MALAYSIA | NOVEMBER 11, 2019
Partners Supported by CC2CC2 NOVNOVNOV 115 202018201918
2019 TOP 10 RANKING COMPANY 1 S P SETIA BHD 2 SUNWAY BHD – PROPERTY DIVISION* 3 UOA DEVELOPMENT BHD 4 IJM LAND BHD* 5 UEM SUNRISE BHD 6 MAH SING GROUP BHD a b 7 GAMUDA BHD - PROPERTY DIVISION* a. Datuk Khor Chap Jen, S P Setia 8 IOI PROPERTIES GROUP BHD b. Sarena Cheah, SIME DARBY PROPERTY BHD Sunway c. C S Kong, UOA 9 ECO WORLD DEVELOPMENT GROUP BHD Development d. Edward Chong, 10 IGB BHD IJM Land e. Anwar Syahrin Abdul Ajib, UEM Sunrise f. Tan Sri Leong Hoy Kum, Mah Sing Group c d e TOP 11-30 g. Ngan Chee Meng, RANKING COMPANY Gamuda Land 11 TROPICANA CORPORATION BHD h. Teh Chin Guan, IOI Properties Group 12 MKH BHD i. Datuk Wan Hashimi 13 MALAYSIAN RESOURCES CORPORATION BHD Albakri, Sime Darby PARAMOUNT CORPORATION BHD Property 14 OSK HOLDINGS BHD j. Datuk Chang Khim Wah, Eco World EASTERN & ORIENTAL BHD Development Group 15 MATRIX CONCEPTS HOLDINGS BHD k. Datuk Seri Robert Tan, 16 TA GLOBAL BHD IGB 17 SELANGOR DREDGING BHD 18 SUNSURIA BHD f g h 19 KSL HOLDINGS BHD 20 MALTON BHD 21 SELANGOR PROPERTIES BHD** 22 WCT LAND SDN BHD* LBS BINA GROUP BHD ECO WORLD INTERNATIONAL BHD 23 LAND & GENERAL BHD GLOMAC BHD GUOCOLAND (MALAYSIA) BHD 24 SHL CONSOLIDATED BHD YTL LAND & DEVELOPMENT BHD i j k 25 TITIJAYA LAND BHD 26 IVORY PROPERTIES GROUP BHD NAIM HOLDINGS BHD 27 I-BHD PLENITUDE BHD 28 YNH PROPERTY BHD SYMPHONY LIFE BHD 29 KEN HOLDINGS BHD 30 AYER HOLDINGS BHD
Note: * Non-listed developer ** Delisted June 11, 2019 CC3CC3 NOVNOV 115 201920182018
Winner: The International School of Kuala Lumpur Datuk Lai Siew Wah The Society for The International Ireka Corporation Bhd School of Kuala Lumpur
Datuk Seri Robert Tan Winner: IGB Bhd D’Cerrum Apartment Setia Ecohill Sdn Bhd
C S Kong UOA Development Bhd
Winner: i-City I-Bhd
Non-Residential Winner: Gateway 16 @Bandar Bukit Raja (1½ storey semi-detached factory) Sime Darby USJ Development Sdn Bhd Winner: Bandar Sri Sendayan Matrix Concepts Holdings Bhd
Residential Winner: Pangsapuri Danau Seri Gamuda Bhd - Property Division Winner: Gamuda Gardens in Gamuda Residential City, Hanoi, Vietnam Gamuda Bhd - Property Division Mention: Phase 27, Ambang Botanic 2 Gamuda Bhd - Property Division
Winner: Circus West Village, Battersea Power Station, London, United Kingdom The consortium of S P Setia Bhd, Sime Darby Property Bhd and Employees Provident Fund
CC12 NOV 11 2019 SAM FONG/THE EDGE
EDITOR-IN-CHIEF Contents AZAM ARIS CITY & COUNTRY EDITORIAL TEAM EDITOR ROSALYNN POH DEPUTY EDITORS E JACQUI CHAN, WONG KING WAI 14 Rankings for 2019 64 Th e International School of 86 UEM Sunrise Bhd: ASSISTANT EDITOR Steadfast and seeking RACHEAL LEE 18 Note from the publisher Kuala Lumpur: Nurturing a SENIOR WRITERS opportunities CHAI YEE HOONG, HANNAH RAFEE sustainable culture WRITERS 19 Milestones ETHEL KHOO, CHUNG YING YI 68 Circus West Village, Battersea 88 Mah Sing Group Bhd: 22 Overview: Ranking the ADVERTISING & MARKETING Power Station, London, UK: An Focused on building aff ordable CHIEF COMMERCIAL OFFICER resilient exciting, thriving community homes SHARON TEH (012) 313 9056 GENERAL MANAGER 26 Highlights of the gala night takes shape FONG LAI KUAN (012) 386 2831 90 Gamuda Bhd — Property SENIOR SALES MANAGER Gamuda Gardens in Gamuda Division: Championing GREGORY THU (012) 376 0614 34 Judges’ comments 70 SENIOR ACCOUNT MANAGERS Methodology City, Hanoi, Vietnam: Making biodiversity and sustainable ESTHER YEE (018) 908 0868 KENNY LIM (014) 334 2733 its presence felt in Hanoi placemaking LEE SOO SIN (012) 710 6220 46 S P Setia Bhd: Going from SHAFINA SYAHRIR (017) 281 4787 strength to strength 72 Bandar Sri Sendayan — 92 IOI Properties Group Bhd: SHANNON LEONG (012) 677 5345 Many buff ers to withstand ACCOUNT MANAGERS 48 Datuk Lai Siew Wah: Matrix Concepts Holdings Bhd: SASI REKHA RAVI (012) 511 7764 A growing, vibrant township headwinds of soft market TERESA LAI (012) 290 2332 Rising from humble HEAD OF MARKETING SUPPORT & AD-TRAFFIC LORRAINE CHAN beginnings 74 i-City — I-Bhd: Changing the 94 Sime Darby Property Bhd: EMAIL: [email protected] Looking to innovate for the 52 C S Kong: Adapting to change landscape of Shah Alam CORPORATE future PUBLISHER & GROUP CEO with humility 76 D’Cerrum Apartment — HO KAY TAT Setia Ecohill Sdn Bhd: 96 Eco World Development CHIEF OPERATING OFFICER 58 Datuk Seri Robert Tan: LIM SHIEW YUIN Group Bhd: Continuous A combination of brains Aff ordable housing given new perspective with innovative upgrading with a focus on WE WELCOME YOUR COMMENTS AND CRITICISM. and luck SEND YOUR LETTERS TO design liveability THE EDGE, PO BOX 8348, PEJABAT POS KELANA JAYA, 60 Pangsapuri Danau Seri 46788 PETALING JAYA 78 Sunway Bhd: When the 98 IGB Bhd: Staying the course PHONE (03) 7721 8000 — Gamuda Bhd (Property E-MAIL [email protected] Division): Benefi tting going gets tough... 100 Phase 27, Ambang Botanic from the Valencia brand 80 UOA Development Bhd: 2 — Gamuda Bhd (Property CITYANDCOUNTRYTHEEDGEMALAYSIA Division): Banking on new 62 Gateway 16@Bandar Bukit Experimenting with and venturing into new business infrastructure and amenities CITYANDCOUNTRY_THEEDGE Raja — Sime Darby USJ Development Sdn Bhd: models 102 At the photowall PSEUDONYMS ARE ALLOWED BUT PLEASE STATE YOUR Supermarket for industrial 83 IJM Land Bhd: 108 Past rankings (2003 to 2018) FULL NAME, ADDRESS AND CONTACT NUMBER (TEL/FAX) properties Strength in adaptability FOR US TO VERIFY.
CC14 NOV 11 2019
QUALITATIVE RANKINGS 2019
QUALITATIVE QUALITATIVE QUALITATIVE OVERALL PRODUCT QUALITY INNOVATION TOP 30 & CREATIVITY RANKING COMPANY RANKING COMPANY 1 S P SETIA BHD 1 S P SETIA BHD RANKING COMPANY 2 IJM LAND BHD* 2 IJM LAND BHD* 1 S P SETIA BHD SUNWAY BHD – PROPERTY DIVISION* SUNWAY BHD – PROPERTY DIVISION* 2 IJM LAND BHD* 3 SIME DARBY PROPERTY BHD 3 GAMUDA BHD – PROPERTY DIVISION* 3 ECO WORLD DEVELOPMENT GROUP BHD 4 GAMUDA BHD – PROPERTY DIVISION* 4 SIME DARBY PROPERTY BHD 4 SUNWAY BHD – PROPERTY DIVISION* 5 UEM SUNRISE BHD 5 UEM SUNRISE BHD 5 ECO WORLD DEVELOPMENT GROUP BHD 6 SIME DARBY PROPERTY BHD 6 ECO WORLD DEVELOPMENT GROUP BHD UEM SUNRISE BHD 7 MAH SING GROUP BHD UOA DEVELOPMENT BHD 6 UOA DEVELOPMENT BHD UOA DEVELOPMENT BHD 7 MAH SING GROUP BHD 7 IGB BHD 8 EASTERN & ORIENTAL BHD 8 GAMUDA BHD – PROPERTY DIVISION* 8 IGB BHD 9 SELANGOR DREDGING BHD 9 ECO WORLD INTERNATIONAL BHD IOI PROPERTIES GROUP BHD 10 IOI PROPERTIES GROUP BHD 10 IOI PROPERTIES GROUP BHD 9 MKH BHD 11 MAH SING GROUP BHD 11 EASTERN & ORIENTAL BHD 10 PARAMOUNT CORP BHD 12 ECO WORLD INTERNATIONAL BHD TROPICANA CORP BHD 11 EASTERN & ORIENTAL BHD MKH BHD 12 MKH BHD TROPICANA CORP BHD PARAMOUNT CORP BHD SELANGOR DREDGING BHD 12 ECO WORLD INTERNATIONAL BHD TROPICANA CORP BHD 13 IGB BHD SELANGOR DREDGING BHD 13 SELANGOR PROPERTIES BHD** 14 MALTON BHD 13 MATRIX CONCEPTS HOLDINGS BHD YTL LAND & DEVELOPMENT BHD 15 PARAMOUNT CORP BHD YTL LAND & DEVELOPMENT BHD 14 SUNSURIA BHD 16 OSK HOLDINGS BHD YTL LAND & DEVELOPMENT BHD 14 MALAYSIAN RESOURCES CORP BHD 15 MALTON BHD 17 GUOCOLAND (MALAYSIA) BHD MALTON BHD 16 MATRIX CONCEPTS HOLDINGS BHD MALAYSIAN RESOURCES CORP BHD SUNSURIA BHD 17 TA GLOBAL BHD SUNSURIA BHD 15 WCT LAND SDN BHD* 18 MALAYSIAN RESOURCES CORP BHD WCT LAND SDN BHD* 18 MATRIX CONCEPTS HOLDINGS BHD OSK HOLDINGS BHD 19 OSK HOLDINGS BHD WCT LAND SDN BHD* 16 SELANGOR PROPERTIES BHD** 20 LBS BINA GROUP BHD 19 TA GLOBAL BHD TA GLOBAL BHD 21 SYMPHONY LIFE BHD 20 IVORY PROPERTIES GROUP BHD 17 IVORY PROPERTIES GROUP BHD 22 GUOCOLAND (MALAYSIA) BHD SELANGOR PROPERTIES BHD** LBS BINA GROUP BHD TITIJAYA LAND BHD 21 SYMPHONY LIFE BHD 18 GLOMAC BHD 23 NAIM HOLDINGS BHD 22 LBS BINA GROUP BHD GUOCOLAND (MALAYSIA) BHD YNH PROPERTY BHD 23 YNH PROPERTY BHD SYMPHONY LIFE BHD 24 KEN HOLDINGS BHD 24 ISKANDAR WATERFRONT CITY BHD 19 YNH PROPERTY BHD 25 AYER HOLDINGS BHD KEN HOLDINGS BHD 20 KEN HOLDINGS BHD GLOMAC BHD LAND & GENERAL BHD 25 GLOMAC BHD KSL HOLDINGS BHD IVORY PROPERTIES GROUP BHD 26 I-BHD LAND & GENERAL BHD SHL CONSOLIDATED BHD 27 HOCK SENG LEE BHD – PROPERTY DIVISION* SHL CONSOLIDATED BHD 26 I-BHD YONG TAI BHD 21 HUA YANG BHD KSL HOLDINGS BHD LAND & GENERAL BHD 28 KSL HOLDINGS BHD NAIM HOLDINGS BHD 27 HOCK SENG LEE BHD – PROPERTY DIVISION* 29 EUPE CORP BHD TITIJAYA LAND BHD YONG TAI BHD NAIM HOLDINGS BHD 22 EUPE CORP BHD 28 BCB BHD 30 HUA YANG BHD 23 I-BHD EUPE CORP BHD MCT BHD ISKANDAR WATERFRONT CITY BHD 29 HUA YANG BHD THRIVEN GLOBAL BHD 24 AYER HOLDINGS BHD PLENITUDE BHD HOCK SENG LEE BHD – PROPERTY DIVISION* THRIVEN GLOBAL BHD YONG TAI BHD 30 ISKANDAR WATERFRONT CITY BHD 25 PLENITUDE BHD 26 THRIVEN GLOBAL BHD 27 TAMBUN INDAH LAND BHD 28 MCT BHD 29 BCB BHD DAIMAN DEVELOPMENT BHD*** JKG LAND BHD Note: 30 WMG HOLDINGS BHD * Non-listed developer ** Delisted June 11, 2019 *** Delisted March 28,2019 CC15 NOV 11 2019
QUALITATIVE QUALITATIVE QUALITATIVE VALUE IMAGE EXPERTISE
CREATION RANKING COMPANY RANKING COMPANY 1 S P SETIA BHD 1 S P SETIA BHD RANKING COMPANY 2 SUNWAY BHD – PROPERTY DIVISION* 2 IJM LAND BHD* 1 S P SETIA BHD 3 IJM LAND BHD* 3 GAMUDA BHD – PROPERTY DIVISION* 2 SUNWAY BHD – PROPERTY DIVISION* 4 SIME DARBY PROPERTY BHD 4 SUNWAY BHD – PROPERTY DIVISION* 3 IJM LAND BHD* 5 UEM SUNRISE BHD 5 SIME DARBY PROPERTY BHD SIME DARBY PROPERTY BHD 6 ECO WORLD DEVELOPMENT GROUP BHD 6 ECO WORLD DEVELOPMENT GROUP BHD 4 GAMUDA BHD – PROPERTY DIVISION* 7 GAMUDA BHD – PROPERTY DIVISION* UEM SUNRISE BHD 5 UEM SUNRISE BHD 8 IGB BHD UOA DEVELOPMENT BHD 6 MAH SING GROUP BHD UOA DEVELOPMENT BHD 7 IGB BHD MKH BHD 9 IOI PROPERTIES GROUP BHD 8 MKH BHD 7 UOA DEVELOPMENT BHD MAH SING GROUP BHD 9 IOI PROPERTIES GROUP BHD 8 PARAMOUNT CORP BHD 10 MKH BHD MAH SING GROUP BHD 9 IOI PROPERTIES GROUP BHD PARAMOUNT CORP BHD 10 ECO WORLD INTERNATIONAL BHD TROPICANA CORP BHD 11 EASTERN & ORIENTAL BHD MALAYSIAN RESOURCES CORP BHD 10 IGB BHD TROPICANA CORP BHD PARAMOUNT CORP BHD MATRIX CONCEPTS HOLDINGS BHD 12 ECO WORLD INTERNATIONAL BHD 11 EASTERN & ORIENTAL BHD 11 EASTERN & ORIENTAL BHD 13 MATRIX CONCEPTS HOLDINGS BHD 12 TROPICANA CORP BHD ECO WORLD DEVELOPMENT GROUP BHD 14 SUNSURIA BHD 13 SELANGOR DREDGING BHD 12 WCT LAND SDN BHD* 15 SELANGOR DREDGING BHD 14 WCT LAND SDN BHD* 13 IVORY PROPERTIES GROUP BHD 16 MALAYSIAN RESOURCES CORP BHD YTL LAND & DEVELOPMENT BHD SELANGOR DREDGING BHD SELANGOR PROPERTIES BHD** 15 OSK HOLDINGS BHD 14 OSK HOLDINGS BHD YTL LAND & DEVELOPMENT BHD 16 MALTON BHD SUNSURIA BHD 17 LBS BINA GROUP BHD MATRIX CONCEPTS HOLDINGS BHD 15 GLOMAC BHD OSK HOLDINGS BHD SUNSURIA BHD SYMPHONY LIFE BHD 18 MALTON BHD 17 LBS BINA GROUP BHD 16 YTL LAND & DEVELOPMENT BHD 19 GUOCOLAND (MALAYSIA) BHD 18 GLOMAC BHD 17 MALAYSIAN RESOURCES CORP BHD 20 IVORY PROPERTIES GROUP BHD 19 IVORY PROPERTIES GROUP BHD 18 HUA YANG BHD 21 YNH PROPERTY BHD TA GLOBAL BHD LBS BINA GROUP BHD 22 WCT LAND SDN BHD* 20 KSL HOLDINGS BHD MALTON BHD 23 TA GLOBAL BHD 21 SYMPHONY LIFE BHD SELANGOR PROPERTIES BHD** 24 EUPE CORP BHD 22 KEN HOLDINGS BHD TA GLOBAL BHD 25 GLOMAC BHD SHL CONSOLIDATED BHD 19 ECO WORLD INTERNATIONAL BHD SYMPHONY LIFE BHD YNH PROPERTY BHD 20 KSL HOLDINGS BHD 26 NAIM HOLDINGS BHD 23 GUOCOLAND (MALAYSIA) BHD 21 SHL CONSOLIDATED BHD 27 LAND & GENERAL BHD LAND & GENERAL BHD YNH PROPERTY BHD TITIJAYA LAND BHD SELANGOR PROPERTIES BHD** 22 TITIJAYA LAND BHD 28 SHL CONSOLIDATED BHD 24 HUA YANG BHD 23 GUOCOLAND (MALAYSIA) BHD 29 HUA YANG BHD 25 I-BHD LAND & GENERAL BHD KSL HOLDINGS BHD TITIJAYA LAND BHD PLENITUDE BHD 30 KEN HOLDINGS BHD 26 EUPE CORP BHD 24 EUPE CORP BHD NAIM HOLDINGS BHD NAIM HOLDINGS BHD YONG TAI BHD 25 KEN HOLDINGS BHD 27 ISKANDAR WATERFRONT CITY BHD 26 ISKANDAR WATERFRONT CITY BHD 28 HOCK SENG LEE BHD – PROPERTY DIVISION* 27 AYER HOLDINGS BHD SBC CORP BHD HOCK SENG LEE BHD – PROPERTY DIVISION* 29 THRIVEN GLOBAL BHD 28 THRIVEN GLOBAL BHD 30 AYER HOLDINGS BHD 29 YONG TAI BHD 30 I-BHD CC16 NOV 11 2019
QUANTITATIVE RANKINGS 2019
QUANTITATIVE QUANTITATIVE OVERALL SHAREHOLDERS’ TOP 30 FUNDS RANKING COMPANY RANKING COMPANY 1 UOA DEVELOPMENT BHD MK LAND HOLDINGS BHD DEVELOPERS WITH SHAREHOLDERS’ FUNDS OF RM500 MIL AND ABOVE 2 MAH SING GROUP BHD TAMBUN INDAH LAND BHD COMPANY SH FUNDS (FY2018) 3 IOI PROPERTIES GROUP BHD 19 GLOMAC BHD RM MIL IOI PROPERTIES GROUP BHD 18,310.21 S P SETIA BHD SELANGOR DREDGING BHD S P SETIA BHD 14,143.77 4 KSL HOLDINGS BHD 20 GUOCOLAND (MALAYSIA) BHD SIME DARBY PROPERTY BHD 9,209.52 5 UEM SUNRISE BHD 21 BERJAYA ASSETS BHD UEM SUNRISE BHD 7,090.43 6 SUNWAY BHD - PROPERTY DIVISION* COUNTRY HEIGHTS HOLDINGS BHD MALAYSIAN RESOURCES CORP BHD 4,832.45 UOA DEVELOPMENT BHD 4,680.73 7 MALAYSIAN RESOURCES CORP BHD 22 WCT LAND SDN BHD* OSK HOLDINGS BHD 4,597.54 OSK HOLDINGS BHD 23 ASIAN PAC HOLDINGS BHD SUNWAY BHD - PROPERTY DIVISION* 4,456.65 TA GLOBAL BHD 24 AYER HOLDINGS BHD ECO WORLD DEVELOPMENT GROUP BHD 4,407.95 IJM LAND BHD* 4,384.95 TROPICANA CORP BHD CRESCENDO CORP BHD MAH SING GROUP BHD 3,488.97 8 ECO WORLD DEVELOPMENT GROUP BHD DAMANSARA REALTY BHD IGB BHD 3,435.01 GAMUDA BHD - PROPERTY DIVISION* KARAMBUNAI CORP BHD TROPICANA CORP BHD 3,403.67 TA GLOBAL BHD 3,102.84 IGB BHD 25 COUNTRY VIEW BHD GAMUDA BHD - PROPERTY DIVISION* 2,834.00 9 MATRIX CONCEPTS HOLDINGS BHD MB WORLD GROUP BHD KSL HOLDINGS BHD 2,815.29 10 IJM LAND BHD* SAPURA RESOURCES BHD ECO WORLD INTERNATIONAL BHD 2,493.61 SELANGOR PROPERTIES BHD** 2,462.77 PLENITUDE BHD 26 IVORY PROPERTIES GROUP BHD BERJAYA ASSETS BHD 2,287.75 11 MKH BHD ORIENTAL INTEREST BHD EASTERN & ORIENTAL BHD 1,847.00 12 LAND & GENERAL BHD 27 EWEIN BHD WCT LAND SDN BHD* 1,787.41 13 SIME DARBY PROPERTY BHD KEN HOLDINGS BHD PLENITUDE BHD 1,559.32 MKH BHD 1,547.00 14 I-BHD YNH PROPERTY BHD GUOCOLAND (MALAYSIA) BHD 1,356.08 15 DAIMAN DEVELOPMENT BHD*** 28 BCB BHD LBS BINA GROUP BHD 1,349.45 IDEAL UNITED BINTANG INTERNATIONAL BHD IBRACO BHD TITIJAYA LAND BHD 1,237.64 MATRIX CONCEPTS HOLDINGS BHD 1,206.49 SHL CONSOLIDATED BHD ISKANDAR WATERFRONT CITY BHD MK LAND HOLDINGS BHD 1,199.45 TITIJAYA LAND BHD 29 BINA DARULAMAN BHD DAIMAN DEVELOPMENT BHD*** 1,184.14 16 AMVERTON BHD ECO WORLD INTERNATIONAL BHD NAIM HOLDINGS BHD 1,175.11 LAND & GENERAL BHD 1,109.29 NAIM HOLDINGS BHD EUPE CORP BHD GLOMAC BHD 1,095.24 SELANGOR PROPERTIES BHD** 30 MUI PROPERTIES BHD PARAMOUNT CORP BHD 1,071.29 SUNSURIA BHD SEAL INCORPORATED BHD AMCORP PROPERTIES BHD 1,041.53 ASIAN PAC HOLDINGS BHD 991.29 17 AMCORP PROPERTIES BHD YONG TAI BHD I-BHD 974.90 EASTERN & ORIENTAL BHD YNH PROPERTY BHD 909.61 LBS BINA GROUP BHD MALTON BHD 909.15 MCT BHD SELANGOR DREDGING BHD 887.68 MCT BHD 882.08 PARAMOUNT CORP BHD CRESCENDO CORP BHD 874.79 18 MALTON BHD KARAMBUNAI CORP BHD 873.41 SUNSURIA BHD 872.40 COUNTRY HEIGHTS HOLDINGS BHD 856.37 ISKANDAR WATERFRONT CITY BHD 810.85 SHL CONSOLIDATED BHD 790.47 Note: YTL LAND & DEVELOPMENT BHD 775.38 * Non-listed developer AMVERTON BHD 714.53 ** Delisted June 11, 2019 SYMPHONY LIFE BHD 634.26 *** Delisted March 28,2019 TAMBUN INDAH LAND BHD 607.84 **** Delisted Aug 16, 2018 HUA YANG BHD 590.19 YONG TAI BHD 555.86 SENTORIA GROUP BHD 535.20 MAGNA PRIMA BHD 523.73 AYER HOLDINGS BHD 513.12 CC17 NOV 11 2019
QUANTITATIVE QUANTITATIVE QUANTITATIVE REVENUE PROFIT NET GEARING
DEVELOPERS WITH REVENUE BEFORE TAX DEVELOPERS WITH NET CASH OF RM200 MIL AND ABOVE COMPANY NET CASH (FY2018) DEVELOPERS WITH PBT OF COMPANY TURNOVER (FY2018) RM MIL RM MIL RM50 MIL AND ABOVE MAH SING GROUP BHD -656.13 S P SETIA BHD 3,593.59 COMPANY PBT (FY2018) UOA DEVELOPMENT BHD -504.65 RM MIL IOI PROPERTIES GROUP BHD 2,792.61 PLENITUDE BHD -404.70 IOI PROPERTIES GROUP BHD 1,071.53 GAMUDA BHD - PROPERTY DIVISION* 2,592.00 SHL CONSOLIDATED BHD -370.77 S P SETIA BHD 990.55 MAH SING GROUP BHD 2,192.93 LAND & GENERAL BHD -201.26 UOA DEVELOPMENT BHD 505.85 ECO WORLD DEVELOPMENT GROUP BHD 2,171.77 SELANGOR PROPERTIES BHD** -171.12 IGB BHD 480.59 UEM SUNRISE BHD 2,043.99 SAPURA RESOURCES BHD -164.55 SUNWAY BHD - PROPERTY DIVISION* 449.59 TA GLOBAL BHD 1,957.69 KSL HOLDINGS BHD -127.27 UEM SUNRISE BHD 416.38 MALAYSIAN RESOURCES CORP BHD 1,870.71 DAIMAN DEVELOPMENT BHD*** -122.47 OSK HOLDINGS BHD 395.41 SUNWAY BHD - PROPERTY DIVISION* 1,815.30 AYER HOLDINGS BHD -93.04 MAH SING GROUP BHD 347.61 TROPICANA CORPORATION BHD 1,635.47 FARLIM GROUP (M) BHD -84.62 TA GLOBAL BHD 323.25 IGB BHD 1,302.01 TAMBUN INDAH LAND BHD -79.58 KSL HOLDINGS BHD 320.29 SIME DARBY PROPERTY BHD 1,269.15 MUI PROPERTIES BHD -75.43 TROPICANA CORP BHD 320.23 UOA DEVELOPMENT BHD 1,263.68 AMVERTON BHD -72.18 MATRIX CONCEPTS HOLDINGS BHD 295.23 IJM LAND BHD* 1,245.21 IDEAL UNITED BINTANG INTERNATIONAL BHD -39.99 GAMUDA BHD - PROPERTY DIVISION* 246.00 OSK HOLDINGS BHD 1,204.09 MK LAND HOLDINGS BHD -34.29 ECO WORLD DEVELOPMENT GROUP BHD 217.32 LBS BINA GROUP BHD 1,122.09 KARAMBUNAI CORP BHD -34.02 EASTERN & ORIENTAL BHD 193.05 MKH BHD 1,081.70 PETALING TIN BHD**** -24.44 AMCORP PROPERT IES BHD 175.26 EASTERN & ORIENTAL BHD 982.71 LBI CAPITAL BHD -19.45 SUNSURIA BHD 165.71 PARAMOUNT CORP BHD 907.67 I-BHD -18.81 LBS BINA GROUP BHD 159.13 MALTON BHD 818.77 KEN HOLDINGS BHD -14.71 PARAMOUNT CORP BHD 151.27 MATRIX CONCEPTS HOLDINGS BHD 818.48 DAMANSARA REALTY BHD -10.20 IDEAL UNITED BINTANG INTERNATIONAL BHD 144.36 KSL HOLDINGS BHD 710.21 MCT BHD -8.68 MKH BHD 126.70 IDEAL UNITED BINTANG INTERNATIONAL BHD 677.69 ACME HOLDINGS BHD -6.04 MALAYSIAN RESOURCES CORP BHD 122.99 NAIM HOLDINGS BHD 605.43 MULTI-USAGE HOLDINGS BHD -5.80 COUNTRY HEIGHTS HOLDINGS BHD 104.94 SUNSURIA BHD 491.48 HOCK SENG LEE BHD - PROPERTY DIVISION* -1.93 SELANGOR DREDGING BHD 104.55 WCT LAND SDN BHD* 453.89 ARK RESOURCES HOLDINGS BHD -1.69 TITIJAYA LAND BHD 102.72 GLOMAC BHD 405.93 AMVERTON BHD 93.71 TITIJAYA LAND BHD 381.36 COUNTRY VIEW BHD 90.79 I-BHD 375.14 LAND & GENERAL BHD 85.98 YNH PROPERTY BHD 354.02 SHL CONSOLIDATED BHD 82.36 MCT BHD 330.88 MALTON BHD 80.79 YTL LAND & DEVELOPMENT BHD 328.92 GUOCOLAND (MALAYSIA) BHD 80.51 EUPE CORP BHD 314.08 NAIM HOLDINGS BHD 79.35 BERJAYA ASSETS BHD 312.69 MCT BHD 78.87 GUOCOLAND (MALAYSIA) BHD 309.31 TAMBUN INDAH LAND BHD 78.07 BCB BHD 305.01 I-BHD 76.78 DAMANSARA REALTY BHD 304.13 PLENITUDE BHD 73.72 SENTORIA GROUP BHD 293.01 ORIENTAL INTEREST BHD 65.25 MB WORLD GROUP BHD 287.01 EWEIN BHD 63.96 CRESCENDO CORP BHD 277.16 ASIAN PAC HOLDINGS BHD 63.65 ORIENTAL INTEREST BHD 269.04 MB WORLD GROUP BHD 63.57 ENCORP BHD 259.96 GLOMAC BHD 56.28 PLENITUDE BHD 248.71 BCB BHD 51.71 IBRACO BHD 239.08 ECOFIRST CONSOLIDATED BHD 50.26 THRIVEN GLOBAL BHD 239.08 IVORY PROPERTIES GROUP BHD 237.81 COUNTRY VIEW BHD 236.06 HUA YANG BHD 230.69 SELANGOR DREDGING BHD 217.49 BINA DARULAMAN BHD 203.39 CC18 NOV 11 2019
Note no.1 from| S P theSet ipublishera Bhd
Dear readers, SAM FONG / THE EDGE or the past 17 years, The Edge Malaysia In the qualitative evaluation, which makes up Property Excellence Awards (TEPEA) 65% of the total score, judges mark each company have honoured the best property de- on its expertise; image; innovation and creativi- velopers in the country both in terms ty; product quality; and value creation for buyers. Fof financial strength and delivery of The quantitative evaluation of a company’s quality real estate. shareholders’ funds, turnover, profi tability and Since 2003, we have seen two up and down cy- cash or gearing accounts for the remaining 35% cles in the property market. There were fi ve good of the total score. years before the global financial crisis struck, Listed companies are automatically entered leading to a slump in 2008 and 2009. But the into the awards while private developers provide market bounced back strongly from 2010 until the necessary documentation to be considered. Bank Negara Malaysia put on the brakes in 2014 Besides the Top Property Developers Awards, we to rein in spiralling prices, high household debt also present the Value Creation Excellence Award and property speculation. in collaboration with the Association of Valuers, The slowdown this time around has lasted Property Managers, Estate Agents and Property longer than the last down cycle and will soon be Consultants (PEPS), the Green Excellence Award entering its fi fth year with unsold properties, both with Pertubuhan Akitek Malaysia (PAM) and the residential and commercial, at their highest level Aff ordable Urban Housing Excellence Award. in recent times. We also recognise the exceptional leadership However, Malaysian property developers have of three industry personalities with the Lifetime in Gamuda City, Hanoi, by Gamuda Land as well been mindful of the soft market conditions and Property Achievement Award, Outstanding Prop- as Circus West Village in Battersea Power Station have acted accordingly to remain resilient during erty Entrepreneur Award or Outstanding Property by the Malaysian Battersea consortium of S P Setia these times and we recognise their eff orts with CEO Award. Bhd, Sime Darby Property Bhd and the Employees The Edge Malaysia Property Excellence Awards. Ireka Corp Bhd executive chairman Datuk Lai Provident Fund. The awards have become an industry bench- Siew Wah walked away with the Lifetime Proper- Also in this issue will be the details of the mark for companies that have sustainable fi- ty Achievement Award this year in recognition of awards, the recipients, the methodology and pho- nancial strength and delivered quality products his eff orts in guiding the company through the tographs of the evening that shone the spotlight to their customers to be used as a home or an boom and bust of several economic cycles in the on Malaysia’s top property developers. investment asset. past 50 years. A special thank you to our sponsors this year The companies ranked in the Top Property De- UOA Development Bhd managing director C S — Euromobil Sdn Bhd, the largest distributor of velopers Awards are evaluated on their qualitative Kong was named Outstanding Property Entrepre- Audis in Malaysia, and USG Boral, a top building and quantitative abilities. neur while IGB Bhd and IGB Real Estate Invest- materials supplier — for their support. The qualitative evaluation is done by a panel ment Trust group CEO and managing director of judges who are industry personalities. Compa- Datuk Seri Robert Tan took home The Edge Malaysia nies are judged by their peers, which is probably Outstanding Property CEO Award. the most satisfying way to be recognised. Judges This year, we introduced a new property award, Datuk Ho Kay Tat abstain from scoring companies that they are The Edge Malaysia Outstanding Overseas Project Publisher and group CEO affi liated with. Award, which was awarded to Gamuda Gardens The Edge Media Group
PATRICK GOH / THE EDGE
Ho (fi fth from left) and Th e Edge Malaysia editor-in-chief Azam Aris (fourth from left) with the City & Country team (from left) assistant editor Racheal Lee, writer Ethel Khoo, deputy editor Wong King Wai, editor Rosalynn Poh, deputy editor E Jacqui Chan, senior writer Chai Yee Hoong, writer Chung Ying Yi and senior writer Hannah Rafee.
