AGP Executive Report

Housing Supply Push (South Korea): President Lee Jae-myung told the new Land, Infrastructure and Transport minister to go all out on faster housing supply, linking land securing, staffing fixes at LH, and clearer public communication to the country’s “fate.” Urban Resilience & Health Infrastructure (U.S.): Rep. Pramila Jayapal introduced the GREEN Hospitals Act to fund climate-resilient hospital construction and modernization, with $100bn proposed for FY2026. Data Centres vs Communities (Australia): Goodman Group pulled back an $800m 24/7 data centre at Lane Cove after resident protests and utility concerns, adding to a growing backlash across NSW. Flood Risk & Housing Disruption (Thailand): Bangkok floodwaters began receding after weekend rain affected about 700,000 people, with shelters still housing thousands. Rental Affordability (India): A Bengaluru “₹30,000 for a room in a 3BHK” post sparked debate on how quickly rental norms are shifting. Property & Finance (UAE): Aldar reported over Dh5bn in sales from new Saadiyat and Yas islands projects, citing strong demand despite regional uncertainty. Coastal Land Conflict (Pakistan): Karachi’s mangrove encroachment dispute is resurfacing near a newly inaugurated mangrove biodiversity park, raising fresh questions for real-estate expansion.

Asia-Pacific Hotel Investment: CBRE says hotel investment in Asia Pacific accelerated in 1H2026, up 21% to about $8bn, led by Japan, mainland China and South Korea as room rates and occupancy rebound. China Housing Reform: Shanghai advanced rules prioritizing completed-home sales, aiming to restore buyer confidence amid ongoing market stress. India Home Sales & Leasing: Reports point to steadier Q3 housing demand in India, with top cities seeing sales growth and office leasing rising, while supply expansion remains a key watch item. Korea Mortgage & Policy Shifts: South Korea moved to scrap the “marriage penalty” in a newlywed mortgage program, as housing expectations and permits continue to swing with financing conditions. Taiwan Housing Slowdown: Developers in northern Taiwan are delaying launches as credit tightens, prices stay high and demand weakens. Sri Lanka Reconstruction: China agreed to help rebuild 14 cyclone-damaged bridges, a boost for transport links after Cyclone Ditwah. Urban Development Dispute (Australia): A $156m Sydney build-to-rent plan near Parramatta CBD was scaled back after heritage and community pushback. Risk & Resilience: Bangkok flood impacts eased after heavy rains, while California declared a statewide emergency ahead of a potentially strong El Niño.

Korea Housing Sentiment: Despite two Bank of Korea rate hikes, home-price expectations stayed hot, with Seoul’s outlook index rising to 133 as mortgage rates near 8%, while newlyweds report debt burdens as loan balances more than doubled over eight years. Public Housing Supply: HUG will recruit tenants for 900 Deundeun lease homes across the Seoul metro and Busan, with total Deundeun supply set to reach 3,600 units this year. India Home Market: In Q3 2026, housing sales in India’s top seven cities rose 3% to about 100,220 units even as prices climbed; Mumbai and Bengaluru led, while new supply jumped 18%. India Office & Retail: Office leasing in India’s top seven markets grew 7% to 54.4m sq ft (Bengaluru and Hyderabad leading), while JLL expects 51.1m sq ft of new malls by 2031, skewing toward large-format experiential projects. Korea Competition Crackdown: Korea plans tougher sanctions for repeat cartel offenders, including business suspensions and registration revocation in 17 industries. Urban Planning in Gyeonggi: Gyeonggi Governor Choo Mi-ae pushed for legal changes to speed third-phase new towns, including exemptions from feasibility studies for wide-area transit tied to new towns. Leopalace21 Take-Private: A Japanese consortium plans a ¥267.6bn buyout of Leopalace21, aiming to expand corporate housing using telecom and utility cross-selling. Mumbai Luxury Pipeline: Godrej Properties signed a development deal for a Marine Lines, South Mumbai luxury project with revenue potential around Rs 6,000 crore. Transpacific Freight Signal: Container spot rates to the US have surged versus Europe since July, highlighting shifting logistics costs that can feed into property and construction supply chains.

