Across the world most people allocate the bulk of their earnings to home purchases and home-loan financing – only to find, when they reach their golden years, that their home is hard to turn into the silver they need for daily living.
As the largest Association of Southeast Asian Nations (ASEAN) country prepares to shift its capital from Jakarta on Java Island to the less crowded Borneo Island, Hong Kong infrastructure development and real estate-related services companies will have many investment and business opportunities.
Two of the many issues created by the COVID-19 pandemic and the resulting control measures were limited opportunities for exercise, especially indoors, and idle space in commercial buildings. Hong Kong entrepreneur Dinesh Nihalchand has come up with what he believes is a future-proof solution for the fitness business that offers contactless personal training while optimising under-utilised real-estate assets at the same time.
The development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is helping businesses from Mainland China to enter the Hong Kong market and use the city as their launchpad for global expansion. In a report from global real estate consultancy Knight Frank, Patrick Mak, Executive Director Head of Kowloon Office Strategy & Solutions & Head of Tenant Representation, Greater China, discusses which sectors are most likely to leverage Hong Kong’s connector status and identifies three emerging office hubs in Kowloon that have the potential to reap benefits.
The rapid development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) in recent years, coupled with a maturing transport network, has driven industrial transformation and shifts in real-estate investment in the region. Apart from Shenzhen and Guangzhou, investors have also set eyes on the second tier of cities in Guangdong Province.
A shift in the workplace paradigm is driving demand for what Hans Leijten, CEO of Compass Offices – a leading flexible office space provider in the Asia-Pacific with a presence in nine cities – calls the “business-ready office”. To meet this market need, Compass is opening four new locations in Hong Kong – the city where Compass was founded in 2009.
United Kingdom-based auction house Christie’s has announced plans to enhance and expand its Asia-Pacific headquarters in Hong Kong. The substantial investment will quadruple the size of its current premises in the city and provide new sales galleries and salesrooms in The Henderson, a high-end office tower designed by renowned London-based Zaha Hadid Architects for local developer Henderson Land Group.
Commercial real estate investment into Hong Kong has rebounded remarkably, almost doubling in the first half of 2021 compared with the same six months last year. Oscar Chan, Head of Capital Markets at JLL Hong Kong, explains the numbers, and why Hong Kong’s result is a standout in the region.
His relocation experiences as an expatriate led Indian-born Sachin Doshi to make a career leap from investment banking to entrepreneurship. He established Hong Kong rental accommodation firm Weave Living in 2017 and, in a space of just four years, the brand has grown from one property to a diversified portfolio of 579 units across five locations. Mr Doshi now actively seeks opportunities to meet diverse housing needs in other leading global cities.
Anticipating that “proptech” — the application of technology in the property sector — and smart-city initiatives will bring massive changes to the real estate industry, Hong Kong developer Sino Group has set up a corporate innovation programme, PropXTech.
Hong Kong-based flexible working space provider Compass Offices, established in the aftermath of the 2008 global financial crisis, found its first decade of operation challenging, but the company remains bullish on its prospects.
Visitors to Hong Kong in earlier times were often struck by the contrast between the towers of steel and concrete crowded in the central business districts (CBD) on the north side of the Island and Tsim Sha Tsui Peninsula, and the vast area of empty and flat land in East Kowloon, created by the 1998 closure of the former airport at Kai Tak.