CBRE RESEARCH R E A L E S TAT E M A R K E T O U T LO O K
|
|
- Paulina Garrett
- 6 years ago
- Views:
Transcription
1 R E A L E S TAT E M A R K E T O U T LO O K
2 TABLE OF CONTENT PAGE 05 PAGE 07 Softer growth ahead PAGE 13 PAGE 20 Workplace efficiency will be key Creating the total retail experience 2
3 TABLE OF CONTENT PAGE 26 PAGE 33 Niche sectors set to take off Creativity vital to unlocking hidden value 3
4
5 EXECUTIVE SUMMARY E C O N O M Y R E T A I L O F F I C E Figure 1: 2017 Outlook Leaders in Rental Growth and Investment Volume Grade A Office rental growth Retail rental growth Logistics rental growth Investment Volume Sydney Auckland Shenzhen Australia Bangalore Sydney Shanghai Japan Source: CBRE Research, January
6 EXECUTIVE SUMMARY I N V E S T M E N T L O G I S T I C S 6
7
8 ECONOMIC OUTLOOK SOFTER GROWTH AHEAD G R O W T H E X P E C T E D T O E A S E S L I G H T L Y 1 Sourced from Oxford Economics, January Same for other GDP figures if not stated. 8
9 ECONOMIC OUTLOOK Figure 2: Real GDP Growth Rate % F 2020F Source: Oxford Economics, CBRE Research, January Asia United States Western Europe 9
10 ECONOMIC OUTLOOK KEY RISKS ( 1 ) T R U M P, B R E X I T A N D M O R E C H A N G E I N T H E P O L I T I C A L W O R L D 10
11 Vietnam Indonesia India China Malaysia New Zealand Australia Thailand Taiwan South Korea Japan Singapore Hong Kong ECONOMIC OUTLOOK ( 2 ) T H E P O S S I B I L I T Y O F F A S T E R U. S. R A T E H I K E S Figure 3: Policy interest rates in Asia Pacific % Possible rate hike Ten Year High 2017F Ten Year Low Source: Various Central Banks, Monetary Authorities, CBRE Research, December Note on policy rates: Australia Cash rate; China 1-yr lending rate; Taiwan Discount rate; India Repo rate; Indonesia BI rate; South Korea Base rate; Thailand 1-day repo rate; New Zealand Official cash rate; Japan Overnight call rate; Hong Kong 3M HIBOR; Singapore 3M SIBOR; Vietnam Refinancing rate; Malaysia Overnight rate 11
12 Vietnam Indonesia Philippines Malaysia Hong Kong China Australia Thailand South Korea New Zealand Singapore Japan India Taiwan ( 3 ) A S I A N F X D E V A L U A T I O N I N A W O R L D O F P O S I T I V E U. S. G R O W T H ( 4 ) N A R R O W I N G O F P R O P E R T Y Y I E L D S P R E A D S A N D R I S I N G I N F L A T I O N Figure 4: Inflation Rates in Asia Pacific % 10 Lower inflation (2) Source: Oxford Economics, CBRE Research, January E 2017F 10-year average 12
13
14 OFFICE SECTOR WORKPLACE EFFICIENCY WILL BE KEY Occupiers are set to focus on improving space efficiency and portfolio optimisation, resulting in a further decline in net absorption Rental growth will be stagnant and remain low for longer Landlords are expected to focus on placemaking to attract tenants O C C U P I E R S T O R E M A I N C A U T I O U S 14
15 OFFICE SECTOR S T R O N G E R F O C U S O N P O R T F O L I O O P T I M I S A T I O N S L O W E R A B S O R P T I O N O F O F F I C E S P A C E Space utilisation: Flexible working: Headcount planning: Location selection: 15
16 E 2017F Million sq. ft. (NFA) OFFICE SECTOR T E C H S E C T O R T O L E A D D E M A N D Figure 5: Asia Pacific Office Net Absorption and Annual New Supply Source: CBRE Research, January Q1 Q2 Q3 Q4 Forecast Annual New Supply 16
17 Shanghai Delhi NCR Shenzhen Guangzhou Tokyo Jakarta Beijing Mumbai Kuala Lumpur Hong Kong Seoul Manila Makati Singapore Hanoi Taipei Ho Chi Minh City Auckland Bangalore Bangkok Melbourne Sydney Perth Brisbane million sq. ft. (NFA) OFFICE SECTOR M O R E S U P P L Y B U T L I M I T E D C H O I C E Figure 6: Asia Pacific Grade A Office Net Absorption and Development Pipeline Forecast 30 New Supply > Demand Demand > New Supply Net absorption ( forecast) New supply ( forecast) Remarks: Grade A new supply for Asian markets; total grade net addition for Pacific markets Source: CBRE Research, January
18 Sydney Bangalore Melbourne Bangkok Guangzhou Gurgaon -core Auckland Tokyo Brisbane Mumbai Hanoi Ho Chi Minh City Taipei Delhi Seoul Kuala Lumpur Hong Kong Shanghai Shenzhen Perth Beijing Jakarta Singapore Grade A Office rental growth (%) OFFICE SECTOR R E N T A L G R O W T H T O R E M A I N W E A K Figure 7: Grade A Office Rental Outlook F 2017F Bottoming Out Peaking Remarks: Rental growth refers to Grade A offices in CBD areas only Source: CBRE Research, January
19 Vacancy Rate Forecast in 2017 (%) OFFICE SECTOR Figure 8: 2017 Vacancy Rate and Annual Rental Growth Forecast Jakarta Perth Taipei Leader Laggards Kuala Lumpur Brisbane Seoul Gurgaon core Singapore Shenzhen Guangzhou Bangalore CBD Shanghai Hong Kong Bangkok Melbourne Beijing Tokyo Sydney Auckland Mumbai CBD Delhi CBD Rental Forecast in 2017 (%) Source: CBRE Research, January S T R O N G E R F O C U S O N P L A C E M A K I N G Amenities: Analytics: Smart community: Agility: 19
