WITH the firm belief that trust can make or break a business, IOI Properties Group (IOIPG) is forging ahead with its vision to be a trusted brand – not just by its customers, but also by all other stakeholders, including employees, business partners, shareholders and the communities in which it operates.
The key to achieving this vision of Trusted, according to IOIPG chief executive officer Datuk Voon Tin Yow, is for the group to sustain a consistent delivery of innovative and high-quality products and high standard of services, as well as demonstrate commitment to honouring all obligations and taking responsibility for its actions.
“To support our aspiration of building trust with all our stakeholders, we begin by strengthening the culture of mutual respect and fair play with all our business partners, suppliers, consultants, contractors and service providers. These are key partners in our mission to deliver our promises to our customers,” he said.
To ensure that the group can deliver on its vision, IOIPG has raised the bar for both product and service quality through its strategies.
These include increased engagement with stakeholders and customers to receive feedback, real-time process tracking and monitoring, assessment and improvement through data analytics.
It does so by leveraging on technology for speed and accuracy to ensure the delivery of product and service excellence, thus creating value for its stakeholders.
Ensuring product quality is a priority for IOIPG, having consistently achieved high Quality Assessment System in Construction (Qlassic) scores above 80% for its projects.
IOIPG benchmarks its product quality against the Qlassic certification by the Construction Industry Development Board. The system measures and evaluates the workmanship quality of a building construction based on Construction Industry Standard (CIS7:2006).
IOIPG is also committed to creating vibrant integrated developments with products that are in line with market demand and are close to good transportation facilities and modern-day conveniences.
Voon added, “We incorporate sustainable living and seamless connectivity as key value propositions for our developments, as seen in our signature developments of IOI Resort City in Putrajaya and IOI Rio in Bandar Puteri Puchong.”
IOI Resort City is the group’s flagship integrated development, spanning a vast 788 acres in the Southern Klang Valley region. It is served by one of the best highway networks in the country, linking it to Kuala Lumpur city centre and the surrounding matured towns such as Puchong, Putrajaya, Cyberjaya, as well as the southern states of Malaysia.
Equally well-planned is IOI Rio, the next-generation smart city located in the 930-acre integrated development of Bandar Puteri Puchong. IOI Rio is well-connected via an excellent network of transportation and is poised to be a location of choice for technology startups and established businesses, with an abundance of technological innovation.
The group also continues to maintain long-term sustainable growth by increasing future contributions from its property investment business segment, as more net lettable area (NLA) is added to its existing NLA of approximately 6.497 million sq ft of mainly retail and office space.
The group expects its NLA to increase with the completion of IOI City Mall Phase 2 in IOI Resort City, Putrajaya and IOI Central Boulevard Towers in Singapore, as well as the Signature Office in Xiamen, China. Upon completion, the total NLA will amount to 9.212 million sq ft.
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IOI Mall, Xiamen commenced operations in the fourth quarter of 2021, while the opening of IOI City Mall Phase 2 is expected in the third quarter of 2022. In Singapore, although completion of IOI Central Boulevard Towers is expected in 2023, leasing activities have commenced.
Another hotel in the pipeline is Moxy Hotel that will be linked directly to IOI City Mall Phase 2. Moxy Hotel, carrying Marriott International Inc’s experiential brand, will make its debut as the first of its kind in Malaysia to the younger generation.
IOIPG will also have a new Marriott brand 5-star hotel in its line-up with the addition of the Sheraton Grand Hotel in Xiamen. Managed by Marriott International, it will offer 370 rooms and is slated for completion and operation by the second half of 2023. This will give the group a portfolio of six hotels with a combined 2,106 rooms.
Culture of excellence
Meanwhile, IOIPG recognises the importance of cultivating a culture of excellence within the workforce through an ecosystem that empowers employees to realise their potential.
Understanding the strength of diversity and inclusion in its workforce, IOIPG provides fair and equal employment opportunities through a structured and unbiased recruitment process that eliminates any form of discrimination.
The group developed a three-year people strategy that is not only aligned to its business objectives, but also closely connected to its vision and mission statement.
Part of the strategy includes transforming its people practices in the area of leadership, employee experience and technology. The group launched a new performance management system to drive better alignment and accountability, as well as to enable better performance across the group.
IOIPG also implemented the Leadership Development Programme to develop its people and build its talent bench strength.
Building the talent pipeline is a core focus, with the group empowering employees with the right skills and mindset, while regular employee engagement activities are also conducted to build a highly engaged and competent workforce to effectively execute the group’s plans, strategies and work operations.
This is in addition to adopting other technologies, including cloud architecture, automated routine activities via robotic process automation, as well as automated report generation and digitalised work processes with data validation capability and audit trail. These digital transformation initiatives are crucial as the group constantly elevates its value proposition to customers through enhanced facilities and services.
Safeguarding the environment
While IOIPG is focused on delivering overall financial performance, it is also committed to safeguarding the environment by mitigating the impact of its business activities.
From 2018 to 2020, IOIPG achieved a 4-star grading band in its ESG ratings assessed by FTSE Russell under the FTSE4Good Index Bursa Malaysia, meaning that it numbers among the top 25% among public-listed companies on the FTSE Bursa Malaysia EMAS Index. IOIPG also received an A rating in the MSCI ESG Ratings assessments in 2022.
IOIPG will be adopting the Task Force on Climate Related Financial Disclosures (TCFD) recommendations in its commitment to minimise its carbon footprint for a more sustainable business model.
The group is also intensifying its efforts through new initiatives, such as using solar energy to reduce its consumption from the grid by 15% to 20% for its malls, as well as the IOI Rio offices in Puchong.
To create a significant impact, the group collaborates with local colleges, non-governmental organisations and social entrepreneurs in various programmes that focus on waste minimisation.
IOIPG, in collaboration with the British Council, initiated the IOI-Active Citizens Programme, with the aim of raising awareness among its employees and communities to create positive environmental and social impact.
Environmental initiatives are then communicated via the IOI Sustain channel, which connects IOIPG’s various sustainability efforts across communication platforms to engage with both internal and external stakeholders.
All in all, Voon summed up IOIPG’s vision of Trusted by emphasising on consistency and commitment.
He concluded, “We must do all the right things and all the things right consistently over time to achieve our vision of being trusted by all stakeholders. This means we must be able to conquer all challenges and deliver our promises to all stakeholders consistently.
“In other words, we have to be so good as a team that we will be able to grow the company in a sustained manner.”