into a global property hub
Knight Frank has set up its fifth office in Asia, a Private Office in Hong Kong. To lead the office, the firm has appointed Tung Ho-Pin, to advise their private clients on their global real estate portfolios. The aim of the office is to continue to expand their private client base, particularly amongst UHNWIs, family offices and their advisors in Hong Kong and mainland China.
Paddy Dring, the head of Knight Frank’s Private Office, expressed his delight in having Ho-Pin join their team. With a plan of becoming the market-leading advisor to private clients and family offices in the world, Ho-Pin’s appointment is a “step closer” to that goal. He will be responsible for servicing all of their client’s worldwide real estate transactions.
J’den Condo is a 40-storey residential and commercial development set to replace the JCUBE in Jurong East, Singapore. Prices are J’Den Condo expected to range from S$2,000 to S$2,100 per square foot, slated for completion in 2027. The project includes connected facilities and amenities, and is part of the government’s plans to develop the Jurong Lake District.
Establishment of the office in Hong Kong comes about a year after the Singapore office opened. Nicholas Keong, head of the Singapore private office, believes it is impeccable timing and looks forward to working with Ho-Pin to serve their clients in the region.
According to The Wealth Report of Knight Frank, 45% of Asian Pacific HNWIs will experience an increase in wealth by the year 2023. This momentum is particularly strong in Greater China, where 32% of the total wealth is allocated to their primary and secondary homes.
Furthermore, Ultra-prime property transactions (sales for a minimum of $10 million) are expected to take place in the top ten cities, including Hong Kong, Singapore, Sydney amongst others.
Investment in global commercial real estate is also on the rise, where private investors are most active. According to analysts, investment in the Asia-Pacific region is expected to reach a record high in the coming year, thanks to the strong economic recovery after the COVID-19 pandemic.