20
21 RETAIL SECTOR CREATING THE TOTAL RETAIL EXPERIENCE Retailers will be more disciplined towards store expansion. More resources will be dedicated to opening and/or upgrading flagship stores in core locations. Shopping centres will spend more on events and marketing and replace general retail tenants with experience-based retailers to increase footfall. S L O W E R R E T A I L S A L E S G R O W T H 2 emartker, December
22 Y-o-Y Change RETAIL SECTOR Figure 9: Y-o-Y Growth in Asia Pacific E-commerce Sales and Offline Sales 50% 45% 40% 35% 30% 25% 20% 15% 24% 10% 5% 0% 5% E-commerce Sales Offline Sales E-commerce as % of total retail sales Source: CBRE Research, January R E C O N F I G U R E S T O R E N E T W O R K S 22
23 RETAIL SECTOR Figure 10: Traditional vs Refined Store-Opening Strategy TRADITIONAL STORE-OPENING STRATEGY REFINED STORE-OPENING STRATEGY FLAGSHIP STORE + SATELLITE STORES Satellite stores to focus on efficiency Flagship Store to focus on in-store experience and brand education Source: CBRE Research, January C A R E F U L A N D C A U T I O U S E X P A N S I O N 23
24 RETAIL SECTOR M O R E S U P P L Y B U T L I M I T E D C H O I C E 50% OF NEW MALLS HAVE DELAYED their completion date by more than six months due to poor pre-leasing. Figure 11: Asia Pacific Retail Development Pipeline Wellington Adelaide Auckland Taipei Melbourne Jakarta Brisbane Hanoi Mumbai Perth Singapore Sydney New Delhi Tokyo Ho Chi Minh City Seoul Bangkok Beijing Hong Kong Guangzhou Shanghai Shenzhen 2017F 2018F 2019F Source: CBRE Research, January Development Pipeline (million sq. ft.) 24
25 Auckland Sydney Melbourne Guangzhou Beijing Taipei Shanghai Brisbane Shenzhen Tokyo Hong Kong Singapore Retail rental growth (%) RETAIL SECTOR Figure 12: Asia Pacific Retail Rental Outlook Peaking Close to bottom F 2017F Remarks: Shopping centre rents for China and Singapore only, the rest is high street shops in core districts Source: CBRE Research, January R E N T A L G R O W T H S E T T O R E M A I N F L A T S H O P P I N G M A L L S A S E N T E R T A I N M E N T D E S T I N A T I O N S 3 CBRE Research (2014) Asia Pacific Consumer Survey How We Like To Shop 25
26
27 LOGISTICS SECTOR NICHE SECTORS TO TAKE OFF Logistics rents are expected to hold firm as regional trade is stabilising. In an era of low and slow growth, efficiency has taken on greater importance as companies seek to sustain profit margins, especially in the logistics industry. Manufacturers have to be more proactive in employing advanced technology in their portfolios to stay ahead of the competition. 4 Oxford Economics numbers; CBRE weighting of major APAC markets. 5 China, Japan, South Korea, Hong Kong, Singapore, Australia, and New Zealand 27
28 Shenzhen Auckland Shanghai Guangzhou Sydney Beijing Melbourne Brisbane Tokyo Bay Area Greater Osaka Perth Singapore Hong Kong Logistics rental growth (%) Greater Seoul Greater Tokyo Greater Osaka Shanghai Sydney Singapore Melbourne Brisbane Auckland Beijing Perth Shenzhen Guangzhou Hong Kong Million sq. ft. LOGISTICS SECTOR Figure 13: Asia Pacific Logistics Development Pipeline 35 Oversupply Risk Undersupply Risk F 2018F Source: CBRE Research, December M O R E B A L A N C E D S U P P L Y E X P E C T E D Figure 14: Asia Pacific Logistics Rental Outlook 12 Contraction Peaked F Source: CBRE Research, December
29 US$ billion LOGISTICS SECTOR Figure 15: Transport Industry & Industrial REIT M&A Transaction Value by Target Company Region Source: S&P Capital IQ, December Asia Pacific P O R T F O L I O O P T I M I S A T I O N 6 US$ Historical Exchange Rate 29
30 LOGISTICS SECTOR Figure 16: Industrial robots per 10,000 persons employed in manufacturing Figure 17: Estimated annual supply of industrial robots ( 000) Low Level of automation High 300 South Korea Singapore Japan Germany Sweden Taiwan Denmark United States Belgium Italy China Note: Industrial Robot as defined by ISO 8373 Source: International Federation of Robots, September Source: World Robotics, A U T O M A T I O N T O C H A N G E T H E L O G I S T I C S L A N D S C A P E 7 Industry 4.0 refers to the fourth Industrial Revolution that is occurring because of a digitally interconnected manufacturing process. The heart of Industry 4.0 is digitization and collaboration where everything is interconnected from company operations to product design to interaction with customers. The digitization of company operations will allow for a leaner supply chain where all the actors of the supply chain are sharing data in real time. The digitization of product design will allow for predictive maintenance procedures (products out in use will be digitally connected to detect any upcoming failures) and iterative production cycles (feedback from current models sold to customers can be improved upon immediately on the production line). The digitization of customer interaction can allow for products to be sold as a service as customers shift capital expenses to operating expenses. 30
