To welcome the coming of Year of the Goat, the Chinese New Year Dragon & Lion Dance Parade was held today. Famous Artist Ms. Michele Reis and Tenant Representatives of Times Square accompanied Ms. Grace Leung, General Manager of Times Square Ltd to officiate the CNY Dragon & Lion Dance Eye Dotting Ceremony to send blessings to people. God of Wealth, Fortune and Beauty Fairies also joined us to meet and greet the audiences.
Wish you all good fortune and health in the new year!
(29 January 2015, Hong Kong) A time capsule filled with artworks by local children was placed today at the West Kowloon Cultural District (WKCD) marking the countdown to the completion of the M+ building which is scheduled for 2018.
Following commencement of the construction of the Xiqu Centre – a world-class art venue for Xiqu performances – the West Kowloon Cultural District Authority (WKCDA) recently started piling for the second flagship art and cultural facility: the M+ museum.
View from the harbour © Herzog & de Meuron Courtesy of Herzog & de Meuron and West Kowloon Cultural District Authority
With a gross floor area of 60,000 square metres, the striking museum building, designed by renowned architects Herzog & de Meuron in partnership with Hong Kong-based TFP Farrells and Ove Arup & Partners Hong Kong, will provide a magnificent new attraction for Hong Kong. Focusing on 20th and 21st century visual art, design and architecture, and moving image from Hong Kong, Mainland China, Asia and beyond, M+ will be one of the largest museums of modern and contemporary visual culture in the world.
Mrs Carrie Lam, Chairman of the Board of WKCDA, officiated at the M+ Time Capsule Ceremony today at the M+ construction site overlooking Victoria Harbour.
(From left) Managing Director of Bachy Soletanche Group Julien Landrot, WKCDA’s Executive Director, M+, Dr Lars Nittve, Director of Ove Arup & Partners HK Paul Tsang, , Permanent Secretary for Home Affairs Betty Fung, Senior Partners of Herzog & de Meuron Ascan Mergenthaler, Chairman of WKCDA’s Museum Committee Victor Lo, Senior Partners of HdM Jacques Herzog, WKCDA’s Board Chairman Carrie Lam, Senior Partners of Herzog & de Meuron Pierre de Meuron, Chairman of the Jury Panel of M+ Design Competition Professor Colin Fournier, Vice Chairman of the WKCDA Board Ronald Arculli, Chief Executive Officer Michael Lynch, Partner of Herzog & de Meuron Wim Walschap, Director of TFP Farrells Gavin Erasmus. WKCDA’s Chief Operating Officer Duncan Pescod, and WKCDA’s Executive Director, Project Delivery, Dr Chan Man-wai officiate at the ceremony.
In the Ceremony, artworks by six primary students from Yaumati Catholic Primary School (Hoi Wang Road) and Yaumati Kaifong Association School, depicting their wishes and aspirations for the M+ museum, were put to a time capsule. Other items to be contained in the capsule later include personal messages to a future Hong Kong generation from Mrs Carrie Lam, WKCDA’s Chief Executive Officer Mr Michael Lynch and Executive Director, M+, Dr Lars Nittve, along with a range of contemporary and local items including art newspaper of the date, photos of M+ construction site in different angles, a piece of accessory/ building materials taken from the sample façade of M+ building, etc. The time capsule will be placed on the site, to be uncovered and unsealed 100 years hence.
Officiating guests included the Vice Chairman of the WKCDA Board Mr Ronald Arculli, Chairman of WKCDA’s Museum Committee Mr Victor Lo, Permanent Secretary for Home Affairs Mrs Betty Fung, Chairman of the Jury Panel of M+ Design Competition Professor Colin Fournier, Senior Partners of Herzog & de Meuron Mr Jacques Herzog, Mr Pierre de Meuron and Mr Ascan Mergenthaler, Partner of Herzog & de Meuron Mr Wim Walschap, Director of TFP Farrells Mr Gavin Erasmus, Director of Ove Arup & Partners HK Mr Paul Tsang, Managing Director of Bachy Soletanche Group Mr Julien Landrot, as well as WKCDA’s Chief Executive Officer Mr Michael Lynch, Chief Operating Officer Mr Duncan Pescod, Executive Director, M+, Dr Lars Nittve and Executive Director, Project Delivery, Dr Chan Man-wai.
“Today marks a watershed moment for M+, which is the second landmark art venue being built in the WKCD, after the Xiqu Centre which started works in the fall of 2013. I am very glad to see that Hong Kong’s vision for a new cultural district is one step closer to becoming a reality.” said Mrs Carrie Lam, Chairman of the WKCDA Board. “M+ is not just another museum. It is a clear demonstration of a future for contemporary art in Hong Kong, and underscores the commitment of the Government to enhance Hong Kong’s position as an international art and culture metropolis.”
View from the Park © Herzog & de Meuron Courtesy of Herzog & de Meuron and West Kowloon Cultural District Authority
“M+ will be firmly rooted in its superb location to provide a Hong Kong perspective with a global vision,” said Mr Michael Lynch, CEO of WKCDA. “Thanks to the outstanding architecture team led by the famous Swiss firm Herzog & de Meuron, the M+ building will stand out as a world famous landmark in the Kowloon urban landscape.”
Located at the centre of the WKCD and the edge of the WKCD Park, the M+ building is made up of two main components – a horizontal slab and a vertical tower. The semi-transparent vertical plane, housing a research centre, a curatorial centre and retail, dining and entertainment facilities on the top floors, will stand above an impressive horizontal slab offering a diversity of well-considered exhibition spaces and galleries, fused into the shape of an upside down ‘T’.
The ground and lower levels will provide easy access to the WKCD Park and other facilities, alongside a learning centre, a moving image centre, museum shops and cafes, creator’s studios, and back-of-house functions. Conservation and storage facilities will be accommodated in an ancillary building to the north.
Dr Lars Nittve, Executive Director, M+, said, “The time capsule ceremony gives us a beautiful opportunity to stop and reflect on what has been achieved thus far in the M+ project. We have achieved some extraordinary triumphs despite facing many challenges of creating a world class museum. We have established a devoted and talented museum team, the collection is internationally celebrated and we have engaged the Hong Kong public with a range of diverse and exciting exhibitions. In the years to come when we move into our permanent home it will provide Hong Kong with a unique museum for us all to be proud of.”
Together with the Xiqu Centre, the Park (including Arts Pavilion and Freespace) and the Artist Square Development Area which are now in the planning and design stage, M+ will be in the first batch of facilities in the WKCD.
Hong Kong, January 7, 2015 – Delving into the historical context and modern use of the Former Explosives Magazine Compound in Admiralty, Hong Kong, Asia Society Hong Kong Center (“ASHK”) proudly publishes Heritage Revealed (language: English and Traditional Chinese) in December 2014.
The main objectives of this book are to REVEAL historical significances, CONNECT the past with the present, SHARE the architectural work and its use for the community, SUPPORT Hong Kong government’s effort in heritage conservation, and COMMEMORATE theAsia Society Hong Kong Center’s transformation of the Former Explosives Magazine Compound.
The production of the first print run of Heritage Revealed was generously supported by the Hinrich Foundation, Jebsen & Co. Ltd., and the Cypress Group. Architectural conservationists, historians, the ASHK team and supporters joined in honouring the continuous hard work of those that made the site what it is today.
“Through preservation and adaptive re-use, the Asia Society Hong Kong Center campus was transformed from a derelict military site into a tranquil refuge and the modern cultural hub we very much hope you will enjoy,” Mr. Ronnie C. Chan, Co-Chair of Asia Society and Chairman of Asia Society Hong Kong Center proudly stated.
Heritage Revealed highlights the transformation of the Former Explosives Magazine to the current site of Asia Society Hong Kong Center, and allows the readers to explore the history in the context of the military – both army and the navy – and the modern utilization of the compound for the Hong Kong community.
