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PLUS

Botanik Point Launched! p4 Performance of Malaysian PLC Developers Decelerating But Still Steady p5

Standing The Test of Time p6 JULY - SEPTEMBER 2026

ANOTHER IMPRESSIVE OUTING AT THE

BMSPA 2026 P1 See our Editor’s Note (next page). KDN PP18893/11/2015(034373)

Master Planning A Century p8

Globally Tinted Lens p10 Rising Volume Amidst Declining Launches p12 Business Valuation In The Context Of M&A (Part 2) p14 Henry Butcher Malaysian and Southeast Asian Art Auction August 2026 p16

July - September 2026

EDITOR’S NOTE

A TESTAMENT TO TRUST & TEAMWORK

s I reflect on our journey over the past decade, I am sincerely grateful for how far we have come and humbled by all that we have achieved together. The year 2026 marks a meaningful milestone for us at Henry Butcher Malaysia (Mont Kiara) Sdn Bhd (HBMK), where at the recent The Edge Malaysia Best Managed & Sustainable Property Awards (BMSPA) 2026, we were deeply honoured to be recognised across a diverse portfolio of properties. From the Japanese-inspired hospitality of Mitsui Serviced Suites and the iconic stature of Four Seasons Place Kuala Lumpur to Corporate Tower 3A Pavilion Damansara Heights, Park Regent, Residensi Pavilion Ampang, Setia Eco Templer 2 and Menara 1MK, our teams were honoured with Gold Awards in recognition of their commitment to delivering high standards of service. We were equally grateful to celebrate the Silver Award achievements of the teams at Arcoris Mont’Kiara and The Legacy OUG. These recognitions do not merely represent well-maintained facilities; they are a testament to the unyielding dedication of our on-site teams and the unwavering trust and support of our clients, partners, developers and Management Corporations (MCs). Our progress is built upon the very foundation of their collective support. This year’s BMSPA reflects the continued evolution of the property management industry. While essential services such as cleanliness, lift maintenance and security remain fundamental, our role has broadened to include creating wellmanaged, comfortable and engaging environments for property owners and occupiers. This evolution encourages us to continually enhance our service delivery and provide a premium, fivestar experience tailored to the character and needs of each development. Beyond caring for the physical property, we also serve as partners in community building, working collaboratively to enrich the overall experience and preserve the long-term value of the properties entrusted to us. The industry continues to place greater emphasis on sustainability and smart technology integration, with green initiatives and operational efficiency contributing positively to both the environment and overall financial

by Henry Butcher Malaysia

Publisher Henry Butcher Malaysia Sdn Bhd 25, Jalan Yap Ah Shak, 50300 Kuala Lumpur. T 603-2694 2212 E admin@henrybutcher.com.my W www.henrybutcher.com.my OUR SERVICES Valuation T 603-2694 2212 F 603-2694 3484 E hbmalaysia@henrybutcher.com.my

performance. As modern developments become increasingly complex, we remain committed to advancing our forward-thinking approach, strengthening our adaptability and consistently upholding high management standards.

Project Marketing T 603-2694 2212 F 603-2692 5771 E tang.cm@henrybutcher.com.my

There is also a growing appreciation for proactive value preservation. Proprietors and investors increasingly recognise the importance of professional property management in enhancing property value, supporting investment returns and contributing to the long-term financial sustainability of their valued assets.

Market Research & Development Consultancy T 603-4270 2072 F 603-4270 2082 E hbampang@henrybutcher.com.my

As we celebrate these recognitions, we remain sincerely committed to fulfilling our responsibilities and delivering the highest standards of service. I would also like to express my heartfelt appreciation to our valued clients and Management Committee members for their trust and unwavering support for HBMK. My sincere gratitude also goes to every HBMK staff member, from our frontline teams to our back-office support, whose dedication makes these achievements possible. This recognition encourages us to aim higher and continue serving our communities with care, excellence and dedication. PMgr Sr Low Hon Keong Managing Director, HBMK

Real Estate Agency T 603-2694 2212 F 603-2694 1261 E hbre@henrybutcher.com.my

ANOTHER IMPRESSIVE OUTING AT THE BMSPA 2026

ANOTHER IMPRESSIVE OUTING AT THE BMSPA 2026 Congratulations yet again to Henry Butcher Malaysia (Mont Kiara) Sdn Bhd (HBMK) at The Edge Malaysia Best Managed & Sustainable Property Awards (BMSPA) 2026! HBMK’s award winning projects and their exemplary ways below have been extracted from the full report featured in City & Country, The Edge Malaysia Weekly (August 3 - 9 , 2026 edition).

(From left) The Edge Malaysia Editor Emeritus & Awards Chief Judge Au Foong Yee, The Edge Media Group Publisher & Group CEO Datuk Ho Kay Tat, Mitsui Fudosan (Asia) Malaysia Sdn Bhd Managing Director Masayoshi Saito, Minister in the Prime Minister’s Department (Federal Territories) Hannah Yeoh, HBMK Managing Director PMgr Sr Low Hon Keong, The Edge Malaysia Editor-in-Chief Kathy Fong and City & Country Senior Editor E Jacqui Chan.

Mitsui Serviced Suites Bukit Bintang City Centre Editor’s Choice Award – Excellence in Serviced Suites Management & Gold – Below 10 Years Single-Owned Residential For HBMK, managing Mitsui Fudosan (Asia) Malaysia Sdn Bhd’s build-to-rent (BTR) project meant going beyond traditional day-to-day operations to deliver Mitsui’s core philosophy of omotenashi. The job requires absolute precision, consistency, compliance and punctuality. (2nd from left) HBMK Building Manager Nurul Azita and Mitsui’s General Manager Ryuichi Wadayama.

This demands active involvement by HBMK and among the most prominent change is the transformation of the main entrance connecting to LaLaport into an elegant space with premium timber panelling and maintaining the property’s authentic Japanese daiyokujo (communal big bath). Since becoming fully operational in late 2024, the development has achieved a stable occupancy rate of 90% to 95%. To cultivate an exclusive community culture, HBMK’s on-site team also organises vibrant community engagement activities, blending Japanese expatriate comforts with complimentary local cultural classes like batik painting and culinary workshops. Future additions that are being deliberated to enhance the project’s appeal are dedicated EV charging bays and indoor golf simulator rooms. Corporate Tower 3A, Pavilion Damansara Heights Gold – Below 10 Years Single-Owned Office, Mixed Strata Development

(3rd from left) HBMK Executive Director Ronny Yong and Majestic Gen Sdn Bhd’s Group Managing Director Ta Wee Dher.

Woven into the wider 16-acre Pavilion Damansara Heights mixed-use development, Corporate Tower 3A is a transitoriented development (TOD) connected to the Pusat Bandar Damansara MRT station. Completed in 2023, the 13-storey corporate tower’s efficiency minimises its non-lettable areas to about 80% against 20% for common areas, which has improved returns by 10% to 15%. This makes it one of the most efficient office towers in Klang Valley.

Built with sustainability in mind and soon to receive its Green Mark Certificate, HBMK goes further by implementing strict operational initiatives to reduce energy consumption and wastage that also include daily water meter readings and putting lifts to sleep mode during night hours.

JULY - SEPTEMBER 2026 | HB ADVISOR

ANOTHER IMPRESSIVE OUTING AT THE BMSPA 2026

(2nd from left) HBMK Associate Director Paris Tian, The Four Seasons Place Director of Residences Ong Lee Na, Venus Assets Sdn Bhd’s Facility Manager John Lim.

Four Seasons Place Kuala Lumpur Gold – Below 10 Years Mixed Development (Entire) HBMK was brought into the picture in 2015, two years ahead of the project’s completion in 2017. This early engagement allowed HBMK to structure operational budgets, cost allocations and long-term maintenance plans well before handover. It also enabled them to identify and rectify issues with the main contractor prior to vacant possession. To meet the exceptionally high expectations of this branded development, HBMK’s team underwent training alongside the Four Seasons team to master everything from greeting guests to strict maintenance and documentation standards. Other improvements include high-tension electrical upgrades for better power supply reliability, facade repainting, converting a former department store into smaller retail spaces and replacing the cooling tower louvres.

