In Malaysia, property tycoons are investing heavily in new projects due to the rising demand for homes in the region. Brothers Lim Peng Cheong and Lim Peng Jin, who own the residential property arm of packaging giant Scientex, spent 507 million ringgit in the first half of fiscal 2024 to purchase 325 hectares of freehold land in Johor and Selangor. They are aiming to build 50,000 affordable houses nationwide by 2028 and have already delivered 33,580 homes, with the majority priced at less than 300,000 ringgit. CEO Lim Peng Jin believes the outlook for affordable housing in Malaysia is promising due to a persistent shortage.
In addition to their projects in Malaysia, Scientex made its first moves to build overseas last year. The company partnered with Mustika Land and Creed Group in Indonesia to develop 400 affordable homes in West Java, and has a joint venture with Creed and Altitude Development in Thailand to build 334 townhomes in Bangkok. Lim Peng Jin mentioned that the company is considering further investments in Southeast Asia if suitable opportunities arise. The increase in home sales has boosted Scientex’s revenue, with a 2% increase in fiscal 2023 to 4.1 billion ringgit and a 20% rise in the brothers’ net worth to $885 million.
OSK Holdings, a financial services-to-property firm owned by Ong Leong Huat, is preparing to launch the third stage of Melbourne Square, a A$2.8 billion mixed-use complex in Southbank, Melbourne, that it is developing with Malaysia’s Employees Provident Fund. In December, OSK signed a deal with Gurner Group and Qualitas in Australia to build a 500-unit apartment tower in the complex, with construction scheduled to begin early next year. Ong, who is the executive chairman of OSK, saw his net worth increase by 35% to $560 million.
The property market in Malaysia is seeing significant activity with Scientex and OSK Holdings leading the way with their ambitious projects. Both companies are focusing on affordable housing developments to meet the growing demand in the region. Scientex is also looking at opportunities to invest in Southeast Asia, while OSK Holdings is expanding its presence in Australia with the Melbourne Square project. The success of these projects has resulted in substantial increases in the net worth of the companies’ owners, highlighting the lucrative nature of the property market in Malaysia and beyond.
