Industry veterans stress that success in real estate requires more than money – it demands all-round talent
THERE is a belief in the marketplace that all it takes to make it as a property developer is a pile of cash.
Put another way, some think that property development is not a difficult venture even for those with absolutely no experience, as long as they have the funds.
Seasoned industry players, however, caution that this could not be further from the truth.
They stress that to thrive in the industry, property players need to cultivate talent that is conversant in all aspects of development.
Tiong Lip
Drawing on nearly 40 years of experience in the property line, Datuk Jeffrey Ng Tiong Lip said he “can provide examples of those who, despite coming in with lots of money, failed spectacularly”.
Tiong Lip, who helmed the Real Estate and Housing Developers’ Association Malaysia (Rehda) as chairman from 2002 to 2006 and served as chief executive officer at Sunway Real Estate Investment Trust from 2010 to 2023, noted that any measure of success for a new property player must be backed by a team equipped with the full gamut of knowledge and skills needed to succeed in the challenging field.
“This ranges from acquiring land and township planning to complying with regulatory requirements (of federal, state and municipal authorities), all the way to marketing, sales, and building maintenance,” he told StarEdu.
Seing Liong
Currently chair of Rehda Institute, the training and research arm of Rehda, Tiong Lip said the social enterprise plays a critical role in providing deep insight into property development.
Recognising the need for well-rounded individuals to feed the talent pipeline for the real estate industry, the institute partnered with Universiti Tunku Abdul Rahman (UTAR) in 2019 to introduce the Master of Real Estate Development, which now has two intakes, in June and October.
“A third of the curriculum is practice-based, with the programme covering the entire spectrum – from land acquisition and approvals to marketing, feasibility studies and post-completion management,” he said while maintaining that there is currently no single university that functions as a “one-stop centre” offering such in-depth knowledge.
“We are the only one that is providing end-to-end skills and knowledge training by bringing together the full spectrum of expertise,” he added.
Tiong Lip also said the institute is working with Talent Corporation Malaysia Bhd (TalentCorp) and several local universities to cast the net wider.
“We have teamed up with a few universities with real estate faculties or programmes.
“We will also have more engagements with the Human Resource Development Corporation, TalentCorp and the Human Resources Ministry, so that the country is always backed by the right workforce,” he shared.
In addition, the institute provides access to senior figures in the industry to help students fast-track their knowledge acquisition, he said.
“While UTAR confers the master’s degree and provides substantial academic support, a significant portion of the content and guest lectures is delivered by very senior industry leaders. This ensures that the content is always current and industry-driven, while empowering students to access critical knowledge and accelerate their journey towards becoming industry leaders,” he said.
On misconceptions, Rehda Institute trustee Datuk Ng Seing Liong concurred that the public tends to see or hear only about the glamorous side of property development, and seldom about the other side.
“I reckon that for every successful developer, there are about 10 others who failed,” said Seing Liong, who was Rehda president from 2006 to 2010.
