NEW

FRONTIERSPROSPECTS FOR REAL ESTATE ALONG THE BELT AND ROAD INITIATIVE

SPECIALSoutheast Asia Industrial FOCUS: & Logistics CONTENTS

NEW FRONTIERS: SUMMARY 2 FOREWORD 3 RANKING THE MARKETS BELT AND ROAD INDEX  INDUSTRIAL OVERVIEW 4 MARKET UPDATE MAJOR RECENT SOUTHEAST ASIA 5 BRI DEALS MAP MAJOR RECENT SOUTHEAST ASIA BRI DEALS 6 TABLE 7 BRIGHT INDUSTRIAL OUTLOOK TAPERING SUPPLY TO KEEP RENTS IN CHECK 8 THAILAND 9 ON TRACK DESPITE THE DETOUR ON THE RISE 10 CAMBODIA 11 THE BELT AND ROAD INDEX BARI METHODOLOGY NEW FRONTIERS KEY CONTACTS 12 CONTACTS

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 0 1 PORT KLANG, MALAYSIA

NEW FRONTIERS: SUMMARY The Belt and Road Initiative is helping potential, demographic advan- major coastal regions and laying lift Southeast Asian infrastructure tage, infrastructure development, either rail or expressway transport through new ports, railroads and institutional effectiveness, market networks connecting these new highways. Increased connectivity accessibility and resilience to economic hubs to the country’s through shipping and overland trade natural disasters; further details capital. Over the past five years routes is likely to provide on our methodology can be found since the BRI’s launch, US$59.25 opportunities in the logistics, on page 9. manufacturing and industrial markets. billion in Chinese-linked capital Focusing on the Southeast Asian has been invested across the Launched in 2013, the Belt and countries, retains its Southeast Asian transportation, Road Initiative (BRI) is China’s plat- top position followed by Malaysia real estate and logistics sectors; form for multilateral cooperation which maintained its top ten almost 3.5 times the US$17.1 billion which will create new economic status in 9th. Improvements were invested in the five years prior to links and improve its business seen with Thailand and Philippines BRI. networks across the globe. Of the who moved up five and six places six economic corridors that were to 26th and 44th respectively on These initiatives have breathed identified, this report delves into better infrastructure development new life into the industrial and the that con- and institutional effectiveness logistics real estate sectors nect Southeast Asia to India and metrics, while Cambodia moved across the Southeast Asian mar- the Europe Middle East and up two places on improved market kets by providing new either African region; and gives further accessibility metrics. sources of demand or gentrifying insights into how the BRI has influ- older stock. With expectations for enced the industrial markets A big driver behind the success of more infrastructure investments across Southeast Asia. the Maritime Silk Road is the infra- along the Maritime Silk Road, the structure needed to “connect the outlook for the industrial real This edition includes the updated dots” across a highly fragmented estate sector within the Southeast Knight Frank Belt and Road Index and rural region. This includes Asian markets looks promising (BARI) which ranks 66 BRI-related building ports and negotiating over the next three to five years. countries by their economic special economic zones along

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 0 2 BELT & ROAD INDEX 2019

INDEX COUNTRY RANK  RANK . SINGAPORE   . UNITED ARAB EMIRATES  .  . CHINA  . QATAR  . ESTONIA  . SOUTH KOREA  . OMAN  . MALAYSIA   . CZECH REPUBLIC  . BAHRAIN  . INDIA  .   . ISRAEL  . HUNGARY  . POLAND  . SLOVENIA  . BHUTAN  .  . SLOVAKIA  . GEORGIA  . MONGOLIA  . LITHUANIA  . MALDIVES  . LATVIA  . THAILAND   . ALBANIA  . CROATIA  .   . MONTENEGRO  . SAUDI ARABIA  . ROMANIA  . BULGARIA  . LAOS   . SOUTH AFRICA  . CAMBODIA   . SERBIA  . KUWAIT  . KAZAKHSTAN  . TURKEY  . SRI LANKA  . ETHIOPIA  . JORDAN  . PHILIPPINES   . MYANMAR   . BANGLADESH  . MOLDOVA  . ARMENIA  . BOSNIA AND HERZEGOVINA  . EGYPT  . TURKMENISTAN  . RUSSIA  . KYRGYZSTAN  . AZERBAIJAN  . LEBANON  . PAKISTAN  . BELARUS  . NEPAL  . UKRAINE  . UZBEKISTAN  . TAJIKISTAN  . IRAN  . TIMORLESTE  . YEMEN  . IRAQ  . AFGHANISTAN 

