FIABCI rules out possibility of property bubble burst

WHILE the current property market might seem a bit sluggish, things aren’t as bad as they seem to be.

FIABCI Malaysia secretary-general Dr Yu Kee Su believes that while the property market will remain slow going into 2019, he is, however, optimistic that the sector will not result in a property bubble burst.

“Demand for homes will always be there. Banks continue lending to qualified home buyers. Developers are also continuing to introduce creative packages in helping home buyers and we’re not hearing of additional cooling measures,” he tells StarBizWeek.

Yu is hopeful that things will pick up under the new government.

“We’re hopeful that the new government can and will do better. They should introduce policy changes in line with its election mandate and manifesto promises, for economy expansion to benefit people at large.

“The government ought to manage national wealth carefully so as to minimise additional risks to economy.

FIABCI Malaysia is the organiser of the annual Malaysia Property Awards (MPA). Many consider the prestigious event to be like the “Oscars” of the property industry.

This year’s MPA will be held on Nov 17 at the One World hotel in Selangor.

“The project winners will be representing Malaysia to compete at 2019 FIABCI World Prix d’Excellence Awards, to be held in May 2019 in Moscow, Russia, says Yu, adding that the 2018 FIABCI World Prix d’Excellence Awards was already held at Jumeriah Emirate Hotel, Dubai, in May 2018.”

For the MPA, Yu says its winners chosen via a four-tier assessment.

“First, there will be a site physical evaluation, where a group of evaluators will visit each participant’s project site to evaluate the project.

“This is then followed by a presentation to the FIABCI Committee. The aim here is to verify the project facts and information, as well as to eliminate those unqualified and not-up-to-mark projects.”

The project would then be judged by a panel of jury members, who are heads of national real estate associations and international real estate experts.

“The aim here is to verify the project’s technical issues and choose the best project that can advance to next level,” Yu says.

The final tier is a judging session involving a panel of independent judges.

“These are respected figures within society who may or may not be directly involved in real estate, says Yu.

Meanwhile, the FIABCI world Prix d’Excellence Award winners are chosen via a dual-tier assessment system.

“The first level will see the projects being judged by real estate professionals from FIABCI Chapters all over the world.

“The second stage comprises an oversight panel, who are experienced judges from the Americas, Asia Pacific, Europe, South Africa and the Middle East.”

Up close and personal

Every year, FIABCI Malaysia organises study tours to projects that were winners at the FIABCI World Prix d’Excellence Awards. The study tours are held usually once a year, says Yu.

“The aim of the study tour is to revisit the winning project after years of winning the award; to bring the industry closer to the project and its owner; as well as to allow participants to gain insights on the award-winning projects.

Last month, FIABCI Malaysia organised a three-day study tour to Perak and Penang, visiting the sites of six previous FIABCI World Prix d’Excellence Awards winners.

In Perak, participants got to visit the Lost World of Tambun (2015 World Gold Winner under the Resort category) and Banjaran Hotsprings Retreat (2012 World Gold Winner, Resort Category). Both developments are by the Sunway Group.

In Penang, the study tour consisted of Selangor Dredging Bhd’s River Rehabilitation @ By The Sea (2017 World Silver Winner – Environment Category); IJM Land Bhd’s The Light Waterfront (2015 World Silver Winner – Master Plan Category); Hunza Group’s St Jo’s (2014 World Silver Winner – Heritage (Restoration / Conversation) Category); and G Hotel Gurney (2009 first Runner-up – Hotel Category).

The study tours are a form of service to its members, says Yu, adding that it also offers an opportunity to learn and understand winning projects.

“For example, construction technic applied, problem solving and maintenance work that has been done. The study tours also serve as motivation for the property industry to develop quality products.

“The tours also provide marketing opportunities for awarding-winning projects and its owner or developer, as well as branding for FIABCI, MPA and World Prix d’Excellence Awards.”

Source: TheStar