“We trust this book will serve as a reminder of the history of the location and the Center’s commitment to fostering a greater understanding of Asia amongst the people of Asia and the world,” Mr. Merle A. Hinrich, Founder of The Hinrich Foundation remarked.
The book cover of Heritage Revealed
Through the pages, Heritage Revealed showcases the exhibition space in the Chantal Miller Gallery, the world-class sound and theater facilities in the Miller Theater, the exchange of intellects in the Hong Kong Jockey Club Hall, and more.
Referring to the characteristics of the site, Mr. Hans Michael Jebsen, Chairman of Jebsen & Co. Ltd. exclaimed, “The fact that a site as important and unusual as the Explosives Magazine Compound was not only saved but transformed into a unique public space, is probably amongst the world’s best examples of revived historical architecture.”
The book also reflects contrasting themes such as the outdated to the contemporary, the basic to the creative, and the past to the present. From photographic images to architectural insights, the people and their stories, Heritage Revealed opens an intimate window to the historical stories and modern use of the site.
“In just two years, the Center has welcomed tens of thousands of visitors and thousands of students, schools and community groups to our exhibitions and public educational programs, while our guided tours of this heritage site have attracted visitors from both near and far,” S. Alice Mong, Executive Director of Asia Society Hong Kong Center recalled on the promise for the site to be accessible to all. “Those former military magazines are now literally exploding with ideas and creativity!”
ASHK appreciates the contribution of Katie Cummer, Assistant Lecturer for the Architectural Conservation Programmes (“ACP”) of the University of Hong Kong, Dr. Lynne D. DiStefano, Adjunct Professor and Academic Advisor of ACP and Professor Lee Ho Yin, Director of ACP, in providing historical significance and architectural insights of the site for the publication of Heritage Revealed.
Heritage Revealedis for sale in the Asia Society Store in the Hong Kong and New York Center, respectively.
The 12th edition of Guangzhou Electrical Building Technology will be held from 9 – 12 June at Area A, the China Import and Export Fair Complex in Guangzhou, China. To accommodate the growing needs of China’s building and smart home industry, electrical engineering as well as building and home automation will be the two major highlights for the 2015 edition.
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Recognised as Asia’s premier platform for building technology, prominent industry players have shown strong confidence towards the show with approximately 90% of exhibition space booked. New and returning exhibitors confirmed for 2015 include ABB (Switzerland), Control4 (the US), DADE (China), DOOYA (China), Echelon (the US), EnOcean Alliance (the US), HDL (China), HEE (China), IISFREE (China), KNX Association (Belgium), Lite-Puter (Taiwan), Murata (Japan), ORVIBO (China), Schneider Electric (France), T&J Electric (the UK), SINGI (China), WAGO (Germany), Wulian (China), Z-Wave Alliance (the US) and others.
Ms Lucia Wong, Deputy General Manager of Messe Frankfurt (Shanghai) Co Ltd commented: “The enthusiastic exhibitor response for the 2015 fair indicates that industry players see great potential in China’s evolving building industry, and they value the professionalism of the show. Our goal has always been turning Guangzhou Electrical Building Technology into one of the most specialised and professional exhibition to support China’s fast-growing building technologies market. Through the continued support from industry players, I hope to carry this momentum into the 2015 edition and provide a professional platform for both domestic and international building technology and home automation enterprises to seize opportunities in China’s lucrative market.”
Guangzhou Electric Building Technology receives strong support from international and domestic business associations
In addition to the positive feedback from exhibitors, the support received from industry associations continues to be one of the key factors to the show’s success.This year, the fair organiser has already confirmed several new associations to its list of supporters, including the China Smart Home Industry Alliance, the Intelligent Engineering Branch of China Exploration and Design Association, Modern Architecture Electric Magazine, the Asia Pacific Intelligent Green Building Alliance and the Bluetooth Special Interest Group Inc. Other reputable show supporters include:
Building Electricity Magazine Agency
China Hotel Purchasing and Supplying Association
Guangdong Association of Automation
Guangdong Real Estate Association
Intelligent Building Branch of China Construction Industry Association
Asian Institute of Intelligent Buildings
Continental Automated Buildings Association
The Electrical and Electronics Association of Malaysia
EnOcean Alliance
The Federation of Asian and Pacific Electrical Contractors Associations
The Hong Kong Federation of Electrical and Mechanical Contractors Ltd
The Hong Kong Institution of Engineers – Building Services Division
KNX Association
LonMark International
Macau Construction Association
The Macau Institution of Engineers
Taiwan Intelligent Building Association
ZigBee Alliance
Z-Wave Alliance
Furthermore, a comprehensive series of forums and seminars will also be held in conjunction with the fair. These concurrent events allow end-users to connect with field experts for cross-sector business collaborations and exchange ideas to facilitate greater future developments. Some of the highlighted topics include:
- Future trends in China’s intelligent building and home automation market
- International intelligent building standards for building control systems
- Latest building automation technology for real estate development
- Internet-of-Things technology and smart home development
- Electrical engineering designs and applications
The 12th edition will be held concurrently with the Guangzhou International Lighting Exhibition. Together, the two fairs will serve as a comprehensive platform for showcasing the latest electrical engineering, lighting, and building and home automation technologies and solutions. A diverse range of visitors are anticipated to join, including energy service providers, power companies, system integrators, architects, designers, contractors and end-users.
Guangzhou Electrical Building Technology is organised by Guangzhou Guangya Messe Frankfurt Co Ltd. The fair is a part of Messe Frankfurt’s building and energy shows, headed by the biennial Light + Building event in Frankfurt, Germany which will take place from 13 – 18 March 2016. The show also follows a series of light and building technology events in China, including:
Spring 2015
9 – 12 June 2015
9 – 12 June 2015
23 – 25 September 2015
23 – 25 September 2015
To find out more about these events, please visit www.building.messefrankfurt.com.cn or email building@china.messefrankfurt.com.
20 March 2015, Hong Kong – Swire Properties today announced the launch of sales in Hong Kong for RISE, one of two luxury condominium towers at Brickell City Centre, a massive HK$8 billion (US$1.05 billion) mixed-use development project in downtown Miami. The decision to offer RISE on sale in Hong Kong follows strong demand from US and international buyers for REACH, the first condominium tower launched for sale in May 2014 which is now almost 80% sold.
“With Hong Kong being our home market, expanding sales in Asia for this transformational project was a natural decision,” said Stephen Owens, President of Swire Properties Inc, the US subsidiary of the Hong Kong developer. “Much like Taikoo Place and Pacific Place, which are situated in the heart of Hong Kong, Brickell City Centre’s RISE is in the epicentre of Miami and in close proximity to all the city has to offer.”
Designed by world-renowned architecture firm Arquitectonica, with interiors by acclaimed design firm Richardson Sadeki, RISE comprises 390 units. The first batch of 20 apartments which will be introduced in Hong Kong range from 982 sq ft to 1,852 sq ft, with prices ranging from HK$5.16 million to HK$11.62 million (US$660,900 to US$1,490,900).
RISE features amenities that set new standards for luxury living in Miami, including an on-premise concierge service, a half-acre outdoor amenity deck with pools and tropical gardens, a poolside café service, an exclusive Hammam spa, a state-of-the-art fitness centre, a library, a tech-savvy children’s room, an entertainment suite, a business centre, a secured parking garage and 24-hour valet service.
Maile Aguila, Senior Vice President of Sales of Swire Properties Inc. (left); Adrian To, Director, Residential of Swire Properties (right)
“Miami is an important global gateway city, with an ever increasing influx of international buyers,” said Maile Aguila, Senior Vice President of Sales for Swire Properties Inc. “The sophisticated features and amenities being offered at RISE, coupled with unparalleled retail, dining and entertainment at Brickell City Centre will make RISE a unique urban living experience.”
