Prime Global Forecast 2021 - Prime Price Forecast Risk Monitor - Knight Frank

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Prime Global Forecast 2021 - Prime Price Forecast Risk Monitor - Knight Frank
Prime Price Forecast   Risk Monitor   Future Trends

Prime Global

                                                      knightfrank.com/research
Forecast 2021
Prime Global Forecast 2021 - Prime Price Forecast Risk Monitor - Knight Frank
P R I M E G LO B A L F O R E C A S T 2 0 2 1                                                                                                                      P R I M E G LO B A L F O R E C A S T 2 0 2 1

                                                    WHERE NEXT?
                                                                                                                                                                                                 There has been strong
                                    Against a tumultuous backdrop, Kate Everett-Allen assesses the ups and                                                                                      sales interest, but the top
                                                                                                                                                                                                                                                                        THE IMPACT OF
                                             downs of prime property markets in 2020 and beyond                                                                                                   end of the market has                                                 THE PANDEMIC
                                                                                                                                                                                                 been affected by many

                                                                                                                                                                                                                                                                                         24%
                                                                                                                                                                                                international buyers not
                                                                                                                                                                                                   being able to travel.
                                                                                                                                                                                                 EDWARD DE MALLET MORGAN, MONACO

                                                                                                                                                                                                                                                               of respondents in our Global Buyer Survey said they were more
                                                                                                                                                                                                                                                                    likely to move in the next 12 months due to the pandemic

      F     rom health to economics, 2020                          cities, was rising at a rate of 1.1% per                              incomes and companies, whilst keeping                reconsider their property requirements in                                                       Are prime sales
                                                                                                                                                                                                                                                                                                  back to
            saw the world upended. Our latest                      annum, by the end of September 2020 the                               borrowing costs near record lows. That               light of the pandemic.
                                                                                                                                                                                                                                                                                              pre-pandemic
     data however, suggests prime property                         rate had climbed to 1.6%.                                             said the response of prime housing                      A lack of prime supply is cushioning
                                                                                                                                                                                                                                                                                                  levels?

                                                                                                                                                                                                                                                                                                                             No
     markets were largely resilient.                                    Underpinning the resilience of                                   markets has not been uniform.                        prices in some markets (Singapore,
          A year ago, Knight Frank’s Prime
     Global Cities Index, which tracks the
                                                                   housing markets are the vast stimulus
                                                                   packages that governments and central
                                                                                                                                               Some markets have had a helping hand
                                                                                                                                         from policymakers – London and Mumbai
                                                                                                                                                                                              Sydney and Los Angeles) while others
                                                                                                                                                                                              are benefitting from their safe haven
                                                                                                                                                                                                                                                                   Yes
     movement in prime prices across 45                            banks have employed to support                                        are enjoying stamp duty holidays, while              credentials (Geneva, Auckland).                             Berlin, Geneva, Lisbon,                                 Auckland, Buenos Aires,
                                                                                                                                                                                                                                                           London, Los Angeles,                                  Cape Town, Dubai, Hong
                                                                                                                                         others such as Vancouver and Miami are                  The story isn’t all positive, some cities
                                                                                                                                                                                                                                                          Miami, Paris, Singapore,                               Kong, Madrid, Melbourne,
                                                                                                                                         seeing a flurry of sales activity as residents       were left reeling from the economic fallout                   Sydney, Vancouver                                   Monaco, Mumbai, New York,
                                                                                                                                                                                              of lengthy and stringent lockdowns (Cape                                                                               Shanghai, Vienna
          Prime price growth resilient in the face of the pandemic
          Index aggregate - 45 cities (annual % change)                                                                                                                                       Town, Madrid) not to mention the scale of
                                                                                                                                                                                              the pandemic (Buenos Aires).
          4.5%                                                                                                                             The prime central London                              Clearly, there are challenges ahead.
          4.0%
                                                                                                                                          market recovered strongly                           Europe is locking down for a second
          3.5%
          3.0%
                                                                                                                                             over the summer, and is                          time and most fiscal stimulus measures
          2.5%                                                                                                                             overdue a period of house                          are set to taper off in early 2021. The
          2.0%                                                                                                                              price growth. It will also                        concern for investors is that rents are                  By the end of 2020, how will prime sales volumes
          1.5%
                                                                                                                                              benefit from a wave of                          declining in several key cities, due in part                            compare with 2019?
          1.0%
          0.5%                                                                                                                              international demand as                           to the absence of international students,                                                         No. of cities
          0.0%                                                                                                                            travel and quarantine rules                         but also due to a surge in supply as
                       Q1
                      2018
                                 Q2
                                2018
                                           Q3
                                          2018
                                                  Q4
                                                 2018
                                                           Q1
                                                          2019
                                                                  Q2
                                                                 2019
                                                                           Q3
                                                                          2019
                                                                                     Q4
                                                                                    2019
                                                                                                Q1
                                                                                               2020
                                                                                                           Q2
                                                                                                          2020
                                                                                                                       Q3
                                                                                                                      2020
                                                                                                                                                   are relaxed.                               landlords switched from holiday lets to
                                                                                                                                                       TOM BILL, LONDON                       long-term rentals.                                      6                 2             4           1            1            0              7           1
          Source: Knight Frank Research                                                                                                                                                          We shouldn’t forget taxation. All eyes
                                                                                                                                                                                              are now on government plans to replenish
                                                                                                                                                                                              public coffers. From proposed wealth tax
                                                                                                                                                                                              changes (Spain, Canada) to higher capital
                                                                                                                                                                                              gains taxes (US and UK), the tax landscape          20%-49%           9%-20%         0%-9%        Same        0%-9%         9%-20%        20%-49%       50%+