Infrastructure Finance: Doha will host the AIIB’s 11th Annual Meeting on Monday, with ministers and investors set to debate sustainable infrastructure, climate funding, digital public infrastructure, gender-responsive financing and cross-border connectivity as the bank pushes into its second decade. Housing & Water Governance: In Visakhapatnam, CREDAI says GVMC should clear delayed bulk water connection applications for apartments and high-rises now that reservoirs are full, warning that groundwater dependence is risky as water tables fall. REIT Watch (Philippines): PLDT’s VITRO REIT is still aiming to launch its IPO before year-end, but higher interest rates and deal timing with cornerstone investors could push it back. Branded Real Estate (Philippines): Developers are moving beyond residential towers into hospitality, dining, wellness and private-club lifestyle projects, betting that brand identity and experience will drive demand. Policy & Markets (Australia): Australia’s RBA is set to consider a potential rate rise to a 15-year high as inflation politics heat up ahead of the decision.

Malaysia MM2H: The Malaysia My Second Home programme generated RM8.85b in economic value from Oct 2024 to Aug 2026, with RM5b from property purchases and RM3.82b in fixed deposits, drawing 7,650 new applications; China led with 3,847. South Korea Housing Supply: After the 2022 Legoland financing freeze, small and mid-sized builders’ housing supply fell 29.3% this year and 58.8% for small/mid firms, as funding concentrates on prime projects in the Seoul area. Seoul Jeonse Pressure: Seoul apartment jeonse deposits jumped 82.68m won (14.9%) over two years to 636.63m won, with tighter supply and lending limits pushing deposits to an all-time high. Korea New Presales: Cheongju’s HL D&I Halla launches Sinbunpyeong Epitte The Way City presales next month with 992 units. Korea Resale Windfalls: Two Seoul-area apartments are being resold after contract cancellations, with potential gains around $700k. Bali Tax Base: Bali’s tax office says expanding taxpayer IDs and business registrations lifted 2026 revenue to Rp11.2t as of August. Thailand Floods: Flooding in Bangkok’s Lat Krabang left about 20,000 residents stranded, including evacuations of bedridden patients from Rom Klao public housing. India Census 2027: PM Modi says the first phase is near completion with data from 32 crore families, urging public participation.

Malaysia MM2H: Malaysia’s My Second Home programme generated RM8.85bn in economic value (Oct 2024–Aug 2026) from 7,650 new applications, with China leading demand and plans for overseas sales missions to boost uptake. India Real Estate: Hyderabad hosted IREC 2026, with the India Housing Report (H1 2026) highlighting ₹3.63 lakh crore primary sales in Tier-1 cities and a slight dip in units sold as launches rose. Pakistan Housing & Resilience: A spotlight on flood recovery in Pakistan questions whether rebuilding programmes truly deliver resilience for women and girls, amid climate-driven displacement and gender inequality. Korea Housing Finance: A study finds jeonse “move-in effects” from new Seoul apartments weaken when lease supply is tight and liquidity is high, with the strongest price drop within 500m. Noida Luxury Shift: Noida’s premium market is moving toward serviced residences and suites, expected to accelerate with Noida International Airport and Yamuna Expressway-linked projects. Office Market (US, for context): Hudson Pacific sold a largely vacant San Francisco SoMa office complex for $65.5m, underscoring ongoing pressure on older office stock.

