asia pacific real estate market overview 1q2011

AsiA PAcificOffice Market Overview1Q 2011

Accelerating success.

table Of cOntentsAsiA PAcific office mArket overview | 1Q 2011

regional overview 3

Greater china 4-6Beijing, China ....................................................................................................................................4Chengdu, China .................................................................................................................................4Guangzhou, China .............................................................................................................................5Shanghai, China ................................................................................................................................5 Hong Kong SAR, China .....................................................................................................................6Taipei, Taiwan ...................................................................................................................................6

North Asia 7Seoul, South Korea ........................................................................................................................... 7Tokyo, Japan ..................................................................................................................................... 7

southeast Asia 8-10Jakarta, Indonesia .............................................................................................................................8Kuala Lumpur, Malaysia ....................................................................................................................8Manila, Philippines ............................................................................................................................9.Singapore ..........................................................................................................................................9.Bangkok, Thailand ........................................................................................................................... 10Ho Chi Minh City, Vietnam .............................................................................................................. 10

india 11-12Bengaluru (Bangalore) .................................................................................................................... 11Chennai ............................................................................................................................................ 11Mumbai ............................................................................................................................................ 12.New Delhi ........................................................................................................................................ 12. Australasia 13-16Adelaide, Australia .......................................................................................................................... 13Brisbane, Australia ......................................................................................................................... 13Canberra, Australia ......................................................................................................................... 14Melbourne, Australia ....................................................................................................................... 14Perth, Australia ............................................................................................................................... 15Sydney, Australia ............................................................................................................................ 15Auckland, New Zealand .................................................................................................................. 16Wellington, New Zealand ................................................................................................................ 16

Prime office rentals 17

trends & forecasts 18-19

Definitions & terminology 20-21

contacts 22-23

colliers iNterNAtioNAl | P. 3

regiOnal Overview

Fundamentally, overall office demand in the region remained positive in 1Q 2.011, thanks to the abundant liquidity, the proactive measures by various governments to spur their economies and the expansion needs from a range of companies in the private sector. However, the relaxed monetary measures adopted by the major central banks in the United States and Europe have been criticised for creating unwanted price rises of commodities and other factors of input, thus leading to growing inflationary pressures. In view of the imminent inflationary threat, a number of central banks in Asia have made pre-emptive moves by raising their interest rates. For example, as of 1Q 2.011, People’s Bank of China (PBOC) has made four hikes since October 2.010, accounting for 100 basis points.

sAles mArketNotwithstanding the recent interest rises, investment demand for office real estate remained strong in 1Q 2.011. Firstly, the potential capital appreciation remained promising, given the continued rental catch-up in the market. Secondly, investors were encouraged by the sustained low cost borrowing in 1Q 2.011. Lately, the U.S. Federal Reserve reiterated that interest rates will stay low for an extended period, although the second stage of quantitative easing is going to end in mid-2.011.

Buoyed by strong investment demand, individual centres such as Hong Kong and Taipei has seen their office values reach new highs in 1Q 2.011. In addition, end-users remained keen in acquiring their office buildings for owner-occupation. In Beijing, China Minmetals Corporation confirmed the expenditure of RMB4.5 billion (US$69.3 million) in acquiring Fifth Square for its office building. In Shanghai, companies purchased strata office floors such as Shanghai World Financial Centre to accommodate their business needs.

leAsiNG treNDsOn the leasing front, although the individual centres are going to see an increase of three to four times of new supply in 2.011, office rentals remained firm, thanks to the positive business confidence and encouraging pre-commitment rate for a number of new developments. Due to the availability of new supply, companies took advantage of the current market conditions to expand their overall requirements and upgrade their offices for quality development. For example, in Singapore, BNP Paribas doubled its requirements at Ocean Financial Centre from 70,000 sq ft to about 140,000 sq ft in 1Q 2.011. Underpinned by the solid occupational demand, the average office rental in the region edge up further by 1.7% QoQ in 1Q 2.011.

mArket outlookLooking ahead, the prospective impact created by growing inflation pressure is going to be the key uncertainty envisaged by most players in the office market. According to our research, further rental growth and capital growth in 2.011 is anticipated. However, individual centres with major developments due for completion in 2.011 will provide a window of opportunity for tenants going for corporate relocation and upgrading over the near to medium term. In particular, seismic concerns in Japan are expected to prompt more tenants to go for newer developments.

P. 4 | colliers iNterNAtioNAl

asia pacific office market overview | 1Q 2011

cHiNA

Beijing• Two new projects, Beijing IFC in the CBD area and Tsinghua Tongfang Hi-Tech Plaza

Tower D in the Zhongguancun Area, were completed in 1Q 2.011, injecting a total of 19.0,585 sq m office space to the stock.

• Underpinned by growing business needs and headcount expansion in both indigenous and overseas companies, demand for quality office space remained strong. The overall vacancy rate fell 2..46 percentage points to 7.55% in 1Q 2.011. The average office rent soared 7.30% QoQ, to RMB2.06.30 per sq m per month.

• Significant leasing transactions included the commitment of 2.2.,000 sq m by Toyota Motors at China Overseas Plaza. Meanwhile, Bayer took 30,000 sq m at Jia Ming Centre and Volvo rented 7,000 sq m at Office Park Tower C.

• Three major en bloc investment sales transactions were concluded in 1Q 2.011. For example, China Minmetals Corporation acquired Fifth Square for a total consideration of RMB4.5 billion.

mAjor trANsActioNs

Building leAse (l) /sAle (s)

teNANt / PurcHAser AreA (sq ft)

Fifth Square S China Minmetals Corporation 1,291,200Zhongguan Plaza S SOHO China 458,400Jiaming Centre L Bayer 322,800China Overseas Plaza L Toyota Motor 236,700Office Park Tower C L Volvo 75,300Beijing IFC L Eaton 32,300CPIC Plaza L Zhong Rong Life Insurance 36,600China Overseas International Centre

L BOCOM International Holdings 25,800

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chengdu• In 1Q 2.011, there was an absence of brand new office building entry to the market.

Thanks to the sustained demand, the average vacancy fell 1.11 percentage points, while the average rental edged up 3.05% QoQ during the period.

• Both Yanlord Landmark and Aerospace Technology Plaza registered good leasing progress. Brand new buildings with immediate access to the metro line continued to attract new tenants, notwithstanding the premium rentals.

• In the sub-market of Financial Street, rentals saw an increase of 7.14% QoQ in 1Q 2.011. With the scheduled operation of Metro Line 2. by 3Q 2.012., the two new office developments due for completion in the next couple of years are expected to produce a leasing boom.

mAjor trANsActioNs



Yanlord Landmark L EVA Air 1,200Aerospace Technology Plaza L Chengdu Jinkong Loan

Co. Ltd15,100

Aerospace Technology Plaza L Adidas 17,200



guangzhou• The completion of three developments in 1Q 2.011 - Huayitai Plaza in Yuexiu, Guangzhou

International Financial Centre in Tianhe and Zhongzhou Trade Centre in Haizhu - provided approximately 2.62.,89.1 sq m of new supply to the market. Accounting for 13.8% of the overall stock, the new stock pushed the vacancy rate upward 6% to 2.3% in 1Q 2.011.

