10.12 // GuidinG liGhT The top 25 surveyors leading the profession p14 fuTure vision The growth of Shanghai as a global city p24 The biG rebuild Masterplanning urban redevelopments p40
Meet 25 of the world’s top surveyors The leadership issue
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Contents
NO 7 10.12 //
THE LEADERSHIP ISSUE We are into the last quarter of 2012 and so far we have witnessed myriad shifting political and socio-economic landscapes around the globe. From the ongoing saga of the eurozone sovereign debt crisis to the impending presidential election in the US, the world watches eagerly as major events unfold that will shape our future. Undoubtedly, these events have an impact on our day-to-day dealings as real estate professionals. As part of this underlying theme, this issue of Modus presents a selection of highly esteemed professionals who have excelled and helped shape the real estate industry in Asia in their own unique way. We also take a look at opportunities in Shanghai – one of our region’s leading cities – and find out about the plans for some of the region’s largest urban projects. I hope you enjoy the issue. JASON HO DIRECTOR OF RICS NORTH ASIA
Regulars 04_FEEDBACK Your views on Modus and the profession, and the latest poll
36_GREEN LEADERS The lowdown on eight of the world’s most sustainable buildings
06_INTELLIGENCE Global news, plus opinions, reviews and reactions
40_THE BIG REBUILD The masterplans behind some of the world’s largest urban projects
35_BUSINESS ADVICE The legal and tax implications of various business structures
In formation
39_LAW ADVICE Focusing on pre-completion dispute resolution mechanisms
45_RICS NEWS News and updates, plus a message from the RICS President Alan Collett FRICS
Features
48_EVENTS Training and conference dates for your diary
14_FROM THE TOP We profile 25 inspirational chartered surveyors who are leading the professional field
50_THE MEASURE Facts and stats on the world’s leading global cities
24_HEAD OF THE DRAGON How Shanghai is rapidly becoming a leading global city 32_10 MINS WITH Chen Yuanjing MRICS of Faithful+Gould, Singapore
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Feedback// Feedback
JOIN THE DEBATE :EMAIL YOUR FEEDBACK TO editor@ricsmodus.com
WHAT’S IN A NAME While I am a retired quantity surveyor, I look forward to receiving Modus magazine, which after a short few hours’ read brings me bang up to date on present world issues, enabling me to confidently discuss such matters with others from a surveyor’s point of view. My only complaint against this excellent publication is indeed the name ‘Modus’, which means nothing to the average Brit. As suggested by Geoff Williams in the July/ August global issue, I am in full support that there can only be one name for our firstclass magazine: ‘The Chartered Surveyor’. Terry Kelly MRICS, Kent, UK LATIN LEARNING I read with great interest the feedback by Geoff Williams. Well, I have a different opinion. Things are not always simple, as humankind is complex in thinking and behaviour by nature (have in mind that RICS is an international institution with valid and comprehensive values all around the world). Modus is part of our rules of conduct (see ‘Est modus in rebus’ on the blazon of the Rules of Conduct). The Latins had the privilege of time to think, and the privilege to hear and learn from others. It is interesting how things said thousands of years ago are still valid and applicable today. It is also intriguing how they could say so many things (in consistency and complexity) in just a few words. It is in contrast with today’s modernisation when we talk with fewer words but with less consistency, or we talk more but with the same result. Modus is not just a way of physical measurement; it is also an abstract (but practical) measurement of life, principles, ethics, personality, behaviour and,
above all, a principle of equilibrium in all that we do. To change such a title needs more than one argument of simplicity. Radu Bogdan Stefan MRICS, Romania VIRTUAL VIEWINGS The June global edition about communication and technology was really interesting and has inspired me to give some feedback. Our company is focused on using internet technologies to reach potential buyers, and we have been publishing via various social media channels – Facebook, Twitter, YouTube. We have now launched a new service, which is quite innovative for real estate brokerage – viewings of properties via Skype. This has brought some very positive comments from our clients and partners. Actually, we are one of the first companies in the world to offer Skype viewings! It is surprising that not all agents offer this service. With the current state of technology development and the availability of quality internet connection, it is easy to organise viewings of properties through internet video connection.
I believe this service has great potential and will save buyers time and money for traveling to the properties they like. It will also help them narrow their searches so that they can visit personally only the properties they like most. Usually, a Skype viewing will take 15-20 minutes, during which the estate agent will show the whole property and all the details a client wishes to take a closer look at. They will be able to ask questions and communicate with the agent as if they were there in person. To be able to view properties via Skype, only a computer or a mobile device with a microphone and Skype installed is needed. Polina Stoykova, Sofia, Bulgaria
GET IN TOUCH // twitter.com/RICSAsia linkedin.com/company/RICS
THE MODUS POLL :WHICH IS THE WORLD’S LEADING CITY: NEW YORK, LONDON, PARIS, TOKYO OR HONG KONG? Total votes: 73
London
54% New York
28%
Tokyo
Paris
Hong Kong
2%
5%
5%
Join the RICS group at linkedin.com now to vote in our next poll.
Due to the volume of correspondence we receive, we regret that we are unable to print all letters or respond to every one individually.
The MODUS team// FOR SUNDAY
Modus Asia edition is the official publication of the Royal
FOR RICS
Editor Victoria Brookes // Art Director Christie Ferdinando
Institution of Chartered Surveyors in Asia: Room 2203,
Editorial board Ian Fussey and Jaclyn Dunstan (UK)
// Contributing Editor Brendon Hooper // Sub Editor
Hopewell Centre, 183 Queen’s Road East, Hong Kong
Roy Ying and Vivian Yuen (Asia)
Samantha Whitaker // Intern Isabella Fernandes // Creative
Published by Sunday, 207 Union Street, London SE1 0LN
Asia advertising ROF Media
Director Matt Beaven // Account Director Stephanie Hill //
sundaypublishing.com
Bryan Chan +852 3150 8912 | bryan@rofmedia.com
Commercial Director Karen Jenner
Printers ROF Media
Views expressed in Modus are those of the named author and are not necessarily those of RICS or the publisher. The contents of this magazine are fully protected by copyright and may not be reproduced in any form without the prior permission of the publisher. All information correct at time of going to press. All rights reserved. The publisher cannot accept liability for errors or omissions. RICS does not accept responsibility for loss, injury or damage or costs that result from, or are connected in any way to, the use of products or services advertised. All editions of Modus are printed on paper sourced from sustainable, properly managed forests. This magazine can be recycled for use in newspapers and packaging. Please dispose of it at your local collection point. The polywrap is made from biodegradable material and can be recycled.
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Intelligence
Image Craig Sheppard
:NEWS :REVIEWS :OPINIONS :REACTIONS
:GARDENS BY THE BAY SINGAPORE Six years in the making, the first phase of Singapore’s immense Gardens by the Bay project opened to the public in June. The entire scheme will ultimately total around 101 hectares, and phase one alone has seen 54 hectares of reclaimed land transformed into a giant ‘educational entertainment experience’. Conceptualised by a British design team including Grant Associates, Wilkinson Eyre, Atelier Ten, Atelier One, Thomas Matthews and Land Design Studio, the S$980m (£500m) project features a cluster of 25-50m-high ‘supertrees’ that double up as rainwater collection tanks to supply water to the vast shell-shaped greenhouses. For the masterplanners, the biggest challenge was reconciling the enormous scale of the project with its location, explains Andrew Grant of Grant Associates. ‘We had to determine the appropriate scale, locations and relationships of the key features so that they work as landmarks within the city, while also creating a comfortable experience for people. The site is built on reclaimed land and much of the detailing has been influenced by the constraints and technical issues related to the ground conditions.’ gardensbythebay.com.sg
Intelligence//
Opinion
CHINA PRESENTS UNIQUE CHALLENGES FOR VALUERS Kam-hung Yu FRICS CBRE
A
fter more than 30 years of high-speed growth, China is still one of the most attractive markets in today’s business world. Along with growing capital market activities, the demand for professional business valuation services has also increased rapidly. But business valuations in China can be challenging for inexperienced valuers and investors, and so time should be taken beforehand to understand the unique challenges and plan sound response strategies. Primarily, the challenges are three-fold: due diligence, market data and traditional valuation practice. It’s a cultural characteristic that business in China is more bounded by relationship and trust. Arrangements between companies can be agreed and executed verbally, with fewer explicitly written documents. This poses a challenge to valuers studying a historical event who want to re-establish the whole story, while financially, the contents of statements in China are different, and sometimes simpler, compared to those prepared under International Financial Reporting Standards, US Generally Accepted Accounting Principles or other major accounting standards. Business valuers should also pay attention to issues around non-operating assets, related party transactions/balances and the capitalisation of expenses. Often, extra procedures are called for, such as searching for contingent liabilities. Today, the efficiency and transparency of China’s capital market is still subject to argument. Some academic studies believe that to ensure the appropriateness and accuracy of common valuation parameters, such as risk premium, market data adjustments are required. Valuation parameters
Global // SOLAR FLARE Investments in solar power installations overtook those in wind power for the first time in 2011, according to research from GlobalData. Renewable energy is becoming increasingly important in developing nations across North Africa and Asia, and solar power is attracting greater investment due to the
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are often adjusted based on experience and judgment, and the process of justifying the adjustments can be time consuming. Also, valuers can face challenges in seeking industry data, as fewer research reports are available. Traditionally, business valuation in China is focused more on historical investments, and the book value of the assets on the balance sheet, than on projected cash flow and earnings. In certain circumstances, for companies that are actively for sale, the real value of assets may be less than the book value. For that reason, valuers may put more time into explaining their valuation rationale to managements. What’s more, general financial projections provided in China tend to be optimistic, so the challenge for valuers is to encourage more prudent financial projections. Performing business valuations in China requires a thorough understanding of success factors and potential pitfalls, and valuers should also expect to possess specific knowledge regarding cultural behaviour, market characteristics and the regulatory environment. Don’t forget that detailed advanced planning will help valuers approach the Chinese market with greater confidence.
SUCCESS FACTORS Valuing businesses in China requires a strong knowledge of cultural behaviour
KAM-HUNG YU is senior managing director, Valuation and Advisory Services – Greater China, CBRE.
abundance of direct sunshine. Last year, solar power investments accounted for 49% of the total US$209bn (£133bn) global renewable energy industry, compared to the wind sector at 34%. Biopower, geothermal and small hydro investments made up the remaining 17%.
Indonesia // DOUBLE UP The number of skyscrapers in Jakarta is set to double by 2015, according to Jones Lang LaSalle. The firm predicts the city will have 250 buildings taller than 150m by 2020 – by contrast, in 2009 there were 40, and by the end of 2012 there will be 75. ‘Big institutional investors are returning to Indonesia, creating
big corporate growth in the country and high demand for properties. It’s the beginning of a property boom,’ said Anton Sitorus, head of research at Jones Lang LaSalle Indonesia. The firm forecasts around 3.2m m2 of extra office space to appear in the central business district over the next six years.
UK
BIO BREAKTHROUGH One of the world’s most advanced high biocontainment laboratories is being built in Surrey on behalf of the Institute for Animal Health (IAH). Scheduled to complete in 2014, the laboratory will help the IAH increase its research into viral diseases of livestock. Built by Shepherd Construction, the project team is aiming to make the building 1,100 times more airtight than the applicable regulations at four times the pressure. ‘The construction challenges have been significant to achieve this level of performance, and have meant close collaboration with all members of the project team,’ said lead quantity surveyor Mark Crook MRICS.
:ONE BIG QUESTION HOW IS YOUR LOCAL COMMERCIAL PROPERTY MARKET PERFORMING? Vietnam There is worrying uncertainty regarding the economic prospects for the immediate future, especially regarding the effects of non-performing loans in the real estate sector.
China
10bn
The amount (THB) hotel investments in Phuket are predicted to reach in 2012, as international investors target landmark properties (JLL)
EXPERIENCE WANTED China is seeking foreign expertise in project management, spurred on by government research into the discipline. ‘Project management is a relatively new phenomenon in China,’ said Mark Budden, partner at EC Harris. ‘However, as projects become increasingly complicated there is a growing appetite to better understand the discipline and to train the local workforce so they can deliver these skills over the coming years.’
Paul Mason MRICS, Keller Williams Vietnam
Malaysia Although the market is flush with funds, movement towards new or increased investment in commercial property is cautious and dependant on the upcoming elections. Sr Firdaus Musa MRICS, Firdaus & Associates
Shanghai Despite the cooling of the Chinese economy as a whole, Shanghai’s situation appears robust although limited financing availability means commercial real estate investment activity is down.
China
TRIPLE SCORE Architecture practice BDP has been appointed to design three major property developments across Shanghai, Suzhou and Nanjing. In Shanghai, the firm will design a high-end retail scheme in the Huangpu District of the East Nanjing Road, while in Nanjing, the firm will masterplan the revelopment of the Artall Tiancheng Business Centre (pictured), a 32,000m2 project to increase public space, link existing buildings with covered walkways and create a 26-floor tower.
