MALAYSIA Property Inc (MPI) – a government-backed initiative by the Economic Planning Unit of the Prime Minister’s Department – has early this month unveiled its Malaysia Property Gallery in Singapore as part of its efforts to increase investment flow via real estate by providing our developers with a marketing platform to tap investors across the Causeway.
Located in the Singapore Exchange (SGX) Centre 1 at Shenton Way, the gallery offers over 1,200sq ft of exhibition space, meeting and seminar rooms, and other facilities for MPI for promotional and branding purposes to individual and institutional investors as well as for Malaysian developers to launch or promote their product offerings.
In addition, MPI chairman Tan Sri Thong Yaw Hong said the gallery also supports the government’s efforts to attract foreign direct investments (FDI) to the local real estate sector.
For this, MPI will collaborate with government agencies such as the Ministry of International Trade and Industry, Malaysian Investment Development Authority and the Ministry of Tourism as well as the private sector to drive FDI with focus on the niche area of property investment.
“It’s necessary to have consistent presence in targeted overseas markets for better follow-up and access to information on local property investment. Buying properties is a big ticket item, hence the gallery is an extension of MPI’s current efforts to better engage investors and to create greater awareness of Malaysia’s attractive offerings.
“Given the changing economic landscape and rising global competitiveness, Malaysia should leverage on its real estate sector as a new model for FDI, especially when we have award-winning, world- class developers and products,” said Thong.
According to him, the developers only have to pay rental of RM10,000 a week and MPI in return will enable them to launch their projects and meet high nett worth investors, execute longer term marketing and sales efforts to create a stronger branding presence in Singapore, and tap on MPI’s other advantages such as networks and public relations campaigns, seminars and briefings on Malaysia My Second Home programme and investors.
They can also request MPI to hold special investor sessions tailored to the needs, get constant branding with permanent displays on the “Best of Malaysia Real Estate” sections, and use the gallery to receive enquiries from potential buyers on their behalf.
Thong noted the gallery’s close proximity to amenities and transportation links makes “a perfect venue” for developers to showcase their projects to generate potential leads while Singaporeans can conveniently obtain first-hand information without having to travel here.
“At the gallery, they can also access market intelligence on the various locations and property types, developers’ track records, last price transactions, real estate policies and views of industry experts,” he added.
MPI chief executive officer Kumar Tharmalingam said the gallery’s ground floor is suitable for developers and government agencies to showcase investment opportunities and the mezzanine floor, containing private meeting rooms and a presentation room, to feature high value assets to regional investors based in Singapore.
“These firms manage billions of dollars worth of private equities and pension funds and MPI aims to invite them to present the investment opportunities available in the economic corridors and other real estate projects undertaken by government linked companies and public-private joint ventures.
“Historically, Malaysians have been the largest foreign investors in Singaporean real estate and vice versa. The Malaysia Property Gallery reflects that close relationship. It provides our developers with access to Singaporean investors while allowing them to better understand what’s available over here.
“It’s a comprehensive one-stop source for these investors and is dedicated to enhance the image and perception of Malaysian property developments,” Kumar added.
According to Malaysia Property Gallery manager Abraham Jacob, the turnout during the first week of exhibition was very encouraging and Sime Darby Property Bhd, its first exhibitor, received a steady stream of visitors keen to find out the developer’s products.
A source from the developer revealed it received a good quality crowd with high interest in investing in Malaysian real estate in view of the positive economic outlook.
“Being in the heart of Singapore’s business district, the footfall was higher on weekdays. The gallery is open after office hours to give potential customers the flexibility of visiting it in a more relaxed setting.
“The bustling eatery of Lau Pa Sat located next to the SGX Centre also draws a huge crowd well into the night and part of our challenge is to attract them over to see what’s on offer,” Jacob said, noting that being near to amenities and transportation hubs Raffles Place and Tanjung Pagar, which are a five-minute walk to SGX Centre 1, is another plus point.
“With SGX Centre the main landmark here and the taxi stand right in front of our gallery, it’s hard to miss.”
