Challenges For Glenmarie Properties Regarding Sales, Repeat Sales, and Investor Confidence

Hamza Iqbal Hussain Business Project 1 Student ID 62361219016
UNIVERSITI KUALA LUMPUR

BUSINESS SCHOOL
MASTER OF BUSINESS ADMINISTRATION
2019
Business Project 1
(BPB 60193)
Challenges for Glenmarie Properties regarding Sales, Repeat Sales, and

Investor Confidence
BY
Hamza Iqbal Hussain Syed
62361219016
Supervised by
Dr. Mazhar Hallak Kantakji
The report has been compiled in accordance with UniKL stipulations and in requirement
of the Business Project which is a prerequisite in order to complete Master of Business
Administration
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Table of Contents
Challenges for Glenmarie Properties regarding Sales, Repeat Sales, and Investor Confidence.. 1
Title...............................................................................................................................................3
Introduction ..................................................................................................................................3
Report Objective.................................................................................................................................................... 4
Company Background ..................................................................................................................4

Company Overview............................................................................................................................................... 4
Executive Summary .............................................................................................................................................. 5
Background of Study ............................................................................................................................................. 6
Malaysia’s Economic Analysis ......................................................................................................7

GDP ....................................................................................................................................................................... 7
GDP Growth .......................................................................................................................................................... 7
GDP per Capita ..................................................................................................................................................... 8
Inflation Rate ......................................................................................................................................................... 8
Population.............................................................................................................................................................. 9
Balance of Trade ................................................................................................................................................... 9
Government Budget .............................................................................................................................................. 9
Company Analysis ...................................................................................................................... 11

Introduction ......................................................................................................................................................... 11
PESTEL ............................................................................................................................................................... 11
SWOT Analysis................................................................................................................................................... 13
Porters 5 Forces Models. ..................................................................................................................................... 14
Financial Performance. ........................................................................................................................................ 16
Identification of Problematic Area .............................................................................................. 18

Economics of Supply and Demand ..................................................................................................................... 18
Stubbornly High Prices ....................................................................................................................................... 19
Conclusion .................................................................................................................................. 21
References ................................................................................................................................... 23
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Title
Challenges for Glenmarie Properties regarding Sales, Repeat Sales, and Investor Confidence
Introduction
Real Estate is defined as “Property consisting of land and buildings”. It has been part of human
nature since as long as we can remember to have a roof on top of our heads. The first investment
or expenditure anyone shall make is to buy or rent a house, unless it has been provided for.
Likewise, people tend to save money in the form of real estate, since it is the safest and
guaranteed form of savings. Despite market volatilities, investments in real estate have always
sought to be fruitful. It is very unusual that the money invested in real estate shall depreciate,
thus, a dollar put in today will remain a dollar tomorrow or has appreciated to more than a dollar.
The real estate market relies on the same forces as any other commodity, the forces of Demand
and Supply. Such as, property situated in a metropolitan area will be more expensive than
property situated in a rural area. That is because there is limited amount of land and/or apartment
units that can be built in a metropole and there is a large number of people willing to buy or rent
these spaces, thus there is a shortage of supply relative to demand. While at the same time, there
is more space than people in rural areas thus the supply is larger than the demand.
On the contrary, it is not necessary that units available in urban centers would be lesser than the
demand, meaning that the demand is lesser than the supply in the market. This is a phenomenon
which can be described by the word “oversupply” of units. In the real estate industry this is
knows as an “overhang” of units.
Glenmarie Properties, a subsidiary of DRB-HICOM Sdn. Bhd. Is a real estate developer in