31 LOGISTICS SECTOR N I C H E S E C T O R S Figure 18: Total Data Centre Workloads, Compound Annual Growth Rate (CAGR) between % 25% 20% 15% 10% 5% 0% APAC North America Western Europe Source: Cisco Global Cloud Index: Forecast and Methodology, Workload: A server workload is defined as a virtual or physical set of computer resources, including storage, that are assigned to run a specific application or provide computing services for one to many users. A workload is a general measurement used to describe many different applications, from a small lightweight SaaS application to a large computational private cloud database application. For the purposes of quantification, we consider each workload being equal to a virtual machine or a container. Source: Cisco Global Cloud Index,
32 LOGISTICS SECTOR Figure 19: E-commerce sales as a percentage of total retail sales 40% % 20% 10% 0% APAC China South Korea Australia Japan Source: emarketer, December Collaborative Urban Logistics Challenges, Current Practices and Future Research. Lau, Hoong Chuin. Singapore Management University. 32
33
34 CAPITAL MARKETS CREATIVITY VITAL TO UNLOCKING HIDDEN VALUE Investors will retain a strong appetite for real estate but activity is expected to moderate The yield compression cycle will be slower due to the narrowing yield spread Investors must formulate creative investment strategies to achieve target returns I N V E S T M E N T ACTIVITY SET TO M O D E R A T E 34
35 E 2017F US$ billion Number of transactions CAPITAL MARKETS L O W Y I E L D S T O P E R S I S T Figure 20: Total Commercial Real Estate Investment Turnover in Asia Pacific 120 1, , , Q1 Q2 Q3 Q4 Forecast Number of transactions (RHS) Remarks: Transactions include deals above US$10 million in the office, retail, industrial, hotel, mixed and other commercial sectors. Residential and development site are excluded. Source: CBRE Research, RCA, January
36 Perth Brisbane Tokyo Auckland Melbourne Seoul Sydney Taipei Beijing Shanghai Guangzhou Singapore Hong Kong Shenzhen Office Yield Spread CAPITAL MARKETS Figure 21: 2017 Office yield spread forecast 6% Yield spread narrowed to 100 bps or below 4% 2% 0% Ten Year High 2017F Ten Year Low -2% Remarks: Office yield spread equals to difference between prime office yield and 10-year government bond yield Source: CBRE Research, Oxford Economics, January
37 CAPITAL MARKETS INVESTMENT OPPORTUNITIES C R E A T E A N D U N L O C K P R O P E R T Y V A L U E I N V E S T OUTSIDE G A T E W A Y C I T I E S 37
38 CAPITAL MARKETS C O N S I D E R N I C H E S E C T O R S 10 According to a Swiss Re sigma study 3/2016, aggregate non-life insurance premiums including health insurance in Asia grew by 137% to around US$406 billion between 2005 and 2015, a compound annual growth rate (CAGR) of 9%. 38
39 CONTACTS 39
40 Infographic I Report Infographic Infographic I Report Infographic I Report Infographic I Report Infographic Infographic Infographic I Report Infographic I Report Infographic I Report Infographic I Report Infographic I Report
Development Updates and Trends : Opportunities and Risks Local Details Operating for a Global Strategy
Development s and Trends : Opportunities and Risks Local Details Operating for a Global Strategy Claro dg. Cordero, Jr. Head Research, Consulting & Valuation Services 19 October 2012 1 Discussion agenda
More informationAsia Pacific Investment Trends
Asia Pacific Investment Trends Turnover rises in solid start to the year Sentiment remains positive Cross-border investment rebounds Fund raising activity slows Transaction activity expected to remain
More informationA S I A P A C I F I C R E A L E S T A T E M A R K E T O U T L O O K VIETNAM OPPORTUNITIES IN THE NEW NORMAL
A S I A P A C I F I C VIETNAM OPPORTUNITIES IN THE NEW NORMAL R E A L E2 S0T 1A 7 T E A SM I A RPK AE CT I OF IUC T L O O K 2 R E A L E2 S0T 1A 7 T E A SM I A RPK AE CT I OF IUC T L O O K 1. VIETNAM ECONOMY
More informationStrong performance for real estate assets
Strong performance for real estate assets Annualized returns, United States, 212 Percent 2 18 16 14 1 year 1 year 12 1 8 6 4 2 REITs Equities Real property Govt bonds CPI T-bills Sources: CBRE, NCREIF.
More informationFiji Property Investment Guide. Hospitality Edition 2014
Fiji Property Investment Guide Hospitality Edition 2014 FIJI Property Tenure/Ownership Three types of tenure exist: Freehold land - estate in fee simple Approximately 6% of land in Fiji is freehold land.
