Property market upturn triggers new reviews

The city's revived property market has spurred a series of account reviews for high-end developments, with JWT and MindShare's M Snap clinching creative and media duties for three high-profile acquisitions made by Wheelock Properties.<BR><BR>The contracts comprise the 'super-luxury' residence Ardmore II, the redevelopment of Scotts Shopping Centre and Ascott Serviced Apartments.<BR><BR>Publicis and ZenithOptimedia, meanwhile, beat Euro RSCG to take the US$1.9 million account for BFC, a 'grade-A' office and residential space backed by Keppel Land, Cheong Kong Holdings and Hongkong Land. <BR><BR>Earlier this year, Ogilvy & Mather landed super-luxury residence St. Regis (Media 20 January) while mega-mall VivoCity handed TBWA creative duties (Media 13 June).<BR><BR>According to Colliers International, investors have purchased over S$12 billion (US$7.6 billion) worth of investment properties and development sites this year.<BR><BR>According to Nielsen data, 2006's first-half property adex of S$31.4 million is 14 per cent higher than the same period in 2004, and mirrors the strong growth seen in 2005. Since 2004, local property advertising has grown by 11 per cent, while overseas property advertising has shot up by 14 per cent. <BR><BR>"By far the two most promising sectors are grade-A office space and luxury residences. Hospitality, which includes serviced apartments and hotels, will also be strong," said Tay Huey Ying, associate director of research and consultancy at Colliers.