Hotels saw occupancy fall 44 percentage points year-on-year to the lowest in a decade, with average prices down 50 percent.

Retail and office rents were cut by nearly 40 percent to attract tenants amid slumping demand due to social distancing measures.

Many businesses that were unable to keep paying rents have had to close down.

However, the residential and industrial property segments remained mostly unaffected.

Around 14 residential projects on 850 hectares of land are set to be developed in the next few years.

Many companies are still looking to establish themselves in the city or expand, thus raising demand for industrial lands.