI

OSAKA

SHENZHEN

KUALA LUMPUR

SEOUL

HO CHI MINH CITY

JAKARTA

HANOI

MANILA

-10% 0% 10% 20%



US

$ P

SM

NE

T P

M

0

200

400

600

800

1,000

1,200

1,400


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source Savills Research & Consultancy# As prime retail mall rental fi gures are not available for Tokyo and Osaka, average prime high street retail rents are used instead.

BEIJING

TOKYO

SHANGHAI

SEOUL

TAIPEI

MELBOURNE

HONG KONG

SINGAPORE

7

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOSEOUL*OSAKA

GUANGZHOUMANILA

SHANGHAISINGAPORE

BEIJINGSYDNEY

TAIPEISHENZHEN

KUALA LUMPURHONG KONG

LUXURY APARTMENTS

HONG KONG

100.987.98.64.4

SINGAPORE


SHENZHEN


SEOUL*


TAIPEI

31.727.72.51.4

GUANGZHOU


KUALA LUMPER


TOKYO


BEIJING


SYDNEY


MANILA


SHANGHAI


OSAKA


US$ PSM NET PM

0 20 40 60 80 100 120

HONG KONG

TOKYO

SEOUL*

SHANGHAI

SINGAPORE

BEIJING

TAIPEI

OSAKA

SHENZHEN

SYDNEY

GUANGZHOU

MANILA

KUALA LUMPUR


Prime Benchmark



US

$ P

SM

NE

T P

M

LUXURY APARTMENTS

BEIJING

TOKYO

SHANGHAI

SEOUL

HONG KONG

SINGAPORE

2.3%2.1%

-1.8%1.4%

8.3%7.9%

-5.8%-2.1%

-1.7%-1.5%

1.4%5.3%

-0.4%-0.1%

-3.5%-0.4%

-4.3%-0.6%

-3.5%0.6%

-3.6%0.0%

-2.5%-4.0%

-4.3%-2.0%

HONG KONG

TOKYO

SEOUL*

SHANGHAI

SINGAPORE

BEIJING

TAIPEI

OSAKA

SHENZHEN

SYDNEY

GUANGZHOU

MANILA

KUALA LUMPUR

-10% 0% 10%



0

20

40

60

80

100

120

140


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source Savills Research & Consultancy* Seoul’s rent = (Security deposit x Interest rate) / 12 + Monthly payment

