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Cushman & Wakefield responses to the Budget 2025/26
Response to the Budget 2025/2026 by KK Chiu, International Director, Chief Executive, Greater China of Cushman & Wakefield:
Large-scale land disposal for Northern Metropolis
We are pleased to see the government continue to facilitate the development of the Northern Metropolis (NM) and optimize the industrial and spatial layout. We believe that
the “large-scale land disposal” model can accelerate the completion of residential, industrial, and public facilities. The Development Bureau estimates that the engineering costs for each district will be from HK$10 billion to HK$20 billion. Compared to traditional models, the “large-scale land disposal” model can save more than HK$1 billion in public funds.
Historically, construction costs in Hong Kong are two to three times higher than in neighbouring locations such as Shenzhen. We recommend that the government can reduce costs by introducing foreign labor, similar to the approach taken by the Singaporean government, and to plan effective transportation. connections to enhance investor confidence and attract more developers for sustainable growth.
Compared to traditional land sale models, the large-scale land disposal model features a larger scale, longer development period, and extended payback time. This approach shifts high upfront costs and risks to developers, testing their financial sustainability and capacity to manage these burdens. However, during land levelling, developers can also plan and design, which compresses project timelines and increases their autonomy in design and construction. This flexibility enables them to respond effectively to market demands and create diverse residential or commercial projects.
We recommend that the government effectively plan and utilize transportation facilities in new development areas and those connecting to external regions, such as the Shenzhen Bay Bridge and the planned Hong Kong-Shenzhen Western Railway. Enhancing transportation connectivity will improve convenience, boost investor confidence, attract more developers, and ensure the district’s sustainability.
The government’s plan to prepare land for approximately 80,000 private housing units over the next five years
We are pleased to see the proactive efforts by the government to stabilize future private housing supply. However, since more than 65% of the new land will come from new development areas, such as the Northern Metropolis and Tung Chung, it is crucial to prioritize infrastructure development.
We recommend the government to ensure that infrastructure facilities are in place in these areas before the residential projects are completed, to avoid inconvenience for residents upon moving in.
Response to the Budget 2025/2026 by John Siu, Managing Director, Hong Kong, Cushman & Wakefield:
Development of artificial intelligence (AI) and data facility cluster at Sandy Ridge
We urge the government to announce the development details of the data facility cluster at Sandy Ridge as soon as possible, simplify the land approval process, and offer favorable terms to attract developers and data center operators to set up operations in the area.
Rezoning Some Commercial Sites
We are pleased to see the government temporarily suspend the sale of commercial land parcels, allowing the market to gradually absorb current vacant space and new projects under construction. We suggest that the government regularly review market conditions for a well-timed restart to the sale of commercial land parcels.
Response to the Budget 2025/2026 by KB Wong, Executive Director, Head of Valuation and Advisory Services, Hong Kong of Cushman & Wakefield:
Response to the Budget 2025/2026 by Rosanna Tang, Executive Director, Head of Research, Hong Kong of Cushman & Wakefield:
We are pleased to see the government’s emphasis on attracting high-caliber talent and students, and that initiatives such as the Northern Metropolis University Town and the Belt and Road Scholarship will play a crucial role in attracting diverse global talent and students to Hong Kong in the long term. This influx will bolster demand in the local rental apartment sector and stimulate growth in the residential leasing market.
However, there is currently a significant shortage of student accommodation in the market. Our latest estimates indicate that, on average, three university students are competing for a single bed across Hong Kong, with projected future demand for student beds potentially exceeding 50,000. This shortage has led some students who are unable to secure dormitory housing to seek alternative arrangements in private residential units.
Therefore, we welcome the government’s consideration of rezoning certain commercial sites for residential use. Additionally, we recommend that the government consider permitting the conversion of existing suitable commercial buildings and hotels into student accommodation, and to advocate for the removal of barriers and relaxation of restrictions in the approval process, thereby providing greater flexibility in land use. We anticipate that these measures will increase housing options, alleviate rental pressures, and effectively address the challenges associated with the student bed supply and demand situation.
