{"id":334299,"date":"2022-10-23T18:53:06","date_gmt":"2022-10-23T10:53:06","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=334299"},"modified":"2023-01-26T11:21:07","modified_gmt":"2023-01-26T03:21:07","slug":"warburgs-perlman-sees-opportunity-in-singapore","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/events\/warburgs-perlman-sees-opportunity-in-singapore\/","title":{"rendered":"Warburg&#8217;s Perlman Sees Asia With an Edge as Real Estate Markets Shift"},"content":{"rendered":"<div class=\"container-lazyload container-vimeo js-lazyload--not-loaded\"><a href=\"https:\/\/player.vimeo.com\/video\/762513184?h=ff0f3a24ee\" id=\"762513184\" class=\"lazy-load-vimeo preview-lazyload preview-vimeo\" data-video-thumbnail=\"https:\/\/i.vimeocdn.com\/video\/1532502661-869cb2574b5a1af71263350649f1cc951a9db8dcdbee0af923e9e8dc4c072c81-d_295x166\" data-video-title=\"Keynote Interview with Jeffrey Perlman MTD Singapore Forum\" title=\"Play video &quot;Keynote Interview with Jeffrey Perlman MTD Singapore Forum&quot;\">https:\/\/player.vimeo.com\/video\/762513184?h=ff0f3a24ee<\/a><noscript>Video can&#8217;t be loaded because JavaScript is disabled: <a href=\"https:\/\/player.vimeo.com\/video\/762513184?h=ff0f3a24ee\" title=\"Keynote Interview with Jeffrey Perlman MTD Singapore Forum\">Keynote Interview with Jeffrey Perlman MTD Singapore Forum (https:\/\/player.vimeo.com\/video\/762513184?h=ff0f3a24ee)<\/a><\/noscript><\/div>\n<p>&nbsp;<br \/>\nThe macro forces rocking the global economy are similarly at play in Singapore, but the city-state remains a beacon of opportunity for fund managers and real estate investors, Jeffrey Perlman said Tuesday in a keynote interview at Mingtiandi\u2019s Singapore Forum 2022.<\/p>\n<p>Perlman, the managing director and head of Southeast Asia and Asia Pacific real estate at Warburg Pincus, said that while inbound relocations continue to attest to the Lion City\u2019s appeal as a business hub, recent months were \u201ca little sleepy and quiet\u201d in terms of deal activity.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Copy of APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real Estate\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><script language='JavaScript1.1' src=\"https:\/\/ad.doubleclick.net\/ddm\/trackimpj\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;ord=+ Date.now();dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?\" attributionsrc ><\/script><\/p>\n<p>Speaking to a room packed with property investors, the Singapore-based executive made note of the disruptive conditions that have led to a steep rise in borrowing costs, particularly with the US Federal Reserve hiking its key rate by 75 basis points on three occasions since June.<\/p>\n<p>\u201cIf you kind of boiled it down in a nutshell, you\u2019ve essentially just reversed 15 years of Fed policy in four months,\u201d Perlman said.<\/p>\n<h3>Rent Growth Advantage<\/h3>\n<p>In terms of the office market, Perlman singled out rent growth as an advantage that could play in Singapore\u2019s favour as cap rates tighten and asset values settle into a new normal.<\/p>\n<div id=\"attachment_334149\" style=\"width: 790px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-334149\" class=\"wp-image-334149 size-full\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/10\/DSC05940-e1666522353587.jpg\" alt=\"MTD Singapore Jae Choi ARA\" width=\"780\" height=\"520\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/10\/DSC05940-e1666522353587.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/10\/DSC05940-e1666522353587-400x267.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/10\/DSC05940-e1666522353587-640x427.jpg 640w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2022\/10\/DSC05940-e1666522353587-420x280.jpg 420w\" sizes=\"(max-width: 780px) 100vw, 780px\" \/><p id=\"caption-attachment-334149\" class=\"wp-caption-text\">More than 200 industry professionals were in the audience to attend the interview<\/p><\/div>\n<p>\u201cThe good thing in Asia more broadly \u2014 and Singapore\u2019s really no different \u2014 is, unlike more mature markets like the US, we do benefit from shorter-term leases,\u201d he said. \u201cTypically you don\u2019t see an office in Singapore with a 15-year office lease that most would sign in a place like New York. These are three- or four-year leases, so they\u2019re much more positively exposed to being able to capture some of that inflation that we\u2019re all seeing and some of the growth that\u2019s embedded in the market.