9

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

SYDNEYSHANGHAI

GUANGZHOUBEIJING

SINGAPOREHONG KONGSHENZHEN

PRIME VILLAS/TOWNHOUSES

HONG KONG

114.797.812.14.9

SINGAPORE


SHENZHEN


BEIJING


SYDNEY


SHANGHAI


GUANGZHOU


US$ PSM NET PM

0 20 40 60 80 100 120 140

HONG KONG

SYDNEY

SHENZHEN

GUANGZHOU

SINGAPORE

SHANGHAI

BEIJING


Prime Benchmark


US

$ P

SM

NE

T P

M

PRIME VILLAS/TOWNHOUSES

BEIJING

HONG KONG

SHANGHAI

SINGAPORE

SHENZHENGUANGZHOU

SYDNEY

5.0%4.8%

-4.1%0.0%

-4.3%-0.6%

-2.9%0.8%

-2.1%-1.8%

0.0%-10.2%

0.9%7.6%

HONG KONG

SYDNEY

SHENZHEN

GUANGZHOU

SINGAPORE

SHANGHAI

BEIJING

-20% -10% 0% 10%



0

20

40

60

80

100

120

140

160


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018



11

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOOSAKAMANILA

SHANGHAIGUANGZHOU

SYDNEYBEIJINGTAIPEI

SEOULSINGAPORE

HO CHI MINH CITYKUALA LUMPUR

HONG KONGSHENZHEN

HANOI

LUXURY SERVICED APARTMENTS

SYDNEY


OSAKA


GUANGZHOU


TOKYO


SHENZHEN


TAIPEI

33.529.23.11.2

HONG KONG


MANILA


HANOI


HO CHI MINH CITY


SEOUL


SHANGHAI


KUALA LUMPUR


SINGAPORE


BEIJING


US$ PSM NET PM

0 20 40 60 80 100 120 140 160 180

SYDNEY

HONG KONG

TOKYO

SEOUL

SINGAPORE

OSAKA

MANILA

SHENZHEN

SHANGHAI

BEIJING

GUANGZHOU

HANOI

TAIPEI

HO CHI MINH CITY

KUALA LUMPUR


Prime Benchmark


US

$ P

SM

NE

T P

M

LUXURY SERVICED APARTMENTSCOST CHANGESJUL TO DEC 2018

-20% -10% 0% 10%



SYDNEY

HONG KONG

TOKYO

SEOUL

SINGAPORE

OSAKA

MANILA

SHENZHEN

SHANGHAI

BEIJING

GUANGZHOU

HANOI

TAIPEI

HO CHI MINH CITY

KUALA LUMPUR

-4.1%0.0%

-0.7%-0.9%

-4.7%-1.6%

1.6%1.2%

-1.3%-1.0%

-10.0%-7.1%

5.3%3.8%

-0.7%1.3%

-2.1%1.7%

-2.8%1.0%

-4.4%-0.7%

0.3%0.3%

-6.5%-6.1%

0.7%0.7%

-2.1%0.3%

0

20

40

60

80

100

120

140

160

180


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

BEIJING

TAIPEI

SHANGHAI

TOKYO

SHENZHEN

SINGAPORE

GUANGZHOU

SEOUL

HONG KONG


13

Prime Benchmark

MARKET CYCLE


TOTAL COSTUS$ PER ROOM PER NIGHT

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOOSAKASYDNEYMANILA

KUALA LUMPUR

TAIPEIBEIJINGHANOI

SEOULSHANGHAI

MELBOURNESINGAPOREHONG KONGSHENZHEN

GUANGZHOUHO CHI MINH CITY

HOTELS

TOKYO

707.8

OSAKA

401.1

TAIPEI

307.1

SINGAPORE

479.4

SEOUL

353.7

BEIJING

274.8

GUANGZHOU

180.5

MELBOURNE

502.8

SYDNEY

360.8

MANILA

276.4SHANGHAI

266.5

HONG KONG

477.7

SHENZHEN

315.6

HO CHI MINH CITY

180.8HANOI

155.0KUALA LUMPER

135.0

US$ PER ROOM PER NIGHT

0 100 200 300 400 500 600 700 800

TOKYO

MELBOURNE

SINGAPORE

HONG KONG

OSAKA

SYDNEY

SEOUL

SHENZHEN

TAIPEI

MANILA

BEIJING

SHANGHAI

GUANGZHOU

HO CHI MINH CITY

HANOI

KUALA LUMPUR


Prime Benchmark


US

$ P

ER

RO

OM

PE

R N

IGH

T

HOTELS

BEIJING

HONG KONG

SHANGHAI

TOKYO

SHENZHEN

SINGAPORE

GUANGZHOU

SEOUL

COST CHANGESDEC 2018 YOY

-10% 0% 10% 20%



TOKYO

MELBOURNE

SINGAPORE

HONG KONG

OSAKA

SYDNEY

SEOUL

SHENZHEN

TAIPEI

MANILA

BEIJING

SHANGHAI

GUANGZHOU

HO CHI MINH CITY

HANOI

KUALA LUMPUR

13.3%13.4%

-11.2%0.0%

0.2%2.5%

-4.9%-4.6%

-4.3%-4.1%

-11.2%0.0%

-5.8%-1.7%

-2.7%0.7%

-10.4%-8.7%

-7.4%-2.2%

-5.1%0.0%

-8.4%-3.5%

-14.9%-10.3%

16.4%16.4%

-7.2%-7.2%

-3.3%-1.4%

0

100

200

300

400

500

600

700

800

900


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018


15

Prime Benchmark

NOTES PAGE


Prime Benchmark

NOTES PAGE

17

Prime Benchmark

NOTES PAGE


Savills - IndonesiaPT Savills Consultants IndonesiaPanin Tower – Senayan City, 16th Floor, Unit CJI. Asia Afrika Lot. 19, Jakarta 10270, IndonesiaTel: +62 (21) 293 293 80 Fax: +62 (21) 293 293 81Contact: Craig Williams Email: [email protected]

