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Hong Kong Market Sentiment Improves as Local Banks Follow U.S. Fed Interest Rate Cut

Office availability rate drops while high street retail rents continue to recover

  • The Hong Kong Grade A office market witnessed positive net absorption for the fourth consecutive quarter in Q3 2024 to reach 324,100 sq ft, bringing the overall availability rate down to 19.3%.
  • Core retail district high street rents recorded low single-digit growth q-o-q as leasing momentum gained pace, with banking and financial institutions taking opportunities to expand at prime locations
  • The residential market finally saw the hoped-for interest rate cut, yet buyers need more time to digest the news. Housing prices remained under pressure in the still-high rate environment, declining by 6.2% in the first eight months, while total transactions recorded 10,200 units in Q3.

HONG KONG SAR – Media OutReach Newswire – 8 October 2024 – Global real estate services firm Cushman & Wakefield today held its Hong Kong Property Markets Review and Outlook Q3 2024 press conference. The start of the U.S. Federal Reserve rate cut cycle in September, coupled with the recent rebound in the stock market, sent positive signals to the Hong Kong residential market, with market sentiment and transaction numbers expected to further improve in Q4. The Grade A office market has now recorded positive absorption for four consecutive quarters, and several new lettings of more than 10,000 sq ft were concluded in the quarter, pulling the overall availability rate down to 19.3%. In the retail market, despite falling high street store vacancy and growing rental levels, the change in tourist spending patterns and the northbound travelling of local residents continued to pose challenges to F&B operators, leading to F&B rents adjusting downwards in Q3.

Grade A office leasing market: Net absorption remained positive in Q3 2024, while the availability rate fell for the first time in two years

Overall Grade A office net absorption recorded 324,100 sq ft in Q3, bringing total net absorption for the first three quarters to around 980,000 sq ft. The total new leasing area in Q3 reached 833,600 sq ft, with Greater Tsimshatsui taking the greatest share at 23%, followed by Greater Central and Kowloon East both at 19%. The banking & finance sector took a 38% share of total leased area, followed by consumer products / manufacturing at 18%, and professional services & real estate at 16%.

With no new supply entering the market in Q3 2024, the overall availability rate fell for the first time since Q1 2022, registering 19.3% in Q3 2024. However, Grade A office rents remained under pressure, retreating by 2.4% q-o-q or 4.3% year-to-date (Chart 1). As cost-saving or flight-to-quality moves have become popular occupier strategies, landlords are being more flexible and offering incentives to compete for tenants. Consequently, we expect the rental correction to continue through the remainder of the year, and we forecast overall Grade A office rents to drop in a range of 6% to 8% for the full-year 2024.

John Siu, Managing Director, Hong Kong, Cushman & Wakefield, said, “The Hong Kong Grade A office market registered positive net absorption for the fourth consecutive quarter in Q3 2024. We saw numerous new lettings of more than 10,000 sq ft in the quarter, while the overall availability rate fell for the first time since Q1 2022. This suggest that market momentum has gained pace when compared to 2023. Looking ahead, we expect demand from the banking & finance and professional services sectors to gradually recover, if the recent stock market recovery and IPO performance, which are underpinned by the interest rate cut and the macroeconomic policy stimulus from the Chinese mainland government, can sustain through the coming months.”

Retail leasing market: New leasing activity gained momentum, supporting the overall high street vacancy rate to drop further

Hong Kong total retail sales for the January to August 2024 period dropped by 7.7% y-o-y to record HK$249.8 billion, impacted by inbound tourists’ and local residents’ changing consumption patterns, combined with the strong Hong Kong dollar eroding shoppers’ purchasing power when compared to alternative tourist destinations. Among the key retail sales categories, Jewellery & Watches and Fashion & Accessories, formerly popular with tourists, declined 15.8% and 11.0% y-o-y, respectively. The only key retail category to witness positive growth was Medicines & Cosmetics, which climbed 6.8% y-o-y.

High street leasing activity gained momentum in Q3, with action by local and international brands picking up on the back of attractive rent offerings at prime locations. The overall high street vacancy rate continued to fall to record 8%, a new lowest level since the pandemic. Vacancy rates eased more notably on the Kowloon side, with Mongkok dropping 2.7 percentage points q-o-q to 8.4%, and Tsimshatsui falling to 9.4%. Vacancy in Causeway Bay remained stable at 2.6%, while Central rose slightly to record 8.6%. Stronger leasing sentiment supported high street rents to further recover in Q3. Rents in Causeway Bay, Central, Tsimshatsui and Mongkok picked up in a range of 1.0% to 2.3% q-o-q. However, restaurant operators have faced challenges due to the changed spending patterns of tourists and residents. F&B rents dropped in a range of 1.5% to 2.5% across districts through the quarter.