(2nd from left) HBMK Executive Director Ho Kim Heung, Menara 1MK MC Chairman Tommy Chew.

Menara 1MK Gold – 10 Years and Above Multiple-Owned Strata Office HBMK was appointed in March 2024 and began instilling absolute transparency, discipline and decisive execution in managing the office building of Menara 1MK, part of the mixeduse development of Kompleks 1 Mont Kiara. Over two years, HBMK undertook to overhaul the cooling systems, address the lighting & indoor air quality, carried out a repainting programme, upgrading security (eg. facial recognition, CCTV) as well as numerous background strategies to align the building back to the national safety standards. Together with HBMK’s initiated camaraderie sessions between the sub-MC members, Menara 1MK has enjoyed value appreciation in rental rates (from RM2.80 - RM3psf to RM5psf), upward property transactional values with investment yields of between 7% and 8%, and an improved collection rate of 95%.

(2nd from left) HBMK Senior Area Manager Kathrine Yong, Park Regent MC Chairperson Liew Lai Sin.

(2nd from left) HBMK Associate Director Lee Siang Ling, Residensi Pavilion Ampang MC Chairman Serene Ng Kuan Ngoi.

Park Regent Gold – Below 10 Years Multiple-Owned Strata Residential (High-Rise)

Residensi Pavilion Ampang Gold – Below 10 Years Multiple-Owned Strata Residential (High-Rise)

HBMK took over the property’s management before the expiry of the developer’s defect liability period. To streamline operations and security from the extensive use of private lift lobbies, which serve about 80% of the units resulting in a total of 17 lifts that raised operational complexities in terms of maintenance access, servicing and emergency procedures, the development is equipped with facial recognition technology at every access point to provide seamless entry for residents. This enabled a more efficient deployment of manpower across the project site.

HBMK was hired before the project was handed over for vacant possession and this early engagement allowed the establishment of a full management framework from the ground up such as operational systems, defect management, financial administration and a comprehensive security structure. From these, the management was also able to implement a rigorous preventive maintenance programme and generate additional income by renting out vacant parking bays, resulting in a premium standard of living at Residensi Pavilion Ampang without needing to raise the maintenance fee.

Other soft touches include translating important notices into Chinese where necessary to cater to the diverse community. Occupancy is made up of 60% owner-occupiers and 40% tenants, many of whom are expatriates and foreigners.

Taking note of the diverse profile of the residents made up of the locals, embassy personnel and foreign tenants from countries like Hong Kong, Thailand and China, HBMK actively ensures the importance of communication and that staff on duty are well and able to engage with the residents.

HB ADVISOR | JULY - SEPTEMBER 2026

ANOTHER IMPRESSIVE OUTING AT THE BMSPA 2026

(2nd from left) HBMK Area Manager Gladys Sikop, Setia Eco Templer 2 MC Chairman Dr Navinder Singh.

(2nd from left) HBMK Associate Director Jessie Koh, Arcoris Mont’Kiara MC Treasurer Carol Chee Wai Ling.

Setia Eco Templer 2 Gold – Below 10 Years Multiple-Owned Strata Residential (Landed)

Arcoris Mont’Kiara Silver – Below 10 Years Mixed Development (Entire)

To ensure the expansive greenery of the 51.26 acres residential estate is well-maintained, HBMK secured an experienced landscape contractor to completely transform the landscape into a vibrant, manicured frame for the community while also harmonised the livability of the neighbourhood with its natural surroundings of the natural river and forest reserve. HBMK’s management team and security personnel went as far as attending specialised training to better understand the environment so they’ll know how to safely catch and release the snakes back into the forest reserve whenever such a need arises. The restoration of Setia Eco Templer 2 is supported by the strong and dynamic teamwork between the MC and HBMK. This includes the use of a dedicated WhatsApp chat group for realtime updates and quick decision making for pressing matters.

HBMK took over the management of Arcoris Mont’Kiara in February 2024 and began implementing effective management procedures such as restoring the monitoring systems, initiating regular servicing, fine-tuning administrative documentation, introducing new revenue streams etc. The latter in particular saw the management generating additional income by starting a valet service, renting out spaces at the common area and installing vending machines. Further enhancements also included a better system to manage short-term stays. Future plans include upgrading the CCTV, major repainting works and replacing water supply pipes. The management has also engaged consultants and new experts to thoroughly investigate and resolve complex and persistent issues.

(2nd from left) Grande Peak Properties Development Sdn Bhd Finance Manager Kok Mei Siew, HBMK Associate Director Albert Tan.

The Legacy OUG Silver – Below 10 Years Multiple-Owned Strata Residential (High-Rise) HBMK was engaged upon vacant possession in May 2024 and immediately set up a full management framework which included operational procedures and financial budgets to manage everything from defect rectifications with the developer under the defect liability period to debt recovery measures, cashless payment policy and app-driven reminders to the stakeholders. With a 70% occupancy rate primarily made up of familyoriented owner-occupiers, HBMK employs an official WhatsApp number for direct communication, fee payments and feedback logging. The management team also publishes educational awareness content and plans community activities such as the fire safety talks and yearend festive events to foster the community spirit.

Celebrating the momentous occasion at the BMSPA 2026.

JULY - SEPTEMBER 2026 | HB ADVISOR

BOTANIK POINT LAUNCHED!

n 9 June 2026, Botanik Point was officially launched by Housing & Local Government (KPKT) Minister Nga Kor Ming, with Ampang Jaya Municipal Council (MPAJ) Deputy President Hj. Hasrolnizam Shaari in attendance. Speaking at the launch, Housing Minister Nga called on the industry to prioritise ecological preservation over conventional land clearing practices in future developments, “Traditionally, development begins with clearing the land first before construction starts and expecting nature to adapt to development. But Botanik Point reversed this thinking entirely.

Housing & Local Government (KPKT) Minister Nga Kor Ming at the launch of Botanik Point.

“Planning began by asking what should be preserved first and that is a very powerful statement. Sustainability should not be treated as an afterthought or an add-on feature. It should be embedded into the DNA of planning itself.” Nga noted that Botanik Point is potentially the first residential project in the country to seek recognition for a residential arboretum landscape, a distinction that underscores just how singular this development’s environmental ambition is. The Minister who also serves as president of the United Nations Habitat Assembly said Malaysia remains committed to championing sustainable urban development globally and in that light, positioned Botanik Point as a project worthy of national emulation. Conservation Gets Institutional Backing At the launch, Botanik Point’s developer Urban Hallmark Properties Sdn Bhd signed a memorandum of understanding with the Tropical Rainforest Conservation & Research Centre (TRCRC) to advance biodiversity conservation, ecological restoration and environmental education initiatives at the site. In addition to that, the collaboration will also support Botanik Point’s pursuit of ArbNet Level 1 Arboretum Accreditation, which is an international recognition for curated tree collections and landscapes committed to biodiversity conservation. At the launch was also GreenRE who took the opportunity to formally recognise Botanik Point’s achievement 4

HB ADVISOR | JULY - SEPTEMBER 2026

of the GreenRE Platinum (Provisional) Certification under the Residential Landed category. This certification, grounded in the development’s biophilic design and passive cooling strategies, cements Botanik Point’s standing as one of the most rigorously green-certified landed residential projects in the Klang Valley, if not the country. Exclusive Density With a GDV of RM96 million, the low density development comprises 42 town villas and four semi-detached homes on a 1.78-acre site adjacent to the Ampang Forest Reserve. Townvillas offer built-ups from 2,200 to 2,900 sq ft and priced from RM1.6 million. The four semi-detached homes on the other hand feature built-ups of 5,500 to 5,800 sq ft on land measuring 38 by 50 ft and priced from RM4.1 million. With the developer’s deliberate decision to build only 46 units on a site that could have accommodated up to 108 units, the sense of space, privacy and exclusivity on offer speaks for itself.

The preserved nature reserve is expected to contribute to carbon sequestration, improve air quality and help reduce the urban heat island effect, all of which contribute to a harmonious liveable concept that extends well beyond landscaping aesthetics. Completion for the freehold stratatitled development is targeted within 36 months from the launch. Interested parties are welcome to visit the sales gallery or reach out directly for a viewing appointment by calling +603-4161 6703 or +60111-0886862, or visit our website www.henrybutcher.com.my for more information.