From 21 March to 19 April, a sales gallery with a video and photo exhibition of RISE located at G/F of Cityplaza Four will be open for public viewing every Monday to Sunday from noon to 7 pm. Centaline Property Agency has been appointed as the exclusive agency for the sales of RISE in Hong Kong.
Strategically located in Brickell, the centre of Miami’s financial district and urban core, Brickell City Centre broke ground in June 2012 and is set to deliver on schedule from the end of 2015. Encompassing 5.4 million sq ft, the project boasts two luxury residential towers, a world-class, multi-level shopping centre anchored by luxury department store Saks Fifth Avenue, the first EAST hotel in the US, two grade A office buildings, Cinemex, an upscale dine-in cinema as well as carefully planned public spaces, transforming Miami’s landscape.
HONG KONG, 24 March 2015 – New supply of Grade A offices in Hong Kong is expected to reach 20 million square feet between 2015 and 2024, according to JLL Hong Kong in its latest research on new office supply.
The supply of Grade A offices has halved from an annual average of 3.3 million sq. ft. from 1985-1999 to just 1.6 million square feet from 2000-2014. The drop in supply has largely been a reflection of the ad-hoc government land sale programme that was in effect from 1999-2013 and high land premiums sought by the government for the redevelopment of older industrial buildings. The surge in asset prices in recent years has also made it much more difficult for developers to acquire and redevelop older buildings in the city’s traditional business districts such as Central, Wan Chai/Causeway Bay and Tsim Sha Tsui.
With new supply falling below average take-up over the past 20 years, approximately 2 million sq. ft. per annum, the vacancy rate in the Grade A office market in traditional business districts has remained at or below frictional levels. In some segments of the market, vacancy has even dipped below 1 per cent in recent years.
The influx of new supply over the next 10-years, however, will lead to dramatic changes in the city’s office market. Importantly, much of this new supply will be driven by government land sales. Since 2011, the government has earmarked over 20 parcels of land for office development in Kowloon East as part of the Energizing Kowloon East Office scheme. Of those yet to be sold, these sites have the potential to yield at least 12 million sq. ft. of Grade A office space. The government is also expected to release land with the potential to yield around 4.8 million sq. ft. of office development in Central and Wan Chai through reclamation and the reprovisioning of old government buildings and car parks. Across the harbour, the development of the West Kowloon Cultural District and the completion of the Guangzhou-Shenzhen-Hong Kong Express Rail Link terminus will provide a further 2.9 million sq. ft. of supply.
Short-term office supply will be further boosted by the government’s revitalisation scheme for industrial buildings, which encourages developers to convert older industrial buildings into office use. To date, over 47 special waiver applications citing office use as a conversion option have been executed, potentially supplying the market with up to 4.7 million sq. ft. of alternate office accommodation over the short-medium term. Combined with government land sales, JLL estimates that there is provision for at least a further 20 million sq. ft. of Grade A office supply to be delivered between 2015 and 2024.
Hong Kong’s Grade A office market to grow by 20 million sq. ft. in the next 10 years
The dramatic change in office supply will have a wide range of implications for occupiers and investors. For occupiers, increasing supply offers a myriad of opportunities to secure cost effective offices to accommodate expansion and consolidation requirements.
For investors, the growth of the market will, for the first time, provide investors the opportunity to acquire high quality assets in both established and emerging office locations.
Gavin Morgan, Chief Operating Officer and Head of Leasing at JLL, Hong Kong, said: “We remain optimistic on the growth of the city’s office market led by increasing demand from companies originating from mainland China. While vacancy currently remains tight across the market, with only a few Grade A office buildings, such as Citibank Plaza, having availability to accommodate larger office occupiers, the completion of new supply over the next 10 years will slowly move the market back in the favour of occupiers.
“New high-quality developments, including Swire Properties’ office developments in Quarry Bay and Kowloon Bay, the joint-venture development of Nan Fung Development and the Link REIT in Kwun Tong and the redevelopment of Wharf T&T Square in Kwun Tong by Wheelock Properties will provide opportunities for occupiers to secure cost-effective offices to meet their long-term business needs.”
Denis Ma, Head of research at JLL, added: “With the emergence of Kowloon East, the rental market will need to adjust accordingly. The days of HK$200 per sq. ft. monthly rentals in Central [during 2007] are unlikely to be coming back anytime soon.”
Opening the Facebook offices in Hong Kong’s Quarry Bay district has created more than a little buzz, but the interior architects behind the office’s design have been knocking it out of the park since the 1980s.
If you were to stop and look around the next time you are at any number of highprofile corporate offices or major tourism destinations in Hong Kong, there’s a strong chance you’re peering at the work of interior architects Richards Basmajian.
David Richards and Peter Basmajian founded the company in 1986 and have credits on some of the best-known interiors created since then. The CLP Headquarters in Hung Hom, law firm Simpson Thacher & Bartlett, ship management company Seaspan, Colliers International and McDonald’s have all been designed by the practice. If you add their club, museum and tourism work for the likes of The Hong Kong Club, The Peak Tram Company’s interactive gallery, Sotheby’s and the original Hong Kong Maritime Museum at Murray House in Stanley, you’ll soon be able to tell that their work has played a serious role in shaping the lives of thousands of people each day.
One of the practice’s recent successes has been the interior for the Facebook Hong Kong office, perched over Victoria Harbour at One Island East in Quarry Bay. At the 2014 American Institute of Architects Hong Kong Design Awards, the Facebook project took home an Honour Award for Interiors and a Special Commendation for Interior Architecture at the inaugural AIA International Region Awards Ceremony.
The open-plan Facebook offices are decked out in fine style, as you might imagine for one the biggest technology companies on Earth.
The kitchen, with all the conveniences – the coffee machine being a paramount concern – sleek finishes and soft, recycled wood flooring and countertops, would not look out of place in an up-scale neighbourhood café in New York City. The food is, of course, free and the kitchen stocked with snacks.
The table tennis and treadmill with a work surface (for the ultimate in standing desks) might be Silicon Valley standard, but the unparalleled views over the harbour from the massage chair, and observation point with telescope, must make a job in this Facebook office one of the most sought after in the world.
Balance point
In this half of the 60th floor of the tower, there are no offices, reflecting the social media platform’s DNA to provide a communication tool without boundaries.Desks are motorised for height adjustment to ensure that workers of any size can be accommodated in ergonomic comfort, sitting or standing.
“The office design embodies the culture and value of our company, which is, make the world more open and connected,” Jayne Leung, Facebook Greater China’s Head of Sales told Hong Kong Business last year.
Richards Basmajian have pulled off quite the balancing act in this 1,022 square metre, LEED-rated office. Against the confusion and potential for disruption that open plan offices can create, there are subtle sound-attenuating baffles. The hard floor, structural concrete, glass and steel are softened by carpets inspired by the Orient and recycled timber flooring. And the Facebook project includes four “cozys”, small-sized meeting spaces, that offer privacy and a measure of seclusion.
Richards Basmajian say that although some of the client’s performance specifications were onerous, they met and exceeded the brief with a design that shows their flair for interpretation – and an ability to customise a space in a way that ensures it is the essence of Hong Kong.
“There were many times when the design team became quite frustrated until we realised, at about two months into the process, that we had actually been ‘forced’ by this particular project manager, perhaps unwittingly, perhaps consciously, to think increasingly like Facebook staff ourselves: we had to become much more social,” says Peter Basmajian.
“It was a difficult birth but we are all immensely proud of the result.”
Change of pace
The practice says they worked closely with the Facebook team, bringing the site to life over a period of six months, culminating in numerous trips to local showrooms for “that last piece” of eclectic furniture that would lend the interior a “home-away-from-home” feel.
It’s one of the trends shaping modern office design. Basmajian says more businesses are interested in providing environments that attract staff and keep morale high. Information technology has inspired hot desks and allowed more people to work from home.