Response to the Budget 2025/2026 by Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield:
We applaud the government’s decision to raise the maximum value of properties chargeable to stamp duty of $100 from HK$3 million to HK$4 million. This adjustment should attract a larger pool of buyers and investors to the market, consequently expediting transactions for small and medium-sized properties. As per data from the Land Registry, in 2024, there were 7,623 residential transactions valued between HK$3 million and HK$4 million, constituting approximately 14% of total residential transactions. We anticipate that this modification will invigorate the property exchange chain, surpassing the government’s estimated 15% and potentially reaching 20% in the number of property transactions benefiting from this initiative.
Response to the Budget 2025/2026 by Tom Ko, Executive Director, Head of Capital Markets, Hong Kong of Cushman & Wakefield:
The Government has stated that it will introduce a series of optimization measures under the “New Capital Investment Entrant Scheme.” We look forward to the Government announcing the details as soon as possible.
We urge the government to lower the investment threshold for residential properties to HKD10 million and to remove the cap on property investments. This will attract small and medium-sized investors, enhancing Hong Kong’s competitiveness as an international financial center and drawing more talent and capital.
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Hashtag: #CushmanandWakefield
The issuer is solely responsible for the content of this announcement.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2023, the firm reported revenue of $9.5 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.hk or follow us on LinkedIn (
https://www.linkedin.com/company/cushman-&-wakefield-greater-china).
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Sincere Healthcare Group and Landmark Medical Centre Unite to Strengthen Cross-Border Patient Care Between Singapore and Johor Bahru
Integration improves access and continuity of specialist care across Singapore–Malaysia border
SINGAPORE –
For patients, this integration translates into a more coordinated and reassuring healthcare experience — particularly for those who travel between Singapore and Johor Bahru for consultations, treatment, follow-up care or second opinions. It reflects a broader regional focus on enabling care closer to home while maintaining high clinical standards and specialist access.
Shared Medical Heritage, Aligned with Patient-Centred Care
Both Sincere and Landmark were founded by clinicians who believe that good medicine begins with ethics, compassion and respect for patients. Landmark’s clinical foundation was established by Dr Robert Luk Tai Kong and continues under the leadership of Dr Lucas Luk, Managing & Medical Director, who has guided the centre’s steady growth while preserving its patient-first ethos.
Sincere Healthcare Group was founded by Prof Ng Soon Chye, a pioneer in fertility medicine whose contributions helped shape Assisted Reproductive Technologies (ART) in the region. Today, Sincere has grown into a multi-centre healthcare group providing obstetrics and gynaecology, women’s and men’s health, fertility care, minimally invasive and robotic gynaecological surgery, and colorectal services.
“Landmark has always focused on specialised care delivered with personal attention and clinical integrity,” said Dr Lucas Luk. “Integrating with Sincere allows us to expand our specialist support while preserving what patients value most — trust, familiarity and continuity of care.”
Supporting Seamless Cross-Border Care
Cross-border healthcare has become increasingly relevant as patients seek timely access, specialist expertise and flexible care options. This integration strengthens a clear, coordinated care pathway between Singapore and Johor Bahru, aligning with broader healthcare strategies that encourage collaboration, efficiency and patient mobility across the region.
Landmark’s central location in Johor Bahru near the Woodlands entry point, combined with Sincere’s presence near Tuas, allows patients to move more easily between care settings. Services in obstetrics and gynaecology, fertility treatment, and women’s and men’s health are now better connected across the two networks.
“Our focus has always been on how patients experience care,” said Ms Koh Lee Lee, Group Chief Executive Officer of Sincere Healthcare Group. “This integration supports a more holistic and connected approach, allowing patients to receive appropriate care at the right place and time, across Singapore and Malaysia.”
Expanding Care While Preserving Trust
Importantly, Landmark Medical Centre will continue operating under its established name, care teams and clinical philosophy. Patients can expect the same familiar doctors and environment, now supported by a broader specialist network, shared clinical standards and enhanced collaboration within the Sincere group.
“Medicine should always be guided by what is right for patients,” said Prof Ng Soon Chye, Medical Chairman of Sincere Healthcare Group. “By working together, we can strengthen care pathways, share expertise and support better outcomes for the people who trust us with their health.”
