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ASIA
THE PROPERTY EDGE
July - December 2004 ( Fifth Edition )
Chairman & CEO's Foreword
Dear All,
As forecasted in the fourth edition of the Property Edge, economic indicators for Q3 - Q4 2004 were
proven correct and in many cases exceeded expectations in the majority property sectors throughout
Greater Asia. I am pleased to report all business lines within CB Richard Ellis had stellar performances.
These results could not be achieved without the ongoing support of you - our clients!
There were many highlights in the second half of 2004 including :
• Whitesands Shopping Mall - Singapore investment transaction US$98 M
• ABN Amro to One Raffles Quay - Singapore - 160,000 sq.ft.
• Launch of the Sail@Marina - Singapore - 6 star luxury residential project
• Sole marketing consultant for Jinbao Plaza - Beijing - 540,000 sq.ft.
• Sole marketing consultant for Nanjing Regal Square - Shanghai - 300,000 sq.ft.
• Management contract - Azia Centre - Shanghai - Premium office development 754,000 sq.ft.
• Retail consultant & sole leasing agent for Xiamen Golden Street - Guangzhou - 600,000 sq.ft.
• Seoul Securities HQ Building Seoul investment transaction - Korea - 435,317 sq.ft.
• Marketing (joint agent) of Star Tower investment transaction - Korea - 2.2. million sq.ft.
• Strategic Development & Consulting, Industrial / Logistics & Global Corporate Service business
lines achieved massive growth from existing & new client activity.
Notwithstanding a great year 2004 for clients & CB Richard Ellis, one must be reflective of the tragedy &
hardship caused by the Tsunami on 26th December in southern Asia.
To this end, CB Richard Ellis has launched a "South Asia Relief Fund" internally for contributions by our
some global 15,000 employees. These contributions will be specifically utilised for the construction of
orphanages; education & medical facilities.
On behalf of CB Richard Ellis, we wish you & your families the best for 2005.
Kind regards,
Rob Blain
Chairman & CEO
Asia Pacific
H O N G KO N G
. Investment . Office . Residential .
2
Investment Properties - Deals Concluded
2004 has proved to be a successful year for the Hong Kong Investment
Properties team, with the second half of the year following the brilliant
results of the first half. Of the several sales transactions concluded
by the team, two are particularly noteworthy:
The team successfully disposed, by way of public tender, of No. 256
Hennessy Road at a price in excess of HK$200 million. Following
that, the team then sold No. 305 Castle Peak Road for China Light
Power Ltd at HK$221 million.
No. 256 Hennessy Road
The team also sold, on behalf of an investment fund, various floors
of Silver Fortune Tower, No. 1 Wellington Street, one of the rarely available strata-titled office in core Central
to a local investor at HK$175 million.
Office Services Team Places London Stock
Exchange in 2IFC
The Hong Kong Office Services team advised and negotiated a lease in 2IFC on behalf of the London Stock
Exchange (LSE) in the opening of its first Asia Pacific regional office in Hong Kong. LSE’s office in HK will
focus on enticing more Mainland firms to list in London. Activity continues in 2IFC for a new letting to DKR
Oasis, a fund management company. Elsewhere in Central, the team acted for Shinko Securities (member
of the Mizuho Financial Group) in securing a lease in The Center as well as handling the relocation of
Industrial Bank of Korea from Bank of America Tower to Two Pacific Place.
The team also negotiated a lease buy-out for 17,500 sq.ft. at Times Square on behalf of Family First Ltd.
Residential Services - New Appointments
The Hong Kong Residential Services team has been appointed as both
sole and lead agents for a number of individually owned properties across
Hong Kong. Recent successes include the team’s appointment for three
apartments at La Mer, a contemporary low-rise development in Pokfulam
offering wonderful views of the outlying islands. These three bedroom
apartments are available for lease from HK$49,000 per month. Other
appointments include a modern apartment at Star Crest, located
alongside Pacific Place, in the heart of the city; and a sea-view retreat at
La Mer South Bay Tower in Repulse Bay. The team has also secured the sale
appointment for luxury properties in Midlevels and the Stubbs Road area,
with prices ranging from just HK$5 million to HK$15 million.
The team continues its sole agency appointment at Ovolo serviced
apartments in Central. These one-bedroom Manhattan-style apartments
appeal particularly to executives wanting to live in the
heart of the city. Current occupants include investment
bankers, accountants, and lawyers. Rentals start from
HK$38,000 per month with the development is currently
Richery Garden enjoying full occupancy.
The team continues to work closely with individuals and multinational corporations including
AIA, AIG, Basell, LVMH, the Marsh group, Nomura, and Sun Microsystems. Services
include Home Finding, Orientation and Settling-in programmes, provided to a range of
expatriates and their families relocating to Hong Kong from overseas and also those
moving within Hong Kong. Ovolo
H O N G KO N G
. Retail . Industrial & Logistics .
3
New Retail Leasing Deals Concluded
The Hong Kong Retail Services team continues the sterling results from the first half-year of 2004. Some of
the transactions include:
Choi Fook Chinese Restaurant
Choi Fook Chinese Restaurant is set to open their 23,000 sq.ft. operation in Taipo – Plover Cove Garden.
In view of the limited supply of larger size retail premises, Choi Fook decided to seize this opportunity to
expand their market share in Taipo district. They will spend approximately HK$18 million for the fit-out, and
have allocated approximately 10,000 sq.ft. of the space for the “Hot-pot zone”.
Other specialty restaurant chains expanding include Katokichi Japanese Restaurant and Rhine Garden
Restaurant, who have committed to new outlets in Ashley Road in Tsimshatsui and Sunshine City Plaza in Ma
On Shan respectively.
Royal Sporting House & Quiksilver
For fashion and apparel retailers, Royal Sporting House will open their new
8,400 sq.ft. flagship store in Kowloon in Parklane Shopper’s Boulevard in
Tsim Sha Tsui. This will be the largest street shop in Hong Kong.
Up and coming sportswear brand
“Quiksilver”, have confirmed their lease
Royal Sporting House in Festival Walk. The area is approximately 1,400 sq.ft., and is Quiksilver’s
first lease of Swire retail properties. The renowned U.S. fashion label “Max
Studio” has also committed to Paterson Street, the Hang Lung’s Causeway Bay retail portfolio. The area is
approximately 1,000 sq.ft., and will be their first street-shop in Hong Kong.
Best Denki
Turning to the electrical appliances sector, the team assisted Best Denki, the famous
Japanese electrical product chain-store in the opening of their store in Metro City
Plaza in Tseung Kwan O of approximately 14,000 sq.ft.
Best Denki
Rayure
Rayure, a French lady’s fashion brand also opens their first Hong Kong branch in
Fashion Island, Causeway Bay of approx. 500 sq.ft.
Swarovski, a leading international brand name of crystal gift product has leased the
most prominent shop at the main entrance of Langham Place in Mongkok, which is
their first street shop in Mongkok. Rayure
Industrial & Logistic Team Retained by BAX
Logistics
The Hong Kong Industrial & Logistic Services team has been retained by BAX Logistics after
successfully assisting in the relocation of their office to Kowloon Bay of approximately 28,000
sq.ft. The team also converted BAX Logistics’ previous office space in Yau Tong into a warehouse
and distribution center.
The team has also been retained by APL Logistics, on a worldwide basis and will be acting
on their behalf to source for approximately 150,000 sq.ft. of space for their expanding
facilities in Hong Kong.
H O N G KO N G
. Strategic Development Consultancy . Valuation & Advisory .
4
Rental Valuation Services for KCRC
In second half of 2004, the Hong Kong Valuation and Advisory Services team was
appointed by Kowloon Canton Railway Corporation (KCRC) to provide rental valuation
services for five major shopping centres and retail spaces along one of the railway lines in Hong
Kong. The purpose is for KCRC’s internal reference.
Mega Resort Development in Sanya, Hainan
The Hong Kong Valuation and Advisory Services team was
appointed by an investment company to provide valuation
services for a resort development in Sanya, Hainan, PRC. The
valuation is for a US Dollar fund. The site area is approximately
3.8 million sq.ft. and the development will comprise a 5-star
hotel and luxurious villas with exclusive use of about 2 km
beachfront along the coast.
IPOs Sanya
In the second half of 2004, the Hong Kong Valuation and Advisory
Services team successfully assisted Luen Thai Holdings Limited to complete their IPO process. In
addition, the team also assisting a number of PRC companies in processing their IPO applications on
the Hong Kong Stock Exchange. Apart from providing independent valuation for all owned or leased
property interests of the listing companies, the team worked closely with the listing companies to
provide advice and solutions on all issues in relation to property holding.
Carrefour
The Hong Kong Valuation and Advisory Services team have been appointed by
Carrefour China to provide valuation and advisory services for a large retail
complex in central China for acquisition purposes. The property comprises a three storey retail complex
plus one level basement and car parking facilities with total gross floor area of about 334,000 sq.ft.
Strategic Development Consultancy Secured
Two Major Consultancy Assignments
The Hong Kong Strategic Development Consultancy team has been appointed by the Urban Renewal
Authority (“URA”) to conduct a market and feasibility study and provide retail consultancy services as
part of the URA’s potential redevelopment of a key site in Kowloon.
The team is analysing the Hong Kong retail market at both a macro and micro level, targeting key
demographic areas following extensive surveys and a thorough economic review. This is followed by
advice on the viability of the themed concept, project feasibility, tenant mix, centre design, key retailer
requirements and an overall development strategy including a comprehensive financial viability
assessment. The project will include case study analyses of the project’s potential competitors and
international examples of similar themed retail projects.
In addition, the team has also been appointed, together with GHK (Hong Kong) Ltd, to undertake
another study relating to the market analysis of a specific segment of the retail market. The team’s
scope of work includes an in depth market analysis and advice on location, trade mix, rental affordability
and centre design from a retailer’s perspective.
SINGAPORE
. Investment .
5
Investment Properties - Deals Concluded
Whitesands Shopping Mall
Asian Retail Mall Fund purchased Whitesands Shopping Mall in Pasir Ris
for S$160.89 million. Asian Retail Mall Fund, managed by PREI Asia, also
owns Tiong Bahru Plaza, Century Square in Tampines and Hougang Mall.
The seven-storey mall, with three basement levels is fully let out. Major
tenants include John Little, NTUC Fairprice and National Library Board.
The Singapore Investment Properties team handled the successful tender
for the project.
Whitesands
Falcon Crest Angullia View
The Singapore Investment The Singapore Investment
Properties team brokered the Properties team brokered
S$40 million (S$671 psf per plot the collective sale of
ratio inclusive of development Angullia View to
charge) sale of Falcon Crest to Wheelock Properties for
developer BS Capital Pte Ltd. S$43.8 million. The
The freehold residential property freehold property with a
has a site area of approximately site area of approximately
27,279 sq.ft. and the allowable 29,078 sq.ft. is zoned for
plot ratio is 2.8. It is next to The a 36-storey residential
Claymore and diagonally across Falcon Crest development with a plot Angullia View
from Ardmore Park ratio of 2.8. This is only
Condominium, where the highest condominium prices the second super luxury apartment site to be sold
in Singapore have been achieved. in Singapore since 2000.
Investment Properties - New Appointments
The Singapore Investment Properties team has been appointed as the sole marketing agent for the following
collective sales.
Hin Seng Garden
Hin Seng Garden, one of the few large suburban sites available in Singapore,
was launched for collective sale in November 2004. The suburban location
and large site area of 237,000 sq. ft. will ensure that most of the large developers
and contractors will keenly evaluate the opportunity. The purchaser of Hin
Seng Garden can build a new condominium development of more than 260
units with an average size of 1,300 sq.ft. per unit.
The asking price of Hin Seng Garden is S$115 million and the Development
Hin Seng Garden
Charge is estimated to be S$7.54 million. This equates to a land cost of S$323
psf per plot ratio, which gives the developer a breakeven cost of around S$550 psf. The development has a
leasehold of 956 years commencing from 1928. The allowable plot ratio is 1.6 and the technical height control
is about 12 storeys.