“There has, however, been a commensurate increase in the need for ‘phone booths’, small meeting rooms for one or two people,” he says.
The Facebook project by Richards Basmajian focuses on the practice’s abilities in office design, but the Sheung Wan studio has also worked on numerous residential projects, particularly clubhouses, as well as galleries and high-end retail outlets. Sotheby’s 1,400 square metre gallery in One Pacific Place, for example, includes an auction centre and lecture hall.
Richards Basmajian are up front about the secrets to their success, saying that “a whole bunch of good people work here”, mostly designers or design technicians. They say the work is kept eclectic and interesting – to keep people thinking. “People who can think produce good work and stick around.”
A state-of-the-art international school campus in Sai Kung has helped set a new benchmark for the design of educational facilities.
The limitless possibilities provided by a solid education are reflected everywhere in the innovative and sophisticated design of the Hong Kong Academy campus at Sai Kung.
Hong Kong-based architecture and interior design firm Collaborate Ltd, in association with graphics and identity consultancy Hybrid and designers Dialogue Ltd, were appointed to create the interiors including the preschool, primary and secondary classrooms, as well as specialty learning areas, libraries, communal spaces such as the cafeteria and the administration areas. Their Hong Kong Academy project was the design team’s first foray into school design.
Hong Kong Academy is an international school with an existing 
enrolment of 550 students, which is expected to increase to 700 students. It caters for students from 45 different nationalities, aged from three to 18 years of age, with classes from pre-kindergarten up to Grade 12. Collaborate Ltd’s director Roger Hackworth said avoiding a “kiddy-looking approach” was paramount.
The design team’s approach to the interior spaces was to mirror the school’s educational philosophy. The architecture would have to engage the community, be dynamic and adaptable enough to change, and to embrace diversity. The result was a five-storey, 23,500 square metre school campus that avoided the traditional mindset that schools must be an “institutional” space. Instead, the Hong Kong Academy is an energetic and creative space designed to nurture each student’s individuality.
“We really understood what their needs were,” says Hackworth.
Green shoots
The Hong Kong Academy was founded in 2000 as a community-based but truly international school with an innovative approach to extend students’ learning style, acknowledge their natural strengths and foster creativity and communication. It provides a learning environment for its student body with an emphasis on inquiry-based and student-centred learning, aims that underpinned the approach for the school’s Sai Kung campus in both its design and construction. The campus was built on green and sustainable principles, incorporating student-initiated programmes, such as a recycling system.
The school incorporates a number of green initiatives, including an air-conditioning system based on displacement ventilation, carbon dioxide sensors and watercooled chillers. Rainwater is harvested to irrigate campus landscaping. The campus also features a visual arts and technology suite with an outside courtyard with sea views, landscaped roof areas for student gardens, sports courts and a running track. The design team chose to work with materials that reflected the school’s philosophy that education is not finite, but rather continuous. The materials couldn’t be considered “finishing” materials but rather raw concrete, strand board and galvanised steel. Incorporated into the materials are the graphics and signage that have come to represent the school and the architecture of the interiors, rather than being elements applied at the end of the project.
Holistic approach
All school furniture was selected for its true ergonomic design and range of sizes to suit all the students. It was also important that the furniture’s use was flexible and that it could be adapted and moved to suit different learning scenarios, whether it be group or individual.
In keeping with the overall theme of the campus, the team selected furniture which was environmentally sound in terms of materials and durability and had an enduring design to avoid any sense of gimmick in the interiors. “I think the school feels that we have really achieved that balance in the design so that kids, when they are 18, can be equally sharing a space or using a space and not feel that they are in a 3-year-old’s space,”
The overwhelming feedback from the school community – parents, teachers and most importantly, students – has been positive, with all embracing the interiors. The spaces are proving engaging, interactive and adaptable for multi-purpose education experiences.
The designer’s holistic approach to the architecture, interiors and design allows educators to use the building itself as a learning resource by interweaving sustainable design with interior design, sport, art and science. The spaces are full of surprises, in keeping with the philosophy of creating a stimulating learning environment for all ages.
“We’re very pleased with the work and the school has had great feedback. It’s great to hear that.” Hackworth says the most intriguing part of the project is how the architecture is settling into its environment. The school is designed to be a resource for the wider community as well as the students. “Given time, it will be great to see how it all comes together.”
Collaborate have built a reputation for intelligent design and attention to detail through their consumer-oriented projects that have included Hong Kong’s Kee Club, Virgin Atlantic’s Hong Kong Clubhouse and Capital M Beijing.
But this first-time effort at a school project by this design team, with its raw materials, dynamic and flowing lines, and inviting learning spaces, sets a high benchmark for educational facilities.
Done poorly, signage is little more than visual graffiti, decorations hanging in front of our eyeballs.
For those with sound vision and who are able to lift their gaze from their mobile phones, we are constantly being aided, advised, directed, restricted, and prohibited by signage in all shapes and forms, with or without lighting, with or without pictograms.
In the hands of experts, signs are a science. Unfortunately not everyone pays attention to getting it right.
The classical study of signs and symbols is semiotics, derived from a Greek phrase meaning “observant of signs”. It’s part philosophy, social science, and life sciences – including ergonomics – wrapped into one. In architecture and construction, a whole discipline has emerged to direct and inform pedestrian traffic. It’s called wayfinding.
Pioneers in this modern application of semiotics include Paul Mijksenaar, who founded the agency that bears his name in 1986. The agency specialises in the design of visual orientation, navigation, and information systems. The most famous expression of his work was Amsterdam’s Schiphol airport. It was adapted in New York and New Jersey and has become a default for signage that is statutory, informative and that keeps us safe.
When leaders such as Mijksenaar or typography designer Kontrapunkt, with its offices in Copenhagen and Osaka, aren’t on the job, signage can sometimes confuse or contradict.
Words and images can be misunderstood, and interesting words or grammar may not translate well but potentially have an unintended humorous bent. Here are some examples.
The Hong Kong Polytechnic University (PolyU) and the Construction Industry Council (CIC) entered into an agreement today, with PolyU licensing the technology of the anti-heat stress construction uniform to the CIC. Designed and produced by PolyU, the anti-heat stress construction uniform set comprising a T-shirt and trousers are made from Coolmax fabric and a new generation of moisture-management textiles made from nano-materials. With excellent one-way transferability and liquid moisture management capacity, the technology improves fabric breathability, speeds up sweat evaporation and helps construction workers to reduce heat stress.
In order to maximize its benefit to construction industry practitioners, under the signed agreement, the CIC will sublicense the technology of the anti-heat stress construction uniform to contractors. The latter can fabricate the uniforms under the specification provided by PolyU. PolyU’s Institute for Textiles and Clothing (ITC) will provide testing services to ensure that the fabricated uniforms meet the required standards. It is estimated that the uniform will make its debut at the Construction Safety Week 2015, with an aim to garner wider support from the industry.
Local construction workers have to work outdoors for long hours under hot and humid weather conditions. To alleviate their strain, the research team led by Professor Albert Chan of PolyU’s Department of Building and Real Estate (BRE)aimed to develop suitable clothing that met industry specific requirements. After testing the properties of over 30 types of fabric available in the market, the team discovered that Coolmax fabric was most suitable for producing the T-shirt. As for trousers, the team used a new generation of moisture-management textiles made from nano-materials. Retro reflective strips are printed on both sides of the T-shirt and trousers to cater to the needs of the construction industry.
To evaluate the effectiveness of the anti-heat stress uniform in protecting construction workers from hot and humid weather, during February – May 2014, the PolyU team invited 12 participants to put on the whole set of uniform for testing inside a climatic chamber (34.5 degree Celsius; 75% humidity). The quantitative results showed a remarkable reduction of physiological strain by 16.7% and body heat storage by 28.8% over conventional work-wear, with participants having lower core temperatures and skin temperatures, and better physiological strain indices. A field study undertaken during July-August 2014 with the participation of 184 construction workers revealed that the anti-heat stress uniform received over 87% support from the workers. They considered it cooler, dryer and more comfortable.