Savills - JapanSavills Japan Co., Ltd15/F Yurakucho ITOCiA , 2-7-1 Yurakucho, Chiyoda-kuTokyo 100-0006, JapanTel: +81 03 6777 5150 Fax: +81 3 6777 5105Contact: Christian Mancini E-mail: [email protected]

Savills - KoreaSavills Korea Co., Ltd13/F Seoul Finance Center, 136 Sejong-daeroJung-gu, Seoul 04520, KoreaTel: +82 2 2124 4201 Fax: +82 2 2124 4188Contact: Crystal Lee E-mail: [email protected]

Savills - MalaysiaSavills (Malaysia) Sdn BhdLevel 9, Menara Milenium, Jalan Damanlela, Bukit Damansara50490 Kuala Lumpur, MalaysiaTel: +603 2092 5955Contact: Christopher BoydEmail: [email protected] in Johor Bahru and Penang

Savills - SingaporeSavills (Singapore) Pte Ltd30 Cecil Street, #20-03 Prudential Tower, Singapore 049712Tel: +65 6836 6888 Fax: +65 6836 2668Contact: Marcus Loo E-mail: [email protected]

Savills - TaiwanSavills (Taiwan) Limited21/F Cathay Landmark, No.68, Sec. 5, Zhongxiao E. RoadXinyi District, Taipei City 110, TaiwanTel: +886 2 8789 5828 Fax: +886 2 8789 5929 Contact: Frank Marriott E-mail: [email protected] in Taichung

Savills - ThailandSavills (Thailand) Limited26/F Abdulrahim Place, 990 Rama IV RoadSilom, Bangrak, Bangkok 10500, ThailandTel: +66 2 636 0300 Fax: +66 2 636 0339Contact: Robert Collins E-mail: [email protected]

Savills - Vietnam Savills Vietnam Ltd. Co.18/F, Ruby Tower, 81-85 Ham Nghi Street District 1, Ho Chi Minh City, VietnamTel: +84 28 3823 9205 Fax: +84 28 3823 4571 Contact: Neil MacGregorE-mail: [email protected] in Danang, Hanoi and Ho Chi Minh City

OCEANIA

AUSTRALIASavills - SydneySavills (Aust) Pty Ltd.Level 25, 1 Farrer Place, Sydney, Australia NSW 2000Tel: +61 2 8215 8830 Fax: +61 2 8215 8899Contact: Simon Fenn E-mail: [email protected]

Savills - MelbourneLevel 48, 80 Collins Street, Melbourne VIC 3000Tel: +61 3 8686 8000 Fax: +61 3 8686 8088Contact: Stuart Fox E-mail: [email protected] in Adelaide, Brisbane, Canberra, Gold Coast, Gordon, Lindfield, Notting Hill, Parramatta, Perth, Roseville, South Sydney, St. Ives, Sunshine Coast, and Turramurra

NEW ZEALANDSavills - New ZealandLevel 6, 41 Shortland Street, Auckland NZ 1010Tel: +64 9 951 5940 Office in Christchurch

THE AMERICASSavills – New YorkSavills Studley, 399 Park Avenue, 11th Floor,New York, NY 10022Tel: +1 212 326 8610 Fax: +1 212 326 1034Contact: Mitchell SteirE-mail: [email protected] Offices across Canada, the Caribbean, Mexico and the United States

UNITED KINGDOM, EUROPE,THE MIDDLE EAST AND AFRICASavills - EuropeSavills, 33 Margaret Street, London W1G 0JDTel: +44 207 499 8644 Fax: +44 207 495 3773Contact: Mark Ridley E-mail: [email protected], Belgium, Botswana, Croatia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Gibraltar, Greece, Hungary, Ireland & Northern Ireland, Israel, Italy, Kenya, Luxembourg, Monaco, Montenegro, Mozambique, Nambia, Netherlands, Norway, Oman, Poland, Portugal, Qatar, Russia, Saudi Arabia, Serbia, Seychelles, South Africa, Spain, Sweden, Switzerland, UAE, United Kingdom & Channel Islands, Zambia, and Zimbabwe