Botanik Point’s Sales Gallery Lot 1019, Jalan Kasawari, Taman Ulu Kelang, Ampang. Henry Butcher Malaysia is the Exclusive Marketing Agent for Botanik Point.

PERFORMANCE OF MALAYSIAN PLC DEVELOPERS - DECELERATING BUT STILL STEADY

PERFORMANCE OF MALAYSIAN PLC DEVELOPERS DECELERATING BUT STILL STEADY Financial Performance of Selected Major Public Listed Property Developers for Financial Years 2023-2025 Company

Crescendo Corporation Bhd

Revenue (RM’mil)

Profit Before Tax (RM’mil)

FY25

Var(%)

FY24

Var(%)

FY23

FY25

Var(%)

FY24

Var(%)

FY23

31-Jan

1,151

238

341

216

712

790

111

Eastern & Oriental Bhd

31-Mar

741

423

318

217

167

198

Eco World Development Group Bhd

31-Oct

2,931

2,258

2,227

616

407

270

Eupe Corporation Bhd

28-Feb

418

340

202

Ideal Capital Bhd

31-Dec

1,236

928

513

247

144

IGB Bhd

31-Dec

1,912

1,671

1,597

773

748

614

Lagenda Properties Bhd 31-Dec

1,056

989

835

247

248

213

30-Jun

629

512

362

149

Selangor Dredging Bhd 31-Mar

376

227

138

123

31-Dec

1,702

1,340

1,339

109

-34

164

139

UOA Development Bhd 31-Dec

674

546

399

637

394

368

Plenitude Bhd UEM Sunrise Bhd

Source: Henry Butcher Research / Bursa Malaysia

rom the financial results of 98 property counters on Bursa Malaysia for the period between 2023 to 2025, we selected 51 active companies for our analysis. Two companies (OSK Holdings Bhd and KSL Holdings Bhd) were excluded from the full analysis as the financial results for the full Financial Year 2025 were not available at the point of the analysis although they have been included for FY23 and FY24. Only 11 out of 49 companies (22%) recorded increases in both gross revenues and net profit before tax for each of the FY 2023 to 2025 (see Financial Performance of Selected Major Public Listed Property Developers for Financial Years 20232025). Aside from these 11 companies, 10 companies (20%) recorded positive growth in gross revenues but incurred a net loss or a reduction in gross profit in at least one out of the last three financial years. Our analysis also showed 36 companies (71%; out of 51 companies) recorded improvements in gross revenues in FY24 but the situation deteriorated in 2025 where 22 companies (45%; out of 49 companies) reported declines in gross revenues. There were 5 companies (10%) which recorded positive growth in gross profits in each of the last three financial years even though gross revenues declined in at least one financial year. On the whole there has been no significant change in the performances of the property companies although there is a clear deterioration in

performance in FY25 as can be seen by the increase in number of companies reporting losses, reduction in the highest revenue and profit before tax reported. Among the top 5 performing companies, only 2 reported annual increases in gross revenue over the period 2023 to 2025. They are IOI Properties and EcoWorld with the latter reporting annual increases in profit before tax over the same period. Three companies reported declines in gross revenues in 2025, they are (S P Setia Bhd, Sime Darby Property, Mah Sing Group Bhd). Despite the drop, performance for Mah Sing and Sime Darby Property were upheld by increases in profit before tax in FY24 and FY25. 2026 & Beyond Results reported by the developers up until 1Q26 suggest that the softness witnessed in the period under observation is stabilising but the recovery is uneven and the growth drivers are changing shape. Consistent performer EcoWorld for example which grew its revenue from RM2.2 billion in FY2023 to RM2.9 billion in FY2025 while profit before tax more than doubled to RM616 million over the same period has extended that trajectory with 1Q26’s revenue surging to RM1.35 billion on the back of industrial land sales to Microsoft and Pearl Computing owing to data centre demand.

Leveraging on industrial opportunity is also Matrix Concepts which through its development at MVV City saw the company recording its first industrial revenue of RM46.7 million in a single quarter. Lagenda Properties entered 2026 with record unbilled sales of RM1.67 billion and quarterly property sales of RM372.5 million on the back of a growing revenue of RM835 million in FY23 to RM1.06 billion in FY25. The positive uptick is underpinned by the resilient affordable housing demand. Benefitting from the same housing segment is Ideal Capital, which also registered robust revenue growth by nearly tripling from RM513 million to RM1.24 billion over three years. Whilst not alarming, rising construction costs and labour expenses have begun challenging the market. Matrix Concepts for example has seen its gross margins narrowed from 51.9% to 37.1% due to “cost reclassification and changes in product mix” although annual revenue was the highest for the company at RM1.36 billion in FY26 (YE Mar’26). Moving forward, as the Malaysian property sector continues to see demand in affordable housing, developers stepping out of their comfort zone into the industrial and data centre space may be rewarded for the risks they are shouldering.

JULY - SEPTEMBER 2026 | HB ADVISOR

STANDING THE TEST OF TIME

n the vast and resource-rich landscape of Sarawak, the real estate market operates with its own distinct rhythm and complexity. From the bustling urban centres to the sprawling expanses of agricultural and industrial lands, navigating this multi-faceted environment requires profound local insight, technical mastery and an uncompromising commitment to professional ethics. Spearheading Henry Butcher Malaysia’s presence in the dynamic Borneon territory is Sr Chieng Yu Tang, the Director of Henry Butcher Malaysia (Sarawak) Sdn Bhd. Unlike many of his peers who entered the valuation profession through a traditional, linear academic route, Sr Chieng’s journey is defined by remarkable initiative, self-education and a foundational background in project management. His career trajectory reads like a masterclass in adaptability, proving that a true self-starter can build his career from the ground up by evolving continuously to meet market demands and industry expectations. A Balancing Act Hailing originally from Sibu in Sarawak, Sr Chieng’s entry into the professional world began with a Bachelor of Science (Honours) in Housing Building Planning from Universiti Sains Malaysia (USM) in Penang. Upon graduation, he embarked on his career not as a property valuer but as a project executive for PrometAPI Property Development Services Sdn Bhd, a project management firm in Kuala Lumpur. After a brief three-month stint in the capital, the firm posted the young executive back to East Malaysia and instead of his home town, he landed in Kuching. This set the stage for what would become a lifelong dedication to the Sarawakian property market. He spent two formative years immersed in the rigours of project management, an experience that ingrained in him a meticulous, detail-oriented approach to problem-solving. This background would later become his armour and weaponry in the property valuation industry, chiefly because project managers of his field are trained to look at the macro and micro factors of property development in coherent and where assessing timelines, feasibility, structural integrity and the interconnectedness of development phases are just part and parcel of the high stakes projects at hand.

HB ADVISOR | JULY - SEPTEMBER 2026

Earning his stripes from managing schedules and resources to reach its goals, his transition into the property valuation sector would only begin when he joined a joint-venture company comprising a property consultant firm and a government agency, a combined entity that focused on delivering property management services. It was here that his innate “self-starter” flair launched him into another professional trajectory altogether. Recognising the critical importance and the long-term prospects of valuation, he took the unconventional and demanding route of taking up a valuation course entirely voluntarily. Balancing his professional duties with independent learning, he successfully graduated with a Professional Diploma (General Practice) from the Royal Institution of Surveyors Malaysia (RISM). This pivot from project management that culminated as a fully registered professional valuer laid the important groundwork which his future will come to stand on for the next three promising decades. Cornerstone in Sarawak Armed with his hard-earned valuation credentials atop his well-entrenched project management skills and experience, Sr Chieng officially joined the Henry Butcher Malaysia Group as a Director in March 1993. His mandate was to establish and grow the firm’s footprint in Sarawak, adding to the rapid expansion of the Group from Peninsular Malaysia. Over the past 33 years, the establishment and enduring growth of his Kuching office has stood out as among his most satisfied milestones. Under his stewardship, his office has built a sustained and robust reputation reflective of the firm’s unyielding credibility, consistency and the deep trust recognised by the industry. The banks, corporate clients and various stakeholders across the region also count as some of his ardent supporters. Another proud moment is when he was able to ride on the Group’s network whenever tasked with assignments out of his comfort zone. “When I had to value highly specialised assets for the first time like oil palm plantations, oil palm mills, quarries, planted forests and so on, I had to familiarise myself with the operations of the business and learn from my colleagues in different offices throughout Malaysia.” In particular, “I remember when I was carrying out an oil palm plantation valuation, I had to go to Universiti Putra Malaysia (then Universiti Pertanian

Sr Chieng Yu Tiang, Director of Henry Butcher Malaysia (Sarawak) Sdn Bhd.

