IN the bustling landscape of Malaysia’s ever-expanding real estate market, joint venture developments play a strategic and compelling avenue for growth and innovation.
As the nation continues to recover economically and attract a diverse range of investors, local and international stakeholders are increasingly recognising the numerous advantages offered by joint ventures.
In this dynamic realm of opportunity, joint venture developments in Malaysia hold the potential to redefine the urban landscape, cater to evolving consumer demands and propel the nation into a new era of sustainable, visionary architecture.
In recognition of this, organisers of the Malaysia Developer Awards (MDA) 2023, FIABCI-Malaysia and Star Media Group (SMG), have added a new trophy to the Special Awards category.
The new Joint Development accolade is for developers who have joined forces and expertise to leverage on each other’s capabilities to develop at least one property.
The joint venture (JV) can be two or more Malaysian developers, however, the participating JV can also be between a Malaysian developer and a foreign developer, provided that a consortium has been formed for the project.
In addition, the foreign partner must not hold more than 50% of the consortium.
With this new award, the Special Awards has been expanded to four accolades, alongside the International, Transformation and Rising Star Awards.
Developers who have managed to penetrate markets beyond their country of origin, and garnered exceptional success through new ideas and concepts while inspiring their peers will be recognised in the International Awards category.
As for the Transformation Awards, this category acknowledges developers who have transformed projects from the rescuing of abandoned projects to the rejuvenating of old and dilapidated buildings or converting mining, quarry, disused or derelict land into a grand development.
The Rising Star Awards seeks to uncover and highlight new and budding developers who have just set foot into the industry but have set themselves apart from their peers by demonstrating their potential to develop into leading voices.
To participate in the Malaysia Developer Awards 2023, property developers must submit their entries online before the deadline on July 12 this year.
Meanwhile, the Bursa Malaysia-listed property developers who are eligible for the Top-of-the-Charts (TOTC) are being invited to participate in this year’s rankings.
The TOTC is divided into two tiers, namely for companies with a market capitalisation of RM1bil and above, and for those with a market capitalisation of below RM1bil.
This is to ensure a more even playing field for the smaller participating companies. The TOTC is by invitation only while the Special Awards is by submission.
As this is the first time the Joint Development Award has been introduced, the first year’s participants will have the opportunity to garner added attention for themselves and their projects.
The closing deadline is July 19, 2023. The MDA 2023 submission kit can be downloaded from the Malaysia Developer Awards website.
