Malaysia’s property tycoons are accelerating their efforts to meet the increasing demand for homes in the region. Scientex, owned by brothers Lim Peng Cheong and Lim Peng Jin, has been investing heavily in new projects, spending 507 million ringgit ($108 million) in the first half of fiscal year 2024 to purchase land in Johor and Selangor. Their goal is to build 50,000 affordable houses nationwide by 2028 and they are already two-thirds of the way there, having delivered 33,580 homes priced at less than 300,000 ringgit.
Last year, Scientex made its first foray into international markets by partnering with Mustika Land and Creed Group to develop affordable homes in Indonesia. It also has a joint venture in Thailand to build townhomes in Bangkok. With a significant increase in home sales, Scientex’s revenue grew to 2.2 billion ringgit in the quarter ended January 2024. The brothers’ net worth rose by 20% to $885 million, showcasing their success in the property market.
OSK Holdings, led by Ong Leong Huat, is also making waves in the property sector with the development of Melbourne Square, a A$2.8 billion mixed-use complex in Southbank, Melbourne. In partnership with Gurner Group and Qualitas, OSK is set to build a 500-unit apartment tower within the complex, slated to start construction early next year. Ong, executive chairman of OSK, saw his net worth increase by 35% to $560 million, highlighting the success of the Melbourne Square project.
The outlook for affordable housing in Malaysia is promising, as there continues to be a persistent shortage in the market. Scientex’s CEO Lim Peng Jin believes in the potential of the affordable housing sector and envisions further investments in Southeast Asia if suitable opportunities arise. The company’s focus on affordable housing has not only met the needs of the market but has also contributed to a significant growth in revenue for Scientex, showcasing their strong position in the property sector.
With the success of their affordable housing projects in Malaysia and expansion into international markets, Scientex is poised for further growth and success in the coming years. The brothers’ commitment to delivering quality affordable homes has not only boosted their company’s revenue but has also contributed to their personal net worth increasing by 20%. As demand for homes continues to rise, Malaysia’s property tycoons are well-positioned to capitalize on this trend and continue to expand their presence in the market.
Overall, Malaysia’s property sector is thriving, with key players such as Scientex and OSK Holdings leading the way in affordable housing and mixed-use developments. The success of these companies not only showcases the potential of the Malaysian property market but also highlights the opportunities for growth and expansion in the region. With a strong focus on meeting the demand for homes and delivering quality projects, Malaysia’s property tycoons are set to continue their upward trajectory in the industry.