John Siu further commented, “Looking into the retail leasing transactions in Q3, sentiment and activity was stronger on Hong Kong Island. In addition, we notice that that some banks and financial institutions have been actively expanding their presence in core districts over the past six months. For instance, several banks opened new wealth management centers on prime streets to capture clients from groups of high-net-worth local and mainland individuals. A number of online securities brokerage platforms also expanded by setting up physical stores in core districts, seeking to raise brand awareness and gain public exposure. Looking ahead, the central government has recently announced a series of stimulus measures to boost the economy, while the U.S. Fed’s rate cut is also expected to gradually weaken the Hong Kong dollar, which may in turn strengthen tourists’ spending sentiment. The comeback of Hong Kong and Chinese mainland stock markets will likely provide further boosts to consumption sentiment. These positive factors will continue to support the recovery of the Hong Kong retail market, and we expect high street retail rents across districts to rise in a range of 4% to 9% for the full-year 2024.”

Residential market: Rate cuts will take time to have an impact on markets, transaction numbers expected to grow in Q4

The U.S. Federal Reserve rate cut in September marked the end of the two-year interest rate hike cycle, leading to a clearer market outlook. Despite Hong Kong banks following with an immediate rate cut, the current HIBOR is still at a relatively high level, hence limiting the short-term impact from the cut. Most buyers maintained a wait-and-see stance in July and August, before the Fed’s rate cut decision, with monthly transaction numbers at less than 4,000 cases. We have yet to see a rapid expansion of activity following the Fed’s September action, with just 2,850 transactions recorded in that month. Some potential buyers have remained cautious following the rate cut, waiting to observe the continuity and pace of further rate reductions in the coming months. Within the residential market, first-hand transactions accounted for 32% of overall transaction numbers between January and August, and we expect that the primary home sales market will be most active, with developers now keen to launch further new projects for sale.

Edgar Lai, Senior Director, Valuation and Consultancy Services, Hong Kong, Cushman & Wakefield, mentioned, “Hong Kong housing prices continued to adjust during the quarter. Rating and Valuation Department data shows that the housing price index declined by 1.7% m-o-m in August, bringing the cumulative drop in the first eight months of the year to 6.2%. According to Cushman & Wakefield data, our mid-and-small size units price index dropped by 8.3% for the first nine months. Notably, home prices in City One Shatin, representing the small-sized market, declined by 7.4% q-o-q. Prices at Taikoo Shing, representing the middle-sized market, declined by 3.6% q-o-q, while Residence Bel-Air in the luxury market dropped by 4.9% q-o-q. However, our verbal enquiry index level slightly picked up following the rate reduction, suggesting that market sentiment and transaction numbers could both gradually move upwards in Q4. We currently forecast overall residential transaction numbers to rise in a range of 15% to 20% y-o-y for 2024.

Rosanna Tang, Executive Director, Head of Research, Hong Kong, Cushman & Wakefield, added, “Most Hong Kong banks followed in the footsteps of the U.S. Federal Reserve’s rate cut in September, sending a positive signal to the market. Although the residential market did not immediately rebound, the recent notable stock market rise and historical high transaction record do reflect a strengthening in investors’ confidence. Looking ahead to Q4, the residential sector will still face pressures from the still-high interest rate environment and ample residential inventory. We see the pace of market recovery to be highly dependent on upcoming stock market performance and the pace of further rate reductions. Historically, low interest rates will benefit the housing market, while housing sector performance will lag the stock market for a few months. Against this backdrop, if the rate cut and stock market comeback can persist, the wealth effect will bring renewed confidence to the residential market. We expect housing market prices to enter a consolidation phase in Q4, although our current forecast is for prices to further correct in the range of -5% for the full-year 2024. Meanwhile, the overall residential rental level, which has gained 6.2% in the first eight months of the year in response to the inflow of international talent and Chinese mainland students, is expected to rise in a range of 5% to 10% for the full-year 2024.”
Hashtag: #Cushman&Wakefield

The issuer is solely responsible for the content of this announcement.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2023, the firm reported revenue of $9.5 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit or follow us on LinkedIn ().