James Shepherd MRICS, Colliers International
Delhi The mood in India remains cautious and subdued. Developers are focusing on the residential segment, which is still seeing activity in key markets, such as NCR, Pune and Bangalore. Vamshi K K Nakirekanti MRICS, CBRE South Asia Pvt Ltd
Perth In Western Australia, the falling price of iron ore and increasing concern around China’s economic slowdown has seen market demand for office space soften somewhat. Peter Agostino, CBRE Source: RICS Global Commercial Property Survey Q3 2012
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Intelligence//
Insight
LET’S CELEBRATE OUR LEADING PROFESSION Louis Armstrong CBE HonRICS Professions for Good
I
f there were a competition for the country with the widest range of highly respected professional institutions, Britain would surely take gold. But how many people in the home crowd would expect that? Admired in India, respected in Brazil, invited to China, aspired to in Russia, emulated across the Commonwealth – British professions, and our culture of professionalism, set an aspirational gold standard across the world. But they are often vilified or, at best, taken for granted in the UK. Yet there is much to celebrate. It’s no coincidence that the recent high-profile scandals surrounding so-called professionals in journalism and banking happened in sectors where there is no dominant professional body setting standards, insisting on ethical behaviour, regulating effectively and, above all, providing a clear moral compass. The crisis of confidence and trust engendered by the financial meltdown and economic gloom of recent years has re-emphasised the importance of high-quality professional standards, properly monitored and enforced, and cadres of trustworthy, competent professionals who act with integrity whatever the circumstances. Those countries that don’t have this are suffering. There is a lack of business confidence, a reluctance externally to invest or do business, shortfalls in tax revenues, economic growth undermined by dishonesty and corruption, and individuals denied proper advice in their daily lives. Many, perhaps ironically, are looking to the UK for guidance. They have seen the value of a wide range of independent, selfgoverning centres of excellence across all sectors of economic and social activity. These will attract bright and ambitious people, be at the leading edge of developing professional thinking and standards, be a source of expert advice to governments, qualify people meritocratically to those standards, and find the best ways of regulating effectively. Above all they will inculcate and demand an approach to business life that stresses ethical behaviour, trust and the public interest. All well and good. But why do politicians, media and the public seem to have such a love/hate relationship with the professions? They love them when they prove their worth – great feats of civil engineering or architecture, incredible surgery, sophisticated legal or financial advice. But, on the other side of the coin, there are underlying suspicions of self-interest, an aura of mystique created unnecessarily, and of unjustified fees. High standards and necessary public protection is confused with elitism. The professions themselves must bear their fair share of the blame. From the 1980s onwards many were slow to
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modernise, and sometimes acted more like trade bodies protecting and advancing members’ interests rather than their proper function of acting in the public interest. Much has now changed. Radical reform programmes have made today’s institutions more modern, more professionally run and regulated, increasingly international and, above all, acutely aware of their public interest, guardians of integrity and ethical standards roles. The City of London has learned painfully the damage that can be wrought by an absence of such professional bodies. Recent research by Cass Business School showed that large numbers of staff in the City were not members of any professional body. If they were, they would be much more likely to challenge unethical, immoral or illegal behaviour. So let’s celebrate our professionals – a big part of any British success story. Professional services account for about 8% of UK GDP and 11% of the workforce, and the sector is set to grow – by perhaps a million more jobs by 2020. Education, professional training and awarding qualifications are a major part of UK plc, and both highly respected and sought after across the globe. The professions have a big role to play – with government (providing impartial, expert policy advice), in the economy (as an engine of prosperity and growth), and in society (as major contributors to the quality of life). But arguably the most important role of all is as standard bearers for ethical behaviour. Never before has the worldwide need been greater for competent, trustworthy people. That is the lasting legacy to the world of the British concept of independent professional institutions. Let us cherish this, play to our strengths, make full use of their potential, and enjoy basking in some reflected glory. LOUIS ARMSTRONG is former RICS Chief Executive and current chairman of Professions for Good, a collaboration of the bodies responsible for standards and qualifications across many of the UK’s largest professions. professionsforgood.com
WORLD CLASS RICS is one of many organisations that are admired around the world
China
Construction is underway on ‘Pinnacle One’, a Grade-A office tower at the Chengdu Daci Temple Cultural and Commercial Complex. Developed by Swire Properties and Sino-Ocean Land and to a design by Make Architects, the 200m-high tower will be located in the heart of Chengdu, close to the Chunxi Road shopping district. ‘As a key investment hub in Western China, Chengdu provides the ideal business location for multinational and local companies,’ said Guy Bradley MRICS, CEO Mainland China at Swire Properties. ‘We are confident that it will set a new benchmark for office developments in the city.’ The tower is set to complete in 2014.
(RICS Global Real Estate Weekly)
Korea Recent movements of quarterly real GDP show the economy has lost steam
FALLING
HIGH POINT
(RICS Global Real Estate Weekly)
Singapore Capital inflows induced by QE3 may spark a resurgence in transaction levels
RISING
Global
SHIFTING LAND Emerging markets are dominating capital value growth in farmland, according to Savills’ Global Farmland Index. Over an eight-year period, Savills found growth was most significant in the emerging markets of South America and Central Europe, such as Brazil, Argentina, Poland, Romania and Hungary. ‘Capital growth is rarely the only determining factor for farmland investment, so these significant growth rates need to be set in the context of the opportunities to maximise income return,’ said Ken Jones, director of international farmland markets at Savills. Readthe report at bit.ly/RvFW72.
Books :REVIEWS
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This practical guide for use on site provides a thorough methodology to identify and diagnose structural cracks and movement in buildings. 19300 // £29.99
4.9%
The percentage increase in the average rental rate of grade-A office space in Bangkok’s central business district Q1 2012 (CBRE)
52%
A user-friendly guide for all built environment students, from choosing a topic to structuring and writing the dissertation. 19295 // £21.99
The percentage of City of London offices that are foreign owned – up from 8% in 1980 (Cambridge University)
Singapore
FIVE FAVOURITES A 23-storey office building and a 53-storey residential tower are to be built on the site of the former UIC building. Designers Ben van Berkel and UNStudio will collaborate on an innovative mixed scheme, named ‘V on Shenton’, which will use a hexagonal pattern design for the façades. The patterned façades will help provide the buildings with shading, while high-performance glass will be installed to lower interior temperatures. Demolition work on the current UIC building began earlier this year.
This fully updated third edition presents the safest and most upto-date way to word a letter contract for very small projects. 19292 // £18.95
Updated for 2013, this book provides accurate, detailed and professionally relevant construction price information. 19231 // £145
10.12 // MODUS ASIA
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Opinion
BUSINESSES MUST TAKE THE LEAD ON SUSTAINABILITY Stef Kranendijk CEO, Desso
W
e need to reimagine our business models. It is hard to see how we can promote economic growth in a world of finite resources and climate change based on the current linear ‘take, make and dispose’ model. I think it is vital to show how more circular alternatives, where materials are reused or recycled, can be profitable. In 2008, I launched a long-term business strategy at Desso based on the cradle-to-cradle concept, in which goods are designed to have a positive impact on the environment and human health. The experience taught me several lessons about leadership. First, it was important to get expert external advice, which is why we brought in the German chemist Michael Braungart, a co-founder of the cradleto-cradle concept, to help set up our processes. But we were also determined that our own employees would work on the change. This way, they would feel it was their achievement and it would help root the change in our culture. It was vital that the management team supported the strategy, and I focused on this to start with. Once they were behind it we could
54%
The percentage increase of property investment turnover in Asia Pacific in Q2 2012 (CBRE)
show a united front. So, for example, when our head of R&D needed investment to set up a prototype machine to develop a cradle-tocradle carpet tile, we supported it immediately. Communication was also key to our success. Communicating our vision externally to the media, shareholders and suppliers was crucial. We also maintained a constant dialogue inside the company to make sure everyone had a chance to air their views. It was critical to begin the change process in a significant way, so we started with our largest business – carpet tiles supplied to the commercial sector. Our progress in creating a cradle-to-cradle silver certified carpet tile in 2010 helped us drive sales. In this period of change, our earnings in our original carpet business went up from 1% in 2006 to 9.2% in 2010. Without these kinds of results it would have been tough to maintain shareholder support for our strategy through the recession. STEF KRANENDIJK is CEO of sustainable carpet manufacturer Desso – one of the few that meet the requirements of Ska Rating. desso.com
Philippines
China
Construction has begun on the Trump Tower Manila, set to become the tallest tower in the Philippines when completed in 2016. The 250m-high tower, designed by Broadway Malyan, is a centrepiece for Century Properties’ four-hectare mixed-use development in Manila’s financial district of Makati City. The designers have based the building’s exterior around a ‘peeled façade’ concept, whereby a series of shading systems will react and change according to its orientation to the sun’s path during the day.
Nine of the 20 tallest buildings currently under construction in the world are being built in China, according to the Council on Tall Buildings and Urban Habitat (CTBUH). With 239 buildings taller than 200m in advanced stages of development, China has far more than any other country. In 1970, 92 of the world’s 100 tallest buildings were located in North America. By the end of this year, only 29 of the top 100 will be in North America. ‘China is dealing with the issues and challenges of developing urban environments on a massive scale,’ said Timothy Johnson, CTBUH chairman.
BIG PRESENCE
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SUPERTALL LEADER
NEWS BITES Retail king
Hong Kong has been ranked as the world’s most expensive shopping destination, as a rise in domestic wealth fuels occupier demand from luxury retailers, according to CBRE. The city is currently the most expensive to rent space at US$3,864 (£2,460) per ft² per annum.
High Mumbai
Mumbai’s high-rise committee has backed plans to build 78 buildings over 70m tall in the city in order to relieve its residential housing shortage. India’s financial capital currently has only 30 buildings of 100m or more, compared to Shanghai’s 130 and New York’s 550.
East expertise
Cluttons has appointed former RICS President See Lian Ong FRICS as a consultant, as part of a strategy to develop the business in the Far East. Based in Malaysia, See Lian Ong will help the firm focus on developing international networks and facilitate further cross-border investment into the UK.
Joint strategy
Asia-based construction cost and contract management consultancy KPK has merged with Aecom. ‘KPK will enhance the offerings of our Davis Langdon cost and project consultancy business throughout Asia, which is part of our targeted, balanced growth strategy,’ said John Dionisio, Aecom chairman and CEO.
Save time and money
Resolving property and construction disputes
Go straight to RICS Dispute Resolution Service (DRS) for an independent mediator with the skills and experience you need. Getting locked into a property or construction dispute can cost you valuable time and money. There’s also a real risk that your dispute could end in expensive litigation. Put your dispute into the hands of an experienced RICS DRS mediator and you’ll find it much quicker and easier to resolve the issues that are holding things back. Ask us to appoint a mediator and you’ll save time on researching the marketplace. You can also feel confident that you are appointing the right professional to handle your case. Contact DRS today to appoint a specialist mediator to resolve your dispute +44 (0)20 7334 3806 drs@rics.org rics.org/drsmediation
rics.org/drs
Clockwise from top: Romeu Chap Chap, David Snook, Richard Clare, Tom Barclay, Alan Collett, Albert Lau, David Cockerton and Vanessa Lawrence
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25 leaders//
FROM THE TOP
WE MEET 25 OF THE VISIONARY MEN AND WOMEN GUIDING THE PROFESSION, STARTING WITH 10 INDUSTRY LEADERS Interviews by Cherry Maslen and Roxane McMeeken Illustrations by Jörn Kaspuhl
ALAN COLLETT FRICS RICS PRESIDENT AND CHAIRMAN, ALLSOP RESIDENTIAL INVESTMENT MANAGEMENT A son and a father of chartered surveyors, the newly inaugurated RICS President has worked in residential and mixed-use investment, valuation, development and agency, as well as acting as a fixed charge receiver and expert witness. As such, he is passionate about the worldwide career opportunities open to professionals in land, property and construction. The biggest challenge for the industry now, he believes, is to understand the balance of economics and politics in the world today and how opportunities for members are changing. ‘We need to stay ahead of the game and communicate these changes to our members,’ he says. As a leader, Collett believes that demonstrating the highest professional and ethical standards is the way to drive business. It is this, he says, coupled with building relationships with clients by demonstrating an understanding of their situation, that develops a one-off customer into a regular client. He believes one of his greatest achievements as a leader is in effective team building, which produces a ‘cascade effect’ through a business. ‘One of the most important things about leadership is very simple: you have to have a clear vision for the business,’ he says. ‘If the leader isn’t clear, no one else will be.’
TOM BARCLAY FRICS CEO, CLYDE VALLEY HOUSING ASSOCIATION Tom Barclay’s ambition to establish Clyde Valley Housing Association in Motherwell as ‘one of the most successful social-economy businesses in Scotland’is well under way. He has already led the organisation to 15th place in the not-for-profit section of the Sunday Times Best 100 Companies to Work For listing in 2012 – with 85% of his employees saying they have great faith in his leadership. Barclay became CEO of the Clyde Valley Group in 2005 while still in his thirties, and is now leading it through an ambitious period of change. ‘To shape a culture you have to lead by attitude and behaviour,’ he says. ‘You need to
really engage with people by talking to them, actively listening and knowing what’s going on – ask them what the important issues are on their desks.’ Starting out as a chartered quantity surveyor, Barclay moved into project management at the North Glasgow Housing Association, then to the Cunningham Housing Association in Ayrshire, where he became head of housing and community services.‘When I was coming up through the ranks, I always had a burning frustration that no one asked me what I thought,’ he says. ‘There are about 70 people employed here and I make sure I have one-to-one conversations with each of them at least once a year. As well as empowering people you also have to remember to say thank you to them.’
