Outside of China, ASEAN will be the first to rebuild after the pandemic, says property consultant.
As the Coronavirus pandemic continues its destructive path across the world, huge changes in lifestyle and how businesses are conducted, are being seen. However, instead of seeing this as a negative development, renowned property consultant Dato’ Sri Gavin Tee views this as a positive way forward.
“Events that have rocked the world in the past 10 years have culminated in a new era beginning 2021; and the pandemic has accelerated the turning point quite dramatically,” he told Asian Property Review in an exclusive interview recently.
He cites the ‘China factor’ as ‘one big continuous event’ that has moved the ‘epi-centre’ of world power from the west to the east. “Ever since 2015, China has made global news when it began investing in cities all over the world. Its massive Belt and Road Initiative spanning several continents has also garnered lots of talk.”
As a result of the investments, the real estate landscape around the world has completely changed in all aspects, including architecture, design, construction, marketing, valuation, digitalisation and demographics. “The changes are phenomenal to say the least; even back in 2017 when a group of us set up the Malaysia Proptech Association, we have already foreseen that the digital world will seep into our lives and businesses and become the norm. That has already happened – developments like the smart home, design of property, digital marketing, 3D printing, drones, 5G and many other high tech inventions are stuff that are slowly becoming the norm,” the consultant notes.
“2020 can be considered a total wipe-out in terms of developments and activities in the real estate sector, but it also marked a new beginning especially for ASEAN. As I have predicted in my 10-year prediction previously, ASEAN will encounter a new era of renewed vigour and prosperity from 2021 onwards and this will last for the next 10 years.”