OCTOBER - DECEMBER 2025
EXPANSIONARY BUDGET 2026 WITH CONTINUED FOCUS ON EDUCATION, HEALTH & DEFENCE WITH NOT MUCH GOODIES FOR THE PROPERTY SECTOR
The allocation of RM419.2 billion under Budget 2026, which represents 19.7% of gross
domestic product (GDP) is the biggest so far for the country and is a slight increase from the revised budget estimates for 2025. As with the budgets of recent years, the government has continued to prioritise the education, health and defence sectors, allocating a combined share of 32.1% of the 2026 budget to these ministries. There were however, little goodies for the property sector, with industry stakeholders’ wish list for a revival of the Homeownership Campaign and reconsideration of the service tax on rentals not being addressed in the budget.
The following are the key measures in the budget which will have an impact on the construction and property sectors:
a) Continued Positive Economic Growth
Despite the geopolitical tensions, uncertainties and expected slowdown to the global economy resultant from the conflicts in Ukraine and Gaza, and the yet to be resolved tariff war between the USA and China as well as the rest of the world, the Malaysian Government expects the domestic economy to grow by between 4.0% and 4.5% in 2026, whilst the fiscal deficit is expected to be reduced to 3.5%.
The continued positive economic growth will lead to a stable and conducive environment for the
country and this augurs well for and will help to support the property sector.
b) New Industrial Master Plan
The government has allocated a substantial sum of RM180 million under the New Industrial Master Plan (NIMP) Industry Development Fund to finance industrial development programmes in highimpact sectors.
This is expected to boost the manufacturing sector and in turn benefit the industrial property sector and probably encourage more developers to undertake industrial park development.
c) Extension of Stamp Duty Exemption for First Time Home Buyers
The government has proposed to extend the current full stamp duty exemption on transfer instruments and loan agreements for the purchase of homes by first time home buyers for houses priced up to RM500,000 for another two years, until 31 December 2027.
This is a boon to those in the low to middle income groups who will be able to reduce their financial outlay when they purchase their first home. This measure will continue to drive demand and support the affordable homes segment.
PLUS
Leasing Opportunities at Menara Milenium p2
Our Vanguard in Johor p4
Music to the Ears p7
Significant Reduction of New Launches in Klang Valley p9
IPO Readiness p14
Art for Humanity Charity Art Auctionm p16
A Malaysian & Southeast Asian Art Repertoire IBC
d) Increase in Stamp Duty for Foreigners
The government has proposed to raise the stamp duty on residential property transfers by non-citizens and foreign companies from four (4) per cent to eight (8) per cent. Permanent Residents will be excluded.
This is a bit of a setback to the housing industry, especially to developers who are developing higher priced homes targeting at foreign buyers or who are hoping to tap the overseas market to take up the slack caused by slow demand for their houses by local buyers as the higher stamp duty means an increase in incidental acquisition costs that the foreign investor have to bear.
e) Tax Deduction on Costs to Convert Commercial Buildings to Residential Status
The Government has proposed a ten (10) per cent special tax deduction on costs incurred to convert commercial buildings into housing, capped at RM10 million.
This measure is a positive one for the property sector as it will encourage developers / building owners to convert old, vacant or poorly occupied office / commercial buildings into residential buildings if studies show that there is demand for residential properties in that location.
f) Incentive Scheme for Setting Up of Family Offices
The Government will continue to promote the setting up of family offices in the designated areas. The Single-Family Offices Incentive Scheme in the Forest City Special Financial Zone has been quite successful with six (6) family offices approved within a period of less than a year with total assets under management (AUM) of nearly RM400 million. It was reported in the Budget that there are another thirty (30) family offices which have expressed interest, and if that materialises, it will put Malaysia on track to achieve RM2 billion in assets under management (AUM) by the end of 2026.
This will provide a bit of a boost to the take-up of office space in the designated areas for the setting up of family offices although it is not expected to be very significant.
g) Doubling of Allocation to the SJKP
A sum of RM20 billion will be allocated under the Housing Credit Guarantee Scheme (SJKP) to support housing financing and this is expected to benefit 80,000 first time home buyers. This represents a doubling of the sum allocated under last year’s budget as well as that of 2024.
This measure, together with others targeted at the affordable homes segment, will assist the B40 and M40 groups to buy and own their first home and thus stimulate demand for this segment of the market.
h) Allocation for Contract Public Servants
A sum of RM500 million will be allocated under Bank Simpanan Nasional (BSN) to finance first time home buyers who are contract public servants.
This group, who will now be able to enjoy access to easier financing, will be encouraged to buy their first home.
i) Urban Renewal and Affordable Homes Programmes
The government has proposed to allocate a sum of RM672 million for urban renewal programmes and the building of affordable homes
for Malaysians under the Residensi Rakyat and Rumah Mesra Rakyat programmes, with several projects expected to be completed next year.
