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With The Acquisition Of Property Hub, Knight Frank Malaysia Enters The Residential Real Estate Market.

Knight Frank Malaysia has acquired a 51 percent ownership in Property Hub Sdn Bhd, a Malaysian real estate agency, to increase its presence in the residential real estate industry.

The workforce has grown to 720 experts with Property Hub, which has been rebranded as Knight Frank Property Hub (KFPH), but plans are in place to increase the number to 1,000 professionals within the next three years.

To incorporate Property Hub into Knight Frank’s global processes, a new management structure will be implemented, as well as new recruits.

He said the development strategy involves boosting their presence in Penang and Johor, and that the move was made in anticipation of the housing market’s predicted revival this year. “There is a lot of pent-up demand,” he said, adding that the market will return with the easing of standard operating procedures and the opening of borders.

While Knight Frank has a strong presence in the residential mid-to-high-end markets and a large client base of high-net-worth individuals, KFPH will serve as Knight Frank Malaysia’s residential real estate branch.

 

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KUALA LUMPUR: Global real estate firm Knight Frank Malaysia is expanding its presence into the residential real estate market with the acquisition of Property Hub Sdn Bhd, taking a 51% stake in the local real estate agency.

With Property Hub, which has been rebranded as Knight Frank Property Hub (KFPH), the team has been enlarged to 720 professionals but plans are in place to bolster the total to 1,000 professionals within the next three years.

A new management structure will be implemented, in addition to the acquisition of new hires to integrate Property Hub into Knight Frank’s global practices.

“Today’s announcement reinforces our position as the leading real estate consultant in Malaysia and highlights the power of our brand and culture to attract the best talent. With the combination of our 600+ professionals in Malaysia, this will enhance Knight Frank Malaysia’s ability to provide comprehensive solutions for clients in any market across the country,” Knight Frank Malaysia group managing director Sarkunan Subramaniam said.

The expansion plan includes strengthening their foothold in Penang and Johor, he said, adding that the expansion was in lieu of the expected recovery of the property market this year. “There is a lot of pent-up demand,” he said, pointing out that with the relaxation of the standard operating procedures and the opening of the borders, the market will rebound.

“This joint venture aligns with our vision to provide our clients with a full range of services, including valuation, capital markets, corporate services and property management, while leveraging our expertise in residential sales and leasing as well as project marketing,” KFPH managing director Benjamin Tee said.

While Knight Frank has an established presence in the residential mid-to-high-end markets and a cache of high-net-worth clients, KFPH is set to operate as Knight Frank Malaysia’s local residential real estate arm.

Knight Frank Malaysia group chairman Eric Ooi and group deputy managing director Keith Ooi as well as KFPH executive directors Enoch Khoo and Wan Choy Heng were also present at the launch of KFPH.

 

Source: Star Property

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Airbnb Claims That A Ban On Homestays In Penang Is Harmful To People’s Livelihoods.

Airbnb has requested the state government of Penang to reconsider its plan to prohibit short-term rental homes or homestays in landed and highrise properties.

According to Mich Goh, Airbnb’s head of public policy for Southeast Asia, India, Hong Kong, and Taiwan, the plan might impede economic recovery efforts, harm Penangites’ livelihoods, and jeopardise jobs “at an exceedingly vital point.”

He noted that the strategy will make it more difficult for the state to remain competitive and recruit tourists.

According to Airbnb’s own survey, 60% of Penangites believe that STRA (Short-term rental accommodations) boosts visitor revenue.

According to the survey, 80% of Penangites believe that utilising surplus unoccupied units for short-term rentals helps to reduce the property overhang.

Individual Joint Management Bodies (JMBs) and Management Corporations (MCs) should be allowed to decide whether or not to impose further STRA by-laws or regulations, according to Goh.

“This gives tenants the power to decide whether and how STRA should be implemented in their buildings,” he explained.

The homestay ban would take the shape of a “guideline,” which will be transferred to local councils for implementation, according to state executive councillor Jagdeep Singh Deo, who also chairs the housing committee.

Despite the fact that the ban’s start date has yet to be determined, he noted that the state administration has agreed to the idea after receiving numerous objections from residents’ groups in apartments, condominiums, and residential neighbourhoods.

