The property industry may be the first to bounce back in Malaysia provided there is political stability, a better business environment, and a competitive currency rate compared to the US Dollar, says Country Heights Holdings Bhd (CHHB) founder Tan Sri Lee Kim Yew.
Lee said the property industry could not afford the current "open and close" policies which have created a lot of uncertainties.
He said external factors are beyond anyone's control and there remains a lot to do to overcome all difficulties and the crisis.
"Malaysia is still facing a very deep crisis caused by the pandemic but let us all stay positive and confident. The industry should not blame, but instead influence the government to come out with the right policies," he said during the 2021 Malaysian Housing and Property Summit held recently.
Lee advised developers to put forward their thoughts and work with the younger generation to continue pushing forward the property industry.
"Go green, go digital, and digitalise your asset through blockchain as the way into the future," he said.
Lee said the property market is resilient and he believes that after the pandemic, the property prices will still be competitive.
"We want to revive the property industry after the pandemic and difficulties in getting loans are some of the biggest issues for the industry. Therefore developers have to sit down and work with the banks as property is one of the main income sources for the banks," he added.
Lee, who is the founder of blockchain-based Golden Horse Investment Bank (GHIB) said that as Malaysia adjusts to the new normal, the trend in the property market is changing.
He urged developers to look at turning crises into opportunities and said that it has always been his motto to do so.
Lee has over 35 years of experience in the residential, commercial, and leisure property industry through CHHB, which he founded in 1984.
Despite the unexpected 1997/98 Asian Financial Crisis, Lee looked for opportunities to develop tourism-related projects, and the properties performed well.
Some of his major developments include Mines Resort City (MRC), The Mines Resort and Golf Club, Country Heights Damansara, Country Heights Kajang, GHHS Healthcare, Palace of the Golden Horses hotel, and Borneo Highlands Resorts.
MRC is the largest environmental project undertaken throughout Malaysian history.
Through CHHB, Lee developed The Exhibition Centre in London (ExCel) - Britain's largest stand-alone exhibition centre in the Docklands.
Lee established GHIB this year to provide B2B banking and payments services through its banking-as-a-service model based on the proprietary and blockchain technology platform.
The Labuan-registered GHIB has an investment banking license granted by Labuan Financial Services Authority.
It uses blockchain technology, artificial intelligence, big data, and other high-end technologies to build a comprehensive digital financial tool, enabling GHIB to serve the real economy with a revolutionary and innovative business model.
Lee is suggesting the idea of attracting high-end tourism to Malaysia with longer visa periods, as a way to boost the economy.
He said this would also allow developers to rent out their high-end properties and at the same time attract high-end purchasers to Malaysia.
"Malaysian developers, especially the younger developers, are quite innovative. They should come out with products that are linked to wellness, green, and healthcare," he said.