29. TAN SRI DESMOND LIM Flagship: Pavilion and Malton Bhd Net worth: RM2.12bil

LIM’S net worth dropped in 2018 compared with the previous year.

Last year, he was the 29th richest Malaysian as opposed to 27th in 2017. This also resulted in his wealth declining by about 12% last year.

He has been involved in the property development and construction industries for more than three decades and is still going strong.

Lim is also the controlling shareholder of the successful Pavilion shopping malls and property developer Malton, as well as engineering and property developer WCT Holdings Bhd.

Pavilion REITs still makes up the biggest chunk of his wealth, as the market capitalisation of the counter as at the end of last year was RM4.98bil compared with RM238mil for Malton and RM956mil for WCT.

WCT’s property sales are set to remain challenging this year as the market remains soft with a lack of new launches.

While its property division could face persistent headwinds, its construction division and property investments are on firmer ground.

WCT is set to stage an earnings recovery this year, after securing large scale construction jobs such as Pavilion Damansara and Tun Razak Exchange Mall (TRX Mall) last year.

WCT’s RM1.4bil light rail transit 3 (LRT3) contract is expected to recommence in the second half of this year following redesign works.

The acquisition of 60% of Subang Skypark by WCT is expected to generate long=term earnings for the group.

The Canada Pension Plan Investment Board (CPPIB) is in talks with Malton on the purchase of up to a 49% stake in Pavilion Bukit Jalil mall. This bodes well for the group moving forward. The entire Bukit Jalil City project has a GDV of RM4bil and is scheduled to open in the third quarter of 2020.