Tan Sri Lee Kim Yew, Founder of Country Heights Holdings Bhd (CHHB), expects the property sector to be the first to bounce back once Malaysia has achieved political stability, a competitive currency rate versus the US dollar and a better business environment.
He noted that the property sector could not afford the “open and close” policies currently implemented, which only led to a lot of uncertainties, reported the New Straits Times (NST).
With external factors beyond the control of anyone, there remains a lot to do to overcome the crisis, he added.
“Malaysia is still facing a very deep crisis caused by the pandemic but let us all stay positive and confident. The industry should not blame, but instead influence the government to come out with the right policies,” said Lee during the 2021 Malaysian Housing and Property Summit.
He urged developers to work with the younger generation to push forward the property industry.
“Go green, go digital, and digitalise your asset through blockchain as the way into the future,” he said as quoted by NST, noting that the property market is resilient.
“We want to revive the property industry after the pandemic and difficulties in getting loans are some of the biggest issues for the industry. Therefore developers have to sit down and work with the banks as property is one of the main income sources for the banks,” added Lee, who is also the founder of blockchain-based Golden Horse Investment Bank (GHIB).
He underscored that the trend in the property market is evolving, especially now that the country is adjusting to the new normal.
With this, he called on developers to try turning crises into opportunities, which has always been his motto.
Lee has more than 35 years of experience in the commercial, leisure and residential property industry via CHHB, which was founded in 1984.
He had looked for opportunities to develop tourism-related projects even amid the1997/98 Asian Financial Crisis.
Among his major developments include The Mines Resort and Golf Club, Mines Resort City (MRC), Country Heights Kajang, Country Heights Damansara, Palace of the Golden Horses hotel, Borneo Highlands Resorts and GHHS Healthcare.
Lee also developed, via CHHB, The Exhibition Centre in London, which is Britain’s biggest stand-alone exhibition centre within the Docklands.
Meanwhile, Lee suggested attracting high-end tourism into the country with longer visa periods.
Aside from attracting high-end purchasers to Malaysia, this would also enable developers to rent out their high-end properties, he said.
“Malaysian developers, especially the younger developers, are quite innovative. They should come out with products that are linked to wellness, green, and healthcare,” he added.