The study was jointly conducted by BRE, ITC, as well as the Technological and Higher Education Institute of Hong Kong under the Vocational Training Council, and supported by the Research Grants Council. It is the first scientific research dedicated to designing and engineering suitable clothing to protect construction workers from extreme heat and high humidity.
PolyU Interim Vice President (Campus Development and Facilities), Professor Ko Jan-ming remarked, “The University is delighted that the study received strong support from the CIC. We hope that by licensing the technology to the CIC, we could promote wider use of the anti-heat stress construction uniform by the industry. PolyU will continue to work closely with the CIC, embarking on research to meet the needs of the construction industry.”
Mr. Cheung Hau-wai, Chairman of the Committee on Construction Safety of the CIC said, “The CIC has been taking a leading role in fostering a caring and safety culture in the construction industry. With PolyU licensing the technology of the anti-heat stress construction uniform to the CIC, the CIC will further promote the technology to contractors for site adoption to enhance the health and well being of construction workers.”
Hong Kong’s leading team racing event for schools culminated in two exciting divisional finals’ series this afternoon in front of Royal Hong Kong Yacht Club’s Middle Island sailing centre located on the south side of Hong Kong Island.
Members of the public watched from the promenade as 172 sailors from 22 schools completed two marathon days of team racing in Feva and Pico divisions, overseen by Race Officer Andrew Moore. Races featured three teams per school, with two schools in each race. The winner of each race was decided by totalling the points for all three finishers– lowest score winning, e.g. 1st +3rd +5th beat 2nd +4th +6th.
On Saturday the breeze gave an average of 7 to 8kts, gusting to 15 and while Moore acknowledged that the standard of sailing varied form team to team, he stressed that many of the more experienced schools were match racing the starts and contesting extremely close starts, mark roundings and finishes.
Even with a couple of resails, he managed to pack in 78 races on the first day, ahead of schedule and creating the time for semi finals and petit finals as well as the finals competition for divisional honours. At the end of the round robin element of the competition, French International School (FIS) topped Feva pool A, with King George V (KGV) first in pool B, while in the Pico class, Island School and Kellett School took first place in A and B respectively.
The semi final round switched to a knockout format, with the ‘best of three’ winners going forward the finals. In the Feva division, KGV overcame Hong Kong Sea School (HKSS) 2-1 setting up a confrontation with South Island School (SIS) who knocked out FIS, also by a 2-1 margin. In the Pico division, HKSS reached the finals with a 3-0 win over Hong Kong Schools Sailing Association, and Kellett School beat Island School 2-1.
The finals and petit-finals also featured a ‘best of three’ format, producing some of the best sailing seen all weekend and some nail-biting finishes. The Feva final went down to the last beat of the final race. At 1 race apiece, KGV was lying 1st, 3rd and 5th at the penultimate mark and with great presence of mind, the third paced boat blocked the 4th and 5th placed SIS boats to allow his teammate to come through and secure 1st,3rd,4th to win the race and the regatta. A similarly exciting final in the Pico division resulted in a 2-1 triumph for Kellett School,
The prizegiving took place immediately after the final race, with Rear Commodore Sailing, Anthony Day thanking event supporters Neil Pryde and Aberdeen Boat Club before inviting Race Officer, Andrew Moore and Neil Pryde representative, Peter Davies to award the prizes. Day noted that “(Inter-School Sailing Festival) is a key part of our development programme and the more sailing we can channel through the school curriculum, the better. This competition showcases a great demand for youth racing and we hope that it continues to grow.”
Images from Inter-School Sailing Festivals are available free of charge for use with editorial, however a credit in the form “Image : RHKYC/ Guy Nowell” must be carried with any that are used.
The British-based Institution of Civil Engineers shares its wisdom on infrastructure delivery with its Hong Kong members.
Anyone living in increasingly urbanised Asia is familiar with the scale and potential for disruption caused by building massive infrastructure projects. With up to one-fifth of the world’s population projected to live in mega-cities by 2030, infrastructure development is set to accelerate and the challenges multiply. Every infrastructure project is designed to make cities function better.
Hong Kong is home to the world’s best infrastructure according to last year’s World Economic Forum. Among the most prominent projects are the high-speed rail link to Guangzhou, the Hong Kong-Zhuhai-Macau Bridge, MTR expansion and a third runway at Hong Kong International Airport.
Planning in Hong Kong takes an average of almost five years from inception to start of construction, and the city is first, according to consultancy EC Harris, or third by the Arcadis design consultancy, in rankings of the most expensive construction locations.
(Left) Mr. Lee Shing-see, Chairman of Construction Industry Council, (Right) Professor David Balmforth, ICE President 2014 – 15
Collaborative approach
Professor David Balmforth, the president of the London-based Institution of Civil Engineers, discussed the future of infrastructure planning in Hong Kong and the Asia-Pacific region in January.
As an advocacy organisation promoting best practices, ICE is currently working on Shaping Hong Kong, a report exploring how civil engineering can help achieve lowcarbon, high-density living. The final report is due in October. At his presentation at the Zero Carbon Building in East Kowloon, Balmforth outlined the necessity of implementing the New Engineering Contract, promoted by ICE, which focuses on collaboration and transparency over traditional, and dominant, adversarial work.
Balmforth says infrastructure completion is not only at the mercy of slow planning and high costs, but projects are under pressure to be resilient and responsive to real world issues such as climate change and population growth.
High costs come early in a project’s life, and are generated by lack of direction and clarity in design and an industry culture that prioritises sticking to a budget rather than reducing costs. But that may be changing.
After the success of the initial 30 pilot projects under the scheme, the Hong Kong government committed to NEC contracts for all public projects this year and next. The programme will equip “construction professionals with the skills necessary to be able to manage a high standard of specialised projects using the NEC3 ECC”. The focus is on partnerships and collaboration.
The Engineering and Construction Contract (ECC) programme was launched in Britain in 2013, and the Construction Industry Council can see the programme becoming the industry standard throughout the Asia-Pacific region.
Process improved
An example of the benefits of the approach are seen in the Fuk Man Road Nullah improvement in Sai Kung, delivered six months early and 5 percent under budget.
“There will always be cost fluctuations in any form of construction contracting; there will be labour costs, materials costs, the weather adds costs,” says Balmforth. “What is more important is how we manage those costs. That brings me back to the partnering approach.
“It’s much easier to manage cost if you’re in a collaborative work [environment] than if you’re in the traditional adversarial pattern. An adversarial contract fosters blame; a partnering contract fosters collaboration.”
Sustainable and cost-effective infrastructure delivery is crucial for economic growth and improved quality of life, and Balmforth believes the two go hand-inhand.
“Developing and operating infrastructure is intrinsically linked with not just the environment, but with the whole quality of life. To create good, sustainable communities for the future you have to have all parts of the jigsaw working together, of which infrastructure is a very important part. But it is only a part.”
It’s not a case of ‘let’s build the infrastructure and then cope with the environment’. It’s the other way around. Infrastructure needs to work as a part of the bigger picture and not isolation.”
Environmental focus
Hong Kong’s less-than-stellar environmental track record is well documented. The city suffers at the hands of precisely the kind of infrastructure it apparently needs desperately.
But Balmforth isn’t convinced the situation is that dire, and argues Hong Kong could become a beacon for the rest of the world.
“I think there are a number of important lessons Hong Kong can share with the rest of the world. It’s hugely urbanised, rapidly growing, it’s got large volumes of traffic movement and constrained borders. Many cities will be facing those problems,” he says, suggesting that the city is in a position to lead a sustainable urbanisation charge.