India Infrastructure & Urban Mobility: The New Development Bank approved up to US$395m for Hyderabad’s elevated corridor project, aiming to boost capacity on NH-44 and SH-1 and cut travel times as the city’s growth strains roads. Affordable Housing Finance: IIFL Home Finance signed a US$150m loan with JICA to expand affordable home loans for low-income women across India, co-financed with ADB and MUFG. Prime Residential Prices: Knight Frank’s Prime Global Cities Index put Mumbai at No. 8 globally for prime residential price growth, up 6.2% YoY in Q2 2026; Bengaluru rose 4.5% (ranked 12th) and Delhi 3.9% (ranked 17th). Second-Home Demand (Delhi-NCR): Sariska and the Alwar belt are gaining traction as weekend and second-home destinations for Delhi-NCR buyers, helped by improved road links and more luxury hospitality and managed farmhouse projects. Korea Rental Market Reform: South Korea’s HUG launched a “safe rental trust” for jeonse deposits, with commitments already above 1tn won, as the government tries to restore confidence in non-apartment rentals. SEBI Market Discipline: SEBI barred Omaxe and promoter-linked entities for securities-market violations tied to misleading minimum public shareholding claims during 2013 offer-for-sale activity. Korea Property Finance Exposure: South Korea’s central bank flagged real-estate-related lending nearing 2,800tn won and total property finance exposure above 4,300tn won, warning of risks as housing supply expands.

China Demand Watch: China’s steel slowdown is starting to bite: CISA urged mills to restrain output as construction PMI slipped and real estate/infrastructure investment weakened, raising focus on softer iron ore and dry bulk flows. India Housing Finance: Carlyle Asia Partners has completed its ₹600 crore secondary buy plus primary funding into Nido Home Finance, taking a strategic majority stake and boosting capital for affordable and mid-ticket home loans. India Residential Development: Signature Global shelved its IPO plan for its hospitality arm, citing uncertain markets, while the developer pushes ahead with a Gurugram West (Farrukhnagar) ultra-luxury farmhouse villa project targeting ₹5,500–6,000 crore GDV. India Policy & Delivery: Maharashtra CM Fadnavis said the Mathadi Act will stay and announced homes for ~3,000 Mathadi workers under the Wadala project, alongside Vashi APMC market redevelopment. Asia-Pacific Real Assets: ESR is buying Aquila Clean Energy APAC to expand into renewables and energy storage, strengthening its data centre and logistics power adjacencies. Risk & Regulation: UN added 61 firms to its list linked to illegal Israeli settlement activities, including some real-estate-linked companies, keeping ESG and financing scrutiny in the spotlight. Local Market Signals: Mumbai prime housing prices rose 6.2% YoY and moved into the global top 10, per Knight Frank.

Urban Resilience & Heritage-Led Growth: Tokyo Governor Yuriko Koike pushed city-to-city cooperation at the UN, while a feature on Ha Long argues heritage can power a new, nature-led urban development cycle as climate risk reshapes housing priorities across Asia-Pacific. Hotel Investment Pulse: CBRE says Asia-Pacific hotels are among the most compelling real estate bets, with $8bn invested in H1 (+21% y/y) as travel demand rises and supply stays tight, though higher borrowing costs may cool activity later. Data Centres vs Local Life: Hamilton’s data-centre boom is drawing public pushback over water and energy use; councillors voted down a proposed year-long development ban as two AI compute pitches move through review. India Real Estate Finance & Regulation: SEBI approved depository receipts for REITs/InvITs and eased norms for analysts and vault managers, while Motilal Oswal launched a Nifty REITs & Realty index fund for subscription. Land & Housing Governance: Maharashtra set up a panel to regularise pre-2011 residential encroachments on government land in Mumbai, Pune and Pimpri-Chinchwad. Market Backdrop: Global bond sell-offs and rising yields are again weighing on housing sentiment, with Fitch flagging higher real interest rates as a key risk.

Asian Games Housing Crunch: Thailand’s Olympic committee says Japan’s Nagoya Asian Games has become “chaotic,” citing late or missing transport, poor accommodation, and temporary container-style huts plus cruise-ship lodging instead of a proper athletes’ village. Green Urban Policy: Kuwait is pushing green development under Vision 2035, targeting carbon neutrality by 2060 with renewables, waste-to-energy, and eco-cities/green buildings. India Housing & Land Governance: Maharashtra set up a 10-member panel to draft a policy to regularise pre-2011 residential encroachments on government land in Mumbai, Pune and Pimpri-Chinchwad. Regulatory Overhaul (Real Estate Finance): India’s Sebi approved major PMS rule changes, including easing FPI access to certain non-agri derivatives and allowing broader PMS investment options. Rent Control Debate: A study says Santa Ana’s rent stabilization ordinance hasn’t improved affordability and is linked to faster rent growth. Hotel/CRE Deal Activity: Leopalace21’s proposed $1.7bn Japan take-private gets big legal advisory support, while Australia’s Sydney Mechanics’ School of Arts lists its heritage CBD tower for about $40m.

