Having immersed himself for over a decade in Singapore's occupier services and tenant leasing markets, Jerome made a bold move - and jumped over the fence to the investor services side.
Over the past 16 years, Jerome’s entrepreneurial spirit has led him along an impressive career path with a unique track record supporting his pursuit. He shares more of his experience and insights with Colliers REview.
How long have you been in the real estate industry, and what are some memorable moments in your career?
I started my real estate career with Colliers based in the United Kingdom 16 years ago. I relocated to Singapore a few years later and decided to shift my focus, specialising in the office leasing market, before re-joining the Colliers Capital Markets team in 2017.
I have been fortunate to have experienced the full dynamics of the real estate -- I've worked on both the occupiers' and investors' sides, across Europe and Asia. When you are in real estate, you don’t often see the markets shifting drastically from one day to another.
Looking back, one of the most memorable moments in my career would be the last Global Financial Crisis. The collapse of the Lehman Brothers almost brought down the world’s financial system and the ripple effects greatly stressed Singapore’s economy -- I recall seeing Singapore commercial rents dipping around 30 - 40% in a single quarter. Exciting times!
Investors have poured substantial amounts of capital into Asian real estate. What's so appealing about the properties in this region, and indeed, in Singapore?
Asia has strong growth fundamentals, as the assets from developed markets usually offer relatively high yields and good prospects for rental increases. Some investors, on the other hand, prefer investing in emerging markets in Asia as they prefer the value-add and “develop-to-core”. This explains the appeal about properties in the region.
Singapore is indeed attractive to investors as it is one of the leading gateway cities in the region and serves as a strategic link for global investors. Singapore also has a very stable political climate and its government effectiveness further cements the nation's status as one of Asia's -- and one of the world’s -- top financial hubs. Lastly, the pro-business environment helps to reinforce Singapore real estate as an astute choice for wealth appreciation and preservation.
In the long-term, the demand for properties across the commercial sector will remain strong:
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Commercial office and business parks will attractive to investors as we see strong occupier demand across many of the sectors such as the telecommunications, media and technology (TMT), finance and legal sectors. This is due to Singapore’s positioning as a global innovation hub with a well-educated workforce.
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Retail and hospitality will show signs of long-term growth, given government-led infrastructure projects, such as the expansion of the airport and improved mass rapid transit (MRT) transport lines.
Related content: What makes Singapore so attractive to foreign investors?
What is your take on the real estate investment sales outlook in Singapore, and what are some opportunities for investors to uncover?
The global disruption to economic activity caused by the coronavirus pandemic (COVID-19) will mean challenging times in the short-term. However, the longer-term fundamentals of the Singapore real estate market remain strong and intact, and we can expect the market to recover as the successful control measures are lifted and industries regain full momentum.
Although hospitality and retail sectors are most acutely affected by the situation, the commercial sector remains the most attractive for investors -- short-term disruption could offer long-term opportunities. Investors should remain on the look-out for assets and position for a recovery. A significant rebound in H2 2020 in Singapore is possible, given Singapore’s strong policy response to COVID-19 and thus reinforcing its status as a safe haven.
In these challenging times when businesses have to navigate the largely-unknown, what do you think are the three most important attributes of a leader?
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Resilience: Managing a team of young talent also means they have never experienced any global crisis. It is important to demonstrate that this will not last forever; that we all need to be present for our clients and stay focused throughout this period, whilst preparing ourselves, emerging stronger and gearing up for the upturn.
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Great communication skills: These are unprecedented times; this circuit breaker is pulling everyone apart. However, everyone still needs to collaborate and embracing technology is key in doing this. I personally like video conferencing with my team – seeing friendly faces while working remotely from home makes such a difference! We are very fortunate to be living in times where technology allows us to have face-to-face interaction, even though we are in different locations. We need to take advantage of this.
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Commitment: It's incredibly important -- especially in these times with a lot of uncertainty -- to stay committed and provide clear accurate advice to both our people and our clients. As a leader, we need to direct and guide our people, enabling them to be experts in our industry, and encourage them to consider every options in order to give the best advice leading to the best outcome.
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