Explore Malaysia’s real estate transformation powered by AI, big data, and virtual reality. CBRE|WTW’s Tan Ka Leong envisions a future of data-driven decisions and global property exploration.
KUALA LUMPUR, 18th Jan 2024 – Amid the post-Covid growth in Malaysia, the real estate sector is witnessing a positive surge, marked by a 4.0% increase in GDP in 2023. Noteworthy are the rising transaction volumes and values, supported by factors like increased tourism, investments, and government initiatives such as the MM2H Gold and Platinum programs.
Tan Ka Leong, the Group Managing Director of CBRE|WTW, acknowledges the challenges posed by a higher OPR, a weaker Ringgit, and the need for extensive research, big data analysis, and open information sharing. However, he envisions a future where emerging technologies like artificial intelligence, blockchain, and virtual reality will drive significant transformations.
According to Tan, AI and big data empower professionals to make data-driven decisions, predict market trends, and enhance client services. Big data, in particular, can help developers tailor projects to specific audience needs, while virtual reality tours facilitate global property exploration, fostering new investment opportunities and transcending borders.
Megaprojects like ECRL, the Kuala Lumpur-Singapore high-speed rail, and the rapid transit system are seen not just as infrastructure updates but as catalysts for change. These connectivity arteries are expected to create new opportunities, stimulate demand, and establish economic hubs along their routes.
The ongoing 16th Malaysia Property Summit 2024 (16MPS) in Johor Bahru, themed ‘Prop-Tech, Big Data, & High Impact Projects: Building the Future of Real Estate,’ covers these crucial topics. Tan, the organizing chairperson, highlights the role of the RTS in connecting Johor and Singapore, promoting economic growth in the Johor-Singapore Special Economic Zone.
Sr. Abdul Razak Yusak, Director General of the Valuation and Property Services Department (JPPH) and President of BOVAEP, underscores Johor as the future real estate hotspot, emphasizing collaborative efforts for effective property research and valuation.