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Q1 2019 Asia Pacific Investment Quarterly

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Q1 2019 Asia Pacific Investment Quarterly Asia Pacifi c – Q1 2019 REPORT Savills Research Investment Quarterly Asia Pacifi c Investment Quarterly Asia Pacifi c Network Savills Asia Pacific Network Asia Australia Hong Kong Taiwan Adelaide Central Taichung Brisbane Quarry Bay (3) Taipei Canberra Tsim Sha Tsui Gold Coast Thailand 5 Gordon India Bangkok Lindfield Bengaluru Chennai Vietnam 42 Melbourne Offices Notting Hill Gurgaon Da nang Parramatta Mumbai Hanoi Perth Ho Chi Minh City 3 Roseville Indonesia South Sydney Jakarta St Ives Sunshine Coast Japan Sydney Tokyo Turramurra 3 Macau Cambodia Macau Phnom Penh * Malaysia China Johor Bahru Beijing Kuala Lumpur & New Changsha Penang ia Z Chengdu l e New Zealand a a Chongqing r Auckland t la Dalian s Christchurch n Guangzhou u d Haikou A Philippines Hangzhou Bonifacio Global City * Nanjing 18 Cebu * Shanghai Offices Shenyang Makati City * Shenzhen Singapore Tianjin Singapore (3) Wuhan Xiamen South Korea Xi’an Seoul Zhuhai *Associate Office Savills is a leading global real estate to developers, owners, tenants and organisation supported by excellent service provider listed on the London investors. negotiating skills. Savills chooses to Stock Exchange. The company, focus on a defi ned set of clients, off ering established in 1855, has a rich heritage These include consultancy services, a premium service to organisations with unrivalled growth. The company facilities management, space planning, and individuals with whom we share a now has over 600 offi ces and associates corporate real estate services, property common goal. throughout the Americas, Europe, Asia management, leasing, valuation and Pacifi c, Africa and the Middle East. sales in all key segments of commercial, Savills is synonymous with a high- residential, industrial, retail, investment quality service off ering and a premium In Asia Pacifi c, Savills has 60 regional and hotel property. brand, taking a long-term view of offi ces comprising over 25,000 staff . real estate and investing in strategic Asia Pacifi c markets include Australia, A unique combination of sector relationships. China, Hong Kong, India, Indonesia, knowledge and entrepreneurial fl air Japan, Macau, Malaysia, New Zealand, gives clients access to real estate Singapore, South Korea, Taiwan, expertise of the highest calibre. We Thailand and Viet Nam. Savills provides are regarded as an innovative-thinking a comprehensive range of advisory and professional property services savills.com/research 2 Asia Pacifi c Investment Quarterly Content Australia 04 China (Northern) - Beijing 05 China (Northern) - Tianjin 06 China (Western) - Chengdu 07 China (Southern) - Guangzhou 08 China (Southern) - Shenzhen 09 China (Eastern) - Shanghai 10 Hong Kong 11 Japan 12 Macau 13 Malaysia 14 New Zealand 15 Philippines 16 Singapore 17 South Korea 18 Taiwan 19 Thailand 20 Viet Nam 21 Major transactions Q1 2019 22 3 Asia Pacifi c Investment Quarterly Australia Investment activity in Australian commercial property in Australia has had a tempering eff ect on the retail sector. In Paul Craig remained buoyant in the 12-month period to March 2019, with spite of this, long-term risk adjusted returns in the retail sector CEO +61 2 8215 8888 approximately $28.63 billion of assets transacted nationally. remained higher than in the industrial and offi ce sectors in [email protected] Though this was down on the near record high transaction December 2018, though not at the same premium as they were in levels recorded in the prior 12 month period, it still a strong the prior quarter, in signs that investors are now more cautious result, cementing Australia’s place on the global stage as an about retail investments. attractive investment destination. Despite a level of uncertainty surrounding the current retail Shrabastee Mallik Director According to the latest MSCI data, total returns for the offi ce climate in Australia, retail sales volumes remained above Research & Consultancy sector were recorded at 13.7% (December 2018), which was historical averages with $8.83 billion worth of transactions +61 2 8215 8880 primarily driven by strong returns within the fringe markets, recorded in the 12 months to March 2019. Domestic [email protected] which outperformed their respective CBDs. The Parramatta institutional groups were the most prominent purchaser offi ce market recorded the highest total return, at 20.5%. type accounting for 53.9% of total sales volumes. Whilst, Notably, total returns in the industrial sector (14.8%) surpassed total retail trade grew at a rate of 2.9% over the 12 months to the offi ce sector for the fi rst time since September 2016, on the February 2019, which was below long-term averages, total back of signifi cant growth in capital values, which was more growth was driven by non-discretionary retailing categories pronounced on East Coast markets. We saw the growth in online such as Supermarkets (4.9%) and Food (4.4%); a clear retailing (which is still relatively in its infancy) have a profound refl ection of strong population growth continuing to drive impact on demand