 

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PETALING JAYA: Airbnb has urged the Penang state government to reconsider its plan to ban short-term rental homes or homestays in landed and highrise properties.

The plan would risk derailing economic recovery efforts, damage Penangites’ livelihood and put jobs at risk “at an incredibly critical juncture”, said Mich Goh, who is the Airbnb head of public policy, Southeast Asia, India, Hong Kong, and Taiwan.

“With tourism playing such a crucial role in Penang’s economy, imposing such ill-considered restrictions on short-term rental accommodation (STRA) in highrise residential buildings would negatively impact the state’s recovery momentum and long-term tourism growth,” Goh said.

The plan would make it harder for the state to remain competitive and attract tourists, he added.

In its own survey, Airbnb claimed that 60% of Penangites believe that STRA increases tourism revenue.

The survey also found that 80% of Penangites agree that using surplus vacant apartments for short-term rentals helps combat the property overhang.

Goh suggested that the government let individual Joint Management Bodies (JMBs) and Management Corporations (MCs) decide on whether to enact additional STRA by-laws or restrictions.

“This empowers residents to decide if and how STRA should be run in their buildings,” he said.

Yesterday, state executive councillor Jagdeep Singh Deo, who is the housing committee chairman, said the homestay ban would manifest in the form of a “guideline”, which will be passed to local councils for enforcement.

He added that though the starting date for the ban had not been decided, the state government has agreed with the plan, based on the numerous complaints from residents’ groups at apartments, condominiums and residential neighbourhoods.

Source: Free Malaysia Today

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TTM Technologies Will Build A US$130 Million Facility In Penang.

TTM Technologies Inc, a Nasdaq-listed manufacturer of printed circuit boards (PCBs), radio frequency (RF) components, and RF microwave/microelectronic assemblies, is investing US$130 million (about RM550 million) at a plant in Penang.

The Malaysian Investment Development Authority (MIDA), InvestPenang, and TTM said in a joint statement released on Monday (April 25) in conjunction with the plant’s ground-breaking ceremony that the latter’s expansion to Penang is in direct response to customer demands for advanced technology PCB supply chain resiliency and diversification in regions other than China.

TTM chose Penang as the site for this new factory after conducting an exhaustive evaluation of different nations, taking into account investment and operational costs, customer proximity, and supply chain support, according to the company.

Penang’s well-established electrical and electronics (E&E) sector ecosystem is especially appealing.

TTM’s global commercial markets will be served by the new factory, which will include networking communications, data centre computing, medical, industrial, and instrumentation.

Penang Chief Minister Chow Kon Yeow stated that the state of Penang is recognised as a prominent player in the worldwide semiconductor sector, notably in the fields of assembly and testing, as well as equipment manufacture.

TTM president and CEO Thomas Edman said the plant represents the start of a new chapter in the company’s global effort to provide clients with differentiated high-value-add engineering and PCB product solutions.

 

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KUALA LUMPUR (April 25): Nasdaq-listed printed circuit boards (PCBs), radio frequency (RF) components and RF microwave/microelectronic assemblies manufacturer TTM Technologies Inc is investing US$130 million (about RM550 million) to set up a plant in Penang.

In a joint statement on Monday (April 25) in conjunction with the plant’s ground-breaking ceremony, Malaysian Investment Development Authority (MIDA), InvestPenang and TTM said the latter’s expansion to Penang is in direct response to customer requirements for advanced technology PCB supply chain resiliency and diversification in regions beyond China.

They said TTM selected Penang as the location for this new plant after an extensive review of multiple countries with careful consideration of investment and operating costs, customer proximity and supply chain support.

Penang is also attractive due to its well-established electrical and electronics (E&E) industry ecosystem.

The new plant will serve TTM’s global commercial markets including networking communications, data center computing, and medical, industrial, and instrumentation.

Penang Chief Minister Chow Kon Yeow said Penang is recognised as one of the major players in the global semiconductor industry, particularly in the areas of assembly and test as well as equipment manufacturing.

“The state, via InvestPenang, strives to bolster our efforts to outpace investors’ expectations by providing continuous facilitation and utmost support along the journey,” he said.