       

SOUTHEAST ASIA Source: Knight Frank Research

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 0 3 SOUTHEAST ASIA INDUSTRIAL & LOGISTICS OVERVIEW

Established in 1967, the Association of Southeast therefore presents an attractive opportunity for the Asian Nations (ASEAN) is an intergovernmental Southeast Asian countries as both sides share organisation formed by ten Southeast Asian common goals. Notable examples in recent years nations to facilitate economic, political and securi- have been the US$2.1 billion highway in Cambodia ty cooperation among its member states. These that will cut the five-hour travel time between capi- ten countries have a total population 661 million, tal Phnom Penh and Sihanoukville Port by 50%, which accounts for 8.6% of the world’s population, and the US$2.7 billion high-speed rail project in and a total 2017 GDP of US$2.76 trillion or 3.4% of Bangkok that will form part of the rail link between the world’s GDP. In comparison, the European China’s Kunming and Singapore. Union with its 513 million population or 6.7% of the world’s population has a combined 2017 GDP of With all this new infrastructure being built, investor US$17.3 trillion or 21.4% of the world’s GDP. While interest in the industrial sector has increased in there are several key differences between these recent years, especially from cross-border inves- two similar-sized regions, the extensive and tors. Between 2009 and 2015, cross border invest- efficient transport infrastructure connections in the ments into the Southeast Asian industrial sector hit European Union stands in stark contrast to South- a high of US$330 million, while the market share of east Asia, where a lack of infrastructure remains a total industrial investments within the region major hurdle to economic expansion. capped out at 22%. However, from 2016 onwards when several large infrastructure agreements were The authorities within Southeast Asia have recog- signed under the BRI banner, interest from nised this and have themselves embarked on bold cross-border investors saw a significant increase, infrastructure plans, for example Thailand’s hitting a peak of US$1.4 billion with a 72% market Eastern Economic Corridor and Philippines’ share (of total industrial investments) in 2017. In “Build, build, build” policy. However, many lack the brief, the weight of capital interest has benefitted necessary fiscal strength given the large upfront the Southeast Asian industrial markets, which we capital commitments required and the difficulty in detail in this report, by driving rapid development, attracting private enterprises given the long dated the gentrification of aging stock and rental growth return prospects. China’s Belt and Road initiative in most markets across the region.

ASIA PACIFIC SOUTHEAST ASIA INDUSTRIAL WAREHOUSE RENTS CROSS BORDER INVESTMENTS

SINGAPORE , %

% TOKYO ,

% , PHILIPPINES % ,

SHANGHAI %  % USD Millions THAILAND  %

 MALAYSIA %

 % CAMBODIA  %                 USD psm pa CROSS  BORDER VOLUME US$mn CROSS  BORDER SHARE %

Source: Knight Frank Research and Real Capital Analytics As of Q4 2018

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 0 4 MAJOR RECENT SOUTHEAST ASIAN BRI DEALS

LAOS

THAILAND

CAMBODIA PHILIPPINES

TO INDIA, AFRICA AND EUROPE

MALAYSIA

SINGAPORE

INDONESIA

HIGHWAY DEEP SEA PORT HIGH SPEED RAIL REAL ESTATE, OFFICE ROAD & TUNNEL PROJECT LAND RECLAMATION & PORT BUILDING

Source: Knight Frank Research and The American Enterprise Institute

P G . 0 5 NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics MAJOR RECENT SOUTHEAST ASIAN BRI DEALS

COUNTRY SUBREGION DATE TYPE HOW MUCH SUMMARY OPPORTUNITY

The railway is expected to spur new Part of the Kunming- developments including industrial parks and LAOS VIENTIANE 2016 Sep Railway US$. bn Singapore railway hotels for increased tourism. Travel time between kunming and vientiane is cut from 3 days to 3 hours.

