39 ASIAN LEGAL BUSINESS – MAY 2024 WWW.LEGALBUSINESSONLINE.COM REAL ESTATE stringent in our due diligence to make sure that we are committed to a location and offering what the market will respond favourably to,” says Lim. As market turbulence persists to dampen investment enthusiasm, inhouse legal teams of real estate companies are tasked with helping their organisations navigate not only regulatory hurdles but commercial adversity as well. Lim says his team is, more than ever, focused on ensuring that the product rolled out to the market matches the requirements of the buyers. “This is done through efficient design, sustainable construction practices and materials, and strategic and competitive pricing,” he says. Also, “sizable deals with various partners require legal support in ensuring that all required contracts are in place, potential risks are understood and managed, and that the business understands the applicable laws and regulations in different jurisdictions,” he adds. When faced with regulatory and compliance pressure, Lim highlights the need for support around the legalities of financing on top of dealing with regulations relating to property development. In addition, when disputes inevitably arise, it’s the legal team which is tasked with coming up with creative resolutions. “We believe that it is important to not only provide our expertise but to educate our key stakeholders along the way. When everyone understands potential challenges, and risks, the business is always better placed to ride any waves that may come their way,” says Lim. TECHNOLOGY POWERED From transactions to listings, technology has been giving the real estate industry a facelift. In India, Lamba notes that the integration of technology has been transforming the way properties are constructed, bought, sold, and managed. For example, “the building information modelling (BIM) facilitates designing, construction and maintenance of commercial properties vide 3D modelling and visualisation”; and “3D printing technology accelerates the construction process and augments overall build quality by reducing labour and material costs and reducing health hazards,” explains Lamba. In addition, Lamba also mentions blockchain technology, which he says is leading to improved overall transparency by bringing better security and efficiency to land records management, property transactions and smart contracts. Lim in Singapore says Hongkong Land views technological innovation as one of the “key competencies and competitive advantages” and has made significant investments to pilot and implement technologies over the years. “Hongkong Land has always been an early mover in leveraging technology to enhance how our buildings are run and operate,” says Lim. “From offering the latest in telecommunication connectivity and Internet of Things (IoT) backbone to waste management to SMART building technologies that enable remote monitoring and control, optimise and reduce energy consumption as well as AI-powered automation and optimisation. This helps us not only run more efficient and safe operations, but also to minimise our impact on the environment,” explains Lim. Other technologies that Hongkong Land has implanted on a building operation level include AI/machine learning energy management optimisation and asset automation; integrated building management systems; advanced analytics including intelligent video analytics; and collaborative operational and data sharing platforms. In addition, “We build partnerships within the startup ecosystem, together with our peers, academics, governments, and VC funds to accelerate the real estate industry’s adoption of technologies and collectively solve common but difficult challenges such as scope 3 carbon emission reduction,” adds Lim. Looking forward, the real estate landscape in Asia is fraught with challenges, but it also has opportunities embedded in it. In the short to medium term, Lamba expects that there would be changes in the tenancy laws and other legislations which would directly impact India’s real estate industry. “As a stakeholder, we are participating in the legislative consultative process to ensure that the law response to the needs and requirements of all stakeholders,” adds Lamba. Lim believes that the demand for existing developments at Hongkong Land will remain resilient as the company continues to focus on affordability, effective corporate governance, sustainability, and at the end of the day, their customers. “Our objective is to ensure that every buyer of our residential properties and tenant in our office and commercial properties are considered in everything we do. This includes providing living and working spaces which meet both the physical and emotional needs of our customers,” says Lim. DAVID LIM Hongkong Land MANISH LAMBA DLF Cyber City Developers
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