CC22 NOV 11 2019
Ranking the resilient
BY RACHEAL LEE IJM Land Bhd (No 4), UEM Sunrise Bhd (No 5), Mah Sing Held at the Shangri-La Hotel Kuala Lumpur on Oct 31, [email protected] Group Bhd (No 6), Gamuda Bhd — property division (No 7), the TEPEA gala dinner was attended by more than 400 real IOI Properties Group Bhd and Sime Darby Property Bhd estate players and experts. P Setia Bhd has taken the top spot in The Edge (tied at No 8), Eco World Development Group Bhd (No 9) The Edge Media Group publisher and group CEO Datuk Malaysia Top Property Developers Awards (TPDA) and IGB Bhd (No 10). Ho Kay Tat said in his speech that TEPEA not only recog- for the fourth consecutive year. Its ranking had UOA Development also won the Best in Quantitative nises the best in property development but also serves as dropped to third place in 2014 and fourth in Attributes sub-award. a guide to those looking for properties to buy. The idea is S2015, before it regained the No 1 position in 2016. Under the TPDA, companies are evaluated based on their to help them make better decisions, he added. During the awards ceremony, S P Setia pres- qualitative and quantitative attributes. In the qualitative “We launched these awards to provide a guide to the ident and CEO Datuk Khor Chap Jen said the developer was category, the judges look at a company’s expertise, image, public on the strongest and best real estate players in the pleased to be presented with the top honours for the 12th innovation and creativity, product quality and the value it country. time since the inception of the awards in 2003. creates for buyers. “TEPEA has become an industry benchmark for com- “We are honoured and excited by our win. I would like In the quantitative category, the judges examine a com- panies that have sustainable fi nancial strength and have to attribute this win to Team Setia who practise the Setia pany’s shareholders’ funds, turnover, profi tability and cash delivered quality products to their customers to be used as values, which include teamwork, when performing their or gearing. The scores and rankings of the TPDA are audited homes or investment assets,” said Ho. daily duties. by Deloitte Malaysia. A new award this year was The Edge Malaysia Outstand- “Due to the market challenges, what makes us stand out The TPDA anchors The Edge Malaysia Property Excellence ing Overseas Project Award, which went to Gamuda Gar- is our people who always come up with unique ideas and Awards (TEPEA). In recent years, TEPEA has expanded to dens in Gamuda City, Hanoi, as well as Circus West Village services that position Setia as the purchasers’ top prefer- include sub-awards such as The Edge Malaysia-PEPS Value in Battersea Power Station, London, whose developer is a ence,” he added. Creation Excellence Award, The Edge Malaysia-PAM Green Malaysian consortium comprising S P Setia, Sime Darby S P Setia was also the winner of the Best in Qualitative Excellence Award, The Edge Malaysia Affordable Urban and the Employees Provident Fund. Attributes sub-award. Housing Excellence Award, The Edge Malaysia Outstanding Ireka Corp Bhd executive chairman Datuk Lai Siew Wah The other companies in the top 10 were Sunway Bhd Property CEO Award and The Edge Malaysia Lifetime Prop- was presented with The Edge Malaysia Lifetime Property — property division (No 2), UOA Development Bhd (No 3), erty Achievement Award. Achievement Award in recognition of his eff orts in steer- CC23 NOV 11 2019
SUHAIMI YUSUF/THE EDGE
ing the company successfully through the boom and bust of Valuers, Property Managers, Estate Agents and Property From left: EcoWorld president and CEO of several economic cycles over the past 50 years. Consultants in the Private Sector Malaysia — recognises Datuk Chang Khim Wah, Gamuda Land CEO This year, the winner of The Edge Malaysia Outstanding developments that have provided outstanding rewards to Ngan Chee Meng, IGB group CEO Property Entrepreneur Award was UOA Development man- their purchasers in terms of capital appreciation. Datuk Seri Robert Tan, IJM Land managing aging director C S Kong, who has built the company into This year’s winners were Pangsapuri Danau Seri by Gamu- director Edward Chong, IOI Properties chief the fourth largest on Bursa Malaysia with a market value da (residential category) and Gateway 16 @ Bandar Bukit operating offi cer Teh Chin Guan, Mah Sing CEO of around RM4 billion as well as with a signifi cant presence Raja (1½-storey semi-detached factories) by Sime Darby USJ Datuk Ho Hon Sang, Th e Edge Malaysia in the Klang Valley. Development Sdn Bhd (non-residential category). Gamu- editor-in-chief Azam Aris, City & Country IGB and IGB Real Estate Investment Trust group CEO da also earned a mention for Phase 27, Ambang Botanic 2. editor Rosalynn Poh, Khor, Ho, Sunway and managing director Datuk Seri Robert Tan took home In partnership with the Malaysian Institute of Architects, deputy managing director Lum Tuck Ming, The Edge Malaysia Outstanding Property CEO Award. His The Edge Malaysia-PAM Green Excellence Award recognises Sime Darby Property acting group CEO leadership has enabled the business that was started by his projects that demonstrate sustainable design innovation Datuk Wan Hashimi Albakri, UEM Sunrise CEO father and uncle to grow into a giant in the residential and while contributing positively to the community. The winner and managing director Anwar Syahrin Abdul Ajib, commercial development and real estate investment trust this year was The International School of Kuala Lumpur. UOA executive director Kong Pak Lim and sectors. The two companies under his stewardship now have The Edge Malaysia Aff ordable Urban Housing Excellence EdgeProp.my editor-in-chief and managing a collective market capitalisation of close to RM9 billion. Award, which honours aff ordable housing projects for the director Au Foong Yee The Edge Malaysia Property Development Excellence urban middle-income group that are undertaken wholly Award recognised two developments this year that show- by Malaysian private developers, was presented to D’Cer- cased how entrepreneurial grit can lead to the building of rum Apartment that is developed by Setia Ecohill Sdn Bhd. modern townships. The award went to I-Bhd for its i-City This year, TEPEA was sponsored by Euromobil Sdn Bhd, development in Shah Alam and Matrix Concept Holdings the largest distributor of Audis in Malaysia, and specialist Bhd for Bandar Sri Sendayan in Seremban. building materials supplier USG Boral. The awards were The Edge Malaysia-PEPS Value Creation Excellence Award presented by City & Country, the property pullout of The Edge — started in partnership by The Edge and the Association Malaysia, and supported by EdgeProp.my. E
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1 2 HIGHLIGHTS OF THE GALA NIGHT
1. Datuk Lai Voon Hon (left) and Datuk Lai Siew Wah from Ireka Corp 5. Th e new Audi A7 Sportback 2. From left: Fong Lai Kuan (Th e Edge), Jack Zaal (Euromobil), Datuk Ho Kay Tat and 6. Some of the judges ofTh e Edge Malaysia Top Property Developers Awards 2019: Sharon Teh (both from Th e Edge) Au Foong Yee (EdgeProp.my), Datuk Soam Heng Choon (Rehda Malaysia), Poh, 3. Moments after S P Setia was announced as the fi rst place winner of Th e Edge Malaysia Datuk Jeff rey Ng (Sunway REIT Management), Tan Sri Eddy Chen (MKH), Top Property Developers Awards 2019 Tan Sri Teo Chiang Kok (Bandar Utama City Corp), Datuk Seri Michael Yam 4. Rosalynn Poh (Th e Edge), Daron Cheah (USG Boral), Ho, Teh and Gregory Th u (Th e Edge) (Impetus Alliance Advisors) and Ho CC27 NOV 11 2019
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1. Michael Helfman, Gabrielle Tan, Datuk Seri Robert Tan, Datin Seri May Tan, Timothy Tan, Elizabeth Tan 6. Th e interior of the Audi A7 Sportback (all from IGB) and Ooi Phee Lip (Affi n Hwang Asset Management) 7. (Standing from left) Datuk Chang Khim Wah (Eco World Development Group) and Edward Chong (IJM 2. Peter Casey, Kelly O’Hale and John Beattie (all from Th e International School of Kuala Lumpur) Land) with (seated from left) Ngan Chee Meng (Gamuda) and Anwar Syahrin Abdul Ajib (UEM Sunrise) 3. Andrew Prassart (Sunway), Lim Kok Yee (Matrix Concepts Holdings) and Christine Chong (Gamuda) 8. Teo and Yam having a laugh 4. Tony Ling, Datuk Khor Chap Jen (both from S P Setia), Datuk Ahmad Pardas Senin (Battersea Power 9. Appollo Leong (Sime Darby Property), Zulkifl y Garib (Rehda Malaysia), Datuk Tan Hon Lim (S P Setia), Station Holding Company), Datuk Wong Tuck Wai (S P Setia) and Mark Hutton (Battersea Power Datuk Zaini Yusoff (S P Setia) and Lum Tuck Ming (Sunway) Station Holding Company) 10. Zaal and Fong with the Audi A7 Sportback 5. Datuk Teo Chiang Quan (Paramount Corp), Datin Esther Teo, Datuk Stewart LaBrooy (Area Management), Ho and Datuk Edmund Kong (Guocoland Malaysia)
CC32 NOVEMBER 11, 2019 SEPT 29 2009 NOVEMBER 11, 2019 CC33 SEPT 29 2009 CC34 NOV 11 2019
From left: EdgeProp.my managing director and editor-in-chief Au Foong Yee, Yam, Th e Edge Media Group publisher and group CEO Datuk Ho Kay Tat, Soam, F D Iskandar, Chen, Kumar and City & Country editor Rosalynn Poh. (Inset, from left) Ng and Teo, who were unable to attend the meeting. Top Property Developers Awards Judges’ comments
Tan Sri Eddy Chen Datuk Jeffrey Ng Datuk Soam Heng Choon Among developers, we consider this award He is group managing director of MKH Bhd and He is a patron and past president of Rehda He is president of Rehda Malaysia and sits on the to be the premier ranking and we strive to do chairman of Perbadanan PR1MA Malaysia. A Malaysia. He has more than 35 years of Construction Labour Exchange Board, Malaysia. better every year. patron and past president of Rehda Malaysia, experience in finance, corporate planning and A qualified civil engineer with more than 30 This credible annual ranking, which is audited, he is serving on its national council and was a executive management in the property and years’ experience in the construction and is a good benchmark for all developers to member of the executive committee for the hotel industries in Malaysia and Australia. property industry, he recently retired as group continue to improve and deliver quality products. 2016 to 2018 term. Chen was president of the Ng is a member of the Malaysian Institute CEO and managing director of IJM Corp Bhd. He To stay on top in this climate is a challenge. So, Malaysia Shopping Malls Association from of Certified Public Accountants and a Fellow was CEO and managing director of IJM Land Bhd once again, congratulations to the winners and 2016 to 2018 and president of the Building of Chartered Accountants, Australia and New from 2004 to April 2015. those who made it to the top 30. Management Association of Malaysia from 2016 Zealand. He holds a capital markets services (Note: He abstained from judging IJM Land) to 2018. He was the vice-president of FIABCI representative’s licence under the Securities Malaysia (2016-2018). Commission Malaysia. The list of top 10 developers hasn’t changed a (Note: Chen abstained from judging MKH Bhd) He is the CEO of Sunway REIT Management lot over the years. This speaks a lot about the Tan Sri Teo Chiang Kok Sdn Bhd and chairman of Rehda Institute. He sustainable model, [customer] following and He is a patron and past president of Rehda Firstly, I would like to congratulate the top is also the chairman of United Overseas Bank market perception that they have built over the Malaysia and a trustee of the Rehda Institute. He 10 developers and all awardees for their (M) Bhd and a director of Urban Hallmark years. It is very important that they are able to was also president of FIABCI Malaysia. He is the achievements. My take is that the bigger Properties Sdn Bhd. keep up their branding and sustainable model current president of the Malaysia Shopping Malls developers will continue to do well despite the (Note: Ng abstained from judging that is embraced by the stakeholders at large. Association and Building Management Association difficult market. They have laid the foundation Sunway Bhd) of Malaysia. and resources to sustain them for many more Teo is a director of the See Hoy Chan years to come. Moving forward and in the I was impressed with this year’s high standard Holdings Group in Malaysia. He has been near term, the property market will remain of submissions in terms of content. This Datuk Seri F D Iskandar involved in the property development industry challenging. While the Home Ownership much-respected branding award recognition is With more than 25 years of experience in the for 47 years and has developed some 30,000 Campaign (HOC) has been key to keeping perhaps the key motivating factor for property property development industry, he is group homes and over 20 million sq ft of commercial the overhang stable, the unabating supply developers in the country to continue to strive managing director and CEO of Glomac Bhd and properties. may bump up the overhang in the coming harder towards the attainment of qualitative immediate past president of Rehda Malaysia. few quarters. To date, all market variables and and quantitative attributes. He sits on the boards of several private limited This year’s list has one of the most changes in indicators have remained somewhat unchanged It is quite an achievement for S P Setia Bhd companies, including Axis-REIT Managers Bhd, and ranking positions and entrants, demonstrating to sustain any real recovery post-HOC. to win the Top Property Developers Award yet serves on Dewan Bandaraya Kuala Lumpur’s City the volatility of the property industry and the My congratulations also go to The Edge again. It is never easy to hold on to the No 1 Advisory Board. differing impacts on individual companies Malaysia for staying the course to successfully position for several years in a row and it goes (Note: He abstained from judging Glomac Bhd) in these challenging economic times. This conclude another property industry award event to prove that entrepreneurial and innovative is further compounded by the timing of amid a difficult operating environment. It will be management coupled with resilience and strong Congratulations to the winners of The Edge completion and delivery of products, and thus business unusual for a while to come. To the top financial performance will sustain leadership in Malaysia Top Property Developers Awards 2019. recognition of profits leading to changes in developers, my kudos to them for their tenacity the real estate business. It’s definitely not an easy feat, especially in the the rankings. These phenomena have given and their stamina in staying at the top, and may As we all know, the market is extremely current property market. Buyers expect more the opportunity to many other companies they continue to do well. competitive and economic conditions are than just bricks and mortar. Developers need to to make it into top 10 positions this year. slower. Casualties are expected and two well- not just build quality developments but also be Congratulations to all companies that have regarded property developers have dropped consistent in efficiently managing properties and improved their position and ranking. out of the top 10 ranking. expectations of discerning buyers. CC35 NOV 11 2019
Awards methodology KENNY YAP / THE EDGE
The Edge Malaysia Top Property Developers Awards is an exercise to rank Malaysia’s top property players based on their quantitative and qualitative attributes. The ranking is published annually. Introduced in 2003, the awards is based on the conviction that a developer’s quantitative attributes alone are not sufficient to earn it the title of the most outstanding player. A property developer is judged not only on how profitable the company is or how many homes it builds and sells each year but also on its qualitative attributes. All companies listed on Bursa Malaysia’s property sector are automatically considered for the awards while non- listed developers that are interested to be ranked need to submit their entries. Advertisements calling for entries from privately-owned companies and the property development arms of companies not listed on Bursa’s property sector were published in The Edge Malaysia.
Quantitative attributes Four quantitative attributes, namely shareholders’ funds, profit before tax, revenue and cash/net gearing make up 35% of the overall score. Net gearing is defined as the total of long and short-term loans minus cash divided by shareholders’ funds. All financial data considered for the 2019 awards was based on a developer’s FY2018 results. The quantitative data of listed developers was derived from documents submitted to Bursa. Non-listed companies were required to submit copies of their audited accounts. Where signed audited financial statements were not available, data certified by the developer’s external auditors was used. Five non-listed developers took part this year.
Qualitative attributes Qualitative attributes contribute a greater weightage of 65%. The five attributes evaluated are product quality (finishing and timeliness), innovation and creativity (in the products and marketing), value creation for buyers (capital appreciation), image (includes credibility) and expertise (includes management and experience). Effective 2017, a truncated mean has been adopted to compute the qualitative attributes, where the highest and the lowest scores given by the judges are discarded and the average is based on the remaining scores. Datuk Seri Michael Yam Kumar Tharmalingam Points awarded He is a patron and past president of Rehda The past president of FIABCI Malaysia and A maximum of 10 points are awarded for each qualitative Malaysia. With experience in the real estate board member of FIABCI International is a and quantitative attribute. Points for quantitative attributes and corporate sectors, he was CEO of two Fellow of the Royal Institution of Chartered are based on the financial data of the company while points Bursa Malaysia-listed companies and now Surveyors, Fellow of the Institution of for qualitative attributes are awarded by a panel of judges manages his own private equity, corporate Surveyors Malaysia and a registered real comprising industry experts and veterans as well as The advisory and development consultancy firm. estate valuer and property consultant with Edge Malaysia. Also effective 2017, companies with scores He is also chairman of InvestKL Corp and the Board of Valuers, Appraisers and Estate that are less than 0.5 point of each other will be ranked an independent non-executive director of Agents, Malaysia. He has been in the real equally. For example, company A with 60.1 points and Standard Chartered Saadiq Bhd, Paramount estate industry for more than 35 years. company B with 60.5 points will be ranked the same. Corp Bhd, Malaysia Airports Holdings Bhd, From 2010 to 2013, he was CEO of Malaysia This year’s judges were Datuk Jeffrey Ng, Tan Sri Teo Cahya Mata Sarawak Bhd and Kwasa Land Sdn Property Inc and an executive director of Chiang Kok, Kumar Tharmalingam, Tan Sri Eddy Chen, Datuk Bhd. He is a Fellow of the Chartered Institute of Sunway Bhd. In 2016, he was appointed an Seri F D Iskandar, Datuk Seri Michael Yam and Datuk Soam Building and a Fellow of the Royal Institution of independent director in Public Islamic Bank. Heng Choon. The Edge Malaysia was represented by its Chartered Surveyors. He is currently the senior adviser to AREA publisher and The Edge Media Group group CEO Datuk Ho (Note: Yam abstained from judging Management Sdn Bhd, a private equity fund Kay Tat, EdgeProp.my managing director and editor-in-chief Paramount Corp Bhd and Sunway Bhd) that develops gated industrial projects in Au Foong Yee and City & Country editor Rosalynn Poh. Malaysia. Judges who abstained from the deliberation and This year’s awards was still keenly contested judging of companies in which they had direct or indirect despite the challenging real estate market S P Setia Bhd being ranked No 1 for the fourth interests were Ng on Sunway Bhd (he is CEO of Sunway conditions and the negative consumer consecutive year and in the Top 5 for a number REIT Management Sdn Bhd), Chen on MKH Bhd (managing sentiments that were very much impacted of years is not unusual. It has well-located, director), F D Iskandar on Glomac Bhd (managing director by the US-China trade war and geopolitical full-infrastructure land bank mostly acquired and CEO), Soam on IJM Land (recently retired as group uncertainties globally. It is in such soft earlier and now, all it has to do is build to the CEO and managing director of IJM Corp Bhd) and Yam conditions that companies should spend more market, having established its reputation as a on Paramount Corp Bhd and Sunway Bhd (director of on marketing and promotion and while it is developer of suitable and popular residential Paramount and former director of Sunway). noticeable that there appeared to be a reduction developments with full amenities. It has in quality submissions this year, the leading provided all the ingredients necessary to companies were still diligent in submitting attract purchasers. credible reports for the awards. Kudos to these The top 10 developers are well established companies for their efforts and they do stand and well-funded. Most of them have out when there was, in fact, less competition. manageable debt. They will survive this Congratulations to S P Setia for achieving a downturn as banks will still look to fund real second year in the top position and the other estate developers, unlike regular financial nine companies that managed to retain their top borrowing, which is shrinking due to low 10 positions from the previous year. business activity. The general market and the property market have been on a downward trend for the 1 last 2 /2 years and will take time to recover.
Staff from Deloitte Malaysia audited the results
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PATRICK GOH/THE EDGE
Methodology
The award is aimed at helping consumers find properties that have the greatest value creation in terms of capital appreciation and recognising the developer whose properties have achieved the highest value creation.
Judging criteria: A) The average capital appreciation derived from the property developer’s selling price to the actual transacted price or deemed market value of any subsequent sale of five properties. B) The average capital appreciation per year From left: City & Country over a period of not more editor Rosalynn Poh, Foo, than five years, derived Th e Edge Malaysia-PEPS Dainah, Kong and EdgeProp.my from the average capital managing director and appreciation as stated in Value Creation Award 2019 judges editor-in-chief Au Foong Yee the criteria above. C) Qualitative attributes based on the occupancy Judges’ remarks rate, master planning and the sustainability of value. Michael K K Kong small and medium industries and enterprises Foo Gee Jen Scores are tallied based Founder, from Klang and its surrounding areas. Managing director, CBRE | WTW on a weightage of 65% for MacReal International Sdn Bhd Immediate past president of PEPS criteria A, 15% for criteria President of PEPS Dainah Mahmud We are impressed with Pangsapuri Danau B and 20% for criteria C. This year’s winner for The Edge Malaysia- Seri in the residential category. It shows that The five-member judging Principal, IW Properties Putrajaya PEPS Value Creation Excellence Award for the Vice-president of PEPS affordable homes can be of high quality and be panel comprised three residential category — Pangsapuri Danau Seri part of an award-winning township. representatives from the — is part of the 278-acre Valencia master plan. Over the years, Bandar Bukit Raja in Klang As part of the 278-acre Valencia Association of Valuers, It enjoys similar good master planning, beautiful has been thriving as a township with its development, the apartments offer resort- Property Managers, Estate natural surroundings and overall serenity. good accessibility, traditional businesses and living in a prime neighbourhood with a golf Agents and Property A good development should be sustainable proximity to Port Klang. course. Consultants in the Private with a close-knit community working together The developer saw the potential for Izumi in Phase 27 in Bandar Botanic Sector Malaysia (PEPS) and to safeguard, upkeep and enhance its value. Bandar Bukit Raja to become an integrated demonstrates the timeless principle that two from The Edge. I believe Pangsapuri Danau Seri has the township with residential, commercial and superior quality will always be in demand, attributes to carry this forward. industrial components. Hence, the launch and buyers are always willing to buy quality Gateway 16 in Bandar Bukit Raja won the of Gateway 16, an industrial park with good products. award for the non-residential category. A connectivity via several major highways. For the non-residential category, Gateway well-thought-out industrial scheme within The winning points for Gateway 16 16 in Bandar Bukit Raja was adjudged the Bandar Bukit Raja township, Gateway 16 include its modern design, high quality the winner because of its contribution of comprises 1½-storey detached and semi- construction and flexibility in layout. The commercial and industrial developments in detached factories. Its simple yet practical lobby and mezzanine floor can be used as enhancing the overall value of the township as design, which is modern and flexible, attracts display areas. well as its high investment returns.
GAMUDA GAMUDA RESIDENTIAL Left: Phase 27, WINNER Ambang Botanic 2 Pangsapuri Danau Seri Company: Gamuda Bhd — Property Division
MENTION Phase 27, Ambang Botanic 2 Company: Gamuda Bhd — Property Division
NON-RESIDENTIAL MOHD IZWAN MOHD NAZAM / THE EDGE WINNER Gateway 16 @ Bandar Bukit Raja (1 ½-storey semi- detached factory) Company: Sime Darby USJ Development Sdn Bhd
Pangsapuri Danau Seri Gateway 16 @ Bandar Bukit Raja
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SUHAIMI YUSUF /THE EDGE
Methodology
This award is open to all Malaysian property developers — both listed and unlisted — with projects in the country as well as corporate members of Pertubuhan Akitek Malaysia (PAM) with projects in Malaysia. The projects — of any size or type — must be completed. One of the judging criteria for the green award is that the project must showcase innovation beyond the industry standard required by the Green Building Index, Leadership in Energy and Environmental Design, Singapore’s Building and Construction Authority’s Green Mark or other recognised green-building certification. The judging panel, comprising Th e Edge Malaysia-PAM Green three representatives from PAM and two from The Edge, Excellence Award 2019 Judges also deliberates on the design, sustainability, implementation, From left: City & Country editor Rosalynn Poh, Malaysia Green Building Council cost efficiency and relevance of president Chan Seong Aun, PAM deputy president Abu Zarim Abu Bakar, PAM the project to the community. council member Alice Leong, PAM committee member Husam Abdulfatah Haron More on Pages 64 and 66. (convener) and EdgeProp.my managing director and editor-in-chief Au Foong Yee
Judges’ citation
Each space in the building has WINNER been meticulously planned, laid Th e International School of Kuala Lumpur The judges also commented on the clever use of building materials that out and presented were chosen from a selection of safe and sustainable products, emphasising The judges were unanimous in the selection of the winner of this year’s award, the need for healthier indoor environmental quality and energy efficiency. stating that the building “hits the right spot at every turn”. The deliberation The building achieved this using energy-efficient fittings and air conditioning, focused on the thoughtfulness of the overall design elements and the building’s supported by passive building envelope features that allow the building to enjoy approach to sustainable architecture, which resulted in it achieving a Green optimised energy performance, which translates into lower monthly energy Building Index platinum rating. bills. These are further reduced by energy offsets from its on-site solar panels. Everything about the building filled the judges with awe. Each space has Of special mention was the building’s integrated landscape elements of been meticulously planned, laid out and presented, with careful integration natural plants and waterbodies, which are designed to enhance students’ of fenestrations that are protected by sufficient sun-shading devices — learning experience while promoting the natural ecosystem and biodiversity. recognisable and prominent signature features of the building’s façade The judges were highly impressed with these tangible features that allow that also connect its exterior to its interior, providing useful daylighting and occupants to appreciate and enjoy the building as a place of learning and outdoor views. This has resulted in an indoor environment that is pleasing and playing, setting it apart from other institutional buildings of its kind. The building comfortable to be in. has a number of features that make it “green” and aesthetically appealing.
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Other awards
The Edge Malaysia Property Excellence Awards, introduced in 2010, initially comprised anchor award The Edge Malaysia Top Developers Awards, and two other sub-awards , namely The Edge Malaysia- PEPS Value Creation Excellence Award and The Edge Malaysia-PAM Green Excellence Award. They were subsequently expanded to include The Edge Malaysia Affordable Urban Housing Excellence Award, The Edge Malaysia Lifetime Property Achievement Award, The Edge Malaysia Outstanding Property CEO Award, The Edge Malaysia Outstanding Property Entrepreneur Award, The Edge Malaysia Outstanding Overseas Project Award and The Edge Malaysia Property Development Excellence Award.
This award recognises individuals who have contributed significantly to and impacted the Malaysian property industry positively through the years. The recipient would be visionary and innovative, and have contributed significantly to raising the image and benchmark of the Malaysian property industry. This year, the award goes to Datuk Lai Siew Wah of Ireka Corporation Bhd.
This award recognises successful, large-scale property This award recognises overseas property developments developments that have made a significant impact. The that showcase not just the daring but also the capability projects have to be catalysts for growth while continuing and tenacity of Malaysian developers. to contribute positively to the vibrancy of the area. The winners are Gamuda Gardens in Gamuda City, The winners are I-Bhd’s i-City in Shah Alam and Matrix Hanoi by Gamuda, as well as Circus West Village in Concepts Holdings Bhd’s Bandar Seri Sendayan in Negeri Battersea Power Station by the Malaysian Battersea Sembilan. consortium of S P Setia, Sime Darby and the Employees’ Provident Fund.
This award recognises CEOs or professionals who have made their mark in leading their companies to greater heights – whether as professional CEOs or entrepreneurs. This year’s recipient is Datuk Seri Robert Tan of IGB Bhd.
This award recognises industry captains who have made significant and outstanding contributions to growing their companies into dynamic players at the forefront Introduced in 2014, this award seeks to identify and of the industry. This year’s winner is C S Kong of UOA encourage the private sector to provide more, and Development Bhd. better-quality, affordable housing. Only projects He is an engineer turned developer who, together with undertaken wholly by private-sector developers that his partner, started in Australia before moving to Malaysia receive no aid or participation – direct or indirect – in 1989, building their company into the fourth largest on from the government are eligible. Bursa Malaysia with a market value of about RM4 billion The winner is D’Cerrum Apartment by Setia Ecohill and a significant presence in the Klang Valley. Sdn Bhd.