“In the way [Hong Kong] pioneered major infrastructure, there’s an opportunity here to pioneer future solutions, the next stage of urban development. There’s a massive opportunity to unpeg some of those difficult questions for the future. If we can’t deal with some of those issues here, where can we do it?”
The trends that will shape the real estate market have been bubbling under; shaping the thinking of the region’s property services firms and surveyors. PRC Magazine looks at the wider picture that will shape the year.
This year is set up to be an interesting one. An interest rate hike has been expected for years but a clutch of other factors could be brought to bear on Hong Kong and the Asia-Pacific region, the same region that led the world out of its 2008 financial funk. Slowing economies in mainland China, Japan and Germany; the continuing uncertainty in the United States; potential volatility and over-pricing of office and industrial property; and rising production costs in the mainland and a shift from manufacturing are among the hurdles facing Asia this year.
In spite of the headwinds, Colliers International forecasts a rise in real estate transactions on the heels of a significant increase in supply.
“There is pent-up underlying demand from both occupiers and investors, primarily due to the lack of stock, and that will gradually be satisfied,” Colliers interim chief executive for Asia Dennis Yeo said in December. Expiring funds with assets to sell, skyrocketing outbound mainland investment, an explosion in e-commerce, a strong logistics sector and overseas investors refocusing on an under-represented Asian region are all factors that should help smooth out a potentially bumpy year.
OFFICE REBOUND
Though the Asia-Pacific region’s rapid rebound after the financial collapse of 2008
has slowed, this year is expected to see a return to moderate GDP growth of about 5.5 percent. After a cautious 2014, rental yields in emerging markets such as Jakarta, Manila, Shenzhen, Bangalore and Chennai will see the strongest gains of about 3 to 4 percent, while core markets will be marked by low vacancies and strong demand.
Thos same core markets, however, will post wildly disparate numbers. In its annual global office forecast, Cushman & Wakefield predicted that with “increasing regulatory oversight, office performance in the region’s financial centres of Tokyo, Hong Kong, Singapore and Shanghai will be mixed, depending on demand-supply dynamics as well as tenant bases.
“Japan’s economy is anticipated to weather the increase in consumption tax and establish a positive growth-inflation dynamic, as Prime Minister Abe looks to set his reforms in motion.”
MURKY FUTURE
New supply isn’t expected in Singapore until 2016, and Hong Kong is locked into China’s fortunes, making shaky demand a worry.
“A lot of Hong Kong’s success is dependent on China. If we see a significant slowdown up north, that will have an impact on demand,” says Ben Dickinson, regional director and head of markets at Jones Lang LaSalle.
“We do suffer from a lack of supply, certainly in the next couple of years, but we’ve known about that for a long time. From 2017 onwards it should be okay.” The new Kowloon East business district, CBD2, will stabilise at rates and prices in line with Tsim Sha Tsui as more supply comes online. Prices may come down as much as about 5 percent. Expect prices in Central to return to growth, by as much as 5 percent.
Tokyo, conversely, is expected to see its commercial market – one of the world’s biggest – outperform on the heels of strong corporate earnings. That city’s prime office space currently sits at about US$1,400 a square metre per year according to research by JLL, besting both Singapore and New York.
With retailing such an important part of the economy in Hong Kong, fears of a continuing slump dominated the fourth quarter of last year.
The Occupy protests “did have quite a marked effect on retailers, particularly in September and October. But from November it was pretty much back to normal,” says JLL regional director, head of retail, Tom Gaffney.
“In the months where it was quite drastic, we did see a slowdown in Central and Mongkok. Interestingly in Tsim Sha Tsui it was business as usual and going forward a lot of retailers are the ones that are continuing to expand understand it’s a big issue in Hong Kong but they’re forging ahead with expansion plans.”
IMPROVING FORECAST
CBRE sees sentiment among retail investors improving this year. The agency’s data reports visitor arrivals, sales and private expenditure all increased in the third quarter of last year, and rents dropped only marginally, by 0.2 percent over the previous quarter.
“The increasing trend for Chinese tourists to shop for luxury goods in other markets will continue to prevent high-margin luxury brands from expanding aggressively in Hong Kong,” says CBRE’s Retail MarketView report for 2014.
“As such the leasing market is expected to be driven by mid-tier brands, which appeal to both locals and tourists,” continuing the trend, started in 2014, of focusing on the city’s non-core districts. While Hong Kong’s status as a shopping haven wavers, Seoul, Singapore and Tokyo are competing to pick up mainland shoppers, and Jakarta, Manila and Ho Chi Minh City remain stable as emerging centres.
In many ways directly connected to retailing, logistics, industrial and warehouse properties could have a banner year. With traditional and online retailing having little real impact on the industrial sector, DTZ sees industrial markets in Sydney, Shanghai and Singapore as poised for growth through to 2017. Even Hong Kong will show signs of growth this year.
“The retail model may have changed but the actual requirement for space to store goods is still there. I don’t think that will hit the value of warehouse space,” says Colliers’ senior director of industrial services Wayne Chiu.
“2015 will follow a similar trend as 2014, around 2 to 3 percent increase in rental. The major reason, though there’s supply coming up, is most of the space will be owner-occupied by the asset… Cargo lift and ramp access [properties] have a slight difference in rental premiums. Most new developments coming up have ramp access space. They’re better quality buildings with more efficient facilities.”
FOR FUTURE USE
As property services company DTZ sees it, the future of office investment is India and the mainland. The diversity and skilled work force in the subcontinent, its substantial supply of new offices and low occupancy costs have pushed it ahead of the pack for outsourcing. In the mainland, a wholesale shift from manufacturing into high-end technologies, finance and logistics are putting a new emphasis on both office markets.
“Manufacturing isn’t a key concern to China. They’re already shifting away from manufacturing and focusing on services industries. They don’t want the garment manufacturing and low value manufacturing, instead they feel they’ve matured and are looking into IT or advanced manufacturing,” says James Macdonald, director and head of China research for Savills in Shanghai. Nearly 35 percent of its stock is new supply, which could result in downward pressure on rents in the next 12 months.
ROOM TO MOVE
Retail and industrial property is set to experience the biggest transformation in the coming years.
Online commerce is having a sustained effect on traditional retailing, leading to widespread repositioning and rebranding. In Hong Kong, retail revenues fell in the second half of last year and the city can into longer claim its top spot on the list of most expensive retail property in the world.
Colliers senior director of retail services Helen Mak says: “Rents are coming down because luxury brand sales are coming down. However that doesn’t mean they’re collapsing. It’s a mild adjustment… Affordable luxury will become the driver. As the mainland market matures, volume will become the trend in Hong Kong.”
URBAN UPHEAVAL
A relatively weak yen, affordability issues in Hong Kong and Taiwan, and social shifts in Indonesia and Thailand that are bringing residents back to city centres are among the factors that will define residential investment this year.
Among the issues facing Hong Kong, a hotbed of residential investment, are interest rates. “We’ve talked about rate rebounds for the past five years but they’ve stayed low,” says JLL managing director Joseph Tsang.
“Moving forward the discussion is of a rebound [this] year… just before the Lehman crisis interest rates for mortgages were somewhere close to 6 percent and the market was still very healthy.”
Rate hikes could lead to slowing transactions, which in turn could lead to rising rents in the middle of the market. Ultimately, prices are expected to rise by 3 to 5 percent on limited supply, which January’s Policy Address did little to change. “Other than that, I don’t see any problems in the residential market. Equally I don’t see an upside. It will be relatively stable,” says Tsang.
REGIONAL CHAMPION
As in Hong Kong, Taipei has benefitted from a trade agreement with the mainland, and sees its supply of properties equally constrained.