                                                                                                                                                                                              looks set to shift.
                                KEY PRIME MARKET DRIVERS IN 2020/21                                                                                                                              This year, as well as presenting
                                                                                                                                                                                              our price forecasts for 2021 (page 4),
                                                                                                                                                                                              our global research teams assess the
                                                                                                                                                                                              impact of the pandemic on their markets
                                                                                                                                                                                              (see panel right) and assess the prospects
                                                                                                                                                                                                                                              45% 36%
                                                                                                                                                                                                                                                  OF CITIES                                     OF CITIES
                                                                                                                                                                                                                                                                                                                                    45% OF CITIES
                                                                                                                                                                                              for demand, supply and sales in their             say prime sales                             have seen a city                     are seeing a large volume of
                                                                                                                                                                                              markets (page 5).                               were already back to                      exodus with the suburbs                  expats return these include
                                                                                                                                                                                                 Finally, on page 6 we look at the risks     pre-pandemic levels in                    the most popular location                    Auckland, Cape Town,
 PA N D E M I C -               S U P P LY                CURRENCY                    BUYING                            LOW INTEREST              TA X C H A N G E S         FISCAL                                                                Q3 2020                                for those relocating                  London, New York, Singapore,
  FUELLED                     S H O R TA G E                P L AY                  OPPORTUNITY                            R AT E S                                         STIMULUS          and opportunities that lie ahead and
                                                                                                                                                     Stamp duty                                                                                                                                                                       Sydney, Vancouver
 DOMESTIC
  DEMAND
                              In some cities            Strong USD, weak             Several years of                    The number of                holidays            Mortgage holidays   highlight eight trends set to influence
                                                          GBP and at the            weak price growth                    economies with                                     and furlough
Change of location                                                                                                                                                                            prime residential markets in a post-                                                        Source: Knight Frank Research
                                                        start of 2020 weak           in first tier cities              negative rates is set                                  schemes
or larger property                                        AUD and NZD                                                         to rise                                                         pandemic world (page 7).

                                                                                                  2                                                                                                                                                                 3
P R I M E G LO B A L F O R E C A S T 2 0 2 1                                                                                                             P R I M E G LO B A L F O R E C A S T 2 0 2 1

                                         THE FORECAST
                                                                                                                                                                                               In 2021, we expect 20 of the 22 cities to see prices remain flat
                          Knight Frank’s analysts provide their prime residential price forecasts for
                                                                                                                                                                                              or increase, a slight reversal of the trend seen in 2020 when we
                                           2021 and assess future market drivers
                                                                                                                                                                                                    expect nine cities to end the year with lower prices.

