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Investment Quarterly Asia Pacific Investment Quarterly Asia Pacific – Q2 2020 REPORT Savills Research Investment Quarterly Asia Pacific Investment Quarterly Asia Pacific Network Savills Australia Hong Kong SAR Taiwan, China Adelaide Central Taichung Brisbane Quarry Bay (3) Taipei Asia Canberra Tsim Sha Tsui Gold Coast Thailand 5 Lindfield India Bangkok Melbourne Bangalore Notting Hill Chennai Parramatta Vietnam Gurgaon Hanoi 48 Perth Hyderabad Sunshine Coast Ho Chi Minh City Mumbai 2 South Sydney Pune Sydney Indonesia Cambodia Jakarta Phnom Penh * Japan 3 China Tokyo Beijing Changsha Chengdu Macau SAR Macau Chongqing Dalian Fuzhou Malaysia Guangzhou Johor Bahru Kuala Lumpur Haikou Australia & Penang New Zealand Hangzhou Nanjing Shanghai New Zealand Auckland Shenyang Christchurch Shenzhen Tianjin Philippines 14 Wuhan Makati City * Xiamen Bonifacio Global City * Xi’an Zhuhai Singapore Singapore (3) * South Korea Seoul Savills is a leading global real estate to developers, owners, tenants and focus on a defined set of clients, offering service provider listed on the London investors. a premium service to organisations Stock Exchange. The company, and individuals with whom we share a established in 1855, has a rich heritage These include consultancy services, common goal. with unrivalled growth. The company facilities management, space planning, now has over 600 offices and associates corporate real estate services, property Savills is synonymous with a high- throughout the Americas, Europe, Asia management, leasing, valuation and quality service offering and a premium Pacific, Africa and the Middle East. sales in all key segments of commercial, brand, taking a long-term view of residential, industrial, retail, investment real estate and investing in strategic In Asia Pacific, Savills has 62 regional and hotel property. relationships. offices comprising over 29,000 staff. Asia Pacific markets include Australia, A unique combination of sector China, Hong Kong, India, Indonesia, knowledge and entrepreneurial flair 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 organisation supported by excellent and professional property services negotiating skills. Savills chooses to savills.com/research 2 Asia Pacific Investment Quarterly Content Australia 04 China (Northern) - Beijing 05 China (Northern) - Tianjin 06 China (Western) - Chengdu 07 China (Southern) - Guangzhou 08 China (Eastern) - Shanghai 09 Hong Kong 10 India 11 Indonesia 12 Japan 13 Macau 14 Malaysia 15 Philippines 16 Singapore 17 South Korea 18 Taiwan 19 Thailand 20 Viet Nam 21 Major transactions Q2 2020 22 3 Asia Pacific Investment Quarterly Australia In the first quarter of 2020, the Australian economy retail and industrial asset classes. This was driven by high Paul Craig contracted by 0.3%, with the annual rate of growth slowing volumes of office transactions, contributing AUD18.7 billion. CEO +61 2 8215 8888 to 1.4% in the 12 months to March 2020. The June IMF Latest Morgan Stanley Capital International data [email protected] World Economic Outlook outlined forecasts that Australia’s (March 2020) indicates that industrial property was the economy will contract by -4.5% in 2020 as a result of best performing asset class, surpassing the office sector COVID-19, with the outlook of a recovery in 2021 which last quarter. Total returns were recorded at 11.8% which Stuart Fox would see GDP growth of 4.0%. Positively, Australia was one consisted of income returns of 5.8% and capital returns National Head - Valuation of the few countries where GDP growth for 2020 was revised of 5.7%. Office returns followed closely behind at 11.1%, & Advisory and State Managing Director, upwards (from the April outlook) as a result of effective driven by capital returns of 5.7%. Melbourne CBD office VIC containment measures that helped to keep transmission recorded the strongest return of all office locations, however +61 3 8686 8029 rates and in turn case numbers low. With the Federal given that Victoria is currently the worst impacted by the [email protected] Government’s AUD259 billion economic support package pandemic with the State now back in strict lockdown, it is helping to keep many Australians employed, it is evident likely that this will be a different story next quarter. State that we are yet to feel the full impact on the unemployment Government advice to work from home where possible figures. The unemployment rate in Australia was recorded at has meant that office occupancies are at all-time lows, 7.1% in May 2020 however the effective rate is believed to be particularly in Melbourne where building occupancy over 13%. currently stands around 5%, and Sydney and Brisbane Despite the current economic climate, assets in Australia at circa 20%. With many businesses anticipating that continued to trade over the first half of 