This article first appeared in City & Country, The Edge Malaysia Weekly on November 25, 2024 - December 1, 2024

From self-proclaimed tree hugger to key driver of Malaysia’s top property development company, Datuk Seri Azmir Merican is not your typical bricks-and-mortar guy.

The group managing director of Sime Darby Property Bhd (KL:SIMEPROP) (SDP) ushers in a fresh approach to the property development arena.

Relative to his peers, some of whom have been around for decades, Azmir is still an “infant” in the industry. What he lacks in on-the-job experience, however, is compensated for by the absence of baggage. “He was eager to learn. In fact, I spent quite a lot of time with him,” says a very established developer on Azmir’s early days in SDP.

Clearly, Azmir gave himself time to learn the ropes before splashing bold strokes across his blank canvas while keeping a watchful eye on the bread and butter side of the business.

Four years on, SDP has stamped its mark as Malaysia’s best property developer, clinching the No 1 spot in The Edge Malaysia Top Property Developers Awards 2024. It did so by posting the highest combined scores in the qualitative and quantitative criteria (65:35 weightage).

The last and only time SDP came out first in these awards, launched in 2003, was in 2009. Last year, it was joint third with S P Setia Bhd (KL:SPSETIA) and UOA Development Bhd (KL:UOADEV), behind the winning property division of Gamuda Bhd (KL:GAMUDA) (Gamuda Land) and second-placed Sunway Bhd (KL:SUNWAY) (Sunway Property). In 2022, S P Setia was the winner, followed by Gamuda Land, UOA Development and SDP.

Azmir took over the reins as SDP’s group managing director in April 2020, coming in from UEM Edgenta Bhd (KL:EDGENTA) where he had been managing director-cum-CEO. UEM Edgenta is one of Asia’s largest asset management and infrastructure solution companies with operations in Malaysia, Singapore, the United Arab Emirates, India, Indonesia, Taiwan, New Zealand and Australia.

The year 2020 was unprecedented on many fronts, with the emergence of serious economic and health uncertainties stemming from Covid-19. Right from the start, Azmir’s strategy was to boost growth and shareholders’ value through diversification, embracing transformation strategies and exploring disruptive opportunities.

The market is no doubt watching to see how he continues to steer this once pure-play residential-focused property developer into a sustainable real estate company with recurring income from diverse income streams.

That aside, it is heartening to learn that Azmir remains passionate about tree hugging. “I am planting trees!” He told me recently when asked what he was up to these days.

Gamuda Land and SDP emerged as joint winners in the Qualitative subcategory of The Edge Malaysia Top Property Developers Awards 2024. The wins are based on scores by a panel of judges comprising the who’s who of Malaysia’s property industry experts together with representatives from The Edge. For transparency, the scores were strictly guided by a set of published criteria on product quality, innovation and creativity, value creation, image and expertise. The results were audited by Deloitte Malaysia.

Meanwhile, the winner in the Quantitative subcategory of the awards must have surprised many. KSL Holdings Bhd (KL:KSL) may not be regarded as your typical developer. Yet, this relatively low-profile company has outshone key players who are household names. The win is based on the computation of its published shareholders’ funds, revenue, profit before tax and net gearing.

KSL Holdings is a major developer in Johor and has been around for over three decades. In recent times, the group has spread its wings to the Klang Valley. Besides property development, it is also in property management and property investment. A property consultant familiar with KSL Holdings describes it as one of the most successful developers in Johor, driven by quick turnaround projects that are affordably priced and in good locations.

Last year, KSL Holdings placed fourth in this subcategory, jointly with SDP and Sunway Property. In 2022, it was in joint fifth spot with SDP. 

This year, it is ranked 15th in the Top Property Developers Awards overall. It came in 23rd in the qualitative subcategory, alongside Avaland Bhd (KL:AVALAND) and YNH Property Bhd (KL:YNHPROP). It’s clear KSL Holdings is a player to watch.