CC46 NOV 11 2019
MOHD SHAHRIN YAHYA / THE EDGE No. 1 | S P Setia Bhd + Best in Qualitative Attributes
2019 2018 Overall 1 1 Quantitative 3 1 Qualitative 1 1 Going from strength to strength
BY RACHEAL LEE [email protected]
P Setia Bhd has grown from strength to strength over the years despite FY2018FY22018 hahas the challenging property market. In FY2018, not only did it surpass its beenbeen quite SRM5 billion sales target to close the busy for us year with RM5.12 billion, but it also and we were made its maiden foray into Japan and expanded able to exceed its property investment portfolio. FY2018 also marks the fi rst full fi nancial year our target of since its merger with I&P Group. The corporate RM5 billion to exercise boosted the group’s land bank to 9,381 achieve sales acres, with an estimated gross development value (GDV) of RM144.52 billion. of RM5.12 As at June 30, S P Setia had 46 ongoing projects billion.” — Khor and total unbilled sales of RM10.67 billion. President and CEO Datuk Khor Chap Jen tells City & Country that he is looking to expand its MOHD SHAHRIN YAHYA/ THE EDGE property investment portfolio, which current- both brands. We did a lot of work on some town- ly comprises convention centres and shopping ships, such as landscaping and improving acces- malls. In the past year, the developer signed var- sibility. There were some hiccups but by and large, ious agreements with operators to bring hotels we are quite pleased with the results. into its existing developments. The merger has doubled our land bank and put S P Setia has once again made it to the top us in a good position for projects with a total GDV spot of The Edge Malaysia Top Property Developers of RM140 billion, which will last us 15 to 20 years. Awards, ranking fi rst in qualitative category. Khor One good thing is that these land parcels are all shares more about the company and its plans go- in strategic locations that could be developed in ing forward. the very near future. Hence, we are not aggressive in looking for more land bank now. City & Country: How has FY2018 (ended Dec 31) been for S P Setia? Earlier, S P Setia had revised downwards its Datuk Khor Chap Jen: FY2018 has been a chal- FY2019 sales target to RM4.55 billion from lenging year but also a busy one for us. At the be- RM5.65 billion. The revised sales target is ginning of the year, a lot of people were adopting lower than last year’s total sales. What have a wait-and-see attitude because of the general been the challenges in doing business and election. Things were more settled after the elec- how does the group overcome them? tion and confi dence came back, especially during Some events that we did not anticipate was the the three months between the abolishment of the escalation of the US-China trade war. It aff ected Goods and Services Tax and the implementation the whole world’s economy and things started of the Sales and Service Tax. Towards the end of Khor with (from left) Nasional Bhd and the Employees Provident Fund. to slow down. There were some short-term gains the year when political uncertainties came in, City & Country editor I think FY2018 has been a fairly good year for us. where some industries started moving to Ma- people started holding back again. At the same Rosalynn Poh, Th e Edge laysia from China but when we take a long-term time, the US-China trade war began to escalate. Malaysia editor-in-chief FY2018 is the fi rst full fi nancial year since the view, people are more cautious now. They avoid Having said that, FY2018 has been quite busy Azam Aris, Th e Edge Media merger with I&P Group. What has changed spending on big-ticket items. for us and we were able to exceed our target of Group publisher and group and how has it impacted the company and Secondly, we were expecting a conclusion to RM5 billion to achieve sales of RM5.12 billion. It is CEO Datuk Ho Kay Tat and its shareholders? Brexit but it has been extended and the uncertain- a good result for us. We launched Setia Fontaines EdgeProp.my managing With the merger of S P Setia and I&P Group, the ties have aff ected our project there. Globally, as the in Penang, our fi rst major township in the north. director and editor-in- fi rst thing we focused on was to make sure the in- US becomes more protectionist, other countries Also, in terms of investment properties, we signed chief Au Foong Yee tegration was done properly. In terms of human follow suit and start imposing additional stamp agreements with ONYX Hospitality Group for a resources, the fi rst thing we did was to harmonise duty on foreign purchases. hotel in KL Eco City and in Bayan Lepas, Penang, the reward and remuneration system. We did a lot of Locally, there are still some political uncer- with the Amari brand. There will also be a Shangri- town hall meetings and focus groups, trying to bring tainties, which have aff ected sentiments. There la Hotel in our Sapphire by the Garden project in everyone to one culture and way of doing things. are also concerns of the property overhang. We Melbourne, Australia. Then for projects, we had to merge and reor- need to be cognisant of all these challenges so In Australia, we launched UNO Melbourne, which ganise some of the projects. We reassigned the we revised our sales target downwards to realign is quite successful. We did a groundbreaking ceremo- duties of some staff . We took the opportunity to with market conditions. ny for Sapphire by the Garden. Also, we successfully revise the plan of some I&P Group projects and bid for a 4.9-acre piece of land in Osaka. The biggest enhance their value before resubmitting the new How is the group’s international business? achievement would be selling Battersea Phase 2 plans for the authorities’ approval. Any plan to diversify to other cities/countries? commercial assets to PNB-Kwasa International We took the opportunity to rebrand some town- In China, it is a joint-venture project for an in- 2, which is a joint venture between Permodalan ships and we want to leverage on the strength of dustrial estate which opens up 13,000 acres of in- CC47 NOV 11 2019
PICTURES BY S P SETIA S P Setia Bhd
FINANCIAL YEAR-END: (RM MIL) 2018 2017 2016 2015# 2014 Revenue 3,594 4,520 4,957 6,746 3,810 Pre-tax profi t 991 1,271 1,185 1,426 722 Paid-up capital - Ordinary shares 8,252 6,694 2,140 1,971 1,904 Shareholders’ funds 14,144 11,944 9,201 7,395 5,859 Profi t attributable to shareholders 671 933 808 918 406 Dividend payout ratio (%) 70.1 70.1 70.5 65.8 60.5
# FY2015 represents 14 months period fi nancial results
An artist’s impression of Setia Safi ro
ONGOING PROJECTS PROJECT/LOCATION TYPE GDV (RM MIL) LAUNCH DATE Setia Fontaines, Penang (Amansara South, Residential & 253.5 2018 & 2019 City Centre Business Hub - Phase 1) commercial Residential & Sky Trees, Johor 224.37 Sept 2019 retail Setia Mayuri, Semenyih (Baris Place, Allia, Residential 116.72 May & Sept 2019 Kandara 1B, Kandara) Setia Alamsari, Kajang Residential 222.2 2018 & 2019 (Clover, Avis 1 & 2, Middlemist, Iora, Heron, Malkoha 1) Residential & Sapphire by Th e Gardens, Melbourne A$960 2017 commercial IN THE PIPELINE PROJECT/LOCATION TYPE GDV (RM MIL) EXPECTED LAUNCH DATE Setia Alaman, Setia Alam Township 3,800 2020 Setia Safi ro, Cyberjaya Township 720 2019 Setia Warisan Tropika, Salak Tinggi Township 796 2019 Mixed-use develop- Setia Izumisano City Centre (SICC), Osaka, Japan 1,880 July – Dec 2021 ment
dustrial land. In Singapore, because of the cooling Above: An artist’s measures, the market has not really come back yet. impression of Battersea Australia also has cooling measures, but I think Power Station Phase 3 in now, the government is thinking that the cooling London measures have actually dampened the market too much. Anyway, our Australian projects have been doing quite well. Sapphire by the Garden is Right: Setia Mayuri in more than 95% sold and UNO Melbourne is more Semenyih is inspired by than 85% sold. the Balinese concept The Vietnam market has come back and as it is one of the biggest benefi ciaries of the US-China trade war, so there is a lot of activities there but our contribution from Vietnam is not that big … it is about RM100 million. Then in the UK, people are holding back be- cause of Brexit. Over the last two years, we had a few hundred million pounds of sales from the UK. It shows that people are still buying but not in a big way. The project in Osaka is our fi rst project in Japan, and the development order has been approved. We are submitting the building plan and we intend within our own developments. We already have a whole range so we can come up with products to launch it next year. The project will have retail, convention centres, such as Setia Spice Arena and that suit the market. For example, buyers now are offi ce and residential components. The site is next Setia City Convention Centre, as well as shopping very cost-conscious and since it is not easy to get to an outlet mall and 6km from Kansai Interna- malls (Setia City Mall and KL Eco City Mall). loans, we came up with starter homes for them. tional Airport, so one of the concentrations is the The three hotels announced earlier are all When buyers cannot get the loan margin they hotel and convention centre business. We are also owned by us as well. We are also looking at com- desire, we have programmes to bridge the gap. targeting the Muslim market, with facilities to munity centres for senior living, which is [some- cater for halal products and services. thing] between a hospital and a daycare centre. What is your outlook for the property sector? I think there is enough on our plate at the mo- We are still looking at which model suits Ma- The next 12 months will continue to be challeng- ment, so we will be concentrating on our existing laysia best. ing and the market will be fl at. It depends a lot projects. The only one that we might look into on the direction of the US-China trade war, which further is Melbourne because our projects there How does S P Setia remain competitive and has a huge bearing globally. are all under construction. set itself apart from other developers? Malaysia, on its own, will always have demand Competition is always there and one thing we al- for housing because we are still a relatively young Is investment property something the group ways do is that we don’t compromise on quality. nation as more than half our population is below is looking to expand? Quality is something that people expect and we are the age of 35. This group still need homes, but the At the moment, our contribution from the in- moving towards using more of the industrialised question will be the type and location. A lot of vestment property business is very small … it is building system, whereby we can better control people are talking about the B40 group, but for us, less than 5%. But we have a long-term goal of in- the quality. We have been using the system for aff ordable is not only for the B40 group… it also creasing the contribution from this business to high-rise developments and we are now going to applies to the M40 and T20 groups because these 20% in 15 to 20 years. How we are going to achieve use the system for landed homes. two groups also work their way up and they want the target is that we are going to build up assets In terms of innovation of products, we have to upgrade their homes as well. E CC48 NOV 11 2019
SAM FONG / THE EDGE
Datuk Lai Siew Wah | EXECUTIVE CHAIRMAN OF IREKA CORP BHD HARIS HASSAN / THE EDGE Rising from humble beginnings
BY RACHEAL LEE [email protected] For me, Behind every successful man is a wom- success an … and friends” — this rings true for Ireka Corp Bhd executive chairman Datuk means “Lai Siew Wah, the recipient of The Edge becoming Malaysia Lifetime Property Achievement better than Award 2019. During his interview, conducted in Mandarin, with City & Country at the company’s what I was headquarters in Wisma Mont’Kiara in Kuala Lum- before, and it pur, he repeatedly emphasises his gratitude to his is to create a wife Datin Liw Yoke Yin, his family members, in- better life for cluding Liw’s siblings, his friends and employees while reminiscing about his humble beginnings. my family.” It all started with the aim of bettering the life of — Lai his family. Lai was born in 1940 in the then Serdang New Village (now Seri Kembangan). His father was MOHD SHAHRIN YAHYA / THE EDGE a fruit contractor while his mother was a rubber ets in order to dig through 100ft of slime to get to tapper. The eldest son of four children, he lost his the tin below ground, while making sure that the father when he was only nine years old. He left heavy machinery could operate on swamp land school at the age of 13 to work as a rubber tapper at without sinking. the estates near his home in Serdang New Village. Lai was also the fi rst contractor to undertake new methods such as pit material stripping as Never giving up well as to import Isuzu dumper trucks directly Lai did not give up on learning throughout his from Japan and use Motorola car phones to ease four years as a rubber tapper. At the same time, communication on site. he was desperate to break free because he saw no At the same time, Lai’s company diversifi ed into future in the job for both him and his family. Their infrastructure construction for the private and situation began to improve when a logging com- public sectors. Among its works were the Kuala pany employed him as an apprentice mechanic. Lumpur-Seremban Expressway, North-South Ex- “Rubber tappers worked half days, so I stud- pressway, Port Dickson Bypass, New Klang Valley ied Mandarin in the afternoon. The job did not Expressway and Subang-Damansara highway. pay well, so I began to think about how I could “At the time, I worked for many big companies, improve the life of my family. I knew I needed to supplying them with tractors and repairing their get out from that situation,” he says. Lai (third from right) try in KL, told me the same thing. He said, ‘Although machinery. They were mostly foreign companies “When I fi rst left home to work at the logging accompanied by his son it is diffi cult to catch fi sh in the sea, the fi sh one and that was when I learnt my broken English. I company in Ipoh Road, I was very happy because Datuk Lai Voon Hon, catches will be big ones. When fi shing in streams, had more than 100 lorries and tractors then and I was fi nally out of the small town and was work- group managing director one can only expect to catch small fi sh.’ So, I sold our life was getting better,” he says. ing in the city. I worked hard to gain a good rep- of Ireka, with (from left) my share to my partner and came back to KL to “Unfortunately, tin prices fell in the 1970s and utation as a mechanic and I had a great deal of Th e Edge Media Group start a mechanic’s workshop with another friend.” many tin mining companies could no longer sus- respect for my boss who also had basic schooling publisher and group CEO However, things did not go as smoothly as tain their business due to high overheads … they but had made a success of his workshop business. Datuk Ho Kay Tat, planned; Lai’s partner died in an accident. He stopped their operations and it aff ected my busi- He inspired me to improve my life.” City & Country editor then decided to sell the business and buy his fi rst ness. I thought about it and decided to sublease Five years later, Lai left the logging company as Rosalynn Poh, Th e Edge tractor, a Marshall, with the proceeds. This marked the Sungai Besi mines and a mine in Puchong. he had an opportunity to travel to logging camps Malaysia editor-in- his venture into the contracting business, armed I became a miner myself and this move at least deep in the jungles to repair machinery and trucks. chief Azam Aris and with his skills as a mechanic. kept the company going. He then partnered a friend in Raub, Pahang, and EdgeProp.my managing “I have to keep thinking and change accord- opened a mechanic’s workshop, repairing heavy director and editor-in- Tin mining contractor ing to the direction of the economy because I also machinery and logging tractors. chief Au Foong Yee As Malaysia was then the world’s premier producer need to take care of my staff . We have to look for He decided to stay in Raub for business reasons of tin, Lai started his sole proprietorship — Syari- the opportunities.” as there were many logging and mining activities kat Lai Siew Wah — in 1967 to perform general there. He also met his wife there and she shared earth-moving works, undertaking large-scale con- Working hard and adapting the same ambition of wanting to improve the life tracts for tin mines and roadwork construction. Lai’s journey as an entrepreneur has never been of her family. He later expanded his business by purchasing plain sailing but he has never given up. His man- “She told me that I should not stay in a small town cheaper, reconditioned machines, at which time his agement philosophy is “work hard” and he is also and that I should base my business in Kuala Lumpur and Liw’s siblings started helping out. It was also then fl exible in adapting to changes. For example, as because small towns will not have big businesses that he made a name for himself in the tin mining the country moved towards infrastructure devel- … I think my wife is cleverer than I am,” quips Lai. industry, earning the nickname “Earthworks King”. opments, so did his company. “A friend of mine, who is also in the same indus- He modifi ed the trucks to create dragline buck- CONTINUES ON PAGE 50
CC50 NOV 11 2019
PICTURES BY IREKA CORP FROM PAGE 48 It was converted to a private limited company — Lai Siew Wah Sdn Bhd — in December 1975 and took on the name of Ireka Construction Sdn Bhd in January 1986. The name Ireka is a combination of English and Malay words — “I” and “reka”, which means “I create”. Registered as a public company in June 1992, Ireka Corp Bhd was listed on the Second Board of Below: Lai with Ireka the Kuala Lumpur Stock Exchange in July 1993. chairman Abdullah Yusof; Subsequently, the company was transferred to the Main Board in June 2002. Lai and his colleagues For Lai, working hard also means that his home on a site visit to a mining needs to be close to his workplace. From a fl at above dredge in the early 1970s; a tyre shop in Jalan Ipoh during the Syarikat Lai Siew Wah period, he moved the company to a larger Lai and his colleagues at premise in Taman Midah, Cheras — employing 25 the opening ceremony of people at its peak. As a result, the Lai family also KLIA in 1997 moved from Jalan Ipoh to Taman Midah — and later to Damansara Heights when the company
Lai with his wife (beside him) and family
moved to Plaza Damansara. For Ireka’s construction business, the contracts it has won include the Tapah reservoir, the East Course at the Tropicana Golf & Country Resort and the runway at Kuala Lumpur International Airport. In the 1990s, when Lai was relooking at the future of the company, he decided to steer it into construction and property development. At that time, the company had already completed its maid- en property development project — 30 houses in Taman Impian, off Jalan Ipoh — in 1985. Ireka then completed more projects such as the Kedah State Assembly Complex, the clubhouse of Staffi eld Country Resort, government administra- tive offi ces in Putrajaya, four of the 13 buildings in Technology Park Malaysia and the Sandakan Harbour Square in Sabah. At the time, it also purchased land in the area now known as Mont’Kiara. Ireka also holds 23.07% in Aseana Properties Ltd, a property company listed on the London Stock Ex- change in 2007. Its unit, Ireka Development Man- agement Sdn Bhd, was the exclusive development manager of Aseana’s development portfolio in Ma- laysia and Vietnam from 2007 to June this year. Later, Ireka built The Westin hotel in Kuala Lumpur and developed various high-end properties under the i-Zen series, including i-Zen @ Kiara I, i-Zen @ Kiara II, i-Zen @ Villa Aseana Tiff ani by i-Zen, Seni and One Mont’Kiara. It also created zenZ — a sister brand of i-Zen Th e RuMa Hotel and Residences in Jalan Kia Peng was — to venture into the mid-market property sec- jointly developed by Ireka and Aseana Properties tor. Projects under the zenZ series include Kasia Greens and 10 Shopz in Nilai, Negeri Sembilan. “We have been involved in construction, prop- “We built almost 3,000 units in Mont’Kiara. erty development and technology. Recently, we We liked Mont’Kiara because it was a new area have ventured into the business of mobility and then, with mostly smaller units … so I thought transport, providing solutions for last-mile con- there would be demand for larger units for fami- nectivity between properties and public transport. lies, which we built. Of course, the trend now has Besides buses, there are other systems that can reversed to smaller units again,” says Lai. complete the last mile. We are excited because it ties in with our development and construction businesses and we have been promoting the sys- tems in diff erent cities.” Having started his business when he was 22, he is now still actively involved in the company at the age of 79. As he puts it, “I don’t have any hobby, my hobby is working.” Lai acknowledges the importance of his team, believing that it is his employees who give him the support he needs when it comes to making busi- ness decisions. The group currently has 500 staff . “When I started my business, I did not expect the kind of success we have today … I just did not want to continue on as a rubber tapper. For me, success means becoming better than what I was before, and it is to create a better life for my family. I am grateful to my wife because she took good care of our fi ve children so that I could focus on my work,” he says. “For me, staff members are also very important in a business. I take calculated risks in making my decisions but I am not much of a risk-taker by nature, so my team provides me with the support and reas- surance I need. Many have worked for me for more than 20 years and I am grateful to them.” E
CC52 NOV 11 2019
SAM FONG / THE EDGE
C S Kong | MANAGING DIRECTOR OF UOA DEVELOPMENT BHD HARIS HASSAN / THE EDGE Adapting to change with humility
BY WONG KING WAI [email protected]
he Oak Room at Nexus Bangsar South is the venue for the interview with this year’s The Edge Malaysia Outstand- Ting Property Entrepreneur Award winner, C S Kong, managing director of UOA Development Bhd. The first thing one no- tices when meeting Kong is his sharp wit and on further acquaintance, his strong principles and business acumen come to the fore. His ability to make others feel at ease while being able to get across his views are skills honed over 35 years in the property industry, both in construction and property development, and many more years in other endeavours. He graduated in 1964 as an Associate in Civil Engineering from the then Perth Technical Col- lege (now Curtin University) and possesses both the technical know-how and practical experience for his chosen vocation. MOHD SHAHRIN YAHYA / THE EDGE “I like the property business because it is tan- gible. You can see and feel a building when it is built. I take great pride in overseeing the success- ful completion of all our projects that grace the I always strive to give city skyline today with the support and commit- my best eff ort in ment of my team. My motivation and satisfaction everything I do with also come from the recognition of our company’s honesty, integrity, achievements by our customers and stakehold- ers,” he says. sincerity and humility. Bangsar South is UOA Development’s fl agship Th at is what I think mixed-use development project and it continues is the secret to my to grow in popularity, notably in terms of property success.” — Kong values as well as good occupancy rates of its resi- dential, offi ce and commercial off erings. However, Kong’s journey has not been smooth. He faced many obstacles that have helped him be- come the entrepreneur he is today. “I faced many diffi culties in my younger days, such as making bad business decisions due to in- experience and arrogance. But, I learnt my lesson. Over the years, I have learnt to be fl exible yet per- Kong with (from left) to make his fortune and he eventually decided he as one of the country’s top property developers. sistent and I have developed the ability to adapt Th e Edge Media Group wanted to have a company on the stock exchange. Kong attributes much of his success at UOA to change with humility,” he says. publisher and group “In 1986, I was looking for a listed company. Development to the people he has working with One story that Kong relates goes back to the CEO Datuk Ho Kay Tat, Most listed companies, even those with negative him. His business partner for over 30 years, Pak days when he first struck out on his own. He City & Country editor assets, cost RM30 million to RM40 million to take Lim was introduced to Kong by mutual friends in firmly believed that if someone could do some- Rosalynn Poh, Th e Edge over. And most of the companies for sale were in Australia. At the time, Pak Lim was already in the thing, he could do it better. So, he started out Malaysia editor-in- trouble,” says Kong. “I happened to go to Australia property industry as a contractor and, somehow by asking a friend to give him one of several chief Azam Aris, and and learnt that there is something called a cash ,the younger man and Kong clicked. Their rela- projects he was doing. However, without any EdgeProp.my managing box company. Back then, you could list a compa- tionship has grown stronger over the years and due diligence, the “simple” project’s cost soon director and editor-in- ny by raising A$1 million through the issuance has endured. Certainly a feat in itself, but Kong ballooned. He realised that if he had done more chief Au Foong Yee of shares. That is how we came to have a listed recognised something in his business partner that research, he could have avoided the loss. But the company in Australia.” would benefi t the company in the end. experience taught him well. Founded and listed on the Australian Stock Ex- “Before I met Pak Lim, I had another company “Actually, failure was a good thing for me. It change as United Overseas Australia Ltd in 1987, in a joint venture with others. From this, I learnt taught me a big lesson, that you have to really the company moved its headquarters to Malaysia one thing — in partnerships there are diff erent work hard and not just ask for handouts,” he says. in 1989. Kong and his business partner, Kong Pak types of people with diff erent mindsets and you As Kong grew in experience and understand- Lim (no relation), then started to establish the must be able to accept them. This company even- ing, the property industry was where he wanted group in Malaysia and slowly built up a reputation CONTINUES ON PAGE 54
CC54 NOV 11 2019
PICTURES BY UOA DEVELOPMENT Far left: Th e Sphere, the lifestyle hub in Bangsar South; Th e Vertical, offi ce towers in the six-acre central park in Bangsar South
FROM PAGE 52 to show appreciation and, at the same time, I treat one thing, sustaining it is another matter. Kong tually closed down because the people were not the employee as a friend. So the feeling is that we are believes one has to stay alert and not get carried able to accept each other. So I said to myself, if I friends and not strictly an employer-employee rela- away when times are good but plan accordingly. am to go ahead and start another company, it must tionship. I will also say that encouragement is most “Do not be greedy in doing things when the be with somebody who really complements me,” important to give people the feeling of recognition.” market is good. It does not mean the market can he says, adding that respect also plays a big part Moreover, mentoring and guiding his employ- sustain that good performance. Always have risk in the business relationship. Being open to new ees is also important. Rather than taking their management so you can make sure you can make ideas, opinions and approaches, and not simply mistakes personally, he tries to help them learn returns you can maintain,” he says. having “yes people” around is also vital. from them to help them grow. The resilience of a man who has weathered But what happens when there are difficult This open communication is certainly a breath many storms in his life, and who is self-aware property development decisions to make? For of fresh air but, eventually, negative feedback will enough to change his ways and to improve him- Kong, the way forward is very simple. always arise. How does he deal with this? self even until today, is admirable and inspira- “I think that in other industries, it may be dif- “I am very happy to hear negative feedback. I tional. So, what advice would he give to those who fi cult, but in the property sector there are always encourage it to remind me that I may be wrong,” are looking to become successful entrepreneurs? examples that you can examine — what people he says with a smile. “We all know that there is no such thing as have done, how it has been done, and you can Kong believes negative feedback actually helps overnight success. Behind every overnight suc- learn from them. You do not need to learn from him make better decisions, and he reiterates that cess lie years of hard work and sweat. There is no Malaysia alone because you are in Malaysia, you humility is key to making people comfortable easy way to achieve success — and luck comes can go to other countries to see what the solu- enough to share negative views with him. to those who work hard. I always strive to give tions are,” he says. After over 30 years with UOA Development, my best eff ort in everything I do with honesty, Of course, tougher business decisions may arise Kong’s zeal and desire to develop property have integrity, sincerity and humility. That is what and in those cases, Kong believes compromise is not waned and, in fact, seem to have grown with I think is the secret to my success,” Kong con- An aerial view of needed to ensure that business and personal re- each passing year. While running a business is cludes with a smile. E Bangsar South lationships are not aff ected. “I take the ‘agree to disagree’ approach. I al- ways welcome disagreements and diff erences in opinion. I give people a chance to disagree with me and I take criticism and negative opinions positively,” says Kong. “I also consult external parties with vast experience in their respective fi elds for their opinions and viewpoints. If such views are constructive and can produce good end results for the company and the business, then I am more than willing to consider and accept them.” Apart from a good working relationship with his business partner, Kong recognises that build- ing a good team is key to taking any company to greater heights. “A truly successful team should be full of peo- ple who, when they do something, will do it better than I could, rather than doing what they are told. This is the diff erence between a good business and a great business,” he says. “One of the most important things I have learnt over the years is the impact of the people that you surround yourself with and the company culture you cultivate together. Investing in great people is one of the best ways to grow the company and increase our chances of success.” Additionally, taking care of employees is vital for the company to reduce staff turnover and pro- vide a conducive work environment. “I treat my staff like friends instead of just employees, through open communication and by building an honest, trusting and understanding relationship with them. This would give them a sense of belonging and create a more positive culture at work,” he says. “Also, people like to be appreciated. I always like
CC58 NOV 11 2019
Datuk Seri Robert Tan | GROUP CHIEF EXECUTIVE OFFICER OF IGB BHD HARIS HASSAN / THE EDGE
A combination of brains and luck
BY E JACQUI CHAN Tan started to study all the diff erent malls in Mid Valley Megamall has a net lettable area of [email protected] diff erent parts of the world, including those in 1.8 million sq ft. In 2007, IGB opened The Gardens I have a the US and Canada. Mall, a luxury mall to complete the off erings in I love shopping,” laughs Datuk Seri Robert certain “None of the architects we were working with Mid Valley City. It is also home to several hotels, Tan when we meet for an interview recently. had any experience in designing a mall. They were including Cititel, The Boulevard - a St. Giles Hotel His understanding of a shopper’s needs instinct and more focused on the aesthetic features instead of and the Gardens Hotel and Residences, as well as “has served the group CEO of IGB Bhd well foresight that the layout. So I told them to simplify everything. offi ce buildings. over the years, especially in his early years most people I may not have had the experience but as an avid In April this year, IGB opened its first mall with IGB. After all, Tan is known as the man who don’t. I saw shopper, I knew what I wanted,” he says. outside the Klang Valley — The Mall, Mid Valley built Mid Valley City and grew IGB into one of However, something much worse happened Southkey in Johor Baru. With an NLA of 1.5 million Malaysia’s largest companies with a market cap- Mid Valley when the construction of the mall began. The sq ft, it is the largest mall in the south of Peninsu- italisation of almost RM9 billion (including that City as a year was 1997, when the Asian fi nancial crisis lar Malaysia. The 36-acre mixed-use development of IGB Real Estate Investment Trust). package and crippled the region. will also comprise offi ces and hotels. Tan is the recipient of this year’s The Edge Ma- I knew how “It was the worst thing. Investors were getting laysia Outstanding Property CEO Award, which was cold feet. Luck, as I have always said, plays a very Building a team conceptualised to recognise CEOs or professionals to combine important role in the success of a company because It is important to Tan that he practises what he who have successfully taken their company to an and put the at the time, I owned a building in the UK. The UK preaches. exceptional level under their leadership. whole thing market was quite good at the time and I managed “The leader has to lead by example. This is Tan studied Business Administration in the to sell the building. With the money, we managed fi ltered all the way down so there is a system in UK and worked for a chartered surveyor fi rm for together.” to draw down on our loan and complete the con- place. Of course, there will be glitches here and a year. Before returning to Malaysia, he developed — Tan struction. The timing was perfect. When people say there but with a system, you can see the prob- a housing project in Central London. I’m a magician, I tell them it was luck!” Tan smiles. lem,” he observes. Interestingly, Tan had never planned to join At the end of the day, people are key to the suc- IGB. “I was living in Penang and was involved in MOHD SHAHRIN YAHYA / THE EDGE cess of a company and Tan is particularly proud manufacturing when my father — the late Datuk of the team he has built. In fact, he calls it his Tan Kim Yeow — was taken ill. He was the chair- greatest achievement. man of IGB at the time and he called me to ask if “I’m very, very proud of our team; they are an I would like to come on board. But I wasn’t keen asset to the company. We do everything in-house. because I felt I didn’t have the skills to build a We manage the hotel, the malls, the offi ces and shopping mall of Mid Valley Megamall’s scale. I even the traffi c fl ow. In the early years, I thought knew nothing at the time,” he recalls. of getting an American party to manage the mall Ultimately, he agreed and joined IGB in 1995 as but they wanted US$5 million just to sit down to joint managing director with his cousin Tan Boon talk to us. I remember thinking that if I couldn’t Seng. His father died in 1997. In 2001, Tan became do something better with that amount of money, group managing director. I shouldn’t be there,” says Tan. His team is so capable and effi cient that they A case of luck and foresight handle the day-to-day running of the business. To build a retail mall, especially one of Mid Valley “They can do without me. Sometimes, I go away Megamall’s size, it is important to understand how for a month and I know that if I get a phone call one works, stresses Tan. from the offi ce, it has to be a life or death situation. “When I came in, I looked at the design of the Everything runs like clockwork and they are able mall and immediately knew as someone who to react to any situation.” loves shopping that it would not work. It was too These days, life is less stressful for Tan. “My big- complicated. I have a great sense of direction — Tan with (from left) Th e Edge Media Group publisher and group CEO Datuk Ho Kay Tat, gest challenge is dealing with people. There will 99% better than most people — and even I would City & Country editor Rosalynn Poh, Th e Edge Malaysia editor-in-chief Azam Aris, and always be someone questioning you and your de- have got lost in that mall,” he says. EdgeProp.my managing director and editor-in-chief Au Foong Yee cisions. When I wanted to build Cititel, the board CC59 NOV 11 2019
From left: Tan Boon Lee, Tan Sri Lin See Yan, Daniel Yong Chen-I, Lee Chen Chong, Tan, Datuk Alfred Cheng, Ivan Tan and Ong Kim Too at the introduction session in Th e Mall, Mid Valley Southkey
of directors and some others asked why there was It’s all about the family ly need? Our diets have changed. I can’t fi nish a a need for another hotel when there were already Ultimately, no matter how successful Tan is and steak on my own anymore. I don’t think much so many rooms in Kuala Lumpur. how much he has accomplished, what matters of prestige; I just want to go home to my family “I told them they had to trust me. I have a cer- most to him is his family. “I’m content with my and ensure that everyone is happy. Happiness and tain instinct and foresight that most people don’t. life. At the end of the day, the thing I want most health are what we need.” I saw Mid Valley City as a package and I knew how is to go home to my family, especially my three Tan has encountered plenty of naysayers over to combine and put the whole thing together.” beautiful grandchildren. They are my biggest the years, many of whom did not believe Mid Valley As a perfectionist, Tan is always driven. “If I have asset,” says Tan, who goes on a holiday with his City would take off . “People said the project would a task to complete, I want to do it well. First, you family at least once a year. fail and that I would soon be back in Penang. But have to be inspired to do the job. Shopping is my The 67-year-old notes that once a person reaches I’m still here today, so I suppose I have done some- cup of tea and it involves some hospitality. These a certain age, his perspective changes. “You have thing right,” he grins. two businesses are interesting to me because they reached the next stage of your life and you start While Tan may be taking things a little easi- react to situations and trends, how people behave, to ask questions like how many more years do I er these days, with his achievements, his legacy unlike, say, manufacturing, which is repetitive. I have? What is my quality of life? What do I real- is secure. E love seeing how people think. Understanding their preferences and diff erences is a good challenge to me. To be able to get all these elements right and make them successful drives me.” Tan does his best thinking outside the offi ce, often starting his day with a game of golf. “I play golf with some of my guys in the morning, beat them in the game and take their money,” he laughs. “We will have lunch and talk and see if there is anything that needs to be addressed at work. Right: Tan celebrating This is where I can think, not in the offi ce. Once Christmas with the Mid I’m in the offi ce, I have to spend my time signing Valley Megamall team this document and that document.” Though Tan was born into a well-to-do family, Bottom left: Tan at the the stakes were high for him in the early days. “I ground breaking for Parcel didn’t have to come down to KL. I was very hap- 3, Mid Valley Southpoint py in Penang with my family. Before my family in 2012 moved to KL, I had to fly back and forth from Penang to KL all the time. It was hard being away Below: Tan cooking from them for days.” for his guests CC60 NOV 11 2019
PICTURES BY VALENCIA DEVELOPMENT
winner | Pangsapuri Danau Seri | GAMUDA BHD — PROPERTY DIVISION
Residents of Pangsapuri Danau Seri can enjoy the lush greenery at Valencia
Benefi tting from the Valencia brand HARIS HASSAN / THE EDGE
BY RACHEAL LEE [email protected] Th e success of the apartments can be attributed to the amenities around the ccupying 278 acres in Sungai Bu- loh, Selangor, the Valencia township development and its easy accessibility mostly has luxury landed homes. to various highways.” OThere is also a clubhouse with an — Ng Olympic-size swimming pool, gym- nasium, spa, tennis court, restaurants, shops and a residents-exclusive nine-hole golf course. MOHD SHAHRIN YAHYA / THE EDGE Developed by Gamuda Bhd (property division) from 2000 to 2018, Valencia has a gross develop- ment value of RM1.2 billion. There are 887 land- ed and 400 aff ordable homes in the township. A gated-and-guarded development with a three-tier security system, perimeter fence and 24- hour CCTV surveillance, it is easily accessible via Lebuhraya Damansara-Puchong and the New Klang Valley Expressway, and is a short distance from the Sungai Buloh mass rapid transit and Last phase KTM stations. Launched in January 2014, Pangsapuri Danau Amenities nearby include the Sungai Buloh Seri is the last phase of Valencia. It has 112 apart- Hospital, Klinik Kesihatan Sungai Buloh, The ments, with a built-up of 870 sq ft each, on a Curve shopping centre, IPC Shopping Centre, two-acre parcel. 1 Utama Shopping Centre, IGB International Amenities include a children’s playground, School, Institut Latihan Kementerian Kesihatan community hall, surau, management offi ce and Malaysia and Ikea Damansara. covered car park. It has a 24-hour security guard While Gamuda is no stranger to The Edge Ma- service and a single entry and exit point. laysia-PEPS Value Creation Excellence Award, The development was built under the build- this is the fi rst time that it has won the award Ng with (from left) Th e Edge Media Group publisher and group CEO Datuk Ho Kay Tat, then-sell concept, which allows purchasers to with a project in Valencia — the RM16.6 million City & Country editor Rosalynn Poh, Th e Edge Malaysia editor-in-chief Azam Aris and see what they are buying as well as move in Pangsapuri Danau Seri. EdgeProp.my managing director and editor-in-chief Au Foong Yee immediately. CC61 NOV 11 2019
MOHD IZWAN MOHD NAZAM / THE EDGE Th e apartments were completed in June 2013
We built high walls and diff erent entrances to separate the developments,” he explains. “Thus, residents of Pangsapuri Danau Seri can enjoy the lush greenery at Valencia while the other residents are assured of their privacy and security.” Besides building properties, Gamuda also focus- es on developing ecosystems that are brimming with biodiversity at its developments. Adopting the idea of “listening to what the land has to tell us”, it delivers, implements, manages, maintains and safeguards the well-being of the living en- vironment of the developments. The developer established Gamuda Parks at various developments, including Valencia, last year. Underpinning Gamuda Parks are three pil- lars — Green (fl ora maintenance), Blue (water- scape) and Brown (material management) — to drive consistency and continued improvements to the implementation and maintenance of parks within its townships. The group takes a deliberate approach to tree
North-South Expressway planting in Valencia and the latest biodiversity audit shows that close to 30% of the township is Institut Latihan Kementerian Kesihatan dedicated to lush greenery and water features. It has also recorded 46 species of fauna, including Sungai Buloh Hospital mammals, birds and herpetofauna, as well as a diverse and colourful medley of insects. Apart from that, it has classifi ed 345 species from 95 fl ora families, such as ferns, herbaceous plants, shrubs and trees. The ecosystem provides better air quality and Pangsapuri environment that not only attracts diff erent bird Danau Seri species but also serves as a natural indicator of a healthy environment to live in. Jalan Kuala Selangor Valencia Ng expects the capital appreciation of Pang- Below: Pangsapuri Golf Club sapuri Danau Seri to be sustainable due fi rstly Danau Seri has a 24- to the continuous demand for units from the hour security guard hospital staff and students, and secondly to its service and a single surroundings. entry and exit point “Valencia’s landscape will grow lusher and more beautiful, continuing to transform and sus- Th e Valencia brand has tain the place with better quality of life. Hence, a strong foothold in the MRT/KTM Sg Buloh (Drop off/pick up) there will be continuous capital appreciation for luxury segment IGB International E School the properties there,” Ng remarks.
