Page 69 - November 2020

It has been a turbulent year across the globe, but now there are encouraging signals
Signs of Recovery across Asia and Australasia. In recent weeks appetite and activity has held up and signs of

recovery are for the first time appearing on the horizon. Here, RLI takes a look at some

major projects that have opened and are due to open in these regions and highlight how
they are looking to entice customer engagement and footfall once again.

ccording to the ‘APAC Market Snapshot: entitled ‘How Will Lower Population Growth Impact PROJECTS ACROSS ASIA AND AUSTRALASIA
Capital Markets & Investment Services Property Markets?’, lower population growth over AUSTRALIA
Asia Pacific Q2 2020’, Singapore’s 2020-22 will be a further Covid-19-related challenge Located at the eastern gateway to Perth’s CBD, across a 6ha site Melbourne’s CBD connecting the historic grid to the emerging
A commercial and industrial sectors were to Australia’s retail trade environment, coming on the banks of the Swan River, Waterbank will include a mix of Southern Cross Precinct. Melbourne Quarter is centrally located
clear outperformers amid stringent ‘circuit breaker’ on the back of the shutdown period March-May residential, commercial, retail and circa four hectares of public open in the city directly opposite Southern Cross station, with extensive
measures slowed the pace of transactions. where shopping centres experienced high levels of space. A collaborative effort between the WA State Government’s frontages to Collins Street and Flinders Street. It is one of the largest
Meanwhile in China, domestic investors are temporary vacancy. Metropolitan Redevelopment Authority (MRA) and Lendlease, new mixed-use urban regeneration developments in Melbourne.
sticking to long-term strategies, with many picking The report says that they expect neighbourhood the vision for Waterbank is to create a new wellbeing precinct: The brand new city block will include three next-generation
up property for self-use purposes. Emerging markets, shopping centres will demonstrate more resilience in a social place that reflects the cosmopolitan Perth of today. At commercial towers, three residential apartment towers, and a
including Myanmar and Vietnam, are continuing to terms of capital value preservation over the next 18 Waterbank, everything will be on your doorstep. Situated on the diverse retail mix of food, lifestyle and wellbeing. More than 50
attract inflows thanks to efforts to develop industrial months. Most large shopping centres and CBD retail banks of the Swan River in East Perth, Waterbank provides easy percent of Melbourne Quarter will be open space, with public
infrastructure and the relocation of manufacturing won’t achieve rental growth in a climate where retail access to free public transport and is a short walk Perth’s vibrant spaces including Melbourne’s first Sky Park, a major public square
from China. sales growth will struggle to keep pace with inflation. CBD. Relaxed, accessible, tactile and distinctly Western Australian on Collins Street, a new neighbourhood park off Flinders Street
A return to relative normality in Hong Kong is Unfortunately due to the Covid-19 pandemic the in its design and identity, Waterbank balances its urban character and an exciting new Melbourne laneway, connecting Collins and
supporting a strong undercurrent of buying sentiment, challenges for retail will continue, but it won’t be with a strong connection to nature. The first stages of the project Flinders Streets. On completion, Melbourne Quarter is expected
while in Japan the strength of the logistics and office the only property sector to face challenges over the are currently due to open in 2021. to accommodate approx. 14,000 workers and over 3,000
markets helped offset a less positive picture in the next 18 months. Moreover, it will spur innovation and Another project by developer Lendlease is Melbourne Quarter, residents. Construction at Melbourne Quarter commenced in
retail and hotel sectors. evolution from retailers and landlords in the sector, which is set to be a vibrant commercial, residential, retail and 2016 and is forecast to be delivered in stages over approximately
Meanwhile, research from CBRE’s Market Snapshot bringing the future closer. cultural city neighbourhood - an authentic part of six to eight years.

MELBOURNE QUARTER
Melbourne, Australia
Developer: Lendlease