Asia Pacific Cap Rates Report | Q4 2023

CK Lau is the Managing Director | Hong Kong and also leads the Valuation & Advisory Services business as Managing Director | Asia.  He has over 30 years’ property experience in valuation, real estate consultancy and investment sales in Hong Kong, mainland China and the Asian region. 

His expertise includes development consultancy; government lease modification application and premium negotiations; investment and development sites sales; litigation valuation advice and expert witness in the High Court/Lands Tribunal/arbitration; portfolio valuations; REIT property advice; rental determination; and valuation due diligence services.

He writes regularly on topics relating to land use and development in Hong Kong since 2010. His collection of over 300 articles in the Hong Kong Economic Journal and other publications can be viewed through the following link:

https://lauchunkong.wordpress.com

CK is also a member in the following publications:

• “The HKIS Valuation Standards 2017 & 2020”

• “HKIS Guidance Notes on Valuation of Development Land” published in 2016

• “Surveyors acting as experts in commercial rent determinations” Joint guidance note Hong Kong prepared by the HKIS and RICS Hong Kong” 1st edition 2015

I am responsible for the oversight and management of Valuation & Advisory Services; Strategic Advisory & Healthcare & Retirement Living  businesses in Australia.  Ensuring Colliers remains best in class providers in their respective markets. 

COMPANY EXPERIENCE
Managing Director, Valuation & Advisory Services 2013 - Present
National Director, CBD Commercial Valuation, Sydney CBD Office 2006 - 2013
State Director, Consultancy and Valuation, Sydney CBD Office 2003 - 2006
Associate Director, Sydney CBD Office 2002 - 2003
Senior Valuer, Sydney CBD Office 1998 - 1999
Valuer, Sydney West Office 1995 – 1998

PROFESSIONAL ACCOMPLISHMENTS | OFFICE VALUATION & ADVISORY

Some of the more prominent clients that I regularly undertake national valuation appointments from include The GPT Group, AMP Capital Investors, DEXUS, Brookfield, and Lendlease.

Some of my more recent valuation instructions of Premium and A grade commercial office assets undertaken are as follows:-

‘Governor Phillip’ & ‘Governor Macquarie Towers’, 1 Farrer Place, Sydney
‘RBS Tower @ Aurora Place’, 88 Phillip Street, Sydney
‘Darling Park’, 201 Sussex Street, Sydney
‘Grosvenor Place’, 225 George Street, Sydney
1 Bligh Street, Sydney
120 Collins Street, Melbourne
530 Collins Street, Melbourne
8 Exhibition Street, Melbourne
‘Bourke Place’, 600 Bourke Street, Melbourne
One One One Eagle Street, Brisbane
1 William Street, Brisbane
Central Plaza I, II & III, Brisbane
‘Bankwest Tower’, 108 St Georges Terrace, Perth
‘Brookfield Place', 125 St Georges Terrace, Perth
‘Ernst & Young Centre’, 12 Mounts Bay Road, Perth

PRIOR EXPERIENCE

Prior to joining Colliers, I worked within the Research Department of the Property Council of Australia (PCA), then with a boutique firm of Valuers & Land Economists, where I was involved in the valuation of residential property predominantly for first mortgage security purposes, as well as commercial and retail rental advice.

Kane has over 25 years of experience in the New Zealand, Australian and UK real estate sector.

Kane’s experience is truly global having provided valuation and advisory services throughout the Pacific along with various pan-European and pan-Asian portfolio valuation assignments.  In the UK he was directly involved in some of the largest development and land transactions including support for a corporate acquisition by US logistics giant Prologis and the provision of  feasibility studies for the development of London’s Stratford regeneration, which included Westfield Stratford and the surrounds. Kane specialised in retail valuations while in Sydney and valued some of Australia’s largest Shopping Centres.  Since returning to New Zealand in 2012, he has focused on Auckland’s CBD Office market along with mixed use and residential development valuations. 

Kane is a past member of the Auckland Branch committee of the NZIV and was the Deputy Chairman for the New South Wales RICS board between 2009 and 2011. He is a RICS Assessor and has been part of the Oceania Valuation Standards Board along with being Chairman of RICS New Zealand between 2014 and 2020.  In 2011 Kane was invited to become a Fellow of the RICS for his contributions to the Institution and the property profession.  He is currently a member of the PCNZ National Advisory Group.

Dorothy is a qualified general practice surveyor.  She has over 25 years'  experience specializing in valuation, land matters and property development.  She has solid experience on valuation and advisory matters including:

• Portfolio asset valuation
• Valuation for litigation
• Valuation for compulsory sale of land for redevelopment 
• Valuation for rent review
• Rates, tax and stamp duty negotiation with the Government
• Land and development matters
• Development consultancy to public bodies and corporates

In her career, Dorothy  has developed strong relationships with numerous developers, investors, and institutional clients,  She has particular experience in providing support to legal actions and rent reviews.

