Page 52 - RLI September 2019

Japan continues to occupy a pivotal role in the global multinational corporations as well as global brands looking COMMERCIAL BAy, AUCKLAND, NEW ZEALAND
economy. As the world’s third largest economy and with the to establish their presence in the region. The city-state is a Developer: Precinct Properties
Greater Tokyo Area being one of the largest metropolitan hot magnet for expatriates and tourists, especially from Asian
economies, Japan offers a large affluent population, making countries. Recent demand indicators are showing signs of
it one of the most attractive retail markets globally. Osaka recovery and 2017 retail sales have grown from 2016, while
has been chosen to host the World Expo in 2025, which will international tourist arrivals and spending hit a record high
mark 55 years since the last one. There has been a positive for the second year in a row. The Orchard shopping belt
reception across the nation as another milestone event will continues to serve as the city’s most prime retail space, with
be taken place in Japan after the 2020 Tokyo Olympics. locals and international tourists as its major target market.
Lying in the southwestern Pacific Ocean some 1,500km Located in a strategic location, Thailand serves as a gateway
from Australia, it is a small market of some 4.8 million New into the heart of Asia at the centre of the Indochina peninsula
Zealanders. One third of the population live in Auckland, in Southeast Asia. Tourism is an important component of the
whilst the other main cities are Wellington, Christchurch Thai economy with over 38 million visitors per annum. Its
and Hamilton. The New Zealand economy has been amongst economy grew by 2.8 per cent in the first quarter of 2019,
the western world’s best performing post the global financial compared with 3.6 per cent in the previous quarter. Finally,
crises and the economy has been driven by record levels of the retail sales index in Thailand has been steadily rising over
population growth, the result of high levels of net migration, recent years, and this trend is expected to continue.
the construction sector and a booming tourism sector. Excerpts above are from the Cushman & Wakefield’s’ Global
Singapore is a major business and retail hub in Southeast Retail Cities Guide’ which provides retail overviews of more
Asia, boasting one of the most preferred destinations for than 150+ locations spanning 50 countries across the world.

Major Projects across asia-Pacific stunning views of the Swan River. Relaxed, accessible, tactile
The creation of a one-of-a-kind retail hub by developers and distinctly Western Australian in its design and identity,
Shayher Group is well underway as part of the transformation Waterbank will balance its urban character with a strong
of the iconic Pentridge site in Melbourne’s north. The connection to nature.
Pentridge mixed-use redevelopment opportunity is a unique Also under development by Lendlease is the Melbourne
project located in one of Melbourne’s most rapidly gentrifying Quarter project, a new up-and-coming economic centre.
inner northern suburbs, Coburg. Once complete, the Construction commenced in late 2016 and stage one is
development will feature a boutique, architecturally designed now complete, which includes One Melbourne Quarter and
MELBOURNE qUARTER, AUSTRALIA ‘town centre’ with a 2,000sq m Ritchies fine food and wine seven retailers which are opening progressively. In the coming
Developer: Lendlease
supermarket, a 15-screen Palace Cinema and 20-25 specialty months and years to follow, Melbourne will see this important
stores. The first stage of openings at Pentridge Coburg, site rise again as an integrated, layered part of the city.
including the opening of a piazza and the repurposing of a Prince Smart Garden, a commercial centre project by
number of heritage buildings, are scheduled to be launched developers Prince Real Estate Group, Prince City Center in
to the public in 2020. Sihanoukville, Cambodia will officially complete its construction
Currently under construction by developers Lendlease at the end of 2019 to fulfil the needs of luxury accommodation
with the first stages opening in 2021, Perth will be home to to tourists. Prince Smart Garden, the first part of the Prince
the new Waterbank project. Situated at the eastern entry the City Center project is expected to finish this month and the
Central Business District (CBD) the scheme will be a unique second and third stages will continuously start its operation.
place which offers interaction with the Swan River, riverfront The project’s first phase covers an area of 24,800sq m with
retail, water-based community facilities and home to a total building area of 79,342sq m, including three condos
lifestyle-oriented residents and office workers. Waterbank’s and one plaza building that incorporates a shopping mall,
riverside retail will be a hub of casually sophisticated food restaurant, a fitness centre, KTV, library and other services that
and beverage amenity and everyday convenience with will bring clients a comfortable living environment.

WATERBANK, PERTh, AUSTRALIA PAvILION DAMANSARA hEIghTS, KUALA LUMPUR, MALAySIA
Developer: Lendlease Developer: Pavilion group

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