Malaysia. The sole operation of their business is property development, sales and maintenance of
properties. Glenmarie Properties has a wide selection of residential and industrial properties
situated across Malaysia.
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With the overall property markets being stagnant and non-progressive, the company has been
affected greatly. The company has been facing an issue of unsold units of residential properties.
As compared to residential properties, industrial properties have been better performing with
regards to sales and utilization.
Report Objective
The Objective of the report is to identify the issues that have been raised within the real estate
market and how they challenge the performance of Glenmarie Properties. Some suggestions will
also be provided to the company and for the overall markets to try to overcome the current
situation and to better Glenmaries’ performance.
Company Background
Company Overview
Glenmarie Properties Sdn. Berhad, previously known as DRB-HICOM properties, is the
properties arm of the conglomerate DRB-HICOM. The company engages in the development of
Commercial, Industrial, Hospitality and Residential projects in Malaysia. The company was
founded in 1983 in Shah Alam, Selangor, Malaysia.
The name Glenmarie is a combination of a Scottish word ‘Glen’ meaning ‘a small, narrow and
secluded valley’, and ‘Marie’, a French word meaning ‘beauty’ or ‘grace’.
The company has a vast variety of real estate projects in Malaysia. A combination of residential
projects and industrial projects and hospitality projects. Glenmarie has various projects located
over Malaysia.
There is the township development called Glenmarie Cove in Klang Valley which is a freehold
township built comprising of 200 acres of riverfront living. The other residential development is
Glenmarie Johor, situated in Tebrau, Johor. It is a 69-acre freehold residential development.
There is also Proton City, a mixed development which is the best performing compared to the
other residential projects of Glenmarie properties. The 4,000-acre mixed development offers
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residential, institutional, commercial, and industrial estates, this development completes itself
with seven lakes and parks which are exclusive to its residents.
In regard to the hospitality sector, Glenmarie offers the Glenmarie Golf and Country Club
located in Shah Alam which is a 36-hole golf course which is a haven for leisure golf and also
for hosting international gold tournaments. They also offer the Holiday-Inn Kuala Lumpur
Glenmarie which is situated right next to the GGCC. Alongside these developments, they also
offer a resort known as Vivanta by Taj in Langkawi, Kedah.
Glenmarie offers Industrial developments as well, like the Proton City Vendor Park, which
provides freehold land for industrial purposes. It is the home of the Proton car manufacturing
plant and also other renowned car manufacturers. The other development is Hicom Pegoh Park,
which is an integrated industrial development providing freehold land within Malacca’s
industrial, educational and recreational growth center.
The mother company of which Glenmarie Properties is a wholly owned subsidiary of is DRB-
HICOM. DRB (Diversified Resources Berhad) and HICOM (Heavy Industries Corporation of
Malaysia Berhad) merged together in the year 1996 to form the biggest conglomerate in
Malaysia. DRB-Hicom has various business activities such as Proton cars, Pos Laju postal
services, and Vehicle Inspection known as PUSPAKOM. Other businesses of the conglomerate
include the production of defense vehicles, education, environmental services, and as well as
financial services in the form of Bank Muamlat Malaysia.
Executive Summary
Glenmarie Properties being one of the most well-known developers in Malaysia mostly offers
luxurious or high-end properties. Their aim is to provide homeowners not only with a home, but
with an address that holds value and status to its name.
Glenmarie Properties further has three other companies that are wholly owned subsidiaries of
itself. They are Benua Kurnia Sdn. Bhd., Glenmarie Asset Management Sdn. Bhd., and Hicom
Indungan Sdn. Bhd.
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Furthermore, each development also goes by its own company such as Glenmarie Cove
Development Sdn. Bhd., and Proton City Development Corporation Sdn. Bhd. Glenmarie Johor
is directly under Glenmarie Properties Sdn. Bhd.
Background of Study
This study is done to point out the challenges of the industry in which Glenmarie Properties is
operating in. The study looks at the overall real estate market within Malaysia since the issue
pertaining to Glenmarie are not only directed towards it, but they effect the entire real estate
industry of the country.
The factors that effect Glenmarie are more macro and extrinsic rather than micro and intrinsic.
Meaning to say that it is not alone the practices of the company that are owing to its negative
performance, but it is the practices of the entire industry and the overall economy which are
affecting the company.
Factors such as employment rates, increases in incomes, inflation, political instability,

lucrativeness of market, increase or decrease in property prices and the intent of investors to own
homes shall be discussed in the study. At some points comparisons will be made with the real
estate markets of other countries, although the performance of economies might as well be
different but the reasons behind the sale and purchase of real estate is the same across the globe.
The study shall discuss the principle of demand and supply regarding the real estate market. Talk
about the “financial real estate bubble” that has been created by issuing debts and the effects it
has on homeowners (investors) and their confidence, and also the general performance of the
country's economy that has the greatest effect on investors or potential investors being local or
foreign.
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Malaysia’s Economic Analysis
GDP
By the beginning of FY 2019-2020, the Malaysian gross domestic product had expanded by 4.4 %
year on year, and has met market expectations. In all quarters from 2018 FY till today, this was
the slowest growth in GDP mostly because of the rising political instabilities and economic
instabilities around the globe like the US-China trade-war.
GDP Growth
Growth was driven by the increase in government spending and private consumptions with net
exports contributing positively. The economy grew by 0.9 percent in the third quarter on a
quarterly basis, following a 1.0 percent increase in the quarter of June. Annual GDP growth rate
in Malaysia was an average of 4.79% between 2000 and 2019, hitting an all-time high of 10.30%
in the first quarter of 2010 and a record low of -6.20% in the first quarter of 2009.
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GDP per Capita

