Page 8 - Build Strong Resilience in the Real Estate and Construction Sector

PaRT Iv: insights From our clients and associates on

hOw TO They hAve ADDresseD The COvID-19 CrIsIs

We are honoured to have some of our valued clients and business associates share their views on the future developments of
this crisis, its impact on the sector and proactive steps they too have taken to emerge more resilient in a post coVid-19 world:

The evolving COVID-19 pandemic is viewed as one of the most significant ‘Black Swan’ events since the
Great Depression. Unprecedented measures taken in various communities to reduce mobility and density at
workplaces, schools and public places have changed the way we work, live, learn and play during this peak
period of pandemic containment. Relationships between the public and private sectors, landlords and tenants,
employers and staff, teachers and students, and amongst families and friends are evolving as we grapple with
uncertainty to cope with the outbreak.

The accelerated discovery of new ways of working and partnering together will change how we utilise real
estate in the future. Business models for property sectors that are dependent on transient customers would
need to incorporate higher flexibility and creativity, such as in terms of marketing, operations and leasing, with
a goal of risk sharing. On the other hand, property sectors that offer essential goods and services ought to
be more regulated, such as setting requirements by authorities to ensure minimum standards are delivered by
property developers and operators for the wellbeing of occupants.

Partnership models that are centred by virtues of trust, versatility and win-win mandates for all parties will be
ever more important in a new world order of unpredictability. From these foundations, business partnerships
that are also collaborations, able to pre-empt changes and be pro-active to reach out to the authorities
with new solutions will stand out from the crowd. For real estate leaders, embracing every member, be they
employees and business partners, with true grace and the spirit of excellence and cooperation are valuable
goals that will enhance resilience amongst the stewards of the built environment.

Ms Alice Tan, Senior Director (Research & Consulting),
Edmund Tie & Company (SEA) Pte Ltd

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