BEST Cargo Achieves 300% Growth and 100% Nationwide Coverage in Just Two Years


SHAH ALAM, MALAYSIA – Media OutReach Newswire – 8 October 2024 – On December 1, 2022, BEST Group officially launched its cargo network in Malaysia. In just two years, BEST Cargo has rapidly risen to become a major driver in Malaysia’s logistics industry, achieving 100% nationwide coverage. This comprehensive network has significantly contributed to the expansion of Southeast Asia’s logistics landscape.

In just two years, BEST Cargo has rapidly risen to become a major driver in Malaysia’s logistics industry,
In just two years, BEST Cargo has rapidly risen to become a major driver in Malaysia’s logistics industry,

During this period, BEST Cargo business saw over 300% growth, a remarkable milestone that reflects the successful integration of global logistics networks with cutting-edge technology and innovation.

The success of BEST Cargo operations is deeply rooted in its advanced technology-driven model. Over the past two years, the company has introduced intelligent logistics technology and fully automated sorting systems, drastically improving delivery efficiency and accuracy. With 100% nationwide coverage, BEST Cargo now serves key industries such as e-commerce, manufacturing, and retail, providing a full spectrum of logistics solutions from less-than-truckload (LTL) shipping to large-scale cargo handling. Whether handling domestic logistics demands or complex cross-border shipments, BEST Cargo’s intelligent network has effectively reduced delivery times, lowered operational costs, and optimized overall supply chain efficiency.

Transforming Malaysia’s Logistics Sector

The arrival of BEST Cargo in Malaysia has brought transformative changes to the local logistics industry. With over 200 service points and self-operated intelligent sorting centers, BEST Cargo has significantly enhanced the logistics infrastructure, fueling the growth of e-commerce and related industries. As Malaysia continues to strengthen its position as a key trade hub in Southeast Asia, the modernization and efficiency of its logistics sector are critical to supporting both domestic markets and cross-border trade.

In recent years, Malaysia has witnessed rapid growth in e-commerce and manufacturing, driving a surge in demand for efficient logistics services.

BEST Cargo, by integrating global logistics network resources, has provided personalized logistics solutions for these key industries, promoting innovation across the supply chain.

In the e-commerce sector, BEST Cargo also partners with major international platforms such as Shopee, Cainiao, and TikTok, ensuring Malaysian businesses and consumers benefit from faster and more reliable logistics services. In addition, BEST Cargo has established strong partnerships with leading local brands, earning widespread market trust and recognition.

Driving Bilateral Trade Between China and Malaysia

The extraordinary achievements of BEST Cargo operations are powered by technological innovation and the seamless integration of a global logistics network.

Commenting on this success, Gavin Lu, General Manager of BEST Inc Malaysia, stated, “Since the launch of BEST Cargo in Malaysia in 2022, we have experienced rapid growth, driven by advanced technology and the support of our global network. We are proud to have achieved nationwide coverage and 300% growth in just two years. This success would not have been possible without the hard work of our team and the trust of our partners. We remain dedicated to providing efficient and precise logistics services that meet diverse customer needs, from small parcels to large cargo.”

Looking ahead, Gavin added, “BEST Cargo will continue to focus on technological innovation and enhancing customer experience. We plan to expand our cross-border logistics network across Southeast Asia, offering smarter and more flexible solutions for both local and international customers. We believe that through our technology-driven approach and continuous service upgrades, BEST Cargo will not only maintain its leadership in Malaysia but also become a major force in the global logistics industry.”

Celebrating 50 Years of China-Malaysia Diplomatic Relations and Stimulating Bilateral Trade

The year 2024 marks the 50th anniversary of diplomatic relations between China and Malaysia, an important milestone that highlights the deepening economic ties between the two nations. The launch of BEST Cargo in Malaysia has undoubtedly injected new energy into the development of bilateral trade. Through its expertise in cross-border logistics and global network, BEST Cargo provides strong logistical support for trade between China and Malaysia.

Aligned with the Belt and Road Initiative, BEST has opened new channels for Malaysian businesses to access the Chinese market and beyond, while also offering Chinese companies efficient and reliable logistics solutions as they expand into Southeast Asia.

As economic cooperation between China and Malaysia continues to grow, BEST Cargo is playing a pivotal role in driving collaboration in logistics and supply chain development. Leveraging its intelligent logistics technology, BEST Cargo has accelerated the flow of goods between the two countries, contributing to steady growth in bilateral trade. Particularly in the cross-border e-commerce and manufacturing sectors, BEST Cargo offers flexible and efficient logistics solutions that enhance trade efficiency and market competitiveness.