RICHARD CLARE FRICS CORPORATE SENIOR VICE PRESIDENT, ARCADIS NV Richard Clare has led the transformation of a Britishbased traditional project services firm into a dynamic built asset company contending for major projects throughout the world, with a staff of 2,800 operating in 23 countries. As chairman of EC Harris, since 2011 a subsidiary of Arcadis NV, he has overseen an ambitious push for growth over the past few years. Clare is a well-known speaker within the industry and a leading authority on the management of capital assets. His many advisory roles have included the government’s 2012 Olympic Strategic Task Group, and he spent eight years as a non-executive director of Grosvenor Ltd, the Duke of Westminster’s private property investment and development company, seeing it evolve into a major force for urban regeneration. He believes there is one overriding quality that makes an inspirational leader. ‘Leadership means having a complete and utter understanding of people; the more you understand people the better leader you’ll be,’ he says. He acknowledges that this is a quality few possess, which is why there are very few effective leaders.‘It’s 90% intuition and 10% training,’ he says. ‘I’ve always been interested in people, I like to make them feel good. My greatest achievement is the ability to select the people who have driven our business forward.’ >>
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25 leaders// FRANKIE LAI MRICS GENERAL MANAGER, PROCUREMENT AND QUALITY MANAGEMENT, SHUI ON LAND Frankie Lai (pictured below) has more than 30 years’ experience in construction management and nine years of involvement in property development in mainland China. He joined the Shui On Group in 1997 and is responsible for quantity surveying, strategic procurement and quality management. The company has project developments with a land bank of about 13.3m m2 in different cities of mainland China, and Lai leads the quantity surveying and quality staff in various project offices in the strategic development of procurement and quality management functions. ‘Nowadays a good leader needs to take a paradigm shift from negative to positive leadership,’ he says. ‘Rather than concentrating primarily on the negative, threatening or problematic in the environment, a good leader emphasises the emotions, opportunities and relationships that will help in developing a positive climate.’As an effective leader in China, Lai has also understood and embraced the different living style, attitude, behaviour and practice in the mainland, compared with Hong Kong and Asia, as well as Western countries. ‘I’m proud of being a chartered quantity surveyor and contributing my professional experience to the construction industry in mainland China,’ he says.
VANESSA LAWRENCE FRICS DIRECTOR GENERAL AND CHIEF EXECUTIVE OF ORDNANCE SURVEY The first woman to head Britain’s national mapping agency in its 2 2 0 -ye a r h i s to ry, Va n e s s a Lawrence is a world-renowned expert in how geographical information systems (GIS) can improve decisionmaking at all levels of government and business. She is the adviser to the British government on short- and medium-term strategies for mapping, surveying and geographic information, and in 2008 was made a CB (Companion of the Order of the Bath) in the Queen’s New Year Honours List. Before joining Ordnance Survey, Lawrence worked at publishing company Pearson and held senior positions at major international software company Autodesk, where she was responsible for positioning GIS with governments around the world, as well as the European Union, World Bank and other major organisations. ‘A good leader should be able to set and communicate a clear vision to everyone in the organisation,’ says Lawrence. ‘The vision should mean the same thing to everyone so different styles of
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TEAMS PERFORM AT THEIR BEST NOT WHEN THE BOSS DEMANDS IT, BUT WHEN THEIR COLLEAGUES EXPECT IT
communication should be used for different recipients. Leaders need to take difficult decisions but should do this after they have listened to others; people should always understand the reasoning behind decisions. Being approachable and friendly is important; I believe an informal workplace is a happier and more productive workplace.’
ALBERT LAU MRICS HEAD & MD OF CHINA, SAVILLS ‘It is impossible to think of China as one place and one people,’ says Albert Lau. ‘Because it is so vast geographically, each of our offices represents a different area with its own market, culture and customs. You have to understand and respect each one.’ A highly regarded property professional within the rapidly evolving real estate market of mainland China, Lau was MD of Savills Shanghai from 2002 to 2011 and has had a long track record of success in the region in development consultancy, commercial and retail sales, property management and land transfer. He is now moving up to manage the firm’s 12 offices and oversee the development and implementation of different strategies in each city. Lau points out the very different levels of development in each of the regions, with the sophisticated property markets in Beijing and Shanghai operating at a much faster pace than, for instance, the emerging market in south-west China. ‘In Chinese society you inspire by demonstrating, by rolling up your sleeves and working alongside people,’ he says. ‘In the new markets, I go with my teams to visit clients. They can then learn directly how you respond to situations and make judgments. I lead by example.’
DAVID COCKERTON FRICS FUND MANAGER, SINOGULF REAL ESTATE INVESTMENTS With 30 years’ experience across the UK, Europe, the US and the Middle East, David Cockerton is a recognised authority in international real estate, specialising in investment, development and property asset management. He is also chairman of RICS UAE National Association, and a member of the RICS Global Knowledge Board and MENEA Education and Standards Board.
His experience in the Middle East has shown him that, to be a successful leader in an emerging market, one must both understand and respect local protocol and business practice, and be capable of working successfully without a fully established legal and regulatory framework. Cockerton has dealt with both the rapid change and the uncertain pace of decisions and yet been flexible enough to take advantage of an under-developed market. ‘I believe a truly effective leader must feel invigorated by the success of others,’ he says.‘Teams perform at their best not when the boss demands it, but when their colleagues expect it. A good leader brings a team together, agrees goals and then uses the social bonds between members to influence behaviour. The key is to get team members to work hard because they don’t want to let everyone else down. Individuals perform better when they feel part of a team.’
DAVID SNOOK MRICS CHAIR, AMERICAS VALUATION COUNCIL STANDARDS BOARD ‘In this industry you need a global perspective, a keen understanding of human nature, and determination balanced with patience,’ says David Snook. Always keen to emphasise the international, he has worked tirelessly to help establish valuation standards globally and has been instrumental in creating RICS Americas’ground-breaking document on valuation guidance in the region. This will serve as a vital guide to future regional interpretations. As Chair of the Americas Valuation Council Standards Board, Snook leads an executive committee that debates and makes recommendations on the most important issues facing valuation professionals and their clients. Resident in California, he runs his own valuation service, Snook & Company, providing appraisals for mortgage approvals, property sale prices, tax assessments and legal matters. Snook has led his peers in building a strong, diversified RICS Valuation Standards Board membership that is actively engaged in promoting the profession, and in fostering gender, ethnic and heritage diversity in the valuation sector. His considerable achievements also include assisting in the rebuilding of public trust in rural valuation practice. He believes the ability to be an effective communicator, experience in governmental affairs and the drive to be a consensus builder are the specialist skills needed to be a successful leader in the valuation sector.
ROMEU CHAP CHAP FRICS OWNER, ROMEU CHAP CHAP CONSTRUCTION For more than five decades, Romeu Chap Chap has dedicated his life to civil construction in Brazil, achieving success as well as acting as its advocate at the highest levels. Known in Brazil as ‘Senhor Habitação’ (‘Mr Housing’), his vision of leadership is based on establishing a competitive advantage in real estate, albeit in a way that considers social needs.‘A leader in the real estate industry must have the insight and the capacity to see in advance
what the market wishes,’ he says. ‘This means not only believing in intuition, but also doing studies and research in order to define the right product for the target group, at the right moment.’ As well as being president of the important and politically powerful Sindicato da Habitação (or National Syndicate for Housing) from 1981 to 1987 and again from 2000 to 2007, Chap Chap pioneered the introduction of shopping centres following the single-floor model he’d first seen in Florida. He also led quality tourist development in the Bahia area. From his experiences, Chap Chap (who is originally from Lebanon), says he learned that, ‘The developer must understand all phases of the process and, most importantly, have the capacity to identify the right supplier to use. This means establishing a powerful net of relationships that can guarantee the execution of the project, not only the physical/structural but also funding, promotion and selling.’
PHILIP LO FRICS CHAIRMAN, RIDER LEVETT BUCKNALL After obtaining a first-class honours degree and a distinction from the University of Hong Kong, where he is now an Honorary Professor in the Faculty of Architecture, Philip Lo qualified as a chartered quantity surveyor in 1985. As chairman of Rider Levett Bucknall, a leading provider of cost consultancy, project management and advisory services, he has extensive knowledge and experience of projects in Hong Kong, China and Macau. Lo believes that today’s industry leaders are faced with ambiguity, uncertainty and conflicting demands, often with time pressures. ‘Good leaders must lead by example, and show integrity and credibility,’ he says. ‘They must have vision and communicate it clearly and effectively to people in the organisation. They must care about people, develop them and value their contribution as well as having the ability to motivate them.’ Lo has seen his company grow rapidly over the past few years and regards the development of the potential and talents of young members of the team as one of his greatest achievements. ‘They bring with them drive, desire, energy, enthusiasm and innovation,’ he says. ‘We have managed to retain our talented people, many of whom have been with us for over 20 years. Their knowledge and experience is invaluable to us.’ >>
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Left to right: Chris Jowett, Clive Searle, Erland Rendall, Robert Palmer and David Cohen
FIRST-TIME LEADERS ERLAND RENDALL MRICS DIRECTOR, ATORUS CONSULT When Davis Langdon asked Erland Rendall to set up its Abu Dhabi office in 2008, his target was to bag nine projects, five clients, £5m in income and have a staff of 40 after a year. He had achieved it all by the end of his second week. Although Rendall had been with the firm since 1995, the Abu Dhabi experience planted a seed. ‘It was like running a start-up, the only difference was that your business angel [investor] was a big company back in London,’ he says. When Aecom’s acquisition of Davis Langdon in 2010 led to a change of role, he reacted, he admits, with ‘a measure of frustration’. The final catalyst for becoming a fully fledged leader of his own business was a chat with former colleague Nick Schumann.‘We shared a passion to change the adversarial nature of the sector and the silo mentality that tends to prevail,’ Rendall explains. In April 2012 the pair formed Atorus Consult, which provides business and project improvement consultancy. Services include advice on moving into new sectors and geographical regions,
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retaining talent and using technology to maintain a competitive edge. Atorus even has its own range of apps. In line with this pioneering interest in technology, there is no official office. Rendall is based in Durham and Schumann in Bedfordshire, but they see themselves as operating on a ‘virtual’ – remote and online – basis. ‘People are starting to understand what we’re doing and we’re gaining traction.’
ROBERT PALMER MRICS PROJECTS DIRECTOR, FORENERGY The banking sector had provided Robert Palmer’s daily bread for six years, but becoming a leader for the first time allowed him to switch to more ethical work. At Northcroft, Palmer was a senior QS and project manager working on fit-outs and new-builds for financial offices and data centres. Before that he worked for Deutsche Bank in corporate real estate services. In April 2012, however, he had a change of mind. ‘I wanted to be in a
25 leaders// strong growth sector and to work on projects that had a positive impact on society,’ he says. ‘I also felt strong enough to run a company.’ So he joined his old school friend James Farman, who had founded a renewable energy consultancy in May 2011. The two now lead London-based Forenergy, which provides services to the renewables sector, including the wind turbine, solar and anaerobic digestion industries. Services include supporting clients in project development, project coordination, grid connection, contract management and all commercial aspects, both in construction and energy procurement. Forenergy is the cost consultant and client adviser on a number of developments in the UK, with project values ranging from £300,000 to £7.5m. ‘We have a strong list of clients and a diverse pipeline of projects, which we are adding to on a daily basis,’ says Palmer, adding that his new direction is ‘a great contrast to building trading floors’.
DAVID COHEN MRICS PARTNER, AMICUS DEVELOPMENT SOLUTIONS After 10 years with EC Harris, David Cohen decided that becoming leader of a start-up would be the perfect new challenge. Sometimes first-time leaders need a bit of support, though, so instead of risking going it alone, he teamed up with a colleague with complementary skills and previous experience of running a company. ‘I had been heading up aviation at EC Harris and the next step would have been becoming a partner, but I felt I had done all I wanted to there,’ he explains. In June 2009 he launched Amicus in Edinburgh with Grant Aitken MRICS, who had owned a number of property companies. Cohen says the pair’s different skills complement each other. ‘I have technical and construction skills and Grant has a general surveying background, with expertise in purchasing and leasing,’ he says. ‘We each chase different sorts of work.’ They are thus championing an ambitious model for the small-scale surveying business: a onestop shop for a huge range of services, including site identification, land acquisition, corporate real estate services, development management consultancy, cost consultancy and project management. Amicus works in a wide range of sectors, too, including care homes, hotels, museums and residential. Cohen, who is a board member of the RICS QS and Construction Professional Group, also runs a division called APC Academy, which supports candidates going through the APC process. So far all his candidates have passed.
CLIVE SEARLE MRICS DIRECTOR, CA4 PARTNERSHIP When Clive Searle set up his own company in 2008, it was as much about establishing a new template for the way in which he worked as it was about building a business empire.‘I wanted to offer a personal service, not a business where the contract is won by a partner and then the client
never sees that partner again,’ he says, adding that his business plan even included a strategy for his personal life. ‘I wanted more flexibility in my working hours.’ His Worcester-based firm CA4 Partnership, which provides tax saving advice to property investors, owneroccupiers and accountants, is working with clients ranging from individuals to PLCs. In autumn 2011 he was joined by Tim Beresford MRICS who, like Searle, had worked at Davis Langdon. Beresford has brought a second base in Birmingham to the company as well as being, in Searle’s words, ‘someone to bounce ideas off’. But the pair are not looking to grow the company exponentially. ‘At this size we can respond more quickly and flexibly,’ Searle says.‘If a client wants something done differently we can do it quickly.’ The downside, he admits, is that ‘you never switch off from work – I’m always thinking about cash flow’. He now has the flexibility he wanted, however. ‘Even my kids say I’m now a more pleasant person to have around the house.’
