Real Assets, Real People

In APREA's Real Assets, Real People, we talk to an influential leader in the real assets industry to gain insights on their experiences and strategies for success.

Here's Clement Chen, CEO of Sunway REIT. Sunway REIT is one of the largest diversified REITs in Malaysia, with a diverse portfolio strategically located across award-winning integrated townships in key locations in Greater Kuala Lumpur, Penang, and Perak.

What were you doing before you started your career in real estate/infrastructure? 

Trained as an accountant, I started my career in 2004 as a Finance Trainee with Sunway Berhad, a Malaysian conglomerate, with my last role there being the Head of Corporate Finance. During my tenure in Corporate Finance, I participated in the listings of Sunway Bhd, Sunway Construction Group Bhd and Sunway REIT which collectively have a market capitalisation of more than US$5 billion today.  I moved into real estate in 2016 and became the Head of  Business Development at Sunway Property where we evaluated opportunities in Malaysia, Singapore, Australia and UK and acquired landbank with potential GDV of over US$3 billion. Last year, I formally took on my current role as CEO of Sunway REIT, a diversified Malaysian REIT with assets under management of over US$2 billion.

What inspired you to pursue a career in the real assets industry?

Since young, I have always been fascinated by iconic real estate and their role in bringing people together. From ancient buildings like Colosseum which acted as entertainment arenas to modern day megamalls acting as gathering places for friends and families, societies have evolved the shape and function of properties but buildings remain crucial avenues for societal bonds. In addition, around the office I work at, I have also witnessed how a township has been developed over 20 years becoming an area where people truly live, work, play and heal together. I am therefore excited to see the next stage of how real estate evolve and concepts like co-living or co-working are greatly intriguing.

What are the key opportunities that you see in the current real assets investment landscape?

Megatrends like emergence of Artificial Intelligence and growth of e-commerce spell great opportunities for data centers and logistic warehouses. The growth of the latter sector will probably come at the expense of retail although I believe neighbourhood retail continues to have significant roles to play. The high cost of living beleaguering many countries will also eventually lead to an even greater demand for rental housing or products like co-living and co-working whose progress was somewhat set back by the pandemic but may rebound as the sharing economy is definitely aligned to the green conscious society we have today.

From a leader's perspective, how can companies navigate and thrive in an increasingly challenging business environment?

Companies need to be nimble and flexible. Due to the velocity of changes in the business environment today, execution plans may be subject to constant revisions. By having flatter organisation structures coupled with accountable empowerment, an organisation will have better chance at tackling the changes more effectively. Having said that, it’s incumbent for leaders to articulate what is the true north of the organisation to ensure  it does not deviate from its ultimate vision and objectives. We may take a different route but the ultimate destination remains.  

Can you share a notable success story or achievement in your journey as a leader?

I am a firm believer that a team, through collective intelligence, makes better decisions and creates better outcomes than as individuals. As a leader, my utmost role is therefore to create a safe and conducive environment for the team where they will feel engaged and empowered to contribute towards the company’s goals. To this extent, I am pleased that during my relatively short tenure in the organisation, the engagement score of my organisation’s employees have already demonstrated a considerable increase. By communicating clear goals and roles, empowering the team on decision making and providing appropriate motivation, trust can be built and the full synergy of the team can be harnessed.

In this issue of APREA's Real Assets, Real People, we talk to a new generation of leaders to gain insights on their journey in the real assets industry.

Here's Andy Lim, Founder of The Land Managers. The Land Managers (TLM) Holdings is a boutique real estate investment firm with gross assets under management of approximately S$400 million. Part of the JL Family Office (JLFO), TLM invests in value-add and development opportunities in gateway cities globally across all asset classes.

What were you doing before you started your career in real estate/infrastructure? 

I was a corporate real estate lawyer at Allen & Gledhill LLP prior to my first role in private equity real estate.

What inspired you to pursue a career in the real assets industry?

Moving into the investment and private equity side of real estate was a natural progression for me given how real estate has been a large part of my adult life. There is something special about the tangible nature of real estate and its place as a conduit of social interactions which makes it so unique as an asset class.  The whole process from sourcing a deal, adding value to an asset and its eventual successful exit is something which keeps me coming back for more.

What are the key opportunities that you see in the current real assets investment landscape?

This is the year we see a massive paradigm shift happening across the private equity real estate universe. The prospect of higher rates for much longer is starting to weigh on the entire sector and we should see more price moderation in specific sectors like commercial assets across the globe in the second half of this year. We are still bullish on key themes coupled with supply demand dynamics which can ride through such economic headwinds. For example, we like taking some developmental risk on residential build-to-rent assets in key developed markets like the UK and Japan. We also think the supply demand dynamics in the Australian logistics sector provides a window to invest in assets which provide opportunities for value add and floor area intensification.  

What do you do for fun?

I'm an avid golfer and long distance runner! Covid was a great reminder that health is indeed wealth so I started running during Covid and I have now completed two marathons and two half marathons! Age is not a limit!

What lesson or advice can you share with fellow members in APREA?

The whole industry is going though a challenging investment climate. It will be even more critical for investors and asset managers in this cycle to demonstrate value beyond positive carry, requiring a deeper understanding and sharper execution capabilities to generate returns. 

In this issue of APREA's Real Assets, Real People, we talk to a new generation of leaders to gain insights on their journey in the real assets industry.

Here's Russell Wee, Acquisitions Director of Jean Yip Developments. Established in 2002, Jean Yip Holdings is a luxury real estate developer of premium boutique properties. A wholly owned subsidiary of the multinational conglomerate Jean Yip Group, Jean Yip Holdings is an expansion into the lifestyle and real estate domain, specialising in developing and managing quality residential, commercial, and industrial properties in prime areas of Singapore.

In APREA's Real Assets, Real People, we talk to an influential leader in the real assets industry to gain insights and perspective on their experiences and stategies for success.

Here's Martin Siah, Head of Asia Pacific Real Estate Investment Banking, Head of Southeast Asia Global Corporate and Investment Banking, Singapore Country Executive, Bank of America.