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Savills Singapore’s new Managing Director Marcus Loo expects the rental growth of AAA-grade office buildings here to rise by more than two-fold to about 10 percent for the whole of 2018, reported the Straits Times.
This bullish forecast is attributed to an undersupply of such properties in the core Central Business District and strong demand from different industry groups, said Loo. He was an Executive Director for the property agency for nearly three years, prior to succeeding Chris Marriott, who remains as Chief Executive of Savills Southeast Asia.
Loo has been credited for successfully managing the Singapore team, particularly in commercial leasing. In fact, he worked with major clients like Lazada, Julius Baer and Samsung. Before joining Savills, he spent 13 years at Colliers International Singapore, where he ran its property agency’s office services division.
He also thinks the local team can attract more foreigners to invest in Singapore properties, particularly Savills’ clients in Northeast Asian countries like China and South Korea.
However, Loo identified talent acquisition as a key challenge for Savills Singapore. In order for its presence here to continue to expand, it needs to seek out and hire the best people for the job, he noted.
Meanwhile, Marriott revealed that Savills is considering to increase its total manpower in the city-state by 10 or 20 percent. This includes growing the number of agents focusing on residential properties to about 1,000 in the near future from 650 currently.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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