BORN TO THE JOB
One of Malaysia’s most well-known names in property
development, the Singapore-born, Johor-bred Dato’
Wong, himself the son of a prominent Malaysian property
developer, naturally started his career in the same field.
Having completed his studies at the Johore English
College and at the St Andrew’s School of Singapore, he
went on to study real estate management in England as
well as urban land studies at the University of London. “I
remember following my late father on property inspections
even when I was young and somehow, I knew then that
the property trade would be my path in life,” he says. It
was in 1973 that Dato’ Wong returned to Malaysia to coestablish
the local outpost of valuation firm CH Williams,
Talhar & Wong (WTW), then a fledgling agency which,
under his guidance and care, would grow to become one
of the most eminent firms in the country, with a network
of twenty four branch offices across Malaysia. “Helping to
co-establish WTW is one of my best career memories,” he
reminisces. Dato’ Wong then decided to venture afield in
1990, re-establishing himself overseas where he delved
into real estate investments, particularly in Canada and
the United States, embarking on a joint partnership with
an Asian property mogul. The partnership prospered and
soon grew to become a public-listed property with the
Toronto Stock Exchange. “I am fortunate to have enjoyed
many fine moments in my career. The time spent in the
US and Canada were very memorable as well as when
I joined the blue-chip conglomerate Genting Berhad
as its Executive Vice President, helping develop its new
venture back then – Star Cruises plc, amongst others. But
property development is, in my opinion, one of the most
exciting industries. If I was young again and faced with
career choices, I definitely would join SunCity all over,” he
enthuses. “There are so many fascinating dimensions just
within the Sunway Group. It is genuinely an international
outfit and no other corporation offers such a unique
proposition.”
MAKING HIS MARK
The Sunway Group of companies remains one of Malaysia’s
eminent and most well-diversified conglomerates. Founded
in 1974 by the tycoon Tan Sri Dato’ Dr. Jeffrey Cheah, the
Group is made up of several public-listed companies and
almost two hundred subsidiaries. Dato’ Wong heads Sunway
City Berhad, which successfully listed on the Main Board
of Bursa Malaysia in 1996, and is known for its strong fiscal
management in property development and investment
as well as its innovative projects in diversified locations.
“People like to perceive Sunway City Berhad as a property
innovator but I prefer the term ‘community creator’,” notes
Dato’ Wong. While his attention is now demanded by the
billion-dollar SunCity Kuala Lumpur development, he is
also busy driving several key investment properties that
will see its completion sometime this year. “2007 is going
to be exciting,” he shares. “There are so many things
happening, including Sunway Pyramid’s RM550 million
expansion to transform itself into a 1.6 million sq ft megamall
which is expected to be completed this September.
Once it’s done, we expect the visitor count to grow from 1.5
million to 2.5 million visitors each month. We will also offer
four newly-developed precincts including Fashion Central,
Oasis Boulevard, Asian Avenue and Marrakesh – all of
which will provide both local and foreign shoppers with a
truly exciting retail experience.” Further north, Dato’ Wong
also elaborates about the company’s new retail mall on the
island of Penang. “We’ll be opening Sunway Carnival in
July. It has a strategic location at the state’s administrative
centre in Pusat Bandar Seberang Jaya and offers superb
access at the crossroads of the North-South and East-West expressways with an excellent catchment of 1.2
million,” he beams. “SunCity will also continue to launch
innovative products in its on-going projects, the key ones
being Sunway Damansara, Sunway SPK and Kiara Hills,
while others to watch out for this year are the launch of
Sunway’s South Quay, our much sought-after lakeside
lifestyle development, as well as the high-end high-rise
Palazzo Condominium in Hartamas and the Casa Kiara II
in Mont Kiara.”
MARKET TRENDS
While several industry analysts regard the local property
market to be ‘soft’, Sunway City Berhad has managed to
sustain itself. “Malaysia continues to offer attractive longterm
dynamics, especially within the residential property
sector,” states Dato’ Wong positively. “Malaysia has a
young age profile where sixty per cent of the population
is below 30 and the size of the average household is still
large-ish at 4.3 persons per home. As the population
matures, it should drive increased household formation
which should, in turn, spur property demand growth.
Urbanisation is also driving property demand at the major
growth corridors of the Klang Valley and Penang, where,
I must add, that more than seventy per cent of SunCity’s
prime landmarks are located.” He adds, “There is room for
growth of property prices in well-located land banks too,
given the comparatively-cheap prices, especially when
compared to those from other countries around the region.
The Malaysian property industry also stands to benefit
from governmental initiatives, like the Ninth Malaysia Plan
(9MP), the Malaysia My Second Home (MM2H) program
and the recent relaxation of regulations for foreign
ownership of residential properties. All of these will, in turn,
encourage foreign investment, particularly for high-end
residential properties and increased capital appreciation
based on stronger demand from a larger market overall.
On this basis, we are confident that SunCity will be able to
achieve sustainable earnings growth.”
On the secret behind SunCity’s success, Dato’
Wong maintains a humble stance, saying, “Our success
is basically a result of smart investments. Firstly, we invest
heavily in our people as we believe in developing our
human capital through knowledge management, holistic
training, development programs and a work-life balance.
Secondly, as an ISO 9001 accredited developer, we do
everything we can to provide our customers the best value
they can possibly enjoy in terms of products and services.
We also believe in the high value of SunCity’s investment
assets, hence our diversification into hospitality, retail
management, leisure as well as entertainment business;
all of which provide synergistic benefits and will contribute
to the Group’s positioning as Malaysia’s most prominent
property development and investment conglomerate.”