“Property demand from Chinese nationals, businesses and institutional investors is on the rise. Robust property demand is attributable to surging investments made by Chinese firms in Taiwan as economic ties between Taiwan and China have strengthened significantly over the past few years,” says Kai Chen, research director at Taiwan Sotheby’s International Realty. “In Hong Kong and Singapore, hawkish policy measures have been imposed on foreign buyers, causing the luxury home price decline trends seen recently.”
High-end real estate in Taipei is considered good value when assessed on a regional basis and Chen expects prices to keep creeping up in the near future making the city a possible destination for long-term investors.
With other big cities such as Sydney, Melbourne and Singapore seen as tracking steadily throughout the year, Tokyo is the darling of the Asia-Pacific region. The inexpensive yen, a bump from the 2020 Olympic Games, freehold ownership, a large pool of tenants – just 40 percent of Tokyo residents own a home – and “Abenomics” have ensured Tokyo has been the best buy for two years in a row.
The looming issue is whether Japanese Prime Minister Shinzõ Abe can maintain the country’s momentum with quantitative easing tactics, in the face of a dip in spending resulting from October’s increase in the consumption tax and the threat of a recession.
Tokyo remains a favourite. Low interest rates; infrastructure such as a maglev high-speed train connecting Tokyo, Nagoya and Osaka by 2027; a planned opening of the US$40-billion casino market, giving rise to a Macau-style property surge: appealing condominiums in central Tokyo; access to Fortune 500 companies; and Tokyo governor Masuzoe Yoichi’s plan to lure businesses with special trading zones, all make for the right environment for property.
TECHNOLOGY TURNAROUND
3D Printing
A final trend emerging more swiftly than expected is the impact technology has on property. Aside from the upheaval in the retail sector and the resulting buoyancy in industrial property, the forward pace of technology is exerting an increasing, if subtle, influence on real estate at the bricks-and-mortar level.
Technology is forcing a wholesale reconsideration of how an office looks and works. Knight Frank’s 2014 Global Cities report says technologies such as mobile communications and tablet computing, drones, robotics and 3D printing combined with the importance of the creative industries have paved the way for a new type of corporate workspace. The trickle-down effect goes even farther when workers in those industries demand a non-traditional, anti-corporate workplace that may be smaller but is more open to communication, usually in an established area with substantial street life. Think the rejuvenated Island East, Tokyo’s Shinjuku or Gangnam in Seoul.
The City Momentum Index rates the strongest locations for investment, the stalwart destinations such as London and San Francisco and emerging hotspots, such as Sydney, Melbourne, Bangalore and Nairobi.
“We have seen the technology industry driving cities’ real estate markets year over year,” says JLL director of global research Jeremy Kelly.
“The thing about technology is that it never impacts [us] the way people think it’s going to,” says Yolande Barnes, director of Savills World Research.
“Technology in the 1980s was on everybody’s lips, and offices were designed with those things in mind, the way computers worked at that time. People were still thinking of trading as person to person, that also used computers, so you had to accommodate all those people and all the computers with all the trunking.
“How it turned out of course is completely different. Technology has changed the nature of that box.”
RICS (Royal Institution of Chartered Surveyors)will bring government officials, as well as local and overseas practitioners from broad spectrum of the property industrytogether to explore essential elements in building Hong Kong’s capacities for the future at the RICS Annual Conference 2015 on May 21. Mr. John TSANG Chun Wah, GBM, JP – Financial Secretary of HKSAR will kick start the Conference as the guest of honour, and will discuss the need to increase land supply for housing, Hong Kong’s economy, as well as other needs of the Hong Kong community.
RICS will bring together industry experts from across the world to discuss Hong Kong’s key issues at this international Conference. As a tremendously developing, densely populated urban metropolis, Hong Kong continues to face a rising demand for more space. Mrs. Janet Askew, President of Royal Town Planning Institute from the United Kingdom will lead overseas town planners to share their expertise on the urban planning of major global cities. Janet mentions, “London faces huge challenges and pressures for development. Our greatest challenge is to create a sustainable, liveable city for all in a well-designed environment. Hong Kong can take London as a reference in building itself for the future.”
With the blooming elderly population over the next two decades, Hong Kong’s population strategy will have a shifting focus towards the emerging silver hair market. A panel discussion at the conference will explore how Hong Kong can maintain its competitive edge and remain a world-class future city, despite, or perhaps even with the benefit of an aging population.
Mr. Andrew Lee, Chairman of RICS Hong Kong says, “RICS Annual Conference 2015 will address priorities in building a sustainable future for Hong Kong. Through in-depth discussion amongst experts in the industry, we aim to produce a framework which will help Hong Kong to build capacity for challenges in the years to come.”
In furthering Hong Kong’s capacity for sustainable growth and the competitiveness of Hong Kong, RICS will be hosting a career advice session at the Conference. Ambitious young professionals will be able to seize the chance to discover more about the industry from senior business leaders, and to find out more from the recruitment officers of Hong Kong’s top property and real-estate companies.
HONG KONG, 07 April 2015 – Leasing activity in Hong Kong’s Grade A office market continued to steadily gather momentum in the first quarter, according to JLL Hong Kong’s latest research figures.
Net take-up in the overall market amounted to 369,000 square feet, offsetting the 75,000 square feet of net withdrawals recorded in the previous quarter. Supported by a pick-up in leasing activity and the realisation of pre-sales, Kowloon East recorded the strongest growth amongst the five key office submarkets with net take-up amounting to 206,000 square feet for the quarter. The biggest improvement in the market, however, was seen in Central where net take-up reached 133,000 square feet—the strongest growth in a quarter since 2012—compared with a negative take-up of 35,000 square feet in the previous quarter.
Growth was broad based. Demand in Central was led by a more stabilised banking sector and the steady growth of financial services companies, especially those from the PRC. Insurance companies were also active in the market with expansion requirements. Prudential and AXA expanded their operations during the quarter, while others were still actively looking for space at the end of the March.
The overall vacancy rate tightened 0.1 percentage points to 4.1 percent in the first quarter. Led by the pickup in demand, vacancy in Central dropped from 3.7 percent to 3.2 percent, its lowest level in over three years. Outside of Central vacancy remained extremely tight with vacancy in Hong Kong East and Tsimshatsui dipping below 1 percent. With vacancy tightening, rents trended higher across the market; up 0.8 percent for the overall market and 1.3 percent in Central, on a quarter-on-quarter basis. With the mainland Chinese government loosening monetary policy to shore up growth and improving economic data coming out of the US, business confidence appears to be improving.
Ben Dickinson, Head of Markets at JLL Hong Kong, said: “Leasing demand surprised on the upside in the first quarter. The recovery of the Central Grade A office market has not only reduced tenant options in the market but has also concentrated leasing activity into a handful of buildings with availability. Citibank Plaza, which is one of the few buildings in Central that can currently accommodate larger tenant requirements, attracted strong interest during the quarter from companies looking to expand or consolidate their offices in the city. If demand sustains into the second quarter, we could potentially see rents in Central exceed our current full-year forecast of about 5%”.
26 March 2015 (Hong Kong) – Knight Frank and Holdways have published the latest China Retail Property Market Watch report. To capture the opportunity of online sales, a number of major retailers established or expanded e-commerce business in China during the second half of 2014.
To compete with online shopping and attract footfall in shopping centres, many landlords have adjusted tenant mix and increased the proportion of food and beverage as well as entertainment facilities in their malls.
The total stock of prime shopping centres in seven major Mainland cities grew 6.2% to reach 38.8 million sqm in the second half of 2014. In the same period of time, the vacancy rate in Hangzhou’s prime shopping centres remained the lowest among China’s seven major cities, while the highest vacancy rate was recorded in Shenzhen.