• With an increase of leasing activities after the Spring Festival, the average office rental was firm at RMB138.7 per sq m per month in 1Q 2.011.

• Investment demand for small office units was strong in 1Q 2.011 since stock for sales in Grade A market was limited. The average sales price in 1Q 2.011 was RMB2.6,153 per sq m.

• The total amount of new supply is predicted to reach 1.12.6 million sq m in 2.011. With the exception of Taikoo Hui in Tianhe North, the other new projects are located in Pearl River New Town where an increasing number of financial institutions have made the district a financial hub of Guangzhou.

mAjor trANsActioNs



POLY CENTER L Guangdong Radio/Television/Internet Co. Ltd

41,400

GT. Land L Guangzhou Qisheng Information Technology Ltd

39,500

Tianyu-Phase III L Hutchison Whampoa Property Management Ltd

21,900

shanghai• It is estimated that more than 1 million sq m of Grade A office space will enter the market

in 2.011 but about 36% of the space will be slated for owner occupation.

• There were more sales transactions of strata-title floors in 1Q 2.011. Floors at Hang Seng Bank Tower (formerly the HSBC Tower), the Shanghai World Financial Centre, and the Tai Ping Financial Tower have been sold to companies seeking to use them for their own office needs. For example, Tomson Real Estate Co. of Taiwan purchased the 72.nd floor of the Shanghai World Financial Centre ( 3,2.2.2. sq m) for RMB2.67 million.

• While recent policy measures have made major steps toward cooling down the residential real estate market, rising capital values in the commercial sector continue to make office properties attractive to investors. Colliers expects capital values for grade A office space to increase by an average of 5% over the next four years.

cHiNA

mAjor trANsActioNs



New Richport L Zhao Online / Housane 40,900Hongwell International Plaza L Benesse Corporation China 32,300One Prime L Inoherb 32,300Tai Ping Finance Building L Shi Tian Investment 29,200BM ICC L Modine 16,100Shanghai World Financial Centre S Tomson Group 34,700Shanghai World Financial Centre S Poly Xiexin 35,700

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HoNG koNGhong kong• The overall tenancy demand for prime office space remained strong in 1Q 2.011. Largely

attributable to the sustained expansionary demand among existing tenants, and the prevailing trend of limited supply in the marketplace, average Grade A office rentals increased 12..8% QoQ during the period.

• With the continued surge of rentals, more professional companies, with floor area requirements ranging from 5,000 to 10,000 sq ft, were increasingly reluctant to pay the asking rentals currently fetching above HK$100 per sq ft per month in Central. A number of medium-sized tenants have been migrating to the adjacent business districts such as Wanchai and Causeway Bay, where rentals remain relatively low.

• The local Grade A office market is anticipated to post further growth in anticipation of a sustained imbalance between supply and demand in the marketplace. Given the projection of limited new supply coming online and the buoyant demand fundamentals attributed to the finance industries, average Grade A office rental is predicted to increase 2.5% over the next 12. months.

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taipei• With total Grade A office stock remaining at 538,2.9.5 ping, the vacancy rate edged down

49. basis points to 14.15% in 1Q 2.011. Hsin Yi was the performing submarket, with average vacancy rate falling by 114 basis points to 16.2.4% during 1Q 2.011.

• The average effective rental of Grade A offices increased slightly by 0.5% QoQ to NT$2.,458 per ping per month in 1Q 2.011, thanks to the demand from newcomers and the expansion of existing financial institutions. In Hsin Yi, rentals increased marginally to NT$2.,837 per ping per month during 1Q 2.011, since the vacancy rate was higher than the average level.

• On the sales front, Cathay Life Insurance Co. bought 2.,854.34 ping (including car park) at Taipei Financial Centre for NT$3.2.42. billion. The unit price was actually a record high in the Grade A office market.

tAiwAN

mAjor trANsActioNs

BuildingleAse (l) /

sAle (s)teNANt / PurcHAser AreA

(sq ft)

Shin Kong Manhattan Financial Center L HSBC, LCS & Partners 41,800Chuan Feng Sheng Hsin Yi 105 Building L Bank of China 35,600Nan Shan Min Sheng Building L Corning Glass 30,000TAIPEI 101 L Taiwan Ratings

Corporation15,600

Taipei Financial Center S Cathay Life Insurance Co. 50,700Taipei Financial Center S Cathay Life Insurance Co. 50,800

mAjor trANsActioNs



Citibank Tower L INVESCO 34,200

The Center L GE Capital 18,500Millennium City Phase 1 L Zurich 47,000Millennium City Phase 6 L Zurich 17,000C-Bons International Centre L Zurich 51,00015/F, Bank of America Tower S Overseas Company 13,88010/F, Worldwide House S Local Investor 16,693



seoul• The average office vacancy rate edged down from 7.13% in 4Q 2.010 to 5.06% in 1Q

2.011, thanks to the strong demand registered in CBD and GBD. In the CBD, vacancy fell from 11.7% in 4Q 2.010 to 8.79.% in 1Q 2.011. However, with ample supply coming into the market in the next few quarters, the current tenants’ market will continue until the end of 2.012..

• Office rentals saw a mild decline of 0.2.7% QoQ in 1Q 2.011. Rentals in the CBD and GBD fell 0.31% QoQ and 1.41% QoQ, respectively. However, in the YBD area, monthly rental increased 1.9.5% QoQ due to the low vacancy rate of 2..88% in 1Q 2.011.

• Notwithstanding the uninspiring rental rates, capital values continued to hold firm in 1Q 2.011. Amongst the few sales transactions, the highlight was the re-acquisition of SK building in the CBD by SK Energy JV National Pension Service, who had sold the development to Merrill Lynch JV Shinhan Bank for short-term financing in 4Q 2.005.

tokyo• Market weakness continues to induce firms to relocate, but not to significantly larger

premises.

• Seismic concerns expected to spur interest in newer buildings.

• Rents continue to hit new lows as large incentives including free rent become common.

• Vacancy slightly increasing with a number of new building completions pending.

soutH koreA

mAjor trANsActioNs



Kodansha Mejirodai Building L Mitsubishi UFJ Morgan Stanley

319,500

Shibuya Hikarie L DeNA 177,500Hamarikyu Intercity L Tokai 53,250Iino Building L Sojitsu 248,500Iino Building L Kanpo Life 142,000

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jAPAN

mAjor trANsActioNs



YTN Building L Shinhan Card 36,900Teherran Building L Rush and Cash 24,900Naeoi Building L SK E&C 36,800Imgwang Building L SK Communications 34,500SK Building S SK Energy JV National

Pension Service (NPS)863,400

Hohae Building S ESTsoft Corp 100,300POSCO ICT Building S Bundang Woori Church 237,000



iNDoNesiAjakarta• Indonesia moved closer to attaining an investment grade rating, after Fitch Ratings raised

the country’s outlook from stable to positive. This is expected to give positive impact to the investment climate and trigger new business in the form of acquisition, expansion and relocation, thus boosting the demand in the office market.

