Reinvent Your Business Model to Find Opportunity, Says Bay 21 Developer
As we recover from the Movement Control Order and the economy is starting to open up, it is clear that things will never be the same again but as the saying goes, there is only one constant in life and that is change.
Last night East Malaysian representatives of leading developers got together for a live discussion on the “Opportunities After The New Norm”. Joining the host and Director of Property Hunter, Elson Kho was Datuk Chua Soon Ping, the developer of Bay 21; Mr Benny Ng, the developer of Lido Plaza; and Mr Wesley Chai, the developer of Taman Canggih.
These speakers are aware that to thrive, one must seek opportunity during this novel time.
In this article, we will take a look at some “golden nuggets of wisdom” Datuk Chua shared. Stay tuned for additional articles to follow.
“Datuk Chua has been an active preacher of transformation and adapting to new life.” Elson proclaimed before asking Datuk Chua how the new norm has impacted the real estate market.
In the wake of the new norm, Datuk Chua shared with the viewers how SMD developers have reinvented their business model to face the new economic landscape.
The four pillars of Real Estate:
1. Buyer/Seller - Developer
2. Government/Stimulus packages - PENJANA
3. Bank: Rescheduling & Restructuring
4. Covid-19: New Norm
His main point was that there may be a change in the conventional way that we utilise space.
“The advent of social distancing and the rise of the “Work from Home” concept means the necessity of a physical “workplace” and office may no longer be entirely relevant in the future”.
“We should re-examine our physical working space and recalibrate them to cater to the needs of the new norms.”
For example, residents may now seriously consider space for a home office while business owners may include a rest area in their company office. He also suggested limiting physical proximity between colleagues such as having ensuite room designs or cubicle compartments.
Furthermore, Datuk Chua shared some insights on what incentives are currently out there in the property sector as well as what recent statistics show are the best types of properties to invest in at this time.