The last recording of GDP per capita in Malaysia were taken in 2018, which stood at 12,109.50
USD. This was the countries highest recording of GDP pe Capita since its lowest ever in 1960,
which when recorded was at the lowest ever at 1,354 USD.
Inflation Rate
The consumer price index (CPI) increased in the month of October, 2019 on a monthly basis by
0.2 %. The annual inflation rate for 2019 was recorded at 1.1 %, which is considerably healthy.
Inflation rate in Malaysia was an average of 3.52% from 1973 to 2019, hitting an all-time high of
23.90% in March 1974 and a record low of -2.40% in July 2009.
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Population
The last census taken in 2018 resulted the total population of Malaysia to be estimated at 32.4
million people. The growth can be measured by comparing the population of the country in
1960, which was at that time 8.2 million people.
Balance of Trade
Malaysia's trade surplus increased from MYR 16.9 billion in the same month of the previous year
to MYR 17.3 billion in October 2019, well above MYR 10.6 billion market expectations. This was
the largest trade surplus since the beginning of the series in 1970, as exports fell below imports.
Trade balance in Malaysia averaged MYR 3548.55 million from 1970 to 2019, hitting an all-time
high of MYR 17325.89 million in October 2019 and a record low of MYR -2880.61 million in
June 1997.
Government Budget
Government budget is a detailed accounting of government payments (taxes and other fees) and
government payments (purchases and transfer payments). If a country spends more money than it
takes in, there is a budget deficit. In 2018, Malaysia recorded a government budget deficit equal
to 3.70% of the country's GDP. The government budget in Malaysia averaged -2.99% of GDP
between 1988 and 2018, hitting an all-time high of 2.40% of GDP in 1997 and a record low of -
6.70% of GDP in 2009.
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Company Analysis
Introduction
Since Glenmarie Properties is a wholly owned subsidiary of DRB-Hicom Berhad which is a
listed company at the Bursa Malaysia, its own shares are not traded by the public. Thus, its
financial reports are not available to the public and not much financial information is provided
about the company's performance.
Nonetheless, a basic overview shall be provided about the developers'’ financial health. Other
than that, other useful traditional tools of analysis such as PESTEL, SWOT, The 5 Forces Model,
and the BCG Matrix shall be used to analyze the company.
PESTEL
Political;
Politics usually has an invisible hand with activities that are being taken place by property
development companies. The work itself does not really affect the politics of a country, on the
other hand politicians really do effect the work of a real estate development company. It is an
invisible hand and a controversial topic, thus it is not really discussed.
Government policies on the development of the country can also affect the company’s
performance. Policies about housing projects and issues pertaining to housing in the country can
be considered as opportunities for Glenmarie rather than threats or worries.
Government policies also effect the attraction of foreign investors. Any country which is as
dynamic as Malaysia always attracts foreign investors from all around the globe. Recent changes
in government policies has made it much more un-appealing for foreign investors to buy
property in Malaysia.
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Economical;
Economy has a a huge impact on the performance of Glenmarie, and so does Glenmarie have an
impact on the economy of Malaysia. It creates opportunities for investors to inject cash into
projects, which in turn creates a ripple effect of cash being used for various activities, meaning
the economy does not remain stagnant. On the other hand, if the economy of Malaysia would be
stagnant or in recession, it shall be disastrous for Glenamarie, while a progressive economy
would be progressive for Glenmarie. Currently the economy of Malaysia has made it relatively
harder for the real estate industry to thrive.
Social;
Glenmarie has been adding value to the socio-cultural lives and outlook of the Malaysian people.
It has been providing state of the art housing projects and industrial projects which both benefit
the outlook of the citizens of Malaysia and the economy of the country.
Technological;
Technology is also very useful when it comes to advertising and sales of development projects.
Websites give sellers and potential buyers a platform where the details including pictures give
clients an overview about the units available, either for rent or sale, which has made sales of
property an easier task than before.
Environmental;
While there might be a few people who might refer to property development companies as
players against the environment since it requires a lot of stripping and mining and deforestation
of our Earth. But, at the same time these developments are necessary, both for the people and the
economies. When it comes to sustainability, Glenmarie tries its level best to be as sustainable as
possible especially by providing sufficient greenspaces in its developments.
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Someone once had said, the buildings that we erect on our Earth are made up of all materials that
we extracted from our Earth. It might sound like a controversial statement, but if looked at from
environmental point of view, it is not doing any harm to the environment or livelihoods of
human beings.
Legal Factors;
Legal factors such as building and development permits. Permits to purchase huge chucks of
land for development. Most important are the taxes that are incurred for the purchase,
development, and sale of land are some of the legal factors that are of any effect to the
performance of Glenmarie.
SWOT Analysis.
Strengths.
Glenmarie is an old and reliable property developer in the country. The general public has
confidence in the company because of what it has always delivered. At the same time, Glenmarie
is a subsidiary of DRB-HICOM which gives at a boost when it comes to investor confidence and
reliability.
Weaknesses.
Since Glenmarie itself only operates within the real estate industry, it is at the risk of the volatile
market that real estate is. Real estate is globally considered to be a very volatile market. Since it
has everything to do with a country’s economy. The company might as well perform well and
deliver as promised, but as long as there are political instabilities and economic instabilities,
investors will always be hesitant to put their money into any sort of investments.
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Glenmarie has an overhang of unsold units, which is an ongoing problem in the country. Real
estate sales have drastically fallen in the last few years. Which has resulted in damaging the
performance of Glenmarie and many other developers.
Opportunities.
Although there is a massive overhang of unsold units in the country, there is a supposed housing
crisis in the country. This can be used by the company as an opportunity to enter into the
segment of the industry the company is not much familiar with – affordable housing.
Threats.
The ongoing housing overhang, or over supply of units is a massive threat to the company, as
that is the main reason behind the recent plunge in the performance of the company. The
economic instability in the country are also contributing factors to the demise of the property
markets and effects Glenmarie Properties on full scale.
Porters 5 Forces Models.
The Porters 5 forces are as follows;
1- Competition in the industry.

2- Potential of new entrants into the industry.
3- Power of suppliers.
4- Power of customers.
5- Threat of substitute products.
1 – Competition in Industry
No doubt that there is high competition in this industry. The real estate market is full of small,
medium to large sized developers. Some names would be the Sunway group, MahSing,
Paramount Group, Tropicana Corp, and EcoWorld Development Bhd.
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All companies offer the same product, real estate. The rest depends on the reliability of products
delivered to people and the area the developments are placed in. Investors in the real estate
market, or investors in any markets will rely on one factor – yields. Whichever project or product
provides the highest and quickest yields will be chosen.
There is so much competition in the markets, that it has made it very hard for any of the large-
scale developers to perform viably. Steps need to be made to ensure profitability for Glenmarie
Properties. With all this competition, it has clearly made an unstable condition in the market
where the supply of housing units has increased from the demand of units.
2 – Potential of new entrants into the industry

There are always new entrants into the industry, but not all can be compared because of the level,
size, age, and quality of work delivered of each other.
3 – Power of suppliers
Glenmarie properties is a property development company, meaning it is a contracting company.
They have their suppliers, and like any other development company that works on the same scale
as Glenmarie, they shall try to consolidate their suppliers into being part of their group. Even if
not so, at the scale of which Glenmarie develops its projects, it leaves less power to the suppliers
and more to itself.
Suppliers can also be considered as banks, who supply the financing for mortgages. With the
recent tightening of loans by financers, this certainly effects the overall markets. Which in turn
effects Glenmarie.
4 – Power of Customers.
The customers have all the power when it comes to real estate development. Their buying and
selling trends, their confidence to invest into projects and many other factors are what determine
the success of a development project.
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5 – Threat of Substitute Products.

