The Edge honours top property developers

The country’s top 10 property developers were honoured at The Edge Malaysia Top Property Developers Awards 2008 here last night.

The top 10 developers, in alphabetical order, are Bandar Raya Developments Bhd, Bandar Utama City Corporation Sdn Bhd, Boustead Properties Bhd, E&O Property Development Bhd, IGB Corporation Bhd, IOI Properties Bhd, Island & Peninsular Sdn Bhd, S P Setia Bhd, Sunrise Bhd and Sunway City Bhd.

This year’s awards have been expanded to include non-listed property developers, besides companies listed in the property sector on both the Main and Second Boards of Bursa Malaysia. A total of seven entries were received from non-listed property developers.

The top 30 companies were identified and 10 were shortlisted for the awards. The awards presentation ceremony was attended by Housing and Local Government Minister Datuk Seri Ong Ka Chuan.

“I wish to congratulate all of this year’s winners of The Edge Malaysia Top Property Developers Awards. This is an endorsement of your outstanding achievement and a mark of your distinction in the property industry,” Ong said.

He added that he was happy to see more quality buildings being built, especially those in the niche market where developers were more innovative and creative.

In his speech, The Edge Communications Sdn Bhd managing director and The Edge editor-in-chief Ho Kay Tat said: “This being the sixth year, we realise and are humbled to know that the award is gaining a high-profile reputation with keen following by both industry players as well as consumers.

“With the information, we hope our readers would be better informed, especially when making decisions on their investments, be it commercial or residential properties. This is very important as with the increasing number of players, competition is intense and developers are becoming more innovative with their products and offerings.”

The award is an exercise to rank the best property players in Malaysia from the consumers’ perspective for both their quantitative and qualitative attributes.

The five quantitative attributes, based on developers’ FY07 results, are shareholders’ funds, group revenue, group pre-tax profits, gearing as well as cash and cash equivalents. The qualitative attributes are product quality, innovation and creativity, value creation for buyers, image and expertise.

The qualitative attributes were judged by a seven-member panel made up of distinguished members of the industry, namely International Real Estate Federation (FIABCI) past World president Datuk Alan Tong, Real Estate and Housing Developers Association (Rehda) Malaysia past presidents Datuk Jeffery Ng and Datuk Eddy Chen, FIABCI Malaysia past presidents Kumar Tharmalingam and Datuk Teo Chiang Kok, FIABCI Malaysia president Datuk Richard Fong and The Edge executive editor of property and retailing, Au Foong Yee.

For the second year, the awards were audited by Deloitte KassimChan. The full details of the ranking will be published in the Sept 1 issue of The Edge weekly.

by Racheal Lee Mei Nyee (The Edge Daily)

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