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Co-living: Next big thing in Thailand’s real estate?/thailand/en-gb/news/638/co-living-next-big-thing-in-thailands-real-estateCo-living: Next big thing in Thailand’s real estate?<p>​While co-working has witnessed a rapid growth and become a new major source of demand for office space in Bangkok, co-living is another sector of shared facilities that may become a big thing in the city's real estate in the future, according to property consulting firm, JLL.<br></p><p> </p><p>Co-living space, a term used to describe a living arrangement that is something more than shared space, is growing in many cities across the globe where housing has become increasingly less affordable. Typically, a co-living space offers tenants small rooms and shared facilities such as a TV room or a gym. There is also a social aspect; some facilities have a manager who organises events. As well as convenience and community, co-living facilities also claim to offer cheaper rent than an individual apartment.</p><p> </p><p>In Asia, though co-living has not yet seen a boom, it is gaining traction. <strong>China</strong> is a trailblazer in this space. The concept of co-living in the land of the dragons started with YOU+ International Youth Community among other operators that emerged in 2012. By the end of 2016, there were nearly 90 operators across the country. The trend is also catching on in other markets. Unsurprisingly given its status as the world's most expensive housing market,<strong> Hong Kong</strong> is seeing a growing number of co-living developments such as M-Living in Wong Chuk Hang and Campus Hong Kong in Tsuen Wan. <strong>Singapore</strong> has been slightly lagging, but Ascott, CapitaLand's wholly owned serviced residence arm, created a new co-living brand 'lyf'. lyf Funan Singapore will be part of CapitaLand's mixed-use development Funan.  In <strong>Japan</strong> and <strong>Indonesia</strong>, Roam offers co-living facilities in Tokyo and Bali.</p><p> </p><p>In <strong>Thailand</strong>, there are a number of small co-living facilities in Bangkok and key resort cities such as Chiang Mai, Phuket and Krabi. However, most of these facilities are targeted at foreign digital nomads and compliment co-working spaces.  </p><p> </p><p>"For most Thais, shared living space may not be a preferred option as there are other housing options that remain affordable and offer higher privacy. This explains why co-living has not yet become a big thing in Thailand's real estate. However this will change in the near future," says Suphin Mechuchep, Managing Director at JLL.</p><p> </p><p>"As city condos and apartments are getting smaller and less affordable, it will become more difficult for young workers to buy or rent a private living space. In addition, these young workers are millennials who grew up in the sharing economy, value being part of a like-minded community and thus tend to be more willing to share facilities. The growing popularity of co-working exemplifies this trend well," says Mrs. Suphin.</p><p> </p><p>"This will open up new opportunities for real estate developers and investors in Thailand, particularly Bangkok," she adds.<br></p><p><br></p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88
Increased interest in alternative sectors in Asia Pacific/thailand/en-gb/news/636/increased-interest-in-alternative-sectors-in-asia-pacificIncreased interest in alternative sectors in Asia Pacific<p>​Investors are increasingly turning to alternative real estate sectors to take advantage of their attractive yields and long-term growth prospects in Asia Pacific, says property consultancy firm JLL, in its new report '<a href="https://www.theinvestor.jll/rise-alternative-real-estate/">The Rise of Alternative Real Estate in Asia Pacific</a>'. While major traditional real estate assets include housing estates, condominiums, office buildings, retail centres, industrial/logistics properties and hotels, the report defines alternative sectors as non-traditional real estate assets such as aged care or nursing homes, student housing, education, data centres and laboratories.</p><p> </p><p>"Globally, Asia Pacific's alternative real estate market is still relatively immature compared to Europe and the U.S. but interest is growing as investors continue to seek out new sectors to diversify assets and enhance returns," says Rohit Hemnani, COO and Head of Alternatives, Capital Markets, JLL Asia Pacific. "The way alternatives are structured presents a long-term operating lease, which provides a stable income stream and decreases market volatility."</p><p> </p><p>JLL estimates yields on alternatives such as data centers to range from four to six per cent in Tokyo and Singapore, and six to seven per cent for Sydney. By contrast, those for core assets such as office buildings can generate around 2.5 per cent in Tokyo and 4.5 per cent in Sydney, while shopping malls can command approximately five per cent in Australia and around 2.5 to 3 per cent in Tokyo.</p><p> </p><p>JLL also expects the outlook for alternatives in Asia Pacific to be positive and continue to gain momentum due to broad demographic shifts such as urbanisation, an ageing population, as well as the region's rising household wealth and increasing use of technology. </p><p> </p><p>"Asset classes like education and self-storage will stand to benefit from the growth of the urban population in Asia Pacific, which will account for over 400 million people by 2027. International schools in Asia Pacific are forecast to multiply by three to four times to meet a target of 10 million students over the next 15 years. This will boost the education and student accommodation sectors that are well-positioned to grow in Australia, China, India and Southeast Asia. Rapid adoption of smart phones, cloud computing and the Internet of Things will drive a surge in demand for data centres, bolstered by an additional 560 million internet users over the next decade in the region. Meanwhile, the region's ageing population will rise by an additional 146 million people within the next 10 years, contributing to the expansion of senior housing and nursing homes." Mr. Hemnani explains.</p><p> </p><p><strong>Can alternative assets become the next big thing in Thailand's real estate?</strong></p><p> </p><p style="text-align:justify;">Observations by JLL in Thailand suggest that there are a number of alternative sectors that have strong demand drivers and growth potential. Prime examples are senior housing and wellness centres that could cater to demand from not only Thais but also foreigners. With a rapid pace of growth and an endless demand for data storage, data centres are also becoming an attractive alternative real estate development option. As Bangkok becomes increasingly urbanized and residential unit sizes continue to shrink the need for additional storage space is also likely to grow, opening up opportunities for self-storage development.</p><p style="text-align:justify;"> </p><p>However, despite these strong demand drivers, a number of barriers to entry remain. Whilst different alternative sectors sit across different levels of maturity, the lack of know-how and experience to develop, operate, manage and market assets in a number of these sectors is one of the biggest challenges that Thai developers and investors as well as operators have faced. Having said that, no problem is without a solution when it comes to real estate. In sectors where no local expertise and experience exists, local developers or investors could seek partnership with international specialists that are looking for opportunities to diversify into new emerging markets such as Thailand.<br></p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88

 

 

Asia Pacific Property Digest Q1 2018/asia-pacific/en-gb/research/955/strong-domestic-demand-supports-regional-growthAsia Pacific Property Digest Q1 2018Strong domestic demand supports regional growth0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Asia Pacific Property Digest 4Q 2017/asia-pacific/en-gb/research/943/asia-pacific-property-digest-4q-2017Asia Pacific Property Digest 4Q 2017Sustained momentum leads to record-breaking investment volumes0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045

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