The apartments were completed in June 2013. market one year and three years respectively af- The developer off ered upgraded packages, which ter the signing of the principle S&P agreement. included covered parking bays and ceramic fl oor They have seen a capital appreciation of 50% and tiles, and these were completed in January 2014, 64% respectively. before the offi cial launch of the development in Ng says the development is currently 96% oc- the same month. cupied, with a mix of owners and tenants. With According to general manager (fi nance) David monthly rents ranging from RM1,000 to RM1,500 Ng, Pangsapuri Danau Seri saw a good response and a purchase price of RM100,000, the develop- due to the Valencia brand, which has a strong ment enjoys a yield of at least 8%, he adds. The foothold in the luxury segment. monthly service charge is RM148.50, which in- “Our target market were middle-income and cludes the sinking fund. young families. We managed to meet the 50% bu- With the current asking price of RM350,000, miputera quota within 10 months of the launch Ng says owners can still get a yield of 5%, which date, and hit 51%,” he says. is higher than the fi xed deposit rate. “The good sales could be credited to its prime “The new block of Sungai Buloh Hospital was location … Valencia has been mindfully planned completed in 2013 — almost the same time we with the right components to actively bring people completed Pangsapuri Danau Seri — and it is together to the ‘village square’, a common ground within walking distance of the apartments. There that is surrounded by lush greenery. It provides are continuous demand from the hospital staff people with the means to connect with friends and as well as students of Institut Latihan Kemen- neighbours, with nature and with themselves.” terian Kesihatan Malaysia,” he adds. Based on the fi ve Pangsapuri Danau Seri units “The success of the apartments can be attribut- that Gamuda submitted for the award, they have ed to the amenities around the development and seen a capital appreciation of 9% to 90% since its easy accessibility to various highways. Also, 2014, or an average capital appreciation of 55% Valencia gives the apartments a prime neigh- per unit. Per year, the units have seen an average bourhood advantage that contributes greatly to capital appreciation of 163%. their capital appreciation.” Three of the units were transacted on the sec- ondary market within fi ve months of the signing of Challenges the principle sales and purchase (S&P) agreement. Ng says the main challenge the developer faced One of them has been upgraded while the other two with Pangsapuri Danau Seri was building an af- are basic units. The three units have seen a capi- fordable home development next to luxury homes. tal appreciation of 9%, 60% and 90% respectively. “While Pangsapuri Danau Seri is designed to The remaining two units have been upgrad- leverage the prime neighbourhood, we also took ed and they were transacted on the secondary the other residents of Valencia into consideration. CC62 NOV 11 2019
winner | Gateway 16@Bandar Bukit Raja | SIME DARBY USJ DEVELOPMENT SDN BHD Supermarket for industrial properties
BY RACHEAL LEE [email protected]
or Sime Darby USJ Development Sdn Bhd, winning The Edge Ma- laysia-PEPS Value Creation Excel- Flence Award 2019 (Non-Residential Category) for its 1½-storey semi- detached factories at Gateway 16@Bandar Bukit Th is is the only township we have that is Raja is proof that the company was right in seiz- near the port, so this was an opportunity we ing an opportunity it discerned. did not want to miss.” — Mohd Idris Bandar Bukit Raja is a large township in Klang that spans 4,333 acres. Most of it was slated for res- idential development but master developer Sime Darby USJ Development saw an opportunity in the newly opened West Coast Highway (WCE), which cut the township down the middle. tion systems as well as three-phase power supply. According to Sime Darby Property Bhd general Mohd Idris says at the time, the units were manager (business unit 2) Mohd Idris Abdullah, sold only to those who had a registered company the developer spotted the potential for an in- THE EDGE ABDUL GHANI ISMAIL / to ensure they were genuine buyers. The current dustrial component, given the proximity to Port occupancy rate is more than 80%. Klang and the accessibility to various highways, The fi ve units Sime Darby USJ Development such as the New Klang Valley Expressway, Federal submitted for the award have seen a capital ap- Highway, Shapadu Highway, Shah Alam Highway, preciation of 37% to 53.3% from 2014 to 2017. North-South Expressway Central Link and WCE. “The annual growth is around 15%, which is “This is the only township we have that is near great. Prices at most developments do not appre- the port, so this was an opportunity we did not ciate as much. We have been doing things dif- want to miss … The land was initially zoned for ferently here ... we have the advantage of great residential, so we went to the authorities and we accessibility and proximity to the port,” he says. proved to them that the industrial component was “Another major advantage we have in Bandar necessary in this area and the land was rezoned,” Bukit Raja is that it is not only an industrial area he tells City & Country. — it has the whole ecosystem. You can work here, you have amenities like shopping malls nearby Natural buff er and it off ers a sustainable lifestyle. When you Sime Darby USJ Development has used WCE as have the complete ecosystem, it automatically a natural buff er and turned the right side of the becomes a sustainable development. We concen- township into a commercial enclave. This has re- trate not only on the industrial aspect, but the sulted in Bandar Bukit Raja having a 47% indus- whole township.” trial component, with the rest being residential In the long term, he says, the township’s connec- and commercial components. tivity will continue to be a major draw for indus- “It is a unique feature because only Bandar trial players. The developer had earlier partnered Bukit Raja has such a high percentage of indus- with Japan’s Mitsui & Co Ltd and Mitsubishi Es- trial component. Hence, we must make sure that MOHD SHAHRIN YAHYA / THE EDGE tate Co Ltd to develop a 39-acre industrial site in it is planned in a way that the residents do not the township, and it expects to enter into more feel that they are living in an industrial area … we strategic partnerships to develop industrial and want to make sure harmonious living is embed- logistics properties. ded in the ecosystem,” Mohd Idris says. Changing the development type did not come Various options without challenges. Mohd Idris says there were no Bandar Bukit Raja, which was fi rst developed in mechanisms to improve the supply-demand match in 2002, has 869 acres of planned industrial pro- of the land as none of the standard development jects that will be ongoing until 2035. Today, 304 checklists could be applied to each industry seg- acres of industrial land have been developed and ment in terms of size and infrastructure require- are occupied. Industrial players there include Fi- ment, which would impact development readiness. amma Logistics Sdn Bhd, Big Dutchman, MODU In 2014, the developer launched Gateway 16@ System, Luxe Motorhomes & Caravans as well as Bandar Bukit Raja, which comprises 80 units of Sime Kansai Paints. 1½-storey, semi-detached factories with built-ups At full capacity, the industrial enclave is expect- of 3,620 sq ft on 60ft by 132ft plots; and thirty-six ed to have a total working population of 82,000, 1½-storey detached factories with built-ups of thereby increasing the pool of skilled workers in 8,388 sq ft on 100ft by 200ft plots. Klang. The higher working population will also The design of the units off ered a 3.6m curtain boost economic activity in the surrounding areas, glass wall frontage for product displays and show- Mohd Idris with (from left) Th e Edge Media Group publisher and group CEO Datuk Ho Kay Tat, acting as a catalyst for growth. rooms. Other features included high-fl oor loading City & Country editor Rosalynn Poh and EdgeProp.my managing director and editor-in-chief The township is close to shopping and retail on the ground fl oor area, fi re and lightning protec- Au Foong Yee centres (Setia City Mall, Tesco Setia Alam, AEON CC63 NOV 11 20192019
MOHD IZWAN MOHD NAZAM / THE EDGE
PICTURES BY SIME DARBY Bukit Raja Shopping Centre), education institu- (Top) Th e actual semi- tions (Sekolah Menengah Kebangsaan Convent detached factories at Klang, Universiti Teknologi MARA) and public Gateway 16 @ Bandar transport (Klang Sentral Bus Terminal and Klang Bukit Raja KTM station). Before Gateway 16@Bandar Bukit Raja, Sime (Centre) An artist’s Darby USJ Development launched several plots of impression of the vacant industrial land nearby that were targeted same factories at the bigger players. Mohd Idris believes that when these big players move into the township, other supporting players will move in with them. (Below) An artist’s With his vast property development experience, impression of the he reckons that it is important that the developer cross-section of off ers various types of industrial off erings — just the semi-detached as it off ers various types of residential off erings factories such as vacant land, bungalows and link houses. “We create the industrial area and the eco- system; at least in that area, we are the only one off ering this kind of ecosystem. I am proud to say that no other developers there — or even further afi eld — have this kind of capability and the vari- ety of products for industrial use. We have vacant lots, semi-detached factories, detached factories, built-to-sell properties and built-to-suit proper- ties,” he says. “Even for built-to-suit properties, there are two options. The fi rst is that we build according to the requirements of the industrial players before we lease the properties to them. Another option is that we build according to requirements and lease the properties out with the option for industrial players to buy them after a period of time ... We are sort of a supermarket for industrial proper- ties because we have all the types of properties the industry needs.” He says similar to buyers at Gateway16@Ban- dar Bukit Raja, the buyers of the land should have a registered company or be a registered company, as the developer is targeting clean industries such as small-scale manufacturing, warehousing and logistics facilities. “We are particular about whom we sell the land to, especially the bigger plots, so that we know what industry is coming in. We are taking care of our residents as well, so we want clean indus- tries and modern technology industries. Also, we don’t want to just sell a plot only for the buyer to keep it vacant.” E CC64 NOV 11 2019
winner | The International School of Kuala Lumpur Nurturing a sustainable culture
KENNY YAP / THE EDGE BY CHAI YEE HOONG Architects after US-based HOK International de- [email protected] signed the conceptual and schematic stages fol- lowing a design competition. hree wau bulan or traditional Kelanta- Local principal architect Ng Yiek Seng from nese moon kites flutter overhead at Veritas describes the school’s design as a scala- the breezy, lofty main entrance of The ble concept of communities, with each grade or TInternational School of Kuala Lumpur discipline for high school likened to one village (ISKL). Its 26-acre campus in Ampang unit. The villages are nested in bigger ones called Hilir, purpose-built to off er an impressive range of the academic wings, which are connected to a academic, athletics and arts facilities, welcomed 500m-long building, much like a spine, he explains. students and faculty in August last year. In total, there are fi ve academic wings — two The campus’ simple and clean design belies for elementary schools, one for middle school and the sophisticated facilities it off ers, including the remaining two for high schools. state-of-the-art laboratories for science and tech- If there is one word to describe the planning nology; indoor and outdoor sports complexes; an process, it would be inclusive, says Rami. “We aquatic centre with learn-to-swim, competition met with pretty much every possible stakehold- and Olympic-sized pools; and performing arts er including students, faculty and staff members, centre that has a 650-seat theatre, 600-seat ele- parents and vendors to look at [what was] miss- mentary theatre and an amphitheatre. A 250-seat ing and what they hoped to see in a school that purpose-built concert recital hall and a Black Box provides 21st century learning. The negotiations theatre are planned for the future. went back and forth before we could take that vi- The new Ampang Hilir campus replaces ISKL’s sion from paper to reality. two previous campuses in Ukay Heights in Am- “We don’t want to build a campus that looks pang and in Melawati. like every other one. This new campus is bigger But the school’s history goes back much earlier. and better than what we have envisioned,” he says. Lessons fi rst began in 1965 in an old palace built by The thoughtfulness in the overall design of the the Selangor royal family in Jalan Maxwell in the ISKL campus and its sustainability approach, which Kenny Hill area before its operations were moved MOHD SHAHRIN YAHYA / THE EDGE ISKL head of school Rami worked closely with to Ampang in 1976. Subsequently, it moved its ele- Veritas’ Ng on the design of the new campus mentary school to the Melawati campus in 1992. From 48 students 54 years ago, the non-profi t, allows its occupants to appreciate and enjoy the parent-governed ISKL today has 1,765 students building and also makes it an institutional building from about 68 nationalities, from 3 to 19 years old. of its kind, has earned it the recipient of The Edge The campus can accomodate a total enrolment of Malaysia-PAM Green Excellence Award this year. 2,200 across various educational levels — from early childhood and elementary to middle and A safe and inclusive learning space high school. To accommodate all types of learners, each village “I think our vision as a school has expanded unit has its own common spaces, including collab- over time because, now, in the 21st century, we orative spaces as well as quiet and refl ective spaces. want to provide a better environment for our kids “In our school, all have equal rights and we’re and this campus and its state-of-the-art facilities all respectful. We accommodate students who allow them to learn in an authentic and mean- are disabled or have special learning needs. The ingful manner,” says Rami Madani, ISKL’s head of campus is designed with learning spaces for all school, during our interview at the new campus. to feel safe and learn. “Here, students can learn on-site. There is so “Students don’t belong to classrooms but move much behind the campus that our students can between classes based on their learning needs,” benefi t from, such as studying the campus itself Rami explains. and the sustainability ideas behind its design,” ISKL director John Beattie with (from left) Th e Edge Media Group publisher and group CEO According to Ng, a lot of input in the design adds Rami. Datuk Ho Kay Tat, City & Country editor Rosalynn Poh and EdgeProp.my managing director and planning stages of the campus has to do with The design was completed locally by Veritas and editor-in-chief Au Foong Yee CONTINUES ON PAGE 66
CC66 NOV 11 2019
FROM PAGE 64 sustainability. “We are not just architects but cre- ators of space [who] understands how things work on the education side.” “We had three non-negotiable criteria for the school’s design during the initial planning stag- es,” Rami says. “We wanted spaces that allowed collaboration at all levels and not isolation. We wanted spaces that are fl exible because learning is changing and we didn’t want to end up with a space that was only good for a period of time be- Th e building’s fi nish is cause 10 years from now, we may want to break kept simple for easy down some walls and restructure. Third, we wanted maintenance a space that facilitates holistic learning. “Sustainability is more than learning it from paper, but rather the community has to continue to practise it,” he adds. To reduce carbon footprint and encourage school bus usage, the school has allocated parking space for up 80 buses. PICTURES BY ISKL AND HOK INTERNATIONAL “Currently, about 40 bus bays are being used as shading device so you don’t get glare.” we haven’t reached maximum capacity, but the He adds that the main façade has a North- allowance is there. When bus usage exceeds cars, South orientation to reduce direct sunlight. we can convert some of the car parks to bus bays. Condensate water from the AHUs is chan- That is one way to encourage bus usage,” says Ng. nelled to the cooling tower to reduce water con- In addition, the practice is for buses to have sumption and non-chemical water treatment is precedence before cars in coming in to pickup used to ensure the cooling towers are clean and the students, says Rami. “We have a large number non-hazardous. of bus users on campus and many families who The roof areas, which serve as a catchment live within walking distance. We also have many area for rainwater harvesting for landscape ir- faculty and staff members who walk and cycle rigation, are insulated to reduce heat gain and to school, so we are considering putting another use roof fi nishes and external paint with high bicycle station. solar refl ectance index materials. “The whole mentality of the school leans to- Eco-friendly materials were used during con- wards being environmentally friendly, and reduc- struction to reduce environmental impact, waste ing our carbon footprint is at the very front and was segregated and recyclable materials sent to centre of the community,” says Rami. recycling centres. Low volatile organic compound materials ensure a healthy indoor environment. Green, sustainable features The building fi nish was kept simple for easy The ISKL campus incorporates an impressive range However, the current energy consumption at Th e light refl ectors maintenance, says Ng. “It’s cement and clean. of active as well as passive sustainable features.Ng the campus is still within the range required to around the windows You can also see all the piping running through, says the most innovative technical feature would maintain its Green Building Index Platinum rat- gather daylight and which is great for children to learn.” be the chill slabs at the academic wings that cools ing, Rami says. project it into the the concrete slabs down at night, which help to A building management system actively mon- classrooms and also Beyond tech and innovation lower the temperature during the day. itors energy usage of all major electrical boards, function as sun shades More importantly, ISKL’s green campus serves “When you go into some colonial buildings, controls the air-conditioning and mechanical to educate the students about the importance of it’s cool inside because of this. Instead of trying to ventilation system and monitors digital water green and sustainable living. cool down the room using air-conditioning, you meter readings. Says Ng, “The pivotal point in sustainability is actually push the air down using fans, which is “The school fully utilises LED lighting, and all that whatever system there is in place will be im- cheaper and more effi cient. This reduces depend- classrooms, labs and offi ces are equipped with a material if it is not being utilised. It’s almost like ency on air-conditioning,” he says. daylight harvesting system that uses photosen- we’re creating an environment for the commu- The school is also equipped with a high-effi - sors for an optimum learning and working envi- nity to use and continue to use. It’s a habit-form- ciency chiller, variable speed pumps, air handling ronment and to reduce dependency on artifi cial ing thing. Ultimately, it’s about educating people, units (AHUs) and a cooling tower to ensure it is lighting,” Ng explains. which is what the school is about.” energy effi cient with a low running building en- “The windows are designed to receive maximum Sustainable practices are not new to ISKL, as ergy index, currently at 80kwh/m2/year. “We hope light and the light refl ectors around the windows Rami explains. “Even at our previous campuses, to achieve 55kwh/m2/year once the solar panels gather daylight and project it into the classrooms, An aerial view of we deeply believed in sustainability, service learn- are installed,” notes Ng. without the heat. The refl ectors also act as a sun the campus ing and the environment. The profound diff er- ence with this campus is that students are able to practise these things on site, such as using the fi ltration system, collecting water, recycling food and composting,” he says. Herb gardens and permaculture are incorpo- rated into the landscape as a modern farming concept for students to learn about. ISKL has a green area of 26,700 sq m, on which is currently planted 352 trees, including durian, cocoa, mango and belian (hardwood tree) and 9,092 shrubs. In addition, there are 780 potted plants. Meanwhile, 13,000 plants are grown in 4,326 pots that make up “green walls” in 60 student toilets. The campus also has fi ve fi sh ponds and one turtle pond. “To be a zero -waste campus, it is about chang- ing people’s behaviours and habits. We have told our canteen operators not to use plastic wraps and we haven’t had any plastic bottles in this and even in the previous campus. We also regularly involve parents during our composting week- ends,” Rami says. “In fact, what we hear from parents is that their kids go home and question them about why they bought plastic and why they are using plastic straws. “It is still an adventure for us to explore the limits of what the campus can off er. The jour- ney continues and we are excited about it,” he concludes. E
CC68 NOV 11 2019
winner | Circus West Village, Battersea Power Station, London, UK THE CONSORTIUM OF S P SETIA BHD, SIME DARBY PROPERTY BHD AND EMPLOYEES PROVIDENT FUND An exciting, thriving community takes shape
BY HANNAH RAFEE [email protected]
attersea Power Station Development Co Ltd (BPSDC) CEO Simon Murphy has just arrived from London and would be in town for less than 78 Bhours. Despite his extremely tight schedule, Murphy is impeccably dressed, sharp and energetic as he updates City & Country on the iconic Battersea Power Station in London. Its first phase, Circus West Village, won the inaugural The Edge Malaysia Outstanding Over- seas Project Award, which recognises impressive projects undertaken wholly by Malaysian property developers abroad. “We had a lovely appreciation dinner with our lenders at W Kuala Lumpur last night,” says Murphy. “We have been travelling back and forth Th e footfall at Circus West to KL [from London] to ensure that all the plans Village has nearly reached are going smoothly.” He travels to KL bimonthly. three million since 2017 An event that made the headlines recently was Prime Minister Tun Dr Mahathir Mohamad’s visit MOHD SHAHRIN YAHYA / THE EDGE to the £9 billion (RM47.014 billion), 42-acre Batter- sea project on Sept 29. of the second phase for £1.58 billion. “Tun was engaged with all aspects of the pro- In September, BPSDC secured a £600 million ject and before he left, he said it was something debt facility. “This additional debt facility is to that all of us should be proud of,” says Murphy. “It fund the construction of our third phase. It is a was a special moment.” combination of selected local and Singaporean “This is something that is being done for [and banks such as Standard Chartered, Maybank, DBS, by] Malaysia. The ingenuity, the commitment and CIMB, RHB and OCBC,” says Murphy. the drive of our shareholders have made this pro- ject come to life,” he adds. The uniqueness of Circus West Village To recap, Battersea Power Station is a regen- “This was how Battersea Power Station looked eration site that was acquired by the consortium like in the 1930s and 1940s,” marvels Murphy as of S P Setia Bhd, Sime Darby Property Bhd and we look at old photographs hung in the meeting the Employees Provident Fund (EPF) in 2012. The room. “It is quite remarkable how much the site consortium set up BPSDC to capitalise on the has changed since.” site’s status as of one London’s most emblematic Designed by Sir Giles Gilbert Scott and launched landmarks. in 1933, the former coal power station’s iconic Facing the River Thames, the mixed-use de- turbines provided a fi fth of London’s electrical velopment has seven phases. The first phase, supply. It was decommissioned in 1983 and re- Circus West Village, has been completed while mained dormant for over four decades before be- four components — Phase 2 (the Power Station), ing acquired by BPSDC. Phase 3A (the Electric Boulevard), Phase 3B and “We have identifi ed some interesting, independ- Ahmad with (from left) age and sits next to the verdant six-acre Battersea the Northern line extension — are being built. ent retailers for Circus West Village,” says Murphy. EdgeProp.my managing Power Station Park. The site is also accessible via The remaining phases (Phases 4 to 7) are still on The highly curated list of retailers and operators director and editor- the London river bus. “Apart from the tube, the the drawing board. The development will off er includes Cinnamon Kitchen, Fiume, Mother, The in-chief Au Foong Yee, river bus adds more footfall to the site, with about three million sq ft of commercial space and over Coff eeworks Project, The Battersea General Store, Th e Edge Media Group 20,000 to 25,000 visitors per month,” says Murphy. 4,000 new homes. Wright Brothers and Megan’s. Other tenants in- publisher and group CEO Launched in 2013, Circus West Village is 99% clude celebrity hairstylist Paul Edmonds London, Datuk Ho Kay Tat and A touch of Malaysia taken up while Phases 2 and 3A are 90% and 70% Boom Cycles and Archlight Cinema. City & Country editor Apart from the Turbine Theatre and new Ma- taken up respectively. According to BPSDC’s leasing team, the brand Rosalynn Poh laysian restaurant, Circus West Village will have “The footfall at our fi rst phase, Circus West Vil- selection strategy is segregated into phases. There a few new shops. “We will also have an indoor lage, has increased to nearly three million since we will be a good mix of upscale and High Street la- golfi ng space in one of the arches as well as a opened the doors in 2017. It is now home to 1,000 bels for Circus West Village and Phases 2 and 3A. dental clinic,” Murphy reveals. residents and its commercial units are 95% leased, “We are also quite fortunate [in terms of loca- He gestures to the images on a laptop. “The coal with 20 of them (businesses) up and running. tion] to have this iconic development by the River jetty just opened about three weeks ago as a new “Another Malaysian restaurant will be opening Thames. This is a piece of prime real estate in the event space. It is about 100m by 50m.” soon. We also have a theatre that just opened in Nine Elms area,” says Murphy. “We had a pretty good summer, holding events July, the Turbine Theatre, which has 180 seats. It Nine Elms comprises Battersea, Hyde Park, Kens- such as the London Seafood Festival and Art Night, is fully booked for the next few months,” he adds. ington, Chelsea, Southbank and Fulham, among which was a success. We also opened a street Earlier this year, Malaysia’s largest asset manage- others, and off ers 500 acres of offi ces, amenities market.” ment fi rm, Permodalan Nasional Bhd (PNB), and the and homes for 50,000 new residents. The consortium plans to add more Malaysian EPF agreed to jointly acquire the commercial assets Circus West Village boasts a 450m river front- fl avour to the retail selections at Phase 2. “We CC69 NOV 11 2019
SUHAIMI YUSUF / THE EDGE PICTURES BY BATTERSEA
Th is is something that is being done for [and by] Malaysia. Th e ingenuity, the commitment and the drive of our shareholders have made this project come to life.” — Murphy have been in talks with a number of Malaysian brands. It is important to us to capture the spirit of Malaysia in this development,” reveals Murphy. “We will feature Malaysia Square in Phase 2, which will be the heart of the development. The design of the square is inspired by the Mulu caves in Sarawak. We are also going to source stones consumers were excited about the buildings, the Top: An artist’s impression 2013. The London market has been tough but has from each state of Malaysia and incorporate spacious apartments and even the winter gardens of Battersea Power Station stayed resilient in the last few years. We believe them into the building of the amphitheatre,” or balconies, which can be used throughout the ... Upon its scheduled the project remains an attractive proposition for he highlights. year regardless of the weather, says Murphy. completion in 2026, it will our consumers,” says Ahmad. Malaysia Square, a two-level urban canyon with The consortium is addressing the challenges have 25,000 people living “In terms of our demographics, there has been stairways and bridges, is inspired by Malaysia’s of the entire project. “In the past, there had been and working there and a good mix of investors and owner-occupiers. The landscape and geology. It will be anchored by el- numerous attempts to regenerate this global icon an estimated 40 million fi rst phase saw a majority of Malaysian buyers while ements of marble, sandstone, limestone, granite since the plant was decommissioned in 1983, and visitors per annum the subsequent phases attracted more buyers in and dolomite striations that will guide visitors none were successful until this Malaysian con- Above: Wong (left) and the UK and markets such as the Middle East and through the amphitheatre. The square will also sortium of S P Setia, Sime Darby Property and EPF. Ahmad with a scale model other parts of Asia,” highlights Murphy include a fountain in the shape of the hibiscus, Since 2012, we have been proud custodians of the of Battersea He touches on the challenges in the market. Malaysia’s national fl ower. project,” BPSDC chairman Datuk Wong Tuck Wai “Due to Brexit, we found opportunities in for- “We have been busy with Phase 2, which is set tells City & Country in an email. eign markets [since their currencies have gained to open in 2021. We are pleased to have a strong se- According to BPSDC, it saw sales of £120 mil- strength against the pound due to the planned lection of tenants. One of them is Apple Inc, which lion from the residential projects in the last 12 withdrawal of the UK from the European Union]. has pre-let 500,000 sq ft of the Boiler House offi ce, months. “Our sales performance remains relative- We sold more units to foreign buyers,” he says. apart from unique features such as the Chimney ly strong despite the sluggish [property] market “Apartments in Battersea Power Station have Lift, event space, food hall and cinema,” says Mur- in London. There has been an average blended become 15% cheaper [for foreign buyers]. We have phy. “We shall announce our next list of confi rmed uplift of 36% (on resales) since the launch date,” benefi ted and not suff ered negatively from Brexit,” and exciting tenants next month.” adds Wong. he adds. “Activity [in London] will strengthen once Phase 3A is scheduled to be completed in 2021 “In September, we did some unoffi cial mar- political uncertainty with regard to Brexit starts as well. keting events for the project in the UK and Asia, to recede and pent-up demand is released, with The project has a strong line-up of architectur- and we saw a collective £40 million in sales, [even] growth forecast at 1% this year,” says the Knight al visionaries. London-based WilkinsonEyre was against the challenging [property market] back- Frank Wealth Report 2019. The report states that commissioned for Phase 2 while Foster Partner is drop,” adds Wong. London remains the No 1 global wealth centre, in charge of Phase 3A. Gehry Partners is respon- Battersea Power Station Holding Company followed by New York. sible for another part of Phase 3A, Prospect Place, chairman Datuk Ahmad Pardas Senin in an email Upon its scheduled completion in 2026, Batter- and The Flower Building. says, “Malaysia enjoys a strong trading relation- sea Power Station will have 25,000 people living Meanwhile, the Northern Line extension is on ship with the UK, off ering a robust platform for and working there and an estimated 40 million track and will be completed by mid-2021. “One of Malaysian businesses looking to invest. The board visitors per annum. “It’s been 10 years since the our biggest challenges was accessibility to the site. and the management team are very conscious of initial master plan was created, so we are looking To overcome this, we signed on the Northern Line the responsibility that we collectively share to at ways to evolve with the times. We may change extension in 2014. With the extension, Battersea exemplify the success of the project. In terms of certain design aspects and solutions in the later Power Station will be about 13 minutes from the rental, Circus West Village has outperformed the phases,” says Murphy. West End and 12 minutes from the city centre,” London prime market so far.” “Our vision is to create an exciting, thriving notes Murphy. According to JLL UK, the rental growth in community and a mixed-use development that 2019/2020 in Nine Elms will be 12% as opposed to promises longevity. We are confi dent that we will Demand and sales amid challenges 7% for Central London. provide good returns on investment, and we will “When we fi rst launched Circus West Village, we “The value of apartments in Circus West Vil- strive to make Battersea the hub of London,” con- were overwhelmed by interest. We found that lage has risen to at least 50% since the launch in cludes Murphy. E CC70 NOV 11 2019
winner | Gamuda Gardens in Gamuda City, Hanoi, Vietnam | GAMUDA BHD - PROPERTY DIVISION
First launched in 2012, Gamuda Gardens comprises 1,177 landed homes, 2,101 high-rise residential units and 114 shophouses
Making its presence felt in Hanoi
GAMUDA LAND
BY HANNAH RAFEE [email protected] mid the chaotic sounds of trade We began developing and traffic, Hanoi is visual poetry. Influenced by its French, Chinese Gamuda Gardens in 2012. and Southeast Asian heritage, the From the beginning, our Acapital city of Vietnam is an amal- intention was to introduce gamation of the old and new, with a unique way of living centuries-old architecture and scattered parcels of land fit for new developments. to Hanoians, moving Banking on its potential, Gamuda Bhd (proper- them away from their ty division) is charting unfamiliar territory with accustomed high density the rehabilitation and development of a once — Cheong derelict wasteland in southern Hanoi. It has been dwellings.” transformed into a lush, 185ha integrated mega- township known as Gamuda City Vietnam that with a mix of freehold and leasehold developments includes the 65ha Yen So Park. (depending on ownership and land use) and an “When we fi rst came here in 2006, Yen So Park allocated GDV of US$847 million. First launched in was in a dilapidated and unkempt state. Yen So 2012, this phase comprises 1,177 landed residential was the main confl uence area where the sewage homes, 2,101 high-rise residential units and 114 canal networks meet before discharging into the shophouses. Facilities include a children’s play- Red River. Thus, it was infamously known to local ground, community hall, clubhouse, swimming Hanoians as a foul and undesirable location,” says pool, fi tness centre, tennis courts, spa, manage- Gamuda Land Vietnam chairman Cheong Ho Kuan. ment offi ce, restaurant and event hall. “But we saw great potential in this piece of land. With property types ranging from semi-de- It is very much in line with our town-building tached homes, small terraced houses, small villas principles. One of them is to listen to what the and shophouses, the built-ups at Gamuda Gardens land tells us, and we could not turn away from range from 174.9 to 486.1 sq m, with prices between its ‘cry’ to rehabilitate this contaminated land,” US$47,244 and US$1.64 million. To date, Gamuda MOHD SHAHRIN YAHYA / THE EDGE he says in an email interview. Gardens is 85% completed, and is 90% taken up. After seven years of reclamation works and “The project has been very well received, with development, Gamuda Gardens of Gamuda City an average of 90% sales achieved on all products in Vietnam, comprising parks, lakes, rivers and launched to date. We are humbled by the reception homes, has earned the The Edge Malaysia Out- of the products launched so far, and it motivates us standing Overseas Project Award. Introduced for to continue our commitment to our town-making the fi rst time this year, this award acknowledges principles and to deliver carefully designed master impressive projects undertaken solely by Malay- plans with high-quality products,” says Cheong. sian private property developers in other countries. The target market for Gamuda City Vietnam is Gamuda City in Vietnam, with a total gross de- mostly owner occupiers, he adds. “Our properties velopment value of US$3.1 billion (RM12.9 billion), have been designed as an upgrade from existing comprises residential, commercial and mixed- properties in the area. Some 30% of our landed use developments and is segregated into three products and 5% of our high-rise products are precincts; Gamuda Central, Gamuda Lakes and purchased by investors.” Gamuda Gardens. Quite a number of investors come from Hong “We began developing Gamuda Gardens in 2012. Kong, he adds. The township attracts the middle From the beginning, our intention was to intro- to upper segment of the Vietnam market due to duce a unique way of living to Hanoians, moving its premium products. them away from their accustomed high-density In terms of connectivity, it is accessible via Ring Cheong with (from left) EdgeProp.my managing director and editor-in-chief dwellings,” says Cheong. Road 3, which is one of the main access routes in Au Foong Yee, Th e Edge Media Group publisher and group CEO Datuk Ho Kay Tat and Gamuda Gardens forms part of the township, Hanoi. The township is adjacent to the National City & Country editor Rosalynn Poh CC71 NOV 11 2019
PICTURES BY MOHD IZWAN MOHD NAZAM / THE EDGE Highway 1A and 1B. As for public transport, there will be a mass rapid transit (part of the Hanoi Met- ro master plan) and local bus network. Nearby amenities include Le Parc. Developed by Gamuda Land Vietnam, Le Parc comprises six zones of shophouses with diff erent themes. Other nearby amenities are AEON Mall, podium retail units and supermarkets, Bach Mai Hospital and the Singapore International School. “Malaysia and Vietnam are diff erent in many ways, from language to culture and social hab- its, laws and governance ideology, to state a few. Venturing into that foreign market was a calcu- lated risk and we were well prepared to overcome our shortcomings (in cultural diff erences) and the challenges with sheer determination, perse- verance and innovate thinking. We are glad our eff orts have paid off so handsomely,” says Cheong.
An uphill but worthwhile task During our site visit to Gamuda Gardens in late August, we were pleasantly surprised by the serenity and the vast green, manicured parks and lakes of Gamuda City. While taking a stroll in the Yen So Park, we saw a number of activities taking place including an outdoor children’s birthday party and wedding photo shoots. It was hard to believe that the once abandoned wasteland is now restored, revived and full of life. Cheong tells us more about the rehabilitation process. “Our fi rst action was to turn this place from an unwanted site into a desirable address, Top: Once an abandoned which led us to the idea of building Yen So Sewage wasteland, Yen So Park has Treatment (STP) to treat more than 40% of Hanoi’s now been revived with many sewage production.” local activities taking place Cheong says there were challenges in develop- there ing and restoring the site. “There are challenges in every property development, but we do not see Right: Th e development them as obstacles but rather a motivation for us has plenty of commercial to go above and beyond. off erings for its residents “As the city had no budget to fund the project, we privately fi nanced and delivered it. It was not Bottom: To date, Gamuda our intention to take on such a risky project, but Gardens is 85% completed it had to be done as we had a bigger vision for this and 90% taken up part of Hanoi; to transform it and restore the live- lihood of the land. “With the STP and clean water discharged after seven years, it eventually led to the rejuvenation and rehabilitation of Yen So Park. Thereafter, it became the central community gathering place of Gamuda City, and is now Vietnam’s largest privately funded public park.” Yen So Park also received the FIABCI World Prix d’ Excellence Award in the Environmental (Rehabilition/Con- After touring the park, the City & Country team economy has seen a strong performance with servation) category. was taken around Gamuda Garden’s complet- 7.1% gross domestic product growth last year, ac- “More importantly, our eff orts have delivered ed residential units. The homes were uniquely cording to the International Monetary Fund. This an immense socioeconomic turnaround that has crafted to suit the needs of the local market; the year, the Vietnamese government has projected a benefi tted not only the local community but also units were mostly multi-storey with compact and GDP growth rate of 6.9%. the municipality and the city of Hanoi. It has given cleverly utilised spaces and high, spiral staircases. Last year, Vietnam’s urbanisation rate reached Hanoi a livable landmark while drawing in pop- “The township is both new and unique to 38% and is expected to increase more than 3% per ulation and investment revenues,” Cheong adds. Vietnam, yet befi tting the local preferences, cul- year until 2020, according to the World Bank. “The ture and lifestyle,” says Cheong, adding that the rapid growth rate shows that the Vietnamese pop- group intends to build “resort homes” where res- ulation is migrating to the urban centres, result- idents can enjoy modern living in lush greenery. ing in a strong market demand for real estate in urban settings [such as Gamuda City Vietnam],” Market performance, future plans says Cheong. “Gamuda Gardens is gated and guarded and is “As the demand continues to grow, we have our designed after the Crime Prevention through business plans to provide a stream of supply to cater Environmental Design (CPTED) model, which for the demand in a suburban setting,” he adds. “Our features suffi cient street and back lane lighting, plan is to continue to increase our existing presence clear boundaries between public and private areas, in Hanoi and Ho Chi Minh City. We are working natural buff ers between pedestrian pathways and towards making Gamuda City [hopefully] the fi rst roads to segregate pedestrians from moving vehi- choice of living for Hanoians while creating new cles, cul-de-sacs and innovative street patterns in landmarks in Vietnam,” says Cheong. “In Hanoi, we order to reduce crime,” Cheong says. have two upcoming parcels; Gamuda Central [with It provides a touch of exclusivity and enhanced a GDV of US$650 million] and Gamuda Lakes [with security while ensuring the pleasant aesthetic of a GDV of US$1.6 billion]. the street, he says. The developer also emphasises “We are defi nitely seeking more development the importance of community. “Public spaces such opportunities in Vietnam. Our overseas projects as the parks [at Gamuda Gardens] are common contribute an average of 67% to Gamuda’s total grounds for people to get to know one another, to sales, and we would like to continue to ride this live and play together and, ultimately, to form a momentum. [strong] community.” “We are committed to our eff orts to continue Meanwhile, the property market in Vietnam is developing sustainable townships and, as is our seeing better days. According to global real estate vision for all Gamuda developments, we would services fi rm JLL Vietnam, the market performance like to create places for people to call home, where has been promising. As at 1Q2019, prices had grown they want to be a part of the community to grow 6.8% year-on-year. In addition, the Vietnamese up and grow old in.” E CC72 NOV 11 2019
winner | Bandar Sri Sendayan | MATRIX CONCEPTS HOLDINGS BHD
Sendayan Merchant Square is a lifestyle hub with retail outlets and restaurants A growing, vibrant township
MOHD SHAHRIN YAHYA / THE EDGE BY WONG KING WAI is slowly changing. It is no longer considered far [email protected] as for most of us, a 30-minute or an hour’s com- mute is the norm. atrix Concepts Holdings Bhd As the population grew, demand for residential transformed 6,000 acres of properties increased. To date, Matrix Concepts has former Felda land into the vi- completed 8,816 residential units. In each resi- brant township of Bandar Sri dential precinct, 10% of the land is set aside for MSendayan in Negeri Sembilan. green spaces, with playgrounds, walkways, jogging The flagship development has paths, gazebos, refl exology paths and amphithea- bagged The Edge Malaysia Property Development tres. There are also fi tness stations and facilities Excellence Award 2019, which recognises large- for futsal, badminton and basketball. scale developments that have had a significant The value of the properties has risen in tandem impact on an area as catalysts of growth. with the demand. Bandar Sri Sendayan, which has an estimated “Our fi rst residential project was aff ordable gross development value of RM8.13 billion, was single-storey houses. We sold them for RM80,000 launched by Matrix Concepts in 2004 in a joint in 2008. The value of these houses today is about venture with Negeri Sembilan’s Mentri Besar RM280,000. Why is this possible? It is because Incorporated (MBI). we are constantly enhancing the township’s The township, which has a population of 40,000, facilities — things that need improvement, we has residential, commercial, institutional, high- improve,” Ho says. tech industrial, agricultural and leisure compo- He reveals that new products are constantly nents, with plans for malls, offi ces and a hospital being launched. For example, this month will see Ho with (from left) facilities include a banquet hall that can accom- in the future. the launch of Melia II — 2-storey terraced hous- EdgeProp.my managing modate 800 guests, an Olympic-size swimming But it had to overcome several challenges. Ma- es in Hijayu Aman precinct. A total of 109 units director and editor- pool, indoor tennis courts, meeting rooms, spa trix Concepts’ group managing director Ho Kong — measuring 20ft by 75ft units with a built-up of in-chief Au Foong Yee, and F&B outlets. Soon says the main obstacle was the perception 2,350 sq ft and a selling price from RM623,888 — Th e Edge Media Group Entertainment can also be found in the com- that it was too far away and very rural. But the will be available. publisher and group mercial components of the township. Sendayan developer saw the opportunity to create some- Another launch this month will be Ervina — CEO Datuk Ho Kay Tat and Merchant Square is a lifestyle hub with retail out- thing new and diff erent on the large tract of land. 2-storey semi-detached houses in the Ara Sendayan City & Country editor lets and restaurants while Sendayan MetroPark “Our township planning has always been 2B precinct. Measuring 45ft by 85ft with a built-up Rosalynn Poh will have retail and wholesale businesses. There about sustainability,” Ho explains. Apart from of 2,960 sq ft, the 46 units to be off ered will have a will also be Sendayan City in the future. residential units, it should also be a place with selling price from RM1.47 million. “Sendayan City is a 116-acre commercial pre- ample job opportunities, he adds. That is where For families with schoolgoing children, the cinct that will be the fl agship component within the 1,000-acre Sendayan TechValley came in at the township is home to one of the country’s largest Bandar Sri Sendayan where the community con- start. The developer wanted to create an industrial private schools with campus facilities — Matrix gregate for a variety of F&B, family entertainment park that would attract international multination- Global Schools. The school, which has boarding and retail options. There will also be businesses als so it knew it had to lay the right foundations. facilities and can take in 2,500 students, now has that off er employment opportunities, fi nancial “Without proper infrastructure, we cannot en- an enrolment of 800. It follows the local syllabus services and healthcare and wellness,” says Ho. tice fi rst-class multinational companies to set up and off ers IGCSE and, in the future, A-levels. “We have a site, about 15 acres, for a medical base. About 80% of our investors are multination- Other schools in the township include SMK Ban- centre. We are now exploring working with a als from around the world. Japan is the biggest dar Sri Sendayan, SK Bandar Sri Sendaya, SJK (T) Ban- strategic partner. We have to be careful in our player here, and there are those from Germany, dar Sri Sendayan and SJK (C) Bandar Sri Sendayan. approach to this medical centre so the fi nancial France, the UK, Yemen, South Korea, China and viability and sustainability are well addressed. many more. We have been able to pull in RM4.5 Community spaces We would rather take our time than to rush it.” billion of foreign direct investment over the last For residents who need a place to host events or Space has also been allocated in the township six to seven years,” says Ho. hold community activities, the developer has for religious purposes, such as for mosques and an Thanks to work to upgrade the infrastructure built a clubhouse that measures 380,000 sq ft Indian temple. Land has been allocated as well for and improve connectivity via the North-South Ex- called d’Tempat Country Club. Ho says it is a place a Sikh temple, church and a Buddhist association. pressway, the public’s perception of the township for people to unwind or to conduct business. The “Apart from business, leisure, job opportunities, CC73 NOV 11 2019