The Government has also proposed to build affordable homes under the Kota MADANI concept which embodies Malaysia’s vision of a smart, AIdriven and green city. The first of such projects, Kota MADANI Precinct 19 in Putrajaya will offer 10,000 homes, with 80% of the units reserved for civil servants. Two other projects under this concept include Rumah Bakat MADANI SkyWorld Pearlmont in Seberang Perai, Penang and Residensi Aman MADANI, Bandar Sri Permaisuri, in Kuala Lumpur.
j) Infrastructural Improvements
Malaysia’s national rail connectivity continues to be strengthened under Budget 2026, with several major projects moving towards completion. These include:
• Final phase of the ETS (Electric Train Service) extension to Johor Bahru Sentral (expected to be completed by end 2025).
• LRT3 line from Bandar Utama to Johan Setia (expected to be completed by end 2025).
• ECRL (East Coast Rail Link) route connecting Kota Bharu to Gombak (expected to be completed by end 2026).
• The Klang Valley Double Track Phase 2 (KVDT2) connecting Bandar Tasik Selatan to Seremban and Simpang Pelabuhan Klang.
• Commencement of the Mutiara LRT line in Penang.
Besides improvements in rail connectivity, the government has also provided allocations under the 13th Malaysia Plan to build new or upgrade existing highways, roads and other infrastructure projects such as:
• The North-South Expressway (PLUS) Traffic Dispersal Project from Juru Toll to Sungai Dua Toll;
• Construction of an underpass to connect Mount Erskine Road to Burma Road at the intersection of Mount Erskine Road/Gottlieb Road/Burma Road/Bagan Jermal Road, Section A: Underpass;
• Upgrade of the Senai-Desaru Expressway Phase 2A: Cahaya Baru to Sungai Johor for JSSEZ (Johor-Singapore Special Economic Zone);
Octorber - December 2025
by Henry Butcher Malaysia
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OUR OFFICES
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• Construction of a road from Jalan Kluang-Renggam-Layang-Layang J25 at Taman Muhibbah to Jalan Kota Tinggi-Kluang, Kluang;
• Upgrade of the Section 16.0 intersection at Jalan Johor Bahru – Kulai and Jalan Gelang Patah, Johor;
• Upgrade of Jalan Pt. Panjang from Pekan Ayer Baloi to the Sedenak Toll Interchange, Pontian;
• Upgrade of the Federal Road in Pengkalan Hulu;
• Construction of a new PLUS interchange in Kerian;
• Upgrade of Route FT100 (Section 10.4) to Route FT3145 leading to Lumut Port (Section 5.4), Manjung, Perak Phase 5: Tanjong Malim to Lumut Port;
• Upgrade of the Kubang KerianBachok Road from the Kubang Kerian Junction to the Binjai Junction, Kota Bharu;
• Upgrade of the Pasir Mas-Salor Road at the Pasir Hor/Sultan Ismail Petra Junction, Kota Bharu;
• Rural Water Supply System for Pasir Mas;
• New road from Jalan Masjid Tanah Kuala Linggi to Telok Gong, Alor Gajah as well as upgrading of the road from Sungai Udang to Masjid Tanah, Alor Gajah;
• Construction of the main road in Kapit Division from Nanga Serau to Nanga Seranau, Kapit Division;
• Construction of a PLUS interchange to support the development of Malaysia Vision Valley;
• Upgrade of the Kuantan-Segamat Highway;
• Construction of a new road from the Kuala Terengganu Bypass at Kampung Bukit Bayas to the junction road at Kampung Kubang Tangga, Kuala Terengganu;
• Upgrade of the Federal Road from the Batu 9 junction to the Jalan Dato Alias junction, including the construction of a flyover at the Batu 9 Intersection, Cheras, Hulu Langat;
• Construction of the Labuan Waterfront – Phase 1.
Sabah and Sarawak will each receive the highest allocations from the Federal Government.
The Pan Borneo Sarawak Highway has opened certain sections of the highway with the rest of the packages proceeding on schedule.
The Sarawak-Sabah Link Road (SSLR) Phase 1 is expected to be completed in November 2026 while SSLR Phase 2 is under construction and scheduled for completion by mid-2029. The Trans Borneo
Highway (LTB) will complete the road network between Sabah and Sarawak.
All those areas which will witness improvements in road and rail connectivity are expected to benefit from the enhancement in accessibility and this will lead to stronger interest in the local property market and in turn, attract property developers to undertake new housing, commercial or industrial developments as dictated by local demand and deemed appropriate for the area.
k) Boost for Tourism
Under Budget 2026. the government has set a target of attracting 47 million visitors and generate RM329 billion in tourism revenue. To realise this ambition, more than RM700 million will be allocated to elevate the tourism sector whilst in conjunction with Visit Malaysia 2026, the Government plans to provide tax incentives for the tourism and cultural sectors.