Substitute products shall always remain a threat in any industry. That is why any property
developer will always try to make their development even if slightly different than the other. The
differences can be in tier of property, area situated in, quality of housing, and quality of materials
used.
The type of developments being done by Glenmarie are not only of providing homes to
homeowners, but to provide an address to the owners. A place which they can be proud to call
home, in other words, a symbol of status. Even though trying to make their products distinct
from the others, the threat of substitute products is very high.
Financial Performance.
Since Glenmarie Properties is not a publicly listed company, its financial information is not
available to the public. Although, after deep research the following information has been
extracted about the company. The company’s revenues have drastically fallen in the FY 2018
and it can be said that
Glenmarie Properties has been struck hard by the non-performing and stagnant real estate market
in the country.
Net Sales Revenue – There has been a decline of -68.22% from the previous year figures.
Total operating revenue – A decline of -68.22% from the previous year figures.
Net profit (loss) for the period – There has been a decline of -96.68% from previous year figures.
Total Assets – Have also fallen by -19.39% from last year.
Total Equity – Has also dropped by -5.96%.
Net profit margin – Has drastically decreased by -153.97% compared to previous year figures
Return on Equity – Has decreased by -33.3% from previous year recordings.
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There are many factors that are behind the recent plunge in company performance, of which not
all can be blamed onto the company’s practices itself. The government and economic
performance of the country has to share the blame with the overall issues ongoing in the real
estate market.
Overall, Glenmarie properties has had a very tough and negative 2018 FY. The graph below
describes the drastic falls the firm has undergone in fiscal year 2018 compared to fiscal years
2016 and 2017.
(Source emis.com)
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Identification of Problematic Area
Economics of Supply and Demand

At the dusk of the first quarter of 2019, the property overhang in Malaysia was calculated to be
40,000 unsold units around the country. This includes only residential real estate, including
freehold, leasehold, landed, and apartments. For commercial properties, there is a totally
different figure which ranges to about 5,500 units unsold. The figures show that there is an
oversupply of residential/commercial units in the country.
Glenmarie has also seen a sharp rise in unsold inventory in the last couple of years. Many units
at the luxurious development of Glenmarie Cove located in Shah Alam are yet unsold, although
the development has been completed a couple years ago. The reason behind this means that
homebuyers are looking for much more affordable units out there in the market.
The overhang is not only of luxurious properties, but also for affordable units. This can mean
either of two things, the economy is not performing as well as it should for citizens and or
foreigners to purchase property in Malaysia or that there is simply an oversupply of real estate
units in the country.
This is a market that can be very well tamed, that is by the developers themselves. It is about
time that developers, including Glenmarie must slow down the pace of developing new projects
and injecting new units into the market while they can clearly see that the sales of new
residential and commercial units have been declining rapidly in the last few years, especially in
more suburban areas.
The figures have only been increasing in the last three years without any signs of slowing down
or stopping. In 2017, the number of unsold units was at 24,738. A year later in 2018 that number
had increased to 32,313, which in 2019 had increased to a number of 40,000 units.
If the economy is stable and healthy enough for developers to continue building new projects,
how can it not be stable enough for investors to invest in real estate. Well, transactions prove that
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there has been resale and purchase of older units, especially in areas closer to the city center.
Which proves that there is just the issue of oversupply of units. The people do not require the
units that are being injected in while the developers keep bringing them on.
This can lead to be very disastrous for the economy. Since the developer’s earnings will start to
fall, there is possibility of many failures in the industry. It takes all sorts of industries to create an
economy, thus meaning, if one industry starts to get ill, it will lead on towards the others to be ill
too.
These are the reasons why sales at Glenmarie have declined so rapidly, and since first sales have
not been completed yet, resales of their projects are barely taking place in the market. These
issues need to be looked upon with utmost urgency. It affects the profitability of the company
and overall functioning of economy.
Stubbornly High Prices