\u201d<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/oxford-ivanhoe-kic-savills-on-singapore-india-markets\/\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"14 NOVEMBER 2023 conrad centennial Singapore\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>Limited supply and rising construction costs leave even more room for rents to grow and offset potential changes in asset values at Singapore\u2019s office buildings and logistics facilities, according to Perlman, who is also chairman of Warburg-backed industrial giant ESR.<\/p>\n<p>\u201cBut let\u2019s not forget,\u201d he cautioned, \u201creal estate is a hyper-local sector. So it really matters where you are, and it also matters what sector you\u2019re in.\u201d<\/p>\n<h3>Geopolitical Shelter<\/h3>\n<p>The uncertainty over long-term interest rates will be the key consideration when making investment decisions in Singapore, said Perlman, who voiced optimism that the city-state would enjoy a degree of insulation from the geopolitical tensions roiling other parts of the globe.<\/p>\n<p>\u201cThe good thing in a world where you do have heightened geopolitical issues is that Asia, and especially Southeast Asia, they\u2019ve been dealing with the US-China dynamic,\u201d he said. \u201cThis isn\u2019t new to most of Southeast Asia. So they\u2019ve kind of found that balance of being able to work with both the Americans and also work with the Chinese. I think it\u2019s actually going to be an issue for the rest of the world that\u2019s going to have to deal with that conflict in a way that they haven\u2019t had to deal with, trying to navigate the two sides, in the past.\u201d<\/p>\n<p style=\"text-align: center;\"><div style=\"margin-left: auto; margin-right: auto; text-align: center; \" id=\"mingt-1712844384\"><a data-no-instant=\"1\" href=\"https:\/\/www.yardi.asia\/Resource\/?resource=Data+Centres+Fuelling+the+AI+Future+%28White+Paper%29&#038;utm_source=mingtiandi&#038;utm_medium=website&#038;utm_campaign=wp23dcai\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Yardi - Data Centre v1_250\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/08\/Yardi-Data-Centre-v1_250.gif\" alt=\"Yardi - Data Centre v1_250\"  width=\"780\" height=\"250\"  style=\"display: inline-block;\" \/><\/a><\/div><\/p>\n<p>As long-term rates come more into focus, possibly in the next three to six months, Perlman expects transaction activity to pick up. He likened the current slowdown in real estate investment to the mechanism seen in public markets.<\/p>\n<p>\u201cThe IPO market can close at times, but it tends not to be closed for years at a time,\u201d he said. \u201cIn the same way that real estate transactions are really unlikely to stop for years at a time, it\u2019s a very transactional asset class, so as a result of that you may see muted activity for six months or 12 months, but it\u2019s unlikely to see really muted activity for years at a time.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"container-lazyload container-vimeo js-lazyload--not-loaded\">https:\/\/player.vimeo.com\/video\/762513184?h=ff0f3a24eeVideo can&#8217;t be loaded because JavaScript is disabled: Keynote Interview with Jeffrey Perlman MTD Singapore Forum (https:\/\/player.vimeo.com\/video\/762513184?h=ff0f3a24ee)<\/div>\n<p>&nbsp; The macro forces rocking the global economy are similarly at play in Singapore, but the city-state remains a beacon&#8230;&nbsp;<a href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/warburgs-perlman-sees-opportunity-in-singapore\/\">Read&nbsp;More>><\/a><\/p>\n","protected":false},"author":9671,"featured_media":334340,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3456],"tags":[5382,3457,5359,7484,8380,8400,9009,1504],"ppma_author":[8847],"authors":[{"term_id":8847,"user_id":9671,"is_guest":0,"slug":"christopher-caillavet","display_name":"Christopher Caillavet","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/500c291c35a85a2ad5827cf7c6d198e1?s=96&d=mm&r=g","user_url":"","last_name":"Caillavet","first_name":"Christopher","description":""}],"_links":{"self":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/334299"}],"collection":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/users\/9671"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/comments?post=334299"}],"version-history":[{"count":0,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/334299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media\/334340"}],"wp:attachment":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media?parent=334299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/categories?post=334299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/tags?post=334299"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/ppma_author?post=334299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}