Looking Ahead
The integration represents a meaningful step in building sustainable, patient-centred healthcare capacity across the Singapore–Malaysia corridor. Continued investment in medical programmes, technology and specialist collaboration will support long-term care needs while complementing national healthcare priorities focused on quality, access and continuity.
For patients, the message remains simple: more access, more expertise and the same commitment to compassionate, ethical care — now delivered through a more connected cross-border healthcare network.Hashtag: #sincerehealthcaregroup #landmarkmedicalcentre #crossborderhealthcare #womenshealth #menshealth #obgyn #gynaecology #singaporehealthcare #johorbahruhealthcare #SGhealthcare #JBhealthcare #SingaporeMalaysia #integratedcare #specialistcare #continuityofcare
https://www.sincerehealthcaregroup.com/
https://www.linkedin.com/company/sincere-healthcare-group/
https://www.facebook.com/sincerehealthcaregroup/
https://www.instagram.com/sincerehealthcaregroup/
https://www.tiktok.com/sincerehealthcaregroup
The issuer is solely responsible for the content of this announcement.
Sincere Healthcare Group Pte Ltd
Sincere Healthcare Group is a private healthcare network in Singapore and Malaysia specialising in obstetrics and gynaecology (O&G), reproductive medicine, fertility care, and advanced women’s and men’s health services. Its centres provide comprehensive programmes including IVF, andrology, prenatal care, diagnostics, minimally invasive surgery and women’s health screening. Supported by experienced specialists, modern laboratories and technology-enabled systems, Sincere serves local and international patients seeking ethical, evidence-based care. Its portfolio also includes colorectal conditions, endoscopy, colonoscopy and laparoscopic surgical services. Expanding its regional presence, Sincere has established a Patient Liaison Centre in Shanghai, China, to support patients seeking fertility consultations and coordinated cross-border care.
Landmark Medical Centre Sdn Bhd
Landmark Medical Centre is a well-established healthcare provider in Johor Bahru, founded in 2005 and recognised for its trusted legacy, strong clinical leadership, and commitment to patient-centred care. It offers multidisciplinary services with core strengths in women’s health, obstetrics and gynaecology, surgical care, and general health services. Guided by medical integrity and long-standing community relationships, Landmark continues to deliver quality medical care supported by experienced clinicians and modern clinical facilities.
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Japan’s Largest Anime Specialty Store Lands in Hong Kong – Animate Hong Kong’s Mong Kok Direct Store Officially Opens Today
The new Animate Hong Kong is situated on the fourth floor of T.O.P, directly connected to Mong Kok MTR Station for convenience. Since Mong Kok is a gathering place for local trend culture and young consumers, it was chosen as the location for Hong Kong’s first direct-operated store.
Introduced Direct Operation Model from Japan for More Comprehensive New Products
The Hong Kong store operates under a direct management model from the Japanese headquarters, significantly upgrading product supply, including:
- Faster availability of Japan’s latest anime peripherals, manga, and audiovisual products.
- Many products can be launched simultaneously with Japanese stores.
- A more stable supply of limited items and store exclusive bonuses.
The Animate direct-operated store can considerably shorten the time difference in launching new products, offering a shopping experience closer to that of Japanese stores.
Launching Limited-Time Offers and Activities for Opening
To celebrate the opening, Animate Hong Kong is offering several locally exclusive shopping privileges and opening events, including:
- Commemorative opening limited offers.
- Elegant gifts based on spending amounts.
- Thematic exhibitions of selected works.
- Limited-time collaborative projects.
More information about the activities will be announced on the official X, Facebook, and Instagram accounts.
The brand hopes that the new store can become a communication hub for Hong Kong anime fans and attract more local and overseas visitors.