This state-of-the-art, highly automated plant will be built upon approximately 27 acres of industrial land at Penang Science Park.

Construction is expected to take 12 to 15 months followed by equipment installations in mid-2023.

Pilot production is targeted to begin in the second half of 2023, with volume production commencing in 2024 and gradually ramping up to full Phase 1 capacity in 2025.

TTM expects the new plant to achieve full run rate revenue of approximately US$180 million (approximately RM761.5 million) in 2025.

The factory has also been planned to support a 25% upside Phase 2 expansion.

TTM president and chief executive officer Thomas Edman said the plant marks the start of an important new chapter to support customers with differentiated high value-add engineering and PCB product solutions on a global basis.

“As an early-mover into Southeast Asia for the production of advanced technology PCBs, TTM is responding to our customers’ needs for supply chain resiliency, regional diversification and growth capacity,” he said.

Source: The Edge Markets

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Landlords will benefit from Instahome’s partnership with Tune Protect

Instahome Sdn Bhd, a property technology (PropTech) firm, has collaborated with Tune Protect Malaysia to provide free insurance coverage to landlords who park their houses with the platform.

“Collecting a deposit may not be enough because loss of rental and property damages can exceed the deposit amount, while a zero deposit insurance package is costly and time-consuming, and landlords are frequently faced with tenants who do not keep the property well maintained,” said Instahome CEO Eric Tan.

The proposal to provide additional coverage will not cost landlords anything because Instahome will cover the expense as part of its services. According to Tan, the insurance is the result of Instahome conducting surveys in which more than 70% of landlords indicated desire in a product that protects their investment homes. Homeowners will be better protected against rental obligations such as unpaid rent and property damages.

Landlords can claim up to RM1,500 in rental losses, RM500 in legal fees, RM15,000 for intentional damage, and RM1,000 for theft in the event of a defaulting tenant.

Tune Protect’s chief partnership and eCommerce officer Janet Chin said, “Our vast range of insurance products means Instahome can offer further benefits by embedding Tune Protect products into their purchasing route to provide customers with the necessary coverages that meet their lifestyle demands.”

Landlords will receive comprehensive support, including eviction assistance, with Instahome helping them through the court claims procedure and linking them with panel lawyers. Tune Protect partnership senior manager Jeffrey Wong and Instahome country manager Leon Kong were also in attendance.

 

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KUALA LUMPUR: Property technology (PropTech) startup Instahome Sdn Bhd has partnered with Tune Protect Malaysia to offer free insurance coverage to landlords whose properties are parked with the portal.

“Collecting deposit alone might not be enough as loss of rental and property damages can exceed the deposit amount while a zero deposit insurance package is expensive and time-consuming, and landlords are often faced with tenants that do not keep the property well maintained,” Instahome chief executive officer Eric Tan said.

The move to offer additional coverage will not cost landlords extra as the cost is absorbed by Instahome as an added feature to its services. The insurance comes after Instahome conducted surveys where more than 70% of landlords expressed interest in a product that safeguards their investment properties, according to Tan, pointing out that home owners will be better protected from rental liabilities such as unpaid rent and property damages.

In the event of a defaulting tenant, landlords will be entitled to receive up to RM1,500 in rental losses, RM500 in legal fees, RM15,000 for malicious damage and RM1,000 for theft.

“Our wide array of insurance products means Instahome can offer added benefits by embedding Tune Protect products into their purchase path to provide customers with the relevant coverages that meet their lifestyle needs,” Tune Protect chief partnership and eCommerce officer Janet Chin said.

Landlords will receive full coverage support, including eviction support with Instahome guiding the landlords throughout the claims process in the court and connecting them with panel lawyers. The event was also attended by Tune Protect partnership senior manager Jeffrey Wong and Instahome country manager Leon Kong.

Source: Star Property

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In 2021, The Residential Overhang Was At An All-Time High.

According to the National Property Information Centre’s (Napic) Property Market Report 2021, residential property overhang reached an all-time high of 36,863 units worth RM22.79 billion last year, representing a 24.7 percent increase in volume and a 20.5 percent increase in value over 2020.