We cannot blame the investor who bought a unit at say RM500,000 in the year 2010 wanting to
sell that unit at a higher price a few years later, that’s just how the system works, the sole reason
for investment is to make money out of it. That is why house prices which are already high at
initiation tend to only get higher with the period of time. Which makes it harder for the next
person to purchase.
Since the government cannot forcibly make the house prices go down, because obviously that
will make investors furious, they have sought out a way to continuously inject in new units into
the market. This way the supply will keep increasing and neither let the pre-existing market
prices to depreciate and also not appreciate at such a fast pace. That is how, although since 2013
the number of transactions in the real estate market have certainly decreased, the prices have
remained the same or very gradually increased at an unnoticeable level.
Housing prices need to be regulated, of course with the help of the government, but this is an
industry where prices can be regulated by the stakeholders. The stakeholders include the
developer and the investor, it is in their hands. Developers need to slow-down with the deliveries
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of new projects into the markets while the old ones have not been sold yet. Likewise, investors
should have more holding power and hold onto their investments for longer thus reducing the
number of older units in the market and making space for newer units to be sold. The market
needs to be rejuvenated in a manner where the new generation of investors can feel easy to
invest.
Glenmarie and other development companies should start to roll out more affordable and price-
savvy units since it is more than obvious that the prices are way too high for new potential
investors to invest. Looking at the markets, most potential investors are millennials, who
relatively have lower amounts of saving and disposable cash than the previous generations.
Firms need to start building projects tend to be more affordable for this generation of potential
homeowners.
Since prices cannot be depreciated or flattened out, the supply can certainly be handled. The
governments idea of continuously building houses while not many people actually wanting one,
or many people not being able to afford one needs to be changed. Either to inject in more
affordable housing units into the market, or to stop this continuous inflow of unwanted or
unaffordable units into a market that certainly seems to not require such absurd number of
houses.
High prices of units are one of the main reason sales at Glenmarie have decreased so rapidly. The
health of an investment in real estate not only depends on how fast the prices appreciate or how
quickly the property is rented out. But it also depends on how fast the unit can be resold,
meaning is there demand for the unit being bought or not. No person would mind spending extra
with the guarantee that their investment can be liquidated faster than the other. Thus, lower
prices are required, which shall give space to the investor to make returns for themselves also.
For developers it seems as if the market is theirs, but in reality, the market is of the investor who
is purchasing that unit of real estate. The market needs to deflate its first sale prices so that
further transactions can also be made.
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Conclusion
In the previous few years, Glenmarie has seen a rise and fall in its performance. The company
has been developing projects, with sales going incomplete. Yet do discuss about further resales
of those same projects. Looking at the short financial analysis and company analysis provided in
this report, it can be concluded that the financial health and overall health of Glenmarie
Properties is not pleasing at all.
This maybe because of the dampening of consumer sentiment that is lead due to job insecurity,
and the increases in salaries which are not at all relevant with the increases in inflation. This is
also because of the over-supply of housing units, especially those which are high-end or
luxurious.
Thus, the challenges that Glenmarie faces with sales, resales, and its investors’ confidence are
related both to the dampening economic conditions of the country, where the consumer is getting
weaker but although luckily the figures show the country’s economy is doing stable. Also, due to
the massive competition of who builds the most and who builds the best, there is a huge over-
supply of houses in a country that surprisingly has a housing crisis in which there are claims that
there is a shortage of affordable housing in the country.
This shows that either the strategies at Glenmarie do not really go hand in hand with the actual
demands in the market, since the consumer is reacting in such a way. Or, the intention of
consumers has changed very rapidly in the last couple of years. Another issue here is the scarcity
of foreign investors. With rules and policies that make it tougher for foreign investors in property
to purchase, this not only causes damage to the sales of developers such as Glenmarie, it also
causes damage to the amount of foreign reserves that should be injected into the economy.
The future at Glenmarie can be altered with some alterations in their strategies. With a wider
focus on affordable housing rather than high-end housing. It cannot be more obvious, where
there is an over-supply of houses in Malaysia, while the country claims that there is a shortage of
affordable housing in the country, that there is a conflict or contradiction in the strategies of the
company in relation to the demands of the consumers out there.
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The company has certainly seen better days. But, in the markets, speaking with experience of
working in the real estate field, there are days that the market belongs to the customers and there
are days when the market belongs to the developers. Currently, with the real estate market
situation in the country, this is certainly not a sellers’ market, but it is a buyers’ market.
Changes need to be made in strategies regarding the sales of unsold units to increase the number
of potential buyers. Also on a further note, developments of projects should not be initiated
unless at least 50 to 70 percent of the project has not been sold off. Which makes it easier for
cash flows of the developers, rather than relying on huge amounts of loans or owners own equity
put into risk. Another option is to sell out units on the basis of installments that are also provided
by the developer themselves, which makes sales guaranteed by the time a project starts, and cash
flows maintained with least debt for the developer involved. Many countries have been following
these methods, and it is very suitable for the market, rather than relying on a client who needs to
get a loan approved in order to pay for a house for which the developers have already incurred
costs.
Overall, the reliance of modern markets to steer the real estate market in Malaysia out of
oblivion seems to be very useless. The market needs to change its game-plan and course of
action. Changes also need to be made in what is developed, it should be regarding consumer
needs. The days of when the market belonged to the seller (developer) have gone by, now it is
time to please the consumer, without which there would be no performance at all.
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- Properties. (n.d.). Retrieved December 15, 2019, from https://www.drb-hicom.com/about-
us/core-businesses/property-asset-construction/.
23
- Property market issues of today, explained. (2019, April 13). Retrieved December 16, 2019,
from https://kopiandproperty.com/2019/03/13/property-market-issues-of-today-explained/.
- Tan, C., & Tan, C. (2019, March 14). Property market issues of today, explained. Retrieved
December 15, 2019, from
https://www.freemalaysiatoday.com/category/leisure/2019/03/16/property-market-issues-of-
today-explained/.
- There Is More to Glenmarie Than You Know. (n.d.). Retrieved December 15, 2019, from
https://www.propertyguru.com.my/property-news/2016/8/134325/there-is-more-to-glenmarie-
than-you-know.
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2019, from https://www.edgeprop.my/transactiondetail?area=Port
Klang&category=RESIDENTIAL&project=Glenmarie
Cove&state=Selangor&asset_id=264331&lat=2.97789&lon=101.412003.
- Unsold completed residential properties up 30.6% in 2018. (n.d.). Retrieved December 17, 2019,
from https://www.edgeprop.my/content/1515794/unsold-completed-residential-properties-306-
2018.
24
UNIVERSITI KUALA LUMPUR
BUSINESS SCHOOL
MASTER OF BUSINESS ADMINISTRATION
2019
Business Project 2
(BPB 60263)
Challenges for Glenmarie Properties regarding Sales, Repeat Sales, and Investor
Confidence
BY
Hamza Iqbal Hussain Syed
62361219016
Supervised by
Dr. Mazhar Hallak Kantakji
The report has been compiled in accordance with UniKL stipulations and in requirement
of the Business Project which is a prerequisite in order to complete Master of Business
Administration
25
TABLE OF CONTENTS
Table of Contents
Challenges for Glenmarie Properties regarding Sales, Repeat Sales, and Investor Confidence
......................................................................................................................................25
Company Overview .........................................................................................................27
Problems and Solutions ..................................................................................................28
Problems Defined .................................................................................................................. 28
Covid 19 Pandemic – An additional problem. ............................................................................................. 28
Overhang of units ......................................................................................................................................... 29
Stubbornly High Prices ................................................................................................................................ 29
Solutions Defined .................................................................................................................. 30

