1. IntroductionWith increased urbanisation and economic growth, emerging real estate markets are playing a more significant role in the global context. In particular, the emerging markets in the Asia-Pacific region are expected to increase their market share of the investable real estate universe from 10% ($2.6 trillion) in 2011 to 23% ($12.8 trillion) in 2021 (Pramerica REI, 2012). Importantly, in this context, the development side of real estate provides the catalyst for the fabric of this economic growth through the delivery of office, retail, industrial, hotel and residential real estate. While the significance and role of capital flows to the income-producing commercial real estate sectors has been widely researched in the literature (Newell, Adair, & McGreal, 2010, 2013) equivalent research concerning transaction activity of development sites is not available and represents a significant gap in the literature base.