Residential units that have earned certifications of completion and compliance but have remained unsold for more than nine months after being launched are referred to as “overhang” by Napic.

Selangor has the most overhang units and the highest value, with 6,095 units worth RM5.28 billion. This accounted for 16.5 percent of the national total in terms of volume and 23.2 percent in terms of value.

Johor (6,089 units for RM4.72 billion), Penang (5,493 units worth RM3.56 billion), and Kuala Lumpur (3,908 units worth RM3.17 billion) were all close behind.

Condominiums and apartments accounted for 55.6 percent of total overhang (20,505 units), followed by terraced houses (21.3 percent , 7,839 units).

The bulk of unsold houses were in the inexpensive price bracket of RM300,000 and below (31.5 percent , 11,610 units). This was followed by homes priced between RM500,001 and RM1 million, which accounted for 30.2 percent of the total and 11,139 units, and those priced between RM300,001 and RM500,000, which accounted for 25.7 percent of the total and 9,461 units.

The residential overhang was made up of 12.6 percent (4,653 units) of properties priced over RM1 million.

On a more positive note, the number of unsold homes under construction decreased by 2.1 percent to 70,231 units. The stock of unsold homes that have yet to be built, on the other hand, increased by 69.2 percent to 21,960 units.

 

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KUALA LUMPUR: According to the Property Market Report 2021 by the National Property Information Centre (Napic), residential property overhang increased to an all-time high last year of 36,863 units worth RM22.79 billion, marking a 24.7% increase in volume and 20.5% rise in value compared with 2020.

Napic defines “overhang” as residential units that have received certificates of completion and compliance but remain unsold for more than nine months after being launched.

Selangor had the highest number and value of overhang with 6,095 units worth RM5.28 billion. This made up 16.5% in volume and 23.2% in value of the national total.

The state was followed closely by Johor (6,089 units worth RM4.72 billion), Penang (5,493 units, RM3.56 billion) and Kuala Lumpur (3,908 units, RM3.17 billion), respectively.

Condominiums and apartments made up 55.6% (20,505 units) of total overhang, followed by terraced houses (21.3%, 7,839 units).

Properties in the affordable price range of RM300,000 and below formed the majority of unsold houses (31.5%, 11,610 units). This was followed by properties priced from RM500,001 to RM1 million, comprising 30.2% and 11,139 units; and those priced from RM300,001 to RM500,000 with 25.7% and 9,461 units.

Properties priced more than RM1 million made up 12.6% (4,653 units) of residential overhang.

On a positive note, unsold units under construction improved, dropping 2.1% to 70,231 units. However, the supply of unsold properties yet to be constructed recorded a drastic increase of 69.2% to 21,960 units.

 

Overhang a persistent issue

While Napic’s latest report shows a five-year overview of the market status, previous findings reveal that residential overhang has been prevalent since 2003.

A market boom in the 2010s saw the overhang reduce in tandem with a reduction in supply to 11,316 units, with only 4,956 new completed units added to the existing inventory.

A contributing factor for the overhang is that the saturated market is at the limit of absorptivity, as seen in take-up rates of new launches hovering in the low 30% range since 2016.

In simple terms, the mismatch of demand and supply means there are far too many properties on the market than there are potential buyers.

A common misconception is that residential overhang is caused by a prevalence of overpriced properties catering towards foreign buyers and wealthy Malaysians. Statistics, however, prove otherwise as the bulk of the unsold properties are below the RM300,000 price point classified as “affordable” by the ministry of housing and local government.

The Real Estate and Housing Developers’ Association (Rehda) has previously said the overhang situation could be attributed to developers in many states being forced to build affordable housing alongside their regular units, despite a lack of demand.

This leads to excessive “affordable” properties and increases the cost of ordinary properties to subsidise the construction of these affordable homes.

 

Source: Free Malaysia Today

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Cainiao Is Eyeing Penang For A Proposed Distribution Park

Cainiao Smart Logistics Network Ltd, located in China, proposes to build a distribution park in Batu Maung, Penang, to take advantage of the strategic location and worldwide e-commerce boom.