A sum of RM20 million has also been set aside to boost health tourism programmes by the Malaysia Healthcare Travel Council (MHTC) and allocations have also been made to upgrade tourism facilities, including the restoration of Unesco sites such as Taman Negara Gunung Mulu, Sarawak; Lembah Lenggong, Perak; and FRIM Forest Park, Selangor, as well as geotourism attractions in Langkawi.
These measures will help to boost business as well as occupancy rates for hotels with positive spillover effects to the shopping malls and commercial retail centres.
Final Observations
Although Budget 2026 largely did not provide many goodies for the property sector, the sector is still expected to benefit and grow arising from all the indirect measures in the budget including the positive economic growth as projected by the government.
First time home buyers as well as those in the B40 and bottom half of the M40 groups will be the main beneficiaries of the various measures announced in the budget.
The various rail and road infrastructure projects announced in the Budget will
benefit residents in the surrounding areas and contribute to enhancing demand and property values in these areas.
The higher allocations for the tourism sector especially with the advent of Visit Malaysia Year 2026 will help to attract more tourists to the country as well as boost domestic tourism and this in turn will help raise hotel room occupancies & rates and enhance the values of hotels and tourism related properties. Malls and shopping areas will also benefit from the anticipated increase in tourist arrivals & spending and this will help to boost occupancy and rental rates.
The significant allocations to the East Malaysian states will provide a boost to the economies of Sabah & Sarawak and this will ultimately improve the wealth and sentiments of the people there and consequently filter down to and boost the local property market.
LEASING OPPORTUNITIES AT THE PRESTIGIOUS MENARA MILENIUM
Henry Butcher Malaysia (Mont Kiara) (HBMK) recently hosted the inaugural “Agent Event” at
Menara Milenium, Damansara Heights. Invited guests at the event were briefed by HBRE’s Christine Chua about the refurbishment and the quintessential touches invested into the building by property owner Selangor Properties Sdn Bhd. Some of the extensive work done include the double-volume grand lobby, the creation of a dual-lobby spotting differing ambience, a brandnew lift system for better efficiency and also an overall uplift of the common areas’ interior.
Offering unmatched flexibility for a wide range of businesses, vacant units open for leasing start from 1,500 sq ft to a full floor of nearly 23,000 sq ft at RM6.80 per sq ft.
Salient features of Menara Milenium include:
• Banking facilities - HSBC Premier Banking & Hong Leong Bank.
• F&B - Rhea & Social Room, Towzen, San Francisco Coffee.
• More than 2,300 car parks (basement & open site)
• Pusat Bandar Damansara MRT station (500m)
For leasing opportunities, please contact:
Nigel Chin (REN 09436) at (+60) 012-396 0307
Christine Chua (REN 09437) at (+60) 012-314 2864
Yvette Saman (Office) at (+60) 012-809 9918
Leasing Enquiries: NIGEL CHIN (+60) 012-396 0307 (REN 09436) CHRISTINE CHUA (+60) 012-314 2864 (REN 09437) YVETTE SAMAN (+60) 012-809 9918 (OFFICE)
OUR VANGUARD IN JOHOR
From the bustling capital of Johor Bahru energised by its proximity to Singapore, to
the agricultural richness of Pontian and Kluang as well as the industrial heartlands of Muar, Malaysia’s southern gateway of Johor is a state defined by dynamic growth and progressive transformation.
To real estate practitioners, Johor’s property landscape is as diverse as it is complex and navigating this intricate economy demands more than just technical skill, it requires seasoned hands with deep local knowledge and an unwavering commitment to its industrial pace. At Henry Butcher Malaysia, this concoction is upheld by a quartet of experienced valuers, beginning with Sr Teoh Leong Seng in Johor Bahru, Sr Tn. Hj. Sukiman Bin Kasmin in Kluang, Sr Haw Chin in Muar and Sr Cheng Wui Kiang in Pontian. Although registered and operating from four different locations, their coverage goes further into the Segamat and Mersing districts from the Kluang office, and Tangkak, Batu Pahat and Rengit from Muar. The vast oversight provides a panoramic view of Johor’s property sector which when combined, spells breadth and depth, instilling confidence whenever stakeholders are keen about taking a position in the market.
But just as the state’s economy is dynamic and complex, our director’s individual journeys into the profession are also as varied as the markets that they serve. Take Sr Teoh for example, he recounts discovering his calling through a detour from his dream.
“My OSC in 1966 was not good. So I did not get into KL Tech College.” So after some years working in the government following that secondary school disappointment, he signed up again to go back to studying.
“I went to London for Land Surveying but when I landed, I took up General Surveying (instead).”
This unexpected turn led to another stint at the civil service upon his return but this time, having graduated with a Bachelor of Science in Land Administration from the East London University (formerly North East London Polytechnic), it brought him to the Valuation & Property Services Department (JPPH) to hone his skills in places like Temerloh in Pahang, Ipoh in Perak and Alor Setar in Kedah.