Flora has worked in real estate and finance field for over 15 years at Australia and China. She owns intensive experience in property and portfolio valuation & advisory services. She has successfully provided market research and valuation services to a pre-IPO portfolio with over 60 mixed-used developments in China, and responsible to market research, valuation services for prime office/ retail/ hotel/ apartment properties in Beijng, Shanghai, Shenzhen, Guangzhou and other second tier cities. Flora is also responsible to provide market feasibility study and analysis, property market research and positioning services,  and specialized in investment analysis and consultancy.

Mr. James Woo has more than 27 years experiences in valuation and advisory services for various properties and assets. Join Colliers in Oct 2022, responsible for valuation work for real estate, distressed assets, plant & machinery, intangible asset, intellectual property, stocks, financial instruments and business valuation across mainland China.

James started his career in UK where he gained valuable experience by working for the City of London Valuation Office, a government authority, as a valuer trainee. In February 1994, joined Chesterton Petty Ltd as an Assistant Valuer in the Professional Services Division and carried out various kinds of property valuations and consultancy projects in China and Hong Kong for corporate and private clients. In June 2000, joined Cyber China Inc. (a wholly owned subsidiary of New World China Land Limited) as a Senior Associate of Business Development in charge of business models, business development (strategic alliances) and planning intelligent building networks and PRC Youth networks in Mainland China. In December 2000, transferred to the Marketing Division of New World China Land Ltd responsible for real estate investment analysis, expansion & marketing strategy, site selection, reposition of former property investment, and negotiation of purchase or leasing of land & property. In February 2003, re-joined Chesterton Petty Ltd as Key Account Executive of the Professional Services Division in China and specialized in a range of listing valuation and consultancy projects for corporate and private clients in China and Hong Kong.  Within six months promoted as Deputy General Manager of the China Valuation Division and in September became an Associate Director responsible for all valuation services in China including real estate valuation, business valuation and major listing and acquisition projects. Joined Savills in 2005, started from Associate Director to Senior Director, overseeing a team of 40 more valuers primarily responsible for portfolio valuations, IPO, public announcement & circular, asset valuation, feasibility studies, motgage loan facilities, valuation for financial reporting and M&A purposes, property investment and asset consultancy services in the PRC.

Ajay Sharma has over 14 years experience undertaking Real Estate valuation and advisory across India, Sri Lanka and Maldives. He has been at forefront delivering accelerated growth and success for clients ranging from private equity funds to government agencies with invaluable and unique industry leading insights.

He has  led teams for  valuation and advisory engagements pertaining to mergers & acquisitions, restructuring, financial reporting, disputes and litigation including stressed assets transactions under SARFESI and IBC. He has successfully led project financing practice and closed asset transactions Pan India.

He was the team lead spearheading government and judicial agencies requirements Pan India that has involved tendering, online auctions, clearances and possession of assets.

His core strengths relate to property valuation and advisory services for both personal and real properties.. He has also undertaken infrastructure related work where he has led teams that consulted for Smart City projects, Transport Node Modernization program under Ministry of Transportation, airport landside development etc.

He is also actively involved in progressing the cause of valuation profession by being - Member of the Committee for Valuation Standards and Committee on Examination Format Insolvency and Bankruptcy Board of India (IBBI); Invited members for Plant and Machinery, Real Estate related standards for India by IBBI and is regular speaker at institutes related to real estate valuation and advisory practices. He has been featured in several media articles sharing insights and advice related to valuations, transactions and investments. Ajay believes in accelerating the success of clients by maximizing the potential of property.

Monica Koesnovagril has 26 years’ experience in the property industry. Monica specialized in research and advisory and has completed a number of significant duties. The types of work Monica covers include the following:

• Market Research
• Market and Financial Feasibility Study
• Operation Review
• Information Memorandum
• Best Land Use Study

Areas covered include the Greater Jakarta area, West Java (Bandung, Tasikmalaya), CentralJava (Pekalongan, Surakarta), East Java (Malang, Surabaya), Bali, Lombok, Medan, Batam, Bintan, Pekanbaru, Balikpapan, Lombok, Makassar, Singapore, the Philippines, etc. Major Clients served include multinational companies, such as Emaar Properties PJSC, Limitless LLC, Faysal Islamic Bank of Bahrain E.C., Chungdam, Samsung, LG Group, Marubeni Corporation. Mitsui Fudosan, Oakwood Premier Cozmo and publicly listed national companies, such as Ciputraland Development, Intiland, Pakuwon Group, Bakrieland Development, Suryainti Permata, Lippo Group etc.

Noriko has over 16 years of experience in the real estate appraisal industry.

She was involved in valuation of securitized real estate for J-REITs, private REITs, private funds, etc.

(office, apartment, retail, hotel, logistics, vacant land, development project and nursing home), asset valuations of business company, and rent valuations.

Sungwook Cho is the Head of Capital Markets & Investment Services at Colliers International Korea. He is an industry veteran with 20+ years of commercial real estate experience, recording more than USD 15 billion in transaction volume with a proven track record that includes many landmark assets across the commercial, retail, and development sectors in Korea.

Over the many years of experience in commercial real estate, he has well-established a wide range of relationships with domestic institutional clients and asset management companies.

He is passionate to leverage his industry experience to further expand relationships with clients overseas and to collaborate with experts across the globe to secure international capital from Colliers’ global network of clients.