Housing and Local Government Minister Nga Kor Ming (centre) at the Malaysia Developer Awards (MDA) 2024 in JW Marriott Hotel Kuala Lumpur, October 18, 2024. Joining him are (front row, from left) MDA chief judge Professor Yeah Kim Leng, FIABCI Malaysia president Dr Yu Kee Su, TOTC (RM1bil and Above category) winner Sime Darby Property Berhad chief marketing & sales officer Datuk Lai Shu Wei, TOTC (Below RM1bil category) winner Paramount Corporation Berhad deputy group CEO Benjamin Teo, Star Media Group chief executive officer Chan Seng Fatt and MDA chief judge Datuk Jayaselan Navaratnam as well as other award winners.
2024 gala dinner celebrates excellence for 3rd consecutive year
The Malaysia Developer Awards (MDA) 2024 culminated in yet another spectacular celebration, bringing together the elite of Malaysia's property development industry for an unforgettable gala dinner. Held at the JW Marriott Hotel Kuala Lumpur, the awards marked their third consecutive year of recognising the finest achievements in real estate development. This highly anticipated event has grown to be a benchmark for excellence, not only in Malaysia but also as a symbol of the nation’s contributions to global property standards.
The MDA gala dinner honoured 25 of Malaysia’s top developers across two main categories: the Top-of-the-Chart (TOTC) Awards and the Special Awards, recognising their outstanding projects, visionary leadership and contributions to the property landscape. The awards are designed to celebrate a variety of achievements, from financial strength and project sustainability to innovation in design and development. For those gathered under the glittering lights of the ballroom, it was not just a night of accolades but an opportunity to reflect on the critical role these developers play in shaping the future of Malaysia's urban and suburban environments.
Celebrating the industry titans
In the highly coveted TOTC RM1bil and Above category, Sime Darby Property Bhd took the top spot, continuing its legacy as one of the most respected names in the industry. As Malaysia’s largest property developer by land bank, Sime Darby Property has long been known for its diversified portfolio and commitment to sustainability, making it a deserving recipient of this prestigious title.
Closely following Sime Darby Property in the RM1bil and Above category were equally significant players such as SP Setia Bhd, Malaysian Resources Corporation Bhd (MRCB) and IOI Properties Group Bhd. These companies have cemented their positions as titans of the industry, each contributing innovative projects that reflect the evolving needs of the Malaysian real estate market.
Sharing the fifth position in this elite category were Mah Sing Group Bhd and Matrix Concepts Holdings Bhd, two companies that have consistently delivered projects of high quality and great value to their customers. Mah Sing Group, in particular, is known for its ability to innovate within tight timelines and across various price points while Matrix Concepts has carved a niche for its master-planned townships that cater to growing communities.
Other developers in the top ten included LBS Bina Group Bhd, IGB Bhd and Scientex Bhd, occupying the 6th to 8th spots, respectively. LBS Bina Group is renowned for its affordable housing projects that balance quality and accessibility, while IGB Bhd continues to lead in commercial and mixed-use developments. Chin Hin Group Property Bhd and Eastern and Oriental Bhd (E&O) shared the 9th spot, with UEM Sunrise Bhd securing the 10th position, rounding out a list of the country’s top developers. These companies have contributed significantly to the Malaysian property landscape, combining financial strength with innovation and a deep understanding of the market.
Sime Darby Property’s success extended beyond just the top position. The company also secured the TOTC RM1bil and Above: Best in Quantitative trophy, a recognition of its financial robustness and long-term project sustainability. This award highlights the company’s strong market presence, underpinned by solid financial management and an unwavering focus on delivering high-quality developments.
SP Setia Bhd, a long-standing leader in the property sector, earned the TOTC RM1bil and Above: Best in Qualitative award. Known for its innovative approach to residential and commercial spaces, SP Setia’s ability to consistently deliver high-quality designs that enhance community living has set it apart from the competition. This award is a testament to the company’s excellence in design, customer satisfaction and overall project execution.
TOTC Below RM1bil category winners
In the TOTC Below RM1bil category, Paramount Corporation Bhd emerged as the top developer, reinforcing its strong presence in the mid-tier market. Paramount Corporation has consistently demonstrated its ability to balance quality with affordability, making homeownership possible for many Malaysians without compromising on design or functionality.
Following closely behind were WCT Holdings Bhd and Sunsuria Bhd, two developers that have carved out successful niches in the highly competitive mid-tier market. Both companies are known for their ability to adapt to market demands, delivering projects that meet the diverse needs of Malaysian property buyers.
Rounding out the top ten in this category were Eupe Corporation Bhd, Avaland Bhd, Teladan Group Bhd, Glomac Bhd, Land and General Bhd (L&G), BCB Bhd and Malton Bhd. These companies have each made significant contributions to Malaysia’s property development landscape, offering a range of products from affordable housing to luxury developments. Their commitment to quality and innovation has ensured their place among the top developers in the country.
Paramount Corporation’s dominance in the TOTC Below RM1bil category was further underscored as it claimed both the Best in Quantitative and Best in Qualitative trophies. These awards recognise Paramount’s financial acumen and its ability to deliver projects that not only meet but exceed customer expectations in terms of design, functionality, and overall experience.
While the TOTC Awards recognised financial and qualitative excellence, the Special Awards category added another layer of distinction to the night, celebrating developers who have gone above and beyond in their respective fields.
