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Asia Pacific Expert Insights | January 2023

Colliers APAC Experts Choose Experts - Expert Insights January 2023

In this edition of regional insights, we explore new opportunities across Australia’s residential markets, Grade-A offices in Hong Kong and Japan, Korea’s burgeoning data centers market, along with the Philippine property outlook and hospitality insights across Asia.


Residential Wrap

H2 2022

Developers stay confident with strong sale prices of quality projects even as increasing land prices and construction costs remain top concerns.

Market update: Development sites

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Hong Kong

Grade-A Office

Leveraging business districts

A closer look at
the development of major CBDs with new insights
enabling occupiers to make informed decisions on their current real estate footprint.

Rise of CBDs in Hong Kong

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Grade-A Office Supply Outlook

2023 - 2027 

As more new offices with high-end features and functionality become available at reasonable rent, it’s an excellent time to plan and implement future office strategies.

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Data Center


As Korea’s data centers market grows over next five years and morphs into an independent asset class, investors expect stable operating income led by increasing demand.

Korean Data Center market in 2023

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Property Outlook


Philippine property is on recovery mode. Insights and recommendations for office, residential, retail, industrial and hotels sectors. 

Philippine real estate update

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Hospitality Insights

Q3 & Q4 2022

Re-pricing of hotels, impact of rising interest rates, co-living a new opportunity, metaverse and NFTs in hotel industry, and more insights.

Change in RevPAR YTD September 2021 VS 2022

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For recommendations and insights into commercial real estate opportunities in these markets, reach out to our experts Blake SchulzeFiona NganGovinda SinghRichard RaymundoSungwook ChoYuji Arafuka.

View more of our expert thought leadership here, or visit our research library for past market insights across Asia Pacific. 

Related Experts

Blake Schulze

National Director | Residential



Specialising  in Residential Project Marketing, Blake works with the NSW Residential Directors, pitching, listing and managing projects, and the sales team, to ensure the best possible outcomes for our developer clients. Providing regular market commentary and advice regarding design, mix and pricing of their projects. My clients rely on his solid research and market knowledge to assist them in making the best decisions for the success of their project.

He works closely with various teams including project marketing, development site sales, land marketing and general agency to win and retain clients. In addition to the residential project marketing business, Blake  works collaboratively with other teams within Colliers International including capital markets, retail and commercial to provide high-level advice regarding their clients' property to service their requirements across all phases of their current and future developments.

Blake currently works as a Director for the NSW Residential Project Marketing business within Colliers International. Within this role he works  closely with the  Managing Director, Peter Chittenden, across all new residential project marketing opportunities both locally in Sydney and nationally. For our clients, we seek to service their requirements across all phases of their current and future developments.

He also works alongside the other NSW Residential Directors, pitching, listing, and managing projects and the sales team to ensure the best possible outcomes for our developer clients. Providing regular market commentary and advice regarding design, mix and pricing of their projects, my clients rely on my solid research and market knowledge to assist them in making the best decisions for the success of their project.

Recent successful projects that Blake has  co-managed include Wonderland and Duo at Central Park for Frasers Property, Twenty95 in Manly for Grocon, and Aqualuna in Milsons Point for Zone Q as well as Newmarket in Randwick for Cbus.

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Hong Kong SAR China

Fiona Ngan

Head of Office Services

Office Services

Hong Kong

Fiona Ngan is the Head of Office Services and she has 26 years in this field and presently focuses on leading the Hong Kong and Kowloon Office team. Her strengths include project leasing and the provision of a board range of client services, particularly in Tenant Representations. She has extensive experience in business development, real estate strategic solutions and a range of consultancy services.

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Govinda Singh

Executive Director | Asia

Hotels & Leisure


Govinda, a member of RICS and registered valuer, is a chartered certified accountant with a postgraduate diploma in economics and a certificate in business valuations, who began his career at Pricewaterhouse in audit and tax advisory.

Having worked as an Operations Manager for Hilton, he was the Financial Controller at the luxury Lanesborough Hotel, at which time he worked closely with the Rosewood and Starwood hotel groups at both the local and corporate level.

Govinda joined PKF in London in 2005 where he was a Managing Consultant within the Hotels and Leisure Valuation and Consulting  practice. He subsequently joined BDO’s Real Estate Valuation and Consulting  team in 2012, where he was a Director responsible for the EMEA, Caribbean and Asia-Pac regions.

Govinda joined Cushman & Wakefield Singapore in 2015 where he was a Director within the Asia-Pac Valuation and Advisory team.

He is now an Executive Director at Colliers International advising on, and valuing investments involving mixed-use, specialist and alternative asset classes across Asia and further afield.

He is also one of Colliers’ dedicated specialist portfolio advisors and valuers in the region, and globally.

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Richard Raymundo

Managing Director


With over 25 years of research and consultancy experience, Richard has been involved in various projects in Asia. He has been involved in various projects in Asia particularly the Philippines, Hong Kong, China, Indonesia, Korea, Malaysia, Vietnam, Cambodia and Thailand. This has covered sectors from simple developments to large-scale mixed uses with office, retail, residential, hotel, industrial and institutional land uses.

Richard has been involved in complex assignments that entail creative solutions. This would include brand conceptualization, destination development, land use spatial analysis and marketing strategies. 

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Sungwook Cho

Executive Director

Capital Markets & Investment Services


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.

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Yuji Arafuka

Senior Director

Occupier Services


Engaged in office leasing brokerage business for corporations for 15 years, engaged in numerous corporate relocations as an advisor from property examination to relocation. In his previous job, he managed operations for five years as a branch manager in Osaka and Nagoya, and as a director, he also oversaw personnel, general affairs, and accounting for four years.

He moved to Colliers International Japan in January 2019. He participated in the establishment of the Office Leasing Division, the opening of the Osaka branch, and the establishment of a subsidiary, Colliers International Design and Build Co., Ltd.

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