PICTURES BY MATRIX CONCEPTS Left: Melia 2 homes in Hijayu Aman precinct launched this month
Right: Matrix Global Schools comes with campus and boarding facilities
Below: Th e 380,000 sq ft d’Tempat Country Club
HARIS HASSAN / THE EDGE
tential anchor tenants. Construction is scheduled “Regardless of market conditions, our products for the second half of 2020 if all goes well. in Bandar Sri Sendayan are still seeing good re- sponse. In the last few years, the property market Soft market has been on a downwards trend amid poor market Despite all that the township has going for it, no sentiment. However, traction in Bandar Sri Sen- development is immune to the soft market con- dayan has not lessened and is still strong, although ditions. Ho sees it as part and parcel of the prop- some products have had to be repositioned.” erty industry. Ho adds that the repositioning is necessary to “We are always vigilant in our strategies and align with market trends, such as changing plans position ourselves to weather any storm, be sen- from building semi-detached houses and bunga- sitive to market demands and explore new mar- lows to terraced houses instead. kets,” he says. The ability to turn things around quickly is “In spite of the current dampened economy owing to the developer’s strong team and possible government measures to curb prop- “From project development and conception to erty speculation, we remain positive about our my marketing and support department, we have prospects as our residential properties are mainly formed a strong team that is highly skilled and sought after by owner-occupiers and, therefore, highly competent. There is teamwork in the com- are not subject to speculative activities.” pany and all issues are solved very effi ciently and Ho sees strong demand for landed property properly. Our ‘software’ is our biggest achievement below RM600,000 in Bandar Sri Sendayan and and without it, we cannot produce our ‘hardware’,” believes this will hold the company in good stead. says Ho with a smile. E
Th ere is and commercial and lifestyle activities, we don’t teamwork in forget about people’s spiritual fulfi lment. We try the company to satisfy the needs of the community,” says Ho. and all Outdoor activities issues are Meanwhile, the 26-acre Sendayan Green Park is solved very designed to promote outdoor activities and com- munity interaction. Ho believes outdoor activities effi ciently and help foster better understanding and bonding properly. Our among residents. ‘software’ is Those into more challenging activities can head for the 30-acre Sendayan X Park. Among our biggest the facilities are a driving range, futsal courts, achievement badminton courts, electric go-karts and an ATV/ and without BMX track. There is an Adventure Tower for wall it, we cannot climbing or to take the fl ying fox as well as a skate park and a paintball fi eld. produce our A neighbourhood community mall is in the ‘hardware’.” planning stages and talks are being held with po- — Ho Sendayan MetroPark caters to retail and wholesale businesses CC74 NOV 11 2019
winner | i-City | I-BHD
Th e GDV of i-City has grown from RM2 billion in 2008 to RM10 billion today
Changing the landscape of Shah Alam
MOHD SHAHRIN YAHYA / THE EDGE BY E JACQUI CHAN Cybercentre at that time. All these dovetailed into [email protected] the vision of i-City as a knowledge hub. Meanwhile, i-City’s roots as a tourism desti- -City by I-Bhd has changed dramatically nation is the RM10 million Aerospace Adventure since our first visit in 2009. Back then, it that was held at the site in the mid-1990s. was quiet as only the first phase – the MSC “We brought in Russian spacecrafts as a com- Malaysia Cybercentre office suites and City munity service project to generate interest in aer- iof Digital Lights — had been completed. ospace science and technology among students. I-Bhd executive chairman Tan Sri Lim We found that if you have something unique to Kim Hong recalls there were plenty of naysayers off er, you will be able to draw the crowd. As a new in the early days. Many simply could not imagine development, accelerating the vibrancy of the the i-City he had envisioned. They could not have place was critical,” shares Lim. been more wrong. The result was its fi rst attraction, the City of Today, the 72-acre i-City is a bustling “ultrapolis” Digital Lights, with lightscapes provided by one comprising leisure, commercial, retail, hospitality million LED lights. CNN Travel listed it as one of and residential components. It has been endorsed the top 25 brightest and most colourful places in as an MSC Malaysia Cybercentre, approved as a the world in 2017. tourism destination by the Ministry of Tourism, I-Bhd has fully sold and completed three high- Arts and Culture and declared an International rise residential towers with 2,147 units — i-Resi- Park by the Selangor state government. dence, i-Soho and i-Suite. Another 1,217 units in i-City is a recipient of The Edge Malaysia Property themed high-rise residential towers — Liberty, Development Excellence Awards 2019. The awards Parisien and Hyde — have also been completed Lim with (from left) new state administration allowed developments recognise large-scale property developments that and mostly sold. EdgeProp.my managing identifi ed as key drivers to the state’s progress to have made a signifi cant impact. I-City has not In June, Central i-City Mall was offi cially opened director and editor- increase their plot ratio from 1:3 to 1:5. only proven to be a catalyst for growth, it has also by the Sultan of Selangor Sharafuddin Idris Shah. in-chief Au Foong Yee, “This additional built-up area enabled us to continued to contribute positively to the vibrancy Also in attendance were Tengku Permaisuri Selan- Th e Edge Media Group off er more residential units, increasing the GDV of the area it is located in. gor, Tengku Permaisuri Norashikin, and Selangor publisher and group to RM5 billion based on a 13 million sq ft GFA,” According to Lim, i-City was always meant to Menteri Besar, Amirudin Shari. CEO Datuk Ho Kay Tat and says Lim. be more than just a knowledge hub and tourist The RM850 million mall is a joint venture be- City & Country editor Today, i-City has a GDV of RM10 billion. Lim destination. tween Central Pattaya Public Company Ltd (60%) Rosalynn Poh believes it is still possible to increase the approved “Tourism was merely a means to an end, to and i-City Properties Sdn Bhd (40%), a subsidiary built-up area and its GDV, given that i-City is now raise awareness and highlight the immense po- of i-Bhd. Upon completion, i-City will have an a transit-oriented development with a stopover tential of i-City. When i-City was conceptualised estimated 30,000 residents and 20,000 knowl- under the Light Rail Transit Line 3. more than a decade ago, we saw it as a city within edge-based workers. Corporate offi ces and residential components a city, a dynamic organism of sorts with an econ- now account for more than half of the approved omy and ecosystem of its own within Selangor. The evolution built-up area. The park rides and attractions, Technology was the underlying focus then and When the i-City master plan was fi rst approved which were located on land earmarked for fu- will play an even more signifi cant role now with in 2005, it had a gross development value (GDV) ture developments in the early years, have been today’s advancements amid the greater prolifer- of RM1.5 billion based on fi ve million sq ft of relocated to completed buildings. The plan, says ation of digitalisation,” says Lim. approved gross fl oor area (GFA). This, says Lim, Lim, is to integrate the theme park elements so He said that in i-City’s early planning days, was because the authorities placed a ceiling on they become part and parcel of the property de- research and valuations indicated that receiving the built-up area based on that of the Shah Alam velopment components. MSC Malaysia Cybercentre status could be a dif- city centre. “Furthermore, being one of the few develop- ferentiating factor for the offi ce market segment. “As i-City gained traction, we managed to ments with dual power source and dual telecom- “In those days, MSC Cybercentre status was convince the authorities to allow us to increase munication has contributed to i-City’s eff orts to limited to the original MSC Malaysia corridor, so the plot ratio,” says Lim. be a front-liner in building Internet of Things getting the certifi cation provided a competitive The master plan was upgraded to 7.5 million sq (IoT)-ready homes and offi ces, smart infrastruc- edge. It also helped that the Selangor state gov- ft with a GDV of RM2 billion in 2008. That same ture and facilities and Green Building Index-rat- ernment wanted to have its own MSC Malaysia year, a new Shah Alam master plan under the ed corporate offi ces. We believe this would make CC75 NOV 11 2019
PICTURES BY I-BHD
Left: i-City in 2008 after the completion of its fi rst phase
Below: An artist’s impression of Th e Jewel
HARIS HASSAN / THE EDGE
mation, communications and technology (ICT) of investment properties. By the end of 2019, infrastructure. including the 40% share of the mall, the group “The Jewel will be the highest building in Se- would have about RM700 million invested in langor once completed and will change the state data centres, hotels, two convention centres, car skyline. It is intended to symbolise i-City’s Golden parks and offi ces. Triangle status. The ICT infrastructure will make “Many of these properties only came on stream i-City the fi rst urban centre in the country to pro- in the past one to two years and we have been vide fi bre redundancy as a basic infrastructure. slowly building the occupancy. We see these re- “This would be in line with Smart Selangor Vi- curring-income components as not only provid- sion 2025 and also off er a diff erentiation to many ing the group with a growth path but also a base i-City a very unique place,” says Lim. corporate customers. Broadband connectivity is income to counter the cyclical nature of property Meanwhile, Central i-City Mall has 87% lease becoming a critical component, so we not only development,” he says. commitments and is reaching its target of at- We believe have to look at speed but also availability of service, tracting a million visitors a month to the mall. we have and this fi bre redundancy plan will be a unique What the future holds “As for our theme park, we will continue to re- selling point for i-City as a location of choice for I-Bhd plans to launch Be-Central residential units in fresh the LED lightscapes and bring in new rides managed businesses,” says Lim. the fi rst quarter of next year and recently obtained and attractions. Our plan is to market i-City as to establish Smart Selangor is an initiative by the state planning approval for The Jewel. The 300-room an integrated destination and a central business i-City as a government to transform Selangor into a premier DoubleTree by Hilton will open its doors next year. district in the heart of Selangor’s Golden Trian- regional smart state in Asean by 2025. The next phase of i-City will have two trans- gle,” says Lim. strong brand formative goals – establishing Shah Alam as a ma- given that Establishing a strong brand jor offi ce location in support of the government’s Golden Triangle we have According to Lim, the development of i-City had vision to be a knowledge economy, and creating a Lim was elated to hear Amirudin say [at the launch attracted the two-pronged objective of building the brand private sector medical hub for Shah Alam befi tting of the mall] that i-City, which is developing rapid- in the property development sector and enabling its state capital status. ly, is poised to be the Golden Triangle of Selangor. global brands the group to establish a strong recurring income The Jewel will be the most iconic element of “Golden Triangles are generally synonymous such as base with its hospitality and investment proper- i-City. Comprising Grade A offi ces and a fi ve-star with areas noted for [their] economic success, pros- Hilton and ty portfolios. hotel, it will be surrounded by a medical mall, and perity and infl uence, among others, and refl ect the CPN to work “We believe we have managed to establish commercial and residential developments cater- growth of a city. This bears great testament to the i-City as a strong brand given that we have at- ing to the international community. gradual realisation of our master plan. It validates with us.” tracted global brands such as Hilton and CPN to The medical mall will comprise a medical of- our vision of building a modern, breath-taking — Lim work with us. We have also been able to enhance fi ce, medical centre and wellness centre, catering and futuristic city, turning the humble region of the value of our residential properties. I-Residence to residents, visitors and medical tourists. Facilities the capital city into an international capital city was launched in 2012 at about RM450 psf and in for convalescence and elder living will feed into and an exemplifi cation of Malaysia’s technolog- 2017, the Hill10 residence was launched at almost the positioning of this latter phase as a commune ical progressiveness,” he elaborates. double the fi gure,” shares Lim. for upmarket independent living. In line with this, I-Bhd has identified two I-Bhd has also been steadily growing its in- Lim concludes that these integral components projects it wants to pursue – the 78-storey The vestment property portfolio. of i-City will further entrench the area as a vibrant Jewel Tower and the building of the i-City infor- “In 2008, we had only about RM13 million integration of work, play and life. E CC76 NOV 11 2019
winner | D’Cerrum Apartment | SETIA ECOHILL SDN BHD
D’Cerrum Apartment consists of 635 units with a built-up of 949 sq ft, in two blocks of 19 storeys Aff ordable housing given new perspective with innovative design
BY ETHEL KHOO SUHAIMI YUSUF / THE EDGE “We don’t really focus on profi t when we develop [email protected] this kind of aff ordable apartments,” he adds. To keep the construction cost low, S P Setia uses rom afar, the simple and modern façade the industrialised building system (IBS). The devel- of D’Cerrum Apartment in Semenyih, oper has been using its in-house IBS for its high- Selangor, is easily identifiable due to the D’Cerrum rise projects for the past 20 to 30 years. The system Fcolourful detailing. saves time, decreases the dependency on labour cost, The façade’s design was inspired by the is the fi rst increases construction speed and provides better undulating shape of the Titiwangsa mountain range, aff ordable quality development. which can be seen from the apartment, explains For D’Cerrum, the biggest challenge was design- Datuk Tan Hon Lim, the executive vice-president high-rise ing the layout for its 9.15-acre plot, roughly the size of the developer, S P Setia Bhd. D’Cerrum Apartment residential of two football pitches. “The question was how to is developed by Setia EcoHill Sdn Bhd, a subsidiary project in Setia take full advantage of this maximum density of 70 of S P Setia EcoHill, and units per acre that was mentioned in the approved “The colours make the community area more plan while still fulfi lling our aspiration to build af- lively and the façade modern-looking. Without the we had to sell fordable homes,” Tan says. colours, it looks like any standard development,” the project by The innovative solution, he explains, was to build Tan says. balloting.” a multi-storey covered car park that could provide D’Cerrum Apartment is the recipient of The Edge — Tan each unit with two parking bays — one inside and the Malaysia Aff ordable Urban Housing Excellence Award other open. “This reclaimed a signifi cant portion of 2019. This award recognises outstanding aff orda- land that could be used for facilities and open spaces.” ble housing projects for the middle-income group Another planning feature was to set apart the that are wholly undertaken by property developers two blocks at a distance of exactly the height of the in the country. building, allowing a generous space in between for
“We are most defi nitely proud of this win,” says MOHD SHAHRIN YAHYA / THE EDGE the facilities. Tan. “This [award] puts Setia as the benchmark for This arrangement also creates a wind tunnel building high-quality, aff ordable urban homes for eff ect to keep cool the open-air facilities area. “This our customers.” will bring down the maintenance cost of the place, with low electricity usage, hence making it more Innovative low-cost, green solutions sustainable,” Tan says. The RM160 million development occupying a 9.15-acre The buildings were also designed to allow freehold plot is part of the Setia EcoHill township in cross-ventilation from the central void, along the Semenyih, Selangor. Completed last year, D’Cerrum corridor, to the air well and staircase. The stack eff ect consists of 635 units with a built-up of 949 sq ft, in allows hot air to rise and escape from the buildings two blocks of 19 storeys. It was launched in 2015 at a through the air well. selling price of RM262,000 to RM268,000. Its current Moreover, the buildings are north-south ori- average transacted price is RM320,000 to RM330,000. ented and will not cast a shadow on each oth- The maintenance fee at the medium-cost develop- er. This ensures that residents enjoy maximum ment is 19 sen psf. natural lighting during the day as well as natural The concept behind D’Cerrum was about chang- ventilation. ing the prevailing perception of aff ordable housing. The orientation also allows every unit to have a S P Setia wanted to show that aff ordable housing view of the Titiwangsa Range, the surrounding forest can be a positive experience and successfully inte- reserve, Setia EcoHill Park, Weeping Meadows Park grated into a mixed township development. Built for Tan with (from left) EdgeProp.my managing director and editor-in-chief Au Foong Yee, or the swimming pool. lower-income groups, D’Cerrum is part of S P Setia’s Th e Edge Media Group publisher and group CEO Datuk Ho Kay Tat and City & Country D’Cerrum off ers condominium-like facilities corporate social responsibility projects, Tan says. editor Rosalynn Poh such as a swimming pool, gym, multi-purpose CC77 NOV 11 2019
PICTURES BY SETIA ECOHILL
Above: D’Cerrum Apartment’s colourful façade was inspired by the undulating shape of the Titiwangsa mountain range SETIA ECOHILL Left: Th e development is next to Weeping GDV: Meadows Park RM4 billion LOCATION: Below left and right: Th e badminton court and gym Semenyih, are some of the facilities there Selangor SIZE: 673 acres LAND TENURE: Freehold
D’CERRUM APARTMENT GDV: RM160 million LOCATION: Setia EcoHill, Semenyih SIZE: 9.15 acres
hall, badminton court, children’s playground and Amenities close by include a hypermarket (Tes- barbecue area. co), fast-food outlets (McDonald’s and Pizza Hut), banks, clinics and educational institutions (SK Kam- Sold out at launch pung Rinching, Nottingham University Malaysian With such facilities at those prices, the development Campus). received overwhelming response from the public, D’Cerrum is connected to the Kajang-Seremban Tan says. All units were fully taken up on the launch Highway (LEKAS), North-South Expressway, South day itself, upsetting some potential buyers who were Klang Valley Expressway and Kajang Dispersal Link not able to purchase a unit. Expressway. The RM80 million Lekas-EcoHill link, “D’Cerrum is the fi rst aff ordable high-rise resi- constructed by S P Setia, provides direct access to dential project in Setia EcoHill, and we had to sell LEKAS and was opened in August 2015. the project by balloting,” says Tan. “As this is an Setia EcoHill, the township within which D’Cer- open-market project, there aren’t any requirements rum is located, is a 673-acre, RM4 billion freehold or restrictions for buyers.” development launched in 2013. Besides D’Cerrum, The development saw a good mix of homebuyers there are two other aff ordable housing projects for and investors, at “a 50-50 ratio”, he says. Many were the open market, D’Cassia and D’Camellia, as well young people, couples and families, as well as up- as a Rumah SelangorKu project, Pangsapuri Selan- graders who wanted to move into a gated and guard- gorku Kayangan. ed residence. There were also those who bought for Tan says the Pangsapuri Selangorku Kayangan is their own children. slated to be launched by the end of this year. The occupancy rate now is 20% to 30%, according D’Cassia, which was launched slightly later than to Tan, with 200-plus units undergoing renovation. D’Cerrum, is also sold out, with all handovers com- “We foresee that in about one year’s time, it will pleted, while D’Camellia, whose handover process reach 50% to 60%.” began last month, still has a few unsold units. E Th e living and dining area of a unit CC78 NOV 11 2019
HARIS HASSAN / THE EDGE No. 2 | Sunway Bhd
2019 2018 Overall 2 5 Quantitative 6 6 Qualitative 2 3 When the going gets tough ...
BY E JACQUI CHAN [email protected]
testament to the saying, “when Th e the going gets tough, the tough diff erentiation get going”, Sunway Bhd has con- can’t just be tinued to evolve and perform in an in products Auncertain and challenging climate. For its financial year ended anymore, Dec 31, 2018 (FY2018), the group recorded revenue it is also of RM5.4 billion and profi t after tax and minor- ity interest of RM658.4 million, up from RM5.2 about our billion and RM627.5 million respectively in the philosophy preceding year. and how we Last year, Sunway launched RM2.1 billion worth take care of of projects, compared with RM1.1 billion in the previous year. Projects with a total gross develop- people.” ment value (GDV) of RM880 million were launched — Cheah in the Klang Valley and Iskandar Malaysia, Johor and those worth RM1.2 billion were launched in MOHD SHAHRIN YAHYA / THE EDGE Singapore and China. It registered sales of RM1.9 but we had to defer it because we could not fi nd billion in FY2018, up from RM1.2 billion in FY2017. a location for the sales gallery. For the six months ended June 30, 2019, the We have also won a tender to acquire a 27,712.5 property division reported revenue of RM201.4 sq m parcel in Tianjin, China. It is not a new site, million and profi t before tax of RM70.1 million, it is within Tianjin Eco City where we have a de- compared with RM221 million and RM77.6 million velopment. It’s an adjoining piece. So that should respectively, in the previous corresponding period. move very fast. Sunway has a land bank of 3,359 acres with a We are looking at the UK but in a diff erent total GDV of RM58.9 billion. As at June, it has un- manner, which is to set up a fund management billed sales of RM2.7 billion. platform to explore opportunities in student ac- The group had a few major launches in 2018 and commodation as well as offi ces. Due to the uncer- this year, including the fi rst residential tower of tainties in the market now, we want to play in a Sunway Velocity Two in October last year. Located segment that is relatively safer, and student hos- next to Sunway Velocity in Cheras, the serviced tels is not something new to us. We manage about apartments are fully sold. In May, the fi rst tower 8,000 beds in Malaysia. And with our tie-ups with of Sunway Avila in Wangsa Maju was launched the University of Cambridge, Oxford University and has seen a 90% take-up rate. and Harvard University in the US, we are connect- Other launches include Phase 2 of Sunway ed to universities across the UK and the US. We Citrine Lakehomes in Sunway Iskandar and Sun- will also look at development opportunities but way GEOLake Residences, the fi nal phase of the we are a bit more cautious there. We are on track GEO series in Sunway South Quay. with our plans, so expect an announcement soon. On the international front, Sunway, with its Property development Our sales have been doing well and we will Going forward, the international contribution joint venture partner Singapore’s Hoi Hup Realty division, Malaysia, deputy continue to look for land bank. The launch of will pick up a lot. It will vary between the years Pte Ltd, launched Rivercove Residences in Singa- managing director Sunway Velocity 2, which is near Sunway Veloci- because of the diff erent accounting standards. For pore and launched Phase 2 of its 25-acre Sunway Lum Tuck Ming with (from ty, was encouraging as the units were sold within example, this year we will not see any overseas con- Gardens and Tianjin Eco City, China. The latter is left) City & Country editor a few months. Sunway Avila, too, did well with a tribution but next year, we will have quite a lot. If a joint venture with Sino-Singapore Tianjin Eco- Rosalynn Poh, Th e Edge 90% take-up rate. we average it out, I think we will look towards a 30% City Investment and Development Co Ltd, the Malaysia editor-in-chief As a group, we are well diversifi ed. We are not contribution from overseas projects and, hopefully, master developer of Tianjin Eco City. Azam Aris, Th e Edge Media pushed to continue to launch just to drive the num- maybe over the longer term, it will go up to 50%. We speak to the managing director of the prop- Group publisher and group bers because our investment properties have grown erty development division, Sarena Cheah, about CEO Datuk Ho Kay Tat and quite sizeable over the years. The contribution from Integrated developments have always been the future of Sunway’s property division and its EdgeProp.my managing investment properties, including offi ces and malls, the core of Sunway, especially with its “Build, strategies to keep growing the business. director and editor-in- is giving us very comfortable recurring income. Own, Operate” business model. Going forward, chief Au Foong Yee will it remain the key focus for the company, City & Country: How have the past 12 months Sunway has been active in Singapore recently and what components do you feel will become been for Sunway? as well as in China. Can you share with us your more essential in a township? Sarena Cheah: The market has been challenging. plans to grow its presence overseas? One model is to integrate three or more com- So, we continued to locate our products within We have three new launches lined up in Singapore ponents in every township or transit-oriented our existing developments and other locations next year. We have been in Singapore for about 10 development (TOD), depending on demand, of where we believed they could sell. There was a years and we will continue to build on our joint course. I believe healthcare will be key. We have well-balanced contribution from Malaysia and ventures with our partner, Hoi Hup Realty Pte Ltd. an aggressive plan for healthcare in which every overseas projects. We had planned a launch in Singapore this year one of our townships will have a medical centre, CC79 NOV 11 2019
That is seen in the townships we operate in. So, Sunway Bhd branding does help. Some may not know us as a FINANCIAL YEAR-END: (RM MIL) 2018 2017 2016 2015 2014 property developer but they may know us in ed- Revenue 1,815,302 2,140,475 2,076,771 1,959,637 2,005,255 ucation or healthcare, or even Sunway Lagoon. Pre-tax profi t 449,591 453,794 486,540 578,292 687,830 Where does the Sunway brand stand in the Paid-up capital NA NA NA NA NA overseas markets? Shareholders’ funds 4,456,653 5,033,629 NA NA NA I believe most people would research a new brand, Profi t attributable to shareholders 366,852 339,858 319,814 458,227 513,406 so track record really helps. If it were our fi rst prod- Dividend payout ratio (%) NA NA NA NA NA uct in the country, we would have to work very hard to ensure that it sells and is delivered well. We are more mature in Singapore and we are not new in China. As for the UK, we are buying or building student hostels and our hostel operators in Malaysia are part of the Asia Pacifi c Student Accomodation Association, which is an Austral- ian based organisation overseeing members in Asia Pacifi c. So we are not completely new in the market because our operators are part of the inter- national association. That will help us to get the right information and make the right decisions on what to go into, especially in a new country.
An artist’s impression of What is Sunway’s strategy to grow or sustain the townhouses in Sunway the business in an unfavourable climate? GeoLake In times like these, there are a lot of opportunities to look for land bank. We want to add land with a Below: An artist’s faster turnaround. That is why you have seen us buy- impression of Sunway ing smaller plots recently, to rebalance the profi le Onsen Suites in Sunway of our land bank in Malaysia. We will continue to City Ipoh play within the three spaces of master townships, TODs and standalone developments. Sometimes, half of our townships and TODs are investment as well as education. Of course, components such the seniors interested. So, we are looking at things properties, which is good because that adds confi - as retail and offi ces will be there. they can do, such as pursuing a hobby or some may dence to our development. Take Sunway Velocity, We will not only put in hospitals, we will build even want to lecture in our education institutions. I think the reasons why we were able to sell out and integrate them with education and senior In the longer term, we will have a performing arts and command very good rental rates were the in- living. We believe that senior living should not be centre just opposite the medical centre. tegration and the timing of when we put in the driven from the development side but from health- investment, and how we built the connectivity care, and it will be located within our communities. Are there plans to expand to other to ensure easy living. People like the fact that we That is why our strategy going forward is to states in Malaysia? own at least 40% to 50% of a development because have a very strong integrated township in every We will continue to look but unless the joint ven- we will have more to lose. region in the country. These townships should ture or deal makes a lot of sense, we will review More important now is how we introduce better showcase who we are and what we are about and accordingly. We get a lot of requests and invitations connectivity and better conveniences, especially they will make up about 50% of our overall devel- because I think businesses and people like this in the light of smart and sustainable townships. opment portfolio. TODs will take up another 20% model — that is how we ended up in Iskandar Ma- How do we use technology to make it more con- to 30% and the remainder will be standalone sites laysia with Sunway Iskandar. We were approached venient, more seamless? These days, commuting in strong locations. to go in because the place needed developers to takes up a lot of time. create catchments and lifestyle communities. We Can you share with us your plans are looking for opportunities overseas as well, so What is the market outlook for the next 12 for senior living? we have to be very clear about our priorities. months? Our first senior living development is located I think the property industry is fragmented. The next to Sunway Medical Centre in Sunway City What do you think are the contributing factors market may be slow but there are some locations and will be completed in two years’ time. We have to the continued success of Sunway? that are doing well and prices are holding up very received a lot of requests for and questions about People know us as a brand that does more than well too. So, in every market there are opportunities. senior living. property development. I think a lot of buyers We are aware that there is a mismatch between At this point, in Malaysia, while there are parties would typically look at who the developer is, its demand and supply, as well as in location and pric- developing such developments, no one has really fi nancial and brand track records and the pro- ing. We have to dig deeper into exactly where the started a model for senior living to be tested. We jects it has done. oversupply is and why there is no demand. We have will provide wellness services, nursing care and This is why, whether the market is good or bad, been fortunate as where we have been launching, assisted living for those who require more care. we must continue to build good-quality products. we see a lot of demand. Financing is the issue. Peo- But we are also designing the development to off er There is no two ways about it. At the same time, ple want to buy but they can’t get the fi nancing. independent living, meaning those who are still if the market is slow, it is time for us to build up While we have dropouts, the rate has not been strong and independent. It is important that while our customer service platforms. People have a lot very high. Perhaps that means we are attracting the the senior living development is close to the hos- of choices these days. The diff erentiation can’t right buyers now. I think that as long as we continue pital, it does not feel like it is part of the hospital. just be in products anymore, it is also about our to put out the right product with the right pricing We will need community activities that will keep philosophy and how we take care of the people. and target the right group, we will do well. E
ONGOING PROJECTS PROJECT/LOCATION TYPE GDV (RM MIL) LAUNCH DATE Sunway Avila, Wangsa Maju Residential & commercial 590 May 2019 Sunway Onsen Suites Residential & commercial 136 May 2019 (Ph 1-Tower 1) Sunway City Ipoh Sunway Velocity TWO Phase 1, Kuala Lumpur Residential & commercial 1,700 Oct 2018 Sunway GEOLake Residences, Sunway City Residential 511 July 2018
IN THE PIPELINE PROJECT/LOCATION TYPE GDV (RM MIL) EXPECTED LAUNCH DATE Sunway Belfi eld Tower A, Residential 400 2020 Kuala Lumpur Sunway Velocity Residential 310 2020 TWO Tower C, Kuala Lumpur Commercial 430 2020 Sunway Valley City, Penang Residential 520 2021 Sunway Maple Residential NA 2020 Sunway Kajang Mixed-use development 539 2020 CC80 NOV 11 2019
SAM FONG / THE EDGE No. 3 | UOA Development Bhd + Best in Quantitative Attributes
2019 2018 Overall 3 4 Quantitative 1 1 Qualitative 6 6 Experimenting with and venturing into new business models
BY WONG KING WAI [email protected] Th e mostmost impimportantp thing OA Development Bhd has seen steady is that youy mmust be able to growth despite the slow property mar- managemana e risk — when the ket, thanks to its conservative stance times are good, you don’t Uon development. Managing director overspend; when times are C S Kong believes in developing the right product at the right time to ensure opti- bad, there’s opportunity but mum results. This prudent approach has stood with opportunity you have to the company in good stead over the years and this see whether it’s the right time year, it has maintained its place among the Top to grab it.” — Kong 10 developers, having first appeared in the list in 2013 and then from 2015 to 2018. Furthermore, it again received the Best in Quantitative Attributes MOHD SHAHRIN YAHYA / THE EDGE accolade this year. with this phenomena, investors are very cautious. Its performance in the fi nancial year ended Dec Also, those projects that are [targeted at own- 31, 2018 (FY2018), proved its resilience — revenue er-occupiers] have to be [more] aff ordable. When rose to RM1.263 billion from RM1.078 billion the it comes to aff ordable housing, it depends on the year before. Even though its pre-tax profi t fell to land price. RM505.85 million from RM676.02 million, Kong is satisfi ed with the company’s results, considering Some might say that the oversupply situation the challenging market. has been exaggerated. What would you say to UOA had no new launches last year while this the government or the people about this issue? year, it launched Goodwood Residences in Septem- I think we need to stimulate the economy. When ber. The 40-storey residential project in Bangsar people have confi dence, then those who have hous- South has a gross development value of RM600 es that cannot be rented out will still fi nd it good million and off ers 678 units with built-ups of 947 in terms of investment properties. to 2,002 sq ft each. They are priced at RM750 psf. Although I believe there is an oversupply sit- Meanwhile, its hospitality division — UOA uation in Malaysia, location is really important Hospitality Sdn Bhd — is expanding with a new for a development to be successful. If you have a concept hotel called Komune Living, which is good public transport system integrated with food based on the co-living concept. It has 648 rooms outlets, amenities … I think there will be demand. with built-ups of 17 sq m (about 183 sq ft) to 38 sq m (about 410 sq ft) each that are for short-term What are some new projects in the pipeline? and long-term stays. Komune Living also has a Residences. In terms of sales, it is too early to say Executive director We plan to launch a project near Jalan Ipoh. This co-working component and shared facilities to en- because Goodwood Residences is a new launch. Kong Pak Lim with (from will be UOA’s next anchor project. It will be an in- courage interaction. The other two hotels managed It isn’t that we didn’t want to launch any new left) City & Country editor tegrated development with a mix of residential, by UOA are VE Hotel & Residence and Invito Hotel projects. It just so happened that the projects in Rosalynn Poh, Th e Edge commercial, retail and hotel components. Work & Residence (formerly known as Capri by Fraser). the pipeline were not approved yet. Malaysia editor-in-chief on the commercial elements, including an event In addition, Kong is venturing into the aged Azam Aris, Th e Edge Media and function hall, has started as part of our plan care and medical service industries, albeit in baby What is your view on the property market so far? Group publisher and group to transform it into a hot spot for younger people steps. While aged care in Malaysia is slow in gain- The challenge, I think, for the property market is CEO Datuk Ho Kay Tat and to live, work and play. ing traction, he believes it is only a matter of time the oversupply situation and also the economic EdgeProp.my managing There is Aster Green Residence in Sri Petaling. It before people embrace this need. situation like the US-China trade war, where there director and editor-in- is developed to cater for people with adult children Below is an excerpt from the interview with is a feeling of uncertainty among the people. Some chief Au Foong Yee in the neighbourhood and nearby areas. As it is in a Kong, who explains his views on the property mar- want to know what will happen to Malaysia, despite mature area, I think there will be demand for this ket as well as UOA’s performance and future plans. people saying that with a trade war, the country project. It will be 38 storeys with 440 units and have may benefi t, but we have yet to see if this is the 3-storey commercial spaces and a facilities fl oor. City & Country: Describe UOA’s performance case. So, I think a lot of people are taking a wait- We are also constructing a centre for active in FY2018 and so far in 2019? and-see position. senior citizens. Located at Bandar Tun Razak, the C S Kong: I think performance-wise, we were Malaysia has an oversupply situation in offi ce project’s name is Golden Pines and will feature able to maintain our results compared with the and residential products. Its property market has an elderly-friendly residential concept with care previous year. Looking forward, I think it will be been booming for so many years and a lot of people services. It will be a place for them to meet people, diffi cult [to sustain the performance] but this bought properties for investments. But those who make friends and exercise. It is something like a year’s results are satisfactory. bought for investments have found it diffi cult to children’s day care centre but for senior citizens, in We had no new launches last year but we did get tenants. It also depends on the location. In some an engaging, comfortable and safe environment. have one launch this year, which is Goodwood locations, I think, units can be vacant for years. So, CONTINUES ON PAGE 82
CC82 NOV 11 2019
PICTURES BY UOA Left: An artist’s impression of the event and function hall at the Jalan Ipoh development
Below: An artist’s impression of the façade of Goodwood Residence
UOA Development Bhd
FINANCIAL YEAR-END: (RM MIL) 2018 2017 2016 2015 2014 Revenue 1,263.68 1,078.26 996.19 1,643.19 1,077.85 Pre-tax profi t 505.85 676.02 929.36 645.29 460.70 Paid-up capital 546.34 309.61 81.62 76.04 71.59 Shareholders’ funds 4,680.73 4,329.84 3,813.10 3,150.81 2,750.57 Profi t attributable to shareholders 378.92 506.74 676.73 417.02 316.12 Dividend payout ratio (%)* 78 62 65 55 59 * Based on realised profi t
FROM PAGE 80 A medical hub will also be developed soon. We are very excited because people who specialise in medical services have approached us. At the mo- ment, we have not signed anything, so I cannot disclose the name. They found Bangsar South to be suitable to set up a medical hub, the reason being ONGOING PROJECTS that there is a ready population and also the Set- PROJECT/LOCATION TYPE GDV (RM MIL) LAUNCH DATE iawangsa Pantai Expressway coming in. United Point Residence / Kepong Mixed-use development 1,500 May 2016 The medical hub, which we are going to build, is Sentul Point / Sentul Mixed-use development 1,500 July 2016 also connected to LRT (light rail transit) and MRT SouthLink / Kerinchi Mixed-use development 550 Jan 2018 (mass rapid transit) stations. So, location-wise and Goodwood Residence / Bangsar South Residential 600 Aug 2019 also due to the demand there, I think medical ser- vices will be quite popular. It’s not that we ‘feel’ it Golden Pines / Bandar Tun Razak Mixed-use development 300 - will do well but it has been proved because we have some existing medical services in Bangsar South IN THE PIPELINE PROJECT/LOCATION TYPE GDV (RM MIL) EXPECTED LAUNCH and they are doing quite well. DATE Basically, the medical hub will provide services Jalan Ipoh development Mixed-use development 6,000 - for doctors who need, say, a diagnostic centre or an Sri Petaling development Mixed-use development 1,000 2019 operation theatre. Everything will be under one roof. It will be something like Singapore’s Novena UOA Business Park (Phase II) Commercial 140 2020 Medical Center. So, medical practitioners can have their offi ce and do their operations or other med- You need to fi nd something niche and that not merly known as Capri by Fraser), VE Hotel & ical procedures. many people are doing. So, that is why we are go- Residence and Komune Living. One day, we ing into the aged care wellness industry, which would like to list them in a REIT (real estate What project concepts or designs are you look- many are not doing. investment trust). But I think the time is not ing to develop in the future? We are also providing medical services. We feel right yet because we do not have enough hotels. Our concept is to make a place that people want that in a location like Bangsar South, it is mature I think, definitely, we’re going to have more ho- to come to. That is what Bangsar South is market- enough to have a medical hub. Not a hospital, but a tels but we have to be careful because what we ing — there is openness, a lot greenery, comforts place that provides medical services. So, the money have learnt over the last five years is, it is not with conveniences. The future projects will have which we have will be able to support us for this. about having enough hotels or not — it is about this concept as well. We are reserving that money for these things. having a strong team. Of course, we’d like to have another township You must have a strong team, otherwise, if you development because that is where you enhance What would you say to your shareholders as expand too fast, you would kill yourself. We must the value as you develop. Like Bangsar South, the they wait for better times to come? get the right formula to succeed. land price appreciates after a few years as you de- I feel that we have done quite well for our investors. For Komune Living, before we built it, we tested velop the land. Over the years, there has been recurring income it out — we did a room mock-up. It was basically In Malaysia, a good location is diffi cult to fi nd from the group. For example, the car park in Bang- to see how we would control the cost and how to but we have a good one in Jalan Ipoh. This 20 acres sar South collects about RM30 million per annum. build something effi cient, so you do not overprovide of land that we paid over RM200 million for has the If you include all the income from our investment something but also do not underprovide as well. DUKE in front of it while the Kentonmen MRT Sta- properties, I think we can easily collect over RM100 tion is being built nearby and it will be completed million a year. We have the Nexus and three hotels, What trend(s) do you see that you feel will next year. We are starting earthworks now and the so all this income you add together, I think we’re impact the property industry? fi rst phase will be commercial products. We have quite comfortable that we will continue to pay div- Developers are going into aff ordable homes. To been quite successful in organising events, like at idends to our shareholders. be frank, with aff ordable homes, you can make the Nexus’ Connexion Conference & Event Centre, But the market is cyclical. The most important profi ts. It all depends on the land price and how so we want to continue doing that and bring that to thing is that you must be able to manage risk — effi cient you are. So, there will be more aff ordable the Jalan Ipoh project and it will be a bigger venue when the times are good, you don’t overspend; homes. The higher-priced homes will take a while with a lot of fl exibility. when times are bad, there’s opportunity but with to be absorbed. opportunity you have to see whether it’s the right For UOA, we are quite comfortable and we don’t In your FY2018 annual report, it is stated that time to grab it. But if you have money, you are king. need to really fi ght for profi t. We develop niche you have cash reserves of RM578.6 million. Do products that are not in the market. However, I you plan to acquire more land with this cash? Will you expand your hotel business? don’t mean that we are in the right direction, but I don’t think we are planning to acquire more We definitely want to expand. We have three we are always experimenting to ensure that we land because there is the oversupply situation. hotels already — Invito Hotel & Residence (for- fi nd the right product for the market. E CC83 NOV 11 2019
MOHD IZWAN MOHD NAZAM / THE EDGE No. 4 | IJM Land Bhd
2019 2018 Overall 4 2 Quantitative 10 4 Qualitative 2 2 Strength in adaptability
