Knight Frank opens private office in Hong Kong
in 25 yearsKnight Frank has established a new Private Office in Hong Kong to serve their global real estate portfolio needs of ultra-high-net-worth individuals, family offices and their advisors. Tung Ho-Pin has been appointed to lead the office, which marks the fifth one in Asia. This is a step closer to reaching the company’s goal of being the leading global private client and family office advisor in real estate.
Paddy Dring, head of the Knight Frank Private Office, expressed their delight in welcoming Ho-Pin and stated that this would help them to meet their client’s needs in the region, facilitating all their real estate transactions, no matter where in the world they are taking place.
It comes just a year after the opening of the office in Singapore and follows the results of Knight Frank’s The Wealth Report, forecasting a 45% increase in wealth amongst Asia-Pacific HNWIs in 2023. The Knight Frank Attitudes Survey also reported that 16% of their clients are planning to buy a home in 2023.
Hong Kong, Singapore, and Sydney have been ranked among the top 10 cities for ultra-prime property transactions this year and accounted for 345 super-prime and 53 ultra-prime sales. It seems as though residential properties are the preferred form of property investments amongst UHNWIs in the region, with 32% of the total wealth of HNWIs being allocated to their primary and secondary homes.
CDL The Myst Aries buys land for S$126.3 million, poised to develop a new residential project in the desirable Upper Bukit Timah area of Singapore, offering potential for investors and Singaporean homeowners.
Knight Frank reports that it is private investors who were the most active buyers in global commercial real estate investments in 2022 and are expected to remain so this year. The opening of the Private Office in Hong Kong at this ‘impeccable timing’ will serve to expand and strengthen their position, providing the best quality advice for their clients.