PB 1 Jan 2020 · and professional property services to developers, owners, tenants and investors. These include consultancy services, facilities management, space planning, corporate

REPORT

Savills Research

Asia Pacifi c – January 2020

Prime Benchmark

Prime Benchmark

2savills.com/research

4

5

2A

ustr

Savills Asia Pacific OfficesAustralia Hong Kong

MacauMacau

MalaysiaJohor BahruKuala LumpurPenang

SingaporeSingapore (4)

South KoreaSeoul

TaiwanTaichungTaipei

ThailandBangkok

VietnamDa nangHanoiHo Chi Minh City

AdelaideBrisbaneCanberraGold CoastGordonLindfieldMelbourneNotting HillParramattaPerthSt IvesSunshine CoastSouth SydneySydney

CentralQuarry Bay (3)Tsim Sha Tsui

17Aus

tra

lia & New Zealand

Of s

53Asia

Of s

New Zealand Auckland

Christchurch

TokyoJapan

Cambodia Phnom Penh *

China Beijing Changsha Chengdu Chongqing Dalian Fuzhou Guangzhou Haikou Hangzhou Nanjing Shanghai Shenyang Shenzhen Tianjin Wuhan Xiamen Xi’an Zhuhai * Associate Office

IndiaBangaloreChennaiGurgaonMumbaiPune

IndonesiaJakarta

PhilippinesCebuMakati City *Bonifacio Global City *

Prime Benchmark

Comprehensive Services

Innovative Thinking

Asset Management

Facilities Management

Hotels

Industrial Services

Investment and Sales

International Residential

Occupier Services

Offi ce Services

Project Management

Property Management

Research and Consultancy

Residential Services

Retail Services

Valuation and Professional Services

Serviced Apartment Services

Assumptions: 1) 1 sq m = 10.7639 sq ft/0.3025 ping/0.3025 tsubo 2) As of 31 Dec 2019, USD/RMB = 6.9632; USD/HKD = 7.7904; USD/NTD = 29.914; USD/JPY = 108.62; USD/KRW = 1,155.07; USD/SGD = 1.345; USD/MYR = 4.0905; USD/VND = 23,172.5; USD/AUD = 1.4242; USD/PHP = 50.66; USD/IDR = 13,882.5

This report has been prepared to provide a benchmark of occupancy costs of selective prime properties in various cities in Asia, inclusive of rents, management fees and government taxes/rates. Except for the hotel sector, all the costs are quoted on a net fl oor area basis per month, which is defi ned as the fl oor area exclusively allocated to a unit, excluding common areas. As only a small basket of 5 to 10 prime buildings are monitored in each sector, the rental data and occupancy costs reported in this publication might be higher than the average market fi gures being reported elsewhere. Given varying local market practices, necessary assumptions and judgments are made by our real estate professionals in local offi ces to achieve comparable results among the diff erent cities.

3

Savills is a leading global real estate service provider listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth. The company now has over 600 offi ces and associates throughout the Americas, Europe, Asia Pacifi c, Africa and the Middle East. In Asia Pacifi c, Savills has 70 regional offi ces comprising over 25,000 staff . Asia Pacifi c markets include Australia, China, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, New Zealand, Singapore, South Korea, Taiwan,

Thailand and Viet Nam. Savills provides a comprehensive range of advisory and professional property services to developers, owners, tenants and investors. These include consultancy services, facilities management, space planning, corporate real estate services, property management, leasing, valuation and sales in all key segments of commercial, residential, industrial, retail, investment and hotel property. A unique combination of sector knowledge and entrepreneurial fl air

gives clients access to real estate expertise of the highest calibre. We are regarded as an innovative-thinking organisation supported by excellent negotiating skills. Savills chooses to focus on a defi ned set of clients, off ering a premium service to organisations and individuals with whom we share a common goal. Savills is synonymous with a high-quality service off ering and a premium brand, taking a long-term view of real estate and investing in strategic business relationships.