Property development is a significant contributor to Malaysia’s economy, supporting some 160 segments, both upstream and downstream.

In addition, investment in property has enriched many, thanks to its being an effective hedge against inflation. Picking the right product at the right time with the right developer is the so-called magic formula.

As such, real estate remains a key asset class in investment portfolios in addition to being an attractive source of recurring income.

Over the decades, the Malaysian property sector has experienceed many booms and busts, with some developers brought to their knees. Thankfully, we have seen the rise of industry captains whose commitment and efforts have helped the sector navigate through economic storms.

Even now, they are working behind the scenes to help bridge national interests with that of consumers and other industry stakeholders.

This year, we have the honour of recognising industry captains Tan Sri Eddy Chen, Datuk Seri Fateh Iskandar Mohamed Mansor (F D Iskandar) and Datuk Jeffrey Ng for their outstanding contribution to the property industry.

The trio are among a group of dedicated stalwarts who always strive for the betterment of the sector and the country as a whole. Their industry knowledge cannot be learnt from textbooks; it is gleaned from years of experience and hard knocks.

A trait they share is their outstanding leadership and tenacity in championing the interest of consumers and the industry while balancing them with that of the country. Chen, F D Iskandar and Ng sit on the panel of judges for The Edge Malaysia Top Property Developers Awards. In fact, Ng has been a member of the judging panel since 2003 — the year the awards was introduced.

Thank you gentlemen for your steadfast leadership and commitment.

Tengku Datuk Ab Aziz Tengku Mahmud is not one to draw attention to himself. Yet don’t let his seemingly quiet disposition fool you — he turns animated the moment he talks about the Merdeka 118 tower!

You can’t miss the glint in his eye as he discusses the start, making and future of Malaysia’s latest skyscraper, which is the tallest in Southeast Asia and also the second tallest in the world after Dubai’s Burj Khalifa.

Ab Aziz is the CEO of the project owner and developer, PNB Merdeka Ventures Sdn Bhd, a wholly-owned subsidiary of Permodalan Nasional Bhd. Appointed in 2010, he is responsible for the development of the 40-acre Merdeka 118 precinct integrated mixed development, of which the Merdeka 118 tower is the centrepiece.

Helming a project of this magnitude and one of national pride is a heavy responsibility. The world-class mega project sits smack in a historical part of Kuala Lumpur and aims to provide economic and social benefits to the surrounding communities.

It was designed to have green principles and state-of-the-art facilities. Smooth traffic flow during and after construction was crucial. Then Covid-19 hit and presented new problems.

This year, the Merdeka 118 tower was officially completed. Its construction was indeed no mean feat and its story is just unfolding.

Ab Aziz is our choice for the Outstanding Property CEO while Merdeka 118 has won The Edge Malaysia Property Development Excellence Award — Global Icon of Malaysia.

Meanwhile, there are three winners in the Property Development Excellence Award — Master Plan Excellence category. They are Eco Botanic in Johor by Eco World Development Group Bhd (KL:ECOWLD); City of Elmina by SDP and Sunway City Ipoh by Sunway Property.

It is heartening to see affordable urban homes setting new benchmarks in quality and liveability, as evidenced by the results of this year’s Affordable Urban Housing Excellence Award. For the purpose of this award, affordable urban homes are defined as those sold at RM500,000 or less, before any discounts or rebates in cash or in kind.

Thanks to keen competition and buyers becoming more discerning, developers who continue to build cookie-cutter affordably priced homes are losing market share.

This year’s winners have shown that they rightly prioritise buyers’ needs, not wants. They pay attention to details and use cost-conscious architectural designs that promote passive green attributes that are sustainably maintained. The idea is to have a comfortable and aesthetically pleasing home with good accessibility and that is easy to upkeep.

Following internal deliberations and visits to the shortlisted projects, we have decided on three winners. They are Residensi Aman Bukit Jalil, KL; Iconia Garden Residence (Precinct B) in Taman Impian Emas, Skudai, Johor and SkyAwani 5 Residences in Sentul, KL.

