Consultancy

With increasing competition among tourism destinations across Asia-Pacific, the Singapore government recognised the need to refresh its tourism offerings and strengthen its appeal to future visitors. The transformation of Sentosa and Pulau Brani was identified as a key component of the Greater Southern Waterfront vision, creating a major live-work-play destination that would support Singapore's long-term economic growth.

To realise this ambition, Sentosa Development Corporation (SDC) appointed a consortium led by Grant Associates in 2017, with Knight Frank Singapore  serving as lead real estate advisor for the development of the Sentosa-Brani master plan. Following the unveiling of the master plan in 2019, our team was reappointed in 2022 as Consultant Team Lead to review and update the strategy in response to post-pandemic market realities.

We led a multidisciplinary consultant team and undertook extensive market and financial analysis to support the evolution of the master plan. On top of assessing the impact of COVID-19 on the tourism and leisure sector, we conducted detailed studies across attractions, hotels, retail, F&B, events and wellness segments. This included consumer surveys, stakeholder engagement, benchmarking studies and analysis of regional tourism trends, visitor demand and competitive supply dynamics.

Based on these findings, we provided strategic recommendations on concept positioning, development phasing and land use allocation across the two islands. To support investment decision-making, we also carried out detailed financial modelling across multiple development scenarios, evaluating potential returns for SDC and future hotel, retail and leisure operators. The analysis also informed broader cost-benefit assessments undertaken as part of the project.

Our analysis formed a key foundation for determining the allocation of land within the master plan. Our studies informed business models, development phasing strategies and future development opportunities across the Sentosa-Brani precinct. The financial analyses provided SDC with critical inputs for investment planning, budget allocation and funding considerations.

The resulting master plan establishes a long-term framework for revitalising Sentosa's beachfront areas and creating new destination clusters across both islands. When realised, the development is expected to strengthen Singapore's tourism offering and generate significant economic activity over the medium to long term.

To be listed on the Catalist Board of the Singapore Exchange, Singapore's leading co-living operator the Assembly Place (TAP) required an independent assessment of Singapore's evolving community living landscape.

The objective was to provide investors and stakeholders with a robust understanding of the demand drivers, growth potential and market opportunities across emerging living sectors, including co-living, student accommodation, serviced apartments, senior living and accommodation for foreign healthcare workers.

Our team was commissioned to prepare an independent market research report covering Singapore's broader Community Living sectors. It examined key market segments including residential co-living, purpose-built student accommodation, hotels and serviced apartments, intergenerational and senior living, and foreign healthcare workers' accommodation. The team analysed demographic trends, policy developments, economic drivers and evolving housing preferences shaping demand across these sectors.

On top of providing a macroeconomic overview of Singapore's real estate sector, we assessed current market conditions, supply-demand dynamics and future growth prospects. Addressable market sizes were also estimated for each sector, providing a clearer picture of long-term development opportunities within Singapore's living landscape.

 The report delivered a comprehensive overview of Singapore's Community Living sectors, helping stakeholders understand the structural trends supporting demand for alternative living formats.

By quantifying addressable market opportunities and assessing future growth potential, our research and analysis provided valuable insights into emerging residential and accommodation sectors that are becoming increasingly relevant to investors, operators and developers.

The study also supported a broader understanding of how demographic shifts, workforce requirements, education demand and changing lifestyle preferences are reshaping the way people live, stay and age in Singapore.

Alternative living formats are moving from niche concepts to established real estate sectors. Understanding where demand is coming from, who it serves and how each segment can grow is becoming increasingly important for investors and operators.  

Singapore’s business travel and meetings, incentives, conventions and exhibitions sector generates wider demand for hotels, retail, dining and leisure. With other Asia-Pacific cities competing for a larger share of this market, Singapore Tourism Board was considering a new mixed-use development anchored by Meetings, Incentive Travel, Conventions and Exhibitions (MICE) facilities.

Our task was to determine which supporting uses could strengthen the proposed hub, and whether the development mix would be commercially viable over the long term. Working with lead consultant KPMG, our team advised on the development parameters for the non-MICE components of the proposed hub.

The team carried out site and catchment analysis, market benchmarking, demand forecasts and sector studies covering hotels, retail, offices, leisure, serviced apartments and residential uses. Land-use compatibility between the MICE facilities and each supporting component was also assessed.

We're heartened that our study produced viable development scenarios for the client’s planning, including recommendations on the mix and scale of non-MICE uses. Complementarily, testing the proposed development parameters with market participants gave the client a clearer view of what could work commercially while the cost-benefit analysis by KPMG provided a sound basis for comparing development options and assessing how the MICE hub could operate alongside its hotel, retail, office, residential and leisure components.  

The upcoming Toa Payoh Integrated Development (TPID) is envisioned as a major lifestyle destination and an extension of the existing Toa Payoh Town Centre. As an integrated development. it will bring together sports facilities, a polyclinic and a public library, creating a new community hub within the estate.

To support project planning, Sport Singapore sought market insights on the commercial component of the development, including the appropriate scale of retail space and the mix of uses that would best serve future visitors and residents.  Our team was appointed to advise on the optimal quantum of commercial space and the recommended trade mix within the proposed development.

We analysed retail market conditions, assessed how emerging trends could influence future demand and studied the catchment population and demographic profile for the site.

We also carried out an environmental assessment and competitive review of existing and planned developments in the surrounding area. Site visits and retailer interviews were undertaken to identify emerging retail concepts and understand changing consumer preferences. Collectively, these findings informed recommendations on retail positioning and tenant mix planning for the development. 

Our data-backed framework for planning the commercial component of TPID informed decisions on retail space allocation, trade mix strategy and commercial positioning as the development planning process progressed.

More importantly, our study helped establish a foundation for creating a commercial offering that complements the wider integrated development and serves the needs of the surrounding community. TPID is targeted for completion in 2028.

As part of the evaluation of a potential acquisition of a prime logistics asset in Singapore, our client sought an independent assessment of the country's logistics and warehouse property market. The objective: to gain a clear understanding of market fundamentals, investment prospects and sector outlook before making decisions on future industrial asset acquisitions.

Our team was engaged to prepare an independent market research report covering Singapore's logistics industry and warehouse property sector. We examined Singapore's broader economic environment and assessed key market indicators. We also analysed historical growth patterns and evaluated the outlook for Singapore's logistics and warehouse market.

By combining macroeconomic analysis with sector-specific research, the study provided our client with a comprehensive view of the market's strengths, risks and long-term investment potential.

The report gave the client an independent, data-backed assessment of Singapore's logistics and warehouse sector, helping to inform its acquisition considerations and broader investment strategy. At the same time, our market intelligence provided better understanding of supply-demand dynamics, pricing trends, occupier demand and investment activity, building a stronger foundation for evaluating future industrial investment opportunities.