from fishing village to global cityKnight Frank has appointed Tung Ho-Pin to lead their new private office in Hong Kong. The move seeks to further expand the company’s private client base amongst UHNWIs, family offices, and their advisors in the region.

Altura EC, a 99-year leasehold in Bukit Batok West Avenue 8, is set to accommodate up to 375 residential units. Near MRT and several schools, Altura EC provides a prime residential location for families. Qingjian Altura EC Realty has successful bid of $662 psf ppr with estimated yield of 375 units. Showflat and price list coming soon with expected launch in Q2 2023.

The move is part of Knight Frank’s ambitious goal to become the leading global real estate advisor for private clients and family offices. With the opening of this office in Hong Kong, their Private Office now has 5 locations in Asia, the other 4 being in Singapore, Sydney, and other areas of the Greater China region.

The opening of the office comes at impeccable timing, with 45% of Asia-Pacific HNWIs likely to see an increase in wealth in 2023. Residential premises remain the preferable property investment for UHNWIs in the Asia-Pacific region, as 32% of the total wealth of HNWIs was allocated to their primary and secondary homes.

Knight Frank also noted that private investors were the most active buyers in global commercial real estate investment in 2022 and it is expected to continue this year.

The Knight Frank Attitudes Survey revealed that 16% of respondents said their clients plan to buy a home in 2023. In addition, the top 10 cities for ultra-prime property transactions in 2022 were Hong Kong, Singapore, and Sydney, with 345 super-prime sales and 53 ultra-prime sales recorded across those cities.

Paddy Dring, head of the Knight Frank Private Office, said, “We are delighted to have Ho-Pin join the Knight Frank Private Office and his appointment takes us a step closer to reaching our goal.” Nicholas Keong, head of private office at Knight Frank Singapore also added, “I look forward to working closely with him [Tung] to service our clients who are based in the region together.”