   I
          n 2021, we expect 20 of the 22                     Shanghai and Cape Town lead the                       firm market fundamentals, these include      Local Tax (SALT) deduction which led to       the market has already picked up                                     in 2020 as residents looked to upgrade
         cities to see prices remain flat or           forecast for 2021 with annual price                         London, Sydney, Paris, Berlin and Madrid.    higher taxes in states such as New York       where it left off prior to the pandemic                              to larger properties with more outdoor
  increase, a slight reversal of the trend             growth of 5% forecast.                                         New York is also expected to register     and California.                               (Shanghai) or because prime prices                                   space, these include Auckland, Vancouver,
  seen in 2020 when we expect nine cities                   Three broad groups look set to emerge                  an improvement, largely because                 Secondly, there are some markets           were accelerating and are expected to                                Geneva, Los Angeles and Miami. Here,
  to end the year with lower prices.                   in 2021. Firstly, those markets where                       excess inventory is being absorbed and       where the pandemic will have little           do so again due to strong investment in                              prime price growth will moderate slightly
       In 2020, prime prices across the 22             prime prices are expected to rebound,                       buyers are recognising its relative value.   impact on prime pricing, in some cases        infrastructure (Lisbon).                                             on the back of a frenetic 2020, but still
  cities are, on average, expected to remain           assisted by low interest rates, pent-up                     Furthermore, a Biden administration          because growth was already weak and               Finally, there are a handful of markets                          remain in positive territory.
  static, before rising by 2% in 2021.                 demand, tax holidays or because of                          could lead to a reversal of the State and    will remain so (Buenos Aires), because        that unexpectedly saw activity surge

                                                   PRIME GLOBAL                                                                                                      2021 EVENTS                                                                              Past, present and future
                                                                                                                                                                                                                                                     Prime price performance - 22-city average

                                                   FORECAST 2021
                                                            Annual % change (Dec 20-Dec 21)                                                                                         UK
                                                                                                                                                                   The UK leaves the European Union on
                                                                                                                                                                              1 January 2021                                                                                                2%
                                                                                                                                                                                                                                                        1%
                                                                                         Berlin
                                                                                         3.0%
                                                              Paris                                                                                                                                                                                                         0%
                                 New York                     3.0%
                                  0.0%                                                                                                                                            T O K YO
                                                                                                                                                                    The postponed Summer Olympics will
           Vancouver                                                                                                  Dubai                                                                                                                            2019                2020             2021
                                                                                                   Vienna                                                           take place from 23 July 2021 and the
             3.0%                                                                                                     -2.0%
                                                                                                    2.0%                                                              Paralympics from 24 August 2021

                                                      London                                                                           Shanghai
                                                                                                                                                                                                                                                  FUTURE DIRECTION
                                                       4.0%                                                                              5.0%                                                                                      How will demand, supply and sales volumes change in 2021?
                                                                                                                Mumbai                                                            DUBAI
                                                   Lisbon                                                        0.0%                                                                                                   Rise Significantly            Rise Slightly      Remain the same      Fall Slightly   Fall Significantly
                                                    4.0%                                                                                                            The postponed Expo 2020 will now
                                                                                                                                        Hong Kong                   start on 1 October 2021 and last until                              PRIME              PRIME        PRIME                       PRIME      PRIME          PRIME
                                                                            Monaco                                                                                                                                                     DEMAND             SUPPLY        SALES                      DEMAND     SUPPLY          SALES
Los Angeles                                                                  3.0%                                                         0.0%                                  31 March 2022
   3.0%                                                                                                                                                                                                       AUCKLAND                                                             MELBOURNE
                                           Miami                                              Geneva
                                           4.0%                   Madrid                       3.0%                                                                                                           BERLIN                                                               MIAMI
                                                                   3.0%                                                                                                                                       BUENOS AIRES                                                         MONACO
                                                                                                                                                                              GERMANY                         CAPE TOWN                                                            MUMBAI
                                                                                                               Singapore                              Sydney       Angela Merkel will retire as Germany's
                                                                                                                  3.0%                                 3.0%                                                   DUBAI                                                                NEW YORK
                                                                                                                                                                    Chancellor in September 2021, her
                                                                                                                                                                 successor will be announced in early 2021    GENEVA                                                               PARIS

                                                                                                                                                                                                              HONG KONG                                                            SHANGHAI

                                                                                                                                                                                                              LISBON                                                               SINGAPORE
                                                                                                                           Melbourne
                                                                                                                             1.0%                                                                             LONDON                                                               SYDNEY

                                               Buenos Aires                 Cape Town                                                                                           GLOBAL                        LOS ANGELES                                                          VANCOUVER
                                                  -8.0%                       5.0%                                                                  Auckland      The UK will host the UN's Climate Change
                                                                                                                                                      4.0%                                                    MADRID                                                               VIENNA
                                                                                                                                                                     summit (COP26) in Glasgow from 1
                                                                                                                                                                               November 2021                  Source: Knight Frank Research