The logistics firm, which is owned by Alibaba Group Holding Ltd, signed a memorandum of understanding (MoU) with the Penang Development Corporation (PDC) today to perform viability and feasibility studies on the development of the planned distribution park, which includes the proposed components.

The findings of the research should be available in six to a year, according to Chief Minister Chow Kon Yeow.

According to Chow, the concept for a distribution park in Penang is appropriate and relevant, considering the global expansion of the logistics industry.

Distribution centres, he said, provide a single site for stocking a large number of products, making them a critical component of a supply network, and such facilities are in great demand in Penang, which is a hub for industries and export-oriented firms.

PDC CEO Aziz Bakar and Cainiao KLIA Aeropolis Sdn Bhd CEO Tim Fan signed the MoU.

Malaysia, according to Fan, is a very crucial location for the logistics firm, and it sees a lot of room for growth in this market.

 

To read more, please visit Bernama.

Source: Bernama

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According To RHB IB, The Property Sector Will Benefit From The Economy’s Reopening.

The property sector, according to RHB Investment Bank Bhd, should benefit from the reopening of the economy and international boundaries in general.

The research firm said in a note that it sees some possible trading opportunities because sector valuations are low, at a 64 percent discount to RNAV.

Developers have set a lower sales target this year (about -10 percent y-o-y) after robust property sales in 2021, according to the research firm.

“We believe that 2022’s more conservative sales projections are related to the absence of the Home Ownership Campaign (HOC), predictions for an interest rate hike in the second half of the year, and rising inflationary pressure.”

“Matrix Concepts Bhd, Sime Darby Property Bhd, and IOI Properties Group Bhd are our favourite options,” it stated.

 

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KUALA LUMPUR (April 11): RHB Investment Bank Bhd said the property sector should generally benefit from the re-opening of the economy and international borders.

In a note Monday (April 11), the research house said it sees some potential trading opportunities as sector valuations are undemanding, at 64% discount to RNAV.

“Recent news flow on the construction sector and green light for the Mass Rapid Transit 3 may potentially have a positive spillover on the sector.

“We are, however, cautious on developers’ earnings prospects, given the stubbornly high construction costs, from the spike in the prices of various commodities.

The research house said developers have generally set a lower sales target this year (circa -10% y-o-y) after recording strong property sales in 2021.

“Last year, aggregate property sales grew around 40% y-o-y despite the rolling lockdowns in June-Aug 2021.

“In our view, 2022’s more conservative sales targets are probably due to the absence of the Home Ownership Campaign (HOC), expectations for an interest rate hike in 2H22, and rising inflationary pressure.

“Our preferred picks are Matrix Concepts Bhd, Sime Darby Property Bhd and IOI Properties Group Bhd,” it said.

 

Source: Edge Prop

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The Penang Tunnel Must Be At Least 23 Metres Beneath The Seabed, Says PPC.

If a tunnel between Penang Island and the mainland is to be built beneath the seabed, it must be at least 23 metres long — almost as tall as a seven-story structure.

If the tunnel is built, this is one of the most important technical factors to ensure the port’s growth.

Penang Port Commission (PPC) and Penang Port Sdn Bhd (PPSB) issued a list to the state government yesterday that the state must consider if the tunnel is to be built.

To enable the safe movement of large vessels, the breadth of the northern canal must be maintained at 2.2 kilometres, he noted.

“To avoid delays to the North Butterworth Container Terminal’s (NBCT) operations, the island’s construction should be closer to the shore.” It could potentially be a roadblock to the container terminal’s future development,” he added.

On February 20, 2020, the PPC authorised plans to expand the NBCT, including the reclamation of 217 acres and a 1.5-kilometer extension of the docks. Because of the Penang Water Supply Corp’s twin submarine pipeline and the cargo operations of Shell and Petron terminals on the southern side of Penang, Tan said PPC and PPSB determined that the port’s development had to continue northwards.

“We’ve been looking at the underwater tunnel project since 2019, and on May 20, 2020, we provided a report to the state economic planning agency with numerous proposals on how it could be done,” Tan added.

Penang’s Transport Master Plan included various projects, including a 6.5-kilometer undersea tunnel and three major roadways. On March 11, it was reported that no decision had been taken on the tunnel’s construction.