Prime Benchmark

MARKET CYCLE

TOTAL OCCUPANCY (TOP 5 AVERAGE COST)

TOTAL COSTUS$ PSM NET PM

RENT(US$ PSM NET EFF PM)

MANAGEMENT FEE(US$ PSM NET PM)

GOV’T RATES/TAX(US$ PSM NET PM)

US$ PSM NET PM

HONG KONG

301.9270.218.113.5

OSAKA

99.990.8INCLUSIVE9.1

SHENZHEN

59.053.55.5INCLUSIVE

SINGAPORE

114.3114.3INCLUSIVEINCLUSIVE

SYDNEY

82.980.20.62.1

GUANGZHOU


MANILA

35.929.84.02.1

TOKYO

169.1153.7INCLUSIVE15.4

SHANGHAI


BRISBANE

52.048.20.63.2

MELBOURNE

48.544.20.83.5

BEIJING


TAIPEI

66.862.54.63.1

JAKARTA

34.523.77.73.1

KUALA LUMPUR


LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOSINGAPORE

OSAKASYDNEYTAIPEI

HO CHI MINH CITY

BEIJINGSHANGHAI

GUANGZHOUKUALA LUMPUR

SHENZHENHONG KONG

SEOULJAKARTA

BRISBANEMELBOURNE

HANOIMANILA

OFFICES

HANOI

40.729.08.03.7

SEOUL


HO CHI MINH CITY

61.449.86.65.0

0 50 100 150 200 250 300 350

HONG KONG

TOKYO

SINGAPORE

BEIJING

SEOUL

OSAKA

SHANGHAI

SYDNEY

TAIPEI

HO CHI MINH CITY

SHENZHEN

BRISBANE

GUANGZHOU

MELBOURNE

HANOI

MANILA

JAKARTA

KUALA LUMPUR


Prime Benchmark

-2.4%-2.6%

7.0%7.9%

0.6%0.0%

0.0%0.9%

0.5%0.0%

1.0%1.9%

-0.6%0.2%

-0.6%-0.7%

0.0%0.0%

0.2%-0.4%

-7.3%-6.5%

0.1%0.0%

-2.9%-2.1%

0.1%0.0%

-2.0%2.6%

4.8%3.7%

-1.5%-3.0%

1.1%0.0%

COST CHANGESJUL TO DEC 2019

TOTAL OCCUPANCY COST1H 2009 TO 2H 2019

Rental changes in US$

Rental changes in local currency

US

$ P

SM

NE

T P

M

OFFICES

TOKYO

SYDNEY

Source Savills Research & Consultancy * The rental changes for Taipei are not available for this period because its Prime Offi ce basket has been adjusted.