Maryland Park
Maryland Park sits on a huge site of 246,737 sq.ft. along the popular East Coast.
The sale with an expected price tag of S$260 million sees the largest number of
collective sale owners ever - 218 including 2 shops. The site is rectangular and on
flat ground, with excellent unobstructed city views over the neighbouring landed
housing estates. The allowable plot ratio of 2.8 means the purchaser can build a
new 550-unit condominium with extensive condominium facilities.
Maryland Park
SINGAPORE
. Office . Residential Project Marketing .
6
Singapore Office Services Team Active in
Leasing Market
The Singapore Office Services team has been actively involved in several major leasing transactions. Recent
deals concluded include the two largest transactions this year – securing ABN Amro as the first anchor
tenant for 160,000 sq.ft. at One Raffles Quay and Microsoft for 110,000 sq.ft. at One Marina Boulevard.
The team also assisted Visa in securing 40,000 sq.ft. in Singapore Post Centre to house its new regional IT
hub. Other leasing deals included Kim Eng Securities’ 36,000 sq.ft. lease in 63 Market Street.
The outlook for the office market continues to improve as the volume of enquiries increases. A particularly
encouraging sign is the increasing requirements from the banking sector. The team has recently assisted
Citibank in taking over 40,000 sq.ft. in Capital Square, Millenia Tower and Tampines Plaza and ANZ's
21,000 sq.ft. relocation to OUB Centre. The team has also advised Barclays and Deutsche Bank on their
expansion needs in Atrium @ Orchard and Suntec respectively.
ABN Amro Pre-commits to One Raffles Quay
In the largest office leasing transaction in Singapore in six years, ABN Amro has signed
up for 160,000 sq.ft. at One Raffles Quay to house its Asia Pacific Headquarters. The
bank signed the 12-year agreement some 18 months before the building’s completion.
One Raffles Quay is Singapore’s largest new office development at 1.3 million sq.ft.
and quite possibly the largest office project under construction in Asia. The project is
being undertaken by a joint venture of three leading regional developers Cheung Kong,
Keppel Land and Hong Kong Land. When completed around April 2006, One Raffles
Quay will offer the highest specification office space available in Singapore’s central
One Raffles Quay
business district. Features that stand out include dedicated trading floors for companies
with large capital markets operations, dual power and telecom feed, tenant dedicated riser space and sites
for back-up generators, raised floors throughout and generous clear floor to ceiling heights. The 29-storey
South Tower of One Raffles Quay provides large column free floorplates of 30,000 sq.ft., whilst the 50-storey
North Tower provides an equally impressive 18,000 sq.ft. floorplate with great views. Not surprisingly, One
Raffles Quay had attracted keen interest from a number of large investment banks and financial institutions.
Following ABN’s commitment, advanced discussions are underway over a further 25 per cent of the space.
The Singapore Office Services team has been appointed joint sole marketing agent.
Residential Project Marketing - New Launches
Cherry Gardens Venezio
Allgreen Properties’ Located along the highly popular Upper East
Cherry Gardens Coast Road, the freehold 40-unit Venezio is
project in Lorong surrounded by amenities such as East Coast
Lew Lian got off to a Park, Parkway Parade and Victoria School and
good start with 25 of Junior College. Accessibility to various parts of
the 48 units snapped Singapore is easy via the ECP, Bedok and
up during the first Cherry Gardens Tanah Merah MRT stations and city is just but Venezio
weekend. To date, more than 90 per cent of a few minutes away. Developed by S C Development, Venezio is
the units have been sold. With prices starting designed in the style of Carlo Scarpa with a tropical feel.
at S$430 per sq.ft., an average 1,100 sq.ft. Comprising two and three-bedroom units, with sizes ranging from
three-bedroom apartment is going for about 936 to 2,928 sq.ft., the development is equipped with facilities
S$500,000. The Singapore Residential Project such as a swimming pool, spa pool, timber sun deck and BBQ
Marketing team has been appointed sole areas with pavilion. The Singapore Residential Project Marketing
marketing agent for this development. team has been appointed sole marketing agent for this development.
SINGAPORE
. Residential Project Marketing .
7
Residential Project Marketing - New Launches
The Sail @ Marina Bay
A new iconic landmark to watch for on the Singapore skyline is The Sail @ Marina Bay located
on Marina Boulevard. Soaring to a height of 245 metres, the 70-storey Marina Bay Tower is the
tallest residential building in Singapore and among the tallest in the world. The Sail @ Marina
Bay, which also comprises a second tower 63 storeys high, is being developed by a joint
venture company of City Developments Ltd and the AIG Global Real Estate Investment Corp.
The first of its kind to be built in the new downtown, The Sail @ Marina Bay offers panoramic
views of Marina Bay, the sea and the existing city skyline. It is also in close proximity to the city’s
attractions such as The Esplanade - Theatres on the Bay, the new Merlion Pier and when
completed, the Central Promontory public attraction as well. This development will set the new
benchmark for a truly integrated lifestyle environment to live, work and play.
The Sail@Marina Bay
The Sail @ Marina Bay comprises one to four-bedroom units of up to 2,293 sq.ft., as well as luxurious penthouses
of up to 6,297 sq.ft. The Singapore Residential Project Marketing team has been appointed as the joint marketing
agent for this development, which is expected to be completed by year 2009. Tower 1 was released for sale in early
November 2004. To date, more than 80 per cent of the units have been sold.
Kovan Melody
Kovan Melody, a 778-unit 99-year leasehold condominium has proven to
be a huge hit judging by the large turnout at the show flat during the soft
launch. Close to 7,000 visitors turned up to register to view the show flat
during the first weekend alone.
Kovan Melody, which is located just next to Kovan MRT Station, is developed
by Wing Tai Holdings Ltd. About 520 units have been released for sale and
more than 330 units were sold before the sales office closed for upgrading.
The development comprises two-bedroom units at 900 sq.ft., three-bedroom
Kovan Melody units at 1,200 sq.ft., and three plus family units at 1,300 sq.ft., four-bedroom
units at 1,400 sq.ft. and four plus family units at 1,500 sq.ft. Prices range
from S$450,000 to S$890,000. The launch of the second phase is expected in the first quarter of 2005. The
Singapore Residential Project Marketing team is the joint sole marketing agent for Kovan Melody.
The Berth by the Cove
Heralded as the epitome of resort waterfront living, Sentosa Cove is
the first development of its kind to offer a marina-oriented lifestyle with
quayside retail, a marina and an upmarket residential enclave.
The first condominium site at Sentosa Cove, named The Berth by the
Cove, is developed by Ho Bee Group. It offers a living experience
without precedent in Singapore. Nestled in a pristine corner of the
premier waterfront district, the condominium is infused with the ambience
and setting of an up-market tropical resort. The 200-unit condominium The Berth by the Cove
is designed to the theme of a luxury resort set amidst lush tropical
gardens, undulating water landscapes and secluded intimate courtyards. It offers “open-to-the-elements” living
with its pergolas, balconies, large roofs and open terraces. Designed to put homeowners in intimate contact with
the elements, there is a wide choice of two, three and four bedroom apartments as well as luxury penthouses. While
there is exclusivity and privacy, homeowners can also enjoy the comfort and convenience of modern city living. It
is a mere 10-minute drive from the city and the Harbourfront MRT station is located within easy reach on the
mainland.
The Singapore Residential Project Marketing team is the joint marketing agent for this development. About 60 per
cent of the units were snapped up over two weekends at the preview. The official launch is expected in
January 2005.
SINGAPORE
. Retail . Industrial & Logistics .
8
Retail Services Team to Market East Coast
Seafood Centre
To reinforce its strong positioning as the premier seafood destination in
Singapore, East Coast Seafood Centre will undergo upgrading works in 2005.
The Singapore Retail Services Team has been appointed as the sole marketing
agent for East Coast Seafood Centre.
East Coast Seafood Centre
Industrial Services - Deals Concluded
Prime Industrial Site at 200 Bedok South
Ave 1 Sold
The Singapore Industrial Services team was appointed sole
marketing agent by Texas Instruments (Pte) Ltd to re-market
the sale of their former manufacturing facility in July 2004.
The team has successfully secured a purchaser, Kim Soon
Lee Pte Ltd, an established local transport service provider,
at a price of S$6.62 million. This property which is
conveniently located directly across Bedok MRT station, has
a 2-storey purpose-built building with gross floor area of
37,972 sq.ft. and a relatively large site area of 174,250
sq.ft. The site is on a 60-year HDB lease commencing from
1 June 1972. With an approved plot ratio of 2.5, it has a
re-development potential for a new facility with a gross floor
200 Bedok South Ave 1
area of up to 435,000 sq.ft.
Industrial & Logistics Services
- New Appointments
3 Sungei Kadut 43 Changi South
Crescent Avenue 2
The Singapore The Singapore
Industrial & Industrial &
Logistics Services Logistics Services
team has been team has been
appointed as sole appointed as the
marketing agent of marketing agent
3 Sungei Kadut for 43 Changi
Crescent. This is a South Avenue 2 to
purpose-built 3 Sungei Kadut Crescent market the 43 Changi South Avenue 2
factory located at industrial facility.
Sungei Kadut. It has a land area and gross floor Located in Changi, the facility has a GFA of
area of approximately 48,770 sq.ft. and 78,580 approximately 102,260 sq.ft. with two overhead
sq.ft. respectively. The land tenure is a JTC cranes on the ground floor and four loading/
leasehold of 30 years from 1995. unloading bays.
BEIJING
. Investment . Office .
9
Disposal of a Residential Site in Chaoyang
District, Beijing
The Beijing Investment team was appointed as the disposal agent by the vendor to
sell its 90 per cent stake in a residential site located in Chaoyang District through
private treaty. Having actively sought for potential domestic and foreign investors/
developers and facilitated negotiations over a period of nine months, the team
successfully sold the 90 per cent stake to a renowned local developer.
Chaoyang District The residential site is located along North 4th Ring Road, and has an area of
approximately. 1.57 million sq.ft. and a total GFA of some 4.3 million sq.ft. The
site has been zoned for mainly residential development.
Office Services - Deals Concluded
Thomson
Thomson’s expanding business in China has led to its requirement for additional space
resulting in it building build its laboratories in the high-tech Haidian district. The team
was successful in securing substantial benefits from the preferential policies applicable to high-tech companies
setting up in Haidian, including below-market lease terms for Thomson in the Technology Fortune Center.
Barclays
The Beijing Office Services team has been appointed by one the biggest investment
banks in the UK, Barclays to act as its real estate consultant for the purposes of upgrading
its office facilities in Beijing. The team successfully relocated Barclay’s office from SciTech to China Resources
Building, a Grade A office with state-of-the-art security systems, an advanced telecommunications system
and, power and supporting banking technology systems.
iPark China
The team was appointed by iPark to provide specialist advice in solving its office requirements
as the client was faced with the difficult task on deciding on whether to renew its lease, take
smaller premises or relocate to one of Beijing’s three business centers. With a full understanding of the
alternatives provided by the team, iPark was able to proceed with the most economical and practical
solution.
EDAW
The growth of its’ PRC business has resulted in EDAW requiring a larger office space, and
the opportunity was taken to relocate to a more central location in a building which would
offer an improved image. Despite a market of increasing rents and declining occupancy, the Beijing Office
Services team managed to negotiated a new space for EDAW, meeting all requirements, whilst maintaining
the same per square metre rental.
Office Services - New Appointments
The Beijing Office Services team secured the following appointments during the second half of the year:
SOHU
The team has been appointed to assist SOHU.com consolidate approximately 150,000 sq.ft. of
office space scattered about Beijing. The team identified and evaluated potential options in the
market and utilized team-members in Beijing, Hong Kong and Singapore to negotiate the most competitive
commercial terms for the client.
BEIJING
. Office . Retail .
10
Jinbao Plaza
Appointed as sole marketing consultant and leasing agent by Fu Wah International Group HK for Jinbao
Plaza located in the Wang Fujing area. Scheduled for completion in March 2005, the 17-storey office
building will have a total gross area of approximately 540,000 sq.ft. and will have easy access to the Metro
Line 2 and Line 5.
