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t the Forbes Global CEO Conference 2025 in Jakarta, senior real‑estate and hospitality leaders—Anthony Capuano (Marriott International), Lee Yeow Chor (IOI Corp.), Irfan Razack (Prestige Group), Panote Sirivadhanabhakdi (Frasers Property), and Michael T. Smith (Hongkong Land)—examined Asia’s commercial property and tourism trends. Razack highlighted India’s rapid office‑space growth, noting that the country has already surpassed one billion square feet of office area. Prestige Group plans a ₹120 billion investment to add 17 million square feet, targeting 30 million square feet by 2028. Smith underscored Hong Kong’s luxury retail resilience; despite muted sentiment, Hongkong Land is committing $1 billion to upgrade its high‑end Central portfolio, citing the city’s continued appeal to high‑net‑worth individuals. Capuano observed a post‑COVID “global explosion” in travel demand, which helped Marriott record a 4.3 % YoY rise in global RevPAR; the Asia‑Pacific region (excluding China) saw a 13 % lift. Lee stressed cash‑flow discipline, warning that land acquisition marks the start of outflows and that developers must factor land costs into budgets. Razack added that while liquidity matters, ambitious, iconic projects can secure long‑term value. In the AI era, Capuano cautioned that technology will not replace the human touch essential to hospitality, insisting that hotels remain “human‑connection businesses.” Leaders also discussed geopolitical risks and rising costs, offering strategies to navigate uncertainty while pursuing growth.