HONG KONG

TOKYO

SINGAPORE

BEIJING

SEOUL

OSAKA

SHANGHAI

SYDNEY

TAIPEI*

HO CHI MINH CITY

SHENZHEN

BRISBANE

GUANGZHOU

MELBOURNE

HANOI

MANILA

JAKARTA

KUALA LUMPUR

-10% 0% 10%

BEIJING

SEOUL

SHANGHAI

SINGAPORE

TAIPEI

HO CHI MINH CITY

HONG KONG

KUALA LUMPUR

0

50

100

150

200

250

300

350

1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

5

Prime Benchmark

MARKET CYCLE






HONG KONG

1027.2948.031.847.4

BEIJING

319.5307.312.1INCLUSIVE

MELBOURNE

201.3195.81.54.0

SINGAPORE


OSAKA

252.7229.8INCLUSIVE23.0

KUALA LUMPUR


HANOI


TOKYO#

551.4501.3INCLUSIVE50.1

SYDNEY


SEOUL

192.2174.717.5INCLUSIVE

HO CHI MINH CITY

133.2113.08.911.3

SHANGHAI

354.1341.412.8INCLUSIVE

TAIPEI

230.6207.912.310.4

MANILA

49.140.95.42.9

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOSHANGHAI

BEIJINGOSAKA

SHENZHEN

SYDNEYKUALA LUMPUR

HONG KONGSINGAPORE

TAIPEIMELBOURNE

SEOULJAKARTA

GUANGZHOUHO CHI MINH CITY

HANOIMANILA

PRIME RETAIL MALLS

JAKARTA

113.388.214.810.3

GUANGZHOU


SHENZHEN

225.8210.215.6INCLUSIVE

US$ PSM NET PM

0 200 400 600 800 1,000 1,200

HONG KONG

TOKYO#

SINGAPORE

SHANGHAI

GUANGZHOU

BEIJING

SYDNEY

OSAKA

TAIPEI

SHENZHEN

MELBOURNE

SEOUL

KUALA LUMPUR

HO CHI MINH CITY

JAKARTA

HANOI

MANILA


Prime Benchmark



PRIME RETAIL MALLS

-21.1%-21.3%

1.0%1.9%

0.6%0.0%

0.3%1.2%

1.3%2.2%

-0.4%0.5%

0.1%0.0%

1.0%1.9%

5.2%1.6%

-0.9%0.0%

0.1%0.0%

6.3%10.3%

2.4%1.3%

9.5%8.9%

1.6%0.0%

1.1%0.5%

2.9%1.7%

HONG KONG

TOKYO#

SINGAPORE

SHANGHAI

GUANGZHOU

BEIJING

SYDNEY

OSAKA

TAIPEI

SHENZHEN

MELBOURNE

SEOUL

KUALA LUMPUR

HO CHI MINH CITY

JAKARTA

HANOI

MANILA

-20% -10% 0% 10%



US

$ P

SM

NE

T P

M

0

200

400

600

800

1,000

1,200

1,400


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source Savills Research & Consultancy