Asian Games Housing Crunch: Thailand’s delegation says Nagoya’s 2026 Asian Games has become a “chaotic” setup, citing poor accommodation, room shortages, airport delays and erratic transport, with athletes housed in hotels, temporary container-style huts and a cruise ship instead of a full athletes’ village. Hong Kong Property & Planning Court Ruling: Hong Kong’s government won’t appeal a Court of Appeal decision quashing an environmental approval tied to public housing at part of the former Fanling Golf Course site, clarifying how additional EIA information must be handled in public consultation. Japan Housing Costs Bite: Tokyo used condo prices fell 0.2% in August, the first drop in 28 months, as higher mortgage rates weigh on buyers and regulators tighten real-estate lending oversight. Korea Rate Hike Impact: A study by Korea’s housing research institute finds a 0.25-point rate rise can cut nationwide apartment sale prices about 1.2% after six months, with effects lagging. APAC Hotel Investment: CBRE reports Asia Pacific hotel investment hit US$8bn in H1 2026 (+21% YoY), led by Japan, Mainland China and Korea, supported by strong demand and limited new supply. India Real Estate Services Deal: Anarock acquired a 51% stake in design and architecture firm DSP Design Associates to build an end-to-end advisory-to-design offering across India and select overseas markets. Student Housing Shift: India’s student accommodation market is moving toward organised, on-campus style operators focused on safety, compliance and service quality.

Pacific & diplomacy: Trinidad and Tobago’s PM Kamla Persad-Bissessar is now persona grata in Venezuela after a thaw following months of tensions, with leaders citing renewed cooperation after recent earthquakes. Pacific military pressure: Guam is hosting talks in San Francisco with about 100 federal officials as the island faces major new defense buildup impacts, spotlighting the knock-on demand for housing and infrastructure. Vietnam hospitality & real estate demand: Hanoi hotels are pushing for longer stays and more business/MICE demand as high-end supply expands; Savills data points to rising arrivals but room to lift occupancy and revenue beyond rooms. India housing finance & enforcement: India’s ED has carried out raids tied to GMADA, including searches at AAP-linked figures and the housing minister’s nephew, underscoring ongoing scrutiny of housing-linked governance and transactions. Korea labor & housing finance link: Samsung Heavy has reached wage talks, including higher base pay and expanded in-house housing loan ceilings—an indirect signal for household credit conditions in Korea’s industrial belt. Mumbai infrastructure reshaping demand: Mumbai’s connectivity upgrades (metro, roads, airport links) are shifting residential demand and lifting prices 10–12% in key micro-markets. Global rates pressure: U.S. bond-market selloff and Fed hawkishness are pushing yields higher, a reminder that financing costs can quickly spill into Asia-Pacific property sentiment.

Korea Housing & Foreign Capital: South Korea saw August domestic migration hit a 53-year low as housing transactions and apartment completions slowed, while authorities expanded scrutiny of 840 property deals involving overseas capital to curb loopholes and improve fairness for homebuyers. Seoul Wedding Support: Seoul is widening its free “A Rosy Wedding on the Hangang” programme, using an essay contest to fund fully catered, open-air ceremonies for more young couples facing wedding costs. Indonesia MBG Delivery: Indonesia’s villages ministry is proposing communal kitchens to help roll out the Free Nutritious Meal (MBG) programme in frontier and underdeveloped regions like Papua, where small household and school clusters need a tailored approach. Singapore Fire Safety: A fire in an Ang Mo Kio HDB flat is believed to have started from an automatic mahjong table, trapping two siblings and prompting a four-month renovation estimate. Cambodia Tourism Drop: Cambodia’s international tourist arrivals fell 44.4% in the first eight months of 2026, with scams, border friction and Middle East fuel-price pressures cited. India Senior Living Shift: A report says India’s senior living market is moving from real-estate-only models toward integrated care and operations, with different city segments supporting different service tiers. Pakistan Real Estate Finance: Pakistan’s builders’ association is considering corporatisation and REITs after SECP reforms aimed at simplifying business incorporation and boosting access to finance.