Technology-Driven Growth and Value-Added Services for the Future

BEST Cargo is not just a logistics company but a seamless integrator of technology and service. In addition to its core logistics services, BEST Cargo offers various value-added services such as pre-shipment inspections, cash on delivery (COD), and cargo insurance, ensuring that every shipment is secure and reliable. This comprehensive service model has earned BEST Cargo the trust and loyalty of its customers.

Moving forward, BEST Cargo will continue to drive the transformation of the logistics industry through technological innovation. With its extensive cargo network and “one-stop” cross-border services, BEST Cargo is breaking new boundaries and connecting the world. As China-Malaysia economic relations deepen further, BEST Cargo remains committed to promoting bilateral trade and driving regional economic cooperation.
Hashtag: #BESTInc #Logistics #Cargo #BESTCargo #CrossBorder #Fulfillment




The issuer is solely responsible for the content of this announcement.

About BEST Cargo

A subsidiary of BEST INC, BEST Cargo provides door-to-door delivery services for bulky items weighing over 30 kilograms, as well as less-than-truckload and full-truckload services.

The company also offers value-added services such as pre-shipping inspections, cash-on-delivery (COD), proof of delivery (POD), Cargo insurance, and large item doorstep delivery.

BEST Cargo ‘s intelligent sorting center in Shah Alam was officially put into use, employing innovative technology for high-speed automated sorting and scanning.

BEST Cargo’s 100% coverage of the network in Malaysia, enable it to provide a two-way cross-border of “one-bill till end” service from China to Malaysia.

Laos, Thailand Set Sights on USD 11 Billion Trade Goal by 2025

Laos, Thailand Set Sights on USD 11 Billion Trade Goal by 2025
Laos and Thailand convened to discuss strategies for reaching a trade value target of USD 11 billion by 2025. (photo credit: Pathet Lao Daily)

Laos and Thailand held an economic and trade cooperation talk during the 24th Economic Community Council Meeting on 7 October in Vientiane Capital, aiming to reach a trade value of USD 11 billion by 2025.

Aesthetic Medicine & Surgery Conference & Exhibition (AMSC) Hong Kong

Connecting the Future: Bridging The Worlds of Aesthetic Medicine, Skin Health Management, Surgical Treatments & Anti-aging in The Greater Bay Area


HONG KONG SAR – Media OutReach Newswire – 8 October 2024 – Organized by Aesthetic Society for Asia Pacific and Deltus, Aesthetic Medicine & Surgery Conference & Exhibition (AMSC) Hong Kong will be held on 16-17 December at Hong Kong Convention & Exhibition Center (HKCEC) Level 3. As the first and largest medical aesthetic event ever organized in Hong Kong which receives support from the Hong Kong SAR Government and the Tourism Board, this international conference and exhibition covers supporting and partnering units all around APAC region and the Greater Bay Area, providing a hub for industry excellence and networking opportunities.

Aesthetic Medicine & Surgery Conference & Exhibition (AMSC) Hong Kong

Building upon three successful years in Kuala Lumpur, Malaysia, the highly anticipated AMSC is expanding its impact to another Asian metropolis with a strategic location, marking its grand debut in Hong Kong this year. Hong Kong is well-situated at a geographically strategic location that connects APAC region and the Greater Bay Area, including major cities like Shenzhen, Guangzhou, and Macau, facilitating seamless connectivity.

Strong Connections and Database from All Around the World

Leveraging its strong connections and alliances with global professionals, experts, and industry leaders in the medical aesthetic community, AMSCHK invited over 1200 professional doctors and other affiliates, over 70 international speakers, and over 60 international sponsors from all over the world to participate at the conference and exhibition, showcasing their latest advanced products and technologies. Highly respected professors from Chinese top-tiered hospitals, who are remarkably influential to the researches and standards of the Aesthetic Medicine field in China, will be the honourable speakers of AMSCHK, to share their profound knowledge and experience of the China market. To foster global networking opportunities, this conference and exhibition creates a hub for international participants, including the Department of Cosmetic & Plastic and Reconstructive Surgery in China Grade IIIA Hospitals, esteemed associations and academies in local and APAC societies for fruitful collaborations and thriving medical aesthetic developments.

A Golden Opportunity for Business Growth in the Greater Bay Area

AMSCHK is expected to attract over 1,200 delegates and buyers, hundreds of global experts, and more than 150 industry brands, making it a prime opportunity for professional exchange and business growth in the Greater Bay Area. This conference and exhibition offers medical lectures, training and an academic exchange platform for global professionals, with 8 CME credits available for Medical Professionals. Exhibitors spanning across all fields from filler, machines, to imaging system and medicine, will be hosting booths and symposiums to showcase their latest products and technologies. It also provides a golden opportunity for brand development events and long-term partnerships, letting all participants greatly expand the strong network of allies to maximize synergies and mutual benefits.