BEIJING

TOKYO

SHANGHAI

SEOUL

TAIPEI

SYDNEY

HONG KONG

SINGAPORE

7

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOOSAKA

GUANGZHOUSHENZHEN

SHANGHAIBEIJING

HONG KONGSINGAPORE

TAIPEISYDNEY

KUALA LUMPURMANILA

LUXURY APARTMENTS

HONG KONG

101.288.18.64.4

BEIJING


SYDNEY


SINGAPORE


TAIPEI

31.027.12.61.4

GUANGZHOU


TOKYO


OSAKA


MANILA


KUALA LUMPER


SHANGHAI


SHENZHEN


US$ PSM NET PM

0 20 40 60 80 100 120

HONG KONG

TOKYO

SINGAPORE

SHANGHAI

BEIJING

OSAKA

TAIPEI

SHENZHEN

SYDNEY

MANILA

GUANGZHOU

KUALA LUMPUR


Prime Benchmark



US

$ P

SM

NE

T P

M

LUXURY APARTMENTS

BEIJING

TOKYO

SHANGHAI

SINGAPORE

HONG KONG

-2.1%-2.3%

-0.7%0.1%

0.1%-0.5%

-3.9%-3.1%

0.5%1.4%

-3.2%-2.4%

1.7%-1.8%

1.5%2.4%

0.1%0.0%

5.0%3.8%

-3.1%-2.2%

-0.6%-1.7%

HONG KONG

TOKYO

SINGAPORE

SHANGHAI

BEIJING

OSAKA

TAIPEI

SHENZHEN

SYDNEY

MANILA

GUANGZHOU

KUALA LUMPUR

-2% 0% 2% 4%



0

20

40

60

80

100

120

140


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


9

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

SHENZHENHONG KONG

BEIJINGSHANGHAI

SYDNEYSINGAPORE

GUANGZHOU

PRIME VILLAS/TOWNHOUSES

HONG KONG

116.399.112.15.1

GUANGZHOU


SHENZHEN


SHANGHAI


SYDNEY


BEIJING


SINGAPORE


US$ PSM NET PM

0 20 40 60 80 100 120

HONG KONG

SYDNEY

SHENZHEN

SINGAPORE

GUANGZHOU

BEIJING

SHANGHAI


Prime Benchmark


US

$ P

SM

NE

T P

M

PRIME VILLAS/TOWNHOUSES

BEIJING

HONG KONG

SHANGHAI

SINGAPORE

SHENZHENGUANGZHOU

SYDNEY

-1.8%-2.0%

0.1%0.0%

0.8%1.7%

7.1%6.5%

-2.7%-1.8%

-0.8%0.1%

1.9%2.8%

HONG KONG

SYDNEY

SHENZHEN

SINGAPORE

GUANGZHOU

BEIJING

SHANGHAI

-5% 0% 5%



0

20

40

60

80

100

120

140

160


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



11

Prime Benchmark

MARKET CYCLE






LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOOSAKA

SHANGHAI

HONG KONGBEIJINGMANILA

SHENZHENGUANGZHOU

SYDNEYSEOULTAIPEI

HO CHI MINH CITYKUALA LUMPUR

HANOISINGAPORE

LUXURY SERVICED APARTMENTS

SYDNEY


MANILA

93.079.35.68.2

GUANGZHOU


TOKYO


SHANGHAI


TAIPEI

32.127.63.11.4

HONG KONG


SEOUL


HANOI


HO CHI MINH CITY


OSAKA


BEIJING


KUALA LUMPUR


SINGAPORE


SHENZHEN


US$ PSM NET PM

0 20 40 60 80 100 120 140 160 180

SYDNEY

HONG KONG

TOKYO

OSAKA

SINGAPORE

MANILA

SEOUL

SHANGHAI

BEIJING

SHENZHEN

GUANGZHOU

HANOI

TAIPEI

HO CHI MINH CITY

KUALA LUMPUR


Prime Benchmark


US

$ P

SM

NE

T P

M

LUXURY SERVICED APARTMENTSCOST CHANGESJUL TO DEC 2019

-10% -5% 0% 5%



SYDNEY

HONG KONG

TOKYO

OSAKA

SINGAPORE

MANILA

SEOUL

SHANGHAI

BEIJING

SHENZHEN

GUANGZHOU

HANOI

TAIPEI

HO CHI MINH CITY

KUALA LUMPUR

0.1%0.0%

-6.9%-7.1%

-6.9%-6.1%

0.1%0.9%

3.1%2.5%

2.6%1.5%

-14.2%-10.9%

-1.5%-0.6%

1.3%2.2%

0.3%1.2%

-6.3%-5.5%

0.4%0.4%

-1.0%-1.0%

-1.8%-2.3%

-1.8%-2.9%

0

20

40

60

80

100

120

140

160

180


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

BEIJING

TAIPEI

SHANGHAI

TOKYO

SHENZHEN

SINGAPORE

GUANGZHOU

SEOUL

HONG KONG


13

Prime Benchmark

MARKET CYCLE


TOTAL COSTUS$ PER ROOM PER NIGHT

LATE UPSWING

EARLY DOWNSWING

LATE DOWNSWING

EARLY UPSWING

TOKYOSINGAPORE

OSAKASYDNEYMANILA

KUALA LUMPUR

HONG KONGTAIPEI

SHENZHENBEIJING

HO CHI MINH CITY

SEOULSHANGHAI

GUANGZHOU

MELBOURNEHANOI

HOTELS

TOKYO

795.4

SEOUL

367.8

BEIJING

271.4

HONG KONG

461.2

MANILA

300.6

SHANGHAI

252.8

HANOI

176.4

SINGAPORE

499.5

TAIPEI

325.1

SYDNEY

271.0MELBOURNE

250.0

OSAKA

415.7

SHENZHEN

297.9

HO CHI MINH CITY

166.9GUANGZHOU

162.3KUALA LUMPER

137.4

US$ PER ROOM PER NIGHT

0 100 200 300 400 500 600 700 800 900

TOKYO

SINGAPORE

HONG KONG

OSAKA

SEOUL

TAIPEI

MANILA

SHENZHEN

BEIJING

SYDNEY

SHANGHAI

MELBOURNE

HANOI

HO CHI MINH CITY

GUANGZHOU

KUALA LUMPUR


Prime Benchmark


US

$ P

ER

RO

OM

PE

R N

IGH

T

HOTELS

BEIJING

HONG KONG

SHANGHAI

TOKYO

SHENZHEN

SINGAPORE

GUANGZHOU

SEOUL

COST CHANGESDEC 2019 YOY

-10% -5% 0% 5% 10%



TOKYO

SINGAPORE

HONG KONG

OSAKA

SEOUL

TAIPEI

MANILA

SHENZHEN

BEIJING

SYDNEY

SHANGHAI

MELBOURNE

HANOI

HO CHI MINH CITY^

GUANGZHOU

KUALA LUMPUR

12.4%8.8%

3.2%2.6%

-3.4%-4.0%

3.6%0.3%

4.0%7.4%

5.8%4.2%

8.8%4.5%

-3.9%-2.7%

-1.2%0.0%

-1.1%0.0%

-5.2%-4.0%

-1.1%0.0%

13.8%13.8%

0.0%0.0%

-10.1%-9.0%

1.8%0.6%

0

100

200

300

400

500

600

700

800

900


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source Savills Research & Consultancy^The rental changes for Ho Chi Minh City are not available for this period because its Prime Hotel basket has been adjusted.