【Store Information】
- Store Name: Animate Hong Kong
- Opening Date: December 23, 2025
- Address: Shop 409A / 409B / 411, 4th Floor, T.O.P This is Our Place, 700 Nathan Road, Mong Kok, Kowloon
- Business Hours:
- Monday to Thursday: 12:00–21:30
- Friday to Sunday and Public Holidays: 11:00–22:00
- Official X: https://x.com/animate_HK
- Official Facebook: https://www.facebook.com/animatehongkong
- Official Instagram: https://www.instagram.com/animate_hk/
Hashtag: #Animate
The issuer is solely responsible for the content of this announcement.
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Dhanarak Asset Development Unveils Thailand’s First Green Government City at Government Complex Bangkok
Under the leadership of Dr. Nalikatibhag Sangsnit, President of DAD, the multi-year redevelopment program reimagines state-owned land, one that treats public land not as a bureaucratic perimeter, but as shared civic infrastructure that prioritizes people, health, and nature.

“For decades, government districts in Thailand were designed to manage paperwork, not people,” Nalikatibhag said. “We wanted to reverse that logic. A city, especially a city owned by the state, must first work for human life: how people walk, how they rest, how they breathe, and how they coexist with nature in their daily routines.”

From Bureaucratic Grey to Green Living
The centrepiece of the initiative is the newly opened 5.1-rai landscaped connector between Buildings B and C, a site that once functioned primarily as a traffic corridor and noise buffer. The area has been transformed into a pedestrian-friendly green passage linking offices, transit access points and communal spaces within the Government Complex.
Designed as urban infrastructure, a climate buffer reduces heat, improves water absorption and supports daily movement across the site. It also opens previously restricted government land to wider public use, blurring the boundary between administrative space and the city around it.
The project aligns with Thailand’s broader sustainability frameworks, including environmental, social and governance (ESG) principles and the government’s bio-circular-green (BCG) economic model. Design features focus on expanding tree canopy, increasing permeable surfaces and creating flexible areas that can support exercise, informal gatherings and community activity.
A Scalable Blueprint for State-Led Urban Transformation
Over the past six years, DAD has increased green spaces within the Government Complex by more than 47 rai, and when combined with adjacent landscaped zones, the total reaches over 138 rai, creating one of northern Bangkok’s largest continuous public green areas.
Nalikatibhag describes the City of Green Lifestyles concept not as a one-off redevelopment, but as a template for future public-sector land use, particularly in rapidly urbanising Asian cities where governments remain among the largest landowners.
“This is about proving that sustainability is not an added cost or a branding exercise,” he said. “When green infrastructure is designed as part of the system, when it improves health, reduces stress, lowers energy demand and invites public use, it becomes economically rational and socially inevitable. The role of the state is not only to regulate cities, but to set an example of how cities should be lived in.”
Global Recognition for Innovation
DAD’s sustainability efforts have earned international acclaim. In 2025, the company became the only public-sector organisation to win the Asia-level International Innovation Awards for two consecutive years, recognising its Government Complex Smart City initiative and the GCC Super Application, a digital platform integrating transport, navigation, and public services within the complex.
The awards, selected from more than 160 entries across 30 countries, underscore Thailand’s growing leadership in sustainable and technology-driven public sector transformation.
Redefining the Role of the State in City-Making
Unlike large-scale urban megaprojects, the Government Complex Bangkok initiative relies on system-based, incremental transformation, repurposing existing assets instead of acquiring new land. Urban policy analysts note that this approach provides a scalable blueprint for other governments managing extensive real estate portfolios.
“A government city should not feel separate from everyday life,” Dr. Nalikatibhag said. “If public space eases the intensity of daily life, improves health and restores a sense of balance between people and nature, then governance itself becomes more humane.”
Hashtag: #CityofGreenLifestyles #GovernmentComplexBangkok #Nalikatibhag #Thailand
https://www.dad.co.th
https://www.facebook.com/DhanarakAssetDevelopment/
The issuer is solely responsible for the content of this announcement.
Dhanarak Asset Development Co., Ltd.
Dhanarak Asset Development Co., Ltd. is a state-owned enterprise under Thailand’s Ministry of Finance, responsible for managing and developing the Government Complex and related assets. DAD is committed to advancing sustainable, human-centered urban development and creating models for environmentally and socially responsible government infrastructure.
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