Building success based on integrity
“ALWAYS uphold your integrity. Success comes and goes but integrity is forever” is the philosophy of Bina Puri Holdings Berhad Group executive director Datuk Matthew Tee Kai Woon.
The recipient of this year’s FIABCI Property CEO Award was “surprised, honoured and humbled” when he was informed of the recognition.
“We have been submitting our projects to FIABCI over the years but had always been unsuccessful. And then suddenly I found that I had won such a prestigious accolade.
“Even though this is an individual award, it is a reflection of team Bina Puri’s success and collective efforts,” he said.
A chartered accountant by profession, Matthew has been the main driver for the Group’s performance achievement in property development, real estate and the retail management business since 2011.
Despite harbouring an initial ambition of starting his own accounting firm upon graduating from the University of Auckland, New Zealand, he joined Bina Puri in 2003.
There, he teamed up with his grand uncle Dr Tony Tan Cheng Kiat, the company’s founding director, and his father Tan Sri Datuk Tee Hock Seng, the Group managing director.
In 1975, Bina Puri started off with a small building contract for the police station and staff quarters in Kepong, Kuala Lumpur, for the Public Works Department.
Today, it is a public listed company on the Main Board of Bursa Malaysia with diverse business activities locally and internationally.
These include investment holdings, civil and building engineering management, property development, highway concession, quarry operations, manufacturing of construction materials, utilities and hospitality management.
Matthew has been aggressively diversifying the Group’s core construction business into recurring income models including property development, highway concession and power supply.
“Construction has provided us with the platform to venture into property development.
“Bina Puri has been involved in property development since the mid-80s when we developed the Bukit Idaman township in Selayang, comprising over 2,000 residential units and shophouses against a backdrop of carefully preserved rainforest and painstakingly nurtured greenery.
“During that time, we were already doing something that nobody else was doing such as implementing the gated and guarded concept. A lot of the things we did were ahead of the times.”
He said their success story in property development stemmed from their willingness to learn from others, the dedication of his colleagues, and the resourcefulness of their business partners involved in various joint-venture developments.
“It is good to be humble and learn from other developers and emulate their success, After all, the market is big enough for everyone,” he said, adding that the Group is continuously exploring smart partnership opportunities to further expand its presence.
A leader of great foresight Persistent and adventurous, Matthew loves trying new things and making money along the way! He took on various odd jobs as a student to chalk up valuable experiences.
He moved to Auckland at the age of 15 and attended the famous Kelston Boys High School with his brothers Kelvin and James. He found he had a knack for finances after being put in charge of managing their allowances.
“Although we weren’t especially well-to-do with both my parents working full-time, they gave us a super environment to grow up as independent boys with room for personal growth.”
After graduating from the University of Auckland with a Bachelor of Commerce degree, he was awarded the status of Fellow Certified Practising Accountant (FCPA) by CPA Australia.
He is also a Certified Financial Planner (Financial Planning Association of Malaysia).
He gained vital finance and accounting experience while serving as a business service accountant for Marsden B. Robinson Chartered Accountants (New Zealand) and then as audit senior associate for PwC (PricewaterhouseCoopers).
Matthew went on to become the administrator of Chinese Maternity Hospital in 2001 before joining his family business as the special assistant to the Group managing director.
The position was created especially for him so he could be under his father’s direct tutelage to learn the ins and outs of the company.
“Bina Puri celebrated its landmark 40th anniversary in 2015 and I am so proud to have been a part of its journey for the past 15 years. It’s been quite a rollercoaster ride, with steep learning curves and multiple highs and lows.
“The challenges were in hindsight rewarding and once overcome, actually solidified the foundation of the Group.
“It is fulfilling to know that I have contributed in some ways towards its diversification from a traditional construction company into one that, today, has the Kuala Lumpur-Kuala Selangor highway concession (LATAR), a shopping mall (Main Place in USJ 21, Subang Jaya), a listed power entity (PT Megapower Makmur Tbk), property development portfolios and other investment income,” he enthused.
He is bent on charting a new direction for the Group to achieve 40% of its revenue from property development.
Under his leadership, the turnover and profit for the property segment have increased tremendously.
“Property development will contribute significantly to the Group’s future profitability with an estimated GDV of over RM14 billion over the next 15 years.”
Describing his corporate style as “direct to the point whilst being engaging”, Matthew said he is always up for a challenge, adding that his peers in the industry labelled him ‘the accountant surrounded by contractors’.
“Accountancy was a good foundation for me because it taught me the importance of numbers. I could have built my career on accounting but I chose an even more challenging profession and industry.
“Everything in business eventually translates into numbers, which equals results. I am a go-getter, it is important for me to make things happen.
“We have completed many developments throughout the years and to see the final work delivered is worth all the hard work. It is highly rewarding to know that you were a part of it,” he gushed.
Matthew is presently president of the International Federation of Asian and Western Pacific Contractors’ Association (IFAWPCA). At 43 years old, he is the youngest person to helm the federation.
He plans to use his knowledge gained on the job to help advance the local construction industry.
He is also the immediate past president of the Master Builders Association Malaysia (MBAM) and sits on the Board of Advisory of the Construction Labour Exchange Centre Berhad (CLAB).
His other involvements include being the Honorary Treasurer General of Malaysian Steel Structural Association (MSSA), a member of the Advisory Committee of Hotel and Tourism Management by the Chinese University of Hong Kong, and a council member of Road Engineering Association of Malaysia (REAM).
A company of great vision Established in 1975, the same year Matthew was born, Bina Puri remains one of the region’s most well-regarded construction companies with over 40 years of work experience in civil and building construction.
Its name is a play on the IndoMalay words for ‘build’ and ‘palace’, which is in line with its vision of becoming Malaysia’s landmark builder.
The Group reached new heights of achievement by successfully completing a plethora of projects such as roads and highways, light railway transit system, waterworks, homes and commercial buildings like hotels, hospitals, airports and government complexes.
Bina Puri, which successfully listed its Indonesia Power Unit last year, also has offices in Brunei, Moscow and Bangkok.
It had also completed projects in Abu Dhabi, Cambodia, China, India, Nepal, Pakistan and Saudi Arabia.
In Malaysia, notable developments include LATAR Expressway, Main Place Residence and Mall, Opus Kuala Lumpur, Laman Villa @ Mont Kiara North, Jesselton Series in Sabah, and The Valley @ Bentong.
“All our projects are first and foremost for the Malaysian market with integrity being the key word in all our undertakings.