CHRIS JOWETT MRICS MANAGING DIRECTOR, JOWETT CHARTERED SURVEYORS Sometimes leadership can be about making a commitment to a community, even if others don’t see the potential. Before setting up his own business, Chris Jowett worked at estate agency Brearley-Greens for almost 20 years.‘I left Brearley-Greens over a disagreement with where the firm was going,’ he explains. ‘They wanted to close down the Huddersfield office but I felt it was well worth having a base here.’ Jowett even moved into his former employer’s office, on Market Street in Huddersfield. It wasn’t easy, initially. He needed to borrow money for equipment and to refurbish the office, and the bank was unprepared to lend the full amount, so Jowett raised the finance from family members and by remortgaging his house. Jowett Chartered Surveyors now offers residential sales and lettings, property management, private valuations and, more recently, RICS HomeBuyer reports. The firm’s clients include accountants, insurance brokers and solicitors. With enough instructions flowing in to warrant appointing a graduate staff member, Jowett’s hunch about staying in Huddersfield is paying off. ‘It’s been a challenge, but I’m glad I did it,’ he says. In fact, his only regret about founding his residential property firm in April 2009 was that he didn’t do it 10 years earlier. ‘It feels 100% better than being an employee of someone else’s firm,’ he says. >>
I WANTED TO WORK IN A STRONG GROWTH SECTOR ON PROJECTS THAT HAD A POSITIVE IMPACT
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SUSTAINABILITY LEADERS MARCEL DE BOER MRICS MD, TROOSTWIJK VALUATIONS Amsterdam-based Marcel De Boer is on a mission to improve awareness of sustainability, particularly through the transparency of green property data. He is a highprofile member of the RICS Sustainability Task Force Europe, which promotes innovation and best practice in the field of sustainable value. ‘There is more awareness in the market of sustainability but we are still not where we need to be,’ he says. ‘I’m championing a deeper understanding of sustainability, particularly over the lifecycle of built assets – we need to develop a new approach to valuations with sustainability at the core.’ De Boer advocates using the discounted cash flow method to analyse buildings from a holistic perspective. ‘The problem is that at the moment we don’t have enough data to do this and so we can’t develop standards,’ he explains.‘This is partly due to the relatively small number of sustainable buildings, but also because we are not collecting enough data from the buildings we do have – so we must start with data collection.’ At Dutch valuation firm Troostwijk, where he is responsible for real estate valuations, advisory and research, he is starting to put his ideas into practice on the firm’s 10,000 annual valuations.
MARK STEVENS FRICS PARTNER, GSS ARCHITECTURE The Prince of Wales charity Business in the Community (BITC), which promotes socially responsible business practice, selected Mark Stevens for this year’s South West
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region Ambassador’s Award. The award recognises those whose commitment to responsible business has led to improvements in their own company, as well as providing the leadership and inspiration for others to do positive work. Since 2009, Stevens has been the Bristol chair of ProHelp, which brokers pro bono support for voluntary sector organisations. He is also responsible for corporate social responsibility within the multidisciplinary consultancy GSS Architecture, and brought the firm into BITC membership in 2010. ‘I’m passionate about professionals like RICS members giving some of their time to community groups,’ he says. During his time as local ProHelp chair, he has increased the participation of professionals in groups in the South West region by 30% and brought in £25m worth of pro bono time. Stevens has helped to secure grants for community centres, including £1m for the St Werburghs Centre in Bristol, and for community groups, such as £1m for the Barton Hill Settlement, also in Bristol. He’s also thinking and working at a strategic level. Within RICS, Stevens contributed to The Land and Society Commission Report, published in January 2011, which
WE NEED TO DEVELOP A NEW APPROACH TO VALUATIONS WITH SUSTAINABILITY AT THE CORE
25 leaders// MILES KEEPING MRICS HEAD OF RESPONSIBLE PROPERTY INVESTMENT, DRIVERS JONAS DELOITTE
Left to right: Miles Keeping, Mark Stevens, Marcel de Boer, Louise Ellison and Sean Lockie
examined how the property industry can support communities in taking on additional powers and responsibilities under the government’s localism agenda.
LOUISE ELLISON MRICS HEAD OF SUSTAINABILITY, QUINTAIN ESTATES AND DEVELOPMENT Overseeing sustainability at one of the UK’s biggest names in property, Louise Ellison is among the most influential ‘green’minds in the sector. As well as setting sustainability targets and strategy for all areas of the Quintain business, she champions green approaches at every opportunity – something she says can lead to ‘difficult conversations’. ‘My role ranges from drafting the sustainability sections of design briefs to helping our investment funds lower the energy consumption of their properties and ensuring refurbishments of properties in our portfolio make the buildings as energy efficient as possible,’ she says. It’s not always an easy job.‘Inevitably, if you have an asset that you are just selling, sustainability will not necessarily add to the price. So it’s a difficult conversation for me to have with the company. But I always strive to make sure we do improvements that add value to the building – and ultimately for our shareholders.’ Ellison also provides leadership in relations between government and the built environment industry. She is a key member of the Green Construction Board, which aims to ensure a dialogue to develop sustainable construction, and co-wrote the seminal 2006 report ‘The Sustainable Property Appraisal Project’, showing how sustainable approaches could be applied to property investment.
‘I prefer not to talk to clients about sustainability,’ says Miles Keeping. This might seem an odd comment for a sustainability pioneer to make but, he explains, he feels the word is too open, too vague.‘Sustainability means too many different things to different people, so I prefer to talk to clients about business risks and to identify sustainability as one of them.’ It’s a pioneering outlook. Keeping believes sustainability should be treated as a risk because it has the potential to impact on the construction and property activity of clients, ranging from the value of their properties to the changing regulations affecting them. He doesn’t just couch his philosophy in negative terms, however. Sustainability is also an opportunity for businesses, he believes.‘It gives them the chance to invest in the communities where they operate.’ Keeping was already highly respected in the sustainability arena when he joined Drivers Jonas Deloitte in May 2012, with four years as head of sustainability at property consultant GVA under his belt. His current role includes assisting both landlords and occupiers with managing sustainability risks across their portfolios, helping builders and procurers to meet sustainability targets, and facilitating responsible property investment. In another seemingly paradoxical statement, Keeping says he would like to see the sustainability practitioner’s role made obsolete. He foresees a world in which the argument has been won: ‘Sustainability should be fundamental to all our jobs,’ he says.
SEAN LOCKIE MRICS DIRECTOR OF CARBON AND SUSTAINABILITY, FAITHFUL+GOULD With more than 20 years’experience in sustainability, Sean Lockie is a leading light within F+G and beyond. One of his key achievements has been heading the research for the RICS embodied carbon guidance, published in July. This answered a call from the government’s chief construction adviser for a standard methodology to calculate CO2 emitted during the manufacture, transport and installation of building materials. The important document helps to address the problem of embodied carbon mitigation not being a significant element in achieving high ratings from the sustainability standards BREAAM and LEED. It also aims to tackle the perception held by some in the industry that embodied carbon mitigation has no commercial value. At F+G, Lockie leads a diverse team of 30, comprising architects, cost consultants, engineers and scientists.‘We are set up to offer solutions at the strategic end, which means helping clients at the start of a project and then moving into the detail,’ he says. He also oversees lifecycle use research.‘We’re looking in depth at what happens to a building once the occupier moves in because the important thing is not so much new projects but what you do with the existing infrastructure. We are replacing less than 1% of existing stock a year so it’s essential to do more.’ >>
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TOMORROW’S LEADERS ROSS LOVATT MRICS ASSOCIATE DIRECTOR, THOMSON GRAY Ross Lovatt joined Thomson Gray, a small but thriving Edinburgh consultancy, two years ago and is already making a name for himself by leading the company’s successful healthcare team. The five-strong team handles the firm’s role as cost adviser on both the NHS Lothian local framework, for jobs of up to £5m, and the widerranging Health Facilities Scotland framework. Under Lovatt, who reports to a director, the team has picked up no fewer than eight out of 12 possible commissions on the Lothian framework, and 11 out of 42 HFS commissions. This amounts to £500,000 in fees over a two-and-a-half-year period.‘Selections are based on the quality of your services and an interview, and so far I have not lost a commission I have interviewed for,’ says Lovatt. HFS has also tasked him with carrying out an audit of its 42 projects and producing documents on accounting strategy and forensic database reporting. Having been promoted to associate director in June 2010, Lovatt is already enjoying leadership. ‘I enjoy managing a team of young, enthusiastic surveyors, and it’s great when you start getting your second and third jobs from clients,’ he says. In the future, he’d like to carry this forward. ‘My ambition is to run a successful company of my own.’
JAMES COSTELLO MRICS ASSOCIATE DIRECTOR, SWEETT GROUP Based in Dubai, James Costello is working at a furious pace leading a QS team in the delivery of cost consultancy commissions in the demanding Middle East and North Africa markets. He has to judge where in the large region resources should be deployed on a weekly, and at times daily, basis. ‘I can be working on a commercial project in Riyadh in the morning, taking a conference call on a hotel in Beirut in the afternoon and pricing a hotel condition survey in Zambia before the day is out,’ he says. ‘It takes a lot of focus to be able to converse with clients on a range of issues – let alone keep track of the currency you’re dealing in.’ Importantly for a future leader, he is optimistic about the opportunities in the surveying profession. ‘I recall years ago reading articles predicting the demise of the QS
I PROBABLY DIDN’T HAVE THE RIGHT GUIDANCE WHEN I WAS A GRADUATE, BUT I THINK IT’S ABSOLUTELY KEY
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profession due to new technologies,’ he explains. ‘In fact, the profession I witnessed early in my career is a different animal now, and that is testament to the likes of RICS for reinventing and revitalising the role we play in construction to make us more indispensable than ever.’ As for his next move, he is clear what he wants.‘I try to give myself shortterm goals, and my next one is director of cost consultancy for the MENA region.’
SARAH JONES MRICS BUILDING SURVEYOR, FAITHFUL+GOULD Since she joined Faithful+Gould in 2007, it’s fair to say that Sarah Jones has been busy. She has completed a postgraduate diploma in surveying and qualified as a Code for Sustainable Homes domestic energy assessor, as well as passing her APC in 2010. Working in the Cardiff building surveying team, Jones is a key member of F+G’s Royal Bank of Scotland delivery team. She is also a keen networker, an aspect of the industry she says she loves. Jones is chairwoman of Women in Property’s South Wales branch and membership secretary for the Forum of the Built Environment (Cambria branch). Through her work with Women in Property, she has established relationships with the Welsh Assembly government and assisted with its women in construction initiative. Jones’ potential as a leader has been noted within F+G. She has been selected for the firm’s Management Development Programme, an eight-month scheme to develop leadership skills. If, as is expected, she does progress to a senior role in the industry, she has a good idea of what she wants to do there.‘My philosophy would be to help others to expand and develop their skills in challenging markets,’ she says.
VICTORIA GOULD MRICS DIRECTOR, RETAIL AGENCY TEAM, JONES LANG LASALLE In the distinctly glamorous section of Victoria Gould’s CV sits the redevelopment of Gatwick Airport’s South Terminal retail offering. Gould is part of the Jones Lang LaSalle team that is advising the airport’s owners, Global Infrastructure Partners, who bought Gatwick in 2009, on developing a complete retail strategy for the 200,000ft2 shopping centre within the departure lounge, including introducing designer brands. Gould also worked as one of the leasing agents on the retail elements for Parkway Newbury, the Standard Life mixed-use development in Berkshire. She secured John Lewis at Home for the development – no mean feat. ‘It was great to be on one of the few shopping centres delivered in the last year,’she says. On top of her day job, Gould runs Jones Lang LaSalle’s involvement in the British Council for Shopping Centres conference, as well as mentoring younger colleagues.
25 leaders//
Left to right: Victoria Gould, Gareth Given, Sarah Jones, James Costello and Ross Lovatt
‘I probably didn’t have the right guidance when I was a graduate, but I think it’s absolutely key,’ she says. ‘There are so few female professionals who do my job, so it’s useful for other women to be mentored by someone in my role.’ In the future, she says, ‘I would love to develop the airports side of our business throughout the UK but also Europe and, potentially, globally.’