Hujialou Project
Appointed as sole marketing consultant and sales agent for Hujialou Project. Situated in the CBD area, the
290,000 sq.ft. property is scheduled for completion at the end of 2006.
Red Street Project
Appointed as sole marketing consultant and sales agent by Red Street Project for their property in the famous
bar street (San Li Tun) area. The property comprises a total gross area of 645,800 sq.ft. for office and
130,000 sq.ft. for retail.
Retail Team Secures Squeeze Juices
Squeeze Juices was founded in the U.S. in 2003 by a team of Californian and Chinese national friends
interested in delivering the California blend of nutrition in a cup. Squeeze Juices uses only the freshest
ingredients and is committed to providing the most delicious and healthy experience.
The Beijing Retail Services team recently placed Squeeze Juices in a 1,500 sq.ft. space at Landmark Tower.
Carrefour Awards Sole Leasing Agency
Carrefour, China’s largest foreign retailer, appointed the Beijing Retail Services team as sole leasing agent
in China July 2004. As sole agent, the team is responsible for filling some of their 1000 shop units and
counter spaces. To date, the team has managed to secure the following retailers:
Bao Dao Optical GNC
Bao Dao Optical is the largest optical chain in GNC (General Nutrition Centers) is a specialty retailer
China. Originally operating in Taiwan since 1979 and distributor of over 1,500 nutraceutical products, which
it expanded to China in 1997 and now has a include supplements, vitamins, minerals, herbs and
total of 584 outlets in China in cities like Xiamen, functional foods. Currently, the Global Active Limited
Tianjin, Beijing, Hangzhou, Suzhou, Harbin, group of companies is the sole GNC franchisee in
Shenyang, Shanghai, Guangzhou, Shenzhen Singapore, Malaysia, Brunei and certain US military and
and Beijing. naval bases in Japan and Korea. They have an extensive
network of more than 80 GNC retail outlets region-wide.
The team signed up Bao Dao with
Carrefour Harbin stores located in Exhibition As part of their regional expansion plans, the franchisee
Centre, Yongping and Dongli. The first outlet was has secured the exclusive distribution rights from GNC
opened in Exhibition Centre in mid October and other third party international brands for the
2004, with the second outlet having been opened distribution of their products in the PRC. It has set up
in November in Yongping store. Another outlet offices in Shanghai and Guangzhou to register and
in Dongli opened in mid December 2004. distribute nutraceutical products into the PRC.
Shi Wei Tian The team managed within a period of three months
successfully signed up 14 GNC outlets with Carrefour
Shi Wei Tian, one of the largest food court China in major cities like Beijing, Shanghai, Guangzhou
operator in Harbin, will open its new outlet of and Shenzen all of which are prime counter and shop
8,000 sq.ft. in Dongli in December 2004. They spaces, which vary in sizes from 100 to 350 sq.ft. each.
also have a second outlet in Shenyang.
BEIJING
. Residential Project Marketing . Strategic Development Consultancy .
11
Residential Project Marketing - New Appointments
Exhibition Center
The Beijing Residential Project Marketing team has been appointed as the sole
agent for the “Exhibition Center” in Ha’erbin.
The Exhibition Center has a site area of 430,000 sq.ft., and a total construction
area of 1.6 million sq.ft. Comprising of nine high-rise condominium buildings, a
54,000 sq.ft. clubhouse with many recreational facilities such as indoor swimming
pool, a fully equipped gymnasium and a supermarket. The development will be
Exhibition Center ready for occupation by the end of 2006.
This development is conveniently located nearby the exhibition district of Ha’erbin, the capital city of Heilongjiang
Province. Located in the heart of Economic Development Zone of Ha’erbin, the development is northwest of the
new International Exhibition Sports Center, which holds the European Trade Exhibition every year. This project is set
to become a landmark in Ha’erbin.
Strategic Development Consultancy
The Beijing Strategic Development Consultancy team has been very active in Beijing and other cities in Northern
China, having undertaken a wide range of feasibility studies and retail consultancy assignments within second half
of 2004. The key assignments undertaken are illustrated below.
Yaohui International Town
Project : Yaohui International Town, Beijing
Client Name : Beijing Tianhong Baoye Real Estate Co., Ltd.
Description : Proposed Mixed Use Development
Scope Of Work : To determine the optimum development mix associated with the project and to
undertake relevant financial viability analysis.
Central Park
Project : Central Park, Tianjin
Client Name : Tianjin TEDA International Hotel Group Co., Ltd
Description : Proposed Mixed Use Development
Scope Of Work : To provide advice regarding the proposed market positioning, use, development
mix, layout, architectural characteristics, merchandise/tenant mix, and
implementation strategy associated with the project.
Huangdao Xiangjiang
Project : Huangdao Xiangjiang Road Project, Qingdao
Client Name : Shanghai Shangshi City Development Investment Co., Ltd
Description : Proposed Mixed Use Development
Scope Of Work : To undertake research in relation to the factors impacting upon property development
within Huangdao, and to provide advice regarding the appropriate market
positioning and optimum development mix of the proposed scheme.
Chenxi Plaza
Project : Chenxi Plaza, Dalian
Client Name : Dalian Chenxi Real Estate Development Co., Ltd
Description : Proposed Retail Development
Scope Of Work : To determine the optimum design, layout, merchandising and tenant mix of the
retail component of the development.
Union Lake North Sector
Project : Union Lake North Sector, Beijing
Client Name : Beijing Tianhong Real Estate Development and Management Corporation
Description : Proposed Commercial Development
Scope Of Work : To review market research and consultancy reports associated with the proposed
development, and to assist the client to identify the overall positioning, development
content, pricing strategy and target consumers associated with the scheme, as well
as to provide advice regarding the design of the project.
BEIJING
. Strategic Development Consultancy .
12
Yanjiao International Convention & Exhibition Center
Project : Yanjiao International Convention & Exhibition Center, Hebei
Client Name : Lang Fang Chinese Real Estate Development Co., Ltd.
Description : Proposed Mixed Use Development
Scope Of Work : To determine the optimum approach to the development, marketing and
management of the proposed scheme, as well as to finalise the design and layout
of the project.
Zhangjiawo Residential Project
Project : Zhangjiawo Residential Project, Tianjin
Client Name : China Housing Partners, LLC
Description : Proposed Residential Development
Scope Of Work : To determine the optimum development parameters associated with the proposed
scheme, based upon the findings of the market survey.
Anfu Plaza
Project : Anfu Plaza, Beijing
Client Name : Beijing Anfu Real Estate Co., Ltd
Description : Proposed Mixed Use Development
Scope Of Work : To determine the optimum approach to the development, market positioning,
marketing and management of the proposed scheme, as well as to provide advice
regarding the design and layout of the project.
Baijiazhuang Xili Rebuilding Project
Project : Baijiazhuang Xili Rebuilding Project, Beijing
Client Name : Beijing Jiaming Investment (Group) Co., Ltd
Description : Proposed Commercial Development
Scope Of Work : To undertake a feasibility study in relation to the proposed scheme and to provide
input and advice to facilitate the preparation of the conceptual design associated
with the project.
Golden Spring Plaza
Project : Golden Spring Plaza, Beijing
Client Name : Beijing Zenith Property Company Limited.
Description : Proposed Retail Development
Scope Of Work : To determine the optimum scale, design, layout, merchandising and tenant mix of
the retail component of the development.
Villa Project
Project : Villa Project, Beijing
Client Name : Hines
Description : Proposed Villa Development
Scope Of Work : To provide research relating to the villa sector of the property market in Beijing.
Jin Tai Centre
Project : Jin Tai Centre, Beijing
Client Name : Beijing Jin Tai Heng Ye Co., Ltd
Description : Proposed Mixed Use Development
Scope Of Work : To determine the optimum approach to the development, marketing and
management of the proposed scheme, as well as to finalise the design and layout
of the project.
China Resources Building Phase II
Project : China Resources Building Phase II, Beijing
Client Name : Beijing China Resources Building Co., Ltd.
Description : Proposed Commercial Development
Scope Of Work : To determine the optimum marketing positioning and development mix of the
project, based upon detailed market research.
Xingfuyicun Project
Project : Xingfuyicun Project, Beijing
Client Name : Beijing Bright Way Real Estate Development Co., Ltd
Description : Proposed Mixed Use Development
Scope Of Work : To determine the optimum approach to the development, marketing and
management of the proposed scheme, as well as to provide advice regarding the
design and layout of the project.
SHANGHAI
. Retail . Office .
13
Retail Services - Deals Concluded
Sisley and s.Oliver at Raffles City
The Shanghai Retail Services team has successfully introduced
two fashion retailers to occupy the ground floor of Raffles City.
Sisley from Italy has opened a 1,200 sq.ft. shop, and s.Oliver
from Germany, opened their first store in Raffles City Shanghai,
taking about 700 sq.ft. of space. Both brands are targeted at
the middle to upper middle/high income shoppers who are
looking for good quality and wearable fashion, at prices
attracting a fair premium.
Joffre 688 s.Oliver
Joffre 688, earmarked to be revamped into a centre showcasing
international fashion labels and F&B concepts. This 120,000
sq.ft. building, comprising of six levels (including one basement)
is located along the prominent Huai Hai M Rd, at the junction
of Si Nan Rd. The owners of this property have embarked on a
bold move by investing a huge sum of money to renovate the
entire building, which includes adding a new facade
complemented by beautiful landscaping of the open square in
front of the building. The Shanghai Retail Services team has Joffre 688
been appointed as sole marketing agents.
Luck International Building
The team has also been appointed as the retail sole marketing agent for
Luck International Building, a mixed development comprising of a retail
mall, offices and serviced apartments. Zhong Shan Park has traditionally
been a prestigious address for older Shanghainese residents, having lost
some of its glory over the past decade, However due to the forward
thinking of the Chang Ning District Government and property developers,
new good class residential developments have been completed, and this
has greatly elevated the status of the area. The retail mall is about
130,000 sq.ft. and is spread over five levels.
Luck International Building
Office Services - New Appointment
Nanjing Regal Square
The Shanghai Office Services team has been appointed as the sole marketing
consultant for Nanjing Regal Square, a top grade building in Zhong Shan
Road South, Nanjing comprising of a total GFA of 300,000 sq.ft.
Located adjacent to the prime business district of Xin Jie Kou and close to a
future metro station, Nanjing Regal Square is an intelligent building with the
latest technologies and highly efficient floor plate in Nanjing office market.
The 28-storey building has a gross floor area of 225,375 sq.ft. of office space
offered for strata-titled sale and a gross floor area 39,300 sq.ft. of retail space
is for lease only. Scheduled to be completed in April 2005, the building has
already generated several enquiries.
Nanjing Regal
SHANGHAI
. Office . Asset .
14
Recent Office Leasing Transactions
The team has successfully concluded the following transactions during the second half of the year:
• 3M (20,450 sq.ft.) at Maxdo Center (expansion)
• Bain & Co. (11,000 sq.ft.) at One Corporate Avenue
• Rockwell Automation (20,000 sq.ft.) at Far East International Tower (renewal and expansion)
• Avaya (15,000 sq.ft.) at The Center
• Zenith Optimedia (48,000 sq.ft.) at No.900 Huaihai Road (M) (renewal and expansion)
• TNT (55,000 sq.ft.) at Raffles City Shanghai
• Cathay Life (43,000 sq.ft.) at Haitong Security Building
• Zhong Run Advertising (27,000 sq.ft.) at Haitong Security Building
Asset Services - New Appointments
The Shanghai Asset Services team has successfully clinched six management contracts for offices and
residential projects in Shanghai, Chang Sha, Zheng Zhou & Su Zhou with a managed area exceeding
8.82 million sq.ft.
Interchina Mall International
The team also won the contract for the
management of Interchina Mall in Chang Sha, Business Centre
which comprises luxury hotels, exquisite dinning Another project secured by the team is for the
outlets, shopping & commercial hub, cultural & management of International Business Centre
recreational platform with the total area of 4.3 located in Zheng Zhou. The office compound
million sq.ft. comprises two buildings with a total area of over
1 million sq.ft. and will be completed at the
beginning of 2006.