Other than Sime Darby Property, Jacob added that Ireka Development Management Sdn Bhd, IOI Properties Bhd, UEM Land Bhd, WCT Bhd and Hunza Properties Bhd have either confirmed their participation or are looking forward to exhibit their products at the gallery.
On challenges facing MPI in its promotion of local properties abroad, Kumar said that although foreigners regard Malaysia as a popular tourist destination, many are unaware of the properties available, pointing to MPI’s research in China, India and South Korea which shows Malaysia is not seen as a property investment destination as foreigners are still having a neutral mindset about that.
According to him, MPI, which has brought local real estate projects to Japan, the United Kingdom and India, has been aggressively promoting the sector internationally.
Going forward, MPI will focus on the Asia Pacific region in countries such as India, China, Japan, Korea, Hong Kong, Singapore and Indonesia.
It will also look at the Middle East as almost all the countries there have presence in Malaysia and that is something MPI should look into, Kumar added.
People behind MPI
Tan Sri Thong Yaw Hong, chairman
He has a distinguished career with the government mainly in socio- economic development planning and finance, serving the Economic Planning Unit (EPU) in the Prime Minister’s Department from 1957 and the Ministry of Finance from 1979 to 1986. He holds a Bachelor of Arts (Hons) degree in economics from University of Malaya and a Master’s degree in public administration from Harvard University.
Kumar Tharmalingam, CEO
He holds a Bachelor degree in real estate from University of London. He is a fellow of the Royal Institution of Chartered Surveyors, fellow of the Institution of Surveyors Malaysia and registered as a real estate valuer and property consultant with the Board of Valuers, Appraisers and Estates Agents.
Datuk Krishnan Tan, chairman of exco
He is CEO and MD of IJM Corp Bhd. He is a certified public accountant, economics graduate from University of Malaya and holds a Master’s degree in business administration from Golden Gate University, San Francisco. He promotes Malaysia-India business ties as president of Malaysia-India Business Council.
Datuk Dr K. Govindan, exco member
He is deputy director general of EPU with responsibilities covering the Economic Council, promotion of private sector investment and free trade agreements.
Shahril Ridza Ridzuan, exco member
He is deputy CEO, investment division of the Employees Provident Fund. Before that, he was executive director of Malaysian Resources Corp Bhd. He holds a Bachelor of Civil Law (1st class) from Oxford University and a Master of Arts (1st class) from Cambridge University, both in England, and was called to the Malaysian Bar and the Bar of England and Wales.
Datuk Ir Tan Kia Loke, exco member
He is group MD, senior MD of Sunway Construction Group and a member of the Sunway Group exco. He is a special member with Construction Industry Development Board and an honorary advisor to Master Builders Association Malaysia.
Datuk Fateh Iskandar Mohamed Mansor, exco member
He attended the Malay College Kuala Kangsar and obtained a law degree from University of Queensland, Australia and an MBA. He is vice president of the Real Estate and Housing Developers’ Association (Rehda), chairman of Rehda Selangor and group MD of Glomac Bhd.
MEMBERS OF BOARD OF DIRECTORS
Dr Soh Chee Seng
He is currently the director of EPU and previously chief executive of the Social Security Organisation or Socso.
Datuk Tunku Putra Badlishah
He is MD of Sime Darby Property Bhd. He is a business administration graduate and alumni of the Harvard Business School Senior Management Development Programme. Among his previous appointments were director, group property, Sime Darby Bhd; and MD of Auto Bavaria Malaysia.
Datuk Richard Fong
He holds an honours degree in civil engineering from University of London and began his career in Mudajaya Construction Sdn Bhd and IJM Corp Bhd before co-founding Glomac in 1988. He was president of the International Real Estate Federation (Fiabci) Malaysia chapter from 2008 to 2010.
Datuk Michael Yam
He is MD and CEO of strategic, technical and project management advisory firm Impetus Partnership. He is a member of the City of Kuala Lumpur advisory board, Rehda president, a trustee of the Standard Chartered Charity Trust and a fellow of UK-based Chartered Institute of Building.
Source: NSTProperty
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