GARETH GIVEN GRADUATE COST CONSULTANT, EC HARRIS Three months into the graduate scheme at EC Harris, Gareth Given was presenting a business development idea to the board, a move that put his career on the fast track. The participants on the scheme had been tasked with various projects and encouraged to think laterally. Given had looked at future pupil place requirements – known as Basic Need – within UK education. ‘We researched population growth and primary school capacity region by region and we showed the huge need to build up Basic Need provision,’ he explains. The report
was selected to be presented within the firm at the highest level and is now used for business cases. Having been noticed, Given was assigned to Metro Cash & Carry, for which EC Harris was programme managing expansion in China, India, Kazakhstan and Russia. This led to him working in Kazakhstan for six weeks, supporting a local procurement team working under an EC Harris partner on a 7.5m m2 store. ‘I was delighted to be eight months into my first year at EC Harris and already working abroad and in a client’s office,’ he says. He was only back in the UK for a month before heading out to Delhi to do the same job, only this time he would report back to senior staff in the UK.‘It was exciting to be fending for myself. The client also audited us in India at that time, so the pressure was on.’Back in the Midlands, and still only 20 months into the 27-graduate scheme, Given is working towards chartered status and supporting another international client. ‘I’m keen to keep working on the international scene,’ he says. Agree? Disagree? These are just 25 among many inspirational leaders in the profession. To nominate your own to be featured in future editions of Modus, email editor@ricsmodus.com.
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head of the
dragon
Shanghai presents great opportunities – and considerable challenges, says Austin Williams Photography by H&D Zielske
S
hanghai is, by anyone’s definition, a leading global city. At 6,340km2, its land area is 60 times that of Paris, and it has twice as many skyscrapers as New York. The Shanghai Tower, currently being built by the state-owned Shanghai Construction, is due to become the second-tallest building in the world on completion in 2014. Shanghai has the world’s first commercial passenger Maglev transit system, the fastest train and the largest container port, and its metro network is set to double in length by 2020, to 550 miles, to meet the demands of a predicted 30m inhabitants. Mayor Han Zheng has pledged to invest RMB100bn (around £10bn) in support of the city’s key industries: IT,
biotech, high-end equipment manufacturing, new energy and new materials. There are clear opportunities in the construction and property sectors, too, with high-rise apartment blocks and even higher-rise five-star hotels forming the mainstay for the industry. With such a dynamic market, it’s easy to assume that the streets are paved with gold. Yet tales of frustrated surveyors, architects and engineers returning to Europe are common. ‘The idea that you get projects handed to you on a plate is far from the reality,’ says Chris Hardie of architects Schmidt Hammer Lassen, who has lived in Shanghai for 12 months. ‘The scale of development is so large and complex >>
but the process of getting a project built is often equally convoluted.’ Commissions can be difficult to come by unless you have been formally introduced into the fold. Steve Willett, Greater China operations manager at Lend Lease, says that not speaking Chinese ‘can be very challenging as it slows you down and messages can be lost in translation at times’. ‘However, the language barrier is probably not as great as the need to be culturally sensitive,’ he adds. This sensitivity finds expression through formal etiquette and informal networks. Most importantly, it is common for clients to give favorable business opportunities to family and friends. Known as guanxi (gwan-shee), this is a complicated system of personal favours earned from a who-you-know network of trusted connections. It can take some getting used to. Darryl Ng, a surveyor from Singapore who relocated to Shanghai several years ago, describes ‘the game of guanxi’ as a real culture shock. Koon Kau Wong FRICS, managing director of Zeppelin Property Development based
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in Shenzhen, agrees. ‘The interpretation of regulations and the concept of law are very different from the UK,’ he explains. ‘Some surveyors may be astounded by the reliance on guanxi – connections and affiliations – in all commercial activities.’ UK surveyors, he adds, ‘would need to be flexible within the ethical parameters and legality’. Guanxi applies on both smalland large-scale projects. Certain overseas firms that remained in China after the Tiananmen Square protests of 1989, for example, were viewed ‘favourably’ by the Chinese authorities. learning the ropes The authors of a paper entitled ‘Chinese construction firms in reform’, published in the journal Construction Management and Economics in 2006, observed that, in China, ‘unfair practices were found to be quite serious in the construction market’. They added, ‘Major problems stem from clients’ abnormal behaviour in forcing the price down, asking contractors to finance a project wholly or partially during its construction,
and delays in payment.’ It is not uncommon for clients to ask the design team to halve the budget after winning planning approval. It’s therefore important that overseas surveying practices looking to succeed in China set up a physical presence in the country so that they can get to know the local bylaws, understand the Chinese context and aim to provide a superior product or service. Guanxi can only be built up face to face. But it’s also true that, for those with patience, Shanghai is sufficiently dynamic for the work to turn up. Tony Keane, president of the International Facilities Management Association, established its main branch in Shanghai. From here, he says, he can access the whole of China, which is ‘the world’s largest facility management market’. Ray Chisnall, country manager of Gleeds China, agrees. ‘It’s a very vibrant city, where people have a “can do” mentality and a desire to work and learn,’ he says. Indeed, the view from the 200mph bullet train from Shanghai to Suzhou reveals more gantry cranes and active building sites >>
Shanghai// Previous page: Pudong, an area on the east side of the Huangpu River, which is home to many of Shanghai’s bestknown buildings, including the future Shanghai Tower Left: An elevated expressway in the Yan’an Donglu area.
‘The idea that you get projects handed to you on a plate is far from the reality’
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‘It’s a very vibrant city, where people have a desire to work and learn’ than you’re likely every day to have seen in the UK in the past 10 years. Unbelievably, a new skyscraper (classed as a building over 500ft or 152m tall) is built every five days in China. By 2016, the country will have four times as many as the US. A report in 2011 revealed that Shanghai, with 51 skyscrapers, was second only to Hong Kong, which had 58. China is clearly building the future, and that is the ultimate lure. Chisnall moved to Shanghai in 1999 and is still enjoying working in a completely foreign culture and system. ‘The market is highly competitive, but its large scale also provides good opportunities for those who have built up a strong network of clients,’ he says. Living in China also means adapting to the crowded streets and compact apartments. The pace of life, the smells, the sounds and the smog are all part of the adventure, but there are unexpected problems, too. Winters in Shanghai are unnecessarily uncomfortable due to the poorly insulated walls and roofs of the buildings. To compound the problem, 60 years ago Chairman Mao Zedong decreed that the weather south of the Yangtze river was quite mild, and so buildings below this line were not provided with the impressive public central heating systems that they have north of the river. As a result, the
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Shanghainese shiver with inefficient retrofit air-conditioning heating units, and the damp-proofing is often inadequate too. Such is the pace of construction that things can often get left out. up to speed Essentially, this state of affairs is similar to the quality of construction in the UK some 40 years ago. And, just as the UK developed, so building quality is beginning to improve in China – and at a faster pace. Building Codes are currently up to the UK’s 1976 Building Regulations U-values level. However, a feedback survey by Chinese contractors revealed that, although 70% of buildings were said to comply, on inspection only 30% did. Going forward, it’s clear that project managers will become an essential area of growth in the Chinese construction industry. Indeed, the speed at which things happen is one of the key things that excites most surveyors in China. ‘You need to be innovative and not be restricted by the boundaries,’ says Willett. ‘With a goal of achieving great results, you have to look at things from varied angles, and this will present opportunities and ideas.’ Chisnall says that China has developed incredibly since he first started working there 20 years ago. ‘The issues of transparency, market access, corruption etc, have improved and continue to improve,’ he says. ‘The next key step will be for the authorities to actively encourage greater development in the sophistication of the market, the projects delivered and the services needed.’ Barry Gater, Shanghai office director at Turner & Townsend, has lived in the city for several years after moving from
Tokyo (‘without hesitation’). What would he improve about professional working practices? ‘I’m most interested to see the continuing movement to value-driven decision-making through the construction industry, rather than just cost- or timebased decision-making,’ he says. However, a focus on speed can have negative consequences. Statistics on construction-site accidents are difficult to find (or believe), but it is certainly an issue. Working throughout China, David Faulkner FRICS, executive director at Colliers International based in Hong Kong, explains that ‘you have to give clear instructions to avoid misunderstandings, especially in smaller Chinese cities’. And, while it is refreshing not to have such a paralysing level of health and safety bureaucracy as there is in the UK, it’s clear that there is a need to understand the local codes – or to partner with someone who does. Chisnall says Gleeds’ role as project managers and quantity surveyors means that they have full control over the work. But often, Western consultants from smaller firms find that, as the project progresses, they are requested to hand over responsibility to regional Local Design Institutes – which cover cost planning, engineering and architectural design – and therefore lose authority over their work. forward thinking So what does the future hold? The state-run Shanghai Daily newspaper reported that the city had expanded its economy by 8.2% in 2011, although China’s economy as a whole grew by only 8.1% in the last quarter and its annual figures will be down on last year’s. But things will not stay the same. American scholar Saskia Sassen suggests that, in the near future, multiple cities or networks of urban agglomerations will start to concentrate capital and authority, rather than power being held just in Shanghai. This is different to the way we perceive China today, and the repercussions for buildings and infrastructure could be >>
Shanghai//
Left: Shanghai’s newest district, Pudong, a Special Economic Zone full of gleaming skyscrapers Below: A new skyscraper is built every five days in China
World-class shopping at Nanjing Dong Lu pedestrian street
profound. ‘Beijing is the centre of power, but Hong Kong’s global intermediary role is critical (while) Shanghai is the leading national industrial and financial centre,’ Sassen notes. Her argument is that internet technologies and the free flow of capital have the potential to unify cities more radically than ever before. Signs of a similar trend were noted in a 2012 report by McKinsey, which indicated that, although the world’s economic centre of gravity is shifting ever eastwards, growth will not occur where the world’s attention is currently focused. The great historic centres – the megacities of Beijing and Shanghai in China, or Mumbai and Chennai in India – may not be where productive dynamism will reside. Instead, emerging upstart regions, known as ‘middleweight cities’, will challenge the density and overstretched infrastructure of the old national centres. The Economist newspaper also notes that, ‘Few in the rich world would be able to identify on a map Foshan or Surat, for instance... the former is China’s seventh-largest city, the latter India’s capital for synthetic textiles.’ Both confirm the consolidation of power within the emerging economies of China and India, with the proviso that there will be even more places within those countries for productive investment, construction and infrastructure to take hold. Gater believes that ‘there are definitely great opportunities in Shanghai – some fantastic projects and a planned vision about what will happen in the future’.
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‘The market is highly competitive, but its scale provides opportunities’ But, he adds, ‘With so many different ways of approaching projects, and so many companies trying to make China a success, there is huge competition in the marketplace with great Chinese companies competing against many of the best companies from the rest of the world.’ Something else to consider is that, at the 2012 Party Congress, scheduled for October, the ruling Communist Party of China will appoint (not elect) a new head of state. Also, almost 60% of its most high-ranking officials will retire and a new generation will take over. While this is not a revolutionary change, there are definitely liberalising tendencies afoot. Sinophile academic Kerry Brown notes that ‘politics in the People’s Republic of China will more and more resemble politics elsewhere – a game of negotiation, compromise and gradual steps to consensus’. And provided there is no retrenchment, that can only be a good thing for business. Austin Williams is an architecture lecturer at XJTLU university in Suzhou, China, the organiser of masterplanningthefuture.org and author of The Lure of the City: From Slums to Suburbs.
Advertorial//
The 2012 edition of the RICS Red Book Following discussions with the International Valuation Standards Council, the new edition of the ‘Red Book’ includes the International Valuation Standards (IVS)
This latest version of the Red Book reflects the inclusion of IVS in full within its covers and incorporates a number of revisions to reinforce the principle that compliance with the Red Book will also ensure compliance with the IVS. In particular, the following revisions have been made: The glossary has been revised to incorporate IVS 2011 definitions. The standards on bases of value, terms of engagement, inspection and reporting have been revised to incorporate the respective IVS requirements together with RICS specific requirements. The standards on valuations for
specific applications, ie financial statements, secured lending and public sector, have been reinstated and now incorporate a summary of the relevant IVS. A new appendix provides detailed cross-references between the new IVS and the relevant Red Book standard. There is new text to confirm that the revised standards apply only to valuations where the valuation date is on or after their effective date. The Application of RICS Valuation – Professional Standards in the US: Guidance Note 1 (USGN1) – assists RICS members on the application of the Red Book 2012 to be in compliance with US jurisdiction.
To order your new Red Book
RICS Valuation – Professional Standards, March 2012. Incorporating the International Valuation Standards (retail price £40) Global and UK edition – combining standards of global application with UK-specific guidance To buy a hard copy, visit ricsbooks.com/ redbook, call +44 (0) 870 333 1600 or email
David Park, Chair, RICS Valuation Standards Board: ‘Valuation standards are crucially about delivery and assurance. This latest Red Book edition ensures that effective implementation of the new IVS forms an integral part of RICS members’ overall service to valuation users.’ Ben Elder, RICS Global Director
mailorder@rics.org, quoting redbook6. £120 to RICS members, £200 to non-members Format: Spiral bound with cover Item code: 19035 To access the Red Book online via isurv.com (which includes all Red Book translations) call +44 (0) 24 7686 8433,
of Valuation: ‘Valuation standards drive improved services for our customers, ensuring a consistent approach that delivers valuations to an internationally recognised market norm, which is increasingly demanded by clients. The latest Red Book edition reinforces the convergence of thinking in the arena of IVS.’
quoting isurvredbookoffer6. Or visit isurvvaluation.com to sign up for a free seven-day trial and view the benefits for yourself. Please note: all RICS standards are available to isurv subscribers and RICS members through rics.org.