for industrial property, particularly in those these retail sectors. Non-discretionary retailing growth in precincts, which are well connected to prime consumer bases. turn drove total returns for Neighbourhood shopping centres, There is a growing demand for industrial facilities that facilitate outperforming other centre types at 15.4% in the 12 months on last mile delivery opportunities, which will keep demand to December 2018. Not surprisingly, discretionary retailing for industrial assets strong. In addition, we are seeing a lack of continues to record subtle growth on the back of low wage developable industrial land in Sydney and Melbourne driving up growth, with capital value growth across sub-regional and land values. On the other hand, the proliferation of ecommerce regional centres notably muted. Australia Property Sales, March 2004 to March 2019 Office Sales Industrial Sales Retail Sales 35 30 25 20 15 AUD BILLION 10 5 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 March Source Savills Research & Consultancy Major Investment Transactions, Q1/2019 PROPERTY LOCATION PRICE BUYER USAGE 19 Martin Place Sydney, AUD720.0 mil/ Dexus Offi ce (50% Interest) NSW US$511.2 mil 2 Southbank Boulevarde Southbank, AUD342.0 mil/ GPT Group Offi ce (50% Interest) VIC US$242.8 mil Macquarie Park, AUD231.2 mil/ 11 Talavera Road Goodman Group Offi ce NSW US$164.2 mil Rockdale, AUD142.0 mil/ Rockdale Plaza Charter Hall Retail NSW US$100.8 mil Brisbane, AUD115.0 mil/ Heitman & Marquette 288 Edward Street Offi ce QLD US$81.7 mil Properties Cleveland, AUD103.0 mil/ Stockland Cleveland Haben Property Fund Retail QLD US$73.1 mil Source Savills Research & Consultancy savills.com/research 4 Asia Pacifi c Investment Quarterly China (Northern) - Beijing Beijing’s en-bloc investment market witnessed the closing yet to commence construction, was acquired for a total Spring Cao of six deals in Q1/2019, registering a total consideration consideration of RMB758 million. Senior Director, Investment Savills Northern China of RMB11.28 billion. Purchasing demand was diverse with • State-owned dairy giant Yili Group acquired Noble Center +8610 5925 2048 deals closed across the offi ce, hotel and development site Phase III in Fengtai district. The offi ce building was [email protected] asset classes. Both domestic and foreign buyers were active acquired via an asset transaction for a total consideration of during the quarter. While individual buyer arrangements RMB1,546 million. represented the majority of transactions, a foreign-led Jack Xiong • Partners Group acquired a majority equity stake in Dinghao Head of PDC, Director consortium closed out the largest transaction in terms Plaza, a large mixed-use offi ce and retail complex in Research of consideration during the period. Major transactions Zhongguancun district. The purchase was made through a +86 10 5925 2042 included: consortium agreement with Ascent Real Estate Investors, [email protected] • Keppel Land China acquired the Besunyen Building in Sigma Delta Partners Investment, Partners Group Holding Zhongguancun district. The deal was closed for an aggregate AG and the Family Offi ce Company. The off -market consideration of RMB555 million. acquisition registered a total consideration of RMB5,720 • Sunac China acquired a development site from China million. Oceanwide Holdings for an undisclosed sum. The site Institutional investors are expected to continue to diversify is located next to Chaoyang Park and is approved for a their acquisition targets. While traditional asset classes such total of 668,500 sq m of residential, retail, offi ce and hotel as the offi ce, retail and hotel markets will continue to remain development space. popular investment targets, a lack of tradable assets will see • Domestic e-commerce giant JD Group acquired the Jade astute investors expand their Beijing investment horizons. Palace Hotel for a total consideration of RMB2,700 million. There will continue to be a shift away from speculative The aging project will be converted into a new offi ce building activity, and mature assets, which off er potential for value- and innovation centre. add, greater asset appreciation and return on investment, will • GLP purchased Vantone’s remaining stake in the CBD be increasingly targeted. Core Plot Area Z-03. The development site, which has En-Bloc Investment Volumes, 2009 to Q1/2019 60 Q1 50 Q2 Q3 40 Q4 30 RMB BILLION RMB 20 10 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source Savills Research & Consultancy Major Investment Transactions, Q1/2019 PROPERTY LOCATION PRICE BUYER USAGE RMB555 mil/ Besunyen Building Haidian Keppel Land China Offi ce US$83 mil Beijing Oceanwide Development International Project Chaoyang Undisclosed Sunac China Holdings Limited site Land Lot 1 RMB2.7 bil/ Jade Palace Hotel Haidian JD Group Hotel US$402 mil RMB758 mil/ Development CBD Core Plot Area Z-03 Chaoyang GLP US$113 mil site RMB1.546 bil/ Noble Center Phase III Fengtai Yili Group Offi ce US$230 mil Ascent Real Estate Investors RMB5.72 bil/ / Sigma Delta Partners Dinghao Plaza Haidian Offi ce and retail US$852 mil Investment / Partners Group Holding / The Family Offi ce Co.
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