                                                                                     4                                                                                                                                                        5
P R I M E G LO B A L F O R E C A S T 2 0 2 1                                                                                                                                                           P R I M E G LO B A L F O R E C A S T 2 0 2 1

RISK MONITOR                                                                                                                                                        FLORA HARLEY
                                                                                                                                                                                                                                               TRENDS TO MONITOR
                                                                                                                                                                    ASSOCIATE, GLOBAL
Despite uncertainty reaching new heights in 2020, there are opportunities on the horizon in the                                                                     RESIDENTIAL RESEARCH
                                                                                                                                                                                                                                               Below we highlight some of the trends set to influence prime property
form of currency shifts, investment visas and property tax holidays. We asked our global research
teams to give us their take on the biggest risks to their prime residential markets
                                                                                                                                                                                                                                                                   markets in 2021 and beyond
10 = Most influential, 0 = Least influential                                                                                           Silver Linings?

                                                                                                                                                                                                                01.
                                                                                                                                       Even before the pandemic took its toll we
                                                                                                                                                                                                                                                                            within driving distance and the line                                  resorts, be they ski or sun locations,
                                                                                                                                       were nearing the end of the economic cycle,
                                                    10                                                                                 Covid-19 hit reset and 2021 could mark a
                                                                                                                                                                                                                                                                            between primary and secondary                                         from Aspen to Cannes, are seeing
                                                                                                                                                                                                                                                                            residences becomes blurred.                                           demand strengthen.
                                                                              10                                                       wave of renewed growth.                                                  ESG TAKES OFF
                                                                                                                                          As our Risk Monitor shows the pandemic                                Green and ethical investing is set to

THE PANDEMIC AND THE
GOVERNMENTS’ RESPONSE
                                                                                                       9
                                                                                                                                       and governments’ response to it, combined
                                                                                                                                       with economic performance remains at
                                                                                                                                       the forefront. The widespread roll-out of
                                                                                                                                                                                                                filter all aspects of global property
                                                                                                                                                                                                                markets as the pandemic and a
                                                                                                                                                                                                                Biden Presidency push purpose-led
                                                                                                                                                                                                                                                                            04.                                                                   07.
                                                                                                                                                                                                                                                                            DIGITAL NOMADS                                                        DEBT HARDER TO COME BY
                                                                                                                                       an effective vaccine would be the biggest                                investment up the global agenda.
ECONOMIC PERFORMANCE (GLOBAL
                                                                                                                                                                                                                                                                            First Barbados, then Bahamas and Dubai,                               With more countries expected to join the
                                                                                                                                       boost for economic recovery. Equity markets
                                                                                                                      8
                                                                                                                                                                                                                02.
OR LOCAL)                                                                                                                                                                                                                                                                   policymakers are acknowledging the                                    negative rates club in 2021, finance looks
                                                                                                                                       and government bond yields both jumped
                                                                                                                                                                                                                                                                            global workforce has gone mobile and are                              set to remain cheap, but lenders are
TRAVEL RESTRICTIONS                                                                                                                    in response to Pfizer’s vaccine results,
                                                                                                                                                                                                                                                                            introducing short-term visas in an effort to                          taking a more cautionary stance, raising
                                                                                                                                       demonstrating investor sentiment. Brighter
                                                                                                                                                                                                                THE BLENDED CITY                                            boost their pandemic-hit economies. Expect                            loan-to-value ratios and making finance
HIGHER TAXES – INCOME,                                                                                                                 prospects are shifting preferences from ‘safe
WEALTH, PROPERTY                                                                                                                                                                                                With a five-day commute a distant                           more of this.                                                         costlier for highly-leveraged clients.
                                                                                                                            8          haven assets’ such as bonds and gold towards
                                                                                                                                                                                                                memory, and digital working the new
                                                                                                                                       opportunities that offer the potential of