GREATER CHINA

HONG KONG SARSavills (Hong Kong) Limited23/F Two Exchange Square, Central, Hong KongTel: +852 2842 4534 Fax: +852 3007 2458Contact: Raymond Lee E-mail: [email protected] Co. Licence: C-002450

Savills Valuation and Professional Services Limited1204-08 Cityplaza One, 1111 King's Road, Taikoo Shing, Hong KongTel: +852 2840 4806 Fax: +852 3007 4523Contact: Charles Chan E-mail: [email protected] Co. Licence: C-023750

Savills Property Management Holdings Limited805-13 Cityplaza One, 1111 King’s Road, Taikoo Shing,Hong KongTel: +852 2534 1688 Fax: +852 2508 1883Contact: Johnnie Chan E-mail: [email protected] Co. Licence: C-002993

Savills Guardian (Holdings) Limited7/F Cityplaza One, 1111 King’s Road, Taikoo Shing,Hong KongTel: +852 2512 1838 Fax: +852 2887 3698Contact: Dick Kwok E-mail: [email protected] Co. Licence: C-004089

MACAU SARSavills - Macau Savills (Macau) LimitedSuite 1309-10, 13/F Macau Landmark,555 Avenida da Amizade, MacauTel: +853 8506 6288 Fax: +853 2878 1805 Contact: Franco Liu E-mail: [email protected]

CHINA Savills - Shanghai25/F Two ICC, 288 South Shaanxi North Road, Xuhui District, Shanghai 200031, ChinaTel: +86 21 6391 6688 Fax: +86 21 6391 6699Contact: Siu Wing Chu E-mail: [email protected]

Savills - Beijing2101 East Tower, Twin Towers, B-12 Jianguomenwai Avenue, Chaoyang District, Beijing 100022, ChinaTel: +86 10 5925 2288 Fax: +86 10 5925 2299Contact: Anthony McQuade E-mail: [email protected] in Chengdu, Chongqing, Dalian, Guangzhou, Hangzhou, Nanjing, Shenyang, Shenzhen, Tianjin, Wuhan, Xiamen, Xi’an and Zhuhai

ASIASavills - IndiaWeWork Forum, DLF Cyber City, Phase 3, Sector 24, Gurgaon, Haryana, 122002 Tel: +91 22 4090 7300Contact: Anurag Mathur Email: [email protected] in Bangalore, and Mumbai

Savills, the international real estate advisor established in the UK since 1855 with a network of over 600 offices and associates globally.

ASIA PACIFIC HEADQUARTERS23/F Two Exchange Square, Central, Hong KongTel: +852 2842 4400 Fax: +852 2868 4386

This document is prepared by Savills for information only. Whilst reasonable care has been exercised in preparing this document, it is subject to change without prior notice and these particulars do not constitute, nor constitute part of, an offer

or contract; interested parties should seek independent professional advice from lawyer, accountant and surveyor and should not rely on the statements or representations herein but must satisfy themselves by inspection or otherwise as to the

accuracy, completeness and correctness of the contents hereto. No warranties or representations whatsoever is given by Savills in respect of the contents hereto. 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.

© Savills (Hong Kong) Limited. 2019 (III/18)

CEO, Greater ChinaContact: Raymond Lee E-mail: [email protected]

Executive Chairman, Asia PacificContact: Robert McKellar E-mail: [email protected]

CEO, South East AsiaContact: Christopher Marriott E-mail: [email protected]

CEO, Asia Pacific (Ex Greater China)Contact: Christian Mancini E-mail: [email protected]

COO & CFO, Asia PacificContact: Tim Robinson E-mail: [email protected]

CEO, Australia & New ZealandContact: Paul Craig E-mail: [email protected]

CEO, IndiaContact: Anurag Mathur E-mail: [email protected]

ASIA PACIFIC EXECUTIVE COMMITTEE

23/F, Two Exchange SquareCentral, Hong Kong

pb 1 jan 2019 · hong kong luxury apartments hong kong 100.9 87.9 8.6 4.4 singapore 38.2 38.2...

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