2020 with strong employees may not return to the workplace full time in the investor demand still apparent particularly from domestic short to medium term, they are re-assessing their current institutional groups. In the 12 months to June 2020, Savills space requirements and we expect to see an increase in tracked AUD31.8 billion of sales (AUD5m+) across office, sublease space as a result of this. Australia Property Transaction Volumes (AUD5m+) By Sector, June 2010 to June 2020 Office Sales Industrial Sales Retail Sales 40 35 30 25 20 AUD BILLION 15 10 5 0 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Source Savills Research & Consultancy Major Investment Transactions, Q2/2020 PROPERTY LOCATION PRICE BUYER USAGE AUD530.0 mil/ 45 Clarence Street Sydney, NSW Peakstone Office US$369.49 mil Aldi Distribution Centres AUD648.0 mil/ NSW, VIC, QLD Charter Hall/Allianz (JV) Industrial Portfolio (4 assets) US$451.75 mil AUD115.0 mil/ 40-66 Lockwood Road Erskine Park, NSW Charter Hall Industrial US$80.17 mil Mount Ommaney AUD285.0 mil/ Shopping Centre Mount Ommaney, QLD YFG Shopping Centres Retail US$198.69 mil (75% interest) David Jones Bourke AUD121.0 mil/ Melbourne, VIC Newmark Capital Retail Street US$84.36 mil Source Savills Research & Consultancy savills.com/research 4 Asia Pacific Investment Quarterly China (Northern) - Beijing COVID-19 was effectively contained in Q2/2020, (YoY). Total transaction area reached 115,800 sq m Spring Cao though repercussions remained in the citywide sales during the quarter, down 60.6% QoQ and 43.3% YoY. Senior Director, Investment Savills Northern China market, both for strata-title and en-bloc. A total of two Total consideration reached RMB3.8 billion, down 56.9% +8610 5925 2048 en-bloc investment deals were concluded during Q2/2020, QoQ and 42.6% YoY. Average transaction prices reached [email protected] registering a combined consideration of RMB4.96 billion. RMB33,128 per sq m, up by 9.4% QoQ and 1.3% YoY. A total of nine en-bloc investment deals were concluded New supply in the first-hand strata-title retail market Vincent Li during 1H/2020, registering a combined consideration of reached 37,900 sq m in Q2/2020, down 63.3% QoQ and Associate Director RMB24.1 billion. The two major transactions in Q2 were: 27.2% YoY. Total transaction area reached 135,400 sq m, Research down 11.6% QoQ and 26.6% YoY. Total consideration +86 10 5925 2044 [email protected] • China Orient Assets Management Co., Ltd acquired reached RMB4.8 billion, up 96.3% QoQ and 32.2% YoY. Zhonghong Plaza by judicial sale for a total consideration Average transaction prices reached RMB29,900 per sq m, of RMB3.3 billion. The project is in CBD Vicinity, Chaoyang up by 39.0% QoQ and 12.8% YoY. District. COVID-19 severely impacted the global economy in 1H/2020, and the domestic economy and investment • A joint venture between Beijing Investment Group Co., market were no different. Investors have adopted a wait- Ltd. and Aegean Group purchased Grand Canal Centre retail and-see approach to the market and hope for a turning podium, located in Tongzhou Grand Canal Core Area, for a point that will relieve the current economic and market total consideration of RMB1.6 billion. uncertainties. Some landlords may lower expectations toward their asset values, leading them to undersell The first-hand strata-title office market remained to alleviate some of their financial pressure. Beijing’s stagnant due to COVID-19 in Q2/2020. The market saw investment market is expected to see brisk negotiating 269,500 sq m of new supply in Q2/2020, down 13.8% activities between sellers and buyers for better capital quarter-on-quarter (QoQ), but up 54.0% year-on-year values and returns on investment in 2H/2020. En-Bloc Investment Volumes, 2014 to Q2/2020 90 Q1 80 Q2 70 Q3 60 50 Q4 40 RMB BILLION 30 20 10 0 2014 2015 2016 2017 2018 2019 2020 Source Savills Research Major Investment Transactions, Q2/2020 PROPERTY LOCATION PRICE BUYER USAGE RMB3.31 bil/ Zhonghong Plaza CBD Vicinity Zhonghong Holdings Office US$473 mil Grand Canal Centre RMB1.65 bil/ Beijing Investment Group Co., Tongzhou Retail Retail US$236 mil Ltd./Aegean Group Source Savills Research 5 Asia Pacific Investment Quarterly China (Northern) - Tianjin Work resumption citywide has gradually accelerated since total consideration of RMB4.7 billion, at an accommodation Andy Chee COVID-19 was effectively contained nationwide in Q2/2020. value of RMB16,205 per sq m, equivalent to a premium of Senior Director Savills Tianjin Tianjin’s land market saw its new supply and transaction 2.2%. The two land plots with a total area of 147,000 sq m +86 22 5830 8886 volumes both increase quarter-on-quarter (QoQ) since the are zoned for mixed-use development, including residential, [email protected] pandemic’s short-term impact has been largely mitigated.
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