BY CHAI YEE HOONG [email protected] Th e keyy for aving been in the property de- us ooverver the velopment sector for close to 20 years, IJM Land Bhd managing next couple of director Edward Chong is highly years will be Hperceptive and discerning of the to diligently way the market turns. He shares manage our his views during an interview at Wisma IJM in Petaling Jaya. cash fl ow and Once a banker, Chong joined the property sector make sure that after the 1997 Asian fi nancial crisis. “The whole our products market was diffi cult, regardless of industry. If you are the right compare today with then, I would say we are a bit more fortunate today. But every period will have ones for the its challenges as people’s preferences change. market.” — “If I do development like how it was done 20 Chong years ago, I’ll go out of business. Consumers to- day think diff erently and value diff erent things MOHD SHAHRIN YAHYA / THE EDGE as people are now exposed [to many things]. We I think the Home Ownership Campaign (HOC) have to know what people want to move forward,” is certainly helping those who are thinking of buy- says Chong. ing a property. I won’t say that it will push people A familiar face at The Edge Malaysia Top Property to buy when they don’t want to. There is defi nitely Developers Awards, IJM Land — the property arm [an increase in take-ups] but we cannot say that of IJM Corp Bhd — has built a diverse portfolio of it is due to the HOC alone. Even with the HOC, if aff ordable to luxury off erings. the product is not right, it won’t sell. As a develop- It currently boasts a sizeable land bank of 3,828 er, we must make sure that we are building what acres in Penang, Pahang, Johor, Sabah, Sarawak, the market wants. Selangor and Negeri Sembilan as well as in the UK and China, which has a gross development What would you say is the key to navigating value of over RM40 billion. the current market? The following is an excerpt from the interview. The key is to build the right product in the right location and at the right price point. We usually City & Country: What has kept IJM Land busy off er decent 2 and 3-bedroom units with built- last year and how had the year been? ups of 800 sq ft upwards — these are the products Edward Chong: Over the past couple of years, people want. We see things in the longer term and we have been focusing on understanding what we have been working hard to make our build- customers want and making sure that we are ings more effi cient, reduce wastage and enhance off ering products that are relevant to them. It is productivity in terms of site management. This challenging, but at the same time, it’s rewarding Chong with (from left) sustain our operations in the next 10 to 15 years. way we can pass on the savings to our consumers. as I think we are bringing improvements to the City & Country editor In terms of land banking, we are not in a hurry. On top of understanding what the people want, lives of people. Rosalynn Poh, Th e Edge We also have the liberty to do joint ventures for we must ensure our cash-fl ow position is healthy. If you look at our launches over those years, Malaysia editor-in-chief pocket-sized developments of two to three acres We have to continue to test the market and con- the encouraging take-up rates are a testament Azam Aris, Th e Edge Media as it gives us fl exibility. trol our cost to achieve a [desirable] take-up rate. to what we have been doing. All non-bumiputera Group publisher and group In Malaysia, we are planning to launch Senjayu When buyers see a strong take-up, they will know units have been substantially sold. For example, CEO Datuk Ho Kay Tat and in Jawi, Seberang Perai, next year. We believe there that the project will be completed. That takes away at Savio @ Riana Dutamas, which was launched EdgeProp.my managing is still demand for terraced houses. Meanwhile, the element of risk from them. about a year ago, more than 90% of the 1,018 units director and editor-in- we will continue developing our townships in In those days, people would walk into the sales have been taken up. To sell over 900 units is not chief Au Foong Yee the Klang Valley, Johor, Seremban and Sandakan. galleries. But today, we have to reach out to them. an easy task in the current market. That’s where social media, digital advertising and How optimistic are you of the market today agents come in. We have to continually engage Is the company still on course to launch RM1.7 and what are some of the opportunities you with the customers and fi nd out what they are billion worth of properties in FY2020? What see available? looking for. are the upcoming launches? The market is quite stable and we are defi nitely not We are defi nitely on target. Given the size of our on a downward trend. The market has consolidat- What are the main issues in the industry that land bank, we have the fl exibility to move things ed well and we are seeing some signs of improve- you hope to see addressed? around, but the key is getting it right. I may have ment. I don’t expect it to turn around drastically As far as the industry is concerned, the key is- lined up 10 projects, but if we fi nd that along the way ... we are seeing slow growth, which in the long sues are the same. For example, various costs, consumer preferences have changed, we will swap run is sustainable. As a developer, we don’t like the including infrastructure cost, are wholly borne the projects quickly. That is the advantage we have. market to go up and down like a yo-yo. We would by developers. They are also required to build a Our land bank of 4,000 acres can comfortably rather have slow and gradual growth. CONTINUES ON PAGE 84 CC84 NOV 11 2019
PICTURES BY IJM LAND
IJM Land Bhd
FINANCIAL YEAR-END (RM MIL) 2018 2017 2016 2015 2014 Revenue 1,245.21 1,626.25 1,160.25 2,029.84 2,046.24 Pre-tax profi t 135.16 430.65 174.03 513.60 701.03 Paid-up capital 1,999.90 1,999.90 1,558.85 1,558.85 1,558.85 Shareholders’ funds 4,384.95 4,294.18 3,965.06 3,859.48 3,565.86 Profi t attributable to shareholders 48.71 271.60 96.28 344.67 533.23 Dividend payout ratio (%) NA NA NA NA 16.92
FROM PAGE 83 for. For example, they may not want the typical certain number of aff ordable homes. Those days, offi ce space but rather something more fl exible. cross-subsidisation was more manageable as the More people may work from home going forward requirement for aff ordable housing was less. Over and we need to fi nd out how to tweak our products. the years, the requirement has increased and the construction cost has risen a lot, which means the How are your overseas projects doing? cross-subsidisation will have to be higher. If the The fi rst phase of our London project (Royal Mint government can help reduce some of that, it will Garden) with 256 apartments is being completed be good for the industry. and will be handed over this month. We won’t On the bumiputera quota requirement, we are be launching the second phase soon, given the hoping for a more transparent release mechanism. Brexit scenario. We are not too concerned as we We don’t have an issue with the quota, but the time have sold over 90% of the fi rst phase. We believe taken to release it should be more transparent be- the opportunity for the second phase will be good cause all this adds up to higher development costs. as there are very few sites that can be developed in our location, so there won’t be an oversupply. What are your future plans and strategy for Also, the second phase will be facing the new Chi- the company and what will be the main focus? nese embassy that is coming up. This will give us The key for us over the next couple of years will good reason to market some of the products to be to diligently manage our cash fl ow and make the Chinese. sure that our products are the right ones for the One of the challenges we faced with our Lon- market. don project was building on top of a railway line We will need to look at new areas of business — something that is not commonly done. Those such as retirement and wellness products. We days, people are sceptical that we can deliver this need to constantly evolve to fi nd new things that project. Now that we are completing the project people are looking for but are not readily available. without having to stop the train even for a sec- We will probably also look at the [knowl- ond, we have established a good reputation in the edge-based] economy, such as the digital econo- market and among the rail authorities and the my and areas of artifi cial intelligence, to fi nd out mayor’s offi ce. They have even told us they have what types of space these industries are looking got a lot more sites that we can actually look at. We went through some diffi culties, but now, we ONGOING PROJECTS have learnt the ropes and this is going to open a Clockwise from top: An PROJECT/LOCATION TYPE GDV (RM MIL) LAUNCH DATE lot of doors for us. artist’s impression of Savio @ Riana Dutamas, Residential 580 From Nov 2017 Riana South in Cheras; an Kuala Lumpur IJM Land has projects nationwide and in the aerial view of S2 Heights in UK. Any plans to expand beyond these areas? Kalista 2 in Seremban 2 and Seremban and an artist’s Mixed-use The long-term plan has always been to have more Rimbun Ara and Rimbun Harmoni in 626 Jan 2016 to Jan 2017 impression of Mezzo in development exposure overseas. S2 Heights , Seremban Penang While Malaysia will still be our home base, we Blossom Square, Livia and Swans in Mixed-use need to grow a base that is bigger than Malaysia, 489 Aug 2016 to Oct 2017 Bandar Rimbayu, Selangor development which has a population of only about 30 million. We need to expand our business and the UK is Riana South @ Cheras, Residential 370 From Aug 2017 defi nitely a market we will continue to be in. Kuala Lumpur We have been eyeing the Australian market Austin Duta Ph4, 5, 6 and 7, Johor Residential 311 May 2017 to March 2019 for some time, but currency exposure is always a risk. So, now is actually a good time to look at IN THE PIPELINE it seriously. PROJECT/LOCATION TYPE GDV (RM MIL) EXPECTED LAUNCH DATE IJM has been in India for 20 years now and Savvy @ Riana Dutamas, Kuala Lumpur Residential 505 Dec 2019 will continue to explore the market there. Viet- Mezzo, Penang Residential 510 2020 nam and Indonesia are also markets we can look Austin Duta Ph10a, 10b and 9, Johor Mixed-use development 353 2019/2020 at. Such expansion needs time as it takes a num- Th e Terraces in Bukit Jambul, Penang Residential 238 2020 ber of years to really understand the people and Starling in Bandar Rimbayu, Selangor Residential 208 Nov 2019 their cultures. E
CC86 NOV 11 2019
KENNY YAP / THE EDGE No. 5 | UEM Sunrise Bhd
2019 2018 Overall 5 7 Quantitative 5 4 Qualitative 5 6 Steadfast and seeking opportunities
BY HANNAH RAFEE [email protected]
he atmosphere at UEM Sunrise Bhd’s headquarters at Solaris Dutamas is calm on a Monday morning. Mo- ments after we enter a hallway Tadorned with artworks, managing director and CEO Anwar Syahrin Abdul Ajib emerges and greets the City & Country team, before leading us into his office. “I returned from Tokyo last week,” says Anwar Syahrin, who appears energised and inspired. “The developments in Tokyo are exemplary, especial- ly when it comes to smart-city initiatives and promoting greenery. It is good to observe other markets overseas to compare, so we continue to MOHD SHAHRIN YAHYA / THE EDGE push ourselves to develop innovative products,” “Our asset divestment and he says, as he settles into his seat. land portfolio rebalancing UEM Sunrise maintains its relevance and strategies are ongoing. continues to forge ahead in unfamiliar terri- tories and create new products. This year, the We also continue to company won a spot on the list of Top Devel- consolidate our margins opers Award at The Edge Malaysia Property Ex- through smart spending cellence Awards. initiatives, project cost Best known as the pioneer developer of Duta- mas and Mont’Kiara, Kuala Lumpur, UEM Sun- savings and containment rise hopes to repeat this success with another of operational overheads.” upcoming township in Kepong this year. “It is — Anwar Syahrin important for us to venture into new areas and to widen our presence in the market,” says An- war Syahrin. “Our latest off ering is Kiara Bay @ Kepong sive list of projects in Mont’Kiara including 28 Metropolitan, comprising two residential blocks Mont’Kiara, 11 Mont’Kiara, Arcoris Mont’Kiara and a retail component with a gross development and Residensi Sefi na. On the international front, value (GDV) of RM656.5 million. This 73-acre the company has two completed projects in Aus- mixed-use development is our way of broaden- tralia — the residential towers Conservatory and ing our portfolio for our shareholders.” Aurora Melbourne in Melbourne. Anwar Syahrin with (from ership Campaign 2019 for properties like Serene According to Anwar Syahrin, the company Here are some of the highlights of our con- left) City & Country editor Heights, Serimbun, Aspira Lakehomes and As- is looking for opportunities. “We are actively versation with Anwar Syahrin on UEM Sunrise’s Rosalynn Poh, Th e Edge pira ParkHomes. We hope to continue to secure looking at land in diff erent areas [both locally overall plans and views of the market. Malaysia editor-in-chief more sales as the campaign has been extended and abroad]. Our most recent acquisitions are Azam Aris, Th e Edge Media to the year end. two smaller parcels measuring about three acres City & Country: The company is on track to Group publisher and group Sales contribution from the southern region each within Mont’Kiara — one last year and the achieve its sales target of RM1.2 billion this CEO Datuk Ho Kay Tat and improved in 1H2019 compared with 1H2018, part- other this year. We plan to develop residential year. Please review the group’s performance EdgeProp.my managing ly due to the success of our mid-market landed blocks, which is our bread-and-butter product. in the last 12 months. director and editor-in- Aspira ParkHomes in Gerbang Nusajaya. We hope to put them on the market next year.” Anwar Syahrin Abdul Ajib: It has been a great chief Au Foong Yee As for developments in Puteri Harbour, Johor, As at 3Q2019, UEM Sunrise had a developable year for UEM Sunrise so far this year. Our current we are acquiring the retail assets and a theme land bank of 13,000 acres (including land slat- focus is on mid-market landed developments park building owned by Themed Attractions ed for joint-venture developments) with a total and up-market projects in strategic locations. Resorts and Hotels Sdn Bhd. We plan to im- GDV of RM114 billion. The parcels are located in In August, we announced that UEM Sunrise’s prove the overall design of the assets to secure diff erent parts of the country. first-half 2019 revenue was RM1,419.8 million, the right tenant mix and increase vibrancy and In the southern region, it has 9,990 acres in a 65% increase compared with 1H2018. Some footfall. Our hope is to unlock Puteri Harbour’s Johor, with 49% in Iskandar Puteri and the re- 95% of this was contributed by property devel- development potential and allow us to achieve mainder in Desaru, Kulai and Mersing. Some 19% opment, driven by the completion and settle- operational cost savings. of its land bank is located in Tapah, Perak, while ment of Aurora Melbourne Central’s separable Our asset divestment and land portfolio re- the remaining 5% is in the central region. The portions, SP3 and SP4, as well as Conservatory’s balancing strategies are ongoing. We also con- parcels in Durban Point, South Africa, represent SP1, SP2 and SP3. tinue to consolidate our margins through smart 0.2% of the group’s total developable land bank. At home, we have seen some positive out- spending initiatives, project cost savings and The company is also known for its exten- comes from our participation in the Home Own- containment of operational overheads. CC87 NOV 11 2019
UEM Sunrise Bhd
FINANCIAL YEAR-END: (RM MIL) 2018 2017 2016 2015 2014 Revenue 2,044.0 1,860.6 1,841.5 1,749.9 2,661.7 Pre-tax profi t 416.4 194.1 217.6 343.0 609.2 Paid-up capital 5,329.9 5,329.9 5,329.9 5,329.9 4,537.4 Shareholders’ funds 7,090.4 6,902.2 6,831.8 6,808.6 6,332.8 Profi t attributable to shareholders 280.3 105.6 147.3 257.2 479.9 Dividend payout ratio (%) - 42.98 - 28.23 28.36
PICTURES BY UEM SUNRISE
Top: UEM Sunrise is millennials, so we modify our products, townships known for its high rises and services accordingly to suit the ever-chang- in Mont’Kiara ing market. Today, UEM Sunrise has teams for digital mar- Left: Th e group plans to keting. Our digital marketing has, in fact, strength- launch 15 projects worth ened our branding and campaigns. We have amped close to RM2 billion next up our public relations, media relations and com- year munity events in the delivery of our products. UEM Sunrise is a youthful organisation — we have been hiring young blood to generate fresh ideas for our company. ONGOING PROJECTS PROJECT/LOCATION TYPE GDV (RM MIL) LAUNCH DATE What are the company’s future plans and 68˚ Avenue Ph 1-3 Commercial 167.7 Dec 2018 targets? Aspira ParkHomes Ph1&2 Residential 191.4 Jan 2019 For next year, the company is looking to launch 15 projects with a target of close to RM2 billion Residensi Astrea Residential 323 Oct 2018 in GDV. Most will take place in the second half Dahlia: Jul 2017 of the year. About 70% of these products will be S. Heights (Dahlia Ph1 & Eugenia Ph1) Residential 169.7 Eugenia: Oct priced below RM1 million and some 25% above 2018 RM1 million. Th e Maris Ph1&2 Residential 83 Oct 2019 For the short to medium term [in 4Q2019], we have a few upcoming projects lined up apart from IN THE PIPELINE our headline Kepong Metropolitan project. One of PROJECT/LOCATION TYPE GDV (RM MIL) EXPECTED LAUNCH our upcoming projects is Embun Residences, the DATE fi rst phase of The Maris @ Desaru in Johor, which Aspira Garden Ph1 Residential 33.4 Oct 2019 will comprise resort-style homes and have a total Senadi Hills Ph1A Residential 81.7 Oct 2019 GDV of RM2.8 billion. Allevia Residential 484.8 Jul 2020 We also plan to launch another residential Kiara Bay Residential 656.5 Nov 2019 development in Gerbang Nusajaya, Johor, called Solaris Parq – Stratifi ed Offi ce Commercial 230.5 Oct 2020 Aspira Gardens, with a GDV of RM84.7 million. We believe this is the next growth catalyst and it Which product segment has been the best-per- will serve as the business and economic engine of forming in the last 12 months? Now is a good time to do some “housecleaning”. Iskandar Puteri, which will feature lifestyle and Across the board, [the performance] of our products By that, we mean to improve our processes, our retail zones, a campus, offi ces, industrial hubs and has been location-centric. Our mid-market land- customer interface and to deliver our products at residential precincts. ed developments in the RM500,000 to RM700,000 a lower cost. We will strive to create operational We will also launch a new phase in our RM3.7 price range in Serene Heights, for example, have excellence within the company. billion Serene Heights township, comprising done exceptionally well. 135 two-storey terraced homes. Built-ups range We will continue to be cautious about product How does UEM Sunrise continue to distin- from 1,803 to 2,837 sq ft with prices starting at launches and we plan to maintain our current focus guish itself from its peers? RM550,800. on mid-market landed developments and select- We are in the process of rebranding and exploring We have also been looking for opportunities ed up-market projects. Despite the challenges, we new frontiers. We plan to improve on our customer on the international front. We have disposed of also see opportunities and will continue to off er segmentation, strategies and revenue generators our Mayfair project in Melbourne, which gives our unique brand value propositions. to ensure our competitiveness and sustainability. us a good cash balance to look at other parcels. This will be achieved by using data analytics, re- Frankly, we cannot rely just on our domestic What are the challenges and how does the search, improved sales processes and investment products to sustain and a large part of our revenue company plan to overcome them? in technology. derives from international projects. Our target is It is the overall feel of the market. There are too Our strength is in our high-rise and township to reach a 70:30 ratio of local versus international many uncertainties [on an external level] such products. Our point of diff erentiation strongly lies products for the long term, although currently our as palm oil prices and the US-China trade war. It in the quality of our products. All the razzmatazz [of projects are almost 100% domestic . We intend to does not sit well with an export-dependant trad- marketing and branding] will wear off if the prod- activate our Durban Point Waterfront project in ing nation like ours. uct is not good. Our design teams are constantly South Africa soon, and we are eyeing fast turna- While the government is trying to instil more pushing the boundaries to tailor our products for round projects in Australia, but so far nothing is discipline [in terms of managing the balance of our target market. It is about understanding the fi rm just yet. payments] and corporates are being conservative needs and habits of our consumers, for example, It is a challenging yet exciting time for us, and [with their numbers], consumers will be picky for our Japanese clients, it is their preference to we are confi dent the company will continue to when it comes to purchasing property. Apart from have bathtubs in the master bathrooms, so we try deliver and to entice homebuyers. We are confi - that, banks are tightening credit and there is an to think these things through. dent in our future trajectory, and we believe our oversupply [in some product segments]. We place great emphasis on the overall expe- products will continue to attract healthy sales. We anticipate that the industry will remain rience of purchasing and living in a UEM Sunrise We hope to take the company to another level, challenging in the short to medium term. To over- product and community. We understand that with a little more pizzazz and entrepreneurship. It come this, we will exercise prudence in our prod- consumers have higher expectations and we try is not just about selling homes, it is about mone- uct launches and remain pragmatic in our targets. to live up to our promises to them. tising space, harnessing our ability to assist con- We will also focus on transforming ourselves In fact, we take into account all changes in con- sumers in solving their problems and coming up into a dynamic organisation that delivers results. sumer behaviour. Most of our purchasers now are with solutions through our products. E CC88 NOV 11 2019
SUHAIMI YUSUF / THE EDGE No. 6 | Mah Sing Group Bhd
2019 2018 Overall 6 7 Quantitative 2 2 Qualitative 7 7 Focused on building affordable homes
BY ETHEL KHOO [email protected] We have his year marks the silver jubilee of Mah Sing Group Bhd. “Mah Sing has been alwalwaysays in property development for 25 years believed that and have gone through several up and properties in Tdown cycles in the property market. the aff ordable As a market-driven developer, we take pride in understanding market needs and tailoring range and in our strategies to suit the demand,” says founder and good locations group managing director Tan Sri Leong Hoy Kum. will see “We have been leveraging our experience as a leading property developer in Malaysia for over two good demand.” decades in aligning our growth strategy with the — Leong trends and movements in the market,” he adds. The group has sold about 41,000 housing units since it ventured into the sector in 1994 and aims MOHD SHAHRIN YAHYA / THE EDGE to continue to off er aff ordably priced quality homes Simpanan Nasional as announced in Budget 2020. in strategic locations. These measures and other incentives in Budget This year, the group marked another milestone 2020 are expected to be among the driving factors by making its fi rst foray into the hospitality sector for the property market to continue to be resilient with the offi cial opening in October of Ramada and maintain steady growth moving forward. by Wyndham Meridin, Johor Baru. The incentives from the Home Ownership Cam- Mah Sing has once again made it to the Top 10 paign, which has been extended until Dec 31, are also ranking of The Edge Malaysia Top Property Develop- impetus to assist and encourage home ownership. ers Awards 2019. It has been on the list since 2013. We participated in the campaign with some of our In an email interview, Leong tells City & Country projects in the central region, Penang and Johor. about the group’s achievements throughout the In line with our tagline, “Reinvent Spaces. year and its direction and future plans. Enhance Life”, we plan our residential products to be aff ordable without compromising on qual- City& Country: How has the year been for the ity and facilities to further enhance the lives of company? homebuyers. Tan Sri Leong Hoy Kum: It has been an ac- We shifted our focus to aff ordably priced homes tion-packed year for us. Currently, public senti- from 2013 and will continue to do so this year, with ment and perception towards the industry is that 81% of our target sales for residential properties it is going through challenging times. However, priced below RM700,000. Mah Sing sees a silver lining. Our residential developments are specifi cally Despite the present challenging market con- tailored to meet the current demand as they are ditions, properties in the aff ordable range and lo- CEO Datuk Ho Hon Sang We launched M Oscar over a weekend early last aff ordably priced products of good quality. cated strategically with good accessibility remain with (from left) month and saw the fi rst phase of 200 units fully sold. in high demand. City & Country editor Mah Sing has undergone some changes since In 2019, we have been actively looking for suit- Rosalynn Poh, Th e Edge What challenges are the company facing in 2017. Please tell us more about them. able land and successfully acquired three prime Malaysia editor-in-chief the current soft market? How will you over- Over the past two years, Mah Sing has undergone a pieces in the Klang Valley — M Oscar (off Kuchai Azam Aris, Th e Edge Media come them? major transformation journey, from a rebranding Lama, next to Happy Garden and Sri Petaling), Group publisher and group Housing loan eligibility has been one of the main exercise to multiple new land acquisition deals, M Luna (Kepong) and M Adora (Wangsa Melawa- CEO Datuk Ho Kay Tat and challenges over the past few years. Diffi culty in forging new partnerships and exploring many of ti). Development orders have been approved for EdgeProp.my managing securing maximum loan margins continue to the group’s fi rsts in business processes, products these developments and we were able to market director and editor-in- plague potential homebuyers, causing high with- and marketing initiatives. them within a short time frame. chief Au Foong Yee drawal rates. The momentous year for Mah Sing was in 2017 These affordably priced developments are We understand the government has been when we unveiled our new corporate logo and well-located in established neighbourhoods that continuously fi nding solutions to boost housing tagline, “Reinvent Spaces. Enhance Life”, marking have ready amenities and infrastructures, coupled eligibility. The government, together with Bank the next phase of a group-wide transformation. with strategic access to highway connectivity. Negara Malaysia and other fi nancial institutions, Last year, Mah Sing embraced new innovative These are the driving factors for our products is coming up with some fi nancial schemes to ena- ideas and introduced a lot of fi rsts in its business to be well received in the market amid the scarcity ble more fi rst-time homebuyers and the lower-in- processes, products and marketing initiatives such of prime land in the Klang Valley today. come group to secure housing loans. as the introduction of MY Mah Sing mobile ap- This quarter will be an exciting one for us as These include the introduction of rent-to-own plication. The Aster project in M Aruna, Rawang, a series of project launches and registration of schemes for fi rst-time homebuyers and the ex- was a pilot project to adopt the industrialised interest have been lined up. tension of the Youth Housing Scheme by Bank building system precast technology. CC89 NOV 11 2019
PICTURES BY MAH SING Mah Sing Group Bhd
FINANCIAL YEAR-END (RM MIL) 2018 2017 2016 2015 2014 Revenue 2,193 2.916 2,958 3,109 2,905 Pre-tax profi t 348 472 483 504 472 Paid-up capital 1,776 1,773 1,205 1,205 738 Shareholders’ funds 3,489 3,456 3,288 3,136 2,289 Profi t attributable to shareholders 272 362 361 387 356 Dividend payout ratio (%) 40.23 43.6 43.3 40.5 43.93
Right: An artist’s impression of Orchid link homes in Meridin East, Johor
Below: An artist’s impression of M Aruna in Rawang
ONGOING PROJECTS PROJECT/LOCATION TYPE GDV (RM MIL) LAUNCH DATE M Oscar, Kuala Lumpur Residential 500 Oct 2019 M Vertica, Kuala Lumpur Residential and commercial 2,000 1Q2018 M Aruna, Selangor Residential and commercial 520 Sept 2018 M Centura, Kuala Lumpur Residential 570 4Q2017 Orchid, Meridin East, Johor Residential 91 July 2019
IN THE PIPELINE PROJECT/LOCATION TYPE GDV (RM MIL) EXPECTED LAUNCH DATE M Arisa, Kuala Lumpur Residential 656 Nov 2019 The group also witnessed a collaboration with Artist’s impressions M Luna, Kuala Lumpur Residential 705 Dec 2019 Lazada Malaysia to list properties on the online of M Centura (top) and M Adora, Kuala Lumpur Residential 378 Jan 2020 platform for homebuyers to register their inter- M Arisa in Sentul est — a fi rst in Southeast Asia. Acacia, Meridin East, Johor Residential 113 4Q2019 This year, we continued to innovate. We are adapting to the advancement of various digital platforms and leveraging the strength of digital prices from RM385,000 and indicative built-ups stood at 2,086 acres and this will yield a remain- marketing and innovative marketing initiatives from 700 sq ft. ing gross development value and unbilled sales of to reach out to wider market segments. We officially opened the sales gallery of about RM25.8 billion. It will provide steady earn- M Arisa last month. The project will occupy 3.31 ings visibility for us, which can sustain growth Please tell us more about Mah Sing’s upcom- acres in Sentul and will provide a direct shuttle for the next eight to nine years. ing projects. bus service to the nearest LRT and MRT stations, Our prudent cash fl ow management has allowed M Oscar was launched last month and the over- including Sentul Timur LRT station (2.4km away), us to have a healthy balance sheet with cash and whelming response to Phase 1 shows promising as well as three KTM stations — Sentul, Kam- bank balances of RM1.3 billion. prospects. It is located 800m from the upcoming pung Batu and Batu Kentonmen — about 2.5 to We are currently in a good position to continue mass rapid transit 2 (MRT2) Taman Naga Emas 3.5km away. our focus on replenishing our prime land bank station. In Johor, we will be launching Acacia in Me- in the Klang Valley, especially in the aff ordable The two-tower development is 100m above sea ridin East — a 2-storey link house development property range. level and and residents will get to enjoy unobstruct- suitable for multigenerational living. In line with our growth strategy, we are con- ed views of the surrounding neighbourhoods. We To benefi t the residents of Meridin East and stantly on the lookout for more prime land in will integrate three key concepts into the design the surrounding communities, we are building a strategic locations with attractive price points as — Canyons, Stars and Water — which will be re- connecting road to the Tanjung Langsat–Cahaya it resonates with our aim to expand in areas with fl ected in the grand entrance, star-lit podium and Baru Toll Connecting Highway, which is part of large population growth. meandering stream respectively. the Senai Desaru Expressway. In addition, work We have always believed that properties in the It has a strong focus on lifestyle elements in has begun to widen Jalan Kong Kong, a road to aff ordable range and in good locations would see order to encourage home owners to appreciate access the township, into a 40m, four-lane thor- good demand. Hence, we will continue to roll out the balance between the hustle and bustle and oughfare. Both road infrastructure improvements aff ordably-priced quality projects in strategic lo- calm serenity of life. are targeted to be completed by 2020. cations to meet market expectations. M Luna, which we have opened for registration, Given our strong track record of tailoring our will comprise two towers of serviced apartments on What kind of growth do you want to see in products to meet the needs and demands of buy- a 5.47-acre parcel in Kepong. It will have a “luxury the next 12 months? What is your strategy? ers, we are positive that our projects will continue you can aff ord” concept with indicative starting As at June this year, our remaining land bank to gain traction. E CC90 NOV 11 2019
MOHD IZWAN MOHD NAZAM / THE EDGE No. 7 | Gamuda Bhd – Property Division
2019 2018 Overall 7 8 Quantitative 8 9 Qualitative 4 5 Championing biodiversity and sustainable placemaking
BY CHAI YEE HOONG [email protected]
he new Gamuda Gardens Experience Gallery, where we met Gamuda Land We want to CEO Ngan Chee Meng for this in- make our terview, is an impressive structure townships Tcovering 18,000 sq ft and fronting a more 50-acre central park. Getting there was also a breeze with the new desirable and In September, we opened the Gamuda Cove launch of Phase 2 (Luxura) with the opening of Kuang Elevated Interchange System, which allows attractive interchange, which is an upfront investment 100 units. And within two months, 80% are sold. direct access to the township from the North- and to make of RM150 million. At Gamuda Gardens, we have Our sales recorded a compound annual growth South Expressway. sure we are opened the experience gallery and a 50-acre cen- rate of 27% from 2015 to 2019 and the developments “We have changed a lot. The sales galleries here tral park with two waterfalls. in Hanoi and Ho Chi Minh City in Vietnam con- and in Gamuda Cove are for people to experience creating tributed 67% to our sales in the last fi nancial year. the placemaking of our townships and to have a places and How about launches over the last 12 months? feel of what it is like to have a home there with not spaces.” Are you satisfi ed with what you have achieved? What targets is Gamuda Land setting for the landscape and biodiversity we have created,” — Ngan We are very happy with all our launches. As we next year and what are your strategies to says Ngan. know, the past year had not been easy for Malay- meet them? “Today, you can also see what kinds of homes sia’s property industry. Despite that, our perfor- We have set a RM4.5 billion sales target for our local you are getting. Things have changed as people mance was steady with total achieved sales of and overseas projects next year. Our two key strat- are more discerning about where they live. This RM3.1 billion for FY2019. egies are to focus on placemaking and biodiversity. is where we, as a developer, can do something.” With the new gallery, parks and waterfalls in We want to make our townships more desirable, Established in 1995, Gamuda Land has a strong Ngan with (from left) Gamuda Gardens, we saw improved sales in April attractive and sustainable, and to make sure we track record of building townships and mixed- City & Country editor at RM51.33 million, compared with RM14.38 mil- are creating places and not spaces. Virtual con- use developments, underscored by its thoughtful Rosalynn Poh, Th e Edge lion in January, which, to us, is fantastic. It goes nectivity is also important to us. We have been master planning and innovative placemaking. It Malaysia editor-in-chief to show that seeing is believing — our buyers working with Maxis to make Gamuda Cove the is the property development arm of Gamuda Bhd. Azam Aris, Th e Edge Media are starting to see the value now. Since June, our fi rst 5G township in Malaysia. Apart from Malaysia, Gamuda Land also has a Group publisher and group weekly sales have been increasing 100%, from an We want to incorporate more biodiversity as- presence in Vietnam, Singapore and Australia. The CEO Datuk Ho Kay Tat and average of RM5 million to RM10 million. pects in our townships. Climate change has been company has been a familiar face among the win- EdgeProp.my managing Phase 1 (Lucent Residence) at twentyfi ve.7 is making the headlines all over the world. The con- ners of The Edge Malaysia Top Property Developers director and editor-in- already 90% sold, and we brought forward the cern is not new to us ... biodiversity has always Awards and its developments have consistently chief Au Foong Yee been in our DNA. Today, it is clear that we are do- received The Edge Malaysia-PEPS Value Creation MOHD SHAHRIN YAHYA / THE EDGE ing the right thing for our townships. Excellence Awards. Last year, we got experts to guide us in our Ngan talks to City & Country about the compa- eff orts and completed the fi rst round of biodi- ny’s plans and strategies. versity audit of Gamuda Cove, Gamuda Gardens and Valencia. The reports are on our website. We City & Country: What was Gamuda Land busy will carry out an audit of the flora and fauna with last year? every two to three years to ensure that we have a Ngan Chee Meng: We were busy doing place- healthy ecosystem that supports the well-being making for our new projects such as Gamuda Gar- of the residents. dens, Gamuda Cove and twentyfi ve.7, in Selangor, We have also implemented an international and bringing to fruition a lot of the initiatives we standard environmental management system have planned, including creating lakes and parks, to serve as a benchmark as part of our endeavour transplanting trees and improving connectivity. to commit to the United Nations Sustainable De- We created Gamuda Parks, a sustainable land- velopment Goals. scape initiative, in 2017. To date, we have planted 250,000 trees across our developments, creating What are your upcoming launches? 1,600 acres of parks. We also have 350 acres of wa- We plan to open the Discovery Park at Gamuda ter bodies. At Gamuda Gardens, you can see mature Cove by year end to cater for 25 million visitors trees as we started planting them in nurseries six coming in via KLIA and klia2, as well as a water months ago. theme park by 2021. CC91 NOV 11 2019
PICTURES BY GAMUDA LAND
Gamuda Bhd – Property Division
FINANCIAL YEAR-END: (RM MIL) * 2018 2017 2016 2015 2014 Revenue* 2,592 1,868 1,122 1,165 1,307 Pre-tax profi t 246 215 176 258 226 Paid-up capital 1,189 1,238 1,064 1,026 878 Shareholders’ funds 2,834 2,899 2,820 2,697 2,121 Profi t attributable to shareholders 206 165 164 213 186 Dividend payout ratio (%) 26 56 57 57 208 *Including share of joint-ventures’ revenue but excluding associated companies’ revenue
We are also lucky to have been given a chance to manage the 7,600-acre Paya Indah Wetlands, which is located next to Gamuda Cove, together with the Ministry of Water, Land and Natural Re- sources to promote the place as a sanctuary for What is the main issue in the industry that Top and above: Recently conservation and an eco-tourism hub. you hope to see addressed? completed waterfall At Gamuda Cove, we are also looking to launch I think the main issue is the supply and demand at Gamuda Gardens in Maya Bay Residences — the township’s fi rst ser- of homes. While reducing the threshold for foreign Selangor; an artist’s viced apartment project — which will comprise buyers from RM1 million to RM600,000 is one way impression of the 972 units in three towers. We also plan to launch to help ease the overhang supply situation and en- upcoming Waterfront waterfront estates, which are the fi rst of their courage foreign direct investment, I fi nd the price Estates at Gamuda Cove kind in Malaysia. We are introducing innovative restriction on what they can own a bit contradic- products because people are more discerning these tory as we want to welcome people to work and days. The waterfront homes will be at the edge of invest in the country. the water body and are likely to have their own If you look at Vietnam, the country has in recent small jetty, so residents can take their boats to go years opened up its market to encourage foreign around the town. investment by allowing one-third of any project to We are also planning more innovative cluster be sold to foreigners rather than place a threshold homes for Gamuda Gardens. on pricing as they see a need for foreign expertise. Also, this is one of the ways to help the proper- How about your overseas sales, notably those ty industry gain strength. I believe this is a good in Vietnam? Do you have plans to expand your learning experience for Malaysia. international portfolio? While I think the government is heading in the It is part of our fi ve-year business plan to maintain right direction with the initiatives to help the B40 a 50:50 portfolio for the local and overseas mar- own a home such as the rent-to-own scheme, I think kets. Thanks to the US-China trade war, countries there is a need to review the bumiputera quota re- like Vietnam have strengthened as a lot of foreign quirement as it limits transferability. I don’t think direct investments are fl owing in. this helps bumiputera buyers if they don’t want to Gamuda City in Hanoi and Celadon City in Ho buy those units. I believe a freer market will help Chi Minh City achieved sales of RM700 million speed up the recovery of the property industry. E and RM1.2 billion respectively. We are looking for strategic sites to expand our portfolio. Celadon City ONGOING PROJECTS Currently, we are working on the second last in Ho Chi Minh City PROJECT/LOCATION TYPE GDV (RM’BIL) LAUNCH DATE phase of Celadon City. We will be developing the Gamuda City, Hanoi, Vietnam Township 13 Aug 2012 fi nal phase in the next fi nancial year. Celadon Celadon City, Ho Chi Minh City, Vietnam Township 5.1 Aug 2011 City will be completed in fi ve to six years’ time. Gamuda Cove, Southern Klang Valley, Township 20 Jan 2019 Meanwhile, we want to strengthen our footing Selangor in Australia ... we are forming a stronger team there. Gamuda Gardens, Sungai Buloh, Selangor Township 10 Sept 2017 Gamuda Bhd recently announced its purchase Horizon Hills, Iskandar Puteri, Johor Township 7.1 March 2007 of a 50% stake in Australia-based Martinus Rail. We will continue to be in Singapore. Our maid- IN THE PIPELINE en project — Singapore Gem Residences condo- PROJECT/LOCATION TYPE GDV (RM MIL) EXPECTED LAUNCH DATE minium — in Toa Payoh is fully sold. Anchorvale Waterfront Estates, Gamuda Cove, Selangor Residential 560 Jan 2020 Crescent, a new condominium on a 1.71ha site in Sengkang, will be launched next year. Luxura, twentyfi ve.7, Selangor Residential 510 Feb 2020 We are also looking to expand our business in Hillside Homes, Gamuda Gardens, Selangor Residential 260 March 2020 other countries, which we are still monitoring. Woodlands Precinct, Horizon Hills, Johor Residential 740 May 2020 Wherever we go, we must be as good as the locals. Anchorvale Crescent, Sengkang, Singapore Residential 2000 March 2020 CC92 NOV 11 2019
HARIS HASSAN / THE EDGE No. 8 (JOINT RANKING) | IOI Properties Group Bhd
2019 2018 Overall 8 6 Quantitative 3 2 Qualitative 8 8 Many buff ers to withstand headwinds of soft market Teh (right) and Tie
BY WONG KING WAI [email protected] MOHD SHAHRIN YAHYA / THE EDGE OI Properties Group Bhd’s property develop- ment division continues to contribute the most revenue to the group but its property With the soft market investment and hospitality and leisure divi- situation, we will focus Isions are also growing. Chief operating officer on the suburban areas Teh Chin Guan believes this is a good thing to buffer the headwinds of a soft property market. where we want to Apart from that, the group’s large land bank allows develop our products. it to tailor its products to market demand. We have this opportunity At the same time, the group is preparing to take compared with some advantage of the growth in the digitalisation of the property industry, chief sales and marketing developers that may not offi cer Jason Tie says. It has set lofty targets such have so much land bank. as trying to create a digital ecosystem that will We have this fl exibility change the way we buy property. Teh and Tie sit down with City & Country to talk about IOI Proper- locally and we can go ties’ plans and the direction it is heading towards. regionally, so we have many buff ers.” — Teh City & Country: How did IOI Properties per- form in the last fi nancial year (ended June 2019) and what were some of the highlights? Teh Chin Guan: In the last fi nancial year, our Teh with (from left) emphasise more on townships in suburban areas ing lifestyle of our community. Our community revenue dropped but we still maintained our City & Country editor where land cost is cheaper and where we can build is very important to us. Without them, we won’t profi t because of our project in China, which is Rosalynn Poh, Th e Edge more aff ordable products. For example, we recent- be where we are today. So we engage with them, doing very well. The contribution from China Malaysia editor-in-chief ly launched Alanis, a serviced apartment project we hear their feedback and then we put in strat- is 32% of group revenue. In fi nancial year 2020 Azam Aris, Th e Edge Media with full facilities in Warisan Puteri township, egies or action plans and some programmes to (FY2020), which will end next June, we foresee Group publisher and group next to Xiamen University in Sepang. enhance the life of our community to infl uence China’s contribution increasing to 50% and we are CEO Datuk Ho Kay Tat and In Puchong, despite the slowdown, we continue their lifestyle for the better. looking forward to Malaysia’s project revenue to EdgeProp.my managing to improve the infrastructure. We are going to open also increase slightly. director and editor-in-chief the new interchange from Lebuhraya Damansara How has this year and FY2020 been so far? We all know that the property outlook is still Au Foong Yee Puchong into Bandar Puteri Puchong and vice Teh: Our fi rst-quarter results are up to Septem- not very clear as we have internal and external versa. We also widened the internal roads. IOI is ber. So far, we are still hitting our targets although issues, but nevertheless, we still expect a little spending close to RM64 million on this common the low loan approval rates are tough, but we are bit of improvement from Malaysia and an even infrastructure for the benefi t of our current resi- meeting our sale targets. Our sales target for our bigger improvement from China. Our revenue for dents and future customers. new fi nancial year is more than RM3 billion. FY2020 is estimated to be close to RM3 billion. This During the last four, fi ve years when we had a year, we are doing RM2.2 billion, so there is an ex- Why is IOI doing infrastructure improvement slowdown in our property segment, we were lucky pected 30% to 40% improvement in our revenue. at this time? that we had property in Xiamen, China, and in In Malaysia, we continue to have project launch- Jason Tie: At the core, we are trying our very best Singapore. That contributed a lot to us. Malaysia es in all our townships despite the soft property to be a responsible and sustainable developer. So, sales have slowed but in China, they are doing well. market. We have scaled down a bit and tweaked in line with our tagline of “Lifestyle Infl uencer”, The last fi nancial year, Singapore didn’t contribute our products to meet aff ordability issues. And we we want to support the area and the ever-chang- much because we have already sold our products. CC93 NOV 11 2019
PICTURES BY IOI PROPERTIES GROUP IOI Properties Group Bhd
FINANCIAL YEAR-END: (RM BIL) * 2018 2017 2016 2015 2014 Revenue 2.67 4.18 3.02 1.91 1.45 Pre-tax profi t 1.02 1.44 1.52 1.13 1.12 Paid-up capital 18.51 18.51 4.42 3.78 3.24 Shareholders’ funds 18.31 18.23 15.88 13.43 11.20 Profi t attributable to shareholders 0.75 0.92 1.08 0.89 0.89 Dividend payout ratio (%) 36.53 35.88 32.68 25.37 29.12
the midst of digitising the internal workfl ow of programmes. But if you look at the built environment sales documentation such as forms and relevant we are in today, every one needs health assistance. agreements. At our project sites, our quality as- For example, the built environment is designed for surance and quality control departments have driving. It is diffi cult to achieve 10,000 steps a day, digitalised the QA and QC workfl ow, which means so our built environment can induce a lot of chron- every inspection will have real-time data on how ic ailments such as backaches, shoulder aches and each construction site is doing. so on — these are common now. We are also trying to push the envelope to simpli- We call this development resort living with fy the way property is bought. We sat down to fi gure city conveniences. Also, it is multi-generational. out the whole process of buying property and the Your grandparents can stay in a low-rise block, your chart fi lled up two A3 pages. Nothing is digitalised parents in another block and you can stay in yet in this process. So we will be trying to put all this another. The large clubhouse has communal areas together on one single platform. We are confi dent and we are talking to a service provider to provide we can do it but we have just started this process. health and wellness assistance daily.