First highway in Laos The new expressway will spur new developments such as industrial parks for LAOS VIENTIANE 2018 Apr Highway US$. bn linking capital Vientiane to Boten, bordering Chinese manufacturers looking outside of China. China.

New four lane highway Part of the government's long-term industrial linking capital Phnom development plan. Sihanoukville will progress PHNOM PENH 2018 Jan Highway US$. bn CAMBODIA Penh to Sihanoukville to be the largest industrial hub in Cambodia; port town. will bode well for its real estate market.

Railway will cut the current 12-hour car travel time down to six hours. Increase flow of Manila to Bicol PHILIPPINES MANILA 2018 Nov Railway US$ mn shipments from the region which will stimulate railway industrial real estate, while increased tourism should benefit the hotel sector.

Boost the attractiveness of Davao as a New land used for industrial and shipping hub for the Philippines Land which will attract both domestic and foreign PHILIPPINES DAVAO 2016 Oct Reclamation US$ mn new port and real estate MNCs to setup operations; a boon for the overall real estate market.

High speed rail to connect to a new Part of the Kunming- international airport in the Rayong port region. THAILAND BANGKOK 2017 Dec High Speed Rail US$. bn Singapore railway Expect industrial and residential real estate sectors to benefit.

Undersea tunnel to New mainland link will benefit the real estate Road And link Penang Island to markets in Georgetown and Butterworth where MALAYSIA PENANG 2014 Mar Tunnel US$. bn mainland tunnel entrances are located. Project

Increased trading activities from the new port Part of Melaka will stimulate warehousing and logistics MALAYSIA MELAKA 2016 Oct Deep Sea Port US$. bn Gateway project. facilities demand.

Improved economic opportunities to east KUALA LUMPUR Part of the East Coast coast states and likely to benefit overall real MALAYSIA 2016 Nov Railway US$. bn TO KELANTAN Rail Link project. estate sector.

Highspeed rail linking Indonesia's two major cities. Cuts travel time between Jakarta and Highspeed rail linking Bandung, second largest city, from five hrs to JAKARTA INDONESIA 2017 Apr High Speed Rail US$. bn Indonesia's two major forty five mins. Main sectors to benefit are TO BANDUNG cities. residential from decentralizing demand and hotels from increased tourism - logisitics markets along the corridor also likely to be enhanced.

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 0 6 PHILIPPINES: BRIGHT INDUSTRIAL OUTLOOK  BARI RANK:  /  BARI RANK: 

Since the change of administration in be revised despite the government’s Furthermore, major e-commerce 2016, we have seen a reversal of the plan to liberalise certain portions of players have also started to enter the previous stance and a pivot towards the economy back in 2017. market as shown by Alibaba’s Lazada China; paving the way for a slew of setting up its largest Southeast Asia Chinese-funded infrastructure projects Nonetheless, with the rapid infra- warehouse in Cabuyao in late 2017 and investments into the Philippines. structure push, developers are once and has plans for another five facili- Coincidentally, this is also in line with again warming up to the industrial ties over the coming three to five the current administration’s push sector. Initially, developers have been years. Going forward, with the govern- towards greater infrastructure spending forced outside of Manila due to the ment forecasting the economy to to boost economic growth. However, scarcity of land and cheaper alterna- expand between 6.5 to 6.9% in 2019 things have been slow to get off the tives. However, due to recent mainly via the strong and consistent ground with only US$6.7 billion of Belt increased fuel prices, demand for delivery of its infrastructure invest- and Road Initiative related investments industrial lots and warehouses have ment agenda, the outlook for the completed since the change in govern- been recently redirected towards industrial sector does look bright and ment, out of the roughly US$25 to 30 area closer to Manila. This favourable expectations are for 2019 to at least billion in pledges secured. One key supply dynamic was the driver behind maintain the growth momentum from reason for this stem from the foreign rental growth for industrial rents last year. ownership limit rules in the Philippines across most of the country. on certain key sectors which has yet to