15

Prime Benchmark

NOTES PAGE


Prime Benchmark

NOTES PAGE

17

Prime Benchmark

NOTES PAGE


Savills - IndonesiaPT Savills Consultants Indonesia

Panin Tower – Senayan City, 16th Floor, Unit C

JI. Asia Afrika Lot. 19, Jakarta 10270, Indonesia

Tel: +6221 293 293 80 Fax: +6221 293 293 81

Contact: Craig Williams Email: [email protected]

Savills - JapanSavills Japan Co., Ltd

15/F Yurakucho ITOCiA , 2-7-1 Yurakucho, Chiyoda-ku

Tokyo 100-0006, Japan

Tel: +81 03 6777 5150 Fax: +81 3 6777 5105

Contact: Christian Mancini E-mail: [email protected]

Savills - KoreaSavills Korea Co., Ltd

13/F Seoul Finance Center, 136 Sejong-daero

Jung-gu, Seoul 04520, Korea

Tel: +82 2 2124 4201 Fax: +82 2 2124 4188

Contact: Crystal Lee E-mail: [email protected]

Savills - MalaysiaSavills (Malaysia) Sdn Bhd

Level 9, Menara Milenium, Jalan Damanlela, Bukit Damansara

50490 Kuala Lumpur, Malaysia

Tel: +603 2092 5955

Contact: Christopher Boyd

Email: [email protected]

Savills - SingaporeSavills (Singapore) Pte Ltd

30 Cecil Street, #20-03 Prudential Tower, Singapore 049712

Tel: +65 6836 6888 Fax: +65 6836 2668

Contact: Marcus Loo E-mail: [email protected]

Savills - TaiwanSavills (Taiwan) Limited

21/F Cathay Landmark, No.68, Sec. 5, Zhongxiao E. Road

Xinyi District, Taipei City 110, Taiwan

Tel: +886 2 8789 5828 Fax: +886 2 8789 5929

Contact: Ricky Huang E-mail: [email protected]

Savills - ThailandSavills (Thailand) Limited

26/F Abdulrahim Place, 990 Rama IV Road

Silom, Bangrak, Bangkok 10500, Thailand

Tel: +66 2 636 0300 Fax: +66 2 636 0339

Contact: Robert Collins E-mail: [email protected]

Savills - Vietnam Savills Vietnam Ltd. Co.

18/F, Ruby Tower, 81-85 Ham Nghi Street

District 1, Ho Chi Minh City, Vietnam

Tel: +84 28 3823 9205 Fax: +84 28 3823 4571

Contact: Neil MacGregor

E-mail: [email protected]

AUSTRALIASavills - SydneySavills (Aust) Pty Ltd.

Level 25, 1 Farrer Place, Sydney, Australia NSW 2000

Tel: +61 2 8215 8830 Fax: +61 2 8215 8899

Contact: Paul Craig E-mail: [email protected]

Savills - MelbourneLevel 48, 80 Collins Street, Melbourne VIC 3000

Tel: +61 3 8686 8000 Fax: +61 3 8686 8088

Contact: Stuart Fox E-mail: [email protected]

South Sydney, St. Ives, Sunshine Coast, Sydney and Turramurra

NEW ZEALANDSavills - New ZealandLevel 6, 41 Shortland Street, Auckland NZ 1010

Tel: +64 9 951 5940

Contact: Ryan Geddes E-mail: [email protected]

THE AMERICASSavills – New YorkSavills Studley, 399 Park Avenue, 11th Floor,

New York, NY 10022

Tel: +1 212 326 8610 Fax: +1 212 326 1034

Contact: Mitchell Rudin E-mail: [email protected]

UNITED KINGDOM, EUROPE,THE MIDDLE EAST AND AFRICASavills - EuropeSavills, 33 Margaret Street, London W1G 0JD

Tel: +44 207 499 8644 Fax: +44 207 495 3773

Contact: Mark Ridley E-mail: [email protected]