Chang Sha Interchina Mall Zheng Zhou International Business Centre
Asset Team Clinches Shanghai Azia
Management Centre
Contract for The team has secured the
management contract for
Shanghai Azia Center,
Residential Projects located in Lujiazui of
The team also secured three residential projects Pudong District. The
secured by the team are Top Glory, located in executive office building
Lujiazui with a total area of 1.1 million sq.ft.; has a total area of
Shanghai Zhong Bang Jing Zuo, located in Pu 754,000 sq.ft. and will be
Dong District with 173,000 sq.ft.; and Su Zhou completed in June 2005.
Join-in Crown International Community, located
at Xing Gang Street with over 1.5 million sq.ft. Azia Centre
SHANGHAI
. Residential . Residential Project Marketing .
15
Residential Services - New Appointments
The Shanghai Residential Services team has successfully been appointed as sole leasing agent for the two
up-coming villa projects in the city.
Trinity Village Villa d’Ambre
Tr i n i t y V i l l a g e Across the river in Hong
consists of 43 Qiao, within the longest
villas decorated in established expatriate
Southeast Asian or villa area, Villa d’Ambre
contemporary has set new standards in
styles. Located in luxury expatriate
Pudong close to residential leasing. The
Trinity Village
the international Villa d’Ambre project consists of five
schools, with Puxi a 30-minute drive away, this villas of between 8,000 to 9,000 sq.ft. each with its own
development is ideally suited to expatriate families. individual design and interior decoration. Butler service,
The project will open in February 2005 and be a lap pools and private rooftop golf-driving facilities are just
welcome addition in this highly active property sector. some of the treats that await at this exclusive residence.
Residential Project Marketing - New Appointment
Chevalier Place
The Shanghai Residential Project Marketing team has been appointed as joint sole marketing
agent for Chevalier Place, a joint venture development between Chevalier International
holdings Ltd and Xu Hui District Construction Investment & Development Co Ltd. The project
is located at the junction of Urumuqi Road and An Fu Road in the Xu Hui district, a traditional
luxury residential area in Shanghai, with close proximity to the consulate district. It also
enjoys the convenience of the nearby Metro Line 1 & 2.
The project was originally for lease only, and enjoys a high occupancy rate by tenants from
MNCs. A total of 113 fully furnished units ranging from 2,700 to 6,000 sq.ft. is for sale.
Annual yields of 8 per cent are projected.
Chevalier Place
Top Glory Sea View
The team has also been appointed as the sole marketing consultant for Top
Glory Sea View Project.
The exclusive apartment buildings enjoy the central location of little Lu Jia Zhui,
Pudong, within two minutes walk distance to the famous Shangri-La Hotel and
Jin Mao Tower. It comprises of 5 high rise apartment towers and two separate
clubhouses, 311 units in total ranging from 2,153 sq.ft. ~ 6,458 sq.ft. with
Top Glory decent finishing and furnishes. It will be formally launched next year.
Residential Project Marketing - Deal Concluded
New Westgate Garden
As joint marketing agents for New Westgate Garden, the team had a successful launch for its first phase in mid
August. A total of 258 units in 3 apartment buildings have been sold, at the average transacted price of
RMB 1,300 per sq.ft.
The remaining two phases of 450 units in the other four towers will be launched for sale in March and April 2005.
The third phase is tentatively set for launch in Shanghai and Hong Kong in mid April. It is expected that the two
super towers in this phase will attract keen interest due to its location in the downtown area.
SHANGHAI
. Industrial & Logistics . Strategic Development Consultancy .
16
Industrial & Logistics Services - New Appointment
Twinings
The Shanghai Industrial & Logistics Services team was appointed as sole agent by Twinings
in May 2004. The team was instrumental in assisting Twinings set up their business in the
Jinqiao Export Processing Zone. The high-quality facility, of approximately 54,000 sq.ft.,
accords the client both the flexibility required to accommodate future expansion and an
open plan area for operational efficiency. Moreover, Twinings can enjoy the most favorable
tax policies within the EPZ. The team was able to secure terms for Twinings that ensured a flat Jinqiao Export
lease rate for the first five years of the term, with only one review following a contract extension,
thereby creating great assurance for the company in their own budgeting for the future. With the support of the
Jinqiao zone and its dedicated customs support network, Twinings aim to import specialised equipment from the
different parts of the world and make their new Jinqiao factory their biggest manufacturing base outside of the UK.
Strategic Development Consultancy
- New Appointments
Proposed Mixed-use Commercial Development
The Shanghai Strategic Development Consultancy team was appointed by the Shanghai Wusongkou Development
Ltd., to carry out a study in relation to a proposed mixed-use commercial development adjacent to the Wusong
Ferry Terminal, Shanghai, located near the mouth of the Huang Pu river. The site area of the development is 29
hectares with a total GFA of 11.8 million sq.ft.
The team provided macro-economic and real estate policy analysis involving detailed research on the commercial,
residential, retail and hotel property sectors. The team was able to recommend the optimal scale, highest and
best use and phasing for the proposed development. The recommendations included a three phase development
approach, which incorporates a 4 star hotel, a specialized riverside food and beverage indoor/outdoor strip, a
sport and leisure facility to cater for the local population, a medium sized office building and serviced apartments
for the local population.
New Town Development, Chongqing
The team was also awarded the real estate consultancy in the master planning exercise of a 28 sq.km. site for
a NEW TOWN development.
The team worked in a consortium with urban planners, architects and tourism specialists to provide a market
driven optimal functional area layout scheme incorporating the primary industrial and residential zones as well
as the supporting retail and commercial facilities. Public facilities and infrastructure were also addressed. A
tourism precinct was incorporated into the master plan with specific market positioning and themeing. The
development scheme was developed up to include specific market positioning for each recommended zone with
land area, GFA and specific product type and concomitant target market generators identified and profiled.
The interim research findings were presented to clients with positive client feedback.
Proposed Commercial Precinct in the Caohejing
Business Park, Shanghai
The team was appointed by the Shanghai Caohejing Hi-Tech Park New Developments Co., Ltd. to provide
development consultancy services in relation to a commercial/retail precinct of 16 hectares within the Caohejing
New Tech Development Area.
The team advised on the best commercial use for the 16 hectare site and recommended that the commercial
components be developed in four phases; comprising of a four star hotel of 520 rooms, a serviced apartment
building of 323,000 sq.ft., a sports centre and racquet club, a food and beverage streetscape precinct, twin
office towers (1.18 million sq.ft.) and three towers of residential units totaling 960,000 sq.ft.
GUANGZHOU
. Office . Strategic Development Consultancy .
17
Office Services - New Appointments
The Guangzhou Office Services team has been appointed as joint
sole marketing agents for three brand new Grade A office projects:
• Guangdong Telecom Plaza - 1.55 million sq.ft.
• Center Plaza - 2 million sq.ft.
• Development Center - 650,000 sq.ft.
Center Plaza
Wuhan International
The team was also appointed by HK conglomerate New World China
Land Ltd. as sole marketing agent in the Guangdong region for Wuhan
International Trade Center, the first intelligent Grade A office building
with a 1.5 million sq.ft. GFA, located in Jian She Road – the Finance
Street of Wuhan City. Completion is scheduled for the beginning of 2005.
Wuhan International
Trade Center
Leasing Transaction Concluded
The Guangzhou Office Services team has also concluded the following leasing deals:
• Veritas Software - 7,000 sq.ft. renewal in Citic Plaza
• Citibank - 5,300 sq.ft. in Fortune Tower
• Rockwell Automation - 3,200 sq.ft. in Shenzhen Development Center
Strategic Development Consultancy -
Advisory
The Guangzhou Strategic Development Consultancy team was also
appointed by China Merchants Real Estate to undertake a development
consultancy assignment in relation to a large scale commercial/
residential project covering a total land area of approximately 3
sq.km. in Panyu, Guangzhou in order to assist the developer to
formulate the appropriate development and implementation strategies
associated with the scheme. Specialist input relating to the retail element
of the project was provided by the Guangzhou Retail Services team as
well as an international expert from CB Richard Ellis in the USA.
The team, in conjunction with Retail Services,
has been appointed by Xiamen Paragon Plaza
Co. Ltd. to conduct a market survey and retail
Panyu Project
consultancy assignment in relation to the retail
component of “Paragon Plaza”, a mixed-use
Paragon Plaza development in Xiamen.
GUANGZHOU
. Retail . Asset Services .
18
Retail Services
- Sole Marketing Appointments Flagship
Guangzhou Aether Square Project For
In Guangzhou’s highly
mature market, the
Asset Services
Guangzhou Retail Services
team secured the appointment
as the sole leasing agent of
Guangdong
Aether Square
Aether Square for a
Singapore-based developer to
Telecom
market the repositioned retail
facility in the city’s core center, right next to China Hotel and Export
Plaza
Commodity Fair. With top-end “Rolls Royce” and “Lamborghini” The second half of 2004 has been
already securing their spots, the project will devote the remainder of its particularly fruitful for the
200,000 sq.ft. area to life-style product’s showroom, branded Guangzhou Asset Services team
merchandise’, flagship stores as well as quality F&B outlets. due to the appointment as
managing agents for
Guangdong Telecom Plaza. The
Wen De Plaza Plaza, which is the second tallest
building Guangzhou is also the
- Strategic Marketing Advice largest Grade A commercial
building ever obtained by the
The Guangzhou Retail Services Guangzhou Asset Services team.
team was also appointed by With a gross floor area of 1.55
Zhejiang Fuchun Orient million sq.ft., 500,000 sq.ft. of
Investment Co. Ltd. to advise office space will be self-occupied
on the group’s first project in and the remaining office and
Guangzhou – Wen De Plaza. retail spaces will be retained as
The appointment involved the investment properties of the
team’s input on thematic China Telecom Group.
positioning, design review with
Palmer & Turner, tenant mix
planning and strategic
marketing consultancy for the Wen De Plaza
300,000 sq.ft. retail area, located within the prime retail area – Beijing
Road Region.
“U-Show”
- Xiamen Golden Street
The team was retained
by Xiamen LongTan
Estate Development Co.
Ltd. to act as their retail
consultant and sole
leasing agent for their
Xiamen U-Show anchor tenant in the
innovative “Open
Street” Shopping Center – “U Show” in Xiamen. With a GFA of more
than 600,000 sq.ft. and completion scheduled by the end of 2005,
U-Show will be the first and largest retail project so far in Xiamen’s Guangdong Telecom Plaza
Golden Street – Zhong Shan Road, which is currently undergoing an
exciting re-development spearheaded by the city government.
TAIWAN
. Investment . Industrial .
19
Investment Properties - New Appointments
The Institutional Investment Properties team have secured the following six sole marketing appointments
during the second half of 2004:
Ruentex Tower
Ruentex Group, one of the biggest real estate developers in Taiwan, have appointed
the Taiwan Investment Properties team as sole marketing agent for the disposition
of its 93,600 sq.ft. office space in the 18-year-old Ruentex Tower. The tower is
located in one of the prime financial districts in Taipei City and houses the Ruentex
Group’s headquarters.
Ruentex Tower
Hung Kuo Building
The team has been appointed as the sole marketing agent by Taiwan Life
Insurance Company to sell 104,400 sq.ft. of its office and retail space in Hung
Kuo Building. Located in prime office districts in Taipei, Hung Kuo Building was
once the landmark commercial building in Taipei. Taiwan Life Insurance
Company had acquired a substantial portion of the building in 2003.
Hung Kuo Building
Industrial Site in Nankang
The team also clinched the sole marketing appointment for disposing a
360,000 sq.ft. industrial site in Nankang, Taipei. The site has grown in
prominence recently given the current development of Nankang Science
Park nearby. The prices for residential and industrial properties in the
Nankung
Nankang area have consequently increased during the past few quarters
and the site is expected to have great potential due to its location and its
future transportation infrastructure.
