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

Au Foong Yee

The Edge Malaysia editor emeritus

After 15 years, Sime Darby Property Bhd (SDP) has reclaimed the coveted title of Malaysia’s top property developer. The last time the company lifted the crown was in 2009.

SDP’s win is sweet. The company leapfrogged to the top from the joint third position it shared with S P Setia Bhd and UOA Development Bhd last year. The property division of Gamuda Bhd was in first place last year. In 2022, S P Setia was the winner while SDP came in fourth.

We get comments that the top 10 list of the Top Property Developers Awards (TPDA) is the same, year in and year out. This is true to a certain extent as it is not easy to unseat the more established and branded developers who continue to deliver sterling results.

A close scrutiny of the key winners through the years will show the intense competition for the top 10 spots, which are determined based on transparent and published judging criteria.

The developers are ranked based on the total tally of their qualitative and quantitative scores which have a 65:35 weightage. The qualitative scores are given by a panel of judges comprising property sifus with experience and insights into the market. When the awards made their debut in 2003, the scoring weightage was 50:50 but this has since been tweaked to align with consumers’ expectations of better quality buys.

The quantitative scores are based on data collated from official and published sources, and the results are audited by Deloitte Malaysia.

This year, the judges have taken the scrutiny a step further, visiting the projects of developers ranked in the top 10 spots in last year’s awards.

TPDA serves to recognise Malaysia’s top and best developers and, by extension, raise the benchmark for property development in the country. By doing so, we are both creating awareness for and educating consumers on the what, why and who when putting their money on real estate. After all, property investment remains the single-largest investment for most people.

Congratulations to Malaysia’s top property developers!

Datuk N K Tong

Tong is the immediate past president of Real Estate and Housing Developers’ Association (Rehda) Malaysia (2022 to 2024). He co-founded and is group managing director of Bukit Kiara Properties Sdn Bhd, a niche developer of innovative lifestyles. He is also an independent non-executive director of Standard Charted Bank Malaysia Bhd and chairs its Board Risk Committee. His other governance roles include being an advisory board member of Kuala Lumpur City Hall and a director of JA Russell & Co.

Each year, the standard and quality of developers continue to rise and to exceed my expectations. This year was unique as we had “boots on the ground” to selectively inspect developers’ showcases and to probe management teams further.

The TPDA does a very rigorous job of evaluating the qualitative and quantitative aspects of these top developers and I congratulate the winners on their well-deserved success.

Not only do these developers do well by their team members, customers and shareholders, but they also make Malaysia proud and position the country as a progressive nation, open for business!

Tan Sri Teo Chiang Kok

Teo is a patron and past president of Rehda Malaysia , trustee of Rehda Institute and past president of Fiabci Malaysia, Malaysia Shopping Malls Association and Building Management Association of Malaysia.

He is the executive chairman of the 1 Utama City Group and has been involved in the property development industry for over 50 years.

I believe this is the first year all the 12 winners are the same as in the previous year except for their positions.

This is testimony to the winners recognising the value of the TPDA and resolutely defending their inclusion in the Top 10 list.

Heartiest congratulations to all the winners and may these results spur all upcoming developers to double their efforts in climbing this ladder of excellence.

Datuk Seri Michael Yam

Yam is a patron and past president of Rehda Malaysia and has just stepped down as the 119th global president of the UK-based Chartered Institute of Building, which has 49,000 members worldwide. He is the current chairman of MPC’s Construction and Built Environment Nexus, with the mandate from the government to prepare a road map to transform the industry to embrace modern methods of construction and achieve greater efficiency and ESG alignment.

He is the chairman of several private companies that invest in niche developments in the Klang Valley while also managing his own corporate and development advisory consultancy that helps landowners to plan, derisk and project manage to ensure the optimum use of their assets. He is the current chairman of Triterra Metropolis Sdn Bhd, Mercure Kuala Lumpur Glenmarie hotel, Metropolitan Lake Development Sdn Bhd, THY Urban Sdn Bhd and Impetus Alliance Advisors Sdn Bhd, while serving as a non-executive director of other companies.

He has been an adjunct professor of both Universiti Teknologi MARA and Tunku Abdul Rahman University of Management and Technology since 2023 while also serving as chancellor of the University of Wollongong Malaysia, subscribing to his aspiration to teach and mentor while sharing his multi-disciplinary experience with others, especially the youth.

It is that time of the year when property developers and stakeholders look forward with excitement, and some anxiety, to the announcement of the winners and rankings of the TPDA. Arguably the most prestigious of all property awards, its comprehensive coverage of not only a company’s quantitative attributes but also heavier weightage on the quality and value creation of its products and services, have made it of significant public and corporate interest.

Over the past 20 years since TPDA was inaugurated, it has been considered the standard by which property companies benchmark themselves against their peers. It is also clear that the top companies take this competition seriously and as judges, we notice the efforts the participants take to improve themselves not only in an attempt to win but also to future-proof their products by incorporating the latest features and trends into their offerings. As the world progresses towards net-zero carbon emissions by 2050, it is noticeable that companies are taking steps to incorporate more green features and ESG (environmental, social and governance)-compliant best practices as part of their corporate culture, which is a positive transformation.

Congratulations to the winners of the TPDA 2024 and compliments to The Edge Malaysia’s team for your dedication, commitment and a well-organised competition that celebrates excellence in the property industry.