                                                                                                                                                                                                                                                                            05.                                                                   08.
GEOPOLITICAL CRISES (INCLUDING                                                                                                                                                                                  norm, there will be an online and offline
US/CHINA TRADE RELATIONS)                                                                                                              higher returns, including property. We could
                                                                                                                                                                                                                approach to work and our lifestyles,
                                                                                                                                       see the US dollar weaken which will shift
CURRENCY SHIFTS
                                                                                                                                                                                                                leading to more residential stock in city
                                                                                                                                       the buying power of international investors.
                                                                                                                                                                                                                centres and more retail and amenities                       ALTERNATIVE SECTORS                                                   A CHANGING TAX
                                                                                                                        7              However, international travel could remain
UNDERSUPPLY OF LUXURY STOCK                                                                                                                                                                                     in suburbs.                                                 From data centres to retirement homes,                                LANDSCAPE
                                                                                                                                       limited as there will be a staggered roll-
                                                                                                                                                                                                                                                                            and from healthcare to the private rented                             Will governments look to raise property

                                                                                                                                                                                                                03.
OVERSUPPLY OF LUXURY STOCK
                                                                                                                                       out of any vaccine globally and Oxford
                                                                                                                                                                                                                                                                            sector, investors are widening their net                              taxes in a post-pandemic world to
                                                                                                                                       Economics estimates it could be 2023 before
                                                                                                                                                                                                                                                                            given the opportunities in the medium to                              replenish lost revenue or will foreign
BREXIT                                                                                                  7                              international travel returns to 2019 levels.
                                                                                                                                                                                                                                                                            long term.                                                            buyer taxes and bans be rolled back to
                                                                                                                                            With the potential for a quicker return                             ACCESSIBLE BOLTHOLES
                                                                                                                                                                                                                                                                                                                                                  help attract overseas investment? The

                                                                                                                                                                                                                                                                            06.
                                                                                                                                       to ‘normal’ this could limit unemployment                                With many unable to reach their
                                                                                                                                                                                                                                                                                                                                                  next few months should give us some
                                                                                6                                                      and support housing markets, plus interest                               second homes in lockdown, and
                                                                                                                                                                                                                                                                                                                                                  indication as to the route governments
                                                                                                                                       rates look set to remain at record lows for the                          others decamping for much longer
                                                     5                                                                                                                                                                                                                                                                                            plan to take.
                                                                                                                                       foreseeable future. The US Federal Reserve                               periods than usual, the location and                        RESORT MARKETS
                                                                                                                                       has indicated it will not raise rates until at                           specification of second homes is set                        Overshadowed by escalating prices in
                                                                                                                                       least 2022.                                                              to change, as many look for a bolthole                      prime cities since the last financial crisis,