Henry Butcher Malaysia (Sarawak) Sdn Bhd Add: L4 14 & 15, DUBS Commercial/Office Centre, Lot 376, Section 54 KTLD, Jalan Petanak, 93100 Kuching, Sarawak. Tel: +6082 - 423 300 / 231 032 / 231 037 Fax: +6082 - 231 036 Email: hbsarawak@henrybutcher.com.my / sarawak@henrybutcher.com.my / hbswak@gmail.com / hbsarawak@gmail.com

Malaysia; in Serdang, Selangor) for a week to search for related literature.” He understood that to accurately value such assets, he first had to intimately understand the actual operations of the business. Spending a week at the library to research agricultural and industrial operations perfectly encapsulates his self-driven and detail-oriented ethos. Further to that, he also leveraged the collaborative power of his colleagues, reaching out to them from the different offices throughout Malaysia to share and learn invaluable knowledge and expertise they can convey to one another. “I am glad Henry Butcher Malaysia has a network of offices I can seek assistance from.” His drive for excellence has clearly been passed down to the next generation, as evidenced by the exceptional achievements of his four children across various professional disciplines. Traces of his successful DNA would first begin with his eldest daughter, who as an Anaesthesiologist, studied Medicine at Nottingham University in the UK. This was followed by his second daughter who after graduating from the London School of Economics (LSE) progressed to practise law. His third daughter is an alumna of the University of Cambridge (Land Economy),

STANDING THE TEST OF TIME

a Chartered Accountant (ICAEW), and today a management consultant. Completing the full circle that mirrored his footsteps is his son, who earlier graduated as a Mechanical Engineer from the University of Cardiff, had also pursued a Professional Diploma from RISM and is currently working alongside him in Kuching.

persistent mismatch between asking prices and actual sales data. This is where his strategic background ensures that his team approaches these hurdles methodically, relying on deep market immersion through experiential hands-on approach to bridge the obvious but not insurmountable data gaps.

Shouldering the responsibility together at work, Sr Chieng and his team primarily serve the market with its valuation services and supported by a selective focus in estate agency; incidentally, the very same disciplines Sr Chieng was already accustomed to before becoming part of the Group. At the time of writing, his office is also exploring opportunities into property management services, leveraging on Sarawak’s economic and urbanisation agenda in the 21st century and amidst the 4th Industrial Revolution marked by technological advancements like AI and robotics.

Defensible Scrutiny

As with any profession and more so in the real estate business, operating in Sarawak over the past three decades requires an acute and all-encompassing awareness of its evolving landscape and based on Sr Chieng’s observation, the region has transformed dramatically over the years. Of significance is the shifting preference from a market traditionally dominated by landed residential properties to one increasingly characterised by high-rise apartments, condominiums and suburban developments. With such modernisation comes complex challenges. Sr Chieng highlights that his practice today frequently encounters more stringent Environmental, Social and Governance (ESG) requirements as mandated by the financial institutions. The bar is raised higher with the absence of transparent market data and the

Such a level of dedication and expertise naturally formed how he defines the “Henry Butcher difference” where external pressures can sometimes lean in, “In today’s market, one of our differentiations is discipline. We don’t stretch comparables to meet expectations. We provide values that are supportable, defensible and able to withstand scrutiny.” In the same vein, Sr Chieng urges the new generation to look beyond the spreadsheets. “Young professionals entering this field should build strong fundamentals while understanding the market forces behind property values, not just the numbers.” He stresses the critical need for sound judgment when handling imperfect data, upholding absolute professional integrity and continuously improving technical skills. “Staying adaptable with data, technology and market trends is key to long-term competitiveness,” he concludes.

chooses to substantiate his findings so their deliverables can stand the test of time. Looking towards 2027, Sr Chieng is steering his Sarawak office to a future underscored by digital transformation and enhanced operational efficiency. By leveraging new platforms to accelerate turnaround times and expand market reach, he aims to elevate the firm’s service quality to even greater heights. Ultimately, his focus remains anchored in the bedrock of his practice and that is a greater level of compliance and reporting standards. Q: What motivates or drives you at work? A: Meeting people. Property is an important tool for me to meet many people in the community and the society at large. If you have a good listing, a lot of people would like to hear from you. Q: What do you enjoy outside of work? A: Playing basketball in my younger years, a round of golf now and travelling with friends and family. Q: If not as a valuer, what would you have done professionally? A: Maybe an accountant, a developer or working with a timber firm because after completing Form 6, I was working for a timber firm for 4 months.

Perhaps the most defining anecdote of Sr Chieng’s career and the ultimate testament to his project management roots, is his approach to unprecedented assignments. He did not just conveniently rely on guesswork or superficial data to complete the job but often meticulously JULY - SEPTEMBER 2026 | HB ADVISOR

MASTER PLANNING A CENTURY

long championed the untapped potential of Seberang Perai or commonly known as the Mainland.

Demographically, population growth rate on the Mainland in the past 25 years has outpaced that of the Island (Department of Statistics Malaysia, 2000-2020 35.3%:29.3%). Consequently, Seberang Perai is increasingly becoming a major part of the main growth pole of Penang and serves as the epicentre of a tri-state catchment area encompassing Penang, Kedah and Perak, boasting a combined population of more than six million inhabitants (DOSM, 2024: Penang 1.8mil, Kedah 2.2mil, Perak 2.6mil).

ccording to Sr Ooi Gim Chor, Director of Henry Butcher Malaysia’s Butterworth and Kulim offices in Penang and Kedah respectively, true valuation is an exercise in seeing what a city could become a century from now. Operating at the critical nexus between Penang’s bustling mainland and the industrial heartlands of Kedah, Sr Ooi possesses a rare and profound macroeconomic lens. Where others might merely see individual parcels of land, he sees the interconnected tapestry of urban development, demographic shifts and regional economics. His approach to property consultancy transcends the traditional boundaries of the profession, heavily drawing upon the disciplines of town planning and also sustainable architecture for the future. To understand Sr Ooi’s expansive view of the industry, it warrants one to follow from the beginning of his career, stretching back to the 1970’s. He began his journey as a trainee valuer in a Singaporean practice and in the subsequent years, cultivated his skills set, traversing the property markets of Singapore, Penang and Kuala Lumpur. Rather than confining strictly to valuation, he gained invaluable experience in construction, property management and project consultancy. After serving as a manager at a Penangbased valuation consultancy for five years, he joined Henry Butcher Malaysia as a Director and Partner in 1989. Between the 1990s through to the 2000’s, his office has established a foothold in the market as among the premier consultancies for corporate valuation exercises in northern Peninsular Malaysia and successfully handling numerous valuations for high-profile listing on the Kuala Lumpur Stock Exchange (KLSE), now known as Bursa Malaysia. “Presently, we have a very experienced consultancy team in place especially in the estate agency of development projects,” he shares, further stating that Henry Butcher Malaysia’s valuation reports are “precise, accurate and acceptable by all because of our knowledge of the market.” Growth Pole While Penang Island has historically captured its fair share of investors’ interests, Sr Ooi’s analytical focus has 8

HB ADVISOR | JULY - SEPTEMBER 2026

“Much of this market has recognised the convenience of obtaining their needs on the Mainland rather than crossing over to the Island,” he observes, pointing to the flourishing business at the Sunway Carnival Mall in Seberang Jaya as a keen testament to this shifting consumer behaviour. Whilst acknowledging that this growth pattern is not entirely comparable to Hong Kong Island and mainland Shenzhen, he firmly believes Penang’s Mainland economy is maturing into a formidable tri-state growth region. In fact, over the last 50 years, the Mainland has transformed from being recognised primarily by only Butterworth Port and Bukit Mertajam into now a sprawling, linear conurbation merged with Seberang Jaya, Juru, Batu Kawan and Kepala Batas along the North-South Expressway. Based on his estimation, this interconnected urban stretch possesses the momentum to eventually outgrow its nearest growth hubs like Georgetown and Bayan Lepas. North Star The good news is this burgeoning potential has not gone unnoticed as a defining trend in recent years has witnessed the influx of outstation developers, particularly from the Klang Valley, who are eager to capitalise on this shimmering north star. “The urban development pattern in these areas is somewhat scattered, so much so that an outstation developer cannot often see a definite pattern, trend or market formation,” Sr Ooi explains. For instance, three decades ago during the tenure of former Prime Minister Tun Abdullah Ahmad Badawi, developmental emphasis was concentrated on the northern district near Kepala Batas. Today, it has shifted dramatically towards the central and southern districts, spreading outward from the Batu Kawan and Juru corridor, strategically sandwiched between the two purposeful and iconic Penang bridges. It is in this complex environment that Sr

Ooi Gim Chor, Director, Henry Butcher Malaysia Butterworth (Penang) and Kulim (Kedah).