Industrial Site in Great Taipei New Town
Taipei County Residential Sites
Referred by IKOMA/CBRE, the team has The Shanghai Commercial
been appointed sole marketing agents & Saving Bank, Ltd has
for the disposition of this 288,000 sq.ft. appointed the team as the
industrial site by Nippon Piston Ring. sole marketing agent for its
The subject property is located in the 90,000 sq.ft. residential
Chung Ho City, Taipei County, with the land in the Great Taipei
potential to be developed into New Town in Hsin Dien,
wholesaling retail use, industrial offices, Taipei. The property can be
Taipei New Town
and warehouses for logistics. developed into 15 luxury
villas.
Industrial Site in Kwan-Yin, Taoyuan County
Jointly with IKOMA/CB Richard Ellis, the Taiwan Investment Properties team have teamed up to assist
Toshiba in its disposal of its headquarters comprising of 436,900 sq.ft. located in the Kwan-yin
Industrial Park.
TAIWAN . Office . Retail . Facilities Management . Asset .
20
Office Services - Concluded Leasing Transactions
Allianz President Life Insurance Prudential Life
The Taiwan Office Service team has been appointed
as sole marketing agent for the Allianz President Life Insurance
Insurance in the relocation of its head office to Taiwan The Taiwan Office Services team was
Gate Building, located in the Min-Sheng TunHwa instrumental in the relocation of Prudential
area in Taipei. The team managed to secure lease Life Insurance office to HsinYa Building
terms that were better than that currently enjoyed by in the Min-Sheng Tun-Hwa district taking
the general market for Allianz’s 29,000 sq.ft. up 14,040 sq.ft. of space. The team also
Taiwan Gate Building
premises. The insurance company is a joint venture assisted PLANAR in its relocation to
between Allianz and Uni-President group and the team has established 7,956 sq.ft. in HsinKee Building in the
a long-term relationship and proven service record with Allianz over the Hsin-Yi district.
past several years and has also been appointed as the real estate strategy
partner by Allianz.
Retail Services Retail Services -
- New Appointments Deals Concluded
M·A·C - Sole Leasing Agent Berlitz
The Taiwan Retail Services team has been T h e Ta i w a n
appointed as sole leasing agent to perform site- Retail Services
searching services for M·A·C, a cosmetic brand owned by the team was
Estée Lauder Companies Inc. Founded in 1985 in Canada, M·A·C instrumental in assisting Berlitz
produces a broad range of color-oriented professional cosmetics, International in securing lease space for
skin care, and makeup tools targeting the world’s top makeup their flagship store in Tien Mu area, a
artists and fashion-conscious consumers. M·A·C is sold in over major trade area that showcases
44 countries, and this will be their flagship store in Taiwan. exotic culture. Berlitz International is
engaged in language learning programs.
Ermenegildo Zegna-Sole With more than 400 centers in over 60
countries, Berlitz International’s new
flagship store in Tien Mu area will occupy
Leasing Agent a space of 3,546 sq.ft.
The team has also been appointed as sole
leasing agent for a site search for Ermenegildo
Zegna. Sold over 64 countries, Ermenegildo Zegna is the world
Far Glory
leader in high-end ready-to-wear men’s clothing and fashion.
International
Facilities Management Team Center
The Taiwan Assets Management team has
Accomplishes Securitisation been appointed as backup lease and
property management for the asset
Services for Industrial Bank of securitization of Far Glory International
Center. The asset securitization plan
Taiwan
includes a six-year bond totaling NT$530
million with the Land Bank of Taiwan as
The Taiwan Facilities Management team the sole arranger. The building is owned
accomplished securitisation services for the by Far Glory Group, and tenants include
Industrial Bank of Taiwan. The team inspected Far Eastern International Bank, Far Glory
and furnished the engineering report of this 21st Century Building’s Construction, Far Glory Life Insurance,
M&E facilities infrastructure. The building is located at Min-Sheng and Sanyo.
TunHwa area, which is one of the prime office districts in Taipei.
KOREA
. Investment .
21
Investment Properties - Deals Concluded
Seoul Securities Building
The Korea Investment Properties team brokered the sale of Seoul
Securities HQ Building (435,317 sq.ft.) to DEKA Immobilien. The
building is the current headquarters for Seoul Securities. This is DEKA’s
first purchase in Korea. Approximately 90 per cent of the building is
covered under master lease/leaseback by Seoul Securities - virtually
guaranteeing a stable cash flow/return for the next five years. The
Korea Asset Services team has also been retained as Property and
Asset Manager for the building.
Seoul Securities
Investment Properties - New Appointments
Star Tower
In what will likely will be the largest investment transaction
deal in for 2004/5, the Korea Investment Properties team has
been appointed as joint exclusive advisors by Lone Star to
dispose of Star Tower, one of the largest buildings in Asia
(approximately 2.2 million sq.ft. approx.). The Star Tower
building is the most prominent building in Korea, rivaled only
by Seoul Finance Center. As the most prominent business
address in Seoul, Star Tower is home to many leading MNCs
such as Daimler Chrysler, KPMG, NHN, BAT, Philip Morris
and Epson.
Star Tower
Daewoo Shipping
The Korea Investment Properties team was appointed by Daewoo Shipping as sole marketing
agent to secure a Class-A, HQ quality building of approximately 355,854 - 534,050 sq.ft.
Dongwon Securities Building
The team has also been retained by Dongwon Securities to dispose of its branch building in
Garak-dong, south of Seoul. The 250,699 sq.ft. building is one of the regional HQ buildings
owned by Dongwon Securities, a leading securities company in Korea. The Korea Asset Services
team manages the entire Dongwon Securities portfolio of assets.
KEC Building
The Korea Investment Properties team was retained by KEC, a domestic semiconductor
manufacturing company as sole marketing agent to dispose of KEC’s HQ building (386,600
sq.ft.) in Poi-dong, located approximately 30 minutes from the Gangnam business district. KEC
will retain a short-term leaseback of less than 20 per cent of the building. The buyer is a private,
domestic long-term fund.
KOREA
. Office .
22
Office Services - Deals Concluded
Woori Finance
Building
The Office Services team has also concluded
the single largest deal for 2004 in Gangnam.
Daeryung, a domestic construction company
has purchased the mostly unoccupied Woori
Finance Building. In addition, the team also
placed POSCO Construction, a subsidiary
of POSCO Group (one of the world’s largest
steel manufacturer) in the building, with
POSCO Construction occupying a majority
of the space.
Woori Finance Building
BMW
The team also assisted BMW to secure its US$120 million built-
to-suit distribution center in Incheon. This built-to-suit facility meets
the most stringent requirements set by BMW Germany and
represents a rare and exceptional deal in the current market,
given that most Korean landlords are reluctant to cater to built-to-suit projects
as this exposes them to high initial capital costs. Nonetheless, the strength of
BMW’s creditworthiness and the team’s all-round professionalism has enabled
BMW to secure a this 10 year lease with intermediate termination options,
which is well-suited to its long-term needs.
Motorola
The Korea Office Services team assisted Motorola in
their PCS Business unit relocation from Bundang to
Hi-Brand Building in the Yangjae-dong area; located
in the southern part of Gangnam. Hi-Brand is a 1.7 million sq.ft. office/retail
mixed-use development with a focus on high-end fashion/apparel products
and healthcare products. The team has also been retained as the sole marketing
agents for the shopping center.
Other Significant Deals Include
Relocation of CJ Construction from Kwachon to Yeonsei Building (21,351
sq.ft.), E-Trade Securities to KT Tower (32,027 sq.ft.), UT Starcom to KT Tower
(32,027 sq.ft.) and Rockwell Automation to Samwha Building (35,585 sq.ft.).
The team also secured the following space: NC Soft in Pacific Tower (56,937
sq.ft.), LG Innotech in Prudential Tower (24,910 sq.ft.) and ING Life in Samsung
F&M Insurance Building (56,937 sq.ft.).
JAPAN
. Investment . Office .
23
Bulk Sale by Investment Properties
Team - Tokyo Office
On behalf of one of our clients, the Japan Investment Properties team brokered the
sale of the client’s portfolio of sites. The client is a global leader in oil and chemical
trading and CB Richard Ellis has been handling asset management and property
management for them over the past several years in respect of its entire service station
divestments. The client and the Japan Investment Properties team have a highly strategic
divestment program with 150 sites in 2004 earmarked for divestment, one of the largest
number of site offerings across Japan.
Office Services - Deals Concluded
Adidas
The Japan Office Services team has secured for Adidas Japan an office lease. The
12,000 sq.ft. office space is located in Shinjuku owned by Sumitomo Real Estate and
will be used as the Adidas’ Japan branch office.
UTStarcom
The Japan Office Services team represented UTStarcom (US based telecommunications
company) in its 30,000 sq.ft. office relocation. The move was to one of the newer
buildings in Minato-ku owned by Sumitomo Real Estate, which used to house the
Foreign Affairs Department of the Japanese Government.
Royalblue Financial Group
The team also secured approximately 5,400 sq.ft. of office space for Royalblue Financial
Group (UK based Computer System Company) for their relocation to Meiji Yasuda Life
Insurance Building in Marunouchi Chiyoda-ku. Royalblue Financial Group is wellknown
amongst the international financial institutions for its “Fidessa” product. Recently
completed in November 2004 within the Tokyo Station area, the building is one of the
most prestigious addresses for financial institutions in Tokyo.
INDIA
. Strategic Development Consulting . Transaction Management . Asset . Project Management .
24
Strategic Development Consulting
Delhi Metro Rail Corporation
The India Strategic Development Consulting team was appointed to conduct an optimal disposal strategy
formulation and selection of a suitable private sector partner for Delhi Metro Rail Corporation (DMRC)
for a residential land parcel of approximately 6.8 hectares located in Khyber Pass, New Delhi. DMRC
required advice on the project configuration and intrinsic valuation of a large residential land parcel,
formulation and assessment of structuring options, and overall assistance in the preparation of pre-bid
documents, final tender documents, and evaluation criteria for selection of a suitable partner. The
recommendations were accepted by DMRC, and US$43 million was raised through disposing of the
land parcel to a consortium of leading residential developers.
Kolkata Metropolitan Development Authority
The team was also appointed by Kolkata Metropolitan Development Authority (KMDA), to perform a
feasibility Public Private Partnership (PPP) project for a 396 acre township in West Howrah, West Bengal.
The scope of work involved an independent study to assess the development potential of the township.
Comprehensive market study, demand estimation and financial analysis were executed.
Transaction Management - Deals Concluded
The India Transaction Management team has been active in the second half of 2004 and have concluded
the following deals: 32,114 sq.ft. premises for Sun Microsystems on Kasturba Road, Bangalore;122,000
sq.ft. premises for Unisys, in the CBD,
Bangalore; 40,000 sq.ft. for Mentor
Graphics in NOIDA (National Capital
Region) and 40,000 sq.ft. for Tata
Sun Microsystems Unisys
Teleservices in Cochin. Noida
Asset Services - New Appointments
The India Asset Service team has been appointed to manage the following;
100,000 sq.ft. for HCL Comnet and 60,000 sq.ft. for Cybiz. The scope of
work includes managing the complete facilities managment processes, in addition to the added
responsibility of administration and asset management for the client.
Project Management - New Appointments
The India Project Management team added several clients to its portfolio in the last six months.
Phoenix Mills Fidelity
Phoenix Mills was one of the most prominent wins for the Another important win includes the
team. The development is spread over 900,000 sq.ft., which constructions for Fidelity in Gurgaon (NCR
includes the construction of malls, multiplexes and hotel Region) for approximately 90,000 sq.ft. of
complexes. area.
Hughes Software Services Sapient
The team also won the Hughes Software Services (Flextronics The India Project Management team also
Corp.) account. This is for their software development won the construction for the Software
Campus with the site area of 17 acres and total planned Development facility for Sapient in
development of approximately 1 million sq.ft. Gurgaon, which is approximately 240,000
sq.ft.