Incidentally, the valuation department was also where Sr Haw of Henry Butcher Malaysia (Muar) Sdn Bhd commenced his footsteps into property valuation, “I began my career in JPPH under the Ministry of Finance, where I served for more than 20 years.” His handsome experience included assignments covering Wilayah Persekutuan, Selangor, Negeri Sembilan and Melaka.
Over in Kluang, Sr Sukiman shares an almost similar path except his was as a young man right after secondary school in search of opportunities from the newspaper classifieds. Conventional diligence and perhaps also through divine arrangement, he was offered the Assistant Valuation Officer role with the Kluang Local Authority (Majlis Bandaran Kluang), a position he held for the next 26 years. It was also there that he earned his Diploma of Urban Land Economy from the University of British Columbia of Canada through distance learning, way before virtual classes became fashionable.
For Sr Cheng in Pontian, “I was introduced to property valuation when I was posted to the Property Management course in university.” But maybe there is something about the valuation profession that drew him deeper into the industry because by the time this story is written, he has clocked more than 20 years in the profession.
All Roads Lead to…
Although their entry have all been a tad different from one another, their ticket to “Rome” make for interesting reading, especially when Johor’s economy is receiving immense amount of attention in this era, courtesy to programmes like the Johor-Singapore Special Economic Zone (JS-SEZ), the Rapid Transit Link (RTS), the influx and proliferation of data centres, among others.
But mega headlines aside, Johor had earlier on already played witness to the first Henry Butcher Malaysia office as early as 1990 through Sr Teoh, when the pioneering enterprise was known then as Henry Butcher Lim, Long & Teoh (Johor) Sdn Bhd. Strategic reasons then rebadged the company as Henry Butcher Malaysia (Johor) Sdn Bhd, consistent with the company’s aspirations to grow nationwide.
As Malaysia’s economy began to take shape in the 1990s, the thought of setting up offices elsewhere in the country was also brewing and in Johor, opportunities arose from Kluang and
Muar. Thanks to Sr Lim Chow Wah (who would eventually lead the Melaka office), he organised a meeting for his friend Sr Haw and also Sr Sukiman to explore the possibility of enlarging Henry Butcher Malaysia’s footprint.
Luck has it that before even the typically warm Malaysian pleasantries could be exchanged in Kuala Lumpur with Henry Butcher Malaysia’s Founding Director Sr Long Tian Chek, the stars must have already aligned because just after a few conversations following that impetus meeting, Sr Sukiman made the unthinkable by opting for early retirement and succinctly set up Henry Butcher Malaysia (Kluang) Sdn Bhd, taking the role of CEO initially, then as a Director in 1997.
The same meeting also led Sr Haw to bring his extensive experience relating to land acquisition, familiarity with Securities Commission, stamp duty, estate duty, real property gains tax and a profound understanding of the regulatory backbone of the profession to the Group, and further strengthens his friendship with Sr Long whom he met professionally over the course of work. His first foray into the Group was as a Director at the Melaka office in 1997, and after three years, progressed to Director at the Muar office in year 2000.
As for Sr Cheng of the Pontian office, despite being the youngest among his fellow directors in Johor, he stands alongside as a go-getter with a flair for entrepreneurship. Like his peers, his credentials include as a fellow of the Royal Institution of Surveyors, Malaysia (RISM) and a Registered Valuer, Estate Agent and Property Manager with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP). Academically, he successfully graduated with the Bachelor of Surveying in Property Management from Universiti Teknologi Malaysia (UTM).
Existential Advantage
From a business standpoint, the combined expertise of the Johor offices ensures Henry Butcher Malaysia has a complete package of services that can fulfill any requirements from just about any client.
“Our valuation work covers a broad spectrum of purposes including assignments for financial institutions related to financing & foreclosure, asset distribution, internal management & balance sheet updates, land
acquisitions, SC submissions for listings and corporate mergers & acquisitions,” says Sr Haw, adding that it also undertakes estate agency and research assignments for all property types.
In the Kluang office, valuation for bank loans and land acquisitions are the main focus and these are matched by the team’s specialisation in industrial, agricultural and commercial properties. Sr Sukiman, also sits as the assessor and admits to occasionally representing land owners in land acquisitions, “The objective is to get better value for the clients when the government comes to acquire their land.”
Sr Teoh’s Johor Bahru office primarily focuses on valuation and handling mostly residential, commercial and industrial properties whereas Sr Cheng’s Pontian outfit offers both valuation and market study services, catering to all property types without any specialisation. But what lodged in his memory as the most memorable was his debut as an expert witness in court, “The whole experience felt almost like being in a courtroom drama you’d see on television,” he recalls. The pressure and formality of defending his valuation under intense scrutiny made it an unforgettable learning experience.
Similarly, the successful sale of a nonoperational industrial factory in Pontian during the Covid-19 pandemic was also one for the record books, completing the transaction amid the challenging economy and movement restrictions.