Henry Butcher Malaysia (Butterworth) Sdn Bhd Add: No. 2708, Chain Ferry Road, Kimsar Garden, 13700 Prai, Penang. Tel: +604 - 398 8999 Fax: +604 - 398 8777 Email: hbperai@henrybutcher.com.my / fook@henrybutcher.net Henry Butcher Malaysia (Kulim) Sdn Bhd Add: No. 239, Jalan Raya. 09000 Kulim, Kedah. Tel: +604 - 491 2999 Fax: +604 - 491 2311 Email: hbkulim@henrybutcher.com.my / hbmkulim@gmail.com

Ooi’s holistic expertise comes into play and it’s also where he finds immense satisfaction in assisting new players through every aspect of the process, from acquiring the right land and identifying precise market segmentation, to helping them market and sell. “In recent years, condominiums, apartments and affordable flats have also firmly entrenched in the local market and we find that the necessity of matching the right location, sites and market is of utmost importance. “There is much profit potential for developers as the land values are still relatively lower than on the Island and development lands are plentiful besides a growing population. Large developers should consider larger developments such as those in Kuala Lumpur.” The Masterplanner’s Mindset His passionate guidance over the years has rewarded him the privilege to witness the growth of these rookie developers into established household names

MASTER PLANNING A CENTURY

within the state and his visionary take in town planning is what truly separates Sr Ooi from his contemporaries. Take for example an industrial plot, he prefers evaluating it within the broader socioeconomic context rather than just assessing its current market value alone. Led by this bigger picture appetitie, it is the reason why he takes great interest in the progressive movements of real estate developments, such as the Province Wellesley and the Kulim Hi-Tech Park, which are fuelled by foreign direct investment (FDI) and demonstrated a powerful and effective demand in the market.

“What is urgently needed is a practical masterplan that identifies a fully integrated Tier-1 growth pole, allowing for orderly development together with Penang island.”

“This suggests that prime locations in Seberang Perai can be developed further for tertiary commercial mixed development on a larger scale.”

“Specialist developers can expect handsome returns of investment if they do so properly,” elaborating further that while the island has to reclaim land from the sea at a high premium, the mainland possesses natural land at a fraction of the cost with comparable infrastructure and services. Taking cognizance of this broader picture, he pragmatically suggests that the traditional policy of maintaining arable paddy land for food security should seriously be reconsidered.

Coupled with the fact that land in this part of the state remains more competitively priced and readily available, and supported further by a ready pool of younger workers migrating from Kedah and Perak, the region is ripe for growth. “The combined idea of developing modern urban town centres with strategic industrial estates nearby makes real estate development in Seberang Perai a rather attractive proposition.” he asserts, singling out the immense potential for tertiary commercial mixed developments on a much larger scale such as the proposed GEM shopping mall in Prai with its propensity as a new commercial hub for shopping and recreation. Yet, to truly unlock this potential, he insists on a fundamental shift in governance and planning. “There is an urgent need for better town planning, development as well as land and building management.

As Penang pushes forward with the world’s AI-driven era, like its ambitious Silicon Island reclamation project, Sr Ooi sees merit when the Mainland is also modernised in parallel by the government. He points to the success of Batu Kawan as proof and see no reason why the Mainland cannot be Penang’s joint frontrunner even before Silicon Island opens for business.

As he looks towards the remainder of the decade and guided by his property cycle compass pointing to things in 2026 are at a midpoint from the baseline year of post-Covid’s 2022, he notes that current demand and supply are “somewhat stable,” complete with the state enjoying a healthy portion of investments. “We have gone through several recessions in the past 36 years. So, we are in a good position to advise the market what to expect for the rest of the decade,” and that the local property market shall continue to remain bright, including for the young bright minds entering the valuation field today.

“As young valuers, they are trained in land economics. But to serve the market better, they should expand their scope of service and experience to understand the local economy, the regional economy as well as the international economy especially on the new economy of AI in both commerce and industry if they want to remain relevant.” He emphasised the necessity to not be constrained by the traditional borders of the profession, “Young valuers and property consultants should (therefore) rise to the occasion to lead this developmental economic changes.” Q: What motivates or drives you at work? A: I get immense satisfaction from creating sustainable real estate development that provides beautiful environments and cityscapes that can serve the community well into the future. Q: What do you enjoy outside of work? A: I admire how historical planning such as what the British left in Penang allowed the Island to become a top destination, and I continually study how we can replicate that 200-year sustainability benchmark in modern projects. Q: If not as a valuer, what would you have done professionally? A: If given another option, I would have liked to be a town planner or an architect, designing and building new towns and cities.

JULY - SEPTEMBER 2026 | HB ADVISOR

GLOBALLY TINTED LENS

ong before Sr Fahariah Bt Abdul Wahab, Director of Henry Butcher Malaysia Solutions Sdn Bhd, became one of the more recognisable figures in Malaysia’s property research sector, her worldview was shaped by a childhood spent far from home soil. Driven by her father’s foreign posting in the civil service, her family spent four years in London, UK, and another three in Sydney, Australia. For seven years, she grew up immersed entirely in international environments, a period she looks back on with immense fondness. However, this global upbringing made for a profound culture shock upon her return to Malaysia. Entering Form 1 at Convent Bukit Nanas Secondary School in Kuala Lumpur, Sr Fahariah found herself in a unique predicament because she spoke and knew only English, leaving her to grapple intensely with academic-level Bahasa Malaysia. Yet, it was this very linguistic struggle and her subsequent mastery of communication that would eventually form the foundation of her career. It instilled in her an uncompromising standard for language and a deeply analytical perspective that she now demands of her research team. Serendipity If her early years were defined by international exposure, her entry into the property profession was defined by pure serendipity. After completing Form 5, Sr Fahariah found herself at a crossroads. Not qualifying for the toptier science courses and intentionally wanting to avoid mathematical and creative disciplines like engineering and architecture, she spotted a course in property valuation at Universiti Teknologi Malaysia (UTM) and opted to apply for it, presumably it sounded easier. But in a charming twist of fate, she was also accepted to study Veterinary Science at Universiti Pertanian Malaysia (now Universiti Putra Malaysia). Fearing the long commute would drain her, her parents swiftly pulled her out of the course to pursue valuation closer to home in the midst of her orientation at UPM. They jokingly reasoned that she was “too skinny and scrawny” and might get hurt from being kicked by a horse. Steered away from the stables, her mother arranged a pivotal meeting with Sr Azmi Ariffin, the head of the valuation department at the time and himself a