Governments Intervention ............................................................................................................................ 30
Developers Role ........................................................................................................................................... 31
Foreign Investment ....................................................................................................................................... 31
Balanced Score Card Approach ................................................................................................................... 32
Business Intelligence .................................................................................................................................... 34
Sales Projections ............................................................................................................35

Market Forecasts .................................................................................................................. 35
Purchaser Sentiment with relation to Covid-19 Pandemic .................................................... 35
Conclusion .....................................................................................................................37
References......................................................................................................................38
26
Company Overview
Glenmarie Properties Sdn. Berhad, previously known as DRB-HICOM properties, is the

properties arm of the conglomerate DRB-HICOM. The company engages in the development of
Commercial, Industrial, Hospitality and Residential projects in Malaysia. The company was
founded in 1983 in Shah Alam, Selangor, Malaysia.
The name Glenmarie is a combination of a Scottish word ‘Glen’ meaning ‘a small, narrow and
secluded valley’, and ‘Marie’, a French word meaning ‘beauty’ or ‘grace’.
The company has a vast variety of real estate projects in Malaysia. A combination of residential
projects and industrial projects and hospitality projects. Glenmarie has various projects located
over Malaysia.
There is the township development called Glenmarie Cove in Klang Valley which is a freehold
township built comprising of 200 acres of riverfront living. The other residential development is
Glenmarie Johor, situated in Tebrau, Johor. It is a 69-acre freehold residential development.
There is also Proton City, a mixed development which is the best performing compared to the
other residential projects of Glenmarie properties. The 4,000-acre mixed development offers
residential, institutional, commercial, and industrial estates, this development completes itself
with seven lakes and parks which are exclusive to its residents.
In regard to the hospitality sector, Glenmarie offers the Glenmarie Golf and Country Club
located in Shah Alam which is a 36-hole golf course which is a haven for leisure golf and also
for hosting international gold tournaments. They also offer the Holiday-Inn Kuala Lumpur
Glenmarie which is situated right next to the GGCC. Alongside these developments, they also
offer a resort known as Vivanta by Taj in Langkawi, Kedah.
Glenmarie offers Industrial developments as well, like the Proton City Vendor Park, which
provides freehold land for industrial purposes. It is the home of the Proton car manufacturing
plant and also other renowned car manufacturers. The other development is Hicom Pegoh Park,
which is an integrated industrial development providing freehold land within Malacca’s
industrial, educational and recreational growth center.
27
The mother company of which Glenmarie Properties is a wholly owned subsidiary of is DRB-
HICOM. DRB (Diversified Resources Berhad) and HICOM (Heavy Industries Corporation of
Malaysia Berhad) merged together in the year 1996 to form the biggest conglomerate in
Malaysia. DRB-Hicom has various business activities such as Proton cars, Pos Laju postal
services, and Vehicle Inspection known as PUSPAKOM. Other businesses of the conglomerate
include the production of defense vehicles, education, environmental services, and as well as
financial services in the form of Bank Muamlat Malaysia.
Problems and Solutions

Problems Defined
Covid 19 Pandemic – An additional problem.

According to Bank Negara Malaysia, the expected growth in GDP for 2020 is calculated to
be between -2% and 0.5%. While according to the World Bank, after revising their
calculations, Malaysia’s growth in GDP is calculated to be from 4.5% to -0.1%.
Getting out of this downward trend this time might turn out to be more difficult than
previous times because this time the stimulant that has altered the performance og markets
is a massive public health issue, a virus that has struck upon us known as the Covid-19.
Along with other prevailing economic issues, the Covid-19 pandemic has greatly impacted
not only the country’s economy but the global economy as well.
According to various sources, it is estimated that for the economy to start recovering, i t
might take from months to years. With this, the housing market might as well enter into a
downward trend before it starts to recover. Let’s look into an overview of how bad the
impact will be on the housing market. The director and regional head of research at Nawawi
Tie Leung Property Consultants, Miss Saleha yusoff calculates that this time the housing
market crash will be worse than that of which took place during the Asian Financial Crisis
28
in 1998, with transaction volumes decreasing greatly and a -10% to -15% drop in property
prices to 1998’s downturn (at -30%).
However, not everyone agrees with her stance. Founder and Managing Director Firdaus
Musa of the firm Firdaus and Associates Property Professionals Sdn Bhd, a property
consulting firm claims that he does not see a meltdown similar to that one of the Asian
Financial Crisis. He feels that this time there will be a more gradual drop in the overall
property transactions, depending of course on the economic conditions.
Overhang of units
At the dusk of the first quarter of 2019, the property overhang in Malaysia was calculated to be
40,000 unsold units around the country. This includes only residential real estate, including
freehold, leasehold, landed, and apartments. For commercial properties, there is a totally
different figure which ranges to about 5,500 units unsold. The figures show that there is an
oversupply of residential/commercial units in the country.
Glenmarie has also seen a sharp rise in unsold inventory in the last couple of years. Many units
at the luxurious development of Glenmarie Cove located in Shah Alam are yet unsold, although
the development has been completed a couple years ago. The reason behind this means that
homebuyers are looking for much more affordable units out there in the market.
Stubbornly High Prices