What can you tell me about the senior living What is your strategy to weather the soft facilities in IOI Resort City, Putrajaya? market conditions? Teh: We are building a project called Gems Resi- Teh: First, we have embarked on our investment dence, a joint venture with Mitsubishi of Japan. In projects for recurring income. With our track this project, we have allocated 100 of the 636 units for record, we are very confi dent this will bring in independent senior living. These units will cater for more income for us. We have the advantage of older people in terms of design and facilities such as being a developer with a large land bank in var- ramp access and making them wheelchair-friendly. ious locations. We have six townships in the We have already started construction. Klang Valley in diff erent areas and we have land Tie: We are looking to launch this product in the in Johor and Penang as well as regionally, such as fi rst quarter of next year. The whole development in Singapore and Xiamen. With the soft market is designed for health and wellness. Not only that, situation, we will focus on the suburban areas we have a universal design that applies to all ages. where we want to develop our products. We have The 100 rooms are especially for seniors, with wid- this opportunity compared with some developers er openings, railings, special switches and so on. that may not have so much land bank. We have The thing we realise is that sometimes, we think this fl exibility locally and we can go regionally, that only the elderly need health care or wellness so we have many buff ers. E
We are left with one project in Singapore that is Top: Freehold Stellar Offi ce ongoing called Central Boulevard, a RM10 billion Suites, which is located project that will be completed in 2022. just 50m from the Bandar Puteri, Puchong LRT Are you looking to increase the contribution station to the group from the property investment and hospitality and leisure divisions? Above: Avens – the fi nal Teh: Property investment and hospitality and phase of terraced houses leisure contributed around 30% of our revenue in 16 Sierra, Puchong in the last fi nancial year, which is signifi cant to South with built-ups of the group. Not everybody can operate a shopping 2,540 sq ft onwards mall or a hotel and still give you a good income. You need a good team of people, good hardware Right: Upcoming launch, and good software — everything you need to make Gems Residence at IOI a successful business. Resort City, Putrajaya, We are expanding IOI City Mall in Putrajaya is a luxury wellness and we are building a shopping mall in China. At development IOI City Mall, we are expanding it by 1.1 million sq ft on top of the existing 1.5 million sq ft. In China, another 650,000 sq ft is coming out at the end of next year. In hospitality and leisure, we will have three more hotels in our stable. One is called Moxy, and it ONGOING PROJECTS will be next to our IOI City Mall extension. It will PROJECT/LOCATION TYPE GDV (RM’MIL) LAUNCH DATE be the fi rst Moxy hotel in Malaysia and have 495 Avens – Phase 3A Residential 149 Feb 2017 rooms. It is a brand under Marriott International. (16 Sierra, Puchong South) Moxy will cater for young millennial customers. It Th e Clio 2 (IOI Resort City, Putrajaya) Residential 298 June 2019 has more common areas and shared self-service Alanis (Warisan Puteri, Sepang) Residential 412 Sept 2019 facilities for people to interact. We will complete Stellar Suites this hotel in one year, after we have fi nished the Commercial 230 June 2019 expansion of the mall. (Bandar Puteri Puchong) Another hotel we are constructing now is called Th e Cruise (Bandar Puteri Puchong) Residential 220 Nov 2019 Sheraton Grand in Xiamen, China. It will have 370 rooms and is slated for completion in 2022. This IN THE PIPELINE hotel is also under the Marriott International PROJECT/LOCATION TYPE GDV (RM’MIL) EXPECTED LAUNCH DATE chain. Another is Fairfi eld by Marriott in Johor, also Gems (IOI Resort City, Putrajaya) Mixed-use development 612 1Q2020 by Marriott International, with about 400 rooms. IOI Rio City (Bandar Puteri Puchong) Residential 652 2Q2020 Phase 1 – 858 units What digital advancement are you hoping to 4Q2022 IOI City Mall – Phase 2 (Putrajaya) Shopping mall 1,320 include in IOI? (Expected completion) Tie: Our sales management process is complete- Avens – Phase 3B Residential 174 1Q2020 ly digital now. As for work in progress, we are in (16 Sierra, Puchong South) CC94 NOV 11 2019
MODH IZWAN MOHD NAZAM / THE EDGE No. 8 (JOINT RANKING) | Sime Darby Property Bhd
2019 2018 Overall 8 3 Quantitative 13 3 Qualitative 3 4 Looking to innovate for the future
BY WONG KING WAI [email protected]
ime Darby Property Bhd (SDP) has made a name for itself in developing large-scale townships. However, with the challenging times it is creating Snew revenue streams for itself by moving into developing industrial property, according to acting CEO Datuk Wan Hashimi Albakri. He says SDP hopes to move into the managed industrial park segment, most like- And I would like to say that this is all down to ly with developments in Nilai, Bandar Bukit Raja the strong team eff ort from everyone from oper- and City of Elmina in Selangor and in Johor. The ations, sales and support services. We anticipate group is also keeping a close eye on its cash flow that FY2019 will be a good year for SDP. to ensure it weathers the soft period. We believe we will play a major role Wan Hashimi points to various international Since SDP’s listing in 2017, what have been situations — the US-China Trade War, the Hong in the nation’s economy. So the some of the biggest challenges the company Kong political situation, the UK’s Brexit and the government can actually look upon us has had to deal with? And how did you han- numerous military skirmishes in the Middle as an economic partner because we dle them? East and India — that will have an impact on Since Sime Darby Bhd’s demerger in 2017, [when the global economy and, in turn, will aff ect Ma- have a huge land bank, we have the SDP became a listed entity], it has been better laysia’s economy. resources, we have the expertise and because we became more focused and agile. But Nonetheless, Wan Hashimi and his team are we have done it before.” — Wan Hashimi there were challenges in the way we operate. We putting into place strategies to deal with the mar- had to look at how to improve processes so we ket situation. The following is an excerpt from our would be more effi cient, nimble and execute plans interview with Wan Hashimi, who speaks about more quickly. These are some of the challenges we SDP’s performance, strategies and future plans. are tackling right now, which is to improve SDP’s MOHD SHAHRIN YAHYA / THE EDGE business practices so we are prepared to take on City & Country: How has SDP performed for future challenges. the fi nancial year ended Dec 31, 2018 (FY2018)? It is important for us to look at new business Datuk Wan Hashimi Albakri: We did very well. models. We need to change, we need to innovate With regards to property development, there was a and transform because the future of the real es- marked increase in performance. The revenue came tate industry is not going to be what we see to- from the fl agship township developments such as day. I think we have to make sure that we are well City of Elmina and Bandar Bukit Raja. We also have stocked and prepared for the challenges in a vola- Serenia City and, of course, Bandar University Pag- tile, uncertain and competitive new environment. oh in the southern region. We did better in FY2018 Of course, what is happening in the world to- than we did in the previous year. We had some one- day is not encouraging. With the global economic off disposals. We also did better in the property in- situation and the uncertainty about possible war- vestment sector because we disposed of an asset in fare, the US-China trade war and Brexit are not Singapore and some hospitality assets in Australia. helping. These are going to be economic battle- From June to December last year, operationally, fronts that will aff ect the whole world. I person- we actually made a profi t but because we had a ally believe that the recession is already hitting lot of repayments and provisions, especially tax globally and it is just a matter of time before we provisions and payments on some of our stocks, all feel the eff ects. we registered a loss. But we have come back very strongly and in FY2019, as at June, we have done What strategies do you have in place to weath- much better than the previous three fi nancial Wan Hashimi with (from left) City & Country editor Rosalynn Poh, Th e Edge Malaysia er the global and local storms? years. So I am very happy about our performance editor-in-chief Azam Aris, Th e Edge Media Group publisher and group CEO We are building up recurring income strategies and results. Datuk Ho Kay Tat and EdgeProp.my managing director and editor-in-chief Au Foong Yee and streams that will hold us steady in the chal- CC95 NOV 11 2019
PICTURES BY SIME DARBY PROPERTY Sime Darby Property Bhd
FINANCIAL YEAR-END (RM MIL) 2018 2017 2016 2015 2014 2,353.1 (FY2018)* Revenue 2,610.8 3,371.1 3,624.3 2,629.8 1,296.1 (FP2018)** 728.4 (FY2018)* Pre-tax profi t 888.8 1,220.3 865.6 284.9 -38.1 (FP2018)** 6,800.8 (FY2018)* Paid-up capital 2,405.5 1,010.4 1,004.7 1,001.7 6,800.8 (FP2018)** 9,734.6 (FY2018)* Shareholders’ funds 6,323.1 5,333.8 4,269.8 3,483.8 9,209.5 (FP2018)** 640.0 (FY2018)* Profi t attributable to shareholders 624.0 873.2 619.8 357.5 -381.7 (FP2018)** 53.1 (FY2018)* Dividend payout ratio (%) NA NA NA NA 44.4# (FP2018)**
*FY = Financial year ended 30 June 2018 **FP = Financial Period of 6 months from July 1, 2018 ended Dec 31 , 2018, following the change in Sime Darby Property Bhd’s fi nancial year end. # Excluding one-off items
Th e Ridge and KL East Mall lenging times ahead. At least, whatever recurring income we make will cover our overheads and operational expenses. We will be moving into a sector that we be- and watch the costs. Do not spend frivolously. Be lieve will hold steady even during a recession — more austere, especially with the fear of a reces- the consumer e-commerce logistics market — so sion coming, so it is best to conserve cash. Cash we are looking at logistics and warehousing. SDP is king, to ride [the soft market]. is blessed because our land bank is strategically As far as SDP is concerned, management is located either near a port or an airport. From an watching the cash fl ow very closely. We are also e-commerce or logistics perspective, we are well watching our gearing, although we do have a placed to provide the fulfi lment centres for last- threshold. And we have got some funding and mile delivery. strategies in place to make sure that we are okay We have a joint venture with Mitsui & Co Ltd cash-wise. and Mitsubishi Estate Co Ltd in Bandar Bukit Raja, which is for about 39 acres of industrial land. What is SDP doing in the area of aff ordable There are 10 plots and we have secured tenants housing? for eight. So that is going very well. We have our “affordable collection” priced at RM300,000 to RM500,000. In Bandar Bukit Raja, Property development is the company’s main we have been rolling out homes priced below contributor. What plans do you have to ensure RM500,000 and they have been selling like hot- that this performance is sustainable? cakes. We have products that will be in the market We are not like other developers as we develop on an annual basis. Next year, there will be few economic corridors. We do not look at a town- more products below RM500,000. ship as a township, we do not look at a phase as a residential neighbourhood. We look at the Any new land acquisitions or joint ventures whole ecosystem. So, when Sime Darby Property in the future? embarks on something, it is big. We actually look If we talk about land acquisition it will be through at the quadruple helix, which means the fourth the option agreements we have with Sime Darby element is the customer, the people. We bring Plantation and Sime Darby Bhd. We have option them into the planning process as well. We start- agreements for over 20,000 acres with both parties ed this through our co-creation online platform that will be exercised within the next three-plus- called dto [pronounced ditto]. We do not design two years. We are targeting a huge tract that we and produce products that we think the customer believe is the next growth corridor. We have sort of wants. Instead, we go out there, we build a plat- already secured that area, which we will reveal in form and customers come back and tell us what due course. Right now, we are focusing on part of sort of products they want and how they want it that option in Sungai Kapar in Bandar Bukit Raja, — right down to the colour — and then we pro- which is about 1,000 acres. We believe that area is duce it for them. That is what we mean by getting primed for industrial development. E our customers involved. Going forward, that is how SDP is going to Above: Artist’s approach the business. We will listen to the cus- impressions of Elmina ONGOING PROJECTS tomer and all stakeholders; we will work very Valley 5 homes at Elmina PROJECT/LOCATION TYPE GDV (RM MIL) LAUNCH DATE May 2016 (Tower A) closely with the federal government, the state West (top) and Reesia Th e Ridge & KL East Mall / KL East Mixed-use development 694.0 July 2017 (KL East Mall) governments and with the local authorities. It is homes at Elmina East (Kuala Lumpur) a three-pronged approach and we engage with all (bottom) Nov 2018 (Tower B) Elmina Valley 5 (EV5) / Elmina West March 2019 (EV5A) of them. We believe we will play a major role in the Residential 383.8 nation’s economy. So the government can actually (Selangor) April 2019 (EV5B) look upon us as an economic partner because we Reesia / Elmina East (Selangor) Residential 170.5 Jan 2019 have a huge land bank, we have the resources, we have the expertise and we have done it before. It IN THE PIPELINE is not like we are novices. We believe that as long PROJECT/LOCATION TYPE GDV (RM MIL) EXPECTED LAUNCH DATE there is Malaysia, there will be SDP. KLGCC (Kuala Lumpur) Residential 921.6 April 2020 What is the company’s strategy in dealing Elmina East (Selangor) Residential 314.5 Oct 2020 with the soft market in the meantime? Ara Damansara (Selangor) Residential 217.6 May 2020 Everybody has to hunker down and consolidate, CC96 NOV 11 2019
MOHD SHAHRIN YAHYA / THE EDGE No. 9 | Eco World Development Group Bhd
2019 2018 Overall 9 6 Quantitative 8 8 Qualitative 6 4 Continuous upgrading with a focus on liveability
BY ETHEL KHOO [email protected]
he commercial area of Eco Ardence in Setia Alam by Eco World Development Group Bhd (EcoWorld Malaysia), known Tas Ardence Labs, is made of repurposed Th is is a shipping containers and faces a beau- good time to tiful lakeside garden. reevaluate It was rather quiet on a sunny Friday morning. EcoWorld Malaysia president and CEO Datuk Chang ourselves and MOHD SHAHRIN YAHYA / THE EDGE Khim Wah tells City & Country the area comes alive see what we in the evenings, especially during the weekends. are doing well Chang with (from left) During the interview at the Eco Ardence sales City & Country editor gallery, beside Ardence Labs, Chang expresses his and not so Rosalynn Poh, Th e Edge delight at the company’s ranking in The Edge Ma- well in terms Malaysia editor-in-chief laysia Top Property Developers Awards 2019. of service, Azam Aris, Th e Edge Media “We are just a six-year-old company and to be product Group publisher and group recognised four times by The Edge in the last six years CEO Datuk Ho Kay Tat and is truly a great honour to us. We are very excited quality and EdgeProp.my managing about the award and the recognition. It makes us managing our director and editor-in-chief very humble and want to work harder to continue amenities. Au Foong Yee to be among the top ranked.” Th en we look Set up in 2013, the developer has secured about 8,126.4 acres of land bank with a total gross devel- at improving opment value (GDV) of RM87.5 billion. To date, it ourselves and has handed over 10,000 units of residential and doing better.” commercial and Chang says the occupancy rate — Chang is very good — above 90% for older developments and 50% to 60% for newer ones. As for the profi le of buyers, he says that there are more homeowners and 60% are Gen Y and Gen Z. “This is a very exciting profi le for us. We hope that as they grow and hopefully prosper while liv- On EcoWorld Malaysia itself, despite the softness Please share with us more about the multi-gen- ing with us, they will upgrade and buy when they of the market, last quarter we recorded our highest eration living programme EcoWorld Malaysia have enlarged their families and need more space.” profi t in six years. It was a really strong quarter for is doing now. On the company’s business strategies, he talks us. We registered almost RM2 billion in sales from There are two parts to this programme. In January, about the continuous eff ort in making its projects January to October. we launched Life@EcoWorld where we look beyond more liveable, crediting Team EcoWorld for the suc- We are handing over two of our best projects. the hardware such as boulevards and landscaping cess that they see today. He shares more about the The fi rst is Eco Ardence where we are handing over and make the place more liveable. That is why we company’s plans, strategies and challenges with Phase 1 with 600 over units. The other is Eco Grandeur introduced integrated health and wellness care City & Country recently. where we are handing over more than 1,800 units. into our EcoWorld DNA. We continue to improve the accessibility in all We are not doctors and we don’t make hospitals. City & Country: How has the year been for the of our projects. For example, we have just opened But we can make great spaces and invite partners company? a RM12 million link to the Senai-Desaru Express- who are very good in these industries to partici- Datuk Chang Khim Wah: This year has been a great way at Eco Tropics in Pasir Gudang, reducing res- pate with us and provide services to our residents. year for us. We signed a joint-venture agreement with idents’ travelling time from 25 minutes to fi ve to The wellness integrated healthcare also looks China state-owned enterprise Power Construction eight minutes. into providing nursery care for children who are Corporation of China to develop a 117-acre industri- In January, we launched an EcoWorld-initiat- not old enough to attend school and something like al development at our Eco Business Park V in Ijok. ed home ownership programme, in conjunction a daycare for senior citizens. We are inviting and The idea is that we will build the factories and with the Home Ownership Campaign (HOC) by working with partners to look into these. manage the project in Malaysia, and then we will the government. We took some of HOC’s perime- The other thing that we have done is that we go to China and market [the project] together to ters and put it together with our own package. We have created Life Space where we get the commu- their partners, associations and affi liations. have been very successful. nity to come to do things like dancing, drawing CC97 NOV 11 2019
PICTURES BY ECO WORLD DEVELOPMENT GROUP Eco World Development Group Bhd
FINANCIAL YEAR-END: (RM MIL) 2018 2017 2016 2015 2014 Revenue 2,171.77 2,936.56 2,546.44 1,712.06 148.40 Pre-tax profi t 217.32 282.61 193.18 73.92 12.09 Paid-up capital 3,614.87 3,614.87 1,374.85 1,182.13 253.32 Shareholders’ funds 4,407.95 4,264.03 3,786.70 3,156.88 325.86 Profi t attributable to shareholders 165.59 209.65 129.28 43.95 7.18 Dividend payout ratio (%) NA NA NA NA NA and playing musical instruments for all ages — not just for senior citizens but for children and Gen Y and Z as well. Another part is EcoWorld For Generations, which was launched last month. We want to make the built environment accessible to people at all stages of life. We are catering to individual needs. No matter what generation you are at, what preferences you have, we want to fi nd outlets for you in every aspect of your life in any project we have.