• Due to the projection of less new supply coming into the market in 2.011, landlords remained confident in raising their asking rentals in 1Q 2.011.

• With an increase in steel prices, strata-title office prices are anticipated to edge up further. This is particularly the case given the average occupancy rate of strata-title office occupancy rate at 9.0%.

• In anticipation of ongoing corporate relocations and expansions, the demand of the local office looks healthy.

mAjor trANsActioNs



Sentral Senayan 3 L Maybank 445,500Wisma Mulia L BP Migas 312,200Plaza Kuningan L Manulife 64,600The Plaza L Acer Indonesia 18,900UOB Plaza L Midtou 15,200Menara FIF L Total Oil Indonesia 10,800Sentral Senayan 2 L Yahoo 9,700

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kuala lumpur• The local economy grew about 7% in 2.010. With the government's announcement of

the “Entry Point Projects”, the economy is expected to grow further at 5 - 6% in 2.011.

• Since there was no completion of new development in 1Q 2.011, the total prime office stock in KLCA remained the same at 2.8.12.9. million sq ft.

• Completion of individual projects has been deferred from late 2.010 to 2.011. With a total of over 3 million sq ft new space coming on line by the end of 2.011, competition for tenants is anticipated to intensify.

• Prime office rental and capital values improved slightly in 1Q 2.011. The overall market is predicted to remain stable over the near term.

mAjor trANsActioNs



Wisma KLIH S Wonderful Vantage Sdn Bhd 55,208Dua Sentral S Tenaga Nasional Berhad 429,630Putra Place (part of a mixed-use development comprising a shopping mall, hotel and office)

S Sunway Real Estate Investment Trust ("SUNREIT")

Undisclosed

Menara Pan Global L Pacific Regency Hotel Suites 30,700

mAlAysiA

Data sourced from C H Williams Talhar & Wong Sdn Bhd



manila• Due to lack of available space in Makati, emerging markets have sprouted in different

areas in Metro Manila such as Eastwood City, Mandaluyong City and Bonifacio Global City to accommodate the expansion needs of BPO companies.

• As at the end of 2.011, prime office stock was at 865,59.1 sq m.

• Office rents increased 6.3% YoY in 1Q 2.011, while capital values edged up 5.6% during the same period.

mAjor trANsActioNs



Trafalgar Plaza L Pro V International (Philippines)

52,500

singapore• Underpinned by burgeoning business confidence and the continued flight to quality

amongst occupiers, the average gross Grade A office rental in the CBD chalked up a further growth of 6.1% QoQ, to reach S$8.39. per sq ft per month at the end of 1Q 2.011.

• Marsh & McLennan Group pre-committed 9.0,000 sq ft office space at Asia Square Tower 1, which is due to complete in 2.Q 2.011. Meanwhile, BNP Paribas expanded its requirements at Ocean Financial Centre from 70,000 sq ft to about 140,000 sq ft.

• The average occupancy rates for Grade A office space in the CBD dipped marginally for the first time in six quarters to 9.4.2.% in 1Q 2.011, due to new supply such as OUE Bayfront and space vacated by tenants who have relocated to new office development such as Marina Bay Financial Centre (MBFC).

• Despite ample new supply of 2..1 million sq ft slated to complete in 2.011, continued flight to quality has seen their overall pre-commitment rates edge up from 50% to 60% in 1Q 2.011. In addition, with the government’s effort in entrenching Singapore's position as a Financial Hub, occupier demand for office space in Singapore could remain on an expansionary mode. Rentals are thus predicted to increase 15-2.0% in 2.011.

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siNGAPore

mAjor trANsActioNs



Asia Square Tower 1 Lease Marsh & McLennan Group 90,000Ocean Financial Centre Lease Freehills 11,250Suntec City Tower 3 Lease Compuware Asia Pacific 8,50016 Collyer Quay (49% stake) Sale NTUC Income 278,400*Capital Square Sale NTUC Income and Alpha

Investment Partners386,500

Prudential Tower (4 floors from 26th-29th storey)

Sale K-REIT Asia 48,200

* Total NLA of 16 Collyer Quay



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Bangkok• The overall office market conditions remained soft in 1Q 2.011. With very few transactions,

office rentals were flat.

• Uncertainties on the national election and global economic climate are anticipated to restrain any significant rental surge over the near term.

• No supply was added in 1Q 2.011 but the introduction of Sathorn Square, comprising a total floor area of 70,000 sq m in 2.Q 2.011, will lead to an increase of market activity within the CBD. However occupancy is predicted to fall during the rest of 2.011.

• The country is beginning to wake up to the opportunities of the ASEAN Economic Area, which will come into full effect in 2.015 and could create a much needed spur to the office market in Bangkok.

mAjor trANsActioNs



Lao Peng Nguan L Thai Beverage Plc. 46,000Asia Centre L Astra Zeneca (Thailand) Co. Ltd 15,100Sun Tower L The Government Saving Bank 7,100Sun Tower L Toyota Leasing (Thailand) Co. Ltd 14,100

ho chi minh city• With a rise of vacancy, Grade A office rentals decrease 9..5% QoQ in 1Q 2.011.

• However, rental rates are likely to stabilise during the rest of 2.011, since there will be no major new developments coming on line during the period.

• Growing inflationary pressure, devaluation of local currency and the prevailing external uncertainties are expected to impact overall occupational demand in 2.011.

mAjor trANsActioNs



Kumho L Trillion 65,700Kumho L BAT 161,500Kumho L KB Bank 53,800Kumho L Eximbank 78,600Bitexco Financial Tower L Viet Capital Securities 75,300Bitexco Financial Tower L Regus 107,200Bitexco Financial Tower L Thai Thinh Capital 64,600



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Bengaluru (Bangalore)• About 75,000 sq ft of new office space was added to the Grade A office market in 1Q

2.011. Approximately 115,000 sq ft of Grade A office space is expected to complete in

2.Q 2.012..

• The market saw sustainable rising leasing activities during 1Q 2.011. Demand was predominantly underpinned by the IT/ITeS and financial sectors. The average Grade A office rents increased by about 3% QoQ in 1Q 2.011.

