Mah Sing group managing director and chief executive Tan Sri Leong Hoy Kum said in a statement the company was gratified to win the award for the second year running.

Details:
Auctioned property:

• Putra Place, which houses The Mall shopping complex, the five-star Legend Hotel and an office tower.
• Its reserve price was set at RM634.5 million. 
• The Mall comprises eight levels of podium retail/shopping units. The Putra Place office tower covers the tenth floor to the 33rd floor, while the 25-storey Legend Hotel includes serviced apartments and penthouses.The freehold property with 193,621 sq ft space has 1,323 parking bays. 
• The first auction was in April 2008 at a reserve price of RM705 million. As no bids were received, the price was reduced by 10 per cent to RM634.5 million.Despite heavy publicity like in the local dailies, advertisements were placed in the LA Times, The Wall Street Journal and the Jakarta Post, the second time auction was not successful

According to real estate experts:

• The commercial property, which is opposite the Putra World Trade Centre in Kuala Lumpur, did not draw interest at the public auction yesterday because of its value and size.
• Real estate agent Previndran Singhe of Zerin Properties said it was rare for people to buy big-ticket items that go under the hammer. The purchaser(s) would prefer the deals to be done via tender or private treaty, adding that interest in a property on auction would not just depend on where one advertised but also how one advertised. The notices section in a publication tends to serve as information rather than a marketing effort.
• Regroup Associates Sdn Bhd managing director Allan Soo agreed saying that when large amounts of money were involved, the buyer would normally opt to do due diligence.
• An industry player who acquires assets on a regular basis said that for an acquisition of the size of Putra Place, one would need to be informed of the risks and that there should be full disclosure like for examples: tenancies, tenures, provision for bad debts, running costs, and age and status of the mechanical and engineering and whether additional capital expenditure would be involved.

The event was graced by the Sultan of Selangor, Sultan Sharafuddin Idris Shah.  

A total of nine awards were given out at the annual event dubbed the “Oscars” of the property industry. 

The other awards and winners were:

• MASTER Plan Category – Sentul West and Sentul East Master Plan by YTL Land and Development Bhd; 
• RESIDENTIAL Development (high rise) – Stonor Park by Beneton Properties Sdn Bhd;
• RESIDENTIAL Development (low rise) – Pinggiran Bayou by Leisure Farm Corp Sdn Bhd; 
• RESORT Development – Genting Highlands Resort by Resorts World Bhd; 
• RETAIL Development – KB Mall by YS Tang Holdings Sdn Bhd; 
• SPECIALISED Project – Sultan Abdul Aziz Royal Gallery by Laurent Lim Architect; 
• SPECIALISED Project – Persada Johor International Convention Centre by Persada Johor International Convention Centre; and 
• SPECIAL Award for National Contribution – The Kuala Lumpur Performing Arts Centre by YTL Corp Bhd. 
• Resorts World bagged the Best Resort award. 

(The Star Malaysia 28/10/07)

Introduction:

• This FIABCI Property Awards was initiated 15 years ago during the Asian financial crisis and the property development sector was in a “down cycle”.

• An objective of the Malaysia Property Awards is to select the country’s entries to the world “Prix d’ Excellence” awards presented at the FIABCI World Congress. The participants comprise anyone within the real estate life cycle, from architects to marketing agents,

• The FIABCI association is a special consultant with NGO status at the Economic and Social Council of the United Nations.

Benefits that might derived from FIABCI Award:

• The Malaysia Property Award and the Prix d’ Excellence were highly sought after because of its award’s transparency as the award criteria has become more comprehensive together with the appointment of independent judges from outside of the close knit industry;international firms and foreign partners have sought many past winners for joint projects both locally and abroad and for branding opportunities in terms of retail sales

Other details:

• For innovative concepts, the recent years have seen more emphasis on “green” or environmentally friendly concepts. One example is the Setia Eco Park Development by SP Setia Bhd, which won the master plan category and low-rise development categories at the Malaysia Property Awards 2006. Also, Setia Eco Park was the winner of Prix d’ Excellence Award 2007 in the master plan category.

• Another innovative concept that is surfacing in the Malaysian property sector is social redevelopment.An example is YTL Land & Development Bhd’s development of the Sentul East commercial and residential township and the Sentul West exclusive residences and greenery along the Jalan Sentul area in Kuala Lumpur.

(Source:The Star Malaysia,15/10/07)