Captains of industry remember Teo as a stalwart in the property business

Datuk Teo Chiang Quan

PETALING JAYA: The Malaysian property industry has lost an icon in Datuk Teo Chiang Quan, who passed away on Monday due to complications from an unexpected illness.

To various property players and consultants, the Paramount Corp Bhd chairman and executive director will always be remembered as a mentor, a gentleman and his passion for the industry.

Housing and Local Government (KPKT) Minister Datuk Zuraida Kamaruddin said Teo was an icon among Malaysian property developers and led Paramount Corp to great heights.

“Despite his success, Teo did not forget to contribute back to the country and community.

“Under his leadership, Paramount Corp ran the Sayangi Rumahku program as part of their corporate social responsibility efforts back in 2019 to support the KPKT’s Dasar Komuniti Negara by repairing and upgrading the People’s Housing Project (PPR) facilities.”

Zuraida said Teo’s exemplary contributions will not be forgotten.

“I am grateful that we had such a considerate man that was dedicated to the people of Malaysia.

“I offer my sincere condolences to Teo’s family, loved ones and the management and staff of Paramount Corp.”

Real Estate and Housing Developers’ Association president Datuk Soam Heng Choon said Teo, who was 72, was a very well respected individual within the local property sector.

“He was always approachable and easy to reach. He was very cooperative and constructive with his ideas.

“We are truly saddened by the news and have definitely lost a great leader,” he said.

Fiabci Malaysia president Datuk Koe Peng Kang said Teo was a very highly respected icon in the property industry and society.

“I am absolutely saddened by his departure. His immense contribution to the industry and society will be forever valued and remembered.”

EcoWorld Malaysia chairman Tan Sri Liew Kee Sin said he remembers Teo as being a very learned person.

“He was always curious to learn new things. His deep desire for a good education system is deeply respected.”

Lagenda Properties Bhd chairman Datuk Marcus Doh said the property industry had lost a true icon.

“Teo will be remembered for transforming the industry with his courageous entrepreneurial flair.

“He was a paragon of true leadership and an example to younger real estate players like us who want to make a difference in the industry.”

SMRT Holdings Bhd executive chairman Tan Sri R. Palan said Teo was a pioneer in private sector education.

“He was also one of the first developers to venture into this sector and he inspired the community with his values and vision, to uplift society through his relentless pursuit of quality education.”

Meanwhile, Knight Frank Malaysia managing director Sarkunan Subramaniam said the country had lost a true professional corporate leader who helped shape both the real estate and education sectors.

“A leader at his company and a mentor to the industry. God bless his soul.”

Former Savills Malaysia executive chairman Datuk Chris Boyd said he is truly devastated by the news of Teo’s passing.

“Teo was a true gentleman. He always found time to chat, was very humble and played down his accomplishments.

“The property industry is an individualistic game. You need to have the DNA to succeed in it and Teo had an amazing sense for the industry.”

CBRE|WTW managing director Foo Gee Jen echoed a similar sentiment: “Another great loss to the real estate industry. Teo was a true gentleman and a visionary leader.”

Rahim & Co International Sdn Bhd real estate agency chief executive officer Siva Shanker said he first got to know Teo in the late 80s.

“I was still very new back then but I remember Teo being very friendly and approachable.

“Some of the staff that were with him then are still with him today. It says a lot for a man to be able to command that kind of loyalty for so long.”

Teo began his career in what was known as the Malaysian Rice Mills (MRI) in 1976, which, in 1980, was renamed to Paramount Corp Bhd. Through his leadership and determination to succeed, Teo helped shape Paramount into the company it is today.

He became chairman of the board of Paramount on June 8, 2015 and provided leadership and guidance to its management in the formulation of the group’s long-term strategic plans, particularly in the areas of land banking and communication with stakeholders.

As one of the pioneers in private tertiary education in Malaysia, he made tertiary education affordable for Malaysians. Under his leadership, he set up Sri KDU schools and later through the acquisition of REAL Education Group, built the largest K-12 education group in Malaysia.

On July 19, 2005, Teo was awarded a Datukship for his contribution to the progress and well-being of the Malaysian society. In 2019, he was awarded the accolade of FIABCI Property Man of the Year.