INDONESIA
. Investment . Valuation & Advisory . Strategic Development Consultancy .
25
Investment Properties - New Appointments
Pasaraya Manggarai, South Jakarta Selatan
The Indonesian Investment Properties team has been
appointed sole marketing agent by Alatief Corporation,
the largest ‘revenue sharing concept’ retail player in
Indonesia for the sale of Pasaraya Manggarai shopping
centre, located on Jalan Sultan Agung in South Jakarta
This shopping centre which is a medium sized is currently
tenanted by a department store and Hero Supermarket,
as its anchor tenant. Occupancy rate for the building at
the moment is about 70 per cent.
Pasaraya Manggarai
Pasaraya Manggarai complex has a gross floor area of
480,000 sq.ft. and a total area of approximately 110,000 sq.ft. Built in 1997, this eight storey
building (including two basements) comes equipped with six elevators and 28 escalators and full
back-up electrical power. The complex has recently been offered and the team has also appointed to
sell the vacant land next to it of approximately 79,000 sq.ft.
Valuation & Advisory Services
- New Appointment
General Motor Corporation
The Indonesia Valuation & Advisory team has been appointed by General Motors Corporation to
conduct a Valuation and Property Advisory for an automotive factory in Bekasi located in North
Jakarta. It has a total building area of about 1.27 million sq.ft. and a land area of about 5.05 million
sq.ft.
The scope of the advisory services includes highlighting the
main development issues and the associated risks within the
subject property, with recommendations on possible solutions.
Automotive Factory
Strategic Development Consultancy
- New Appointment
Indonesian Mortgage Market Study for
General Electric Finance
The Jakarta Strategic Development Consultancy team has been appointed to conduct an Indonesian
Mortgage Market Study for General Electric Finance.
The assignment includes detailed information relating to the mortgage market such as banking,
major property players and mortgage market preference. The area of this study covers Jabodetabek
(Jakarta, Bogor, Depok, Tangerang, and Bekasi) and other major cities in Indonesia.
PHILIPPINES
. Investment .
26
Investment Properties
- New Appointments
Metrobank Appoints CB Richard Ellis
as Their Auction Manager
Metropolitan Bank and Trust Company
(Metrobank) has engaged the services of the
Philippine Investment Properties team to dispose
of the Bank’s foreclosed properties. Metrobank,
ranked first among Philippine private commercial
banks in terms of assets, loans, and deposits for
the quarter ending March 2001. It has also been
listed as one of the top companies in Asia in the
January 2002 issue of Far Eastern Economic
Review. Mr. Rick Santos, Managing Director of CB Richard Ellis
Philippines gives a welcome remarks during the
The first public auction held on October 28, 2004 Metrobank auction held on October 28, 2004.
at Philippine Axa Building saw the sale of 53
properties, which amounted to approximately
PhP51 million in sales.
Participants bidding for a property during the Metrobank
auction.
THAILAND
. Investment . Office . Residential .
27
Investment Properties
Freehold Land Sales Enbloc
The Bangkok Investment Properties team has successfully managed
to conclude freehold land sales transactions in various areas, Transaction
consisting of a 2 acre site on Tok Road in Bangkok; a 2.8 acre site The team also secured a sale
on Soi Nuntha, Sathorn Road in Bangkok; a 1.05 acre site on the transaction of an enbloc investment
main Taksin 40 Road in Bangkok; a 0.95 acre site on the main property, worth over US$5 million
Sukhumvit Road between Sois 85 and 87; and a 1.1 acre gasoline on Wireless Road, comprising a
station on Sanambinnam Road, Nonthaburi Province. The total value seven storey residential building and
of these sales is over US$25 million. six shophouse units.
Office Services - New Appointments
Q House Lumpini
Quality House Plc., a major property developer, has appointed the Bangkok Office Services team to act as
sole marketing agent for their grade A office development, Q House Lumpini. Located at the corner of South
Sathorn and Rama IV Roads, it is next to MRT Lumpini Station in the core central business district. This 38-
storey premium office development has 639,667 sq.ft. of total lettable area, with floor areas ranging from
16,774 sq.ft. to 20,444 sq.ft. and a ceiling height of 9.5 feet. Completion is scheduled for early 2006.
Office Leasing Transactions
Recently concluded transactions by the team include 17,216 sq.ft. for Instep Co., Ltd. at BB Building on
Sukhumvit 21 Road, 12,739 sq.ft. for Publicis (Thailand) Ltd. at Empire Tower on South Sathorn Road and
17,259 sq.ft. for Kohler Thailand at Jasmine City Tower on Sukhumvit Road.
Residential Services - New Appointments
Green Ville
The Bangkok Residential Services team has been appointed as sole leasing agent
for this brand new apartment building on Sukhumvit Soi 2. It is located close to the
BTS Ploenchit station, expressway system and shopping centres. There are only 14
apartments in this low-rise building, comprising mainly 2,850 sq.ft. three bedroom
units and one 5,380 sq.ft. penthouse. Facilities include a swimming pool, exercise
room, and 24 hour security system.
Green Ville, Living Room
Tipamas Suites
This new apartment development is situated in Sathorn Soi 1, within 5 minutes walk
of the MRT Lumpini Station and has easy access to major business districts. The
development comprises 51 fully furnished apartments aimed at the expatriate market.
All units have three to four bedrooms ranging in size from 1,595 to 1,625 sq.ft. for
three bedroom units, 1,950 - 2,625 sq.ft. for three bedroom units with a family
room, to 2,110 - 3,175 sq.ft. for 3+1 bedroom units with a family room. Facilities
include a tennis/basketball court, 25-metre swimming pool with children’s pool,
sauna, exercise room, children’s playground, indoor function rooms, landscaped
garden, and outdoor barbeque area. The Bangkok Residential Services team has
been appointed as sole leasing agents.
Tipamas Suite
THAILAND
. Residential Project Marketing .
28
Residential Project Marketing
- New Appointments
Amidst greater competition in the Bangkok condominium market, the Bangkok Residential Project Marketing
team nonetheless retained the confidence of condominium developers and was successful in securing new
marketing projects.
WaterMark Chaopraya River
The team has been appointed as sole marketing agents by Major
Development Co., Ltd., the developer of Hampton and The Fullerton
condominium projects, to market their latest grade A project along the
Chaopraya River. This new riverfront landmark project is located on
Charoennakorn Road between Sois 39 and 41, comprising 490 units.
The unit sizes range from 990 to 5,640 sq.ft. and comprise two, three and
four bedroom and penthouse units. Residents will enjoy spectacular views
of the Chaopraya River and Bangkok skyline.
WaterMark Chaopraya River
Ficus Lane
The team has also been appointed as sole marketing agents for the luxury
condominium project – Ficus Lane. Developed by Cinkara Co., Ltd, this
low-rise boutique project is located on Sukhumvit Soi 44/1, which connects
Rama IV and Sukhumvit Roads. It boasts easy access to expressway systems
and the BTS Prakhanong station and comprises only 70 units in two “L”
shaped blocks, which overlook views of the swimming pool, landscape
and water feature. One to four-bedroom units range from 796 sq.ft. to
5,070 sq.ft. Completion is scheduled for end October 2005.
Ficus Lane
Narathorn Place
Kinnaree Property Fund, the developer of this luxury project, has appointed the Bangkok
Residential Project Marketing team to market this exclusive condominium. The project
will be the first high-end pre-built condominium in the Sathorn area, and will be ready
for occupation early in 2005. Narathorn Place comprises only 22 units and is located
in a quiet and tranquil area in Soi Prapinit (Narathiwas 7), a short walk from South
Sathorn and Narathiwas Roads, with easy access to the business districts. This 12-
storey building is contemporary styled, with only two units per floor. This condominium
project offers 1,475 to 2,580 sq.ft., for two and three bedroom units. Each unit has a
large terrace off the living room and master bedroom.
Narathorn Place
Athenee Residence
The team has also clinched the appointment as sole marketing agents for
Athenee Residence, a new prestigious condominium project on Wireless Road.
The developer, a joint venture between TCC Land Co. Ltd. and Singapore’s
Capital Land Co., Ltd., expects completion of Athenee Residence in December
2007. This is the first project of Capital Land to be launched in Bangkok. Its
location is in the Athenee Place compound, where the five star hotel Plaza
Athenee is situated, on 1.6 acres of freehold land. The development is within
walking distance to the BTS Ploenchit station, and shopping centres in the
vicinity. Comprising 219 units, sizes range from 1,010 to 3,165 sq.ft. for two
to four bedroom units, and 3,895 to 4,930 sq.ft. for penthouse units. The
Athenee Residence project will provide top quality finishes and a full range of facilities as well as
the most advanced security and home automation systems.
THAILAND
. Retail . Industrial & Logistics . Asset .
29
Retail Services - New Appointment
Century, The Movie Plaza
The Bangkok Retail Services team has been appointed as the sole
leasing agent for Century, The Movie Plaza, a new shopping centre,
education hall and entertainment building. This eight-storey retail
centre has 236,830 sq.ft. of net lettable area, anchored by nine
cinemas, a supermarket and food court, fitness centre, and education
hall with a library. It is situated at the corner of Payathai and
Rangnam Roads. Completion is scheduled for October 2005.
Century The Movie Plaza
Industrial & Logistics Services
- Deals Concluded
Factory Transaction Concluded in Wangnoi
District in Ayudhaya
The Bangkok Industrial & Logistic Services team brokered the
sale of a factory complex, consisting of six buildings on 647,000
sq.ft. of land, to a consumer product manufacturer for more
than US$2 million. The factory buildings are located on
Phaholyothin Road Km. 77, only 30 minutes away from Don
Muang International Airport and having easy access to the Outer
Ring Road.
Factory Complex
Phuket Villa Sales Services Appointed Sole
Marketing Agent for Baan Rim Tarn,
Cherng Talay
Developed by Phuket Estate Consultant (2002) Co. Ltd, Baan
Rim Tarn, Cherng Talay, is a 20 exclusive villa project. It is located
on Cherngtalay, a 9.2 acre gated community in the Laguna
area. It is only 15 minutes from Phuket International Airport and
20 minutes from Phuket Town. Set in a contemporary tropical
style, the project offers two and three bedroom villas. The Phuket
Villa Sales Service team has been appointed as sole marketing
agents. Baan Rim Tarn
Asset Services - The Plantation
The Phuket Asset Services team has been appointed by Pacvest
Co. Ltd., to act as the Asset Manager for The Plantation, a luxury
villa project. Comprising 32 spacious luxury apartments and 24
upscale villas with spectacular seaviews of Kamala Bay in Phuket,
prices start from US$356,100. The project is scheduled for
completion April 2005.
The Plantation
VIETNAM . Investment . Retail . Asset . Valuation & Advisory . Residential Project Marketing .
. Transaction Management .
30
Investment Properties - New Appointments
The Vietnam Investment Properties team has been appointed as sole marketing agents of
Vietnam’s most famous hotel and resort, The Caravelle Hotel, Ho Chi Minh City and
Furama Resort in Danang.
The Caravelle Hotel is located at the infamous Lan Son Square, District 1, Ho Chi Minh
City. It has 311 rooms and 24 serviced apartments with facilities, which include restaurants,
bar, lounge, gym, spa, beauty center, swimming pool, retail shops and conference facilities.
Caravelle Hotel
Caravelle is a joint venture project between Porchester Asset Limited and The Chains Caravelle
Joint Venture Co. Ltd. Hotel management is by Glynhill Hotels and Resorts, Vietnam.
The Furama Resort at China Beach, Bac My An, Danang has 198 guest rooms and
30 guest house clustered in three to four storey villas. The rooms are designed by
award winning architects Denton, Corker and Marshall in French colonial style.
Amenities include function rooms, restaurants, bar, sports and leisure facilities.
This is a joint venture project of Indochina Resort Limited and a local state owned
Furama Hotel and Resort entity. It is managed by Furama Hotels and Resorts International Limited.
Retail Services Team Concludes Vincom City Lease
The Vietnam Retail Services Team has successfully concluded leasing the 160,000 sq.ft. retail space at Vincom City
Towers, a Retail and Office Project in Hanoi. The Building officially opened on 23 November 2004.