I N F R A S T R U C T U R E & R E G E N E R AT I O N
SE L E CTE D PL ANS

        BERLIN                             HONG KONG                                          LISBON                                  LONDON                                     MADRID                          MUMBAI                                 PA R I S                       SINGAPORE                                         SYDNEY                       VA N C O U V E R
        BER
 Siemensstadt 2.0LinI North-West
                      N                    H O Kong
                                           Hong N G International
                                                      KONG                                    L Inew
                                                                                      The city’s  SB  O N Airport
                                                                                                     Montijo                          LON
                                                                                                                                  Crossrail's    Drunning
                                                                                                                                              trial O N will                     M A D R I of
                                                                                                                                                                          The redevelopment DMadrid              MMumbai
                                                                                                                                                                                                           The Navi U M BInternational
                                                                                                                                                                                                                           AI                   Le GrandP A RProject
                                                                                                                                                                                                                                                        Paris I S (4 new               S I NTransit
                                                                                                                                                                                                                                                                                       Mass  G A PRail
                                                                                                                                                                                                                                                                                                    O Line
                                                                                                                                                                                                                                                                                                       RE                                S YQuay
                                                                                                                                                                                                                                                                                                                                     Circular D NRenewal,
                                                                                                                                                                                                                                                                                                                                                 EY                  AV A underground
                                                                                                                                                                                                                                                                                                                                                                      new N C O U V rail
                                                                                                                                                                                                                                                                                                                                                                                      ER line
Berlin: Siemens2.0
 Siemensstadt     Group  is investing
                     in North-West      Airport’s third runway
                                           Hong Kong            is due to
                                                         International                 opens  in 2022
                                                                                       The city’s     and a new
                                                                                                  new Montijo    rail-
                                                                                                              Airport           commence
                                                                                                                                  Crossrail'sintrial
                                                                                                                                                 Spring  2021will
                                                                                                                                                     running  and         Nuevo
                                                                                                                                                                          The    Norte centred
                                                                                                                                                                              redevelopment    ofaround
                                                                                                                                                                                                  Madrid    Airport
                                                                                                                                                                                                           The NaviisMumbai
                                                                                                                                                                                                                      likely toInternational
                                                                                                                                                                                                                                be open in      trainlines,
                                                                                                                                                                                                                                                Le          68 new
                                                                                                                                                                                                                                                   Grand Paris     stations)
                                                                                                                                                                                                                                                                Project      &
                                                                                                                                                                                                                                                                        (4 new        extensions  - Circle
                                                                                                                                                                                                                                                                                        Mass Transit       Line,
                                                                                                                                                                                                                                                                                                     Rail Line                        SydneyQuay
                                                                                                                                                                                                                                                                                                                                     Circular Metro  City &
                                                                                                                                                                                                                                                                                                                                                   Renewal,          tonew
                                                                                                                                                                                                                                                                                                                                                                     A  the University
                                                                                                                                                                                                                                                                                                                                                                            undergroundof British
                                                                                                                                                                                                                                                                                                                                                                                          rail line
 €600Siemens
Berlin:  million and converting
                  Group          its
                         is investing       be operational
                                        Airport’s            in 2022
                                                  third runway   is due to            link between
                                                                                       opens        Lisbon
                                                                                              in 2022 and aand
                                                                                                            newPorto
                                                                                                                 rail-           should be fully
                                                                                                                                commence          operational
                                                                                                                                             in Spring         by
                                                                                                                                                         2021 and          Chamartín
                                                                                                                                                                          Nuevo  Nortetrain station
                                                                                                                                                                                        centred     will
                                                                                                                                                                                                 around       Airport May  2021
                                                                                                                                                                                                                      is due  to open in           2024 Summer
                                                                                                                                                                                                                                                trainlines, 68 newOlympics
                                                                                                                                                                                                                                                                   stations) &        North-East
                                                                                                                                                                                                                                                                                      extensions line and Line,
                                                                                                                                                                                                                                                                                                  - Circle a rail                  Southwest,
                                                                                                                                                                                                                                                                                                                                      Sydney New
                                                                                                                                                                                                                                                                                                                                              MetroBarangaroo
                                                                                                                                                                                                                                                                                                                                                     City &                  Columbia.
                                                                                                                                                                                                                                                                                                                                                                     to the University of British
old HQ into
  €600       a campus
        million         for research
                and converting  its         be operational in 2022                           has been
                                                                                      link between     mooted
                                                                                                    Lisbon and Porto            should bemid-2022
                                                                                                                                         fully operational by            deliver more train
                                                                                                                                                                          Chamartín    than station
                                                                                                                                                                                            10,000will
                                                                                                                                                                                                    new               May 2021                    2024 Summer Olympics               extension to Changi Airport                         Railway
                                                                                                                                                                                                                                                                                                                                   Southwest, NewStation
                                                                                                                                                                                                                                                                                                                                                   Barangaroo                Columbia.
old HQ intoand  start ups
             a campus   for research                                                          has been mooted                              mid-2022                        homes10,000
                                                                                                                                                                          deliver  during new
                                                                                                                                                                                           the 2030s
                                                                                                                                                                                                homes                                                                                                                                    Railway Station
           and start ups                                                                                                                                                            by 2033

                                                                                                  6                                                                                                                                                                                                      7
We like questions, if you've got                        Prime Sales                                                    Research
one about our research, or would                        Paddy Dring                                                    Liam Bailey
like some property advice, we                           Global Head of Prime Sales                                     +44 20 7861 5133
would love to hear from you.                            +44 20 7861 1061                                               liam.bailey@knightfrank.com
                                                        paddy.dring@knightfrank.com
                                                                                                                       Kate Everett-Allen
 Prime property definition: The most desirable and
                                                        Linda Chern                                                    +44 20 7167 2497
 expensive property in a given location, generally
 defined as the top 5% of each market by value. Prime   Singapore Head of Residential (Project                         kate.everett-allen@knightfrank.com
 markets often have a significant international bias.
                                                        Marketing, Prime Sales & Leasing)
                                                        +65 8228 8836                                                  Flora Harley

                                                        linda.chern@sg.knightfrank.com                                 +44 20 7861 1436
                                                                                                                       flora.harley@knightfrank.com

                                                        PR Enquiries
                                                        Astrid Recaldin
                                                        +44 20 7861 1182
                                                        astrid.recaldin@knightfrank.com

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