The recent acquisition of the 43-storey Asia Square Tower One by Qatar Investment Authority, a sovereign wealth fund, has provided the flagging Singapore real estate market with a much-needed shot in the arm.
Against the backdrop of high property prices in Singapore, a hike in stamp duty, and loan limits on second homes, combined with tough rules restricting foreigners from buying homes, many Singapore-based property investors are looking at opportunities outside the island state, in search of solid capital appreciation and rental yield.
Singapore hosted the CoreNet Global APAC Summit 2014 and, as the event drew to close, I began to reflect on the changing landscape for corporate real estate (CRE) professionals in Asia and what the evolving criteria and considerations are for CRE decision-makers as we move further into 2014 and look to 2015.
Corporate real estate is gaining more importance and significance around the boardrooms of many companies globally, as they recognise the role that this function plays in providing great places for people to work, advancing the company’s sustainability agenda, supporting new business opportunities, and managing risks around the world.
Launched in 2005, the Building and Construction Authority (BCA) of Singapore’s Green Mark Scheme was targeted at fostering the construction of more environmentally-friendly buildings, with the end goal of ensuring that long-term sustainability would be part of the foundation of every building project in Singapore.
Although property is usually the second largest operating cost for an organisation, very often Board Executives have incomplete knowledge of how well their property assets are being managed or how they perform against their competitors.