The project’s concession business delivered its conclusions on the project feasibility assessment to the state exco last month, according to Chief Minister Chow Kon Yeow.

 

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GEORGE TOWN: If there is to be a tunnel under the sea between the Penang island and the mainland, it needs to be at least 23m beneath the seabed – almost equal to the height of a seven-storey building.

This is among the critical technical considerations to ensure the port’s growth if the tunnel is built.

The Penang Port Commission (PPC) and Penang Port Sdn Bhd (PPSB) had sent to the state government yesterday a list for the state must consider if it wants to go ahead with the tunnel.

PPC chairman Datuk Tan Teik Cheng said the suggested tunnel depth was vital to cater to the future deepening of Penang’s channel to let larger ships sail into the harbour.It was earlier reported that the plan was to bore the tunnel at a depth of 11m to 13m under the seabed.Tan said while PPC and PPSB welcomed the state’s intention to give Penang a third link between the island and the mainland, it was vital to factor in the future expansion of Penang Port’s services.

“We have always stressed that ships entering the harbour from the northern channel, especially large ones with a draft of 16m, need a minimum depth of 23m,” he said.

The width of the northern channel must also be maintained at 2.2km to ensure the safe movement of large vessels, he added.

“We have sent a written review stating our concerns on these and other issues on the undersea tunnel project to the state government on Wednesday,” Tan told a press conference at the PPC office at Swettenham Pier Cruise Terminal yesterday.He said PPC had also asked the state to review the construction of an artificial island near the mainland end of the proposed tunnel, in Butterworth’s Bagan Ajam.

“The construction of the island should be nearer to shore to prevent disruptions to North Butterworth Container Terminal’s (NBCT) activities. It may also be an obstacle to the future development of the container terminal,” he added.

PPC, on Feb 20, 2020, had approved plans to expand the NBCT, including the reclamation of 217ha and lengthening of the docks by 1.5km.Tan said PPC and PPSB found that the port’s expansion had to go northwards because at the southern side of Penang lies Penang Water Supply Corp’s twin submarine pipeline and the cargo operations of Shell and Petron terminals.“We have been reviewing the undersea tunnel project since 2019 and sent a report to the state economic planning unit on May 20, 2020, with several suggestions on how it could be done,” said Tan.

“There is no change in our stand. We welcome the effort but the future of Penang Port must be considered for the sake of the state.”

The controversial 6.5km undersea tunnel and three main roads were among several projects forming part of Penang’s Transport Master Plan.It was reported on March 11 that no decision had been made on the construction of the tunnel.

Chief Minister Chow Kon Yeow had said the project’s concession company had presented its findings on the project feasibility study to the state exco last month.

He said the state had requested a written review from PPC and PPSB.

Source: The Star

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According To BNM, Elevated Unsold Houses Indicate Pre-Existing Affordability Concerns.

Despite significant improvements in activity in the residential property market, the number of unsold houses remained high in the third quarter of 2021, according to Bank Negara Malaysia (BNM).

In the third quarter of 2021, 180,702 units remained unsold, compared to 181,463 in the second quarter, according to BNM’s Financial Stability Review for the second half of 2021.

Despite continuous house purchase incentives, the central bank warned that disruptions created by the pandemic contributed to delayed clearing of unsold housing stockpiles.

The proportion of property releases priced at RM500,000 and below increased significantly in the third quarter, according to BNM, which should help to limit the growth of unsold housing stocks.

Meanwhile, the central bank reported that loan applications increased significantly in the final two months of 2021, coinciding with the completion of the Home Ownership Campaign on December 31.

It went on to say that improving employment prospects and a low-interest rate environment boosted housing demand even further.

 

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KUALA LUMPUR (March 30): The number of unsold houses remained elevated in the third quarter of 2021 despite some improvements in activity in the residential property market, said Bank Negara Malaysia (BNM).

A total of 180,702 units remained unsold in the third quarter of 2021, compared with 181,463 in the second quarter, BNM noted in its Financial Stability Review for the second half of 2021.

The central bank said disruptions caused by the pandemic partly contributed to slower clearance of unsold housing stocks despite ongoing home purchase incentives.

