Capitalising on interest in Asia’s Emerging Markets in Myanmar and the Indochina region. Savills Asia Pacific announced the further expansion of its South East Asia operations, with the establishment of a new Indochina & Myanmar Real Estate Consulting Practice.
Savills latest offering will be spearheaded by the Vietnam office, leveraging its extensive emerging markets experience, including Laos, Cambodia and Myanmar.
Capitalising on interest in Asia’s Emerging Markets in Myanmar and the Indochina region.
Savills Asia Pacific announced the further expansion of its South East Asia operations, with the establishment of a new Indochina & Myanmar Real Estate Consulting Practice.
Savills latest offering will be spearheaded by the Vietnam office, leveraging its extensive emerging markets experience, including Laos, Cambodia and Myanmar.
Chris Marriott, CEO of Savills South East Asia said " I am delighted to announce Savills increased involvement in the Myanmar and Indochina markets. This is a continuation of our vision to build strength into the ASEAN region as a precursor to the establishment of the new economic community (ASEAN EC) in 2015." He further added "Our clients have been asking for quality property research and consultancy advice in these rapidly improving markets and given our 900 strong business in Vietnam it seemed logical to extend their expertise into the surrounding countries."
Troy Griffiths, Deputy Managing Director of Savills Vietnam said "There has been an influx of investors seeking rewards from early entry into Myanmar and Indochina and our extensive emerging markets experience, and boots on the ground, gives us and our clients an edge over other more desk-top driven advisors." Highlighting his point he commented, "We have recently completed full subscriber quality research for all countries in the region focusing on all aspects of the current and future market outlook. With our in-depth understanding of these markets we have been able to support a number of our clients’ market feasibilities and development appraisals prior to entering these markets."
Yangon over the last 12 months has provided outstanding performance; Office rents have risen by 80%, 5 star hotel room rates have increased by 70%, Serviced apartment rents have grown by up to 50% and quality retail rents have gone up 10%.
Neil MacGregor, Managing Director of Savills Vietnam, who recently attended the high profile ground breaking ceremony by the Vietnam based HAGL of their 120,000 square metre prime Yangon development, commented, "Having made recent trips throughout Asia and especially to Korea, Japan and Taiwan to brief investors, developers and contractors on the market outlook and opportunities in this emerging Indochina region, I am very excited about our new consulting services. There is no doubt in my mind that these markets will be increasingly active over the years to come."
With interest in Myanmar becoming more intense and foreign capital being injected in virtually every sector of the economy, Chris Marriott said that he is expecting Savills to play a major role in these exciting emerging Indochina and Myanmar markets.