Meanwhile, Dato’ Wong gamely takes us on a tour
of the show units of Kiara Hills, one of the group’s most
luxurious projects, comprising of beautiful villas that
stylishly stud the hilly slopes of Bukit Kiara. As we wander
around the expansive villas and admire its architecture,
design and clever planning, it is clear that SunCity pays
great attention to detail. “All of what you see is based on
what the market is demanding nowadays,” he shares.
“Materials and good craftsmanship have always been key
factors but now, more than ever, consumers are looking out
for more value for their Ringgit. The market is also getting
increasingly savvy about real estate, thus demanding prime locations, particularly with regards to investment
opportunities. They look for quality design and innovative
ideas that will make their investment stand out. In terms of
the high-end residential sector, it has also been observed
that wealthy buyers demand exclusivity, top-notch facilities
and amenities, quality lifestyle and, most importantly, good
security. On the whole, I believe that today’s market has
higher expectations as well as a better understanding of
what they should be getting in return for their investment.”
On the overseas front, SunCity is no less aggressive,
with several projects happening around the region. “It
won’t be long before our overseas projects begin to make
significant contributions,” says Dato’ Wong, smiling.
“SunCity’s Toul Kok City project in Phnom Penh, Cambodia,
I am pleased to share, has already achieved take-up rates
of eighty per cent and above, with only a remaining 15
acres of landbank to be developed. With the success of our
maiden Cambodian project, SunCity will continue to build
our presence and premium brand in this high-end growth
market. In Australia, we will also jointly develop 123 acres
of industrial property with Australand with a GDV of RM900
million over the next five years. Its’ excellent location, at
the intersection of two major motorways in Sydney, should
ensure the project follows in the successful footsteps of
Phase I of the Business Park, which has already been
completed by Australand.”
India’s booming property market is also in SunCity’s
radius. “We recently announced our pioneering joint venture
in Hyderabad,” shares Dato’ Wong, “and are working with
Prajay Engineers to develop a RM280 million high-end
condominium. We have already identified India’s booming
real estate market as the place to be for developers with
proven track records. We believe, as foreign developers, success can be achieved by injecting offshore talents and
creative ideas as well as by the provision of technological
transfers, management and marketing expertise into the
industry.” SunCity is also not neglecting another major
market – China. “We are currently exploring real estate
market opportunities there and we hope to adopt a
similar strategy of first entering each new market with an
experienced local partner. We are looking at a number of
possibilities in Shanghai and Beijing as well as second and
third-tier cities.”
FINDING BALANCE
While juggling such a full portfolio might leave Dato’ Wong
with little time to spend with his two sons, both of whom
are currently studying in Canada, as well as his stunning
wife, former Miss Ukraine Olesya Krakhmalova whom
he met through mutual friends from within the fashion
industry, Dato’ Wong sighs but acknowledges it comes
with the territory. “Thankfully, I genuinely love every aspect
of my job, from the challenges to the immense amount of
planning and even the bureaucracy.” Still, he never fails to
jet to Vancouver every two months or so to catch up with
his family. “My boys prefer me to go over as their girlfriends
are there,” he chuckles. “I guess most corporate dads get
their priorities wrong sometimes so I try to visit as often as
I can and make good when I’m there. Besides, I’ve gotten
used to the terribly long flight by now.”
An avid sportsman, Dato’ Wong unwinds by
indulging in fishing. “It’s my great joy and Canada, where
I travel to so often, is really a great place to fish – the
scenery and coastline is great, although I do find deepsea
fishing in the Caribbean to be equally enjoyable.
While juggling such a full portfolio might leave Dato’ Wong
with little time to spend with his two sons, both of whom
are currently studying in Canada, as well as his stunning
wife, former Miss Ukraine Olesya Krakhmalova whom
he met through mutual friends from within the fashion
industry, Dato’ Wong sighs but acknowledges it comes
with the territory. “Thankfully, I genuinely love every aspect
of my job, from the challenges to the immense amount of
planning and even the bureaucracy.” Still, he never fails to
jet to Vancouver every two months or so to catch up with
his family. “My boys prefer me to go over as their girlfriends
are there,” he chuckles. “I guess most corporate dads get
their priorities wrong sometimes so I try to visit as often as
I can and make good when I’m there. Besides, I’ve gotten
used to the terribly long flight by now.”
Basically, you charter a boat, drink beer while you fish and generally have fun. The chances of hooking a big fish is also better,” he winks. And despite his preppy image, Dato’ Wong also hides an inner speed demon. “Like thousands of boys growing up in the 70s, I longed to own a Jaguar E-type sports car,” he shares. Although he zooms around in a corporate-worthy chauffeur-driven Mercedes S-Class for work, the fast car-loving Dato’ confesses to owning a powerful BMW 6 Series CI as well. “What can I say? It’s a sleek and sensuous coupe,” he grins. For all his approachability and fun-loving manner, Dato’ Wong remains unmistakably committed to his choice
of career and position with Sunway City Berhad. “It is an honour to be heading SunCity which has such a visionary management team. There’s this attitude of motivating one another and a general eagerness to achieve missions set. I must admit that it’s a challenging role and one that keeps me on my toes by requiring an intense amount of commitment and hard work. Thankfully, I have never perceived hard work to be a chore or something difficult.
Ultimately, property development is my passion. I like how it has a direct impact on people’s lives as well as the development of a nation. And by ensuring we meet optimum construction standards by offering only quality facilities, like better security measures and a higher standard of living, we also assist, directly and indirectly, in ensuring the success of government regulations. I like what Tan Sri Jeffrey Cheah told me when I first joined SunCity almost seven years ago. He said, ‘Looking ahead and to have great visions is one of the few great opportunities to be given – use it.’ I always thought it such a valuable lesson.” And one, it appears, which Dato’ Wong has learnt very well indeed.
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