“More broadly, the elevated number of unsold houses reflects pre-existing affordability issues in the housing market, which has worsened since the onset of the pandemic as consumer incomes were affected.

Source: Edge Prop

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REHDA Joins Forces With CIOB In The United Kingdom To Promote The Development And Construction Sectors

In a virtual signing ceremony on Wednesday (March 30), the Real Estate and Housing Developers’ Association (REHDA) of Malaysia and the Chartered Institute of Building (CIOB) of the United Kingdom signed a Memorandum of Understanding (MoU) in order to improve and share their expertise in the property development and construction industries.

Both parties agree to establish a linkage and cooperation in order to maximise the use of their resources through mutual cooperation and sharing of expertise in education, training, and promotion in order to raise the profile and recognition of professional management in construction and projects for the benefit of the industry, its clients, and society as a whole.

“REHDA is devoted to our nation-building efforts for the good of the rakyat,” said REHDA Malaysia acting president Datuk N K Tong during the signing ceremony. “With the signing of this MoU, we think it will provide us an edge to improve our position in the industry.” We are excited about the collaboration and the opportunity to learn from and interact with such a prestigious and globally recognised professional group,” said the company.

“I am happy to sign this MoU with REHDA and embark into this relationship to serve professionals in the built environment,” said CIOB CEO Caroline Gumble. We can do a lot to better the built environment for its creators and consumers as a collaboration between two organisations with common goals, raising standards and fostering professional growth and educational possibilities.”

“This is another international partnership with a respected organisation for CIOB, allowing us to work alongside, support, and learn from Malaysian construction and built environment professionals,” Gumble added.

 

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PETALING JAYA (March 31): The Real Estate and Housing Developers’ Association (REHDA) Malaysia signed a Memorandum of Understanding (MoU) with UK-based Chartered Institute of Building (CIOB) in a virtual signing ceremony on Wednesday (March 30), in a bid to upraise and share their expertise in property development and construction industries.

Both parties agree to establish linkage and co-operation to maximise the utilisation of their resources through mutual cooperation and sharing of expertise in education, training and promotion to raise the profile and recognition of professional management in construction and projects for the benefit of the industry, its clients and society at large.

During the signing ceremony, REHDA Malaysia acting president Datuk N K Tong said: “REHDA is committed to our nation-building efforts for the betterment of the rakyat, and with the signing of this MoU, we hope it will give us an edge to improve our position in the industry. We look forward to the partnership and the opportunity to learn from and collaborate with such an esteemed and world-renowned professional body,”

CIOB CEO Caroline Gumble said: “I am proud to sign this MoU with REHDA, and enter into this partnership to support professionals in the built environment. As a collaboration between two organisations with shared goals, we can do a great deal to improve the built environment for its creators and its users, driving up standards and promoting professional development and educational opportunities.”

Gumble added: “For CIOB, this is another international partnership with a prestigious organisation, allowing us to work alongside, support and learn from construction and built environment professionals in Malaysia.”

“CIOB is globally recognised and respected for the values and ethics; the institute upholds the rigour of our professional membership process, the commitment of our trustees and our active hub members right across the world. Our community has over 47,000 members with around 500 in Malaysia, and together, we strive to uphold our public benefit mission of raising standards across the industry and supporting our members to be at the forefront of their professions,” she said.

“We have previously worked successfully with the construction industry development board, the Master Builders Association, and many educational institutes, including just last year, the signing of a MoU with the Heriot Watt University in Malaysia. We value mutually beneficial objectives, such as collaboration in providing events and educational activities on best practice in the built environment, and sharing the latest news and developments on industry issues.”

REHDA most recent past president and CIOB UK senior vice president Datuk Seri Michael Yam said: “I am absolutely delighted that today’s MOU signing between two strong forces has come to fruition, with the objectives of promotion, and the dissemination of science and technology of building, and sharing those findings and knowledge to the public.”

Yam said: “It is a platform for everyone to share their expertise. Second, from the point of networking, the industry networking amongst members of CIOB is not only confined to Malaysia membership, but as a global, professional institution.”

Source: Edge Prop