Pent-up demand is expected to convert into supercharged activity throughout the Asia-Pacific real estate market this year, with the luxury end of the sector set to do especially well. While a general uptick is anticipated, industry sources have identified a number of individual country markets that are likely to particularly benefit from this improved sentiment.
In the case of Singapore, according to the latest Asia-Pacific Market Snapshot by global real estate brokerage Colliers, demand for bigger and better-quality spaces is expected to be particularly robust, with homeowners willing to pay a premium to secure such properties. The market is expected to be further bolstered by a growing influx of high-liquidity overseas buyers. Throughout the region, it is also expected that greener, more environmentally friendly spaces will be at a premium.
One development that is keen to burnish its green credentials is the Marina One Residences, one of Singapore’s most sought-after upscale living complexes. With its award-winning blend of luxury, spectacle, convenience and unmatched natural harmony, the Residences continue to be the preferred choice for both high-end family living and as a high-return real estate investment opportunity.
Of late, working from home and changed consumer preferences have seen the development’s three- and four-bedroom apartments emerge as its most in-demand spaces, while its penthouses also continue to attract particular attention. Its status as one of the city’s most award-winning green buildings has also proven a huge draw.
Over in the Philippines, according to Colliers, the completion of a number of major infrastructure projects is likely to spur demand. Inevitably, this will hugely reassure investors throughout the sector, while also acting to buoy rental values and reduce vacancy rates.
Benefitting from this renewed market confidence is the portfolio of new properties on offer from Ayala Land, one of the Philippines’ largest developers. Having built its reputation through the provision of superior sustainable developments, this year the company is focusing on a raft of new projects set far from the Metro Manila area.
Among its current flagship projects is Solinea, which offers city resort-style living at the heart of Cebu Business Park. Those in the know are also eyeing The Residences at Azuela Cove, a luxurious planned space enjoying panoramic views out over the Davao Gulf.
With its GDP expected to surge over the coming years, the Philippines is also set for a boom on the luxury residential front. Spearheading this is a canny example of brand extension on the part of Grand Hyatt, which has seen the 50-story Grand Hyatt Manila Residences (GHMR) South Residences acclaimed for its eclectic mix of upscale lifestyle, dining and shopping options, not to mention its 188 designer residential suites.
Set adjacent to the landmark Grand Hyatt Manila and developed by Federal Land, GHMR maintains the level of premium living the five-star hotel is renowned for, while allowing its affluent residents to enjoy it in an ongoing, uninterrupted fashion.
These and other landmark projects signal an exciting year ahead for the Asia-Pacific real estate sector.