AMSCHK marks the introduction of an exciting new international conference and exhibition in Hong Kong that celebrates the collaborative spirit driving growth in the industry, which promises to expand and elevate Hong Kong’s vibrant and thriving medical and aesthetic sectors. By showcasing the power of collaborative knowledge sharing and innovation across regions, AMSCHK will become the leading platform in Bridging The Worlds of Aesthetic Medicine, Skin Health Management, Surgical Treatments & Anti-aging in The Greater Bay Area and beyond.

For more information, visit AMSCHK’s website at www.amsc.com.hk

Hashtag: #AMSCHK

The issuer is solely responsible for the content of this announcement.

About AMSC

AMSC Hong Kong represents a significant international expansion of the esteemed Aesthetic Medicine & Surgery Conference & Exhibition (AMSC), a well-established event that has achieved great success in the Asia Pacific region and has been centered in cosmopolitan Kuala Lumpur, Malaysia for the past two years. With annual editions, including the highly anticipated gathering in 2024, the Hong Kong extension mirrors the success of its Malaysian counterpart. Coordination efforts are led by the Malaysian Society of Aesthetic Medicine and the experienced M.I.C.E. event organizing company, Deltus Sdn Bhd. Renowned for its extraordinary success in Malaysia, the AMSC has evolved into the premier event in the field, attracting top-tier companies, experts, and participants from across the globe to Kuala Lumpur. Building on this legacy, we are enthusiastic about introducing the inaugural AMSC HONG KONG edition in collaboration with the Aesthetic Society of Asia Pacific (ASAP), as we extend our reach and host this prestigious event in a new international setting. Together, AMSC extends into the great Asia Pacific region and the international stage.

Laos Launches Unified Foreign Exchange Market

Laos Launches Unified Foreign Exchange Market
This image is used only for representational purpose (photo credit: Export Chamber)

On 6 October, the Bank of Laos (BOL) officially partnered with 11 commercial banks to launch the Lao Foreign Exchange Market Company Limited, an initiative aimed at enhancing foreign exchange services, streamlining currency exchange processes, and improving public access to these services.

Guaranteed Next Day Delivery on Shopee: Your Guide to Faster and Smarter Shopping

Designed for today’s fast-paced lifestyle, Shopee enhances your shopping experience with Guaranteed Next Day Delivery, which promises faster delivery right to your doorstep.


SINGAPORE – Media OutReach Newswire – 8 October 2024 – In the face of unexpected challenges, moments of panic and frustration are all too familiar. Imagine these scenarios: a significant dinner is on the horizon, and a stubborn stain appears on a cherished dress. Alternatively, the need for a last-minute gift arises, but time constraints mean a trip to the stores is not an option. Not to mention the dreaded occurrence of a sudden mobile phone blackout, cutting off the outside world. Now, there’s no need to worry – Shopee Guaranteed Next Day Delivery is here to save the day.

Shopee's Guaranteed Next Day Delivery

Shopee, the leading e-commerce platform in Southeast Asia and Taiwan, meets the modern consumer’s need for speed and reliability with its Guaranteed Next Day Delivery (NDD) service. Available through the Shopee platform, NDD ensures that your parcel arrives at your doorstep the very next business day, whether it’s an urgent gift or a daily essential that you forgot to stock up on.

Here’s how you can enjoy Shopee’s Guaranteed Next Day Delivery:

1. Spot Your Item: Before adding an item to your cart, check for the NDD option. Look out for Guaranteed Next Day Delivery in the shipping options to take advantage of super-fast delivery speeds.

2. Confirm Your Order: Make sure to complete your checkout by 2pm. This cutoff time helps the warehouse to prepare and dispatch your order efficiently, making sure your parcel arrives at your doorstep the following day. Do note that NDD does not apply on weekends and public holidays.

Shopee’s Guaranteed Next Day Delivery isn’t just about speed—it’s about enhancing your shopping experience with every order.

But that’s not all. Shopee also offers other convenient delivery options, such as Shopee collection points. With over 2,600 points around the island, this service allows you to pick up your items at a time and location that suits you best, providing convenience to fit your busy schedule.