10 HB ADVISOR | JULY - SEPTEMBER 2026

valuer, who illuminated the true nature of the profession. Convinced, Fahariah embarked on a five-year course at UTM and she eventually graduated with a Bachelor of Surveying (Property Management) Honours. Bound by a government scholarship, the young graduate began her career with the Jabatan Penilaian dan Perkhidmatan Harta (JPPH), serving for nine years until 1990 and getting well acquainted with the use of computers that even impressed the then Director General (DG). At JPPH, she was exposed to all kinds of valuation assignments like stamp duty, Securities Commission cases, land acquisitions and a host of other related jobs. She was also involved in training, project management of the department’s training institute from inception to completion (now known as INSPEN or Institut Penilaian Negara), not forgetting authoring the department’s annual property market reports. Meticulous Pivot After almost a decade, constraints of the civil service and a timely advice by the DG prompted her to transition to the private sector. That’s when a single interview with the partner and her eventual boss of a valuation and consulting firm changed her trajectory forever. Recognising her strengths, he suggested rather than pursuing estate agency work, her meticulous nature was perfectly suited for research. This landed her the role of a Manager of the Research & Consultancy Department and her typically longer working hours now called for her to be roped into market studies and feasibility studies for both local and overseas clients. Like in JPPH, she also kickstarted the company’s quarterly property market reports. After nearly two years thriving at her new appointment, her husband Hamdan Bin Ismail, who was with the Investment and Unit Trusts Department of Permodalan Nasional Berhad (PNB), introduced her to his friends like Founding & Group Managing Director Sr Long Tian Chek at Henry Butcher Malaysia. The productive conversation over the possibility of a synergy would then follow with the opening of the doors to join the Group in 1992. Firstly as part of the Research team in the Kuala Lumpur office before culminating in the establishment of her own enterprise under the Group as Henry Butcher Malaysia Solutions Sdn Bhd in 1995. Today, Sr Fahariah oversees her research consultancy and serves clients all around the country with opportunities

Sr Fahariah Bt Abdul Wahab, Director, Henry Butcher Malaysia Solutions Sdn Bhd

Henry Butcher Malaysia Solutions Sdn Bhd Add: 25, Jalan Yap Ah Shak, Off Jalan Dang Wangi, 50300 Kuala Lumpur. Tel: +603-4032 0077 Email: admin@hbmssb.com

also to collaborate with her colleagues from other state offices. From whence she stepped foot into the Group until now, she has conducted studies for an illustrious list of jobs ranging from resorts, townships, hotels, shopping centres, offices, service apartments, condominiums, landed residential, shops, gated & guarded developments to the heavyweights like the East Coast Economic Region (for Kuala Terengganu city, Setiu wetlands and Cherating), Kuala Lumpur Structure Plan 2020, Local Plan for Hulu Selangor and Blueprint Study for Iskandar Malaysia etc. Even non-traditional property companies such as Iskandar Development Region Authority (IRDA), DBKL (Dewan Bandaraya Kuala Lumpur), Shell, Sapura, just to name a few, have engaged her team as their research consultant. Over the years, she observes that the property research industry has grown to be fiercely competitive and it is no longer uncommon for clients to ask for complex feasibility studies such as running the financial numbers and market analyses, and more recently, validating developers’ property selling prices to enable the banks to impartially assess the feasibility of financing the projects. Other times, her team has also served as sub-consultants alongside town planners, engineers and architects to advise on what ought to be developed on the massive plots of land including product

GLOBALLY TINTED LENS

positioning, target market composition and optimal selling prices. During the interview for this story, she noted that her team had also just submitted a proposal to a large-scale landmark project and were preparing to pitch their design by the end of June 2026. Project Runway The wide ranging requests have asserted intense pressure on the game and changed the once comfortable window for report completion to now routinely demanding, exhaustive and highly analytical reports within a gruelling timeline. “I am blessed to have a workforce that remains consistently diligent and highly committed to delivering quality reports under pressure, regardless of the size and price of the job,” she says with pride about their work ethic, dedication and professionalism. To navigate these compressed schedules, her team has also moved with the times and stepped up proactively by integrating artificial intelligence (AI) tools to quicken their turnaround time. Yet, technology cannot completely replace the human touch and she finds unearthing the right talents continues to plague as among her greatest operational challenges. Perhaps due to her upbringing that ingrained her with a worldview with greater depth and adaptability, her recruitment radar has always been switched on for candidates with strong analytical and critical thinking skills, complete with the genuine passion and endurance for savvy research.

“A highly analytical job cannot simply be copied and pasted from previous templates and they should have the ability to see what the data actually means,” she discloses adding that crucially, an impeccable command of the English language is a prerequisite, “All reports are strictly produced in English regardless if they were for Malaysian or international clients. “They should also embrace heavy writing, work independently and take total ownership of a project from ground zero while still integrating seamlessly as a team player when collaborating with senior managers.” The higher bar she sets for her team coincides with what she thinks distinguishes Henry Butcher’s research from her peers in the market where rather than chasing exorbitant fees from one-off transactions, she fosters recurring, long-term trust with clients, backed by an unwavering commitment to accountability and revisions. “This doesn’t happen often but if a client is unsatisfied and requests changes to be made on a completed report, we are always willing to listen, revisit the data and go the extra mile.”

Q: What motivates or drives you at work? A: I feel incredibly blessed and motivated by the fact that I remain active, healthy and driven by the immense blessing of providing the opportunities to my team and having their unwavering support. Q: What do you enjoy outside of work? A: I love relaxing and watching YouTube. I am also a devoted cat lover and currently care for 7 or 8 cats. Interestingly, almost all of them were originally strays who wandered into our compound, picked fights with my sister-in-law’s cats next door and eventually just decided they never wanted to leave! Q: If not as a valuer, what would you have done professionally? A: I would have loved a profession that offered international postings. My father’s civil service career took our family to London and Sydney during my childhood and that international exposure greatly expanded my worldview.

As Sr Fahariah looks toward 2026 and 2027, her goals are set on aggressively expanding the firm’s footprint in large-scale master planning and local plan consultancy jobs laid with a longer runway and commitment from her team’s involvement; in sync with the growing industrialisation and urbanisation trajectory of the country, and aspirationally too that one day this soil may blossom into a global market place on par with the world’s finest.

JULY - SEPTEMBER 2026 | HB ADVISOR 11

RISING VOLUME AMIDST DECLINING LAUNCHES

Kuala Lumpur

Klang Valley’s new launch statistics between the first half of 2025 and 2026.

3) Damansara Heights = 1 Project High-rise = RM1,250 - RM1,350psf

• Inventory of new launches in the first half of 2026 reduced by 5 projects to 28 projects compared to the same period last year.

5) KLCC = 1 Project High-rise = RM1,400 - RM1,500psf

• The reduction in new launches was however accompanied by a larger roll out of total number of units, with 13,843 units recorded in 1H26 against 12,448 units in 1H25, an increase of 11.2% over the period. • Selangor contributed 22 projects to the market in 1H26, 1 less than the same period last year but by percentage, the latest statistics represented 79% of new launches in the market. • Selangor also contributed a higher ratio of units to the market which at 8,500 units represents 61% of the market. Compared to the same period last year, this is an increase of 28.4%. • Kuala Lumpur on the other hand saw its newly launched inventory reduced by 487 units or 8.4% over the same period. • Interestingly, there is an almost even spread of new launches throughout the first half of 2026 with 5 projects released to the market every month except for January with 3 projects. April was the most active month in 1H25 with a significantly higher 11 projects launched. • By property type, serviced residences and the terrace/superlinks continued their dominance with 8 and 7 projects respectively compared to last year’s 11 projects each. Condominiums was next with 6 projects launched in 1H26.

2025

2026

Total Units Launched Units

2) Cheras = 1 Project High-rise = RM500 - RM550psf

4) KL Sentral = 1 Project High-rise = RM1,500 - RM1,600psf

Kuala Lumpur

6) Sungai Besi = 1 Project High-rise = RM550 - RM600psf

• Between 1H25 and 1H26, both periods saw 17 new high-rise projects launched into the market ie. representing 57% of the market in 1H26 compared to 49% in 1H25. • In terms of units, high-rises contributed more and by a larger margin than the landed properties i.e. 12,572 units (91%, high-rises) against 1,271 units (9%, landed). The division in 1H25 was markedly lower in the high-rises with 10,521 units (85%, high-rises) against 1,927 units (15%, landed). • In terms of built-ups, the prevailing market preferences of below 1,500 sq ft per unit are still being offered the most among all the new launches in 1H26. There’s however an uptick for the below 600 sq ft category with 7 projects or 23% of the market possessing units of this size in 1H26 compared to only 3 projects (9%) in 1H25. • The largest built-ups of above 2,000 sq ft saw a reduction from 17 projects (49%) selling units with such built-ups in 1H25 to 12 projects (40%) in 1H26. • By pricing, there was a reduction in the number of projects in all the different pricing segments except for the below RM400,000 category which increased by 2 projects, going from 4 projects (11%) in 1H25 to 6 projects (20%) in 1H26.

