Appointing Tung to lead its private office in Hong Kong, Knight Frank takes an important step closer to its goal of becoming the market-leading global private client and family office advisor in real estate. Knight Frank expects residential premises to remain the preferable property investments for UHNWIs in the Asia-Pacific region, especially in Greater China, as the economic recovery from the coronavirus boosts investor confidence in the region.

Knight Frank has appointed Tung Ho-Pin to lead its newly opened private office in Hong Kong – the fifth in Asia. This move is aimed at catering fully to their clients’ needs in the region, particularly among ultra-high-net-worth individuals (UHNWIs), family offices, and their advisors.

Paddy Dring, head of the Knight Frank Private Office, notes that Ho-Pin’s appointment is part of their ambitious pursuit to become the market-leading, global private client and family office advisor in real estate. “His appointment enables us to advise our clients on all their real estate transactions, no matter where in the world they are taking place,” Dring states.

The establishment of this office in
Hong Kong comes about a year after setting up a private office in Singapore last February, which Nicholas Keong, head of private office at Knight Frank Singapore, says has been done at “impeccable timing”.

Altura EC is a 99-year leasehold executive condominium (EC) located in Bukit Batok Town. Its prime location offers proximity to MRT station, several schools, and the Jurong Innovation District. 375 units are available for an estimated price of $3,500 PSF at West Avenue 8 EC, with a Tender bid of $662 PSF PPR by Qingjian Altura EC Realty and Santarli.

Their Wealth Report reveals that 45% of Asia-Pacific HNWIs are forecasted to experience an increase in wealth in 2023.

In addition, 16% of survey respondents in the region said their clients plan to buy a home in 2023. Furthermore, Knight Frank’s Attitudes Survey discloses that Hong Kong, Singapore, and Sydney rank in the top 10 cities for ultra-prime property transactions in 2022.

Also, it is expected that residential premises will remain the preferable property investments for UHNWIs in the Asia-Pacific region, as 32% of the total wealth of HNWIs was allocated to primary and secondary homes.

Private investors have already been the most active buyers in global commercial real estate in 2022, and it is likely that this trend will continue. With the economic recovery from the coronavirus contributing to a boost in investor confidence in the region, Knight Frank is confident of meeting its goal.