For Sr Haw, his best memories revolved around the valuation of a REITs property, “What made it stand out was not just the scale and complexity of the asset but the significance of contributing to a listing-related exercise in a region where such valuations are uncommon.” He believes jobs like these are reminders of the profession’s evolving nature and the need to stay attuned to both technical standards and market realities.
Sr Teoh in Johor Bahru, who is also an Associate of Institute of Rating & Revenue Valuers (United Kingdom), shares the same enthusiasm for listed assets, citing his firm’s involvement in the initial public offerings (IPOs) for major companies like Daiman Development Bhd, Tiong Nam Logistics Holdings Bhd and Pulai Springs Resort Bhd as milestones that demonstrated his office’s capability in handling complex corporate valuations. He also singled out the assignment for Daiman as most difficult to forget due to the nature of the assignment and the short timeline.
Henry Butcher Malaysia (Johor) Sdn Bhd
Add: No. 52, 52 A & B, Jalan Padi 1, Bandar Baru UDA, 81200 Johor Bahru.
Tel: +607-236 8060
Fax: +607-235 3060 / 236 3060
Email: hbjohor@henrybutcher.com.my / henrybutcherjohor@gmail.com
Q: What motivates or drives you at work?
A: To achieve a comfortable living from the rewards at work.
Q: What do you enjoy outside of work?
A: Due to age, I have to stop golfing and these days, I enjoy travelling to nearby places like Penang, Port Dickson and Desaru for a break.
Q: If not as a valuer, what would you have done professionally?
A: Electrical engineer.
Astute Valuation
The practice of valuation is indeed not without its challenges with the foremost obstacle stemming from the interplay between client expectations, market settings and professional assessments, a common viewpoint shared by all four directors. To overcome this, Sr Cheng relies on “clear communication, transparency in sharing up-to-date market data, comparable case studies and a detailed explanation of the factors influencing value. This helps them understand the reasoning behind the valuation.
“I also focus on building trust by presenting realistic scenarios and advising on strategies that can maximise value over time, rather than just in the immediate market.”
Henry Butcher Malaysia (Kluang) Sdn Bhd
Add: No. 78, (1st Floor), Jalan Kluang Perdana 1, Pusat Perniagaan Kluang Perdana (Parkland), 86000 Kluang.
Tel: +607-739 2000
Fax: +607-739 2042
Email: hbkluang@henrybutcher.com.my / henrybutcherkluang@yahoo.com
Q: What are some common challenges you face in your area of practice and how do you overcome them?
A: In the early days, it was difficult to identify the exact location of the land especially when it is the interior of agricultural land. There were no tech gadgets to do the job. We had to rely on Jabatan Ukur’s standard sheets, roads or alienated land. This is why we had to buy all the maps from Jabatan Pemetaan. If we still can’t find it, then we have to bring the land owner along to identify it but this would also depend on their availability. Nowadays, we only need to enter the type and lot number into the MyLot app.
Q: What do you enjoy outside of work?
A: Badminton in the younger days for social purposes, usually from 5 to 7pm with friends. Now, I just walk to keep fit whenever I’m free.
From another perspective, Sr Haw opines that “the property market is inherently imperfect because there is seldom perfect information on market transactions.
“Despite improvements have been made in recording deals by JPPH, commercial sensitivities still limit what parties are willing to disclose. Unlike the swift trading of shares, real property transactions involve extended
marketing and conveyancing processes that can span several months, with no certainty of success until contracts are formally exchanged.”
He also adds that the “lotting problem” where the pool of potential buyers for specialised, high-value properties tend to shrink and this makes market comparability difficult. To circumvent this, he emphasises that valuers must keep abreast with the market, both the macroeconomic indicators and micro-level market movements. Case in point, he observes that Muar as the country’s largest furniture hub has seen the US tariffs affecting export volumes that led to a more cautious investment sentiment, even for the local property market.
Against such an evolving backdrop is why valuers must always have their fingers on the pulse, more so during the bull and bear runs. Hence, when there’s an absence of comparable data, “greater reliance on professional judgment” stands out as an important barometer for astute valuation, which will and should remain justified in face of “shifting economic conditions, regulatory changes and evolving buyer behaviour,” shares Sr Haw. “Ultimately, staying current and engaged with the market allows me to offer valuation advice that is not only technically sound but also responsive to real-world conditions. It’s a process of continuous learning and adjustment, something I’ve come to value deeply in this profession.”
As to how Johor has fared, Sr Cheng offers that “over the years, the property market in the Johor region has experienced significant growth, with prices rising rapidly due to booming development and increased demand. This has made it more challenging to obtain comparable sales evidence that accurately reflects current market values. As a result, my valuation work requires greater reliance on professional judgment, adjustments for differences and careful analysis of market trends to ensure that valuations remain fair, transparent and well-supported despite the limited availability of directly comparable transactions.”
As the work has been well cut out for the industry, all four directors stand in unison and share the same sentiment about why Henry Butcher Malaysia is on the panel of all the banks. The common theme is realistic valuation.