More information2008 Foreign Sourced Employees Compensation & Benefits Survey - Asia Pacific
2008 Foreign Sourced Employees Compensation & Benefits Survey - Asia Pacific Table of Contents Executive Summary... 1 About this survey 3 Section 1: International Assignees (IA)... 7 Section 2: Third Country
More informationSeychelles Property Investment Guide. Hospitality Edition 2014
Seychelles Property Investment Guide Hospitality Edition 2014 SEYCHELLES Property Tenure/Ownership Two types of tenure exist for ownership of immovable property in Seychelles: freehold title; and leasehold
More informationCambodia Property Investment Guide
Cambodia Property Investment Guide 2015 Property tenure/ownership Cambodia adopted a freehold system of land tenure under the 2001 Land Law. Private ownership of land is permissible for certain types of
More informationMorgan Stanley Asia: Overview
Morgan Stanley Asia: Overview July 2007 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such measures to the comparable GAAP figures are included
More informationSupplemental Information Earnings Call
Supplemental Information Earnings Call Fourth-Quarter 2015 Market volume & outlook JLL Research Investment volumes remain solid; outlook steady Market Volumes Actual Forecast Capital Markets (1) LC USD
More information2017 Mid-Year Commercial Real Estate Outlook for Asia Pacific
2017 Mid-Year Commercial Real Estate Outlook for Asia Pacific REAL ASSETS REAL ESTATE INVESTING TEAM INVESTMENT INSIGHT 2017 The global macroeconomic landscape continues its shift away from highly accommodative
More informationMongolia Property Investment Guide
Mongolia Property Investment Guide 2014 MONGOLIA Property Tenure/Ownership Property tenure/ownership in Mongolia is interesting because of its history and distinctions. In most countries, real estate usually
More informationSeizing investment opportunities in the Asia-Pacific region. We know how.
Seizing investment opportunities in the Asia-Pacific region. We know how. Asia-Pacific leveraging diverse opportunities Our global funds require us to invest internationally. In order to meet this need,
More informationMarket Perspective. Prudential Real Estate Investors. Asian Market Outlook First Quarter 2005
Prudential Real Estate Investors Asian Market Outlook First Quarter 2005 Market Perspective After an upbeat end to 2004, with a record annual GDP growth rate of 7.7% for the year in Asia (excluding Japan),
More informationAsia-Pacific Quarterly Outlook
Asia-Pacific Quarterly Outlook JANUARY 2012 Prudential Real Estate Investors 8 Campus Drive Parsippany, NJ 07054 USA 973.683.1745 Phone 973.734.1319 Fax www.prei.com REF: # PFIA 8QSNCX Executive Summary
More informationFebruary 2019 Asia Real Estate Market Outlook
REALESTATE February 19 Asia Real Estate Market Outlook For Investment Professionals only Notice to investors in Australia. M&G Investment Management Limited (MAGIM) and M&G Alternatives Investment Management
More informationVontobel Summer Conference
Pierre L. Ozendo Member of the Executive board Head of Asia Division Cautionary note on forward-looking statements Slide 2 Certain statements contained herein are forward-looking. These statements provide
More informationBrunei Property Investment Guide
Brunei Property Investment Guide 2015 Property tenure/ownership Brunei operates a modified system of registration of title. The main types of land tenure are: Freehold. Registered title may be granted
More informationEmerging Trends in Real Estate 2014 Asia Pacific
Emerging Trends in Real Estate 2014 Asia Pacific 2014 is our 8 th annual forecast for the Asia Pacific region Most predictive industry forecast Based on surveys/interviews with over 400 industry leaders
More informationAsia Pacific Business Overview. Rob Blain President, Asia Pacific
Asia Pacific Business Overview Rob Blain President, Asia Pacific 2010 Asia Pacific Corporate Stats Total Transaction Value $20.9 billion Property Sales (# of Transactions) 6,425 Property Sales (Transaction
More informationLaos Property Investment Guide
Laos Property Investment Guide 2016 Property Tenure/Ownership Property legislation and the Constitution of the Lao People s Democratic Republic (Lao PDR) provide that land is owned by the national community.
More informationLaos Property Investment Guide
Laos Property Investment Guide 2015 Property tenure/ownership Property legislation and the Constitution of the Lao People s Democratic Republic (Lao PDR) provide that land is owned by the national community
More informationASCOTT REIT S UNITHOLDERS DISTRIBUTION INCREASES 7% TO S$108.3 MILLION FOR YEAR-TO-DATE SEPTEMBER 2017
ASCOTT REIT S UNITHOLDERS DISTRIBUTION INCREASES 7% TO S$108.3 MILLION FOR YEAR-TO-DATE SEPTEMBER 2017 Strong operating performance with double-digit growth in RevPAU in Belgium and the Philippines Singapore,
More informationAscott Residence Trust. 1H 2010 Financial Results Media & Analysts Briefing
Ascott Residence Trust 1H 2010 Financial Results Media & Analysts Briefing 23 July 2010 Agenda Results Highlights 2Q 2010 Portfolio Performance Portfolio Information Capital and Risk Management Prospects
More informationASCOTT RESIDENCE TRUST. October
ASCOTT RESIDENCE TRUST October 2006 0 Disclaimer IMPORTANT NOTICE The value of units in ART and the income derived from them may fall as well as rise. Units in ART are not obligations of, deposits in,
More informationBrunei Property Investment Guide
Brunei Property Investment Guide 2014 BRUNEI Property Tenure/Ownership Brunei operates a modified system of registration of title. The main types of land tenure are: Freehold. Registered title may be granted