• In view of rising demand and positive market sentiment, developers started to launch new commercial projects. Projects launched in 1Q 2.011, including Brigade Rubix, Prestige Exora – II&III, and Alyssa, will contribute about 2. million sq ft of floor area to the total stock upon completion by end-2.012..

mAjor trANsActioNs



HM Vibha Tower L Amoeba 33,000Global Tech Village L Northern Operating System 80,000Global Tech Village L Mphasis 86,000

Stand Alone Building A & C L Renesas Electronics 82,000Royal Stone L TRX Technology 24,000World Trade Centre L Amazon Software India

Pvt Ltd

80,000

Shankar Narayan Tower I L Altean 30,000World Technology Centre L Ericsson 100,000

chennai• No major Grade A office development was completed in 1Q 2.011. Approximately 0.9.

million sq ft of Grade A office space is expected to complete in 2.Q 2.011.

• Sizeable leasing deals concluded in 1Q 2.011 were mostly concentrated in the special economic zones.

• Amid positive economic sentiment, leasing market activities was active, with rentals showing further upward momentum. Developments in CBD witnessed the most notable rental increases.

• Rentals are expected to remain stable in the short to medium term. However, with an increasing number of IT buildings being converted into non-IT buildings, rentals of individual non-IT office space are going to see more downward pressure.

mAjor trANsActioNs



DLF SEZ L Virtusa 50,000Ramanujan IT SEZ L Scientific Publishing Services 25,000Ramanujan IT SEZ L HP 150,000Ramanujan IT SEZ L Infosys 50,000Ramanujan IT SEZ L TWG Applied 25,000Ascendas L Zebra Technologies 20,000Triton Square L BGR Energy 36,000Menon's Eternity L Fitchner India 20,000Prince Infocity 2 S Prodapt 35,000



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mumBai• In 1Q 2.011, Lotus Info Park in Parel (SBD) and Times Square in Andheri (PBD) were

completed, thus adding about 0.5 million sq ft of Grade A office space to the market.

• C-66 in Bandra Kurla Complex (BKC), comprising a total floor area of about 1.5 million sq ft, was launched in 1Q 2.011. Elsewhere, Raheja developers’ Xion in Byculla and Dheeraj Realty’s August House in Andheri were also launched during the period.

• The average rental remained stable across the board. However, submarkets such as Lower Parel in SBD and Andheri (E), Malad, Navi Mumbai and Thane in PBD saw slight downward adjustments, due to large new supply coming on line over the short to medium run.

mAjor trANsActioNs



G Corp L Sterling Infosystems 50,000Kaliedonia L Priviledge 45,000Indiana Business Centre L Star TV 14,400Kaliedonia L Goyal & company 10,000Ackruti Solaris S Ace Energy 15,000Ackruti Solaris S Hanger Biotech 20,000

new delhi• Thanks to buoyant demand, the average office rental increased 1.1% QoQ in 1Q 2.011.

• No new supply was added in either the CBD or SBD during 1Q 2.011 but about 0.3 million sq ft of Grade A office space was completed in Gurgaon (PBD) during the period.

• In order to further boost real estate developments, the Delhi Development Authority (DDA) is planning to introduce a new land policy on the model of public-private participation in land assembly, development, constructions, management and maintenance.

mAjor trANsActioNs



Malcha Marg L Gazprom Bank 1,800Gopaldas Bhavan L BSE 16,000The Grande L MCX 4,000MGF Metropolitan L Avaya 15,000Vijaya L Undisclosed 11,000Unitech Cyber Park L Infosys 30,000Vipul Plaza L Avaya India 12,000Unitech Infospace L Genpact 200,000DLF Cyber City L Publicis 70,000Spaze IT Park L Capegemini 80,000



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adelaide• Supported by positive investor sentiment, the Adelaide office market has performed well.

Office yields are expected to compress further throughout 2.011.

• Offshore groups, super funds and institutions are once again in the market and investors yet again looking at expanding their portfolios. The prospective increase in leasing activities across CBD has positive implications for investors.

• There was an increase of enquiries during 1Q 2.011. With no new supply coming on line over the next two years, the overall vacancy rate is expected to fall steadily.

• Positive absorption rate will continue at least until 2.013, thus creating continued upward pressure on rents over the next couple of years.

mAjor trANsActioNs



151 South Terrace L Transfield Services 17,400151 South Terrace L Data Action Pty Ltd 16,900400 King William Street L Health Workforce Australia 21,900Riverside Centre,

North Terrace

S Atlantik (via Charter Hall) 246,900

BrisBane• During 2.010, leasing and sales activity in both occupier and investor markets was

strong, as evidenced by the increasing number of total transactions in the Brisbane CBD. Tenant demand is anticipated to be supported by solid levels of employment growth and expansionary requirement from tenants engaged in the energy, resources, and professional services sectors.

• REITs and institutional investors have accounted for most of the transactions involving prime passive assets. Some of these investors also acquired secondary assets for inclusion in funds with higher risk-return targets. Private investors were the key buyers for secondary assets offering the potential for improved returns through active management.

• With an anticipated short term rise in vacancy, prospective rental growth will be limited before 2.013. By the end of 2.011, the prime vacancy rate is predicted to reach circa 9.%.

• The interest rate outlook may involve a marginal tightening of cash rate in response to rising inflationary pressures. This will have an effect on the cost of capital and may impact transaction activity and pricing, though the improvement in investor sentiment is likely to provide some counterbalance.

mAjor trANsActioNs



Brisbane Transit Centre,

151-171 Roma Street

L Worley Parsons 88,700

12 Creek Street L BHP Billiton 57,700111 Eagle Street L Norton Rose 53,800Riverside Centre,

123-141 Eagle Street

L Allens Arthur Robinson 50,600



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canBerra• Leasing demand of Grade A office in Canberra CBD was buoyant in 1Q 2.011.

• Local market conditions were strong, with positive employer sentiment and tenants looking to upgrade to better quality premises during the period.

• No new supply will be delivered to the CBD during 2.011 and this will create downward pressure on vacancy levels.

• The recent sale of the AusAid Building with a yield at 7.2.4% reflected Grade A office yields remaining relatively steady over the period.

mAjor trANsActioNs



AusAid Building, Canberra CBD S Emboss 98,700Pharmacy Guild House, Barton S Local private investor 69,200121 Marcus Clarke Street L Military Super 5,800121 Marcus Clarke Street L ARIA 15,400121 Marcus Clarke Street L Australian National University 15,100

melBourne• There are no new buildings due for delivery in 2.011. Overall vacancy rate of Grade A

offices is expected to bottom at approximately 3.7% in January 2.012. amid rising demand.

• It is likely that more projects will be announced during 2.011. However, these developments will not be available until 2.013/2.014. Against the current backdrop, Grade A office rentals are predicted to rise 18% in 2.011.

• Limited available space in central business districts, coupled with increasing rents, will prompt tenants planning to decentralise to fringe or suburban districts.

