Southeast Asia Outlook 2024

Southeast Asia Outlook 2024: Opportunity Beckons

CUSHMAN & WAKEFIELD

LONG-TERM DRIVERS MAJOR INFRASTRUCTURE DEVELOPMENTS

KEY INFRASTRUCTURE DEVELOPMENTS (EXPECTED COMPLETION)

COUNTRY

IMPLICATIONS / AREAS TO WATCH

• Tuas Mega Port (Phase 1: 2027, final phase: 2040s) • Terminal 5 Changi Airport (2030)

• Higher warehouse demand in the west, particularly in Tuas, Pioneer, Boonlay and Jurong East, and east regions of Singapore

SINGAPORE

• Higher office demand within outer KL CBD and KL Fringe areas • Establish railway connection between West Coast and East Coast region • Catalyst for further development of Johor Bahru

• MRT 3 Circle Line (Phase 1: 2028, Full phase: 2030) • The East Coast Rail Link (ECRL) (2027) • Johor Bahru-Singapore Rapid Transit System (RTS) Link (2026)

MALAYSIA

• Hanoi Ring Roads 1 to 5 (Ring Road 2.5: completed, Ring Road 3 & 3.5 & 4: 2023 - 2028, Ring Road 5: Under planning) • HCMC Ring Roads 2 & 3 & 4 (Ring Road 2: completed, Ring Road 3: 2026, Ring Road 4: 2024 – 2028)

• Facilitate connectivity between HCMC and Hanoi and neighboring provinces and reduce logistics costs for business • Long Thanh International Airport is envisioned to boost Vietnam Southern to become an air transshipment hub in the Southeast Asian region

VIETNAM

• Long Thanh International Airport (Phase 1: 2026 • Extension of Noi Bai International Airport (2026)

• New Capital city of Nusantara (Phase 1: 2024, final phase: 2040s) • The extension of High-Speed Train Jakarta – Surabaya (2030s)

• Massive new developments of residential and commercial to support the NCC Nusantara • Faster growing commercialization in cities/areas where the stations will be located

INDONESIA

• Increasing the port’s capacity to support the growing demand for international ocean freight in the future. • Increasing the annual passenger handling capacity of the airport from 60 million at the current year to 150 million in the future.

• Laem Chabang Port Phase 3 development project (Phase 1: 2025, Phase 2: 2027) • Suvarnabhumi International Airport Development (Phase 4 and 5: 2030)

THAILAND

• The MRT – 7 project to further improve accessibility to Metro Manila • New Manila International Airport to complement existing NAIA (country’s premier airport) in Manila and Clark International Airport in Pampanga • To reduce travel time from NAIA and will connect seven cities, municipalities, and three business dis tricts (Makati CBD, Bonifacio Global City and Ortigas CBD), as well as key transport networks (MRT-3, LRT-2, and the Philippine National Railway lines)

• Metro Rail Transit (MRT) – 7 (2025) • New Manila International Airport (Bulacan International Airport) (2027) • Metro Manila Subway (2029)

PHILIPPINES

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