Are these the secret ingredients that are making EcoWorld Malaysia’s developments successful and sought-after? There are no secret ingredients. To be very honest, the thing that makes all these so successful for EcoWorld Malaysia is Team EcoWorld. You can put in a lot of programmes but if the developer’s team, which is Team EcoWorld for us, does not have the commitment and sincerity to see through it all, it will not happen. So, we have what we call EcoWorld Class. It is a programme where we train our staff to give the best product and service quality to our customers at all times. fl oor plans and customising fi nishes. Clockwise from top: tion and personal requirements. EcoWorld Class is the glue and fi re that makes We are going to implement these ideas this Artist’s impressions of Please tell us more about EcoWorld Malaysia’s sure all the things that we put into our township year and next year. Eco Sky in Jalan Kuching, upcoming projects. click, work and produce these results. ErgoHomes in Eco Forest, We have not bought any new land to launch new So, it is not a secret. It is just pure hard work from Can you share with us some of the ideas that Semenyih, and Bukit projects. We still have 4,467 acres of undeveloped the team, commitment, sincerity and diligence to you mentioned that you will be implement- Bintang City Centre in land and we are looking to launch new develop- provide EcoWorld Class. ing this year and next year? Jalan Hang Tuah, Kuala ments with innovative designs. We are also tapping We are now getting ready our show units to launch Lumpur on the 10,000 people that we have handed over the What are the challenges faced by the company our Gen Y/Gen Z homes called ErgoHomes. Ergo properties to and making sure their liveability is as in the current soft market? How do you over- stands for ergonomics. The development is located high as anywhere else in the world. come them? in Eco Forest, Semenyih and it is designed purely With the innovative new designs that we are These days, you see news about overhang units, for Gen Y living. putting in the existing parcels, we hope we can also problems with end fi nancing and others. I think Gen Y thinking is that they don’t need a lot of enhance the value of the existing sold or to-be-sold it is unavoidable. It is a phase the property market things that traditional people need. They only want properties. is going through now. certain things. So, we designed a home to their The 4,467 acres of undeveloped land, which have During the bad times, there is a certain way to liking. We are looking to launch this in December. a GDV of RM69 billion, are divided into our existing do business and during the good times, there is Priced from RM500,000, ErgoHomes are po- projects in Penang, the Klang Valley and Iskandar another way. We have to do business in all cycles. sitioned in clusters of four units in an L-shaped Malaysia, Johor. Most of our projects still have land In this particular cycle, very interestingly, we have formation, unlike traditional terraced houses, and available, except for Eco Sky, Jalan Kuching and decided to concentrate on our own land … what we the built-up starts from 1,833 sq ft. One of the spe- Eco Terraces, George Town, which we have fi nished. have. We still have about 4,467 acres of undeveloped cial features is the Passion Area, a space that can The good thing about EcoWorld Malaysia is that land. We have launched almost every project that be transformed into whatever you need such as for all our projects that we have started, all the heavy we have had, except for two, and we have 18 on- a home offi ce or study room. lifting has been done. We have already built the going projects. We have handed over 10,000 units. Each unit comes with its own 15ft by 15ft pri- boulevards and parks, and the commercial areas are This is a good time to reevaluate ourselves vate garden that can be used for gardening, barbe- prospering in our townships. Also, we have started and see what we are doing well and not so well in cues or a dipping pool. The A-frame façade allows handing over the earlier phases and people are liv- terms of service, product quality and managing plenty of space for windows for natural lighting ing in our townships already. our amenities. Then we look at improving our- and ventilation. Designated parking bays for resi- Now, we need to see where are the liveability selves and doing better. dents and visitors will be located close to the unit. gaps to improve and to keep on enhancing what We want to look at things that we can do better Currently in Eco Grandeur, Bandar Puncak we already have. and really make those areas do well. For example, Alam, we are doing mix and match. There is a during this downtime, we need innovation. standard fl oor plan but purchasers can have dif- What are the plans for the next 12 months? So, we ran an innovation challenge internal- ferent confi guration with the bedrooms, kitchen, In terms of our company, we have put a two-year ly where we have all our staff pitch their ideas. living and dining area, all within the same row of sales projection of RM6 billion and we are seriously Through the challenge, we came up with a lot of houses, suited to their preference. looking to meet our targets. We see a growth in our new ideas and revolutionary designs that are very Today, it is all about customisation. Even though profi t from last quarter and we will continue to see doable such as Gen Y homes, mixing and matching you sell to the masses, it is still about customisa- the upward projection for that as well. Our investment in our sister company EcoWorld ONGOING PROJECTS International has also prospered. They are also deliv- PROJECT/LOCATION TYPE GDV (RM BIL) LAUNCH DATE ering strong profi ts this year and next year as well. For the next 12 months, we will continue to look Eco Botanic, Johor Mixed-use township 3.79 Sept 2013 at all these — improving our bottom line and simply Bukit Bintang City Centre, Kuala Integrated development 8.78 Oct 2016 just meeting our targets. Lumpur We must be careful and prudent with landbank- Eco Horizon, Penang Mixed-use township 7.76 Sept 2017 ing. We will try not to aggressively expand unnec- Eco Forest, Semenyih, Selangor Mixed-use township 3.5 Sept 2017 essarily and just continue to make what we have. Eco Business Park V, Bandar We are still very optimistic about the proper- Green industrial business park 2.75 Sept 2017 Puncak Alam, Selangor ty market despite its sluggishness and softness. We believe with the demographics of Malaysia, IN THE PIPELINE this is a very sustainable business and the devel- PROJECT/LOCATION TYPE GDV (RM BIL) EXPECTED LAUNCH DATE opers will still do well if they focus on making it E Eco Sun, Penang Mixed-use township 0.99 2020 more liveable. CC98 NOV 11 2019
KENNY YAP / THE EDGE No. 10 | IGB Bhd
2019 2018 Overall 10 - Quantitative 8 - Qualitative 8 - Staying the course
BY E JACQUI CHAN [email protected]
GB Bhd has managed to stay the course despite the challenging market. Last year, We have to Goldis Bhd acquired IGB Corp Bhd and the reinvent as listing status of IGB Corp. The shares of IGB and when ICorp Bhd were delisted from the Main Mar- it is needed ket of Bursa Malaysia. As at June 30 (1HFY2019), IGB Bhd’s cumula- and the tive revenue increased to RM650.82 million com- tenants must pared with RM587.69 million during the same pe- do the same riod last year. The group’s property investment/retail division to survive as is represented by IGB Real Estate Investment Trust well.” — Tan (IGB REIT). Its revenue increased 4.3% to RM276.20 million in FY2019, compared with the same period last year. April saw the opening of The Mall in Mid Valley Southkey in Johor Baru. The Mall is the largest inte- grated development in Southern Malaysia/Singapore MOHD SHAHRIN YAHYA / THE EDGE with 1.5 million sq ft of nett lettable area (NLA). The We launched The Mall, Mid Valley Southkey in RM6 billion mixed-use development will comprise Johor Baru in April. As at Oct 15, it had achieved retail, leisure, offi ces and residences and the 32-acre 87.13% occupancy with 308 confi rmed tenants oc- development will have a NLA of 2.5 million sq ft. cupying 342 lots. IGB Bhd group CEO Datuk Seri Robert Tan has We hold 53% (direct: 48.892%, indirect: 4.113%) of more in store for the group going forward. We sat the shares in IGB REIT Bhd, as at Oct 14. Mid Valley down recently with him to talk about the group’s Megamall and The Gardens Mall are the retail assets performance, its strategy and future plans. under IGB REIT. IGB REIT constantly refreshes and upgrades its City & Country: How have the last 12 months tenant mix to enhance the shoppers’ experience. been for IGB? Mid Valley Megamall and The Gardens Mall were Datuk Seri Robert Tan: The last 12 months were upgraded with new escalators and new retail spac- full of uncertainty. We remain cautious about the es. This has helped maintain and grow support from market due to the trade tensions between the US consumers. and China and we have put our project in London, We have to reinvent as and when it is needed and Blackfriars, on hold due to the Brexit uncertain- the tenants must do the same to survive as well. It ty in the UK. is also important to have the right tenants and the Domestically, structural changes within the gov- right tenant mix. Every year, we reserve a certain ernment bureaucracy is taking time and the domes- amount for upgrading. That has to be the case be- tic economy has been recalibrating. The residential cause I see a lot of malls that look terrible after a few property market overall has been very soft and IGB Tan with (from left) remain focused on our four core areas of business — years without any upgrading. This is something we has held back on new launches. We have always tak- City & Country editor retail, property development, commercial and hotels. do for our tenants, and the tenants are the ones who, en a prudent stand in line with all the uncertainties Rosalynn Poh, Th e Edge Our core focus areas ensure a balance between busi- more or less, bring in the business. locally and globally. Malaysia editor-in-chief ness risks and opportunities, and generate healthy, Azam Aris, Th e Edge Media long-term recurring income for the group. The same applies to the hospitality market. What are the contributing factors to IGB’s Group publisher and group Luck also plays a role. I have always told people With external factors such as the trade war continued dominant position in the market? CEO Datuk Ho Kay Tat and that IGB is quite a lucky company — we have sur- between the US and China and Brexit caus- When we fi rst started Mid Valley City in Kuala EdgeProp.my managing vived recessions. Credit must be given to the team ing economic uncertainties, what are IGB’s Lumpur, our market capitalisation was about director and editor-in- I have built. When I took over, we were a small res- strategies to keep its assets profi table and RM300 million. Now asset-wise, we are at close chief Au Foong Yee idential developer. Now, we are able to design, build manage the risks? to RM9 billion. We had never done anything on and construct any development of any size. We did We are focusing on realigning market segments this scale, and we worked phase by phase. So there everything for Southkey Mall in Johor in-house. with targeted campaigns and improving cost effi - was a lot of trial and error, and when there was an ciencies while maintaining quality products and error, we resolved it quickly. That’s key. In an increasingly competitive retail land- improving services throughout. Asset enhance- Of course, we have been prudent in conserving scape, and the growing popularity of online ments and works are being carried out. Current- cash to prepare for any major unexpected downturn shopping in Malaysia, what are IGB’s plans ly, Boulevard Hotel and Cititel Mid Valley are un- in the market and also for strategic acquisitions. to grow or maintain the income of its retail dergoing refurbishments to upgrade the rooms. Our senior management team constantly reviews assets and footfall? We are in the process of completing our St Giles our business strategies and directions, and we are We are fully aware that online shopping is a global Southkey in Johor Baru, which consists of 575 rooms attentive to any threats and opportunities to ensure trend and online shopping platforms are gaining and is scheduled to open next year. We will keep on the growth of our various businesses. in popularity. Therefore, malls are making more looking for opportunities and areas where we can Our diversifi ed portfolio includes assets that de- eff ort to engage their communities online as well grow our hotel assets. Our hotels are also embarking liver constant recurring income for the group and we as through on-ground events. on digital transformation initiatives to stay com- CC99 NOV 11 2019
PICTURES BY IGB IGB Bhd
FINANCIAL YEAR-END: (RM MIL) 2018 2017 2016 2015 2014 Revenue 1,302 1,222 1,255 1,278 1,291 Pre-tax profi t 481 491 483 390 450 Paid-up capital 884 645 611 610 610 Shareholders’ funds 3,435 2,711 2,552 2,438 1,916 Profi t attributable to shareholders 236 215 165 109 102 Dividend payout ratio (%) 5.83 5.66 7.37 11.14 Nil*
*Share Dividend of 3 Treasury shares to every 100 Ordinary shares
Above: Menara Southpoint of facilities. The 27-storey Southpoint Offi ces with is the latest addition to Mid 488,551 sq ft of space has an occupancy rate of 50%. Valley City Stonor 3, a high-end condominium project in Jalan Stonor, Kuala Lumpur, will be handed over in Left: Th e 50-acre Mid the fi nal quarter of this year. The 41-storey building- Valley City is a self- comprises 400 units of upmarket condominiums. contained development We have received master plan approval from Kuala Lumpur City Hall for a 129.7 acre site in Wangsa Maju. We are now working on concepts that would suit the current market conditions. We are also looking into another potential site to expand our co-living business as well as exploring opportunities in senior living, which we believe is an underserved market, petitive in the market as well as off ering attractive here are higher than some of the offi ces in the city. even though Malaysia is an ageing nation. packages to consumers. Mid Valley City is like a magnet that attracts peo- It is getting quite challenging. Airbnb is growing ple. It is self-contained. We have everything you need What is the market outlook for the in popularity, so we have to relook our strategies. It and you do not have to go out of this 50-acre space. next 12 months? is not a bricks-and-mortar business anymore. We Unlike in the city, you still have to go out and brave the In the retail market, retail sales saw a growth rate need and are slowly recruiting younger people, in- traffi c to get certain things. In another few months, of 4.5% year on year in 2Q2019, but this did not cluding those with IT backgrounds, so they can try the whole Mid Valley City will be completely linked. meet market expectations, which Retail Group to put together something that appeals to a certain We are in the fi nal stage of constructing the linkage. Malaysia had projected to be 5.5%. kind of people. Right now, we are looking to grow our occupancy Therefore, we remain cautious about the market To me, the focus is more on the aff ordable hotels rates with a few strategies. We are focusing on main- but we are fi rm in our commitment to create long- rather than fi ve-star hotels, which are really just for taining the rental rates and occupancies by off ering term value for our unit holders and will continue to the prestige. We have reached a stage where we do attractive rates to long-term tenants; providing at- bring innovative retail experiences that promise to not really look for prestige anymore and fi ve-star tractive incentives to prospective tenants; elevating excite the market. hotels have always been diffi cult to manage. the standard of customer service; increasing tenant As for property development, statistically, while I am looking at coming up with a new model, but engagement; and creating a conducive working en- demand appears to be improving, the pace of growth this model cannot work locally due to the relatively vironment where tenants can enjoy security, clean- in transaction volume appears to lag behind the in- cheap prices of fi ve-star hotels. It is workable in big liness and excellent building maintenance. We also coming supply, due to the mismatch in product of- cities such as Singapore, Tokyo, Japan and Shanghai. have to improve the tenancy mix to avoid exposing ferings and aff ordability. We remain cautious about That is all I can reveal at this time. ourselves to concentration risk. the market for these reasons and are working on in- novative new residential products to be a step ahead. The domestic office market has been soft What will IGB’s focus be in the near future? For the commercial properties segment, the over- this past year, and concerns remain over the Aside from St Giles Southkey, we have several other all market is expected to remain soft due to an over- current and incoming supply of offi ce space. major projects in the pipeline under the Southkey supply of offi ce space and a lack of catalysts to boost How is IGB working to sustain or grow its mixed-use development in Johor Baru. We have demand. The occupancy rate of offi ces in the Klang occupancy rate? the 24-storey offi ce buildings, Mid Valley South- Valley has dropped 2% to 75% in 2Q2019, compared The offi ce market is very challenging but we are, key North Tower and South Tower with a net fl oor with a year ago. However, the offi ce markets in KL in a sense, quite lucky. We have an average occu- area of 322,000 sq ft each — both are scheduled to Fringe and Selangor are expected to remain resilient pancy rate of 80% for our commercial buildings, be completed next year. The third fl oor mezzanine with steady occupancies and rents. which have 3.8 million sq ft of NLA. That has been areas in Southkey mall are expected to be com- Last but not least is the hospitality market. Al- encouraging. pleted by the end of this month, in time for the though we recorded a 6.8% year-on-year increase We treat our tenants as our partners. We have a peak Christmas season. in tourist arrivals in 1H2019, the hotel supply in the full team at their beck and call. We service and try to In the Klang Valley, Southpoint Residences in Klang Valley has also increased 4% to 55,297 rooms. accommodate their requests, to a reasonable extent, Mid Valley City is scheduled for completion 3Q2020. The total occupancy rate of hotels in the Klang Val- of course. And the rental rates that we have achieved It comprises 19 fl oors of residential and three fl oors ley as at September was 67.5% with an average daily rate of RM325.56. ONGOING PROJECTS The target for Visit Malaysia 2020 is 30 million PROJECT/LOCATION TYPE GDV (RM MIL) LAUNCH DATE arrivals and the tourist receipts, worth RM100 bil- Mid Valley Southkey North Tower and South Tower Commercial N/A 2020 lion. We are well prepared to handle the expected St. Giles Southkey Commercial N/A 2020 upsurge in tourist arrivals as we are upgrading our Menara Southpoint Residential N/A 3Q2020 hotels to stay relevant and attractive. Personally, my hope for the future of this coun- try is that there will be racial harmony. Racial IN THE PIPELINE problems are the only thing that will ruin this PROJECT/LOCATION TYPE GDV (RM MIL) EXPECTED LAUNCH DATE country. Malaysia is blessed, we are blessed and Wangsa Maju Commercial & residential N/A TBC as long as there is racial harmony, this country Hotel at Darling Harbour, Sydney Commercial N/A TBC will keep growing. E CC100 NOV 11 2019
mention | PHASE 27, AMBANG BOTANIC 2 | GAMUDA BHD — PROPERTY DIVISION Banking on new infrastructure and amenities
HARIS HASSAN/THE EDGE BY RACHEAL LEE [email protected]
amuda Bhd (prop- erty division) is no stranger to The Edge GMalaysia-PEPS Value Creation Excellence Award. This year, it garnered a mention through Izumi, Phase 27, PICTURES BY GAMUDA Ambang Botanic 2 project. From top: Th e clubhouse at Bandar Launched in 2014, Phase 27 is Botanic; an Izumi unit and the central an 18-acre, RM251 million resi- park dential component of Ambang Botanic 2. It comprises 55 two-sto- rey deluxe link houses (built-up: 2,469 sq ft; lot size: 22ft by 75ft), Chu: When we design a township, we 74 three-storey semi-detached put eff orts in the placemaking houses (4,848 sq ft; 40ft by 90ft) and 64 three-storey deluxe link Klang with retention ponds in houses (3,154 sq ft; 24ft by 75ft). to be launched in Ambang Botanic recreational parks that are sur- The three-storey deluxe link 2 and received overwhelming re- rounded by jogging tracks so that houses, called Izumi, received sponse due to the track record of families can spend time togeth- its certifi cate of completion and the earlier phases of the township. er,” he explains. compliance in January 2016. Its “The units were launched at an “There is a clubhouse for res- monthly maintenance fee is average price of RM1 million, and idents and recently, we opened it RM300. the average capital gain is about to the public on the basis of annu- Ambang Botanic 2 is part of 7% to 8%, annualised over three al membership. Also, we are still the 1,240-acre Bandar Botanic. years. Contributory factors to the working with the resident asso- Made up of Botanic East and Bo- appreciation include a well-man- ciations to improve on the devel- tanic West (Ambang Botanic and aged township in a maturing area opment, thus adding value to it.” Ambang Botanic 2), the freehold with a growing population and What will also contribute to Bandar Botanic is the fi rst gated plenty of nearby amenities to the capital appreciation is that development in Klang with 180 sustain the community,” he says. most housing projects within acres of parks and waterways. “When we got the land, we a 5km radius of Phase 27 cur- Work on the construction of conducted a study and found that rently are high-rises targeted Bandar Botanic, which has a gross this part of the neighbourhood at a diff erent market segment, development value of RM4.5 bil- lacked a premium enclave with Chu adds. Being within a well- lion, began in 2002. Botanic East is a green theme that could provide planned development such as fully occupied, Ambang Botanic, an affl uent and tranquil lifestyle. Bandar Botanic with its mature 90%, and Ambang Botanic 2, 70%. It inspired us to forge ahead in infrastructure connectivity has The township’s facilities in- creating Bandar Botanic.” also been an advantage. clude a central park, pocket parks The fi ve intermediate units More amenities are coming up with children’s playgrounds and that Gamuda submitted for the in Klang, including educational outdoor exercise equipment, lakes award have seen a capital appreci- SAM FONG/THE EDGE institutions such as Big Apple and a clubhouse. The clubhouse ation of between 24.4% and 34.7% Private Academy and Inspiros features badminton, squash since 2014 or an average capital International School. and tennis courts, a 50m Olym- appreciation of 29% each. The an- As for the sewage problem in pic-length swimming pool, gym- nual rate of appreciation is 16%. Bandar Botanic, Chu says Gamu- nasium, Jacuzzi, steam bath, Bandar Botanic is connected da has been working closely with changing room and F&B outlets. to Lebuhraya Shah Alam and is the relevant authorities in the It is close to other ameni- located close to the upcoming past two years, and restoration ties, such as shopping (AEON Bukit Tinggi LRT station. Chu be- work has been going on since Bukit Tinggi, Giant Hypermar- lieves the rail infrastructure and the middle of the year. ket Klang, Tesco Klang and GM enhanced connectivity will help “We (Gamuda and the author- Klang), healthcare (Manipal Hos- sustain the capital appreciation ities) are sharing the cost to rec- pital Klang, Tengku Ampuan Ra- of Phase 27 in the following fi ve tify the issue … we are committed himah Hospital and Klinik Kesi- years at least. to work together and get things hatan Klang), education (SJK [C] “When we design a township, done by the end of the year. The Hin Hua, SMK Bukit Tinggi Klang we put eff orts in the placemaking system will be back to normal by and Q-dees Bandar Botanic) and … we don’t just build the hous- then. Currently, we have a month- various motor vehicle 3S centres. es but we build homes where ly progress meeting with the au- General manager (Bandar Bo- everything is connected to bring Chief operating offi cer Aw Sei Cheh with (from left) Th e Edge Media Group publisher thorities and resident associa- tanic) Chu Wai Lune tells City & convenience to the residents. Also, and group CEO Datuk Ho Kay Tat, City & Country editor Rosalynn Poh, and EdgeProp.my tions and work is well ahead of Country that Phase 27 was the last we are the fi rst development in managing director and editor-in-chief Au Foong Yee time,” he says. E CC101 NOV 11 2019
Top executives from Eco World Development Group and S P Setia together with Azam Aris of Th e Edge (fi fth from right) and Jean Khor (Sunway), Raymond Cheah (MRCB Land), John Ng (Gamuda), Ang Kee Ping Au Foong Yee of EdgeProp.my (right) (Wing Tai Malaysia Property Management) and Anwar Syahrin Abdul Ajib (UEM Sunrise)
Datuk Teo Chiang Quan (Paramount Corp) and Datin Esther Teo Datuk Soam Heng Choon (Rehda Malaysia), Datuk Jeff rey Ng (Sunway REIT Management), Tan Sri Teo Chiang Kok (Bandar Utama City Corp), Datuk Wan Hashimi Albakri (Sime Darby Property), Tan Sri Eddy Chen (MKH), Datuk Ho Hon Sang (Mah Sing Group) and Datuk Lai Voon Hon (Ireka Corp)
Th e Gamuda team saying cheers for the camera
Top: Elizabeth Tan, Chai Lai Sim, Datin Seri May Tan, Low Su Ming (Low Yat) and Gabrielle Tan (the rest from IGB)
Left: Stanley Teo (Deloitte), Lillian Tay (PAM president), Teo, Michael Geh (Fiabci Malaysia president), Au and Alice Leong (PAM) CC102 NOV 11 2019
Geh, Teo and Datuk Joseph Lau (Perdana ParkCity) S P Setia team cheering after their win
Gregory Th u (Th e Edge), Siew Chee Seng (EdgeProp.my), Tan Tee Ming Azam, Amarjit Chhina (MRCB) and Shuchita Balasingam E Jacqui Chan (Th e Edge), Fong Lai Kuan (Th e Edge), Jacklyn Lim and (Berjaya Land) and Mohamed Adam Wee (CIMB Group Holdings) (Zerin Properties) Wong Chiew Meng (both from Sunsuria)
Lam Jian Wyn (Th e Edge), Stanley Toh and Tan San Yew (both from Paul Soh (S P Setia), Lee Soo Sin (Th e Edge) and Carrie Fong (Hedgeford), Hannah Rafee (Th e Edge), Laurelcap) Datuk Chang Khim Wah (Eco World Development Group) and Ra Adrina Mustaza (Rehda Youth)
Rosalynn Poh of Th e Edge (third from left) with Diana Chin, Evon Yap and Wong Sheue Yann (all from Eco World Delopment Group)
Sharon Teh (Th e Edge) with Norlina Mohd Noor and Dianne Chan Datuk Ho Kay Tat of Th e Edge (centre) with Michael Helfman and Siva Shanker (Rahim & Co International), Malathi Pillay (both from S P Setia) Gabrielle Tan (both from IGB Bhd) (Eastern & Oriental) and Vasantha Ganesan (Th e Edge) CC103 NOV 11 2019
Ho and IGB’s Datuk Seri Robert Tan (both seated) with friends
Clair Rozells serenading the guests Holly Ong, Datuk Leong Yuet Mei, Datuk Ho Hon Sang, Angela Chong, Chin Yin Kiat (all from Mah Sing Group)
Gerard Soosay (Sunway) and Ng Elizabeth and Ooi Phee Lip (Affi n Hwang Asset Management) are Daniel Lim (Sunway) and Robert Ang (Rahim & Co fl anked by Joyce Goh and Jenny Ng (both from Th e Edge) International)
Azam and Au are fl anked by Melissa Tan and Datuk Hoe Mee Ling Poh, Low, Tan Boon Lee and Terence Yeoh (both from IGB) (both from Eco World Development Group)
Bryan Lee, Stephen Wong and Yap Woon How (all from Matrix Concepts Rohan Padmanathan (Jones Lang Wootton), Beh Chun Chong Holdings) (Paramount Corp) and Previndran Singhe (Zerin Properties) CC104 NOV 11 2019
Datuk Wong Tuck Wai (front row, seventh from left), Datuk Ahmad Pardas Senin (Battersea Power Station Holding Company) (eighth from left) and Datuk Khor Chap Jen (ninth from left) with the S P Setia team
Ngan Chee Meng (front row, fi fth from right) and Cheong Ho Kuan (front row, centre) with the Gamuda team
C S Kong (sixth from left) and Kong Pak Lim (seventh from left) with the UOA Development team
YY Lau and Veena Loh (both from JLL Malaysia) are fl anked by Anwar Syahrin Abdul Ajib (fi fth from left) with the UEM Sunrise team Wong King Wai and Racheal Lee (both from Th e Edge) CC105 NOV 11 2019
Tan Wee Bee (front row, seventh from left), Ng (centre) and Lum Tuck Ming (on Ng’s left) with the Sunway team
Lee Yoke Har (fourth from left) and Teh Chin Guan (fi fth from left) with the IOI Properties team Poh, Wayne Wong (Eastern & Oriental) and Malathi
Left: Wan Hashimi (holding award) with the Sime Darby Property team
Below: Yeoh Pei Teeng and Karen Tan from YTL Land & Development
Daniel Yong, Chai, Christine Ong and Wong Kim Chon from IGB James Wong (VPC Alliance), Foo Gee Jen (CBRE | WTW) Datuk Seri Kalimullah Masheerul Hassan (ECM Libra), Ho and Kong and Michael Kong (MacReal International) CC106 NOV 11 2019
Edward Chong (holding award) and Soam (on Chong’s left) with the IJM Land team Tan Sri Lim Kim Hong and Puan Sri Tey Siew Th uan (both from I-Bhd) with Poh
Nordin Hisham, Khaliza Abdul Khalid, Gary Perreira, Rajesh Ruben Nair, Alvin Chua and Zaal Ho (holding award) with the Mah Sing team from Euromobil
Gary Yeo, Lim Sen Hsia, Daron Cheah, Karen Ong, Beryl Choy and Michael Lee from USG Boral Ong and Lim Shiew Yuin (Th e Edge) Appollo Leong (Sime Darby Property), Christabel Cheah and Kristine Ong (both from IPG Mediabrands) and Shannon Leong (Th e Edge)
Foo with Dainah Mahmud (ExaStrata Solutions) Ho Kong Soon (holding award) with the Matrix Concepts Holdings team
Chin, Lyanna Tew (Mah Sing Group) and Sue Ann Lee Celina Ong (Gamuda) with Soh See Kok Loong (Metro Homes Realty) with Geh (Th e Edge) CC107 NOV 11 2019
Datuk Seri Robert Tan (fi fth from left) and Tan Boon Lee (on Robert’s left) with the IGB team
Left: Wong, Wan Hashimi, Khor and Mark Hutton (Battersea Power Station Holding Company)
Right: Lai, Datin Liw Yoke Yin, Datuk Lai Siew Wah, Lai Man Moi, Chan Kay Chong and Datuk Lai Foot Kong from Ireka Corp
John Beattie (second from right) and Peter Casey (centre) of Th e International School of Kuala Stanley Chew (Land & General), Leonard Tan (SkyWorld Development), Chan, Jenny Wai (SkyWorld Lumpur with (from left) Ng Yiek Seng, Tay and Khalifah Jamaluddin of Veritas Architects Development), Adelene Wong (S P Setia) and Vincent Seow (Platinum Victory Holdings) CC108 NOV 11 2019
OVERALL RANKINGS (2003 TO 2018)
2003 | BEST 10 2006 | BEST 30 2008 | BEST 30 2010 | BEST 30 RANKING COMPANY RANKING COMPANY RANKING COMPANY RANKING COMPANY 1 IGB Corp Bhd 1 S P Setia Bhd 1 S P Setia Bhd 1 S P Setia Bhd 2 S P Setia Bhd 2 IGB Corp Bhd 2 IGB Corp Bhd 2 Sime Darby Property Bhd 3 IOI Properties Bhd 3 Island & Peninsular Bhd 3 Sunway City Bhd 3 Sunway City Bhd 4 Bandar Raya Developments Bhd 4 Sunway City Bhd 4 Island & Peninsular Sdn Bhd 4 Sunrise Bhd 5 MK Land Holdings Bhd 5 IOI Properties Bhd 5 IOI Properties Bhd 5 IGB Corp Bhd 6 Sunway City Bhd 6 Sime UEP Properties Bhd 6 Bandar Raya Developments Bhd 6 IOI Properties Bhd 7 Sime UEP Properties Bhd 7 Sunrise Bhd 7 Bandar Utama City Corp Sdn Bhd 7 I & P Group Sdn Bhd 8 Island & Peninsular Bhd 8 MK Land Holdings Bhd 8 Sunrise Bhd 8 Bandar Raya Developments Bhd 9 (tie) Sunrise Bhd 9 Bandar Raya Developments Bhd 9 E&O Property Development Bhd 9 Mah Sing Group Bhd Pelangi Bhd 10 YTL Land & Development Bhd 10 Boustead Properties Bhd 10 IJM Land Bhd 11 Glomac Bhd 11 Mah Sing Group Bhd 11 Paramount Corp Bhd 12 E&O Property Development Bhd 12 YTL Land & Development Bhd 12 YTL Land & Development Bhd 2004 | BEST 10 13 Paramount Corp Bhd 13 Eastern & Oriental Bhd 13 Glomac Bhd RANKING COMPANY 14 Mah Sing Group Bhd 14 Dijaya Corp Bhd 14 Dijaya Corp Bhd 1 IGB Corp Bhd 15 Boustead Properties Bhd 15 Paramount Corp Bhd 15 Plenitude Bhd 2 S P Setia Bhd 16 Dijaya Corp Bhd 16 Glomac Bhd 16 Selangor Dredging Bhd 3 IOI Properties Bhd 17 PJ Development Holdings Bhd 17 Malton Bhd 17 Naza TTDI Sdn Bhd 4 MK Land Holdings Bhd 18 UDA Holdings Bhd 18 Selangor Properties Bhd 18 Eastern & Oriental Bhd 5 Sime UEP Properties Bhd 19 Malton Bhd 19 YNH Property Bhd 19 TA Global Bhd 6 Bandar Raya Developments Bhd 20 RB Land Holdings Bhd 20 Plenitude Bhd 20 UEM Land Holdings Bhd 7 Sunway City Bhd 21 SHL Consolidated Bhd 21 Naza TTDI Sdn Bhd 21 YNH Property Bhd 8 Island & Peninsular Bhd 22 Selangor Properties Bhd 22 PJ Development Holdings Bhd 22 Bolton Bhd 9 Boustead Properties Bhd 23 Bolton Bhd 23 Naim Cendera Holdings Bhd 23 Malton Bhd 10 Sunrise Bhd 24 Naim Cendera Holdings Bhd 24 United Malayan Land Bhd 24 United Malayan Land Bhd 25 Country Heights Holdings Bhd 25 Selangor Dredging Bhd 25 Selangor Properties Bhd 26 Plenitude Bhd 26 Metro Kajang Holdings Bhd | BEST 30 26 WCT Land Sdn Bhd 2005 27 Metro Kajang Holdings Bhd 27 Bolton Bhd 27 PJ Development Holdings Bhd RANKING COMPANY 28 Petaling Garden Bhd 28 Metro Kajang Holdings Bhd 28 Naim Holdings Bhd 1 S P Setia Bhd 29 Negara Properties Bhd 29 GuocoLand (M) Bhd 29 Hunza Properties Bhd 2 IOI Properties Bhd 30 Talam Corp Bhd 30 Mulpha Land Bhd 30 Mulpha Land Bhd 3 IGB Corp Bhd 4 Sunway City Bhd 5 MK Land Holdings Bhd | BEST 30 | BEST 30 | BEST 30 6 Sime UEP Properties Bhd 2007 2009 2011 RANKING COMPANY RANKING COMPANY RANKING COMPANY 7 Bandar Raya Developments Bhd 1 S P Setia Bhd 1 Sime Darby Property Bhd 1 S P Setia Bhd 8 Boustead Properties Bhd 2 IGB Corp Bhd 2 S P Setia Bhd 2 Sime Darby Property Bhd 9 Island & Peninsular Bhd 3 IOI Properties Bhd 3 Sunway City Bhd 3 Sunway City Bhd 10 Sunrise Bhd 4 Sunway City Bhd 4 IGB Corp Bhd 4 IGB Corp Bhd 11 Glomac Bhd 5 Island & Peninsular Bhd 5 Island & Peninsular Sdn Bhd 5 I & P Group Sdn Bhd 12 UDA Holdings Bhd 6 Sime UEP Properties Bhd 6 IOI Properties Bhd 6 IOI Properties Bhd 13 E&O Property Development Bhd 7 Boustead Properties Bhd 7 Bandar Raya Development Bhd 7 Mah Sing Group Bhd 14 Naim Cendera Holdings Bhd 8 Bandar Raya Developments Bhd 8 Eastern & Oriental Bhd 8 Sunrise Bhd 15 Petaling Garden Bhd 9 E&O Property Development Bhd 9 Sunrise Bhd 9 IJM Land Bhd 16 YTL Land & Development Bhd 10 Sunrise Bhd 10 Bandar Utama City Corp Sdn Bhd 10 Bandar Raya Developments Bhd 17 Talam Corp Bhd 11 YTL Land & Development Bhd 11 Gamuda Bhd — Property Division 11 Bandar Utama City Corp Sdn Bhd 18 Dijaya Corp Bhd 12 Glomac Bhd 12 IJM Land Bhd 12 Eastern & Oriental Bhd 19 Paramount Corp Bhd 13 Paramount Corp Bhd 13 YTL Land & Development Bhd 13 UEM Land Holdings Bhd 20 Selangor Properties Bhd 14 Dijaya Corp Bhd 14 Paramount Corp Bhd 14 YTL Land & Development Bhd 21 Country Heights Holdings Bhd 15 Selangor Properties Bhd 15 Selangor Dredging Bhd 15 AlBatha Bukit Kiara Holdings Sdn Bhd 22 Plenitude Bhd 16 Mah Sing Group Bhd 16 Mah Sing Group Bhd 16 Glomac Bhd 23 Daiman Devt Bhd 17 MK Land Holdings Bhd 17 Naza TTDI Sdn Bhd 17 Dijaya Corp Bhd 24 PJ Development Holdings Bhd 18 PJ Devt Holdings Bhd 18 Selangor Properties Bhd 18 Naza TTDI Sdn Bhd 25 Mah Sing Group Bhd 19 Metro Kajang Holdings Bhd 19 Dijaya Corporation Bhd 19 Paramount Corp Bhd 26 SHL Consolidated Bhd 20 YNH Property Bhd 20 UEM Land Holdings Bhd 20 Selangor Dredging Bhd 27 GuocoLand (M) Bhd 21 Malton Bhd 21 PJ Development Holdings Bhd 21 Malton Bhd 28 Pelangi Bhd 22 Plenitude Bhd 22 WCT Land Sdn Bhd 22 YNH Property Bhd 29 WCT Land Bhd 23 Daiman Devt Bhd 23 Metro Kajang Holdings Bhd 23 Hunza Properties Bhd 30 LBS Bina Group Bhd 24 Petaling Garden Bhd 24 Plenitude Bhd 24 Bolton Bhd 25 GuocoLand (M) Bhd 25 Naim Holdings Bhd 25 Plenitude Bhd 26 Naim Cendera Holdings Bhd 26 Malton Bhd 26 Mulpha Land Bhd 27 Ayer Hitam Planting Syndic. Bhd 27 United Malayan Land Bhd 27 Ivory Properties Group Bhd 28 Johor Land Bhd 28 Hunza Properties Bhd 28 PJ Development Holdings Bhd 29 RB Land Holdings Bhd 29 Sagajuta (Sabah) Sdn Bhd 29 Nadayu Properties Bhd 30 Equine Capital Bhd 30 Bolton Bhd 30 United Malayan Land Bhd CC109 NOV 11 2019
2016 | BEST 30 RANKING COMPANY 1 S P Setia Bhd 2 IJM Land Bhd 3 Sunway Bhd | BEST 30 | BEST 30 2012 2014 4 Sime Darby Property Bhd RANKING COMPANY RANKING COMPANY 5 Mah Sing Group Bhd 1 S P Setia Bhd 1 Sunway Bhd 6 Eco World Development Group Bhd 2 Sunway Bhd 2 Sime Darby Property Bhd 7 UOA Development Bhd 3 Sime Darby Property Bhd 3 S P Setia Bhd 8 Gamuda Bhd - Property Division 4 IGB Corp Bhd 4 UEM Sunrise Bhd 9 IGB Corp Bhd 5 UEM Land Holdings Bhd 5 Gamuda Bhd - Property Division 10 UEM Sunrise Bhd 6 I & P Group Sdn Bhd 6 Tropicana Corp Bhd 11 IOI Properties Group Bhd 7 Mah Sing Group Bhd 7. IGB Corp Bhd 12 Tropicana Corp Bhd 8 Gamuda Bhd - Property Division 8. Eastern & Oriental Bhd 13 Eastern & Oriental Bhd 9 Bandar Utama City Corp Sdn Bhd 9. Mah Sing Group Bhd 14 Paramount Corp Bhd 10 IJM Land Bhd 10. IOI Properties Bhd 15 MKH Bhd 11 UOA Development Bhd 11 UOA Development Bhd 16 WCT Land Sdn Bhd 12 Bandar Raya Developments Bhd 12 I & P Group Sdn Bhd | BEST 30 17 Selangor Dredging Bhd 2018 13 Eastern & Oriental Bhd 13 Bandar Utama City Corp Sdn Bhd RANKING COMPANY 18 OSK Holdings Bhd 14 KLCC Property Holdings Bhd 14 IJM Land Bhd 1 S P SETIA BHD 19 Glomac Bhd 15 AlBatha Bukit Kiara Holdings Sdn Bhd 15 KLCC Property Holdings Bhd 2 IJM LAND BHD 20 Malaysian Resources Corp Bhd 16 Glomac Bhd 16 Glomac Bhd 3 SIME DARBY PROPERTY BHD 21 KSL Holdings Bhd 17 Naza TTDI Sdn Bhd 17 YTL Land & Development Bhd 4 UOA DEVELOPMENT BHD 22 Wing Tai Malaysia Bhd 18 Malaysian Resources Corp Bhd - Property Div 18 Eco World Development Group Bhd 5 SUNWAY BHD - PROPERTY DIVISION 23 Matrix Concepts Holdings Bhd 19 YTL Land & Development Bhd 19 Naim Holdings Bhd 6 ECO WORLD DEVELOPMENT GROUP BHD 24 TA Global Bhd 20 Malton Bhd 20 Bandar Raya Developments Bhd IOI PROPERTIES GROUP BHD 25 Sunsuria Bhd 21 United Malayan Land Bhd 21 WCT Land Sdn Bhd 7 MAH SING GROUP BHD 26 YTL Land & Development Bhd 22 Paramount Corp Bhd 22 Selangor Dredging Bhd UEM SUNRISE BHD 27 Guocoland (Malaysia) Bhd 23 TA Global Bhd 23 Wing Tai Malaysia Bhd 8 GAMUDA BHD - PROPERTY DIVISION 28 Hua Yang Bhd 24 PJ Development Holdings Bhd 24 MKH Bhd 9 TROPICANA CORP BHD 29 SHL Consolidated Bhd 25 Selangor Dredging Bhd 25 Paramount Corp Bhd 10 EASTERN & ORIENTAL BHD 30 i-Bhd 26 WCT Land Sdn Bhd 26 KSL Holdings Bhd 11 MKH BHD 27 KSL Holdings Bhd 27 PJ Development Holdings Bhd 12 PARAMOUNT CORP BHD 28 OSK Property Holdings Bhd 28 OSK Property Holdings Bhd 2017 | BEST 30 13 MATRIX CONCEPTS HOLDINGS BHD 29 Dijaya Corp Bhd 29 Plenitude Bhd MALAYSIAN RESOURCES CORP BHD RANKING COMPANY 30 TA Global Bhd ECO WORLD INTERNATIONAL BHD 30 Plenitude Bhd 1 S P Setia Bhd 14 OSK HOLDINGS BHD 2 Sunway Bhd 15 SELANGOR DREDGING BHD 3 Sime Darby Property Bhd | BEST 30 | BEST 30 16 GLOMAC BHD 2013 2015 4 IJM Land Bhd RANKING COMPANY RANKING COMPANY KSL HOLDINGS BHD 5 Eco World Development Group Bhd 1 S P Setia Bhd 1 Sunway Bhd 17 SUNSURIA BHD 6 UOA Development Bhd 2 Sunway Bhd 2 IJM Land Bhd 18 WCT LAND SDN BHD 7 Mah Sing Group Bhd 3 Sime Darby Property Bhd 3 Sime Darby Property Bhd 19 I-BHD 8 IGB Corp Bhd 4 UEM Sunrise Bhd 4 S P Setia Bhd LBS BINA GROUP BHD IOI Properties Group Bhd 5 IGB Corp Bhd 5 Mah Sing Group Bhd 20 SELANGOR PROPERTIES BHD 9 UEM Sunrise Bhd 6 Bandar Utama City Corp Sdn Bhd 6 UOA Development Bhd 21 YTL LAND & DEVELOPMENT BHD 10 Tropicana Corp Bhd 7 UOA Development Bhd 7 UEM Sunrise Bhd 22 TA GLOBAL BHD 11 Eastern & Oriental Bhd 8 Gamuda Bhd - Property Division 8 IOI Properties Group Bhd MALTON BHD 12 MKH Bhd 9 I & P Group Sdn Bhd 9 IGB Corp Bhd 23 GUOCOLAND (MALAYSIA) BHD 13 Matrix Concepts Holdings Bhd 10 Mah Sing Group Bhd 10 Gamuda Bhd - Property Division 24 SHL CONSOLIDATED BHD 14 Paramount Corp Bhd 11 Eastern & Oriental Bhd 11 Tropicana Corp Bhd HUA YANG BHD 15 Malaysian Resources Corp Bhd 12 IJM Land Bhd 12 Eastern & Oriental Bhd TITIJAYA LAND BHD 16 OSK Holdings Bhd 13 Tropicana Corp Bhd 13 MKH Bhd 25 PLENITUDE BHD 17 Glomac Bhd 14 KLCC Property Holdings Bhd 14 PJ Development Holdings Bhd NAZA TTDI SDN BHD Selangor Dredging Bhd 15 IOI Properties Bhd 15 Paramount Corp Bhd 26 LAND & GENERAL BHD TA Global Bhd 16 YTL Land & Development Bhd 16 Glomac Bhd IVORY PROPERTIES GROUP BHD 18 Sunsuria Bhd 17 Glomac Bhd 17 WCT Land Sdn Bhd 27 KEN HOLDINGS BHD 19 KSL Holdings Bhd 18 Selangor Dredging Bhd 18 TA Global Bhd 28 SYMPHONY LIFE BHD WCT Land Sdn Bhd 19 PJ Development Holdings Bhd 19 KSL Holdings Bhd ISKANDAR WATERFRONT CITY BHD 20 Land & General Bhd 20 Paramount Corp Bhd 20 Naim Holdings Bhd 29 NAIM HOLDINGS BHD 21 Hua Yang Bhd 21 Wing Tai Malaysia Bhd 21 Wing Tai Malaysia Bhd MCT BHD i-Bhd 22 WCT Land Sdn Bhd 22 Matrix Concepts Holdings Bhd 30 DAIMAN DEVELOPMENT BHD 22 Wing Tai Malaysia Bhd 23 AlBatha Bukit Kiara Holdings Sdn Bhd 23 Selangor Dredging Bhd 23 Selangor Properties Bhd 24 TA Global Bhd 24 Plenitude Bhd YTL Land & Development Bhd 25 Hunza Properties Bhd 25 Malaysian Resources Corp Bhd 24 LBS Bina Group Bhd 26 Symphony Life Bhd 26 OSK Property Holdings Bhd Malton Bhd 27 Malton Bhd 27 Malton Bhd SHL Consolidated Bhd 28 MKH Bhd 28 YTL Land & Development Bhd 25 Guocoland (Malaysia) Bhd 29 KSL Holdings Bhd 29 Symphony Life Bhd Titijaya Land Bhd 30 Plenitude Bhd 30 SHL Consolidated Bhd 26 MCT Bhd 27 Ivory Properties Group Bhd Ken Holdings Bhd Plenitude Bhd 28 Symphony Life Bhd 29 Eco World International Bhd MK Land Holdings Bhd Naim Holdings Bhd 30 Tambun Indah Land Bhd