More informationEuropean Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate
European Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate This presentation is issued by Invesco Real Estate for Professional Clients
More information1Q2014 Analyst Briefing 26 April 2014
1Q2014 Analyst Briefing 26 April 2014 1 1 Outline 1. Serial System Highlights 2. 1Q2014 Financial Highlights 3. Corporate & Business Update Initial Results 4. 1Q2014 Results Overview 5. Outlook & Investment
More informationProspects of the Real Estate Sector in 2012 and Years to Come
Prospects of the Real Estate Sector in 2012 and Years to Come NREA-HUDCC National Convention, 20 September 2012 Presented by VICTOR J. ASUNCION Executive Director for Retail Investments, Global Research
More informationOperational Briefing. Presentation to Investors and Analysts. 12 February 2019
Operational Briefing Presentation to Investors and Analysts 12 February 2019 Disclaimer The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 ( Macquarie, the
More informationGlobal Real Estate Outlook
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research 7 August 2014 Global Real Estate Market Outlook Jeremy Kelly Director, Global Research Jeremy.Kelly@eu.jll.com
More informationASCOTT REIT REGISTERS A STRONG 30% INCREASE IN UNITHOLDERS DISTRIBUTION FOR 4Q 2017
ASCOTT REIT REGISTERS A STRONG 30% INCREASE IN UNITHOLDERS DISTRIBUTION FOR 4Q 2017 Unitholders distribution for FY 2017 at an all-time high of S$152.2 million Singapore, 26 January 2018 Ascott Residence
More informationJuly Asia Real Estate Market Outlook. For Investment Professionals only
July 2018 Asia Real Estate Market Outlook For Investment Professionals only Executive summary Attractive prospects for APAC real estate supported by improving structural and early economic upcycle drivers
More informationASIA MARKET OUTLOOK 2019 Prospects more challenging, but opportunities remain for occupiers and investors
Andrew Haskins Executive Director Research Asia +(852) 2822 0511 Andrew.Haskins@colliers.com ASIA MARKET OUTLOOK 2019 Prospects more challenging, but opportunities remain for occupiers and investors Summary
More informationCBRE CAMBODIA SEA MARKET & VALUATION TRENDS 28 SEPTEMBER 2018
CAMBODIA & VALUATION TRENDS 28 SEPTEMBER 2018 BRIEF Emerging/developing markets are on the radar for a broader base of regional investors Positive demographic fundamentals, improving socio-economic status,
More informationReal estate market outlook Asia Pacific
December 2014 Real estate market outlook Asia Pacific Part of the M&G Group Executive summary Economic outlook remains firm Leasing fundamentals improving in most Asia Pacific markets Accommodative monetary
More informationAsia Pacific Real Estate Strategic Outlook
Marketing Material Research Report Asia Pacific Real Estate Strategic Outlook February 218 Please note certain information in this presentation constitutes forward-looking statements. Due to various risks,
More informationASCOTT REIT S FY 2016 UNITHOLDERS DISTRIBUTION RISES 9% TO RECORD HIGH OF S$135 MILLION
ASCOTT REIT S FY 2016 UNITHOLDERS DISTRIBUTION RISES 9% TO RECORD HIGH OF S$135 MILLION Distribution per unit increases 4% to 8.27 cents Singapore, 24 January 2017 Ascott Residence Trust s (Ascott Reit)
More informationResults First Quarter 2012
Results First Quarter 2012 Harrie Noy, Chief Executive Officer Renier Vree, Chief Financial Officer Amsterdam, the Netherlands, Imagine the result DISCLAIMER Statements included in this presentation that
More informationASCOTT RESIDENCE TRUST 1Q 2007 Financial Results 23 April 2007
ASCOTT RESIDENCE TRUST 1Q 2007 Financial Results 23 April 2007 Agenda Financial Review 1Q 2007 Updates Outlook & Prospects 1 Disclaimer IMPORTANT NOTICE The value of units in Ascott Residence Trust ( ART
More informationEnvironmental insurance solutions
Environmental insurance solutions for Asia Pacific and beyond Doesn t my liability insurance cover pollution? Facing up to environmental risk With the pace and breadth of legislation and regulatory change
More informationASCOTT REIT S 4Q 2018 DISTRIBUTION PER UNIT INCREASES 5% TO 2.15 CENTS
ASCOTT REIT S 4Q 2018 DISTRIBUTION PER UNIT INCREASES 5% TO 2.15 CENTS FY 2018 Unitholders distribution of S$154.8 million is record high for third consecutive year Singapore, 29 January 2019 Ascott Residence
More informationASCOTT REIT S 4Q 2015 REVENUE RISES 26% DRIVEN BY ITS NEW YORK ACQUISITION
ASCOTT REIT S 4Q 2015 REVENUE RISES 26% DRIVEN BY ITS NEW YORK ACQUISITION 2015 acquisitions amount to S$609 million Singapore, 26 January 2015 Ascott Residence Trust s (Ascott Reit) revenue for 4Q 2015
More informationAsia Pacific Property Cycle Monitor
RREEF Real Estate Research June 2008 Asia Pacific Property Cycle Monitor Table of contents Economic Context...2 Office...4 Shopping Centres...10 Industrial...14 Appendix...18 Authors: Tan Yen Keng +852
More informationGlobal. Real Estate Outlook. Jeremy Kelly Global Research. David Green-Morgan Global Capital Markets Research
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research Ben Breslau Director of Research, Americas 7 th February 2013 Global Real Estate Outlook Road
More informationInvestor Meetings. July Content. Strategic Focus Core Competencies Market Review and Outlook Going Forward
Investor Meetings July 2008 1 Content Strategic Focus Core Competencies Market Review and Outlook Going Forward 2 1 Strategic Focus Premier Property Company : Market Cap of 3.4bil @ 03 Jul 08 Two Core
More informationMerrill Lynch Banking & Insurance Conference