The Rising Star Award, designed to highlight up-and-coming leaders in the property industry, was presented to KEB Group of Companies, TA Global Bhd and WM Senibong Sdn Bhd. These companies have demonstrated tremendous potential, with each showing a strong trajectory of growth and innovation. Their recognition at the MDA signals the arrival of a new generation of developers who are set to reshape the industry in the coming years.
In a testament to the global aspirations of Malaysian developers, MRCB Land Sdn Bhd took home the prestigious International Award for its 1060 Carnegie development in Melbourne, Australia. This award recognises the growing trend of Malaysian developers expanding beyond local shores to make their mark in international markets. MRCB’s success in Australia showcases the company’s ability to compete on the global stage, bringing Malaysian property development expertise to new audiences abroad.
The Transformation Award, which recognises excellence in repositioning and revitalising projects, was awarded to WCT Land Sdn Bhd for its Paradigm Johor Bahru development and WM Senibong Sdn Bhd for the transformation of Senibong Cove. These projects exemplify how developers can breathe new life into underutilised or distressed properties, transforming them into vibrant, sustainable communities that meet the needs of modern buyers.
Industry insights for the future
In his opening remarks, Star Media Group (SMG) group CEO Chan Seng Fatt underscored the significance of the Malaysia Developer Awards (MDA), which have quickly become a prestigious accolade within the industry. "This award is not just about recognition; it’s about setting new benchmarks that align with global standards of excellence. Tonight, we celebrate visionaries who are shaping the future of Malaysia’s property landscape," Chan said.
Housing Minister Nga Kor Ming launches StarProperty's Malaysia Developer Awards 2024.
He further emphasised the growing role of developers in meeting the needs of modern buyers, particularly as family dynamics and lifestyle preferences continue to evolve. "Developers today face the challenge of not only meeting present needs but also anticipating future family dynamics and lifestyle changes. They are tasked with building not just for today, but for the future—creating homes and spaces that will evolve with growing families and changing societal needs."
Chan also highlighted the industry’s increasing focus on sustainability and environmental responsibility. "As sustainability and environmental awareness become more critical, developers are focusing on creating spaces that foster community and incorporate modern living standards while addressing global concerns like climate change. Designing these spaces requires tremendous thought, research and planning. There is a growing emphasis on integrating environmental, social and governance (ESG) factors into every project to ensure that developments are sustainable and beneficial for the community."
Housing Minister Nga Kor Ming launches StarProperty's Malaysia Developer Awards 2024.
Adding to the evening’s insights, Housing and Local Development Minister Nga Kor Ming provided valuable updates on the state of the property market. "According to the National Property Information Centre (Napic), there has been significant growth in property management activity for the first half of 2024 compared to 2023. Total transaction volume increased by 8%, reaching 198,906 units, while total value improved by 23.8% to RM105.65 billion," Nga said.
He attributed this growth to various government initiatives, as well as the central bank's decision to maintain the Overnight Policy Rate (OPR), which helped create a favourable environment for property purchases. "This is actually good news, thanks to various government initiatives and the central bank’s maintaining of the Overnight Policy Rate, which helped in creating a favourable environment for property purchases."
Nga also reaffirmed the government’s commitment to helping Malaysians achieve homeownership. "On the buyer front, the government is equally committed to helping Malaysians own homes that meet their needs. One of the key initiatives is the ongoing support for affordable housing schemes, alongside programmes that provide easier access to financing for first-time homebuyers."
Additionally, the Minister highlighted efforts to improve the approval process for housing developments, stating, "Efforts to reduce red tape and improve the approval process for housing developments are in full swing, aimed at ensuring that new homes come to market more quickly without compromising quality or safety standards."
In terms of addressing the issue of unsold properties, Nga noted that early government interventions have started to yield positive results. "We are also working closely with industry players to enhance their resilience in the face of rising material costs and global market volatility. At the Ministry, we are beginning to see a decline in unsold completed properties. The inventory of unsold homes, while still significant, is moving in the right direction, with a total of 22,642 overhang units worth RM14.24 billion recorded in the first half of 2024. This marks a reduction of 12.3% in volume and 19.5% in value as compared to the first half of 2023."
International Real Estate Federation FIABCI Malaysian Chapter (FIABCI Malaysia) president Yu Kee Su added: “As we look toward the future, we must acknowledge the increasingly vital role of sustainable development in the modern urban landscape. The World Urban Forum and by extension the Malaysia Urban Forum, serves as a critical platform for raising awareness of sustainable urbanisation among stakeholders and the public alike. These forums aim to improve collective knowledge through open and inclusive debate, sharing best practices and policies and exchanging lessons learned from urban development initiatives worldwide.
“The role of developers - as the visionary leaders we honour tonight, their work being recognised at this award directly aligns with the goals of these forums, as the industry plays a key role in advancing and implementing sustainable urbanisation.
“By creating innovative, sustainable, and inclusive urban spaces, developers are not just shaping the built environment but actively contributing to a global movement toward more resilient and equitable cities. Their achievements are a testament to how this industry can lead by example, influencing urban policy and setting new standards for sustainable development.”
A benchmark for excellence
The Malaysia Developer Awards (MDA), a collaboration between FIABCI Malaysia and SMG, has swiftly become the definitive benchmark for excellence in property development. This prestigious event doesn’t just celebrate past successes—it motivates the industry to continuously innovate, adapt and raise the bar.
As the evening drew to a close, the message from the Malaysia Developer Awards 2024 was clear: the property sector remains a cornerstone of Malaysia's future. From creating sustainable, innovative projects to helping Malaysians achieve the dream of homeownership, the country's developers are working tirelessly to shape a more resilient, vibrant future for all.
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