Sr Haw describes, “Whether it’s a valuation for regulatory compliance or investment purposes, our teams bring a
Cheng Wui Kiang, Director of Henry Butcher Malaysia (Pontian) Sdn Bhd
Henry Butcher Malaysia (Muar) Sdn Bhd
Add: No. 134, 1st Floor, Jalan Meriam, 84000 Muar, Johor.
Tel: +606-955 5968 / 954 6639
Fax: +606-955 5967
Email: muar@henrybutcher.com.my / hbmuar@gmail.com
Q: What motivates or drives you at work?
A: What I enjoy most is applying my experience to offer professional advice to clients. Hearing that my input has helped them make a confident & informed decision is especially gratifying.
Q: What do you enjoy outside of work?
A: I prioritise health & wellbeing by making it a point to go for a brisk walk every morning to stay active. I also treasure the time spent with my grandchildren. Those moments bring a different kind of joy & perspective.
Q: If not as a valuer, what would you have done professionally?
A: I’ve been in this field for so long that it has shaped how I think & work. Valuation is what I know best, so I’ve never seriously imagined myself in any other profession.
consistent level of professionalism while providing advice to the realities on the ground. This balance of scale and specificity allows us to serve a diverse client base with clarity, reliability and relevance.”
This is why younger valuers entering the workforce must also be mindful about being “fair and realistic” says Sr Teoh, not forgetting Sr Cheng’s advice to “prepare to work hard.”
Henry Butcher Malaysia (Pontian) Sdn Bhd
Add: No. 18-2, Jalan Delima 7, Pusat Perdagangan Pontian, 82000 Pontian.
Tel: +607-688 3060 / 686 3060
Fax: +607-688 2060
Email: hbpontian@henrybutcher.com.my / hbpontian@yahoo.com
Q: What motivates or drives you at work?
A: Financial rewards from a job well done and the passion to work.
Q: What do you enjoy outside of work?
A: Gardening and hiking.
Q: If not as a valuer, what would you have done professionally?
A: Small business owner.
“Go to the bigger cities,” says Sr Sukiman “because the profession is about keeping up with progress and there they have more sophisticated assets than the small towns.”
“Valuations must be robust, reflecting professionalism, market orientation, commercial awareness and integrity. Beyond technical competency, valuers must also cultivate strong interpersonal skills to manage client expectations while upholding professional standards,” concludes Sr Haw.
MUSIC TO THE EARS
As Malaysia navigates the final quarter of 2025, its property and economic landscapes
are marked by a blend of cautious strategies and proactive measures. Amidst global trade disruptions, including reciprocal tariffs that have cast a shadow over the nation’s export-reliant economy, businesses are adopting a wary stance. In response, Bank Negara Malaysia has taken pre-emptive steps, such as reducing the Overnight Policy Rate (OPR) to bolster domestic demand. While this is expected to support the business environment and property investors, a climate of prudence prevails. In this complex environment, the role of experienced, professional valuers who can provide clear, ethical and contextually relevant advice becomes more critical than ever.
On the East Coast of Peninsular Malaysia, a region known for its rich cultural heritage, the property market moves to its own distinct rhythm. It is here that Sr Toh Chin Shen, Director of Henry Butcher Malaysia (Terengganu) Sdn Bhd, has carved out a remarkable career, not only building a successful practice but also pioneering the Henry Butcher Malaysia brand’s presence in the region.
With a career spanning 24 years with the group, his journey is a testament to integrity, adaptability and an unplanned passion that ultimately shaped his professional destiny.
Unexpected Path, Lifelong Profession
For many professionals, a career is a deliberate choice but for Sr Toh, it was a path discovered entirely by chance. “I was in the commerce class in secondary school,” he recalls. “The only choice I had after SPM was the Property Management and Valuation course offered by Universiti Teknologi Malaysia.”
This narrowed fate set him on a journey he had never envisioned because in his youth, his true passion lay elsewhere.
“When I was younger, I liked to sing and play the guitar. In fact I am a self-taught guitarist playing some simple songs in secondary school and university.”
He muses that if not for valuation, he might have ventured into music. Today, this artistic legacy interestingly lives on through his family and he is proud that his son is pursuing this creative passion by studying Performing Arts at Taylor’s University. He hopes junior will find success in the entertainment industry, something that he himself could not pursue.
Despite his unplanned entry, Sr Toh found his footing and grew to love the dynamic nature of the profession after graduating with a Bachelor of Survey (Honours) in Property Management. What he enjoys most is that it is not a conventional 9-to-5 office job. The role allows him to go out, meet new people and engage in fieldwork, a variety that keeps his work life engaging and fulfilling. This engagement is further driven by a deep sense of responsibility for his family too.