A unit that might have been purchased at a price of RM 500,000 in the year 2010, will and
should obviously be sold at a price higher than it had been purchased for. Despite the fact that
the owner might have earnt margins on rental yields, which also would not have been substantial.
The unit needs to go at a price higher than it was purchased at – considering that conditions are
status quo. Many factors come into place here, appreciation of property value, inflation, and
depreciation of currency.
29
Since the government cannot forcibly make the house prices go down, because obviously that
will make investors furious, they have sought out a way to continuously inject in new units into
the market. This way the supply will keep increasing and neither let the pre-existing market
prices to depreciate and also not appreciate at such a fast pace. That is how, although since 2013
the number of transactions in the real estate market have certainly decreased, the prices have
remained the same or very gradually increased at an unnoticeable level.
Solutions and Recommendations
Governments Intervention
The government should provide incentives to boost the property markets. They can start with
providing tax exemptions or reductions, or by providing soft loans, especially to those
individuals are at risk of defaulting on their loans.
The Real Property Gains Tax or the RPGT should be reduced or suspended, this act would
highly encourage property purchases. The same has worked in the case for the automobile
industry, where tax exemptions have boosted sales. They should initiate Home Ownership
Campaigns (HOC) which in turn would help clear unsold stocks thus reducing the property
overhang.
To help stimulate and progress the property market, the overnight policy rate should be further
decreased by the government, which in turn would make loans a little bit more affordable. They
should also provide incentives such as waiver of stamp duty that will attract more buyers into the
property market. Just like the Economic Stimulus Package 2020, there should be some stimuli
for the property market as well.
30
Developers Role
Developers need to make it easier, more lucrative, and attractive for buyers to buy their products
buy giving more discounts and freebies. Some developers have started doing that by waiving off
first few months’ instalments, or by greatly reducing the amounts required to make bookings on
their properties. These kinds of incentives really attract property investors. In order to enhance
cash flows, developers can manage to sell some of their units at auctions at lower profits or even
at break-even.
Developers really need to work better towards offering more attractive sales packages and trying
to sell the idea to investors of buying their dream homes at a lower price. Property developers
need to understand the market situations and need to come up with strategies to address the
changes in the market. Developers must hold back on new launches, drop prices to push sales
and unclear all unsold stocks before injecting new units into the market.
Foreign Investment
In the last few years, foreign direct investment into the local property markets has not been really
progressive. With the previous government discouraging foreigners to invest into the property
markets by putting them under a bit too much scrutiny as compared with the past. This pandemic
and further political instability will just end up prolonging the disinterest of foreign buyers into
the local property market.
However, the property market might as well still receive interest from certain foreign buyers who
have had even greater impacts in their own countries due to this pandemic. These individuals
will be keen to invest in countries that have proven to have better healthcare facilities, and had
shown that they have a strong foothold on the virus. Considering this, hopefully the government
can further increase their standards of healthcare which in turn can and will attract this group of
investors into the country. Likewise, the government needs to make it appealing to those
investors to buy property in the country just like it had successfully done so in the past.
31
Balanced Score Card Approach
A “Balanced Score Card” is a performance metric that is used by businesses to identify and
improve various internal functions and their resulting outcomes. It is a measure that is used to
provide business process feedback to the organization.
When used in an organization, this model reinforces good behavior within the firm. It isolates
four areas that are to be analyzed. These areas, also known as “legs” involve, Learning and
Growth, Customer Perspective, Business Processes, and Finance.
Learning and Growth

