from an agricultural island to a cosmopolitan city

Knight Frank has set up a private office in Hong Kong, the fifth in Asia, and has appointed Tung Ho-Pin to lead the new office in advising private clients on global real estate portfolios. Paddy Dring, head of the Knight Frank Private Office, commented on this expansion, “We set ourselves an ambitious target to be the market-leading, global private client and family office advisor in real estate, and Ho-Pin’s appointment takes us a step closer to reaching our goal.”

JCUBE set to close its doors in August to make way for a 40-storey JCube Condo Residence development, JCube Residence which will bring new homes, businesses, recreational facilities and amenities to Jurong Lake District.

The opening of the office in Hong Kong follows a year after the establishment of Knight Frank’s private office in Singapore. Nicholas Keong, the head of private office at Knight Frank Singapore, is looking forward to the two offices working together to serve clients in the region.

According to The Wealth Report, Asia-Pacific high-net-worth individuals (HNWIs) are forecasted to experience an increase in wealth in 2023, and of the Survey respondents, 16% plan to buy a home in 2023. Cities around the region, such as Hong Kong, Singapore, and Sydney, are amongst the top 10 cities for ultra-prime property transactions in 2022.

Furthermore, residential premises remain the preferred property investments for UHNWIs in the Asia-Pacific region, particularly in Greater China, where 32% of the total wealth of HNWIs was allocated to their primary and secondary homes. Knight Frank further states that private investors were the most active buyers in global commercial real estate in 2022, which is expected to continue this year.