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Be Vigilant On Costs, Property Developers Urged

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KUALA LUMPUR – Property developers have been urged to remain vigilant in their cost measures to ensure that properties are still attractive after the implementation of the Goods and Service Tax (GST) on April 1.

Making the call, Tourism and Culture Minister Datuk Seri Mohamed Nazri Abdul Aziz said as responsible developers, they should take the lead in overcoming problems of overdevelopment so that home prices are within reach of citizens.

“I hope the social responsibility of developers to continue helping the Government in achieving progress by offering quality and affordable products to the masses will continue,” he said at the Malaysia Property Insight Prestigious Developer Awards 2015 here yesterday.

He said the inaugural award today was to acknowledge and highlight the quality developments of Malaysia’s best and their landmark projects that shape nation building towards becoming a First World nation by 2020.

The top 10 developer awards went to MKH Bhd, Gamuda Land Sdn Bhd, Glomac Bhd, IJM Land Bhd, Mah Sing Group Bhd, Sime Darby Property Bhd, Sunway Bhd, Tropicana Corporation Bhd, UEM Sunrise Bhd and UOA Development Bhd.

Malaysia Building Society Bhd bagged the Most Innovative Financier award while Datuk Jamaludin Osman from I&P Group received the personality of the year award.

Judging for this award was based on developers’ earnings before interest, taxes, depreciation and amortisation (EBITDA) figures, market capitalisation and Gross Development Value, along with brand value and brand awareness as chosen by the Malaysian Property Investors Association (MPIA), the Property Insight editorial team and Property Insight readers. – BERNAMA

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