Datuk Adrian Wang believes in the no free lunch school of philosophy

DATUK Adrian Wang Fook Ping has come a long way since starting out in the real estate industry in 2000 aged 27. Seven years later, he founded real estate agency CBD Properties Sdn Bhd, which has 13 offices in Malaysia, one in Guangzhou and 489 negotiators and staff.

Wang, 41, is the winner of the 2015 Malaysian Institute of Estate Agents’ (MIEA) National Real Estate Awards’ Top Realtor Award.

“I am feeling very good [about winning this award] and thankful to MIEA and I’m thankful to my management, partners and all my agents. And last but not least, thanks to my family and my wife for their support,” he says when asked about his win.

Wang worked for three-and-a-half years as a civil engineer before he moved into the real estate industry for very practical reasons.

“What made me become a real estate agent was the recession in the construction industry during the Asian financial crisis,” he says.

However, the close relationship between civil engineering and the property industry meant that Wang could use his engineering expertise as his unique selling point.

“[My civil engineering experience] is my advantage and my strength when it comes to selling property. [I know how to] help my investors with extra services, such as checking defects, and even give developers advice on their construction plans and building plans,” he explains.

CBD Properties does a lot of project marketing with developers. One of his significant deals was an en bloc sale of 100 units at Northshore Residence Condominium in Desa Parkcity, Kuala Lumpur to a South Korean investment group for RM102 million in 2009.

“This was the first deal with an international buyer. It gave me the confidence to explore my marketing [capabilities] at an international level, such as in Singapore, China and Australia,” Wang says.

A second significant deal was a rental negotiation project between developer Crest Builder Bhd and Universiti Tun Abdul Razak, for Menara Unitar in Kelana Jaya. He advised on the design aspects of the campus, handled all the legal requirements such as licensing, relocation arrangements, tenancy agreement,  monthly rental terms and handing over and inspection.

“The deal took two years, from construction to handing over the building to Unitar,” Wang recalls. The rental was RM500,000 a month for 180,000 sq ft of space and the deal was completed in 2013.

After being in the industry for more than 15 years, the youthful-looking Wang believes hard work is the only way to succeed in selling property.

He has one piece of advice for “young people and newcomers: there’s no free lunch in this industry. It is not a 9 to 5 job. People go on holiday, I’m still working. Even during Chinese New Year, I have to work,” he says.

While his business is selling property, he’s mindful of the bigger picture: overdevelopment and artificially inflated demand have resulted in high housing prices. He believes prices can be managed better if developers use new construction methods to bring down construction cost, making houses more affordable.

This must be aided by an efficient approval system for developers, by which waiting periods and the cost of construction are reduced.

Wang also thinks that a quicker and smoother system for foreign ownership transfer and consent from state or federal authorities that takes weeks rather than months will be of great help. He says the process can currently take as long as six months in Malaysia compared with countries such as Hong Kong and South Korea, where it can be done in less than two months. This long process causes frustration for foreign investors in Malaysia.

What’s his market outlook? “It will be very challenging for the next two to three years, but properties in good locations will still be in demand. Prices will not go up so fast as in previous years. The overall market will be soft for the next two to three years.” (NRE AWARDS 2015)

This story first appeared in The Edge Property pullout on Oct 9, 2015, which comes with The Edge Financial Daily every Friday. Download The Edge Property here for free.