Merrill Lynch Banking & Insurance Conference October 8, 2008 London Brady W. Dougan, Chief Executive Officer Cautionary statement Cautionary statement regarding forward-looking and non-gaap information
More informationASCOTT REIT S 2Q 2017 UNITHOLDERS DISTRIBUTION RISES 34% TO S$46.9 MILLION
ASCOTT REIT S 2Q 2017 UNITHOLDERS DISTRIBUTION RISES 34% TO S$46.9 MILLION Strong operating performance with double-digit increase in RevPAU in Belgium, Philippines and Vietnam Singapore, 20 July 2017
More informationResearch Note. Asia-Pacific Derivatives Survey. April 2019
April 19 Research Note In anticipation of ISDA s 34th Annual General Meeting in Hong Kong, ISDA conducted a survey of derivatives markets in the Asia-Pacific region. The survey reveals that market participants
More informationAscott Residence Trust A Leading Global Serviced Residence REIT. 3Q 2015 Financial Results
Ascott Residence Trust A Leading Global Serviced Residence REIT 3Q 2015 Financial Results 1 29 October 2015 Important Notice The value of units in Ascott Residence Trust ( Ascott REIT ) (the Units ) and
More informationStronger recurring income offsets lower treasury income. DBS Group Holdings 3Q 2005 Financial Results. October 28, 2005
Stronger recurring income offsets lower treasury income October 28, DBS Group Holdings 3Q Financial Results Disclaimer: The information contained in this document is intended only for use during the presentation
More informationASCOTT REIT S 2Q 2018 REVENUE RISES 6% TO S$130.5 MILLION ON THE BACK OF ACQUISITIONS
ASCOTT REIT S 2Q 2018 REVENUE RISES 6% TO S$130.5 MILLION ON THE BACK OF ACQUISITIONS Gross profit up by 7% while RevPAU increases 6% with stronger performances in Belgium, China and the United Kingdom
More informationBy Andrew Haskins Executive Director Research Asia
By Andrew Haskins Executive Director Research Asia andrew.haskins@colliers.com Conditions in Asian investment property markets remain firm, supported by high economic growth and low real interest rates.
More informationMacquarie Bank Limited. Presentation to Banking Analysts and Shareholders 16 November 1999
Macquarie Bank Limited Presentation to Banking Analysts and Shareholders 16 November 1999 1 Macquarie Bank Group Interim results After tax - 14% increase on 30/9/98 to 30/9/99 $91.5m (1) to 31/3/99 $84.4m
More informationSustained growth in recurring income businesses. DBS Group Holdings 1H 2005 Financial Results Presentation to Media and Analysts.
Sustained growth in recurring income businesses Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to
More informationAscott Residence Trust. 3Q 2009 Financial Results
Ascott Residence Trust 3Q 2009 Financial Results 28 OCTOBER 2009 Agenda Results Highlights 3Q 2009 Portfolio Performance Portfolio Information Capital and Risk Management Prospects 2 Disclaimer IMPORTANT
More informationAsia Update. April 26, 2005
Asia Update April 26, 2005 Notice This presentation is based on or derived from information generally available to the public and does not contain any material, nonpublic information. No representation
More informationAsia Overview. September 23, 2005
Asia Overview September 23, 2005 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such measures to the comparable GAAP figures are included
More informationPre-Budget Brief Singapore
Pre-Budget Brief 2019 Singapore Contents Economic indicators 1 Economic trends 2 Singapore tax rates a history 3 Co rporate tax Prevailing corporate income tax rates in selected jurisdictions 5 as at 1
More informationGlobal Real Estate Investments Opportunities and Risks in the Late Stage of the Cycle. Wolfgang Kubatzki, Managing Director, Scope Investor Services
Global Real Estate Investments Opportunities and Risks in the Late Stage of the Cycle Wolfgang Kubatzki, Managing Director, Scope Investor Services Global Real Estate Investments Current Situation Structural
More informationASCOTT RESIDENCE TRUST FY2006 Financial Results. 24 January 2007
ASCOTT RESIDENCE TRUST FY2006 Financial Results 24 January 2007 Agenda 2006 Highlights 2006 in Review Operating Performance Acquisitions in 2006 Asset Enhancements in 2006 Strong Balance Sheet Prospects
More informationASCOTT RESIDENCE TRUST Sep 2006
ASCOTT RESIDENCE TRUST 05-07 Sep 2006 030745-021 Sept 2006 Disclaimer IMPORTANT NOTICE The value of units in ART and the income derived from them may fall as well as rise. Units in ART are not obligations
More informationFranklin Templeton Investments Our Global Perspective
Greg Johnson Chief Executive Officer Franklin Resources, Inc. Franklin Templeton Investments Our Global Perspective Dealer Use Only / Not for Distribution to the Public World-Class Investment Management
More informationJapan Property Investment Guide
Japan Property Investment Guide 2016 Property Tenure/Ownership Real estate in Japan consists of land and fixtures affixed to land (such as buildings). Land and buildings are treated separately with respect
More informationInvestor Presentation
Investor Presentation May 2013 48,000 employees 200 offices 70 countries 1 global platform Table of Contents I. Company Description II. Global Growth Strategy III. Financial Overview IV. Appendix 2 Company
More informationInsurance data sources and data needs: Private-sector perspectives. Raymond Yeung, Swiss Re OECD-Asia Regional Seminar, September 23-24, Kuala Lumpur
Insurance data sources and data needs: Private-sector perspectives Raymond Yeung, Swiss Re OECD-Asia Regional Seminar, September 23-24, Kuala Lumpur Agenda About Swiss Re's sigma Applications of insurance
More informationGrowth prospects have weakened in Asia Pacific, as China s slowdown and talk of tapering QE3 in the US impact the region.