Denmark, Egypt, Finland, France, Germany, Gibraltar, Greece,

Hungary, Ireland & Northern Ireland, Israel, Italy, Kenya,

Luxembourg, Monaco, Montenegro, Mozambique, Nambia,

Netherlands, Norway, Oman, Poland, Portugal, Qatar, Russia,

Saudi Arabia, Serbia, Seychelles, South Africa, Spain, Sweden,

Switzerland, UAE, United Kingdom & Channel Islands, Zambia,

and Zimbabwe

CHINAHONG KONG SARSavills (Hong Kong) Limited23/F Two Exchange Square, Central, Hong Kong

Tel: +852 2842 4534 Fax: +852 3007 2458

Contact: Raymond Lee E-mail: [email protected]

EA Co. Licence: C-002450

Savills Valuation and Professional Services Limited1204-08 Cityplaza One, 1111 King's Road, Taikoo Shing,

Hong Kong

Tel: +852 2840 4806 Fax: +852 3007 4523

Contact: Charles Chan E-mail: [email protected]


Savills Property Management Holdings Limited805-13 Cityplaza One, 1111 King’s Road, Taikoo Shing,

Hong Kong

Tel: +852 2534 1688 Fax: +852 2508 1883

Contact: Johnnie Chan E-mail: [email protected]


Savills Guardian (Holdings) Limited7/F Cityplaza One, 1111 King’s Road, Taikoo Shing,

Hong Kong

Tel: +852 2512 1838 Fax: +852 2887 3698

Contact: Dick Kwok E-mail: [email protected]


MACAU SARSavills - Macau Savills (Macau) Limited

Suite 1309-10, 13/F Macau Landmark,

555 Avenida da Amizade, Macau

Tel: +853 8506 6288 Fax: +853 2878 1805

CHINA Savills - Shanghai25/F Two ICC, 288 South Shaanxi North Road,

Xuhui District, Shanghai 200031, China

Tel: +86 21 6391 6688 Fax: +86 21 6391 6699

Contact: Siu Wing Chu E-mail: [email protected]

Savills - Beijing2101 East Tower, Twin Towers, B-12 Jianguomenwai Avenue,

Chaoyang District, Beijing 100022, China

Tel: +86 10 5925 2288 Fax: +86 10 5925 2299

Contact: Anthony McQuade

E-mail: [email protected]

Guangzhou, Haikou, Hangzhou, Nanjing, Shanghai, Shenyang,

Shenzhen, Tianjin, Wuhan, Xiamen, Xi’an and Zhuhai

ASIASavills - India

B,DLF Cyber City, DLF City Phase-III, Gurgaon, 122002

Tel: +91 12 4402 0556

Contact: Anurag Mathur Email: [email protected]

Savills, the international real estate advisor established in the UK since 1855 with a network of over 650 offices and associates globally.

ASIA PACIFIC HEADQUARTERS23/F Two Exchange Square, Central, Hong Kong

Tel: +852 2842 4400 Fax: +852 2868 4386

contract; interested parties should seek independent professional advice from lawyer, accountant and surveyor and should not rely on the statements or representations herein but must satisfy themselves by inspection or otherwise as to the accuracy,

completeness and correctness of the contents hereto. No warranties or representations whatsoever is given by Savills in respect of the contents hereto. Savills cannot be held responsible for any liability whatsoever or for any loss howsoever arising

from or in reliance upon the whole or any part of the contents of this document. This publication may not be reproduced in any form or in any manner, in part or as a whole without written permission of the publisher, Savills. © Savills (Hong Kong)

Limited. 2019 (III/18)

CEO, Greater ChinaContact: Raymond Lee E-mail: [email protected]

Contact: Robert McKellar E-mail: [email protected]

CEO, Australia & New ZealandContact: Paul Craig E-mail: [email protected]

Contact: Christian Mancini E-mail: [email protected]

Contact: Tim Robinson E-mail: [email protected]

CEO, IndiaContact: Anurag Mathur E-mail: [email protected]

CEO, South East AsiaContact: Christopher Marriott E-mail: [email protected]

Regional Managing Director, Professional Services, Asia

ASIA PACIFIC EXECUTIVE COMMITTEE

Up

dated

: 4 Sep

19

23/F, Two Exchange SquareCentral, Hong Kong

Documents

PB 1 Jan 2020 · and professional property services to developers, owners, tenants and investors. These include consultancy services, facilities management, space planning, corporate