• By price per sq ft, the above RM1,500 per sq ft category which had zero units sold at this higher pricing tier in 1H25 saw the inclusion of 1 newly launched project in 1H26. The most popular pricing nevertheless remained the same in 1H26 ie. below RM1,000 per sq ft. • Puchong and Shah Alam led the market with 4 newly launched projects each in 1H26 followed by Petaling Jaya and Sepang with 3 projects each. In 1H25, Shah Alam launched 7 new projects, the highest for the period followed by Cyberjaya (4), and Cheras and Petaling Jaya (2 projects each).

Types of Projects

Total Projects Launched Projects

1) Bukit Jalil = 1 Project High-rise = RM850 - RM950psf

2025

2026

12,448

13,843

12 HB ADVISOR | JULY - SEPTEMBER 2026

RISING VOLUME AMIDST DECLINING LAUNCHES

Selangor

UNIT SIZES BY PROJECTS

1) Ampang = 1 Project Landed = RM700 - RM800psf

2024

2) Klang = 1 Project Landed = RM400 - RM450psf

Selangor

3) Petaling Jaya = 3 Projects High-rise = RM500 - RM1,100psf 4) Puchong = 4 Projects High-rise = RM550 - RM600psf Landed = RM750psf - RM850psf

2025

Below 600sf

23%

29%

601sf - 800sf

27%

34%

801sf - 1,000sf

37%

29% 1,001sf - 1,200sf 20%

5) Rawang = 2 Projects Landed = RM350 - RM450psf

31% 1,201sf - 1,500sf 27%

6) Semenyih = 1 Project Landed = RM500 - RM650psf

14% 1,501sf - 1,800sf 7%

7) Sepang = 3 Projects High-rise = RM350 - RM450psf Landed = RM350 - RM500psf

17% 1,801sf - 2,000sf 13%

8) Shah Alam = 4 Projects High-rise = RM450 - RM850psf Landed = RM500 - RM700psf

49%

9) Subang Jaya = 2 Projects High-rise = RM450 - RM800psf

Above 2,000sf

40%

PRICING BY PROJECTS

10) Sungai Buloh = 1 Project Landed = RM500 - RM600psf

2024

Location

2025

11%

Below RM400,000

20%

37%

RM401,000 RM600,000

43%

54%

RM601,000 RM800,000

43%

40%

RM801,000 RM1,000,000

37%

57%

Above RM1,000,000

50%

PRICE PER SQUARE FEET (PSF)

2024

40%

2025 Below RM500

27%

40% RM501 - RM750 47% Location

26% RM751 - RM1,000 30% 6% RM1,001 - RM1,500 10% 0%

Above RM1,500

NB: The percentages shown in the table are based on our analysis of the projects that we surveyed but they are not computed based on the number of units within those projects. The way to read this table is as follows eg. based on the projects that we analysed, 56% of them included units of above 2,000 sq ft in size. It however does not mean that 56% of all the units are above 2,000 sq ft. Each project will probably only have very few units of above 2,000 sq ft in size.

JULY - SEPTEMBER 2026 | HB ADVISOR 13

BUSINESS VALUATION IN THE CONTEXT OF M&A (PART 2)

BUSINESS VALUATION IN THE CONTEXT OF M&A (PART 2) The Step By Step Business Valuation Process - By Garima Prajapati & Dr. Adie Gupta hc

• Valuation Synthesis & Sensitivity Analysis Rather than settling on a single number, a well-constructed valuation presents a range, with key assumptions tested through sensitivity analysis. What happens to value if revenue growth is 2% lower than projected? What if margins compress due to rising labour costs? These scenarios help all parties understand the risk-reward profile of the deal. • Reporting & Discussion The final output is a formal valuation report that documents the methodology, assumptions, findings, and conclusion of value. This report serves as a reference point throughout negotiations and, in many cases, as supporting evidence for regulatory filings, board approvals, or financing applications.

lot of business owners assume that valuation is something that happens in a room with a spreadsheet and a few financial models. In reality, a thorough business valuation for M&A follows a structured process, one that, when done properly, can take several weeks and involves considerable back-and-forth between the business valuer, advisors, management, and sometimes external data sources. Here is how the process typically unfolds in an M&A: • Defining the Purpose & Scope Before any analysis begins, the business valuer needs to understand why the valuation is being performed. Is it for a full acquisition, a minority stake sale, an internal restructuring, or a regulatory requirement? The purpose shapes the standard of value applied and the assumptions used throughout. • Information Gathering & Management Interviews The business valuer will request a comprehensive set of documents like audited financial statements, management accounts, tax filings, corporate structure charts, contracts, and operational data. Management interviews are equally important, as they surface qualitative insights that numbers alone cannot convey competitive positioning, customer

14 HB ADVISOR | JULY - SEPTEMBER 2026

Each step feeds into the next. Skipping or rushing any stage introduces risk and not just to the accuracy of the final number, but to the credibility of the entire exercise in the eyes of the other party. concentration risks, key person dependencies, and strategic plans. • Financial Normalisation Historical financials rarely reflect the true earning power of a business in their raw form. One-off expenses, owner-related costs, non-recurring revenue items, and accounting policy choices all need to be adjusted. This normalisation step is critical as it establishes a clean, comparable earnings base from which to work. • Industry & Market Analysis A company does not exist in isolation. The business valuer will assess the broader market landscape, industry growth trends, competitive dynamics, regulatory environment, and macroeconomic conditions in order to contextualise the business’ performance and outlook. For Malaysia-based companies with regional operations, this analysis often extends across Southeast Asia. • Applying Valuation Methodologies With a solid information base in place, the business valuer applies one or more valuation approaches like DCF, comparable company analysis, precedent transactions, or assetbased methods, as discussed earlier. Each method is run separately, and the outputs are compared to assess consistency and identify outliers.

Common Challenges in Business Valuation for M&A Deals Even with the very experienced business valuer and the most cooperative management teams, business valuation is rarely straightforward. There are persistent challenges that come up in almost every deal and being aware of them in advance can save a significant amount of time and friction. • Valuation Gaps Between Buyer & Seller This is perhaps the most common deal-breaker in M&A. Sellers tend to anchor on peak performance years or future potential; buyers focus on current earnings and risk-adjusted projections. Bridging this gap requires not just technical rigour but also skilled negotiation and sometimes creative deal structuring like earn-outs, deferred consideration, or equity rollovers, for instance. • Lack of Quality Financial Information Smaller and mid-market businesses which make up a significant share of M&A activity often do not have financial records that are clean, consistent, or sufficiently detailed. Management accounts prepared for tax purposes may not reflect

BUSINESS VALUATION IN THE CONTEXT OF M&A (PART 2)

commercial reality, and unaudited figures introduce uncertainty that conservative buyers will price into their offers. • Valuing Intangible Assets Brand value, software, customer contracts, proprietary processes, or IP such as patents or copyrights are often the most valuable parts of a business, yet also the hardest to pin down with precision. In M&A valuation, particularly in technology and consumer sectors, intangibles can represent the majority of deal value. Getting this right requires a combination of methodological discipline and informed judgement. • Key Person Risk Many businesses, especially founder-led companies, have significant dependency on one or two individuals. If those people are exiting as part of the deal, buyers will want to understand how performance might be affected post-transaction. This risk is hard to quantify but easy to underestimate, and it can lead to meaningful valuation discounts. • Cross-Border Complexity For companies with regional operations, consolidating financial data across multiple jurisdictions, each with different accounting standards, tax regimes, and currencies can be genuinely complex. Inconsistencies in how subsidiaries report can distort the group picture and require careful reconciliation before any meaningful analysis can begin.

in time. A company valued in a buoyant market may attract very different terms twelve months later under tighter credit conditions. Recognising where you are in the cycle and incorporating this in the valuation exercise is part of what distinguishes a seasoned business valuer from a purely technical one. None of these challenges are insurmountable. But they do underscore why business valuation, particularly in the context of M&A, requires more than just running numbers through a financial model. It demands experience, judgement, and a practical understanding of how deals actually get done.

