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• 自2020年11月取消雙重印花稅以來，投資情緒有所改善。.
• 2021 年第一季，房地產基金的投資金額達到 331 兆令吉，其中包括十大交易的一半。.
• 工業交易佔總投資額的 43%，是自 2005 年第四季以來的最高比例。.
• 世邦魏理仕預計，今年工業地產改造租賃變更的新標準費率將提振該產業的投資。.

• 雖然仍有一些科技業的公司希望擴大業務，但其他租戶正在考慮‘調整規模’，因為他們正在採用遠端辦公方式。.

• 租賃活動也來自那些因舊建築將於今年稍後進行重建而被迫搬遷的租戶，他們需要尋找新的辦公室。此外，由於新建築的建設延期，近期租約即將到期的租戶可能會選擇續約或尋找其他辦公室。.

• 新供應延遲、遠距辦公限制解除後更多員工返回辦公室以及健康的辦公大樓投資市場，提振了甲級辦公室業主的信心。.

• 2021 年第一季度，Savills CBD A 級辦公室的整體空置率連續第四季度上升 0.3 個百分點，達到 7.3%。.

• 2021年第一季度，儘管市區重建局（URA）中央區辦公大樓租金指數環比增長3.31萬億新元，但第一太平戴維斯（Savills）中央商務區甲級寫字樓的平均月租金連續第五個季度下降，儘管環比降幅有所放緩，為1.21萬億新元，儘管每平方英尺9.41平方英尺。我們維持先前對租金年減51兆新元的預測。.

重點總結

1. Co-investment is a nifty tool of capital management that delivers efficiencies to both LPs and GPs.
2. A Category I / II AIF is not permitted to invest more than 25% of investible funds in a single investee company. This restricts the formation of dedicated co-investment vehicles.
3. The IFSCA issued a circular in late 2020 permitting AIFs in GIFT City to disapply the 25% diversity requirement subject to certain conditions.
4. More recently, SEBI released a consultation paper on the concept of ‘accredited investors’, which contemplates an enhanced degree of flexibility (including on the diversity requirement) for funds populated solely by AIs.
5. These new measures are likely to facilitate the proliferation of co-investment activity in India.

Manufacturing property as an asset class is rising in importance as more new or rejuvenated production locations outside of China emerge, with transactions of manufacturing assets growing 19% p.a. since 2011.

In the logistics sector, online grocery sales – the fastest-growing category of online retail sales in Asia Pacific – is predicted to rise 30% p.a., driving demand for last mile delivery facilities.

在本報告中，我們將研究

• China Plus One strategies and the opportunities for industrial property occupiers and owners
• Opportunities in the last mile and cold chain segments of logistics networks
• The most attractive cities in Asia Pacific for industrial occupiers and owners
• Investment trends in key markets

Most major regional economies continue to make steady progress after a devastating 2020 and ‘reform and recovery’ should emerge as the key themes of the year. While a smooth transition to normality is not assured (as India has shown) a pick-up in transactions volumes suggests a growing confidence among regional real estate investors as Asia continues to outpace both Europe and the US.

資本市場

With economic recovery gaining traction, preliminary real estate investment volume in Singapore increased by 11.5% q-o-q, to $3.523 bn for Q1 2021.

辦公室

Supported by the tight vacancy, the rental decline in the Grade A (Core CBD) market was arrested after four quarters of correction. Conversely, the Grade B market continued to grapple with higher vacancy rates and rents registered a further decline.

Business Parks

The performance of the business park market softened slightly in Q1 2021. Negative net absorption was noted, contributed by the City Fringe submarket.

零售

There has been a slowdown in rental declines of prime retail spaces. Landlords continue to maintain a flexible stance towards rental expectations.

住宅

The strong performance in the residential market has further shored up homebuyers’ confidence and take-up of new launches.

工業的

Leasing activity was stable in Q1 2021, albeit slowing down from the strong performance of the previous quarter. Transactions consisted mainly of renewals and relocations, along with a handful of new set ups and expansions.

Across the Asia Pacific region, property markets started the year on a strongAcross the Asia Pacific region, property markets started the year on a strongnote, with office, industrial and logistics assets driving the ongoing recovery.

In China, the busy first quarter saw end-users and investors, including foreign investors, closing major deals in keycities. There was a resurgence in investor interest in Hong Kong and Singapore, while Japan witnessed the completionof a number of commercial and residential transactions. In Korea, low interest rates and liquidity continued to fueldemand for office space, a trend likely to persist as competition intensifies for a shrinking pool of assets, while Taiwansaw demand spike for commercial properties. In Australia, a typically quiet quarter witnessed heightened activity in theoffice segment, while New Zealand’s property market, buoyed by policy changes, low interest rates and expectations ofreopened borders, is gearing up for an active year.

In the region’s emerging markets, India saw healthy demand for residential and commercial assets, and investorsremain bullish about the market’s medium to long-term prospects. Vietnam’s property sector is in the midst of arebound supported by government reforms, while Indonesia’s property market is benefiting from a smooth rolloutof vaccines and policy changes that should strengthen purchasing power, improve market confidence and encourageinvestment. Thailand is also witnessing higher levels of market activity, especially in the logistics, warehousing andindustrial sectors, but a rebound in the hospitality sector will depend on the resumption of international travel. In thePhilippines, where the economy shrunk last year for the first time since 1998, the property market is likely to pick upfollowing the easing of quarantine restrictions and the deployment of vaccines. Meanwhile, in Myanmar, the ongoingpolitical turmoil will affect the near-term outlook, but the market is expected to retain its long-term growth potential,especially in the infrastructure and industrial segments.