• Low levels of new supply, strong demand from tenants and positive rental growth are likely to spark investor activity in the Melbourne CBD. This is likely to drive capital values over the next three years.

mAjor trANsActioNs



Goods Shed South L Pearson 79,600850 Collins Street L Aurecon 96,800717 Bourke Street S REST 471,300750 Collins Street S Commonwealth Property

Office Fund

438,400

180 Lonsdale Street S Commonwealth Property

Office Fund

433,000



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perth• The leasing market generally reverted to a landlord’s market, with rents rising and

incentives tightening in 1Q 2.011.

• Resource sector investment spending remained strong, leading to strong leasing enquiry levels.

• Perth is now starting to gear up for the next growth phase after strong demand growth in 2.010. Demand will continue to strengthen over the next two years. With limited supply, overall vacancy rate will continue to trend downwards.

• Amid the strong economic environment, investment sales activity picked up additional momentum in 1Q 2.011 after a quiet period during 2.009. and 2.010.

mAjor trANsActioNs



99 St Georges Terrace S Private Investor 66,300182 St Georges Terrace S Standard Life 57,500

sydney• Effective office rents edged up slowly since landlords started reducing incentive levels

amid the continued strengthening of demand during 1Q 2.011.

• Ongoing white-collar employment growth across Sydney as a result of corporate growth underpinned the demand for offices during 1Q 2.011.

• The investment sales market has continued to show good levels of demand, with a number of major transactions currently in due diligence.

• No new developments were completed in 1Q 2.011. The completion of 1 Bligh Street, comprising 42.,750 sq m of premium quality office space, will be coming onto the market during the remainder of 2.011.

mAjor trANsActioNs



55 Clarence Street S Eureka Funds Management 164,171310-320 Pitt Street S MacarthurCook Industrial

Fund313,864

201 Elizabeth Street L Cambridge Integrated Services

23,500

201 Elizabeth Street L Harper Collins 23,30030-34 Grosvenor Street L McCannWorld group 44,700



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auckland• New leasing deals were reported at 2.1 Queen Street and 151 Queen Street in Auckland

City. This included the Serious Fraud Office relocating to 2.1 Queen Street on a twelve-year term.

• Grade A office vacancy is anticipated to edge down over the near term but the development of new ASB headquarters on Wynyard Quarter is forecast to drive vacancy upwards in the medium term.

• Investment activity remained weak in 1Q 2.011. However, both prime and secondary grade office yields were stable, at 7.9.% and 10.2.%, respectively.

• Looking ahead, Grade A office rents are forecast to fall further by 1.3% over the next 12. months, while capital values will decrease by 5.1%.

mAjor trANsActioNs



360-370 Queen Street S Private Investor 35,500AXA Building S Robt. Jones Investments 186,80051-53 Albert Street S Soung Yueen & Co. Ltd 6,90021 Queen Street L Serious Fraud Office NZ 9,80021 Queen Street L Willis 9,800

151 Queen Street L SAP 8,200

wellington• Wellington CBD office vacancy climbed from 7.2.% in June 2.010 to 9..9.% in December

2.010. The upward trend in vacancy is expected to continue, as an additional 2.0% of prime grade office stock is expected to be completed in 2.011.

• Grade A office rents and capital values saw a drop of 5.6% and 7%, respectively, during the 12.-month period ending March 2.011. However, both indicators are expected to stabilise in the next twelve months.

• Despite the weak investment activity, the market in 1Q 2.011 was highlighted by the sale of Westpac Tower by Wholesale Australian Property Fund to Donna Properties for NZ$2.5 million. In general, prime and secondary office yields were ranging from 8.2.% to 9..7% as of 1Q 2.011.

mAjor trANsActioNs



Radio New Zealand House S Private Investor 2,900Westpac Tower S Donna Properties 103,600Radio New Zealand House L Land Information New Zealand 52,700Majestic Centre L Training Rooms Wellington Ltd 6,800Sovereign House L Open Cloud 5,500141 The Terrace L Asia NZ Foundation 5,700



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Note: Rental figure in each of the above centre is the average of the various key sub-markets outlined under the section of "Definitions and Terminology"

2011 f 2012 f 2011 f 2012 f 2011 f 2012 f 2011 f 2012 f 2011 f 2012 f

BeijiNG CBD 2.,436,786 0 3,051,69.5 860,757 13.6 9..1 19.,2.47,683 19.,2.47,683 40.9.7 42..32.Zhongguancun 475,764 0 457,767 13,767 1.2. 1.0 8,09.5,52.9. 8,09.5,52.9. 31.72. 32..49.Financial Street 0 0 86,057 614 1.0 1.0 10,2.38,719. 10,2.38,719. 42..84 43.65Lufthansa 1,431,59.9. 0 1,660,116 2.37,2.58 9..3 6.5 8,413,549. 8,413,549. 32..62. 33.52.East Chang An Avenue 0 0 106,9.61 6,308 1.3 1.2. 6,307,064 6,307,064 33.09. 34.19.East 2.nd Ring 0 1,52.1,2.51 154,118 1,336,2.52. 9..0 10.0 3,2.54,379. 4,775,630 30.9.1 30.53

cHeNGDu Renmin Road 1,42.8,886 1,858,818 447,42.2. 1,034,42.2. 30.0 35.0 3,476,2.88 3,476,2.88 2.2..45 2.2..9.6CBD 0 0 589.,761 2.06,416 2.0.0 13.0 2.,9.48,803 2.,9.48,803 2.2..2.7 2.2..9.6Financial Street 0 538,19.5 35,056 442.,816 10.0 14.0 500,801 500,801 2.5.51 2.5.51

GuANGzHou Yuexiu 344,445 0 19.0,9.84 79.,308 9..2. 7.5 4,683,2.44 4,683,2.44 17.52. 17.00Tianhe 11,162.,9.2.9. 10,2.74,853 6,132.,32.3 5,12.5,166 31.2. 37.0 2.3,376,82.3 33,651,676 2.4.81 2.3.72.Haizhu 611,2.9.3 557,010 2.9.7,643 2.9.0,485 33.4 37.0 1,687,683 2.,2.44,69.3 16.2.1 16.2.0

sHANGHAi Huangpu 0 0 12.9.,464 6,333 5.5 5.3 3,333,182. 3,333,182. 38.02. 39..07Jingan 1,2.33,112. 1,732.,2.67 631,157 1,137,374 2.1.1 2.3.5 8,09.7,703 9.,82.9.,9.70 43.03 44.2.0Lujiazui-Pudong 7,9.48,042. 82.3,438 4,644,383 3,2.57,052. 2.4.1 12..8 2.2.,42.9.,452. 2.3,2.52.,89.0 37.71 38.74Zhuyuan-Pudong 62.7,848 474,774 52.2.,782. 477,703 14.2. 12..6 3,867,761 4,342.,535 32..72. 33.62.Changning 645,834 845,870 580,058 9.9.2.,547 14.5 10.3 5,49.6,639. 6,342.,510 33.2.4 34.15Luwan 0 0 136,49.6 7,108 4.6 4.4 3,554,2.07 3,554,2.07 43.60 44.79.Xuhui 666,307 62.2.,186 356,59.6 42.6,604 12..4 14.5 4,9.61,2.64 5,583,450 35.65 36.63