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Profile//
Chen Yuanjing MRICS is proud to be part of an organisation that promotes high ethical standards
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1o minutes with…
CHEN YUANJING
Quantity surveyor, Faithful+Gould, Singapore Interview by Cherry Maslen Photograph by Frank Pinckers
‘
Surveying seemed like an obvious choice of career for me because it’s so versatile in many industries beyond construction. I was influenced a bit by my father, who worked in a big pharmaceutical plant, as I thought it would be good if we had a chance to work at the same facility. I’m now 27 and have just passed my Assessment of Professional Competence (APC). I’ve been working for Faithful+Gould in Singapore for the past four years, which has been a steep learning curve, but I feel I’ve grown tremendously during that time. I’m currently part of a team of mechanical and electrical quantity surveyors, and I’m continually building up a strong knowledge base in construction and building services, improving my relationship skills with clients and co-workers, and gradually gaining a diverse portfolio of projects. I handle various mechanical and electrical term contracts, and I’m initiating charity projects as part of a corporate social responsibility programme.
‘
In a typical week, I’ll attend site meetings with the client, contractors and design consultants, where each party reports on updates, outstanding actions and advises on project matters. I could be working on valuation reports, cost estimates and having discussions with my clients on budgets and cash flow, or advising on contract management. I often visit project sites to witness and ensure accuracy in my valuations, and at the same time I’m continually learning about new building technologies. Sometimes issues crop up and there’s a rush of adrenalin to solve problems at a fast pace. And there’s a lot of interaction with different people, which makes my job more enriching. It has been a real milestone for me to achieve my RICS membership within five years of my working life, and an affirmation that I have the ability to reach higher. In fact, it seems like a fresh start in my career because it opens so many more doors. With RICS’ internationally recognised qualification,
I can explore global markets and aim to venture out into the world. It marks a high level of respect for my profession, and working in an ethical way will always be at the forefront of my career. The biggest challenge in completing my APC was writing the critical analysis, a document that is a proper analysis of key issues and reflects the adequacy of my experience. I worked very closely with my supervisor to keep on track. I rehearsed my presentation with my colleagues, and each time I improved with their feedback so the APC interview was not as daunting as I thought, although I’m glad I was prepared. The interview was more like a dialogue session where I could freely express my opinions. The RICS assessors made sure I was at ease before they gradually asked the questions, and they recognised my efforts, which was half the battle already won. My firm gave me invaluable support through encouragement from my director, CPD seminars and web-based learning. The RICS team in Singapore was really helpful and explained what I needed to do to make the process smooth, while the matrics event they organised gave me the chance to get to know more members. I’ve been involved in some really interesting projects in my career so far. I’m currently working on a unique data centre, which demands a high level of technical competency, the application of soft skills in client management and negotiating skills. I have to work independently and proactively, making sure I’m in tune with the client’s requirements and looking after his interests to deliver the project on time and within budget. Apart from my project work, I’ve been a ‘poster girl’ for a university recruitment drive and have been involved in various sports representing the profession, including initiating a charity marathon run. In the future, I’d like to become a specialist consultant in building and process services, and hopefully contribute to social housing in developing countries.
’
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Business advice//
Understanding different
BUSINESS STRUCTURES Illustration by Borja Bonaque
With reduced transaction volumes and funding for developments still problematic, confidence in the sector remains low. Whether by choice or as a result of a squeeze on finances, most surveyors have streamlined their businesses. However, an area that might have escaped attention is the legal form of the business itself. Many practices began as sole traders or traditional partnerships. Since April 2001, it has been possible to trade as a Limited Liability Partnership (LLP). Many new businesses have been formed this way and lots have converted, whereas others in the sector operate as limited companies. A key difference between partnerships and limited companies relates to risk. The proprietor of a sole trade has unlimited liability, which extends beyond the assets of the business to include personal assets. Some risks can be covered with professional indemnity or other insurances, but trading losses and claims from third parties (whether clients or internal) can be more problematic. In a traditional partnership, a partner is ‘jointly’ liable for all the debts and obligations incurred by the firm and each partner could, potentially, be sued personally and risks losing their personal assets. Partners are ‘jointly and severally’ liable for any loss or damage arising from wrongful acts or omissions of any of the partners in the ordinary course of partnership business, which often includes the partnership’s employees and sub-contractors, too. For example, if negligent advice is given by one partner, the third party who suffered the loss can sue all of the partners together, or any of them separately. In an LLP, each partner, or ‘member’, won’t usually have personal liability for obligations of the LLP, or the other members. If an LLP is sued and cannot pay, it is usually wound up and the members lose the amount they have invested in the LLP but not, in most cases, their personal assets. Personal liability can arise for certain wrongful acts or omissions by just one member, or where they have given a personal guarantee or undertaking, such as issuing a guarantee to the bank for the LLP’s borrowings.
IF NEGLIGENT ADVICE IS GIVEN BY ONE PARTNER, THE THIRD PARTY CAN SUE ALL, OR ANY ONE, OF THE PARTNERS
TAX DIFFERENCES While an LLP is similar to a limited company in that it can help protect its owners, a fundamental difference is that an LLP is tax-transparent, so its members are taxed in the same way as partners in a traditional partnership.
In partnerships and LLPs, the profits (or losses) of the business are allocated between the partners (or‘members’) in accordance with the partnership agreement, and each partner pays tax on their share irrespective of whether or not the profit has actually been paid to them. For 2012/13, partners pay tax at rates of up to 50% on their share of the profit. Partners also pay 9% class 4 National Insurance Contributions (NIC) on their profits between £7,605 and £42,475, and 2% on any excess. Any expenses associated with the partners’ cars that relate to business usage are relieved against the business profits. For a company, the directors’ salaries (and associated employer’s NIC) are expenses that reduce the profits of the business, so bonuses can eliminate the profit. Corporation tax is payable on the profits, generally 20% for small companies and a maximum of 24%. Employees’ salaries are taxed at rates of up to 50%, and are subject to employees’class 1 NIC, normally 12% on earnings between £7,605 and £42,475, and 2% on any excess. However, employers also have to pay NIC on employees’ salaries at 13.8% on everything over £7,488. With employees’ cars, the taxable benefit of a company car with high CO2 emissions can be onerous – up to £730 tax payable each month for an employee with a £50,000 car. Limited companies with working directors/shareholders, therefore, may wish to review the mix of salaries and bonuses compared to dividends, as the latter is often more tax (and NI) efficient. One recent practice has been for partners to incorporate their business – effectively selling goodwill to the company. The goodwill sold can be subject to capital gains tax at 10%, but if the sale proceeds are paid over time, perhaps instead of taxable income, a tax saving can be achieved. Of course, tax planning can be complicated, and everyone’s circumstances are different, so always take specific advice. STUART DEY is business development director at Shipleys LLP. shipleys.com
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GREEN LEADERS
HIGH SCORERS UNDER GLOBAL SUSTAINABILITY RATINGS SYSTEMS Compiled by Brendon Hooper Illustrations by The Design Surgery
CENTRE FOR VIRTUAL ENGINEERING STUTTGART, GERMANY
WHAT IS IT?
€14m
GREEN RATING
170m
A Gold certification from the German Sustainable Building Council (DGNB)
DESIGN TEAM UNStudio/ASplan, BKSI, KOP Real Estate Solutions (DGNB)
DOGS TRUST’S REHOMING CENTRE SHREWSBURY, UK
WHAT IS IT? A redevelopment of the 1970s-era Roden Centre, featuring a green roof with solar panels, rainwater harvesting and onsite energy generation
GREEN RATING The first BREEAM ‘bespoke’ building to achieve Outstanding, with a 94.4% postconstruction score
DESIGN TEAM Peter Napier & Co, McPhillips (Wellington),
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PIXEL BUILDING WHAT IS IT? MELBOURNE, The first carbonneutral office building AUSTRALIA of its type in the
COST
A sweeping concrete campus prototype for the Fraunhofer Institut, developed for testing virtual reality technologies and ideas for workplaces
(£11m)
SIZE
5,782m
2
STANDOUT STAT
Mann Williams, Mott MacDonald, Peter Oughton (QS)
COST
£7m SIZE
1,196m2 STANDOUT STAT
100%
The available credits the project achieved in the BREEAM Management, Energy and Water categories
NATIONAL STADIUM BRASÍLIA, BRAZIL
Studio 505, Umwow Lai, VDM Consulting
world, brimming with multicoloured façade panels that are also used for solar shading
COST
GREEN RATING
SIZE
100 points and a 6-Star Green Star rating from the Green Building Council of Australia, the highest ever awarded, as well as 105 points and LEED Platinum – the highest in the world
The depth of the wells that help cool the building in summer and heat it in winter. This is a geothermal system that supplies the building’s energy
DESIGN TEAM
AUD$6m (£3.9m)
1,000m2 STANDOUT STAT
40%
The extra energy produced by solar PV panels that track the sun year-round
WHAT IS IT?
COST
Set to complete at the end of the year, the BIM-designed redeveloped stadium will be the main venue for the 2014 FIFA World Cup, and will play a key role at the Rio 2016 Olympics
£258m
GREEN RATING Aiming to become the greenest stadium in the world and the first to gain LEED Platinum
DESIGN TEAM Castro Mello Arquitetos
SIZE
72,000 capacity
STANDOUT STAT
15,700m2
of solar photovoltaic panels cover the roof – the largest assembly in Brazil and enough to power 1,000 homes
Affordable Green buildings/ housing//
ONE RAFFLES PLACE TOWER 2 SINGAPORE
WHAT IS IT?
DESIGN TEAM
An angular-sloped sister tower featuring energy-saving light fittings, solar panels, rainwater harvesting and a highly efficient central air-conditioning system
SAA Architects/Tange Associates, OUB Centre Ltd, KPK QS
GREEN RATING
SIZE
A Green Mark Platinum award from the Singapore Building and Construction Authority makes it the country’s highest green-rated building
ECOCOMMERCIAL WHAT IS IT? Built according to BUILDING principles of GREATER NOIDA, the the EcoCommercial INDIA Building Program, the
WHAT IS IT?
DESIGN TEAM Cook+Fox Architects/ Adamson Associates, Durst Organization, Tishman Construction
213m
NYC’s second-tallest building is said to be the greenest skyscraper in the world, featuring a system that re-uses nearly all rain and sink water, and an under-floor ventilation system that allows workers to control their individual workspace temperature
STANDOUT STAT
GREEN RATING
COST
S$540m (£275m)
1,132m2
COST
€5m (£3.9m)
SIZE
GREEN RATING
STANDOUT STAT
DESIGN TEAM Sankalpan, Bayer MaterialScience
It’s the world’s first office skyscraper to be awarded LEED Platinum for its core and shell
of solar panels allow the building to capture energy more efficiently
development actively adapts to the hot climate
64 out of 69 points and a LEED Platinum in New Construction – the world’s highest score in this category
BANK OF AMERICA TOWER NEW YORK, US
930m
2
70%
The amount of electricity consumption reduced from using polyurethane-based insulation materials in the building
VODAFONE SITE SOLUTION INNOVATION CENTRE MIDRAND, SOUTH AFRICA
COST
US$1bn (£647m)
SIZE
366m STANDOUT STAT
30,000m3
The amount of drinking water saved each year
WHAT IS IT?
COST
Surrounded by wetlands, the centre showcases innovation in the design and construction of Vodafone’s devices
R24m
GREEN RATING 86 points and a 6-star Green Star SA award from the Green Building Council of South Africa – the highest in Africa
DESIGN TEAM GLH, Vodacom, Brian Heineberg & Associates (QS), Bantry, WSP
(£1.8m)
SIZE
458m2 STANDOUT STAT
230kWh
The amount of electricity produced from 292 photovoltaic panels installed on pergolas around the building
10.1204.11 // MODUS // MODUS ASIA
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FLEXIBLE LEARNING SOLUTIONS We’re good at these. Not everyone has the luxury of taking time off to study, nor the funds to do so. Our specialist courses are designed to fit around real lives, using proven distance learning methods. We offer Diploma, undergraduate and postgraduate courses. Degrees are awarded by the University of Reading or the Open University and accredited by RICS, CIOB and other professional bodies. ä BSc(Hons) Building Services Quantity Surveying, Building Surveying, Construction Management, Estate Management, Property Management and Quantity Surveying ä Diploma in Construction Practice ä Diploma in Surveying Practice ä BCSC Diploma in Shopping Centre Management ä MBA Real Estate and Construction Management ä MSc Real Estate ä PGDip Adjudication
ä PGDip Arbitration ä RICS PGDip Project Management ä PGDip/MSc Conservation of the Historic Environment ä PGDip/MSc Facilities Management ä PGDip/MSc Property Investment ä PGDip/MSc Surveying (Graduate Development Programme) ä RICS Professional Membership – APC Adaptation Route 1
To further your career call 0800 019 9697, email courses@cem.ac.uk or visit our website.