10 YEAR CHINESE INVESTMENTS INTO PHILIPPINES

, , , , , ,

USD Millions ,           

ENERGY REAL ESTATE TRANSPORT OTHERS E.G. ENTERTAINMENT, TECH, TOURISM, UTILITIES

Source: The American Enterprise Institute

:  YOY%: .% VALENZUELA :  QUEZON CITY YOY%:  %

:  YOY%: .% MANDALUYONG :  PASIG YOY%: %

:  YOY%: .% MAKATI

:  TAGUIG YOY%: .%

:  YOY%: .% PARANAQUE WAREHOUSE RENT Q4 2018 (PHP/sqm/mo) :  LAS PINAS Source: Knight Frank Research YOY%: .%

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 0 7 THAILAND: TAPERING SUPPLY TO KEEP RENTS IN CHECK  BARI RANK:  /  BARI RANK: 

Unveiled back in 2018, Thailand 4.0 is of higher international freight demand sqm of new space in 2018 and bring- an ambitious plan by the government and the expansion of U-Tapao airport ing the total market supply to to revamp the country’s economy via near Thailand’s coast, set to become 5,177,000 sqm, a 6.2% year-on-year the development of a special the country’s third main international increase. Sector occupancy stood at economic zone dubbed the Eastern airport and anchor a Special Econom- 83% at the end of 2018, a 1.4% rise Economic Corridor (EEC) which com- ic Zone. from the year before, driven by stock prises industrial estates and tourist withdrawals while demand remained destinations. The EEC and its projects Along with the capital, Chinese com- stable. With occupiers having more will be integrated with China’s Belt panies have also started taking more supply options last year, rents fell and Road Initiative through an interest in Thailand. One example is 1.6% year-on-year to Thb151.3 873-kilometer Thai-China high-speed Cainiao, one of China’s leading smart (US$4.75) psm per month. Going railway that will connect Thailand to logistics network players, who has forward, while the excess supply Kunming, China via Laos. Currently, committed US$330 million to devel- situation is expected to persist over the initial 250 kilometers are under op a digital hub within the EEC that it the near term, developers conscious construction with an estimated cost plans to further optimize the of market conditions will likely adjust of US$5.6 billion, running between cross-border flow of goods for their supply deliveries. As a result, Bangkok and Nakhon Ratchasima. Thailand and its neighbors. warehouse rental prices are expected Separately, other major EEC projects to remain range between Thb150 to include the US$4.9 billion expansion Developers have been active in the 155 (US$4.71 to 4.86). of Laem Chabang Port in anticipation warehouse sector, adding 302,000

,,  BANGKOK  ,, SUVARNABHUMI  BANGPAKONG  ,,  EASTERN SEABOARD  ,,

 PATHUMTHANI ,,  AYUTTHAYA 

 ,, SUPPLY aht per sq.m per month B  ,, OCCUPIED SPACE 

 ,, sqm H  H  H  H  H  H  H  H  H  Source: Knight Frank Research

H :  YoY%: % SUPPLY (sqm): , , PATHUMTHANI VACANCY: %  AYUTTHAYA

H :  YoY%: % SUVARNABHUMI SUPPLY (sqm): ,, BANGKOK  BANGPAKONG VACANCY: % H :  YoY%: % SUPPLY (sqm): , , VACANCY: %

H :  YoY%:  % SUPPLY (sqm): ,, EASTERN VACANCY: % SEABOARD WAREHOUSE RENT Q4 2018 (THB/sqm/mo)

Source: Knight Frank Research

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 0 8 MALAYSIA ON TRACK DESPITE THE DETOUR  BARI RANK:  /  BARI RANK: 