HoNG koNG Central 0 19.1,2.50 2.06,72.9. 2.2.7,402. 2..1 1.9. 2.1,2.66,62.5 2.1,457,875 2.2.1.12. 2.66.34Wanchai 0 2.37,344 82.,9.84 2.80,848 2..4 2..0 11,09.5,2.67 11,332.,611 103.63 118.68HK Island East 0 0 12.4,364 111,9.2.8 4.2. 3.1 10,854,774 10,854,774 71.89. 80.64Tsim Sha Tsui 0 0 39.,465 2.2.,400 4.1 3.7 6,361,39.0 6,361,39.0 72..34 80.39.Kowloon East 9.2.2.,82.9. 0 801,9.58 157,352. 8.6 6.8 8,814,2.9.3 8,814,2.9.3 49..2.8 54.76

tAiPei CBD 0 49.8,046 760,617 9.76,2.46 10.7 8.0 19.,149.,669. 19.,647,715 2.9..2.9. 30.55

seoul CBD 5,9.16,2.05 0 4,32.7,152. 376,684 14.2. 13.2. 35,874,645 35,874,645 2.4.79. 2.4.53KBD 487,710 0 2.19.,470 -1,139.,585 5.0 9..3 2.6,19.7,360 2.6,19.7,360 2.1.2.3 2.1.01YBD 62.1,9.2.3 6,851,043 2.30,114 5,189.,351 5.6 11.7 14,2.73,481 2.1,12.4,52.4 16.70 16.53

tokyo CBD 5,665,680 6,775,2.74 N/A N/A 8.5 8.0 N/A N/A 101.77 102..18

jAkArtA CBD 1,2.73,057 4,165,575 1,873,371 3,662.,32.0 10.8 10.6 47,155,387 51,32.0,9.62. 2.0.9.0 2.1.9.6Non-CBD 1,563,112. 1,39.2.,59.0 1,003,142. 1,32.7,2.53 13.2. 14.8 2.0,439.,344 2.2.,183,2.57 13.87 14.56

kuAlA lumPur KLCA 3,018,69.5 1,445,514 1,2.00,000 800,000 13.6 15.0 31,147,532. 32.,59.3,046 2.5.19. 2.5.19.

mANilA Makati 0 617,342. 368,707 59.7,074 3.8 3.7 9.,317,135 9.,9.34,477 18.33 19..53Ortigas 0 0 135,130 71,62.3 5.6 4.2. 4,9.61,404 4,9.61,404 14.04 15.2.0

city New supply take-up Average vacancy total stock Average rentals (sq ft) (sq ft) (%) (sq ft) (us$ / sq ft / year)



treNDs & forecAsts

2011 f 2012 f 2011 f 2012 f 2011 f 2012 f 2011 f 2012 f 2011 f 2012 f

siNGAPore CBD 2.,074,702. 619.,9.34 1,485,304 1,330,763 7.8 4.6 2.2.,840,081 2.3,460,015 88.77 9.9..2.7

BANGkok CBD 1,076,39.0 0 376,737 59.2.,015 2.0.9. 17.5 17,580,646 17,580,646 2.5.02. 2.6.50

Ho cHi miNH city CBD 0 384,2.71 -76,015 154,548 2.0.0 2.5.0 1,52.0,358 1,82.7,775 41.2.5 37.9.0

BeNGAluru (BANGAlore) Overall 3,2.80,000 4,2.76,731 N/A N/A 15.5 N/A 72.,513,175 76,789.,9.06 12..33 13.13CBD 450,000 44,000 N/A N/A N/A N/A N/A N/A 18.49. 19..83SBD 9.70,000 4,012.,731 N/A N/A N/A N/A N/A N/A 11.2.6 12..06PBD 1,860,000 2.2.0,000 N/A N/A N/A N/A N/A N/A 6.9.7 7.2.4

cHeNNAi Overall 7,59.4,878 4,000,000 N/A N/A 2.1.5 N/A N/A N/A 12..60 13.13CBD 1,02.6,417 N/A N/A N/A N/A N/A N/A N/A 17.15 18.2.3SBD 1,100,000 N/A N/A N/A N/A N/A N/A N/A 12..33 12..60PBD 5,468,461 N/A N/A N/A N/A N/A N/A N/A 8.31 8.58

mumBAi Overall 2.,9.57,000 3,000,000 N/A N/A 14.0 N/A 87,185,000 9.0,185,000 52..2.7 53.61CBD 9.30,000 N/A N/A N/A N/A N/A N/A N/A 82..2.9. 84.43SBD 1,440,000 N/A N/A N/A N/A N/A N/A N/A 48.78 50.66PBD 587,000 N/A N/A N/A N/A N/A N/A N/A 2.5.46 2.5.46

New DelHi Overall 5,2.00,000 2.,500,000 N/A N/A 17.0 N/A 64,69.4,158 67,19.4,158 47.17 47.9.8CBD 400,000 N/A N/A N/A N/A N/A 2.,2.61,000 2.,2.61,000 79..61 80.41SBD 0 N/A N/A N/A N/A N/A 7,850,000 7,850,000 43.69. 44.49.PBD 4,800,000 N/A N/A N/A N/A N/A 54,583,158 57,083,158 18.49. 19..30

ADelAiDe CBD 0 19.3,750 2.15,2.78 409.,02.8 6.3 5.5 14,02.4,9.42. 13,9.71,542. 34.66 36.39.

BrisBANe CBD 1,2.16,32.1 312.,153 659.,82.7 2.72.,32.7 9..1 8.6 10,9.81,804 11,2.9.3,9.57 57.60 58.08

cANBerrA CBD 0 2.15,2.78 161,459. 2.15,2.78 10.2. 5.0 2.,79.8,614 3,013,89.2. 37.44 39..36

melBourNe CBD 2.17,12.9. 1,179.,670 512.,663 9.57,9.87 3.7 4.5 19.,736,418 2.0,9.16,088 43.68 49..16

PertH CBD 688,158 1,180,348 69.9.,654 9.14,9.32. 7.2. 7.9. 16,185,160 17,2.9.5,531 61.04 64.15

syDNey CBD 1,777,346 489.,757 9.06,12.7 59.6,858 7.9. 6.1 2.6,540,634 2.6,674,107 68.62. 71.40

AucklAND CBD 301,389. 0 2.78,835 130,182. 9..7 6.9. 4,639.,02.6 4,639.,02.6 2.1.59. 2.2..04

welliNGtoN CBD 357,361 0 349.,82.7 11,840 4.0 2..7 2.,887,739. 2.,887,739. 2.4.73 2.4.73

city New supply take-up Average vacancy total stock Average rentals (sq ft) (sq ft) (%) (sq ft) (us$ / sq ft / year)



treNDs & forecAsts



DefiNitioN AND termiNoloGy

GreAter cHiNA

BeijingPrime office market in beijing consists of 6 sub-markets – cbD (central business District), lufthansa, east 2nd ring, financial street, east chang an avenue and Zhongguancun.

rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of management fees and rent free period. capital values are quoted on rMb per sq m.

chengduPrime office buildings in chengdu are mainly located in 3 sub-markets, renmin road, cbD and financial street.

rents are quoted in rMb per sq m per month on gross floor area basis, and exclusive of management fees. capital values are quoted on rMb per sq m.