RESEARCH ASIA-PACIFIC Capital Markets SEPTEMBER 2013 Growth prospects have weakened in Asia Pacific, as China s slowdown and talk of tapering QE3 in the US impact the region. Occupier markets remain active,
More informationTHE ART EDGE Ascott Residence Trust
THE ART EDGE Ascott Residence Trust 0 Disclaimer IMPORTANT NOTICE The value of units in ART and the income derived from them may fall as well as rise. Units in ART are not obligations of, deposits in,
More informationAscott Residence Trust A Leading Global Serviced Residence REIT. 1Q 2015 Financial Results
Ascott Residence Trust A Leading Global Serviced Residence REIT 1Q 2015 Financial Results 1 23 April 2015 Important Notice The value of units in Ascott Residence Trust ( Ascott REIT ) (the Units ) and
More informationMEDIA RELEASE. Unaudited Results of Keppel REIT for the First Quarter Ended 31 March April 2015
MEDIA RELEASE Unaudited Results of Keppel REIT for the First Quarter Ended 31 March 2015 13 April 2015 The Directors of Keppel REIT Management Limited, as Manager of Keppel REIT, are pleased to announce
More informationM&G Real Estate: Asia Pacific Outlook
December 216 M&G Real Estate: Asia Pacific Outlook Part of the M&G Group Executive summary Asia-Pacific economic outlook healthy in near-term, but policy uncertainty globally poses risks. Regional property
More informationPre-Budget Brief Singapore
Pre-Budget Brief 2018 Singapore Contents Economic indicators 1 Economic trends 2 Singapore tax rates a history 3 Co rporate tax Prevailing corporate income tax rates in selected countries 5 as at 1 January
More informationASCOTT REIT ACHIEVES 12% INCREASE IN 2Q 2015 REVENUE TO S$98.7 MILLION
ASCOTT REIT ACHIEVES 12% INCREASE IN 2Q 2015 REVENUE TO S$98.7 MILLION Japan continues to be the strongest performing market with RevPAU growth of 12% 1 Singapore, 22 July 2015 Ascott Residence Trust (Ascott
More informationAscott Residence Trust FY2008 Financial Results 23 January 2009
Ascott Residence Trust FY2008 Financial Results 23 January 2009 0 Agenda 2008 Highlights Portfolio Performance Capital and Risk Management Prospects 1 Disclaimer IMPORTANT NOTICE The value of units in
More informationAscott Residence Trust. 3Q 2010 Financial Results
Ascott Residence Trust 3Q 200 Financial Results 22 October 200 Agenda 3Q 200 Results Highlights Portfolio Performance Portfolio Information Capital and Risk Management Developments subsequent to 3Q 200
More informationIE Singapore s Assistance to Singapore Companies
IE Singapore s Assistance to Singapore Companies Esther Xu Financing Management Division 16 April 2014 IE Singapore, Your International Business Partner Singapore s economic development Inward investment
More informationNepal Property Investment Guide. Hospitality Edition 2014
Nepal Property Investment Guide Hospitality Edition 2014 NEPAL Property Tenure/Ownership There are four types of landholdings in Nepal: Private ownership Private ownership is also known as raikar land,
More informationPresentation by Dr Andrew Blattman to the Goldman Sachs Emerging Leaders Conference 2019
ASX Announcement 4 April 2019 Presentation by Dr Andrew Blattman to the Goldman Sachs Emerging Leaders Conference 2019 Attached is a presentation to be given today by IPH s CEO & Managing Director, Dr
More information2008 Interim Results. Six months ended 30 June September RCG Holdings Limited
2008 Interim Results Six months ended 30 June 2008 September 2008 RCG Holdings Limited 1 Agenda Highlights Corporate Introduction Business Review Financial Review Operational Highlights Business Outlook
More informationPhilippines Property Investment Guide
Philippines Property Investment Guide 2016 Property tenure/ownership Two types of tenure exist: Freehold Private freehold land is only available to Philippine nationals (e.g. Filipino citizens or corporations
More informationAsia Pacific Quarterly Update 3Q15 Near-term caution, medium-term opportunities. 3Q15 Update
Asia Pacific Quarterly Update 3Q15 Near-term caution, medium-term opportunities 3Q15 Update Macro outlook The near-term outlook for the Asia Pacific (APAC) region is set to remain sluggish over the next
More informationChallenges for Sustainable Urban Development in Asia Michael Lindfield
Challenges for Sustainable Urban Development in Asia Michael Lindfield A Conceptual Framework for Sustainable Urban Development Sustainable Development Goals Building Assets for Implementation Investment
More informationGLOBAL PERSPECTIVES ON RISK & RETURN
GLOBAL PERSPECTIVES ON RISK & RETURN Considerations for effective investment strategy Simon Fairchild, Executive Director, MSCI 29 November 216 216 MSCI Inc. All rights reserved. Please refer to the disclaimer
More informationAsia Pacific Events Calendar. As of October 20, 2017 Subject to Change
