38. TAN SRI LEONG HOY KUM

Flagship: Mah Sing Group Bhd Net worth: RM1.242bil HIS name needs no introduction. A stalwart of the property industry, Leong has grown Mah Sing, which was formerly a plastics manufacturer, to a well-known property brand today.

He is famous for saying that the property business model is similar to manufacturing, with fast turnaround time crucial to the success of property projects.

Last February Mah Sing unveiled its new logo and Leong’s vision to take the company through the next 20 years. The new logo and vision are part of a transformation process the company has been undergoing since 2014. Part of the transformation includes a branding exercise that also involves the giving the headquarters at Wisma Mah Sing located along Jalan Sungei Besi a new look.

Turning 60 last August as well finishing a full circle in the Chinese zodiac also gave him time to reflect on what the next two decades will bring for the company. He believes that change is necessary to stay relevant to the next generation of house buyers.

The company also embarked on a land acquisition plan last year, after having been quiet on that front since 2015. Mah Sing bought 11.233 acres in Cheras for RM263.48mil to be developed into a project called M Vertica and bought 10.89 acres of freehold land in Bukit Mertajam, Penang for RM43.8mil. Both these projects will have an estimated gross development value of RM2.35bil. Other acquisitions included buying a 78% stake in a company that owns 8.5 acres in Sentul in which it would build M Centura with an estimated gross development value of RM1.3bil.

It called off the acquisition of a freehold plot of land near Titiwangsa Lake Garden after conditions were not fulfilled while it has also stopped pursuing the longstalled acquisition of the 85.3-acre Sultan Salahuddin Abdul Aziz Shah Golf Course, Shah Alam. Leong has gone on record to say that the company was still on the look-out for more land, planning to spend up to RM1bil to replenish its landbank of over 2,000 acres.