Get your purchase delivered to you on the very next day from Shopee sellers like mixshopsg. Since introducing NDD, mixshopsg has seen 30% more buyers purchase their products such as hair accessories and travel essentials. Ying Yong, an Operations Manager from mixshopsg said: “We feel fulfilled when shoppers are happy with the shorter waiting times and will continue to deliver the best shopping experience with Next Day Delivery!”

There is no better time to cart out your wishlist with Guaranteed Next Day Delivery than Shopee’s upcoming 10.10 Brands Festival Sale. With daily Super Brand Days and Brands Livestream, you’ll find the best deals just a click away! Whether you’re hunting for the latest household gadgets, trendy beauty products, or daily essentials, don’t miss out on the best brand deals this 10.10.

Furthermore, make every purchase with peace of mind with 15-Day Free Returns, No Questions Asked*. Whether the item is not what you expected, or you simply changed your mind, returning items is easy and free, ensuring a hassle-free shopping experience.

*Terms and conditions apply
Hashtag: #Shopee #NextDayDelivery

The issuer is solely responsible for the content of this announcement.

Shopee

Shopee is the leading e-commerce platform in Southeast Asia & Taiwan. Shopee promotes an inclusive and sustainable digital ecosystem by enabling businesses to digitalise and grow their online presence, helping more people access and benefit from digital services, and uplifting local communities.

Shopee offers an easy, secure, and engaging experience that is enjoyed by millions of people daily. Shopee is also a key contributor to the region’s digital economy with a firm commitment to helping homegrown brands and entrepreneurs succeed in e-commerce.

Shopee is part of Sea Limited (NYSE: SE), a leading global consumer internet company. Sea’s mission is to better the lives of consumers and small businesses with technology through its three core businesses: Shopee, Garena and SeaMoney.

Google Recognizes P3 as Accredited Android™ Automotive 3PL Vendor for AAOS Compliance / xTS


Highlights:

  • Google has certified P3 as an accredited partner in its Third-Party Lab (3PL) Vendor program that ensures Android Automotive Operating System (AAOS) compliance.
  • P3 was selected as one of Google’s certification partners for in-vehicle infotainment (IVI) in the new Android Automotive partner ecosystem.
  • P3 Group is an international technology and software consulting company with over 28 years’ experience supporting major players in the automotive industry.

STUTTGART, GERMANY – Newsaktuell – 8 October 2024 – Independent international consulting technology and software development company P3 announces its official accreditation by Google as a Third-Party Laboratory (3PL) partner for the testing and certification of Android Automotive In-Vehicle Infotainment (IVI) systems.

3PL Program for Android Automotive OS
3PL Program for Android Automotive OS

Partnership Overview

The partnership between P3 and Google establishes a comprehensive framework for the certification of Google’s authorized Original Equipment Manufacturer (OEM) partners. P3 Group will oversee and execute rigorous testing and certification to ensure that Android Automotive OS (AAOS) based infotainment systems meet the highest standards of quality and dependability.

P3 as Accredited Android Automotive 3PL Vendor for AAOS Compliance/xTS

Android Automotive OS is an infotainment platform built into vehicles by manufacturers. Drivers can enjoy a user-centric and intuitive IVI interface that’s specifically designed for the vehicle screen.

To release an IVI system with Google apps and services in a vehicle, OEMs must meet certain compatibility and quality standards and acquire the necessary certifications from Google.

Google requires OEMs to run comprehensive tests before an Android software build can be deployed. Collectively, this series of tests is referred to as xTS. These include tests for Compatibility, Vendor Tests, Build Test Suite, Security Test Suite, among others.

P3 Group executes a wide range of xTS test cases including CTS (Compatibility Test Suite), VTS (Vendor Test Suite), CTS-on-GSI (Generic System Image), VTS GKI (Generic Kernel Image), STS (Security Test Suite), BTS (Boot Test Suite), and ATS (Automotive Test Suite). The team focuses on automating test procedures to maximize efficiency, reduce manual effort, and optimize costs. P3 Group performs continuous executions of xTS tests, meticulously analyzing the results and logging any test failures to maintain high standards of quality and performance.

The 3PL Vendor Ecosystem for Android Automotive OS Compliance is designed to enhance the efficiency and effectiveness of AAOS solutions and products by connecting OEMs with top-tier providers of compliance assurance services.

The partnership between P3 group and Google establishes a comprehensive framework for the certification of Google’s authorized Original Equipment Manufacturer (OEM) partners in the automotive sector. Through this partnership, all stakeholders can be confident that their Android Automotive OS (AAOS) systems will be able to fulfill the highest performance and compliance standards in terms of quality and dependability.

