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In search of real well-managed properties

“Sustainability” shouldn’t be just a beautiful word for any property development. It’s a long-term promise and commitment by the developers to work hand in hand with the owners and property managers to ensure the upkeep of the property.

All these start from the design of the building and the construction of the project before developers hand over the property management to the owners, who should find it easy to maintain and upgrade the common facilities to ensure the environment safety and most importantly, the value of the property.

These are the topics discussed during the virtual briefings on EdgeProp Malaysia’s Best Managed & Sustainable Property Awards (BMSPA) 2021.

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The first of its kind, EdgeProp Malaysia’s BMSPA was introduced in 2017. The Awards’ objective is to benchmark and raise the bar on the upkeep quality and sustainability of real estate in Malaysia.

EdgeProp Malaysia’s BMSPA 2021 is partnered by Nippon Paint Malaysia and supported by Panasonic Malaysia.

A new category – Repurposed Building – is introduced for the 2021 Awards. The category recognises outstanding adaptive reuse of real estate.

A total of five virtual briefings on the Awards have been conducted for more than a hundred participants comprising Malaysia’s top property developers, property and facilities managers and management companies, and members of Joint Management Bodies (JMBs) and Management Corporations.

Gaining traction

Over 42 interested participants have joined the fifth virtual briefing on Nov 19, 2020.

Among the developers who have attended so far were Selangor Dredging Bhd, Paramount Property Sdn Bhd, ParkCity Group, Eco World Development Group Bhd and Ibraco Bhd.

Other companies that attended the virtual briefing included China Construction Bank, IPC Shopping Centre, GCCP Resources Ltd and Acendus Communications.

Present at all the briefings were three of the Awards judges – Architect Centre accredited building inspector Anthony Lee Tee, Chur Associates founder and managing partner Chris Tan and chief judge Au Foong Yee (editor-in-chief and managing director of EdgeProp Malaysia).

The briefings delved into the Awards’ objectives, categories, criteria and insights into judging expectations and their rationale.

Not a report card presentation

EdgeProp Malaysia’s BMSPA 2021 is well-recognised by the real estate fraternity for its strict criteria as the judges actually visit the property site to see how well it is being managed.

Lee emphasised that the judging session is not based on the facade of the building but the way the people manage it.

“We want to know what the challenges are. This is not to mark you down, but we are curious to know the solutions and initiatives that developers, property managers and the JMB have offered to solve the problems,” he said.

Property management has become an important topic and caught many people’s attention during pandemic times, as the level of effectiveness the JMB and property manager run the building could ensure not just the buildings’ safety but the health safety of the residents or occupants, Lee stressed.

Au concurred with Lee, adding that the vision of the JMB and property managers is also taken into account as this determines the upkeep of the property.

“From our past experiences, a lot of people tend to show us the beautiful side of the buildings but what we really want to see is whether things are done properly to ensure the safety of the occupants as well as compliance with statutory requirements,” she said.

Besides the safety element, the potential of capital appreciation is also one of the criteria that the judges would like to find out as it also represents the level of maintenance.

Tan noted that the design of the project, construction quality and most importantly the future upkeep are key elements that determine the future demand of the project.

“We would like to find out what all the stakeholders – developers, property managers and JMB – have to do to make sure the project maintains its attractiveness over a long period of time,” he stressed.

This story first appeared in the EdgeProp.my e-Pub on Nov 20, 2020. You can access back issues here.

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