Further to that, and just like the kind of music sung by his favourite artist Lana Del Rey to which he confessed as being able to listen to “over and over again,” his unceasing passion for the profession had also begun and lasted for almost nine years with just one company. The best part, through this one employment, he operated from Johor Bahru in Johor, then Kuala Terengganu in Terengganu with his last posting at Alor Setar in Kedah. This speaks volumes of his endurance and stamina.
The story of Henry Butcher Malaysia subsequently marked the next era for him when the Group aspired to widen their footprint into the East Coast territory. He chanced upon the opportunity which incidentally also coincided with his wife’s legal practice that has been established in Kuala Terengganu itself.
For a die-hard Terengganu-born and bred homeboy, the inscriptions of this return may have already long been written on the wall because ever since the office was set up in 2001, Sr Toh’s impact extended far beyond the four walls of the workplace and without any surprise, even exceeded the borders of the state. This entrepreneurial step could not have happened without vision and a deep understanding of the local market. One could also say his efforts as a Registered Valuer & Estate Agent with the Board of Valuers, Appraisers & Estate Agents Malaysia (BOVAEP) and a member of the Royal Institution of Surveyors, Malaysia (RISM) and Royal
Henry Butcher Malaysia (Terengganu) Sdn Bhd
Add: No. 1118-D, Tingkat 1, Jalan Pejabat, 20200 Kuala Terengganu, Terengganu.
Tel: +609-620 3838 / 620 3839
Fax: +609-620 3828
Email: hbtrg@henrybutcher.com.my / hbmtrg@gmail.com
Institution of Chartered Surveyors Malaysia (RICS) paid off because Henry Butcher Malaysia Terengganu has over time become one of the preferred valuers in the state. This is not just a point of pride but represents the story of a reputation built over two decades of consistent and reliable service. It also forms a crucial chapter in the nationwide growth story of the Henry Butcher Malaysia practice.
A Fighter’s Reputation
The Terengganu office, under Sr Toh’s leadership, primarily provides valuation services for all types of properties for financial institutions and banks, catering to both financing and auction purposes, alongside real estate agency work. This includes valuation for loan security, rating, compensation and submissions to Securities Commission, auctions, market & feasibility studies and investment services.
While the team handles a wide array of properties, Sr Toh, who is also a Licensed Auctioneer in the state of Terengganu, has developed a distinct and highly specialised niche over the past decade in granite quarry valuation. This complex field has seen him undertake assignments not only
in Terengganu but also in Perak and Negeri Sembilan, showcasing a rare and valuable expertise that is sought after across state lines.
Aside from that rare expertise, his commitment to his clients has also earned him a formidable reputation and this is best illustrated by one of his most memorable assignments.
“I remember that some years ago in Kuala Terengganu High Court attending a Land Acquisition case,” he recounts. “Before the hearing, the Court Registrar summoned me to her chambers. She told me that she heard that I was a fighter and had been defending confidently for my clients in the past.”
For Sr Toh, this was more than just a compliment; it was an acknowledgement and recognition of his dedication for the practice.
“That was truly a compliment and I felt proud as I was able to raise the profile of the Henry Butcher Malaysia brand.”
Integrity & Foresight
Terengganu’s property market has over the years seen gradual price increases and a significant shift occurred in just the last five years with the development of new largescale shopping complexes. This has introduced a new kind of dynamism to the local market, compelling valuers like Sr Toh to adapt.
“With these new large scale properties, we have to be more alert with the trend and changes which affect the value of traditional shophouses in general,” he explains, highlighting the need for continuous market awareness and it is such dedication to the market that sets his office and in fact the Henry Butcher Malaysia label differently from the market.
Sharing this further, Sr Toh points to three core principles that distinctly position the Group in a different light - consistency, fairness in valuation opinion and upholding professional integrity. This philosophy is the bedrock of his practice in Terengganu and also a key attribute in his advice to the next generation of valuers.
He cautions young professionals that they “must learn how to balance up with professionalism and business.” It is a delicate equilibrium. “If one is too rigid with their own opinion on value then he or she won’t survive in this profession,” he advises.
“Likewise, it reflects poorly on their qualification credentials if they are too business-minded and just follow the clients’ wishes.”
This commitment to ethical practice has guided his office since 2001 and shall continue to do so in the coming years. The aim is to “stay relevant and be aligned with market preferences” in spite of the emergence of new competitors.
As he looks towards the future, his most pressing challenge is to prepare his apprentice of more than 15 years to take over the practice one day although he is still fit for work and has some good long years left in the business to kick up a few more notches.
With more than two decades of Henry Butcher Malaysia mileage under his belt, and whilst he dreams of retirement in the not too distant future, his base of clients deserving of his laser focus attention and dedication would almost certainly still pine for what he does best and that is to stand his ground and fight for them until victory strums like music to everyone’s ears.
Q: What motivates or drives you at work?
A: My wife and my two children. It is also not a 9-to-5 office job and I get to go out to meet people and do field work.
Q: What do you enjoy outside of work?
A: Golfing and listening to music.