With abundant new retail supply in the pipeline and a slower economic growth target of 7% in 2015, David Ji, Director, Head of Research & Consultancy of Greater China at Knight Frank expects growth in retail property rents and prices to be suppressed in major Chinese cities this year. First-tier cities—which are now largely saturated as a result of rapid development in previous years—will witness slower take-up of retail space from major retailers, while fast-fashion brands and other mid-priced retailers are expected to continue entering and expanding in second-tier cities.
HONG KONG, 25 March 2015 – As a result of rising office rents and residential values, increasing demand and a growing prime development pipeline, Shoreditch should now be classified as a core London market, according to research from JLL.
The area once known as ‘City Fringe’ has transformed to become an established part of the London commercial and residential market, with Shoreditch, Clerkenwell and Aldgate identified as core locations.
Hackney – which contains Shoreditch – has seen the strongest residential price rises of any London Borough over the past three years, with prices now 48.7% above the same point in 2011. Furthermore, JLL Research predicts that values in City Fringe’ locations, including Shoreditch, will rise by 17.4% over the next three years and 29.4% over the next five years.
Driven by increased demand, high spec office and residential schemes are being developed across the area, including The Atlas Building in Shoreditch, which is due to launch in Hong Kong in April.
The Atlas Building is a landmark mixed-use development consisting of a striking 40-storey residential tower and a 10-storey office building, as well as a new public piazza and retail space. Designed by award-winning MAKE Architects, the 152-metre building located moments from Old Street roundabout will be the tallest in the Tech City cluster. Due for completion at the end of 2018, the residential tower is a collection of 302 highly specified apartments, including studios, one, two and three bedroom apartments and penthouses. The building contains an extensive range of lifestyle amenities for residents, including a gym, spa and ground floor swimming pool, cinema room, 24 hour concierge and security and private residents lounge.
Directly fronting City Road, The Atlas Building is in a convenient and buzzing Zone 1 location and in prime position to access the diverse areas of Shoreditch, Islington, Farringdon and the City. The project is being developed by Rocket Investments, a private property development and investment company with a strong track record of delivering successful mixed-use schemes, with a particular focus around Old Street and City Road
Tom Appleton, Founder and Chairman of Rocket Investments, said: “We are excited to be launching The Atlas Building, as it is a bold development that responds to the spirit of innovation and growth in Tech City. Having worked on a number of significant projects in the Old Street area, Rocket Investments has seen the transformation from City Fringe to a core London market at first hand. Tech City embodies the eastward drift of London’s economy and, with the upward trajectory of demand and values expected to continue, The Atlas Building offers a unique chance to be part of one of London’s most vibrant and opportunistic areas, whether from a corporate, investment or lifestyle perspective.”
For further information and to register interest in The Atlas Building see
www.theatlasbuidling.com
Paris, March 23, 2015—With two months to go to the inaugural MIPIM Japan in Tokyo, 38 international companies, including major architect practices and real estate developers, have confirmed their participation.
Major international bodies such as the Organisation for Economic Co-operation and Development (OECD) and the Royal Institution of Chartered Surveyors (RICS) will also be represented among the 2,000 delegates, setting the stage for the launch of the region’s premier real estate event in one of the world’s hottest property markets.
During two days of expert-led conferences, targeted networking events, and exhibitions at the Prince Park Hotel Tokyo on May 20 and 21, MIPIM Japan will provide a forum for international stakeholders to source capital or new opportunities in Japan and for Japanese real estate professionals to share their projects and expertise with the world. The event brings together property and finance professionals from all asset classes—office, retail, infrastructure, leisure, residential—under the four central themes of The Olympics, Inbound and Outbound Investment, Innovative Cities, and Tourism. There will be more than 20 sessions on inbound & outbound investment, and a 1,000m² exhibition area showcasing projects and solutions from the world’s top real estate developers.
A statement from Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT) said, “MLIT is very pleased to support the launch of MIPIM Japan in May 2015 in Tokyo. MIPIM Japan will be an outstanding opportunity to promote the Japanese real estate market. We are looking forward to welcoming real estate professionals from around the world willing to invest or source investment in Japan and learn from the innovative solutions Japan has implemented in regards to smart cities, sustainable architecture, and construction.”
The MIPIM Japan programme includes a notable line up of speakers from Japan and around the world, with the opening keynote delivered by Hiromichi Iwasa, Chairman and CEO of Mitsui Fudosan. Among the international speakers will be former Mayor of London Ken Livingstone, whose presentation, Global events legacy: International Cities share past experience & learnings, is particularly timely as Japan makes preparations for the 2020 Olympics and seeks to create a positive legacy of urban revitalization after the Games close.
Stockholm Business Region CEO Olle Zetterberg’s speech on Business tourism attractiveness is also expected to draw considerable interest as Japan continues to roll out programs to attract foreign tourists, having achieved its goal of 10 million inbound visitors for the first time ever in 2013.
For further information on the MIPIM Japan conferences programme, please visit here.
16 March 2015 (Hong Kong) – Knight Frank has received the top real estate awards from RICS for the fourth year in a row. At the RICS Hong Kong Awards 2015, Knight Frank was named Professional Surveying Services Team of the Year for the second time and Residential Team of the Year for the fourth consecutive year.
Besides, Knight Frank was also awardeda Certificate of Excellence for the Best Deal of the Year and a Certificate of Excellence for Refurbishment / Restoration Team of the Year. The awards recognise our determination, excellence and professionalism which enable us to provide a comprehensive service.
Colin Fitzgerald, Managing Director, Greater China at Knight Frank, says, “We are deeply honoured to have received these prestigious accolades. Knight Frank is one of the city’s most respected and successful property consultancies having an international pedigree of over 110 years. Our professionalism, breadth of services, and highest levels of client servicing have earned our clients’ trust and this enabled us to excel and contribute to our best. These awards are a true reflection of our hard work and we are proud that our commitment to excellence is being recognised by our clients and industry peers.”
Professional Surveying Services Team of the Year
Knight Frank has advised government, landlords, investors, financers and end-users for more than 40 years in Hong Kong. In 2014, Knight Frank was appointed to undertake Integrated Development Consultancy (IDC) project for the West Kowloon Cultural District Authority (WKCDA) by providing pragmatic solutions for the coordinated implementation of an integrated art, cultural and property development scheme. Knight Frank has been subsequently appointed on different occasions for this signature project. The extensive professional advice given on this very complicated project won the jurors’ hearts considering the great impact to the cultural development in Hong Kong.
Residential Team of the Year
Knight Frank has been awarded the Residential Agency Team of the Year for the fourth running year since the award was introduced in 2012. In 2014, Knight Frank rolled out 17 international projects for 13 overseas developers, concluding 210 deals in in excess of £140 million total gross sales value. The jurors were impressed by Knight Frank’s comprehensive and well-demonstrated track record, and the ability to bring value-add to clients including new technology.
13 March 2015 (Hong Kong)– Renowned international developer, C&L International Holdings, in conjunction with Knight Frank, is set to launch Royal Como located in the heart of South Yarra, at 663 Chapel Street.
Location:
Property Information:
With the monthly rent for South Yarra units up 18% and capital and growth up 20.23% over the last 5 years, versus 15.22% for Melbourne metropolitan areas, Royal Como promises to be an exceedingly attractive proposition not only for owner occupiers looking for luxury and ease of lifestyle, but also for savvy investors looking for strong returns, as the average yield for South Yarra apartments is 4.37%.
*Penthouse is 326sqm internal and 92sqm external
Hong Kong Exhibition Details:
Date: 21 and 22 March 2015 (Saturday and Sunday)
Time: 11am to 7pm
Venue: 2/F, Edinburgh Room, Mandarin Oriental Hong Kong, 5 Connaught Road Central,
Hong Kong
Enquiry: Knight Frank Hong Kong on +852 2846 7418 or investint@hk.knightfrank.com.
For further information, please contact:
Angela Fung
Public Relations Manager, Greater China
Tel: +852 2846 7175
Fax: +852 2840 0600