WWW.CEM.AC.UK BUILDING FUTURES
Law advice//
Pre-completion
DISPUTE RESOLUTION MECHANISMS Illustration by Borja Bonaque
Back in 2010, the Hong Kong Construction Industry Council (CIC) published guidelines on dispute resolution, and later this year the CIC will issue further details. The main theme of the 2010 guidelines is CIC’s proposal to have five dispute resolution methods for resolving disputes during the currency of the works – namely dispute resolution adviser, mediation, adjudication, independent expert certifier, expert determination and short form arbitration. CIC explains in the guidelines that one of the important principles of introducing such methods for resolving disputes during the currency of the works is that cashflow is the lifeblood of a contractor, and that a more roughand-ready process, such as adjudication, has the benefit of ensuring cashflow and avoiding delayed justice. I expect surveyors may become more involved in these ‘immediate dispute resolution mechanisms’, especially in the independent expert certifier and expert determination mechanisms below. INDEPENDENT EXPERT CERTIFIER SCHEME An independent expert certifier, as the name suggests, is an independent third party who will review any decision or certification made by the architect, engineer or surveyor. The decision of the certifier is not final, but is binding in the interim, subject to the challenge by the so-called ‘post-completion’ arbitration. For a quantity surveyor without such an independent expert certifier scheme, he is already under a lot of pressure in valuing interim payment applications because he would want to avoid the following potential problems: 1. The employer may complain that the quantity surveyor has over-certified. In the case of Sutcliffe v Thackrah (1974), the architect concerned was found to be liable to his employer for negligence in certifying for work not done or improperly done; or 2. The contractor may claim that the quantity surveyor has under-certified. In the case of Costain Ltd v Bechtel Ltd (2005), a dispute arose between Costain and Bechtel following an assessment and the issue of a payment certificate by Bechtel that disallowed a substantial portion of Costain’s cost. Costain initiated proceedings against Bechtel arguing that Bechtel had unlawfully procured breaches of the contract by the employer.
AN ADJUDICATION PROCESS HAS THE BENEFIT OF ENSURING CASHFLOW AND AVOIDING DELAYED JUSTICE
Now that contractors may be able to challenge architect’s payment certificates easily by using the independent expert certifier scheme, quantity surveyors may need to spend more time and effort in making sure that their valuation is accurate. In addition, an expert assessment of payment certificates can provide the employer or the contractor with more evidence to sue quantity surveyors. Quantity surveyors are advised to review their professional indemnity insurance to make sure that they are protected. EXPERT DETERMINATION This mechanism requires an independent expert to make a final and binding decision on a technical issue or dispute. Expert determination may only be challenged in certain limited circumstances, such as fraud. Surveyors who want to be an independent experts should note that in the absence of the parties’ agreement, they do not enjoy the immunity from suit of a judge or arbitrator, and may be the subject of an action by either party if they act negligently. They should check their professional indemnity insurance to make sure that they are properly covered. Surveyors who want to advise one of the parties involved in expert determination, or other dispute resolution methods, should note that even if they are legally qualified, if they are working as a claims consultant but not as a practicing solicitor or barrister, their contractual advice may not be subject to legal professional privilege and may need to be disclosed to the other party in subsequent proceedings, for example, Walter Lilly & Co Ltd v Mackay and another (2012). GILBERT KWOK FRICS FHKIS is a partner at Clyde & Co, Hong Kong clydeco.com
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10 OF THE BIGGEST CITY PROJECTS Compiled by Brendon Hooper
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DEAD SEA JORDAN The Dead Sea attracts more than a million tourists a year, drawn by the health benefits of bathing in the dense saltwater at the world’s lowest elevation point on land. Although several small communities have lived around the sea for thousands of years, the rapid increase in tourism in recent years has led the Kingdom of Jordan to boost investment in infrastructure and tourist facilities. Architecture firm Sasaki’s 40km2 Dead Sea Development Zone masterplan aims to bring as much sustainable development as possible into the tourism-based economy. The first steps included identifying the boundaries of privately held land outside the development plan, and protecting ecologically sensitive land via a Strategic Environmental Assessment, the first of its kind in the country. ‘The biggest challenge has been to consider the long-term benefits to the community,’ says Dennis Pieprz, principal on the project. The plan will be implemented over the next 20 years.
Masterplanning // MÖNCHENGLADBACH GERMANY When Mönchengladbach and neighbouring Rheydt merged in the 1970s, it was hoped the new planning strategy would herald a boom after years of industrial decline. However, over the past few decades, the two city zones have only grown further apart and so, since October 2011, Grimshaw Architects has been working on a masterplan for an overall rethink of the region. In association with local project partners FSWLA and Konrath & Wennemar, and through collaboration with MG 3.0 Masterplan Mönchengladbach, an alliance of local people, the project will provide substantial improvements in infrastructure, urban movement routes and the appearance of inner-city areas. ‘Local people are key,’ says Kirsten Lees, a partner at Grimshaw leading the masterplan. ‘They are the bearers of knowledge about the history of their city, and can provide useful insights to its progress and revitalisation.’
SHANGHAI CHINA LONDON UK Overwhelmed by traffic, Elephant and Castle has long been seen as one of the areas of central London most in need of investment. Now this vibrant area will undergo a massive £1.5bn regeneration led by Southwark Council, with developer and commercial partner Lend Lease providing the masterplan. Expected to complete in 2025, the development is one of 10 low-carbon zones identified by the Mayor of London, and will include 2,800 new homes, shops, restaurants and community facilities including a large park. A 37-storey building designed by Squire and Partners and recently submitted for planning permission will become the tallest residential tower in the UK to meet Level 4 of the Code for Sustainable Homes. ‘We aim to create a place with high-quality homes and impressive design and architecture that also helps residents reduce their carbon footprint,’ says project director Rob Deck.
China’s second-biggest city is growing so fast and successfully that it will soon need not one central business district (CBD), but three. With Shanghai’s population expected to rise to 22.5m people by 2020 (from 19.2m in 2010), the Lujiazui Group has been increasing the development of the city’s Pudong CBD since the early 1990s. This year, the group selected architecture firm Benoy to design the Lujiazui Pudong Qiantan ES4 Precinct Core Area as the city’s third CBD. The 34-hectare area will see around 1.8m m2 of mixed-use development built as a major public transport interchange and a waterfront entertainment destination. Diversity will be key to the Qiantan project’s long-term appeal, says Ian Hau, urban designer at Benoy. ‘The vision is to create Shanghai’s premier business address, residential community, transportation hub and lifestyle destination.’
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Masterplanning//
SHUNDE CHINA ‘Landscape is the answer,’ says the team at SWA Group, a firm of architects and urban planners based in the US and China. It is certainly the theme behind its masterplan for Shunde New City, a 72km2 extension to the city on the Pearl River delta, which will weave itself into the surrounding wetland system and wildlife conservation areas. The design will mix large-scale development alongside measures to protect the delta ecosystem, with mixeduse villages on ‘islands’, linked by environmentally sensitive infrastructure and multi-modal transport stations. At these stations, residents of the new city will be able to use high-speed rail, a local monorail, water taxis, low-emission buses and efficient pedestrian walkways. SWA has criss-crossed the city with flexible waterways built not only for transport and recreation, but also to increase flood protection capacity and to increase wildlife habitats.
DUBAI UAE Construction has been stop-start since 2009 on what will eventually become a 1.85m m2 mixed-use ‘city within a city’, opposite Dubai’s famous Palm Jumeirah island. Despite losing one of its largest investors and scaling back construction activity in 2011, developer Al Habtoor Leighton Group has stated that it is on course to complete phase one of the US$6bn (£3.8bn) Dubai Pearl project next year. A consortium of investors led by Abu Dhabi’s Al Fahim Group appointed German architecture firm Schweger & Partner to design the masterplan, with an emphasis on making the city as walkable and community-centred as possible. A mix of houses, apartments, shops, hotels, offices and cultural spaces will surround four 300m-high towers, all connected by sky bridges. Once complete, the Dubai Pearl will house around 9,000 residents and later host the Dubai International Film Festival in a purpose-built theatre complex.
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Away from the spotlight of the 2014 football World Cup and 2016 Olympics preparations, Brazil’s economic boom is fuelling construction on an enormous scale. Earlier this year, the state of Pernambuco in the northeast approved the development of an extension to the city of Cabo de Santo Agostinho, near the coastal town of Recife. Named Convida Suape, the masterplan for the city has been designed by Broadway Malyan for clients Moura Dubeux Engineering and Cone S/A, and will transform 470 hectares, split into 10 sustainable neighbourhood districts, to house around 100,000 people. Some of the design’s elements include landscaped walkways and river ‘corridors’ to encourage walking and green transportation as much as possible. ‘Convida Suape will set a benchmark for strategic urban development and city expansion projects in northeastern Brazil, which is now one of the fastest growth areas in the world,’ says Phil Bonds, director of urban design at Broadway Malyan.
Image Getty
CONVIDA SUAPE BRAZIL
MOSCOW RUSSIA
SEOUL SOUTH KOREA Divided into a series of ‘islands’ alongside the Han River, Archipelago 21 is Studio Daniel Libeskind’s colossal masterplan for the redevelopment of the Yongsan International Business District in Seoul. More than 2.7m m2 of built area will include a new business district, shops, residential neighbourhoods, cultural and educational facilities, and a transport interchange. Developed by Dreamhub with sustainability engineering from Arup, 66 new buildings are to be constructed, 24 of which will be skyscrapers. Studio Daniel Libeskind will also design three residential towers, named ‘The Dancing Towers’, as well as an office development called ‘The Harmony Tower’. Despite the vast scale of the project, the architect hopes to balance the city with a personal touch: ‘To me, it’s about creating a city with intimacy and grandeur,’ said Libeskind.
Over the past decade, Moscow’s population has increased from eight million to 11m, leaving the city bursting at the edges. Last year, to relieve the congested city centre and free up space for public housing, the Russian Federation Council enacted an unprecedented plan to expand the city to the southwest by 150,000 hectares – an area increase of around 50%. To choose a masterplan, the council launched the Moscow City Agglomeration Development Concept competition, which more than 70 firms entered. The overall winners were recently announced – the design and planning of the new federal district will be developed by the Capital Cities Planning Group, led by US-based Urban Design Associates, and the overall city planning will be led by Paris-based designers Antoine Grumbach and Jean-Michel Wilmotte.
NEW MEXICO US A vast 15 square-mile city, large enough to support 35,000 people, is being built in the desert of New Mexico. Set to complete in 2014, new roads, houses and commercial buildings will be constructed alongside complex networks for telecommunications and water management systems. The thing is, no one will actually live there. Created by Pegasus Global Holdings, the Center for Innovation, Testing and Evaluation (CITE) will be used for just that – as a large-scale ‘laboratory’ to test smart power grids, cyber security, and traffic and surveillance systems. ‘CITE will allow private companies, not-for-profits, educational institutions and government agencies to test with realworld infrastructure to better understand the cost and potential limitations of new technologies,’ says Robert Brumley, CEO of Pegasus Global. Funded by up to US$1bn (£640m) of private sector investment, more than 3,500 jobs have been created.
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INFORMATION :RICS NEWS :DIARY :BENEFITS :RESOURCES
140+
participants from government, finance and real estate attended the conference in Singapore
CONSISTENT AND RELIABLE VALUATIONS OF ALL TYPES OF ASSETS ARE VITAL TO THE WORLD’S LARGEST FINANCIAL INSTITUTIONS AND INVESTORS
RICS Asia Valuation Conference Organising Committee Chairman David Faulkner FRICS
VALUATION INSIGHT With the current financial uncertainty facing global markets, there is an increasing demand for consistent and reliable valuations from financial institutions, corporations, governments and organisations. RICS Asia hosted its second successful RICS Asia Valuation Conference at Singapore’s Pan Pacific Hotel in September. The conference highlighted the intricate relationship between valuation and investment and provided the latest updates on the International Valuation Standards (IVS) and the RICS Red Book. View the full conference presentation at ricsasia.org.
RICS ASIA +852 2537 7117 General enquiries APC guidance Subscriptions Events Training Bookshop REGULATION HELPLINE +44 (0)20 7695 1670 CONFIDENTIAL HELPLINE +44 (0)20 7334 3867 DISPUTE RESOLUTION SERVICES +44 (0)20 7334 3806 SWITCHBOARD +44 (0)20 7222 7000
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RICS news//
RICS in Japan RICS is pleased to announce the establishment of RICS Japan. As an incorporated entity, the institution agrees to act in the public interest by building confidence in its membership, and encouraging professional development and raising standards in the region. As the
world’s third largest economy, Japan is an important market for RICS with increasing reconstruction and public construction spending creating a demand for real estate professionals. ‘RICS sees Japan as a longterm strategic market and it’s our priority to
continue to invest in this part of the world,’ said RICS Chief Executive Sean Tompkins. ‘The property sector in Asia is booming, and RICS qualifications and standards will help to enhance professionalism in this market.’ rics.org/asia
OCEANIA’S GOVERNMENT GRANT GO-AHEAD Following the closure of round one of the Australian federal government’s Energy Efficiency Information Grants Programs, RICS Oceania has received funding to create an energy-efficiency application for SMEs (small- and medium-sized enterprises) in Australia. The parliamentary secretary for climate change and energy efficiency, Mark Dreyfus, awarded funding to 28 organisations across a broad range of sectors. RICS’ grant for Energy Efficiency Management for SME Commercial Office Tenants is worth more than A$600,000 and will go towards research and development, and the production of the application, which will be designed by members of the Asia Pacific sustainability steering group. rics.org/oceania
FACTS, STATS & SURVEYS 08 46
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Occupier demand was strong in Hong Kong, as well as in Japan (23) and China (17)
RICS has published a document to address the varying definitions of ‘fair value’, and the circumstances in which each definition is used. The document outlines how and when you would use the term for financial reporting purposes and how it links to the International Financial Reporting Standards. As the general concept of fair value has evolved, it has acquired two distinct meanings. Care is required, therefore, in engagement and in reporting to ensure that the client receives the advice they require. The underlying principle that valuations at market value are the same as fair value (under the International Accounting Standards Board) is unchanged – and it is very unlikely that there will be any impact on valuation figures. Search rics.org for ‘fair value’ to download the report.