Over the past 10 years, Malaysia has these large foreign direct invest- which would support and spur further been a major beneficiary of Chinese ments. Nonetheless, this has not shipping and logistics activity at Port capital with investments totaling deterred Chinese manufacturing FDI Klang, Malaysia’s main port. US$43.8 billion, the highest amount which rose 410.8% year-on-year to recorded among its ASEAN peers. A RM15.8 billion in 2018. As these initiatives materialise, the major driver behind this has been the industrial sector is expected to relatively open stance the previous Besides just relying on Chinese capi- receive a much-needed boost espe- government took on China, and one tal to drive growth, the new govern- cially given the ageing stock; redevel- which is expected to continue under ment has also set in place key initia- opments into sizeable warehouses the new administration. The Prime tives that will have direct benefits on with higher specifications has been Minister has emphasized his intention the industrial sector. One major initia- gaining momentum recently as oper- to develop deeper ties with China, tive is the emphasis on improving the ators seek to get ahead of the curve. and this was evident when Beijing country’s capabilities in the Halal Current market rents for warehouses was one of the first overseas coun- industry, a global industry worth within the major industrial zones near tries visited in an official capacity US$2.1 trillion in 2017, and capitalising Port Klang in Selangor and in Negeri since returning to power. Further- on Malaysia’s top rated global Islamic Sembilan range from RM0.80 to 2.00 more, while the new government has economic ecosystem spanning (US$0.2 to 0.5) per square foot per taken precautions by relooking at the finance to manufacturing standards month; while in Johor and Penang feasibilities of all the MOUs signed and halal certifications. Another major they command monthly rental rates of under the previous leadership, it initiative announced recently at RM0.80 to RM2.50 (US$0.2 to 0.6) would not derail but most likely delay Budget 2019 was the plan to set up a per square foot. the inevitable given the benefits of new Free Trade Area in Pulau Indah

CHINESE INVESTMENTS (ALL SECTORS) PAST 10YRS

MALAYSIA INDONESIA SINGAPORE LAOS VIETNAM CAMBODIA PHILIPPINES THAILAND MYANMAR BRUNEI

0 5 10 15 20 25 30 35 40 45 50 US$ BILLIONS

Source: Knight Frank Research and The American Enterprise Institute

JOHOR: SENAI  KULAI .  . SELANGOR: SHAH ALAM .  . SELANGOR: KLANG .  .  NEGERI SEMBILAN JOHOR: .  .  PASIR GUDANG .  . 

DETACHED FACTORY RENTS Q4 2018 (RM/sqft/mo)

Source: Knight Frank Research

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 0 9 CAMBODIA ON THE RISE  BARI RANK:  /  BARI RANK: 

For many decades, China has devel- in the 5 years post-BRI, an increase Chinese account for circa. 80% of all oped strong ties with Cambodia, from the 12% share they had prior to companies operating within Sihan- seeing the emerging nation within the the BRI. oukville’s special economic zones Indo-China region for its strategic (SEZ) followed by the Americans and position within South-East Asia. This Recent notable investments include a Europeans at 16%. The improved was evident in 2018 as Chinese US$2.08 billion highway project by sentiment has positively impacted entities invested US$3.83 billion into China Communications Construction factory rents with average long term Cambodian real estate and highway who will build and operate a 190-kilo- (30 to 50 years) leases rising 3% YoY projects, one of the highest amounts meter four lane highway connecting to US$32.5 per sq m in 1H 2018. within Southeast Asia. Phnom Penh to Sihanoukville - home to Cambodia’s special economic Underpinned by improving infrastruc- Prior to 2013’s Belt and Road Initiative zones, deep sea port and the coun- ture, the industrial sector for Sihan- (BRI), investments from China had try’s main gateway for exports and oukville (a proxy for Cambodia’s over- focused mainly on energy projects imports. all market) is expected to do well over such as hydroelectric dams across the medium to long term. Further- the country. However, post-BRI, this The drive to improve infrastructure more, the sector is expected to be focus has shifted towards transport connecting the capital and economic buoyed by the commencement of oil infrastructure and real estate hub has made Sihanoukville an extraction in late 2019 which will drive construction. These two sectors increasingly attractive destination for further demand across the industrial accounted for a 73% share of all foreign direct investments (FDI) and and manufacturing sectors. Chinese investments into Cambodia corporate occupiers; currently the

, AGRICULTURE 10 YEAR CHINESE INVESTMENTS INTO CAMBODIA ENERGY , ENTERTAINMENT , FINANCE METALS , REAL ESTATE TECHNOLOGY , TRANSPORT , USD Millions ,

,



           

Source: Knight Frank Research and The American Enterprise Institute

NEW ROAD OLD ROAD

  