Asia Pacific Events Calendar As of October 20, 2017 Subject to Change 2 J.P. Morgan is a global leader in financial services with one of the most comprehensive product platforms available. We have been
More informationJapanese Policy Response to the Dynamic Growth in Asia. January 17-18, 2011 Keisuke SADAMORI, METI
ese Policy Response to the Dynamic Growth in Asia January 17-18, 2011 Keisuke SADAMORI, METI 1 Emerging countries are estimated to achieve high GDP growth in 2010. World GDP Shares in 2009 and Outlook
More informationSavills plc. Preliminary results for the year ended. 31 December 2010
Savills plc Preliminary results for the year ended 31 December 2010 1 Disclaimer Forward-looking statements These slides contain certain forward-looking statements including the Group s financial condition,
More informationSupplemental Information Fourth Quarter 2011 Earnings Call
Supplemental Information Fourth Quarter 2011 Earnings Call Market & Financial Overview Capital Values Q4 2010 Shanghai, Washington DC, London Singapore Q4 2011 Hong Kong Shanghai Beijing Milan, New York
More informationGPR/APREA AsiaPac Performance Snapshot
Asia Pacific Real Estate Association 217 Round-Up GPR/APREA AsiaPac Performance Snapshot...your guide to listed real estate returns in AsiaPac The GPR/APREA AsiaPac Performance Snapshot tracks the dynamics
More informationASCOTT RESIDENCE TRUST 2017 FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT TABLE OF CONTENTS Item No. Description Page No.
ASCOTT RESIDENCE TRUST FIRST QUARTER UNAUDITED FINANCIAL STATEMENTS ANNOUNCEMENT TABLE OF CONTENTS Item No. Description Page No. Summary of Group Results 1 Introduction 2 1(a)(i) Consolidated Statement
More informationI write to update you on the latest developments with respect to the Asia Aluminum Group and actions going forward.
Our Ref : AMC/AAH547CLM/B3(CORR) Your Ref: STAKEHOLDERS OF THE ASIA ALUMINUM GROUP INCLUDING HOLDERS OF ASIA ALUMINUM HOLDINGS LTD SENIOR 8% NOTES ( Bondholders ) CUSIPs: 04519DAA5, G0536XAA1 ISINs: US04519DAA54,
More informationAscott Residence Trust 1Q 2009 Financial Results 22 April 2009
Ascott Residence Trust 1Q 2009 Financial Results 22 April 2009 0 Agenda 1Q 2009 Highlights 1Q 2009 Portfolio Performance 1Q 2009 Portfolio Information Capital and Risk Management Prospects 1 Disclaimer
More informationSri Lanka Property Investment Guide
Sri Lanka Property Investment Guide 2014 SRI LANKA Property Tenure/Ownership There are two types of property tenure in Sri Lanka: Freehold Leasehold The terms of leases granted by the government and/or
More informationAsia Pacific Real Estate Strategic Outlook: Mid-Year Review
Research Report Asia Pacific Real Estate Strategic Outlook: Mid-Year Review August 215 Please note certain information in this presentation constitutes forward-looking statements. Due to various risks,
More informationInvestor Presentation. 53,000 employees, 200 offices, 75 countries, 1 global platform
Investor Presentation 53,000 employees, 200 offices, 75 countries, 1 global platform August 2014 Who we are JLL is a leading provider of real estate services and investment management, creating value for
More informationAscott Residence Trust. FY 2012 Financial Results
Ascott Residence Trust FY 2012 Financial Results 23 January 2013 Agenda Results Highlights Portfolio Performance Portfolio Information Capital and Risk Management Prospects Appendix 2 Disclaimer IMPORTANT
More informationPhilippines Property Investment Guide
Philippines Property Investment Guide 2014 PHILIPPINES Property Tenure/Ownership Two types of tenure exist: Freehold Private freehold land is only available to Philippine nationals (e.g. Filipino citizens
More information2013 Full Year Results
2013 Full Year Results Rob Gurney CEO 1 2013 Full Year Review Profit before tax increased by 88% to $27.1 million Adjusted EBITDAI (1) up 8% to $54.6m Announced launch of new consumer brand, helloworld
More informationASCOTT REIT S 2Q 2016 UNITHOLDERS DISTRIBUTION GROWS 9% TO S$35.0 MILLION BOLSTERED BY ACQUISITIONS
ASCOTT REIT S 2Q 2016 UNITHOLDERS DISTRIBUTION GROWS 9% TO S$35.0 MILLION BOLSTERED BY ACQUISITIONS Distribution per unit rises 2% to 2.13 cents Singapore, 20 July 2016 Ascott Residence Trust s (Ascott
More informationSavills plc. Results for year ended 31 December March 2014
Savills plc Results for year ended 31 December 2013 20 March 2014 Disclaimer: Forward-looking statements These slides contain certain forward-looking statements including the Group s financial condition,
More informationAXIOM TELECOM L.L.C. POLICY NO
SCHEDULE OF BENEFITS AXIOM TELECOM L.L.C. POLICY NO. 45440 Subgroup Name Subgroup Plan Sub office No. No. No. AXIOM TELECOM L.L.C.-Dubai-C 45440-10001 Plan 001 Sub office 003 AXIOM TELECOM L.L.C.-Dubai-C
More information