Asset Services - Bin Phu Apartment Complex
The Vietnam Asset Services team has been appointed sole marketing and property management agent for Bin Phu
Apartment Complex. The Binh Phu Apartment Complex brings to Ho Chi Minh City, high-end residential
accommodation set in the city’s bustling China Town district.
Designed by Singaporean architect Teo Choon Lim and developed by Vietnamese company An Phu Service Production
Co. the project comprises 59,000 sq.ft. of residential space for sale and 60,000 sq.ft. of retail space for lease.
The first phase of 348 apartment units is expected to be completed in Q1 2006 while the second phase of 206
apartment units and the 60,000 sq.ft. of retail will be available in Q2 2007.
Valuation & Advisory Services - Key Appointments
The Vietnam Valuation and Advisory Services Team have successfully completed valuation and advisory projects in
Hanoi and Ho Chi Minh City. These include: Thanh Da Island’s valuation of its 426 hectare.; Duffill Watts & Tse
market research and feasibility study of its 1.3 hectare residential development at Dien Bien Phu, Binh Thanh
District; Southern Seed Corp market research and a feasibility study on its over 75,000 sq.ft. at Le Van Sy, Tan Binh
District residential development; Ever Fortune market research and feasibility study on 5 hectare residential development
at District 2 and Sonkim Market research and feasibility study of its 123 hectare golf course and residential development
at Longphuoc Ward, District 9.
Residential Project Marketing - HBT Court
HBT Court has continued to maintain its 100% occupancy rate for the past six months. The
Vietnam Residential Project Marketing and Asset Services teams have been appointed as the sole
marketing and management agent of HBT Court’s 21 serviced apartment units located in District
1, Ho Chi Minh City.
HBT Court
Transaction Management - Zen Plaza
Hasegawa (Vietnam) Limited has appointed the Vietnam Transaction Management team as sole
marketing agent for the 60,000 sq.ft. office space of Zen Plaza, a retail and office building located
in Ho Chi Minh’s District 1. Zen Plaza
GLOBAL CORPORATE SERVICES
31
Strong Performance From Regional Global
Corporate Services
Over the last six months, the Regional Global Corporate Services team has not only expanded its client base but
also extended its resources in what has been a busy period across the region for our Multi-National Occupier
clients. Much of the transactional activity has been centered on India and Japan in terms of expansion and
restructuring respectively, but Global Corporate Services has also extended its portfolio management client base
with a number of recent new contract awards from key clients.
Transaction Management
Highlighted below are key transactions that the Regional Global Corporate Services team, based in Singapore and
Hong Kong, have undertaken in conjunction with local Global Corporate Services teams around the region:
• Tokyo - lease renewal at Shinjuku Mitsui Building, 68,000 sq.ft.
• Bangalore - lease acquisition at Subramanya Arcade, 119,000 sq.ft.
• Seoul - freehold disposition of space, 15,000 sq.ft.
• Seoul - lease acquisition in Kanynam District, 30,000 sq.ft.
• Beijing - lease acquisition, 120,000 sq.ft.
• Hong Kong - lease acquisition into new Cyberport Development on west Hong Kong
Island, 18,000 sq.ft.
• Tokyo - Relocation of HQ to Akasaka Temelke Tower - 23,000 sq.ft.
• Shanghai - Relocation of front office to The Centre - 15,170 sq.ft.
• GCS in Seoul, Korea have been instructed by GM to advise on the site selection and
acquisition of a new assembly plant due to be operational in 2006
• Melbourne - Appointed by GM to undertake feasibility study for potential 69 acre
site for Test track for new production models
• GCS was also responsible for securing a large valuation mandate from GM of their
JV partner sites in Bekasi and Sunter, Korea
• Shanghai - Instructed to acquire 60,000 sq.ft. warehouse
• Assisting AT&T globally with their current portfolio optimization programme, the
GCS team completed lease restructurescand renewals in Beijing, Shanghai and Seoul
• With the majority of the merger related work completed following the acquisition of
Compaq in May 2002, the key focus has been that of “operational excellence” in
ensuring efficient running of the Asia Pacific Real Estate portfolio:
• Bangalore - Hulkul Brigade - lease acquisition, 59,000 sq.ft.
• Singapore - Depot Road - acquisition of site through JTC
(Singapore Government), 200,000 sq.ft.
• Hong Kong - Cityplaza I - lease restructure, 78,000 sq.ft.
• Japan - restructuring leases of five key office sites across the 5 wards of Tokyo
• Dalian - Advisory/Consultation of lease acquisition of Call Centre,
120,000 sq.ft.
• Shanghai - Freehold Disposal of Industrial Facility, 300,000 sq.ft.
Portfolio Management
With the recent passing of the Sarbanes Oxley Act in the United States, Multi-National Corporations have had to
ensure that accurate data in terms of reporting of real estate portfolios is maintained and enforced. Regional
Global Corporate Services and HP have recently agreed a scope of work to firstly undertake nearly 400 lease
abstracts and then to manage their data going forward using Harbour Flex, a web based management system.
Instructions from GE to undertake 190 lease abstracts were also received as well as instructions from Barclays
Capital Asia to undertake specific abstracting assignments.
GLOBAL CORPORATE SERVICES
32
New Regional Appointments
Regional Global Corporate Services has also been appointed by Barclays Capital Asia to manage
multiple transactions across the region handled by the Global Corporate Services team in Hong Kong.
Transactions concluded so far in Asia Pacific include those in Beijing, Taipei and Kuala Lumpur, with
transactions under way in Hong Kong, Shanghai, Sydney and Seoul.
VNU,
Regional Global Corporate Services has been also appointed by VNU the Dutch holding company, for
AC Nielsen The appointment, which includes the provision of a dedicated account manager stems from
Nielsen.
our close relationship in EMEA and will cover Transaction Management Services. Expansion into China and
large activity in India are also anticipated.
Eagerly anticipated is the ramping up of Transaction Management Services to GE across the Asia Pacific
region, a portfolio that amounts to approximately 10m sq.ft. This, when concluded, will complete a global
tie up with GE incorporating the United States, Europe, Middle East and Africa to undertake real estate
services.
The GE Real Estate Services Operation (RESO) was only formed 18 months ago and their aim in conjunction
with their service provider is to provide a corporate platform and base where real estate advice and guidance
can be passed on to the Business to make better decisions on real estate transactions, typically acquisitions,
dispositions and lease renewals.
To date, the following transactions have been completed:
• Hyderabad, India- Lease acquisition, 40,000 sq.ft.
• Bangkok - Lease restructures, 15,000 sq.ft.
• Beijing - Lease acquisition, Kerry Centre, 8,000 sq.ft.
New Personnel to Global Corporate
Services, Asia Pacific
To meet the increasing demands from the group’s regional and global client base, Regional
Global Corporate Services have added a number of key personnel to the team:
Neil Galliford (Hong Kong), Director
Responsible for the HP and Barclays Capital Asia accounts. Joined Global Corporate Services
from Office Services, Hong Kong
Alex Hill (Singapore), Director
Responsible for the coordination of Global Corporate Services’ regional clients in Singapore,
including GM, AT&T, Thomson Multimedia and APL Logistics
Tim Robinson (Hong Kong), Account Manager
Assisting with the management of HP and Rockwell Automation. Joined Global Corporate
Services from Office Services, Hong Kong
Terence Shum (Hong K ong), Portfolio Manager
Kong), Portfolio
Responsible for the implementation of the HP Portfolio Management roll out programme
CORPORATE NEWS
33
Singapore Cord Blood Bank Charity Golf
Tournament - Teeing Off to A Worthy Cause
About 200 Singapore’s most prominent entrepreneurs and business leaders
came together on 30 August 2004 at the Orchid Country Club for a
worthy cause – the Singapore Cord Blood Bank Charity Golf Tournament.
The funds raised would enable the Singapore Cord Blood Bank to get
support in its establishment and further its aim to become an internationally
accredited cord blood bank to serve all Singaporeans. The Singapore
Cord Blood Bank Charity Golf Tournament Organising Committee raised
S$500,000 - surpassing the original target of S$300,000.
All ready to tee off. Second from left is Deputy
Prime Minister, Professor S Jayakumar. At right
Among the many distinguished guests at the Tournament was the Guest is Mr Willy Shee, MD, CB Richard Ellis
of Honour Mr Wong Kan Seng, Minister for Home Affairs, who graced
the formal event. Other VIPs included Professor S Jayakumar, Deputy Prime Minister & Minister for Law;
Dr Ng Eng Hen, Minister for Manpower and Second Minister for Education and Dr Vivian Balakrishnan,
Acting Minister for Community Development, Youth and Sports & Senior Minister of State for Trade and
Industry.
Apart from assisting in the organisation of the event, CB Richard Ellis Singapore also sponsored the goody
bags and helped produce the souvenir magazines, banner, A-signs, golf prizes and souvenir plaques for
the Charity Golf Tournament.
World Conference Inaugural Industrial &
2004 Hits Viva Logistics Services Asia
Las Vegas Workshop A Success
Held September 8-10 at the Paris Las Vegas, USA, the CB Richard Ellis Industrial & Logistics Services, Asia team
annual CB Richard Ellis World Conference was well organised its inaugural regional workshop from 22 to 24
attended by 2700 CB Richard Ellis employees from November 2004 at Mission Hills Resort in Shenzhen,
around the globe. China. 25 participants from Singapore, Shanghai,
Thailand, Philippines and Hong Kong came together for
The conference provides attendees with an outstanding the three-day workshop.
opportunity for networking while learning about the
newest trends in the real estate industry. Highlights The event began with a team building exercise.Following
included well-known speaker Mr Jeremy Rifkin, an the opening remarks of Mr Rob Blain, Chairman & CEO,
expert in the field of economic trends, bestselling author, CB Richard Ellis, Asia Pacific, the guest speakers and
and advisor to heads of state, large general sessions, CB Richard Ellis business line leaders spoke on various
smaller breakout groups for specific business lines and topics ranging from regional market developments to
a variety of exhibits. tenants or investors’ expectations of the service providers.
The guest speakers were from Exel - one of the
The Asia Pacific (AP) booth proved to be a real hit. largest logistics company in the world; Macquarie
Visitors to the AP booth had a chance to network with Goodman - one of Australia’s leading industrial and
colleagues from business park funds management & property services
the Asia Pacific, companies and Vision Century - an investor/developer
gaining a better which specialises in providing business and real estate
understanding of solutions, and complementary technology services in
the business in Mainland China. During the workshop, the participants
A s i a Pa c i f i c also had the opportunity to understand more about the
region. industrial markets in the region and Mr Daniel McDonald,
L-R Ms Chan Yee Yin (Head, Corporate
Executive Director, Industrial & Logistics Services, Asia,
Communications, Asia) Ms Celina Lim (Head,
CRM, Asia) & Michael Russell (Associate
shared with the participants some best practices. The
Director, Office Services, Hong Kong) at the Asia workshop culminated with a tour to Shenzhen High Tech
Pacific Booth Park and Vision (Shenzhen) Business Park.
CORPORATE NEWS
34
Asia Leadership Conference in Shanghai
The inaugural CB Richard Ellis Asia Leadership Conference was held at
The Westin Shanghai from 18th to 20th August. The objective of this
annual conference is for colleagues within the Asia-Pacific region offices
to network and keep each other updated on the latest developments in
the region. The three-day event included a one and a half-day workshop
where business line leaders gave updates on what they are doing within
their business lines. CB Richard Ellis also invited a few guest speakers
Rob Blain (Chairman & CEO, CB Richard to share their valuable experience of working in Shanghai. The conference
Ellis, Asia Pacific) at the cocktail event at was attended by the Managing Directors and the various business line
the M on the Bund heads from Asia. Participants also included guests from the USA, Mr
Brett White, President of CB Richard Ellis, Global and Mr Steve Swerdlow, President, GCS. Mr Rob
Blain, Chairman & CEO, CB Richard Ellis Asia Pacific represented Asia Pacific and the ANZ region was
represented by Mr Stephen Ellis, President, CEO, Australia & New Zealand; Mr Mark Granter, Senior
Managing Director, Victoria and Mr Neville Jensen, Senior Managing Director, Brisbane. The highlight
of the event was a cocktail event held at M on the Bund where several valued CB Richard Ellis clients
from around the region were invited.