This article is written by Ms. Garima Prajapati and Dr. Adie Gupta hc, Senior Analyst and Managing Director respectively, of Spring Galaxy, an Associate of Henry Butcher Malaysia. Spring Galaxy is a corporate advisory firm specialising in business valuations and transaction support services. For more information, please visit www.springgalaxy.com

Source: 1. https://mergers.whitecase.com/ highlights/southeast-asias-star-ready-torise 2. https://www.pwc.com/ph/en/ deals-corporate-finance/dealspublications/2023-ap-ma-report.html 3. https://www.pkfadvisory.com/media/ article/valuation-methods-used-in-matransactions/ 4. https://sea.ub-speeda.com/aseaninsights/trend-reports/southeast-asia-mand-a-review-q4-2024/ 5. https://brandfinance.com/press-releases/ value-of-global-intangible-assets-reachesall-time-79-4-trillion-high 6. https://arc-group.com/southeast-asiacross-border-ma/

• Market Timing & Macro Conditions Valuation multiples are not static. Interest rate environments, sector sentiment, and broader economic conditions all influence what buyers are willing to pay at any given point

JULY - SEPTEMBER 2026 | HB ADVISOR 15

HENRY BUTCHER MALAYSIAN AND SOUTHEAST ASIAN ART AUCTION AUGUST 2026

enry Butcher Malaysian and Southeast Asian Art Auction will be taking place on 9 August 2026, 1pm at Menara Ken TTDI. The collection of art pieces at this auction is led by prominent Malaysia’s modern masters including Datuk Syed Ahmad Jamal, Abdul Latiff Mohidin, Datuk Ibrahim Hussein, Dato’ Yusof Ghani and Awang Damit Ahmad. The auction offers 192 lots, including an impressive selection of modern masters, contemporary artists and established Southeast Asian artists.

Auction Day: Sunday, 9 August 2026, 1PM Preview Day: 1-8 August 2026, 10AM - 6PM daily

Venue: Menara Ken TTDI, Level M, Hall 1-3 37, Jalan Burhanuddin Helmi, Taman Tun Dr Ismail, 60000 Kuala Lumpur.

For more details, kindly contact Sim Polenn at 016-2733628 or visit www.hbart.com.my for the E-catalogue.

Abdul Latiff Mohidin, Landscape 97 (Siri Gelombang), 1997 Oil on canvas, 90 x 90cm Estimate RM400,000 - RM600,000

The auction on 9 August showcases two magnificent masterpieces by Abdul Latiff Mohidin, the acclaimed Malaysian artist whose oeuvre is profoundly shaped by his experiences of nature. Landscape 97 (Siri Gelombang), 1997 (estimate RM400,000 – RM600,000) is painted with the artist’s vigorous broad strokes. An evocative piece titled “Teluk Kumbar XX” Voyage Series, 2007 (estimate RM350,000 – RM600,000) features mesmerising shapes within, like time vapour made visible for the scented once-upon-a-time presence, a shadow of being. Another highlight of the sale is a beautiful masterpiece by Datuk Syed Ahmad Jamal titled Weekend Party, 2006 (estimate RM400,000 – RM600,000). The sale presents an exceptional piece titled Green Love (Cinta Menghijau) by Datuk Ibrahim Hussein dated 1969 (estimate RM200,000 – RM300,000). Siri Tari II, 1984-1985 (estimate RM220,000 – RM360,000) by Dato’ Yusof Ghani is one of the largest works by the artist featured at HB Art auction. The auction includes a special tribute section dedicated to Khoo Sui Hoe, one of Malaysia’s pioneering professional artists. An avant garde artist, Khoo Sui Hoe redefined figuratives with his early full figures giving way to only faces, and also figures in natural surreal environment. Sunset Couple Reflections, 1976 (estimate RM30,000 – RM55,000) painted in Sui Hoe’s hallmark style, is included in this sale. It is a great loss to the Malaysian art scene when he passed away on May 31, 2026.

16 HB ADVISOR | JULY - SEPTEMBER 2026

Khoo Sui Hoe, Coo-Coo On Top, 1977 Oil on canvas, 76 x 66cm Estimate RM45,000 - RM80,000

Ibrahim Hussein, Datuk, Green Love (Cinta Menghijau), 1969 Mixed media on canvas, 127 x 102cm Estimate RM200,000 - RM300,000 Cheong Laitong, Untitled, 1971 Acrylic on canvas, 102 x 102cm Estimate RM52,000 - RM75,000

HENRY BUTCHER MALAYSIAN AND SOUTHEAST ASIAN ART AUCTION AUGUST 2026

Also featured in this collection is another special tribute section dedicated to Cheong Laitong, showcasing three exquisite artworks from the 1960s to 1980s. Playing an important role in the development of modern art, his paintings reflect a strong interest in nature, a flashing memory of a jungle escapade, perhaps, a natural orchestra of rustling palms and mating calls of the cicadas…and the avalanche of colours. Cheong Laitong’s iconic 1971 painting (estimate RM52,000 – RM75,000) demonstrates the artist’s refined understanding of form and colour, and engages the viewer with its visual beauty. An attractive, early period Cheong Laitong dated 1968 is also on offer (estimate RM32,000 – RM60,000). The catalogue also presents an exquisite piece by Awang Damit Ahmad titled Essence Of Culture (E.O.C.) “Hari Kelabu” dated 1993 (estimate RM75,000 – RM130,000). The

E.O.C. series from this body of work (developed between 1985 and 1995) is well sought after by collectors, and is widely recognised as the best series.

revered themes, where figures move through an empty colonnaded hall that looks like a colonial-era warehouse, lit by a row of arched windows.

Two rare artworks by Dato’ Hoessein Enas sourced from a private collection from the UK are offered in this sale. The two works are from a collection commissioned in 1963 by Shell Malaysia Ltd commemorating the formation of the country. Kelabit, 1963 (estimate RM35,000 – RM65,000) and Oil Driller, 1963 (estimate RM23,000 – RM43,000) showcases Malaysia’s diverse culture through the eyes of Dato’ Hoessein Enas.

Furthermore, the auction offers thought provoking works by up and coming young artists such as Najib Ahmad Bamadhaj, Hisyamuddin Abdullah and Kide Baharudin. The August sale also features works by renowned Chinese ink masters Zhu Qizhan, Zhao Shao’ang, Ding Yanyong and Nan Qi.

The contemporary category is led by Ahmad Zakii Anwar’s celebrated series Kota Sunyi, 2007 (estimate RM60,000 – RM100,000). Zakii is one of the most influential figurative artists in Malaysia, known for photo-realist technique applied to still lifes and solitary figures. The Kota Sunyi series is among his most

The Southeast Asian category is led by a captivating piece by Sudjana Kerton titled Village, 1958 (estimate RM90,000 – RM160,000); besides Vietnam’s Bui Xuan Phai, and Dang Xuan Hoa etc. The sale also showcases works by leading contemporary international artists including Philip Colbert (UK), Hajime Sorayama (Japan) and Julia Volchkova (Russia).

Sharifah Fatimah Syed Zubir, Dato’, Oscillation, 1992 Acrylic on canvas, 120 x 130cm Estimate RM60,000 - RM100,000 Awang Damit Ahmad, E.O.C “Hari Kelabu”, 1993 Mixed media on canvas, 95 x 82cm Estimate RM75,000 - RM130,000

Ahmad Zakii Anwar, Kota Sunyi, 2007 Acrylic on linen, 122.5 x 244cm Estimate RM60,000 - RM100,000

Rafiee Ghani, The Party On The Diamond River, 2020 Oil on canvas, 214 x 183cm Estimate RM52,000 - RM82,000

Yusof Ghani, Dato’, Hijau Series ‘Pokok Beringin’, 2000 Mixed media on canvas, 152 x 121cm Estimate RM50,000 - RM90,000

Chuah Thean Teng, Dato’, Lady Model, 1966 Batik dye on cloth, 80 x 65cm Estimate RM33,000 - RM60,000

HB Advisor 3Q 2026