P3 guarantees partners access to comprehensive test findings, which enables in-depth problem-solving and analysis. Certified specialists are deployed to support the OEM’s development teams to resolve xTS problems found in the source code, improving the overall caliber of the product.

Global Reach

As Google’s Android Automotive 3PL partner, P3 Group will deliver these services from multiple locations worldwide, including facilities Stuttgart, Germany; Paris, France; Detroit, USA; Tokyo, Japan and Seoul, Korea. P3’s extensive network of specialist automotive engineering expertise ensures that it can support OEM partners globally, providing localized expertise and agile support.

Commitment to Excellence

“P3’s accreditation as a Google 3PL for Android Automotive IVI systems is an honor and testament to our dedication to quality and innovation. We are excited to collaborate with Google and OEM partners to deliver cutting-edge infotainment solutions that enhance the driving experience for users worldwide. P3 has long supported numerous OEMs to successfully achieve their xTS certifications in different series vehicles. To receive this recognition by Google is a meaningful endorsement of the role we’re playing to bring truly user-centric infotainment enriched with the flexibility and choice enabled by Android Automotive to more and more people,” said Marius Mailat, CTO of P3.

P3 will collaborate closely with the 3PL Compliance Team to ensure adherence to all guidelines and standards set forth by Google, guaranteeing the highest quality of service.

Hashtag: #P3

The issuer is solely responsible for the content of this announcement.

About P3

P3 Group is an independent international technology and software consulting company founded in 1996 in Aachen, Germany. P3 offers technical consulting, engineering services, and software development across various sectors, from automotive to energy. With over 1800 employees and 19 subsidiaries spanning 30 locations globally, P3 continues its commitment to diverse innovations.

For more information, please visit: or .

Google and Android are trademarks of Google LLC.

One Bangkok: a transformative urban district opening its doors on 25 October 2024

Frasers Property unveils its holistically integrated development in Bangkok, redefining urban living

  • One of Thailand’s largest private sector developments, One Bangkok, with an investment value of USD3.2 billion, features world-class facilities, including premium office towers, luxury and lifestyle hotels and residences, and dynamic retail experiences.
  • Designed by Skidmore, Owings & Merrill (SOM), the district features permanent public sculptures by Anish Kapoor and Tony Cragg; it also hosts Thailand’s first Ritz Carlton, Andaz, and Mitsukoshi supermarket and food hall.
  • Positioned to elevate Bangkok as an international hub for shopping, business, tourism, and the arts, with a vibrant cultural landscape.

BANGKOK, THAILAND – Media OutReach Newswire – 8 October 2024 – One Bangkok, a landmark project presented by TCC Assets (Thailand) Co., Ltd and Frasers Property Holdings (Thailand), is a holistically integrated development centrally located in the heart of Bangkok’s Central Business District. It will open its doors to the public on 25 October 2024. Situated on approximately 17 hectares of prime real estate, One Bangkok is one of the largest private sector developments in Thailand and aims to be ‘The Heart of Bangkok’, and the centrepiece of Bangkok’s future.

One Bangkok
One Bangkok

The development comprises three dynamic retail experiences, five premium office towers that offer unparalleled work-life quality, five luxury and lifestyle hotels, including Bangkok’s first Ritz-Carlton and Andaz. Additionally, it boasts three upscale residential towers and a vibrant arts and culture scene, all set within 8 hectares of welcoming, sprawling greenery.

One Bangkok is a testament to Frasers Property’s multinational expertise and experience in creating vibrant, integrated developments. The holistically integrated project, with an investment value of USD 3.2 billion, has been created with the ambition to become an integral part of Bangkok’s identity and a place that resonates deeply with its people, establishing Bangkok as one of the world’s influential global cities.

A Vision for the Future

“One Bangkok embodies our vision for the future of Bangkok as a global hub for business, tourism and investment. By seamlessly blending world-class facilities with cutting-edge sustainability and innovation, we are not just creating a must-visit destination for everyone living in or visiting Bangkok – we are reshaping the future of urban living. Bangkok’s potential as an international business and tourism hub is immense, and One Bangkok is poised to play a pivotal role in driving its growth, attracting talent, global investors, and visitors from around the world,” said Panote Sirivadhanabhakdi, Group Chief Executive Officer of Frasers Property Limited.