CB Richard Ellis Shanghai participates in
CIHAF 2004
CB Richard Ellis Shanghai’s David Chen, Director of Residential Project
Marketing, was invited to participate in the recent China International
Housing & Architecture Forum (CIHAF) 2004 held at Shanghai in
November. CIHAF is the one of the most prestigious annual event
within the property industry, and is well attended by all major
developers, agencies and architecture suppliers. David’s comments
on the current performance of Shanghai high-end residential market
Second from right David Chen (Director,
were widely published in all the local mainstream publications.
CB Richard Ellis, Shanghai) at CIHAF 2004
He elaborated that the high-end residential sector in the inner ring,
was unlikely to be affected by the RMB interest rate increase and the national macro control policy, which
will remain bullish in the coming year. He added that due to limited supply, premium residential properties
would continue to dominate, especially for long or medium term investors.
Commenting on the event, David said, “We are delighted with the outcome and we hope to continue to
play a leading role in bringing international real estate knowledge, practices and experiences to the local
Shanghai real estate market”.
Daniel McDonald to Head Shanghai Office
Daniel McDonald has been appointed as Managing Director of CB Richard Ellis,
Shanghai.
Daniel brings with him seven years of experience in the real estate industry. For the
past twelve months Daniel, was based in CB Richard Ellis Singapore and took on
the responsibilities for Industrial & Logistics Asia. As head of this business line, his
key responsibilities included industrial investment sales, tenant representation,
marketing of high-tech office and industrial space for sale or lease.
Daniel McDonald
Daniel will move to Shanghai, to take on the responsibility of overseeing the entire business operations
in Shanghai from 1 January 2005. Daniel will also continue to hold his current potfolio as Executive
Director of Industrial and Logistics Services, Asia.
CORPORATE NEWS
35
New Business Line in Greater China
- Plant & Machinery Valuation
To meet the demands of a growing market, CB Richard Ellis Greater China has added another business line to its
comprehensive portfolio of services. The new business line - Plant and Machinery Valuation will complement
CB Richard Ellis’ already internationally recognised capabilities in property and land valuation. As one of the few
real estate services firms to provide a specialised plant and machinery valuation service, CB Richard Ellis takes
pride in fulfilling the most sophisticated clients’ needs with customised yet innovative solutions. The new business
line provides a wide range of quality professional services such as Plant and Machinery Valuation, Technical Review
and Machinery Sourcing & Disposal, with expertise in Aircraft, Marine Vessel and Oil Rig Valuations.
Asia Office Services Team Update
Since the CB Richard Ellis World Conference in September 2004, the Asia Office Services team has seen an
increase in US companies looking to appoint CB Richard Ellis in Asia. Good examples are Reebok and Schneider
National. Both of these tenants are referrals from the local CB Richard Ellis offices in the US who handle the
respective accounts. The good news is that the team is expecting an increased interest/demand from the US and
European corporations who recognize CB Richard Ellis as a preferred user. Steven Sperber, who has ten years of
tenant representation experience in Asia, recently joined the Asia Office Services team to market and coordinate
these types of instructions and add another level of quality control.
Hong Kong Office Presented with
Certificate of Merit
CB Richard Ellis Hong Kong, in collaboration with Urbis Limited, has been awarded the Certificate
of Merit by The Hong Kong Institute of Planners in connection with the Zhuhai Waterfront Planning
HKIP Award Study for the Development of Jiuzhou, Yeli Island and Wanzai.
Beijing - Forbes Press Conference
Dennis Tay, Managing Director Beijing, CB Richard Ellis was invited to participate as one of the panels at the recent
Forbes Press Conference held in Beijing. The focus of the press conference was: “How the recent government
measures to cool the economy affect the business environment and entrepreneurship”. CB Richard Ellis was asked
to comment on how the recent rate hike impacted property buyers’ demand, regulatory measures to tighten bank
financing and greater transparency of land sales. The alternative financing strategies besides bank borrowing were
also discussed and how entrepreneurs would be affected. The market is better regulated and supply of property in
commercial & residential sectors is more sustainable in the coming years. Opportunities are abundant now with
foreign developers, investors and funds having a more level playing field in entering the China property market.
Other participants included Russell Flannery, Shanghai Bureau Chief of Forbes Global, Min Tang, Asian Development
Bank Resident Mission, Chief Economist; Zhou Xiao Lei, Bank of China Securities, Chief Economist.
Vietnam Celebrated its First Year Anniversary
CB Richard Ellis Vietnam, Ho Chi Minh Branch celebrated its first year anniversary on September 16, 2004.
David Simister, along with HCMC Team enjoyed the cocktail reception attended by more than 200 guests
who included local clients and partners.
Vietnam’s New Director
Richard Leech has been appointed as Director of CB Richard Ellis Vietnam Branch. Richard joined
CB Richard Ellis Vietnam from CB Richard Ellis Bangkok in June 2004 and has worked extremely hard to
build a credible business in Hanoi, initially with the management of the Metropole Centre and more recently
with Vincom City Tower.
CORPORATE NEWS
36
Asia Offices
New Delhi, India
G/F 4 Parliament Street
Press Trust of India Building
New Delhi 110 00, India
Thailand Focus Hong Kong
Suite 3401 Central Plaza
18 Harbour Road, Wan Chai
Hong Kong
Telephone: (91) 11 2335 7448/49
Facsimile: (91) 11 2331 7670
2004
Jakarta, Indonesia
Telephone: (852) 2820 2800 7/F PermataBank Tower I
Facsimile: (852) 2810 0830 Jln. Jend. Sudirman Kav. 27
Jakarta 12920, Indonesia
David Simister, Managing Director, Beijing
People's Republic of China
Telephone: (62) 21 523 7337
Facsimile: (62) 21 523 7227
CB Richard Ellis Thailand, was invited to be a Units 10A -11, 15/F
IBM Tower, Pacific Century Place Mumbai, India
guest speaker in the Property Discussion Panel No. 2A Worker's Stadium 9A, 2nd Floor, Laxmi Tower
at the Thailand Focus 2004 conference, jointly Road North, Chaoyang District
Beijing 100027
C-25, G Block
Bandra Kurla Complex, Bandra (E)
hosted by The Stock Exchange of Thailand, People's Republic of China Mumbai 400 051
Telephone: (86) 10 6539 1288 Telephone: (91) 22 2652 7628/65
the Federation of Thai Capital Market Facsimile: (86) 10 6539 1178/98 Facsimile: (91) 22 2652 7655
Organizations, Credit Suisse First Boston, and Shanghai Bangalore, India
ABN AMRO. This special event held during People's Republic of China 3/F The Hulkul
Suite 706-709 81/37, Lavelle Road
20-23 September 2004 was a huge success Shanghai Kerry Centre Bangalore 560 001, India
with 1,035 participants including leading fund 1515 Nanjing Xi Road
Shanghai 200040
Telephone: (91) 80 5112 1240-49
Facsimile: (91) 80 5112 1239
executives and managers, securities analysts, People's Republic of China
Telephone: (86) 21 6289 1200 Chennai (Madras), India
and institutional investors who are looking at Facsimile: (86) 21 6289 1233 2H, 2/F, Gee Gee Emerald
Thailand as an investment destination. Guangzhou
151 Village Road
Nungambakkam
People's Republic of China Chennai 600 034, India
Rm 2001, Guangzhou Telephone: (91) 44 2821 4599/71
International Electronics Tower Facsimile: (91) 44 2821 4607
CB Richard Ellis
403 Huanshi Road East
Guangzhou 510095 Seoul, Korea
People's Republic of China 12/F Korea First Bank Building
Telephone: (86) 20 8732 2332 100 Kongpyung Dong Jongro Gu
Football Team Wins
Facsimile: (86) 20 8732 2981 Seoul, Korea 110-702
Telephone: (822) 2170 5800
Singapore Facsimile: (822) 2170 5899
6 Battery Road #32-01
The Young Guns, the football team of CB Singapore 049909 Manila, Philippines
Telephone: (65) 6224 8181 Suite 1004-1005
Richard Ellis Philippines, emerged as this Facsimile: (65) 6225 1987 10/F Ayala Tower One &
year's champion in the sixth edition of the 9 Bangkok, Thailand
Exchange Plaza, Ayala Avenue
1200 Makati City, Philippines
vs. 9 Philippine Flag Football League (PFFL) 46/F, CRC Tower Telephone: (632) 752 2580
All Seasons Place Facsimile: (632) 752 2571
held at the Ateneo High School field. CBRE 87/2 Wireless Road
Associate Director, Trent Frankum, who is the Lumpini Pathumwan
Bangkok 10330
Hanoi, Vietnam
Suite 604-2, Metropole Centre
quarterback, led the Young Guns. Now in its Telephone: (66) 2 654 1111 56 Ly Thai To Street
Facsimile: (66) 2 685 3300/1 Hoan Kiem District
sixth year the PFFL 9 vs. 9 league is a grueling Ha Noi, S.R. Vietnam
18-week long season that is considered the Phuket, Thailand
12/9 Moo 4 Thepkrasattri Road
Telephone: (844) 936 1689
Facsimile: (844) 936 2495
most competitive and physical league. The Kohkaew, Muang
Phuket 83000 Ho Chi Minh City, Vietnam
Young Guns have won three leagues in a row. Telephone: (66) 76 239 967-9 Unit 1301, Me Linh Point Tower
Facsimile: (66) 76 239 970 2 Ngo Duc Ke Street, District 1
Ho Chi Minh City
The team, powered by a blend of local and Taipei, Taiwan S.R. Vietnam
7/F Cosmos Building Telephone: (848) 824 6125
foreign athletes of diverse backgrounds, not 134 Section 3 Facsimile: (848) 823 8418
only showed physical supremacy but fostered Minsheng East Road
Taipei, Taiwan. R.O.C. Tokyo, Japan
cross-cultural camaraderie in this annual Telephone: (886) 2 2713 2266 CB Richard Ellis also has associated
Facsimile: (886) 2 2712 3065 business in Japan known Ikoma /
event. CB Richard Ellis (21 offices)
Tokyo, Japan 4 & 5/F, Shuwa Daiichi
28/F Izumi Garden Tower Hamamatsucho Building
1-6-1 Roppongi 202012 Hamamatsucho
Minato-ku Minato-ku
Tokyo 106-6028, Japan Tokyo 105-0013, Japan
Telephone: (81) 3 6230 1188 Telephone: (81) 3 5470 8761
Facsimile: (81) 3 6230 1177 Facsimile: (81) 3 5470 8705/06
CB RICHARD ELLIS
Headquartered in Los Angeles, CB Richard Ellis (NYSE:CBG) is the world's leading real
estate services firm (in terms of 2003 revenue). The company serves real estate owners,
investors and occupiers by offering strategic advice and execution for property leasing
Football Team Rick Santos, Managing Director, and sales; property, facilities and project management; corporate services; debt and
CB Richard Ellis, Philippines with his two sons equity financing; investment management; valuation and appraisal; research and
Ryan & Reed, Mel Gloria – Human Resources investment strategy; and consulting. Including partners and affiliates, CB Richard Ellis
has more than 300 offices across 50 countries around the world. Please visit our Web
Manager, Celia Rocamora – Operations site at http://www.cbre.com.hk/asia
Manager, Jojo Salas - Director and other * Includes partner offices
CB Richard Ellis employees who supported the
The information in the newsletter is subject to change and cannot form part of an offer or contract. Every reasonable
event. care has been taken in providing this information and the developers/owners of the projects. CB Richard Ellis cannot
be held responsible for any inaccuracies. The information and photographs in this newsletter cannot be reproduced
in other publication without the persmission of CB Richard Ellis.
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