Four other projects have received special mentions. They are Residensi Pauh Permai in Seberang Perai, Penang, Residensi Port Dickson in Negeri Sembilan, Residensi Bintawa Riverfront in Kuching (all by PR1MA Corp Malaysia) and Bandar Botani Parkland Phase 2A in Melaka by the Parkland Group.

It is easy to build a green-rated project if commercial considerations are not a priority. Just bring in the right consultants and proceed to tick all the boxes required to make the building “green”.

However, this is not what The Edge Malaysia-PAM Green Excellence Award stands for. What we seek is the “soul” behind the developer’s green journey.

This year, after visiting shortlisted entries in the Klang Valley, Penang, Johor and Sarawak, the judges found the winning “green” stories in One Shell Square Miri in Sarawak and The Night Shelter in Penang. This is the second time in the history of this award that two winners have been named, the first being in 2016.

Though completely different in property type, function, size and cost of development, both winners are sterling examples of green buildings with a difference.

One Shell Square Miri is an exemplary repurposing of a nearly completed block of serviced apartments into a 13-storey office block. It is a joint venture between ParkCity Group and the Land Custody and Development Authority of Sarawak. The Night Shelter is a heart-warming and innovative public service initiative by Majlis Bandaraya Pulau Pinang to empower street citizens.

The sole winner of The Edge Malaysia-PEPS Value Creation Excellence Award 2024 is Park Regent in the award-winning township of Desa ParkCity in KL.

Launched just before Covid-19 hit our shores, the most luxurious condominium to date in Desa ParkCity has been completely sold at an average of RM1,100 psf, with the biggest of the 505 units going for just under RM5 million.

The project was handed over about a year ago. Based on official data submitted to the judges, secondary market transaction values have risen by 30% to 40% from what the original buyers paid. During the site inspection, the judges were told that more recent transactions have seen even higher appreciation.

Park Regent is jointly developed by ParkCity Group and CapitaLand.

Malaysian developers are stamping their mark overseas, as the winners of this year’s The Edge Malaysia Outstanding Overseas Project Award show.

Be it design, planning, construction or landscaping, these developers are making us proud, creating iconic structures and townships away from home. This year, there are two winners — Sapphire by the Gardens and Celadon City.

Sapphire by the Gardens in Melbourne, by S P Setia, is a luxury integrated development. This landmark project has reinvigorated a unique central business district site at the edge of Hoddle Grid and at the doorstep of Carlton Gardens, the city’s only World Heritage listed asset. Little wonder then that this iconic project is dubbed the crown jewel of the Melbourne skyline.

Meanwhile, Celadon City is one of the largest residential projects by Gamuda Land in Vietnam. It is located in the heart of Tan Phu district in Ho Chi Minh City and boasts one of the largest parks in the city. A nature sanctuary, the township celebrates modern living by integrating residential, commercial and public amenities within lush greenery.

The Edge Malaysia Excellence in Conservation & Adaptive Reuse Award 2024 goes to The Zhongshan Building in Kampung Attap, KL and The Edison George Town, Penang.

The Zhongshan Building is located in a sleepy corner, across from one of the city’s liveliest districts. Once a family-owned butchery and residential space within three shophouses, the renovated 1950s building now houses a vibrant community of creative enterprises. Meanwhile, The Edison George Town is a colonial mansion restored and transformed into a lifestyle hotel.

The search for The Edge Malaysia Property Excellence Awards 2024 winners has been arduous but exhilarating because the awards are setting new benchmarks in the Malaysian property development industry.

Well done to all winners! Read about them in this special report on the awards.

Au Foong Yee ([email protected]) is an editor emeritus at The Edge Malaysia. She conceptualised The Edge Malaysia Top Property Developers Awards (TPDA) and has been a judge since its inception in 2003.

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