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The situation in Vietnam is bleak, with demand falling and rents expected to drop sharply
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New development is rising in markets with strong demand, especially in Thailand
Illustration Oscar Bolton Green, Bernd Schifferdecker
WHAT IS FAIR VALUE?
B
PRESIDENT’S COLUMN
‘Members share the responsibility to keep up to date with the latest developments and engage with us’ Alan Collett FRICS RICS President
enjamin Franklin once said:‘Words may show a man’s wit, but actions his meaning.’ For those outside the profession, the language of surveying can seem foreign. But our actions, which are based on the universal language of ethics, can be understood by everyone. And while ethics provide a universal language, they are also part of our DNA, setting us apart from others in the marketplace. Those of us privileged to lead the profession have a responsibility to communicate RICS’ actions to existing and potential members, and our many partner organisations. Increasingly, we are doing so through email, website and social media, which most of our members prefer. And we will be able to do this much more effectively as we develop our new website. New media complements face-to-face communication; it does not replace it. I am fortunate to have met many members already, and I am determined to meet as many as I can this year. I want to hear all of their ideas, insights and concerns. Any conversation is a two-way process, so members share the responsibility to keep up to date with the latest developments through the material RICS provides, and through their networks
of fellow RICS members. We need members to engage with us through our membership survey and other consultations, for example, on standards, guidance and public policy issues. As we listen to members we also learn, and through a collective commitment to communication, RICS can continue to lead as the champion of professional standards worldwide. At a recent graduation ceremony at the College of Estate Management, I was reminded of the importance of communication. The graduates there represented the new generation of surveying professionals. All of them had studied remotely, and many were from outside the UK. It is likely that their careers will be far more interconnected and global than ever before. The challenge for RICS, therefore, will be to engage with them as they become members, and throughout their careers. To do that we need to be present where they are and understand their markets so that we can support them and tailor our offering to meet local demand. We will need to learn their languages and their cultures. But our professional standards and ethical values will remain our common language, and our actions will show our meaning.
COST VARIABILITY IN CONSTRUCTION PROJECTS New RICS research provides an understanding of the importance and influence of land leverage on property issues and policies, using Perth in Western Australia as a case study. Land leverage
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Investment demand was strong in Japan, and in other markets where values have fallen sufficiently
is the proportion of total property value embodied in the value of land as distinct from improvements. Within the land leverage framework, total property price change is viewed as a weighted
+49
Capital values are expected to rise strongly in Hong Kong over the coming quarter
average of change in land value and improvements. An improved knowledge of the influence of land leverage has important implications in understanding how property markets operate.
The results suggest that house price fluctuations are primarily driven by changes in the price of the land component. To read more about this and other research, visit rics.org/research.
+29
The rental expectations for Q4 are also high in Hong Kong, as well as in China (+28)
Highlights from the RICS Global Commercial Property Survey Q3 2012. rics.org/economics
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RICS news//
Events FOR RICS EVENTS BOOKINGS AND ENQUIRIES ricsasia@rics.org // +852 2537 7117
CHINA Technical visit to Chengdu 15-17 November Organised by the RICS Hong Kong Residential Professional Group Committee to provide members with an opportunity to gain insights about the development of Chengdu, in particular its strong growing residential market. Members can gain knowledge about local conveyance and planning ordinance. RICS International Geomatics Conference 12 December, Wuhan This one-day conference, themed ‘The Future of Geomatics and Geographic Information Technology – Urban Planning, Talent Development, Environment and Economic Expansion’, is organised by RICS Asia and co-organised by Hubei Province Society for Geodesy, Photogrammetry and Cartography. The event will discuss the application of geographic
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information systems in urban planning, the environment and economic development. ricsasia.org/ geomaticsconference
HONG KONG MIPIM Asia 7-9 November, Hong Kong The leading annual property rendezvous in the Asia Pacific region will feature more than 1,900 participants from 42 countries. This year, a 3-in-1 format will address the region’s hottest real estate topics: investment, retail and sustainability. Gathering property professionals from every sector, MIPIM Asia opens the door to the entire Asian real estate industry in a single event. RICS members special rate: Register from 2 October, save 32% on the full price (entrance will be at US$1,150) Contact ricsasia@ rics.org +852 2537 7117 or annemarie.sanchez@ reedmidem.com +33 (0)14190 4520 mipimasia.com Principles for realising a city’s vision and creating a sustainable urban landscape
7 November, Hong Kong The Real Estate and Infrastructure Committee and Environment and Sustainability Committee of Hong Kong’s General Chamber of Commerce will jointly present this seminar. Alan Collett FRICS, RICS President and David Faulkner FRICS, executive director of Asia Valuation and Advisory Services of Colliers International will be the keynote speakers, discussing the principles underpinning a visionary city and their impacts on creating a balanced urban environment and landscape. For more information, visit chamber.org.hk. RICS Hong Kong Awards 2013 The RICS Hong Kong Awards 2013 are now open, and anyone involved in delivering outstanding property projects, and high levels of professionalism and teamwork among property agencies and professional teams are encouraged to submit their entries from 1 November. Developed by RICS HK to celebrate the talents and team spirit of surveyors, property developers, cost consultants, project managers and planners, the awards are free to enter and the winners will be awarded at the RICS Hong Kong Annual
Dinner on 14 March 2013. Entries need to be submitted by 14 December. RICS Annual Dinner 14 March 2013, JW Marriott, Hong Kong In its second year, the RICS Hong Kong Annual Dinner will see more than 300 RICS members and key players in the real estate industry join this prestigious black-tie event. For more details, contact ricsasia@rics.org.
SINGAPORE Productivity, time management and disruption in construction contracts 31 October – 1 November, Raffles Hotel, Singapore Leading experts from around the world will discuss the latest developments in Singapore and the Asia-Pacific region. The two-day event is suitable for all involved in construction and related legal practitioners, and will provide invaluable educational and networking opportunities. The two-day conference will help attendees: manage change; understand the issues of productivity; deal with legal and contractual issues; seek and use the correct information; minimise legal risks and maximise project success. For more details, visit ricsasia.org.
JOIN A GLOBAL GOVERNING COUNCIL
The nomination window for the election of more than 20 Governing Council seats opens at the end of October. In recent years, RICS has moved from a UK-centric organisation with overseas offices to a truly international organisation that’s headquartered in London and operates out of market-facing hubs across the UK and Ireland, Europe, Oceania, Africa, the Americas, the Middle East, and ASEAN and North Asia. As such, RICS is recognised in key markets worldwide as the leading body that sets and enforces professional standards, and offers access to the sought-after professional status. At the heart of this journey is Governing Council, which sets the long-term direction of RICS and makes decisions that fundamentally shape the future of the profession. Governing Council meets three times a year and is chaired by the RICS President. All fellows (FRICS), members (MRICS) and associates (AssocRICS) are eligible to stand. Elections will take place in early 2013, and terms of office (usually four years) begin in July 2013. Full details are on rics.org/governance. For more details or to register your interest, email governance@rics.org.
NEW FELLOWS
RICS has announced new fellows as part of an annual programme to bestow the honour on individuals as a result of their personal standing within the industry, contribution to the profession and commitment to the institution. The honours were awarded earlier this year by former RICS President See Lian Ong FRICS, in partnership with Chief Executive Sean Tompkins, and some of the new fellows are featured in the lead article of this issue (page 14). More will be profiled in future issues of Modus and other RICS publications. The full list can be viewed at rics.org/fellowship.
RICS
Clearer, faster, smarter The new integrated RICS.org website allows members to customise and personalise their online experience The new RICS.org digital platform is live. You told us that we needed to make content on our website easier to find, and foster open discussion and commentary. You wanted us to help facilitate professional networking. Above all, you wanted us to provide a platform to help you at each stage of your professional life. As a result, we’ve transformed our online presence, putting you – the members – at its heart. With a whole host of features, our new digital platform puts you in control. SOME COMMENTS: ‘It is great to have a website that I am proud to direct the public towards.’ ‘I love the fact that you can
personalise the website to your preferences. It’s much more intuitive, and it’s easy to find what you’re looking for. My favourite part is the ability to follow topics – the information I want is always right there.’ ‘The new website is easier to navigate, aesthetically pleasing and has a diverse range of information.’ THE WEBSITE FEATURES AND BENEFITS INCLUDE: Professional networking, where you can build your profile and be found (and find others) in the member directory Personalised content so that you choose the topics you want to follow and automatically see content
that is relevant to your geographical location Easier navigation that allows you to click a topic tag to see all the latest news and information for that subject An integrated shop for all products, training and services across RICS Log in using your email address so you won’t need to remember your membership number, and the ability to reset your password via the site Online management of your communication preferences, as well as the planning, recording and reviewing of your CPD Comment on content and respond to comments from other users across the site
The latest news from RICS available at a click. If you haven’t already taken advantage of the new features available, visit rics.org today where you will be guided through the process. To find out more about the platform, watch videos that explain the key features at rics.org/demo. Do you have any feedback on the new site to share with us? Join the RICS LinkedIn group at linkedin.com and add your comments to the website discussion thread.
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1 los angeles
top 10 us citiEs with thE grEEnEst buildings
7 Helsinki Finland 96 3 new york us$27bn 3 san Francisco
7 lakeland, Fl
6 HousTon
5 cHicago 9 aTlanTa
9 Taipei Taiwan
Sources: ec.europa.eu, eiu.com, epa.gov, forbes.com, joneslanglasalle.com, mercer.com, solidiance.com, ukti.gov.uk, wikipedia.org, worldpropertychannel.com
4 denVer
4 singapore
1 Tokyo Japan 5 osaka Japan 10 Hong kong China
2 seoul South Korea 8 busan South Korea
3 Melbourne Australia
6 sydney Australia
7 auckland New Zealand
2 Vienna Austria 97.4
top 5 citiEs by commErcial rEal EstatE invEstmEnt
The population of Tokyo, the world’s largest urban agglomeration
ricsasia.org
5 calgary Canada 96.6
5 paris us$18bn
The amount of real estate investment concentrated in 30 cities around the world
8 dallasForT worTH
50%
2 wasHingTon dc
The predicted number of megacities by 2020
10 new york ciTy
30
36,669,000
50
2 Tokyo us$32bn
*The EIU ranking scores 140 cities from 0-100 on 30 factors across stability, healthcare, culture and environment, education and infrastructure
4 Hong kong us$18bn
2014 copenHagen Denmark
livEability ranking*
EuropEan grEEn capitals
top 10 grEEnEst citiEs - asia pacific
3 VancouVer Canada 97.3 1 london us$43bn
10 auckland New Zealand 95.7 2013 nanTes France
2012 ViToria-gasTeiz Spain
2011 HaMburg Germany
2010 sTockHolM Sweden
Illustration by ian dutnall
8 perTH Australia 95.9
6 sydney Australia 96.1
lEAdING CITIES by vArIoUS CrITErIA
9 adelaide Australia 95.9
Top rank
4 ToronTo Canada 97.2
1 Melbourne Australia 97.5
Measure//
MIPIM Asia® is a registered trademark of Reed MIDEM - All rights reserved.
The world’s proper ty market in Asia Paci fi c
7-9 November, 2012 Hong Kong Convention & Exhibition Centre
Where the world’s property leaders converge in Asia Pacific
Pack a year’s worth of business into three intensive days at asia’s leading real estate show At MIPIM Asia, even the most inaccessible people are available to you - so that you can make the right partnerships to boost your business, from retail brands, hotel groups, developers, local authorities and investors to financial institutions and pension funds. Take part of the most appealing discussions over 40 exclusive conference sessions led by 125 top industry experts and gain insight into coming real estate investment trends and retail sector development.
Meet soMe of this year’s toP industry sPeakers: INVESTMENT SUMMIT
Photo credit: Sydney Griffin
RETAIL SUMMIT
Dr. Yuwa Hedrick-Wong
Michael Buchanan
Managing Director & Chief Asia Pacific Economist Goldman Sachs (Asia) L.L.C.
Dr. Joy Yang
Carmine Rotondaro
Chief Economist for Greater China Mirae Asset Securities
Worldwide Real Estate Director PPR Group
Akira Yamanouchi
Jonathan Somerville
John Devine
President - Director Subway Real Estate
Henry Cheng
CEO Chongbang Development Limited
Photo credit: Zoe Ho
Professor of International Business and Global Economic Advisor
René Tremblay President Taubman Asia
Frank Khoo
Global Head of Asia AXA Real Estate
President of Daiwa Real Estate Asset Management Co., Ltd. Daiwa Office Investment Corporation
COO Pacific Coffee Company Limited
Richard Vogel
Senior Vice President China Ivanhoe Cambridge
For more information, please contact: Julien Sausset - MIPIM Asia Sales Director - julien.sausset@reedmidem.com Christine Lam - Senior Regional Director of Sales - christine.lam@reedmidem.com www.mipimasia.com
Sin Ling Betty Leong
Head of Investment Property MTR Corporation Limited