Asia Pacific
Collaboration and swift, measurable actions are needed to prevent disastrous climate change, attendees heard on the first day of ULI Asia Pacific’s RE Imaginevirtual conference. The event opened with a presentation from climate scientist Professor Benjamin Horton of Nanyang Technological University, who was an author of the Intergovernmental Panel on Climate Change 5th Assessment Report and a review editor for the 6th report, which was published earlier this year.
Over the last 18 months, COVID-19 has affected Asia Pacific real estate markets in profound but often quite different ways. For offices, rents in some markets have taken a significant hit, but asset values remain generally resilient as banks continue to extend credit and investors resort increasingly to traditionally safe-haven asset classes. While office sector fundamentals have remained relatively stable, under the surface the pandemic is acting as catalyst for profound change.
Hong Kong is famous for its hospitality industry, but the sector has been under fire for the past three years. Even so, the hotel and food and beverage (F&B) industries have shown resilience and adaptability said panelists during a ULI Hong Kong conference in September.
A ULI urban resilience study shows how culture can contribute to the resilience of a city by driving mutual cooperation among residents, supporting the high costs of infrastructure investment, and inspiring private developers to accept and exceed some of the strictest building regulation in the world.
For those fortunate enough to be able to work remotely, “workations” have emerged as a blend of remote work and leisure outside the confines of a home office. A workation in Japan is a remote work arrangement with elements of a retreat, a dose of nature, and perhaps a taste of small-town life mixed in.
In Jakarta, a city of more than 10 million people, housing affordability has become a major issue—one that likely cannot be solved by the public sector alone, said speakers at a ULI Asia Pacific webinar.
Cities in southern and eastern Asia will likely bear the brunt of climate change, said Edward Mazria, founder and CEO of Architecture 2030, during a ULI Asia Pacific forum on environmental, social, and governance (ESG) in May. Mazria has been a leading advocate for the built environment to reduce its carbon emissions in combating global warming.
The aging demographic profile of developed nations means the built environment may need to accommodate the needs of a growing cohort of people living beyond the expected life spans of the 20th century, according to panelists at the 2021 ULI Asia Pacific Summit.
The Asia Pacific region’s key real estate markets are likely to witness a sustainable and resilient recovery in the next three years, bouncing back from recent weakness triggered by the spread of COVID-19, according to the inaugural ULI Real Estate Economic Forecast report for the region.
During the 2021 ULI Asia Pacific Summit, the leaders of three of the world’s most dynamic cities were interviewed to learn about the past year and their plans for the future.
Singapore
Set against an urban landscape of concrete, steel, and glass in Tanjong Pagar, Singapore’s central business district, Oasia Hotel Downtown (OHD) stands out with its red silhouette clad in lush greenery. An integrated hotel/office development comprising a 27-story, 314-room business hotel and 100 new-age offices, OHD responds to the government’s vision for the precinct earmarked as the island’s next waterfront city with a mix of business, commercial, and residential activities.
As cities become denser, the cost of high-density parking begins to pencil out for developers—which is when the development of parking that automatically stores and retrieves cars becomes attractive.
Hong Kong
With the Asia Pacific region comprising 4.3 billion people and many of the world’s biggest cities, the sheer scale of the sustainability challenge there is daunting. However, asset owners are increasingly using more sustainable designs and technologies to boost the performance of their assets.
As the real estate industry focuses increasingly on the mantra of carbon efficiency, owners and occupiers are scrambling to find ways to reduce carbon footprints. A recent ULI conference in Hong Kong brought together experts across a range of disciplines to discuss the migration to net zero for both new and retrofitted buildings.
ULI is excited to announce the launch of Art in Place, a global cohort of the Institute’s National and District Councils working independently and together to connect artists, developers, and community voices. The program is the next step in ULI’s ongoing commitment to creative placemaking focused on the integration of art, culture, and creativity as levers of community revitalization.