GuangzhouPrime office buildings in guangzhou are located in 3 principal sub-markets – Haizhu, Yuexiu and tianhe.

rents are quoted in Us$ per sq m per month on gross floor area basis, and exclusive of any management fees and government taxes. capital values are quoted on Us$ per sq m.

shanghaiPrime office buildings in shanghai are located in 7 principal sub-markets – Huangpu, Jingan, lujiazui, Zhuyuan, changning, luwan and Xuhui.

rents are quoted in rMb per sq m per day on gross floor area basis, and exclusive of any management fees. capital values are quoted on rMb per sq m.

Hong kongPrime office properties in Hong kong are concentrated in 5 sub-markets – central, wanchai / causeway bay, island east, tsim sha tsui and kowloon east.

rents are commonly quoted in Hk$ per sq ft per month on either gross, net or lettable floor area basis, which are exclusive of management fees, and government tax. Prices are quoted in Hk$ per sq ft, and are measurable on gross floor area basis.

taipeiPrime office properties in taipei are concentrated in 7 districts, comprising nanking sung chiang (nk-sc), Minsheng tun Hwa north (Ms-tn), Hsin Yi, west, tun Hwa south (tUn-s), Jen ai Hsin sheng (Ja-Hs) and nanking east road (nk-4/5).

the local unit of measurement is a “ping” (i.e. 3.3 sq m). rents and prices are quoted in local currency i.e. new taiwan Dollar (nt$) on gross floor area basis.

NortH AsiA

seoulMajor office districts in seoul include the traditional central business area (cbD), gangnam business District (gbD) and Yeouido business District (YbD).

rents are quoted in won per pyung (also equivalent to 3.3 sq m) per month on gross floor area basis. generally, a deposit equivalent to 10 months is required, and is usually paid up front. Management fees are excluded from quoted rents. space is measured on gross floor area basis. capital values are quoted in won per sq m.

tokyothe quality office buildings in tokyo are located in the central business area (cbD) area covering six wards namely, chiyoda-ku, chuo-ku, Minato-ku, shinjuku-ku, shibuya-ku and shinagawa-ku.

rents are asking rents quoted in Yen per tsubo (i.e. 3.3 sq m) per month, which are inclusive of service charges. Office space is measured on an internal floor area basis. capital values are quoted in Yen per tsubo.

soutHeAst AsiA

jakarta the quality office buildings in Jakarta are located in the cbD covering the districts thamrin, sudirman, gatot subroto, rasuna said and Mega kuningan. the areas outside the above districts are collectively called as “non-cbD”.

rents are commonly quoted in rupiah per sq m per month, which are inclusive of service charges but exclusive of government taxes. Office space is measured on lettable floor area basis. capital values are quoted in rupiah per sq m.

kuala lumpurPrime office buildings located in the kuala lumpur central area (klca) only. the klca comprises areas generally within the central business district.

rents are commonly quoted in ringgit Malaysia (rM) per sq ft per month on net floor area basis, which are inclusive of service charges and property taxes. capital values are quoted in ringgit per sq ft.

manilaPrime office buildings in Manila are located in two principal sub-markets – Makati and Ortigas.

rents are quoted in Peso per sq m per month on net floor area basis, and exclusive of any management fees. capital values are quoted in Peso per sq m.



Def iNitioN AND termiNoloGy

singapore the quality office buildings covered in the report are located in the central business District of singapore.

rents are quoted in s$ per sq ft per month on net floor area basis (i.e. area less common areas such as corridors, toilets, lift lobby etc. but including columns), and are inclusive of service charge. capital values are quoted on the basis of strata area for strata-titled buildings, and net area for non-strata-titled developments.

BangkokPrime office properties in bangkok are located in a wide area encompassing eastern silom and sathorn roads starting from narathiwas ratchanakarin, rama iv from Phayathai to ratchadaprisek, along ratchadaprisek from rama iv to sukhumvit and along sukhumvit from asoke to the whole of Pleonchit and then rama i to Phayathai.

rents are quoted in baht per sq m per month on a net floor area basis, and inclusive of service charges. capital values are quoted in baht per sq m.

Ho chi minh citythe quality office buildings in Ho chi Minh city are located in District One - the central business district in the city.

rents are commonly quoted in Us$ per sq m per month on net floor area basis, and exclusive of management fees and government tax. capital values are quoted on Us$ per sq m.

iNDiA

Bengaluru (Bangalore)Prime office properties in bengaluru are can be divided in 3 principal sub-markets – cbD (central business District), sbD (suburban/secondary business District) consisting of bannerghatta road & Outer ring road and PbD (Peripheral business District) including PbD Hosur road, ePiP Zone, electronic city and whitefield.

rents are commonly quoted in rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes. Office space is commonly measured on *super built up area basis.

chennaiPrime office properties in chennai are located in 3 principal submarkets– cbD (central business District), (suburban/secondary business District) and PbD (Peripheral business District). sbD consists of guindy and velechery while PbD includes other areas such as Old Mahaballipuram road, ambattur and gst road amongst others.


mumbaiPrime office properties in Mumbai are primarily concentrated in cbD (central business District) – consist of nariman Point, ford and ballard estate; sbD (secondary business District) including bandra (west and east), kalina, lower Parel and worli/Prabhadevi and PbD (Peripheral business District) including navi Mumbai, vashi, Powai, goregaon.


New DelhiPrime office properties in new Delhi are primarily concentrated in cbD (central business District) – consist of connaught Place; sbD (secondary business District) including nehru Place, Jasola, saket and netaji subhash Place and PbD (Peripheral business District) including gurgaon and noida.

rents are commonly quoted in rupee per sq ft per month, which are usually exclusive of maintenance charges, parking charges and property taxes.

Office space is commonly measured on *super built up area basis.

AustrAlAsiA

Australia Prime office buildings are located in the cbD and generally favoured by Mncs.

rents are quoted on net floor area basis, and in a$ per sq m per annum excluding management fee and government charges. capital values are quoted on a$ per sq m.

New zealandPrime office buildings are located in the cbD.

rents are quoted on net floor area basis, and in nZ$ per sq m per annum excluding management fee and government charges. capital values are quoted on nZ$ per sq m.

* Super built-up area refers to the total **built-up area of a building plus a proportional allocation of all common areas including stairs, lift cores, ground floor lobby, and caretaker’s office/flat throughout the building.

