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Singapore

South East Asia continues to display the widest diversity in the Asia Pacific region in the JLL Transparency scorecard

Less significant advance than 2012 but the sub-region should see further progress in transparency improvements going forward.


​​Singapore, 30 June 2014 - The eighth edition of JLL and LaSalle Investment Management's biennial Global Real Estate Transparency report, covering 102 markets worldwide, shows continued progress in the transparency of commercial real estate around the world.  Over 80 per cent of markets have registered improvement since 2012, and the Asia Pacific region has seen a moderate pace of progress. Please see the table below for a list of the world's most transparent real estate markets in 2014.

Figure 1: World's most transparent real estate markets in 2014​

transparency-index-1.jpgSource: JLL, LaSalle Investment Management

South East Asia continues to display the widest diversity in real estate transparency in the Asia Pacific region - Singapore (up one rank to 13th globally) tops the ranks in this sub-region, while Myanmar (100th) is one of the least transparent countries globally.

In the latest survey, Singapore has inched ahead of Hong Kong once again (also in 2010) in a close race for the top transparency position in Asia, with the latter seeing its scores fall since 2012 in the areas of property taxation relating to cooling measures, and also in accounting standards and corporate governance.

Most of South East Asia has not seen much change in terms of global rankings.  Thailand has pushed forward in its ranking (from 40th to 36th place) on moderate score improvements, although Vietnam has fallen (from 62th to 68th) due to faster progress seen elsewhere in the world.

All countries in emerging South East Asia have seen some advances (but less significant than 2012 when the sub-region accounted for 3 out of the top 10 global improvers).  Greater availability of market data contributed to 2012's improvement, while incremental changes in the regulatory/legal and transaction processes contributed to both the 2012 and 2014 results.​


Figure 2: South East Asian real estate markets in 2014*

transparency-index-2.jpg

*China and India refers to Tier 1 Cities

Source: JLL, LaSalle Investment Management

 

Outlook

Going forward, the region should see further progress in transparency improvements.  Demand from both international investors and corporate occupiers as well as more discerning domestic players should continue to lead to better information on market fundamentals.  Dr Chua Yang Liang, Head of Research South East Asia at JLL, opined that continuing institutional interest in South East Asia would help to drive rising transparency in the regulatory/legal environment as well as the real estate transaction processes. He cited recent interest by institutional players such as the GIC RE, Goldman Sachs and Ascendas in the Philippines, and on-going institutionalisation of the property market in Thailand as examples. In addition, Dr Chua also expects a young population in South East Asia, with higher education and increasing usage of social media, to push for greater real estate transparency going forward.

 

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