Datuk Seri F D Iskandar

F D Iskandar, group managing director and CEO of Glomac Bhd and patron of Rehda Malaysia, has three decades’ experience in the property development industry. He sits on the board of several private limited companies, including Axis REIT Managers Bhd, and is the immediate past chairman of the Construction Research Institute of Malaysia.

The TPDA is in its 22nd year now, and is the Oscars of the property and real estate industry. The players are judged by their peers who are also their competitors, which means they have to be good to get the recognition.

It is a friendly competition to spur the Malaysian property and real estate industry to the next level for the rakyat. It pushes the industry forward to provide innovative and quality homes. Hopefully, the awards will encourage developers to strive to be included in this list. Kudos to The Edge Malaysia.

Note: He abstained from judging Glomac Bhd

Tan Sri Eddy Chen

Chen is group managing director of MKH Bhd and former chairman of PR1MA Corp Malaysia. A patron and past president of Rehda Malaysia, he served on its national council from 1996 to 2020. Chen is on the board of advisers for the Malaysia Shopping Malls Association (2018 to 2022), and is president of the Building Management Association of Malaysia (2022 to 2024) and past chairman of the construction, property and infrastructure committee of the Associated Chinese Chambers of Commerce and Industry of Malaysia.

Let me first congratulate The Edge Malaysia on the successful conclusion of the TPDA. A job well done!

And secondly, my congratulations to all the TPDA recipients. There are no major changes in the rankings, which shows the strength and stamina of our larger developers. Despite the many challenges, some of which will continue to exist, working and adapting and, in many instances, getting used to them and overcoming them, has been the hallmark of a successful developer.

Some goalposts remain while others have moved and continue to challenge the industry. However, at some point, stakeholders will have to wake up and realise that it’s not business as usual. One challenge is that the housing completion numbers have been dropping from 200,000-plus units in the early 2000s to less than 60,000 units at last count — and yet we have an overhang unsold position. How is this possible?

My proposal to tackle this is to reconvene a National Housing Consultative Council. This should involve all key stakeholders and, more importantly, include all the state governments. The goal is to establish a cohesive national policy and strategy to drive a robust and vibrant housing sector that contributes significantly to national well-being and gross domestic product. And it should be chaired by the prime minister, failing which housing as an economic engine, wealth and happiness factor will continue to diminish!

Note: Chen abstained from judging MKH Bhd

Datuk Ho Hon Sang

Ho serves as president of Rehda Malaysia for the 2024-2026 term. Previously, he held the roles of deputy president (2022-2024) and chairman of Rehda Selangor (2020-2022). Currently an adviser of Equatorial Palms Sdn Bhd, Ho has over 40 years’ experience in property development, engineering, consultancy, road privatisation and general management.

He was formerly group CEO of Mah Sing Group Bhd, CEO of Sunsuria Bhd and managing director of Sunway Bhd’s property development division. Ho is a registered professional engineer and a member of the Institution of Engineers, Malaysia. He graduated with first class honours in civil engineering from Universiti Malaya and completed Harvard Business School’s Advanced Management Programme in 2005.

I observed very keen competition among the companies through their submissions. Each of them shared their work over the past year and demonstrated serious efforts to make their products very attractive in order to draw attention and a desire to purchase among would-be buyers.

Developers have gone beyond providing impressive landscapes, concepts and entrance statements. They are beginning to incorporate ESG elements such as green certifications, technologies, reduced carbon emissions, rainforest (on top of the usual landscape) biodiversity features and sustainability/integrated reporting.

As a whole, the bar has been raised and as a result, the real estate industry will contribute very significantly to the green agenda over time.

Note: Ho abstained from judging Mah Sing Group Bhd and Sunsuria Bhd

Datuk Jeffrey Ng

A patron and past president of Rehda Malaysia, Ng has close to 40 years of experience in finance and corporate management in the property and hotel industries in Malaysia and Australia. He is a fellow of Chartered Accountants, Australia and New Zealand as well as a member of the Malaysian Institute of Certified Public Accountants, adviser to the Malaysian REIT Managers Association and chairman of Rehda Institute.

Ng is also an appointed member of the Appeals Board under the Federal Territory (Planning) Act 1982 and industry adviser, Faculty of Accountancy and Management at Universiti Tunku Abdul Rahman. He recently retired as CEO of Sunway REIT and chairman of United Overseas Bank Malaysia, and now sits on the board of Ayer Holdings Bhd and CapitaLand Malaysia Trust as an independent non-executive director. He is the founder of Urban Hallmark Properties Sdn Bhd.

It is no surprise that SDP has taken top spot in 2024 as its consistent thematic play on sustainability has been very effective in winning over like-minded green-conscious homebuyers.

SDP has made a marvellous comeback to No 1 in an extremely competitive field after many years. Kudos to all the other top 10 winners for staying relevant with exciting launches and aggressively reaching out to the market.

There are two points worth noting:

Firstly, excellence in quantitative attributes alone cannot earn a top 10 ranking. Equal, if not more, efforts must be made by aspiring property developers to deliver on the qualitative attributes.

Secondly, notwithstanding that sustainability is not a criterion in the qualitative attributes, the feel-good and tangible outcomes of sustainability are embedded in the qualitative attributes.

Note: Ng abstained from judging Ayer Holdings Bhd

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