** Built-up area refers to the carpet area plus the thickness of external walls and area under columns.



greater china

Beijing, china502 tower w3, Oriental Plaza no 1 east changan avenue, Dongcheng Districtbeijing 100738tel : 86 10 8518 1633fax : 86 10 8518 1638Amanda GaoManaging Director, north [email protected]

chengdu, chinaUnit 1504 Yanlord landmark1 renmin south road section 2chengdu 610016tel : 86 28 8658 6288fax : 86 28 8672 3226jacky tsaigeneral [email protected]

Guangzhou, china702 teem tower, 208 tianhe roadguangzhou 510620tel : 86 20 3819 3888fax : 86 20 3819 3899eric lamManaging [email protected]

shanghai, china16f Hong kong new world tower300 Huaihai Zhong road shanghai 200021tel : 86 21 6141 3688 fax : 86 21 6141 3699 lina wongManaging Director, east and south west [email protected]

Hong kong, HksAr5701 central Plaza,18 Harbour road wanchai, Hong Hongcompany licence no: c-006052tel : 852 2828 9888fax : 852 2828 9899richard kirkeManaging [email protected]

Piers Brunner (e-183614)chief executive Officer - [email protected]

taipei, taiwan49f taiPei 101 tOwerno. 7 Xin Yi road sec 5, taipei 110tel : 886 2 8101 2000fax : 886 2 8101 2345Andrew liuManaging [email protected]

north asia

seoul, south korea10f korea tourism Organization bldg.,10 Da-dong,Jung-gu, seoul 100-180tel : 82 2 6740 2000fax : 82 2 318 2015jay yunsenior Director & general [email protected]

tokyo, japan Halifax building3-16-26 roppongi Minato-ku, tokyo 106-0032 Japantel : 81 3 5563 2111 fax : 81 3 5563 2100 james finksenior Managing [email protected]

south east asia

jakarta, indonesia10f world trade centre,Jl Jenderal sudirman kav 29-31 Jakarta 12920tel : 62 21 521 1400fax : 62 21 521 1411mike BroomellManaging [email protected]

kuala lumpur, malaysiac/o mark lampard*Managing Directorcorporate solutions | asia Pacificte : 65 6531 8601fax : 65 6557 [email protected]* based in singapore

Research data provided byc H williams talhar & wong sdn Bhd30-01, 30th floorMenara Multi-Purpose @ capsquare8 Jalan Munshi abdullahP O box 1215750100 kuala lumpurMalaysiatel : 603 2616 8888fax : 603 2616 8899Url : http://www.wtw.com.myfoo Gee jenManaging [email protected]

manila, Philippines10f tower 2 rcbc Plaza,ayala avenue, Makati cityPhilippines1226tel : 63 2 888 9988fax : 63 2 845 2612David youngManaging [email protected]

singapore1 raffles Place#45-00 One raffles Placesingapore 048616tel : 65 6223 2323fax : 65 6222 4901Dennis yeoManaging Directorsingapore & industrial services | [email protected]

Bangkok, thailand17/f Ploenchit center2 sukhumvit roadklongtoey, bangkok 10110tel : 66 2 656 7000 fax : 66 2 656 7111 Patima jeerapaetManaging [email protected]

Ho chi minh city, vietnamHo chi Minh city, vietnam7f bitexco building19-25 nguyen Hue streetDistrict 1, Ho chi Minh citytel : 84 8 827 5665fax : 84 8 827 5667Peter Dinninggeneral [email protected]

Hanoi, vietnamvinaplast - tai tam building, 9th floor,39a ngo Quyen streetHoan kiem District, Hanoi, vietnam tel : 84 4 220 5888 84 4 220 5566fax : 84 4 220 1133Do le QuanDeputy general [email protected]

for further details, please contact:



india

Bengaluru, indiaPrestige garnet, level 2, Unit no.201/20236 Ulsoor road, bengaluru 560 042tel : 91 80 4079 5500fax : 91 80 4112 3131Goutam chakrabortyOffice [email protected]

chennai, indiaUnit 1c, 1st floor, Heavitree complex,23 spurtank road, chetpet,chennai 600 031tel : 91 44 2836 1064fax : 91 44 2836 1377kaushik reddyOffice [email protected]

Gurgaon, indiag3, newbridge business centers,technoPolis, Dlf golf course Main sector roadsector 54, gurgaon 122 002tel : 91 124 4375807fax : 91 124 4375806saacketh chawlaOffice [email protected]

kolkata, indiaregus business centre constantia, level 6,kolkata 700017tel : 91 33 4400 0541fax : 91 33 4400 0555joe vergheseManaging [email protected]

mumbai, india31-a, 3rd floors, film centre, 68 tardeo roadMumbai 400 034tel : 91 22 4050 4500fax : 91 22 2351 4272Poonam mahtaniOffice [email protected]

George mckaysouth asia DirectorOffice & integrated [email protected]

New Delhi, india204/205, 2nd floor, kanchenjunga building,18 barakhamba roadnew Delhi 110 001tel : 91 11 4360 7500fax : 91 11 2335 6624Prit PaulOffice [email protected]

Pune, indiavatika business center, level-5c wing, Panchsheel tech Park-1, YerwadaPune 411 006tel : 91 20 4011 1356fax : 91 20 6640 3138suresh castellinoOffice [email protected]

australasia

Adelaide, Australialevel 10, 99 gawler Place,adelaide sa 5000tel : 61 8 8305 8888fax : 61 8 8231 7712james youngstate chief [email protected]

Brisbane, Australialevel 20 central Plaza One345 Queen streetbrisbane QlD 4000tel : 07 3229 1233fax : 07 3120 4555 simon Beirnestate chief executive [email protected]

canberra, Australiaground floor, 21-23 Marcus clarke streetcanberra act 2601tel : 61 2 6257 2121fax : 61 2 6257 2937Paul Powderlystate chief [email protected]

melbourne, Australialevel 32 367 collins streetMelbourne vic 3000 tel : 61 3 9629 8888fax : 61 3 9629 8549john marascostate chief [email protected]

Perth, Australialevel 19, 140 st georges terracePerth wa 6000tel : 61 8 9261 6666fax : 61 8 9261 6665k. imran mohiuddinstate chief [email protected]

sydney, Australialevel 12, grosvenor Place,225 george streetsydney nsw 2000tel : 61 2 9257 0222fax : 61 2 9251 3297malcom tysonstate chief [email protected]

Auckland, New zealandlevel 27, 151 Queen street, aucklandtel : 64 9 358 1888fax : 64 9 358 1999mark synnottManaging [email protected]

wellington, New zealandlevel 10, 36 customhouse Quaywellingtontel : 64 4 473 4413 fax : 64 4 499 1550 (agency) : 64 4 470 3902 (valuation)richard findlayManaging [email protected]

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