Parade
Parade

The Rhythmic Retail Experience at One Bangkok

The comprehensive development features three interconnected retail experiences – The Parade, The STOREYS (both open 25 October) and POST 1928 (to open in the next phase). Each offers a unique blend of shopping, dining, beauty, health, wellness and entertainment, catering to diverse preferences. The district will also be home to Thailand’s first “MITSUKOSHI DEPACHIKA”- the newest food destination for Japanese & international groceries and food hall with the one-of-a-kind concept of Japanese “DEPACHIKA”. Beyond the three retail experiences, One Bangkok Retail pulsates with local pride and global appeal. ‘Made in One Bangkok’ showcases Thai craftsmanship and creativity with unique experiences, exclusively designed for One Bangkok.

The ‘Food Loop’ with the concept of an “All Day, Everyday Dining Journey”, houses 250 dining options over a 1.5 km stretch ranging from legendary fine dining restaurants to vibrant street food, creating a one-stop destination suited to every palate.

Elevating Bangkok’s Cultural Landscape

Art takes centre stage at One Bangkok with the ‘Art Loop’, a 2 km pathway that winds its way through the development, featuring diverse artworks and comprehensive programmes. One Bangkok will soon unveil permanent public sculptures including the works of world-renowned artists Anish Kapoor and Tony Cragg.

A Lush Urban Green in the Heart of Bangkok

Built on three development principles of People-Centricity, Green Sustainability and Smart City Living, One Bangkok prioritises visitors’ experience, with people being central to every decision. Every detail, from the intuitive layout to the abundance of green spaces, is carefully crafted to enhance everyday life.

One Bangkok’s masterplan is designed by Skidmore, Owings & Merrill (SOM), a globally acclaimed architectural firm known for iconic structures such as the Burj Khalifa in Dubai. SOM has infused its expertise in sustainability, efficiency, and human-centred design into every element of One Bangkok.

With a remarkable 50% of its total land area dedicated to open and green spaces, the district breathes life into the city, offering a refreshing respite from the urban bustle. The development seamlessly connects the city’s two green ‘lungs’, Lumphini Park and Benjakitti Park, creating an interconnected network of green spaces that improves air quality and promotes biodiversity, thus fostering a healthier, more sustainable urban environment.

Scott Duncan, Design Partner at Skidmore, Owings & Merrill (SOM) said: “Designing One Bangkok goes beyond creating buildings—we’ve crafted an ecosystem where nature is integral to the experience. The green spaces are not an afterthought; they flow seamlessly throughout the development, enhancing well-being and fostering a deeper connection between people and the city.”

Sustainability is at the core of the project, boasting cutting-edge and future-proof green smart technologies that deliver environmentally friendly and energy-saving solutions to enhance every aspect of the urban experience.

One Bangkok aims to set a new standard for sustainable urban development in Thailand in line with Bangkok 250, a visionary roadmap for the city’s 250th anniversary in 2032 to elevate Bangkok’s global standing through infrastructure advancements and suitability initiatives.

Its commitment to innovation has earned One Bangkok double Platinum certifications for both WiredScore and SmartScore respectively, the first real estate project in Thailand to achieve this milestone. One Bangkok is also the first project in Thailand to be awarded the prestigious LEED for Neighbourhood Development Platinum certification.

One Bangkok Tower 4, Tower 3, Parade
One Bangkok Tower 4, Tower 3, Parade

Bangkok’s Most Prestigious Business Address

Designed to set a new standard for the workplace of the future and enhance the quality of life and well-being of office workers, One Bangkok offers a prestigious address for leading Thai and global companies seeking high-quality office spaces. The development includes five premium office towers, three of which are already operational: One Bangkok Tower 3, One Bangkok Tower 4, and One Bangkok Tower 5. Key features of the offices include touchless and seamless technology that enhance the convenience in daily work-life experience, creating a conducive environment for productivity. The office floors also feature a wide and continuous open layout allowing for more dynamic and collaborative work environments. One Bangkok offers the most complete workplace with unrivalled amenities around its mixed-use district, including direct access to Lumphini MRT Station and six entrances and exits on Wireless and Rama IV Roads.

To date, leading multinationals such as Baker McKenzie, Estee Lauder Companies, and BMW Group Thailand, among others have chosen to locate their offices to One Bangkok.

Views of the Bangkok Skyline Like Never Before

One Bangkok elevates experiences to a new perspective, offering breath-taking panoramas of the iconic Bangkok skyline that serves as a stunning backdrop.

With its opening scheduled for 25 October 2024, One Bangkok invites everyone to experience the future of urban living. It is a bold statement of innovation, sustainability, and community— where life, work, and play converge in the heart of Bangkok.

For more information about One Bangkok, please visit onebangkok.com.
Hashtag: #OneBangkok

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