APAC REIT momentum: Cushman & Wakefield says India has overtaken Hong Kong to become Asia’s 4th-largest REIT market, with Asia REIT value up 18% since 2024-end and India emerging as a key growth engine. Policy shift for investors: India’s RBI has revised valuation norms for InvIT and REIT units held by all-India financial institutions, tightening how these vehicles are priced. India deals & expansion: Puravankara bought 13.44 acres in Greater Noida, targeting up to ₹5,200 crore GDV, while Runwal Enterprises set an IPO price band of ₹290–305 for a ₹500 crore issue. Housing affordability pressure (Australia): Australia’s mortgage outlook worsens as banks price in another RBA hike, with tax reforms and higher rates weighing on a broadening house-price slowdown. Luxury market signal (Japan): Tokyo leads Knight Frank’s Prime Property Index as luxury home prices jump 51% year-on-year. Regional capital flows (Middle East): BlackRock’s Aladdin report flags the UAE as the region’s top private-capital destination, with rising domestic deployment in tech and infrastructure. On-the-ground housing risk (Korea): Seoul flags over 10,000 suspected illegal online property listings, adding enforcement pressure to the market.

Korea Housing Policy: South Korea’s central bank flagged rising household and housing-price-driven financial imbalances, warning interest-rate hikes could strain vulnerable borrowers even as the system stays stable. Korea Tenant Protection: Korea Housing & Urban Guaranty (HUG) opened a Lease Deposit Trust Center to put jeonse deposits under public management, aiming to improve safety and support a “virtuous cycle” in rentals. India Land & Growth: Puravankara bought a 13.44-acre Greater Noida parcel to build a housing project with an estimated ₹5,200 crore revenue, signaling continued Delhi-NCR expansion. India Office Demand: CBRE expects Mumbai office absorption to grow 12–15% annually from 2027–2030, led by GCCs, BFSI, tech and flexible workspace operators. Australia Rates & AI: RBA governor Michele Bullock said AI may be a bubble and hasn’t yet boosted productivity, while also noting a deeper-than-usual house-price slump. Japan Living Constraints: Japan’s “supepa” trend is pushing compact appliances as high home prices squeeze space, with new washer-dryer and fridge designs gaining traction. Thailand Urban Cooling: Bangkok’s Suan Dusit Arun rooftop park marked its first year, drawing 951,000 visitors and reporting cooling and biodiversity benefits. Korea Semiconductor Cluster: Jeonnam-Gwangju accelerated work on a Honam semiconductor cluster targeting first mass production in June 2030, with power, water, land and workforce plans moving in parallel. Japan Asian Games Housing: Organisers defended cruise-ship athlete arrangements in Nagoya after boarding delays and complaints about accommodation and documentation.

Student Housing IPO: Hillhouse-backed Elevate Campuses plans to raise ₹2,100 crore via an IPO (price band ₹343–₹362), targeting student accommodation expansion across India and Dubai. REIT Momentum: Cushman & Wakefield says India has overtaken Hong Kong to become Asia’s 4th-largest REIT market, with Asia REIT growth accelerating and India flagged as a key engine. Korea Housing Supply: South Korea is set to approve/advance public rental and youth rent aid measures, including plans tied to 1.19 million public homes by 2030 and delays on land disposal for elderly/inherited farm owners. China Rates & Property Drag: China’s central bank kept key lending rates unchanged for a 16th month as property and local-government credit demand weakens, narrowing room for easing. India Luxury Demand: Angel One founder Dinesh Thakkar struck a Rs 711 crore deal for a full luxury tower in Mumbai’s Juhu, underscoring resilient ultra-luxury appetite. Local Governance Dispute: Telangana High Court halted beautification at Ameenpur Lake pending a dispute over full tank level land extent, affecting housing-society plans.