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Entries for Malaysia Property Awards surge
Real estate news By Loong Tse Min
Monday October 15, 2007
The number of entries for the Malaysia Property Awards has been boosted by the many innovative new concepts being implemented in the Malaysian property sector and the construction boom over the last three to four years. Billed as the “Oscars of the Property Sector”, this year's contest has a whopping 45 entries compared with last year's 39 and 30-odd in 2004, said FIABCI-Malaysia honorary treasurer Yeow Thit Sang. Yeow noted that when the awards - then known as the FIABCI Award of Distinction - were initiated 15 years ago it was during the Asian financial crisis and the property development sector was in a “down cycle”. “As there are a lot of building works going on, there will be even more entries next year.”
As for innovative concepts, the recent years have seen more emphasis on “green” or environmentally friendly concepts. SP Setia Bhd, which won the master plan category and low-rise development categories for the Setia Eco Park development at the Malaysia Property Awards 2006 is one such example, Yeow said. Setia Eco Park was the winner of Prix d' Excellence Award 2007 in the master plan category. Anther innovative concept that is surfacing in the Malaysian property sector is social redevelopment. An example is YTL Land & Development Bhd's development of the Sentul East commercial and residential township and the Sentul West exclusive residences and greenery along the Jalan Sentul area in Kuala Lumpur, Yeow said. An objective of the Malaysia Property Awards is to select the country's entries to the world “Prix d' Excellence” awards presented at the FIABCI World Congress. “The association encompasses anyone within the real estate life cycle, from architects to marketing agents,” Yeow said.
The FIABCI association is a special consultant with NGO status at the Economic and Social Council of the United Nations. The Malaysia Property Award and the Prix d' Excellence were highly sought after, Yeow said. “This is because of the transparency of the award today,” he said, adding that with time, the award criteria has become more comprehensive together with the appointment of independent judges from outside of the close knit industry. This transparency and integrity is a boon for many a property developer that wins. International firms and foreign partners have sought many past winners for joint projects both locally and abroad. Yeow said the branding opportunities in terms of retail sales were also good, with developers proudly touting their FIABCI award status.
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