LONG TERM  YEARS FACTORY LEASES 1H 2018 (USD/psm) Source: Knight Frank Research

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 10 METHODOLOGY

THE BELT AND ROAD INDEX BARI

UNIT WEIGH YEAR SOURCE

ECONOMIC POTENTIAL %

GDP PER CAPITA PP US$  INTERNATIONAL MONETARY FUND

FUTURE GDP GROWTH RATE % AVERAGE  INTERNATIONAL MONETARY FUND

GDP GROWTH RATE % AVERAGE  INTERNATIONAL MONETARY FUND INSTITUTIONAL EFFECTIVENESS %

GOVERNMENT EFFECTIVENESS PERCENTILE RANK     WORLD BANK

REGULATORY QUALITY PERCENTILE RANK     WORLD BANK

VOICE AND ACCOUNTABILITY PERCENTILE RANK     WORLD BANK

POLITICAL STABILITY AND ABSENCE  WORLD BANK OF VIOLENCE/TERRORISM PERCENTILE RANK   

RULE OF LAW PERCENTILE RANK     WORLD BANK

CORRUPTION PERCEPTIONS INDEX SCALE     TRANSPARENCY INTERNATIONAL DEMOGRAPHIC ADVANTAGE %

URBANISATION RATE %  UNITED NATIONS

POPULATION GROWTH %  UNITED NATIONS

DEPENDENCY RATIO RATIO  UNITED NATIONS

INFRASTRUCTURE DEVELOPMENT %

QUALITY OF PORT INFRASTRUCTURE SCORING   OR LATEST WORLD BANK

LOGISTICS PERFORMANCE INDEX AGGREGATE INDICATORS   OR LATEST WORLD BANK

ROAD DENSITY KM OF ROAD PER  SQ. KM OF LAND AREA  OR LATEST WORLD BANK

LINER SHIPPING CONNECTIVITY INDEX I INDEX MAXIMUM VALUE IN   OR LATEST WORLD BANK

INTERNET SUBSCRIPTIONS % OF POPULATION  OR LATEST WORLD BANK

FIXED BROADBAND SUBSCRIPTIONS PER  PEOPLE  OR LATEST WORLD BANK

MOBILE CELLULAR SUBSCRIPTIONS PER  PEOPLE  OR LATEST WORLD BANK MARKET ACCESSIBILITY %

FOREIGN DIRECT INVESTMENT % OF GDP % AVERAGE  WORLD BANK

FOREIGN DIRECT INVESTMENT INWARD FLOWS AND STOCK US$ AVERAGE  UNITED NATIONS

RESILIENCE TO NATURAL DISASTERS %

WORLD RISK INDEX AGGREGATE INDICATORS  UNITED NATIONS

CLIMATE RISK INDEX  AGGREGATE INDICATORS AVERAGE  GERMANWATCH

The Knight Frank Belt and Road Index (BARI) has been developed using reliable and internationally-recognized data sources. The index is classified into six categories: economic potential, demographic advantage, infra- structure development, institutional effectiveness, market accessibility and resilience to natural disasters. The values within each category have been normalized to ensure the resulting figures are comparable and contextu- alized for this study. All categories are assigned with specific weightings in accordance with their potential significance to investment decisions. ‘Real Estate Prospects’ in each market write-up refers to the market outlook for each real estate sector in the medium term given the prevailing demand/supply dynamics and current position in the property market cycle.

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 11 KEY CONTACTS

KevinASIA-PACIFIC Coppel SOUTHEAST ASIA CAMBODIA +65 6429 3588 Ross Wheble [email protected] +855 23 966 878 [email protected] RESEARCH Nicholas Holt INDONESIA Head of Research Willson Kalip +86 10 6113 8030 +62 21 570 7170 (100) [email protected] [email protected]

Justin Eng MALAYSIA Senior Manager Research Sarkunan Subramaniam +65 6429 3583 +603 228 99 688 [email protected] [email protected]

CORPORATE SERVICES PHILIPPINES Tim Armstrong Rick Santos Head of Occupier Business Development +632 752 2580 +65 6429 3531 [email protected] [email protected] SINGAPORE Josephine Lee Wendy Tang Director, Regional Business Development +65 6228 6818 +65 6429 3599 [email protected] [email protected] THAILAND CHINA Phanom Kanjanathiemthao Alan Liu +66 2 643 8223 +86 21 6032 1700 [email protected] [email protected]

© Knight Frank 2019 - This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not neces- sarily represent the view of Knight Frank in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank to the form and content within which it appears.

NEW FRONTIERS Special Focus: Southeast Asia Industrial & Logistics P G . 12