Q: If not as a valuer, what would you have done professionally?
A: Maybe as a musician or composer. When I was younger, I liked to sing and play the guitar.
Q: What genre of music do you like?
A: Pop and alternative pop with good melody.
SIGNIFICANT REDUCTION OF NEW LAUNCHES IN KLANG VALLEY
• There were fewer new launches in the first nine months of 2025 in Klang Valley with 42 projects compared to the same period last year with 58 projects.
• By units, the reduction was more pronounced as it dropped by almost half or 46%, from 35,560 to 19,318 units.
• Selangor contributed 71% of the new launches to the market with 30 projects, up from 62% in the corresponding period in 2024 with 36 projects.
• Despite the wider gap of new launches between Kuala Lumpur and Selangor, contribution by units stood at 50% each, suggesting that projects in the capital city enjoyed a higher plot ratio density.
• April, July and May were the most active months with 8, 7 and 6 new projects launched respectively. This differs from 2024 where 5 different months recorded 8 or more launches each month.
• Like last year, the serviced residence/ serviced apartment segment recorded the highest launches with 16 projects or 35% of the market, followed by terrace/super link homes with 8 projects.
• There were however more semidetached homes (7) and bungalows (4) launched in the first 9 months of 2025 compared to the same period last year with 4 and 1 respectively.
• Soho/Sofo/Sovo/Soso made a return to the market with 1 project from zero previously.
Kuala Lumpur
1) Brickfields = 1 Project
Highrise = RM400 - RM450psf
2) Bukit Jalil = 2 Projects
Highrise = RM700 - RM1,200psf
3) Cheras = 1 Project
Highrise = RM900 - RM950psf
4) KLCC = 2 Projects
Highrise = RM1,500 - RM3,600psf
5) Mont Kiara = 1 Project
Highrise = RM800 - RM850psf
6) Old Klang Road = 1 Project
Highrise = RM800 - RM900psf
7) Segambut = 2 Projects
Highrise = RM600 - RM800psf
8) Sentul = 1 Project
Highrise = RM650 - RM700psf
9) Sungai Besi = 1 Project
Highrise = RM450 - RM550psf
• High-rises continued dominating the market with 57% or 26 new projects launched onto the market. By units, it also contributed a lion’s share to the market with 91% or 17,640 units.
• There’s a shift in terms of builtups in 2025 where units with more than 2,000 sq ft are sold by 22 or 48% of the projects in the market, the highest for the period under observation. This is followed by the 801 to 1,000 sq ft range with 18 or 39% of the projects, which was last period’s chart topper with 52% of the projects having such units.
• There is also a shift up the ladder by price points with the RM1 million per unit price tag sold by 59% or 27 projects in the market. This is followed by the RM601,000 to RM800,000 category which is carried by 46% or 21 projects in the market. In 2024, the most popular price range were the RM401,000 to RM600,000 and RM601,000 to RM800,000 segments.
Kuala Lumpur
• A similar trend from 2024 is spotted in 2025 in terms of price per sq ft where a heavier concentration is in the RM501 to RM750 per sq ft range followed by the below RM500 and RM751 to RM1,000 per sq ft price brackets.
• By location, Shah Alam experienced the most new launches in the period under observation in 2025 with 7 projects followed by Petaling Jaya with 4 projects and Cheras, Subang Jaya and Taman Melawati with 3 projects each. In 2024, Puchong led the market by a large margin with 8 new launches.
Types of Projects
Selangor
1) Cheras = 2 Projects
Highrise = RM500 - RM550psf
Landed = RM400 - RM500psf
2) Cyberjaya = 2 Projects
Landed = RM350 - RM650psf
3) Gombak = 1 Project
Landed = RM450 - RM550psf
4) Kajang = 2 Projects
Highrise = RM450 - RM550psf
Landed = RM550 - RM700psf
5) Petaling Jaya = 4 Projects
Highrise = RM650 - RM800psf
Landed = RM950 - RM1,000psf
6) Puchong = 1 Project
Landed = RM750 - RM800psf
7) Rawang = 2 Projects
Landed = RM400psf - RM500psf
8) Semenyih = 1 Project
Landed = RM400 - RM450psf
9) Shah Alam = 7 Projects
Highrise = RM250 - RM800psf
Landed = RM200 - RM800psf
10) Subang Jaya = 3 Projects
Highrise = RM650 - RM950psf
11) Sungai Buloh = 2 Projects
Landed = RM450 - RM550psf
12) Taman Melawati = 3 Projects
Highrise = RM650 - RM900psf
Landed = RM800 - RM900psf
NB: The percentages shown in the table are based on our analysis of the projects that we surveyed but they are not computed based on the number of units within those projects. The way to read this table is as follows eg. based on the projects that we analysed, 56% of them included units of above 2,000 sq ft in size. It however does not mean that 56% of all the units are above 2,000 sq ft. Each project will probably only have very few units of above 2,000 sq ft in size.