The learning and growth dimension is aimed at achieving strategic goals that how well the
information is collected and how the information is competitive and efficient use to increase the
company's market share.
There are two ways Glenmarie Properties obtained or gained information for their market
analysis. First, Glenmarie is getting the information about the buyer interest through exploring a
variety of channels to discover potential customers such as Google Search Engine, Local
Industry Association, Domestic/International Trade Organizations, and Business Networking
Events, and real time market responses and data.
Business Processes
Business processes show how smoothly and efficiently a business operates. For Glenmaries
growth, it refers to the improvement of processes to set internal operational goals and targets,
and improve performance to achieve customer-related goals.
Glenmarie Properties further has three other companies that are wholly owned subsidiaries of
itself. They are Benua Kurnia Sdn. Bhd., Glenmarie Asset Management Sdn. Bhd., and Hicom
Indungan Sdn. Bhd. Furthermore, each development also goes by its own company such as
32
Glenmarie Cove Development Sdn. Bhd., and Proton City Development Corporation Sdn. Bhd.
Glenmarie Johor is directly under Glenmarie Properties Sdn. Bhd.
All these subsidiaries carry out different Key Performance Indicator levels, and those levels vary
from departments within each subsidiary as well. It pertains to each subsidiaries and its
departmental goals and objectives.
KPI evaluation items that are calculated and summed up in terms of allocated ratio and reflected
in the annual budget allocation of Glenmarie. Thus, employees have to do their best to comply
with KPIs and to ensure competitiveness compared to other departments and subsidiaries, and as
well as industrial peers.
The flow of all business processes and the results of these processes must be scrutinized at all
times. The results of these KPIs are a direct reflection of the performance of Glenmarie
Properties. One of the most efficient ways to increase market share and to achieve targets is by
setting KPIs and making sure the organization as a whole achieves them.
Customer Perspectives
This customer viewpoint focuses on company performance objectives related to customers and
the market. In other words, this refers to customer service and satisfaction, market share and
awareness of the brand in terms of customers and markets.
Customer perspectives vary widely when it comes to real estate. As it is not like going to the
mall to buy a shirt or a dress. Real Estate developers are usually targeting certain groups of
clients with each of their projects. This can be explained like a designer brand will not be
targeting the lower income earning households while likewise a supermarket brand will not be
targeting higher income earning households.
Glenmarie has a wide array of real estate offerings. From luxurious residential all the way to
Industrial. The clients for both sort of properties vary. Thus maintaining their brand name of
“Glenmarie” is a very vital task. Just like any other industry, real estate also has the concept of
branding, thus keeping customer perspectives positive and increasing their brands market share
is of utmost priority for Glenmarie.
33
Glenmarie is certainly a very well known local real estate developer, which is to its luck also
owned by a very well known government linked company (GLC). The company’s size and
support of DRB-HICOM gives it an otherwise positive outlook in the eyes of clients and the
market.
Business Intelligence
Business Intelligence encompasses the strategies and technologies that companies use to analyze
business information data. BI technologies provide historical, current and predictive views of
business activities. Common business intelligence functions include reporting, online analytics,
analytics process mining, benchmarking, text mining, business performance management,
predictive analysis, and prescriptive analysis.
The value and the usage of Big Data cannot be omitted even so in the field of property
management. There is no question that large data application has acquired boundless economic
benefits and excellent decision making capacity through valuable data mining knowledge.
Property management shall therefore take full advantage of big data, since real estate is a pillar of
the national economy. To establish frameworks of big data (especially for the government),
multiple management and information technology components need to be combined. Industrial
Revolution 4.0 (IR 4.0) was in the mainstream in many nations, and it is likely that technology is
used. Big data needs to be combined with automation, cloud infrastructure and social media which
in turn will help to achieve a digital transformation of government management, especially of
property and assets. Revolution is transforming the way technology is perceived and the effects on
human lives.
34
Sales Projections
Market Forecasts
According to PropertyGuru’s Market Price Index (PMI) asking prices have continuously been
following a downward trend since 2015. Although the government has been trying their best by
giving out inventives, it still seems that the efforts are not enough to stimulate the property
market
In the 3rd quarter of 2019, three out of four major markets in Malaysia had seen an across the
board decline in asking prices. Namely Kuala Lumpur, Selangor, and Penang.
Prices in Malaysia dropped overall at 0.9% year on year in the third quarter of 2019. Penang was
the leader in contraction of prices with a 1.5% decline in quarter to quarter from 94.8 to 93.4.
While Johor was the only domestic market that did not face a decrease in its index, it also failed
to showcase growth with its PMI being the same at 98.5 for the third quarter of 2019.
These downticks in asking prices are representing downward movements in the Market Price
Index of asking prices since 2015, with the exception of Johor. Although asking prices are not
the same as transaction prices which are the real deal. Asking prices do act to serve as
benchmarks for seller sentiments.
According to many of the industry analysts, he falling prices of real estate are attributed to the
developers for being unable to clear unsold stocks which has uneased the flow of cash within the
market, along with excessive downward pressure from the home ownership campaigns.
Purchaser Sentiment with relation to Covid-19 Pandemic

Due to the Covid-19 pandemic, the housing market is experiencing, and will continue to
experience a further drop in demand of sales as buyers are being reluctant to purchase.
Furthermore, there will also be additional decline in foreign investment into the markets due to
the pandemic. Alon with the pandemic, the changes in government and the instable political
climate also adds to the poor market sentiment.
35
There is already a decline in foreign investment, with the Covid-19 outbreak there will be a
further decline and the market will also face a decline in local demand as buyers are reluctant to
buy, due to which prices may decline due to decline in already declining demand. The instability
in the political atmosphere also plays a he role in the buyers sentiment and it has already
contributed to the current poor market sentiment.
This virus is a global pandemic, which has and might as well further go on to affect the global
investment climate, market sentiment, and business in general. The property market is expected
to stall, as buyers who have the intention to buy, or were in the process of making their purchases
have had to put their purchases on hold since the entire system of processing of legal documents
and underlying transactions has been disrupted. Furthermore, rental yields might also start to see
a decrease, specifically in the office space segments since many businesses are suffering due to
contraction in business activities.
36
Conclusion
In the previous few years, Glenmarie has seen a rise and fall in its performance. The company
has been developing projects, with sales going incomplete. Yet do discuss about further resales
of those same projects. Looking at the short financial analysis and company analysis provided in
this report, it can be concluded that the financial health and overall health of Glenmarie
Properties is not pleasing at all.
This maybe because of the dampening of consumer sentiment that is lead due to job insecurity,
and the increases in salaries which are not at all relevant with the increases in inflation. This is
also because of the over-supply of housing units, especially those which are high-end or
luxurious.
Plus, with the addition of the Covid-19 pandemic, global economies have suffered drastically.
Estimations on economic recovery range from months to years, and similarly, the property
market would possibly enter into a down cycle before recovering. Which will in turn will
have an adverse effect on the sales of Glenmarie Properties, and the entire ind ustry.
The company needs to start looking into ways to enhance its performance. The economies
have been hurt bad, not as if they already weren’t. These are times when the citizens of a
nation need to work hand in hand to rebuild each and every aspect of their economies.
Just like how the Prime Minister had recently urged the local population to spend on
domestic tourism to stimulate the ailing market, they need to do so with the properties
market. HOCs must be implemented and stuck upon to for the locals, while home ownership
by foreign nationals must also be encouraged. The gap need to be narrowed down, the
Government can not work towards widening it even more.
It is concluded by this report that it is not only the fucntions and processes of Glenmarie
Properties which are the reasons behind its low performing financials and underlaying sales.
It has many other factors that are at hand such as, and extreme overhang of complete units
in the market, unfavorable government policies that lead to lower home sales, and the
financial conditions of the citizens and residents of the country.
37
References
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<https://www.propertyguru.com.my/property-news/2019/12/184857/malaysia-property-market-
outlook-2020> [Accessed 9 June 2020].
Real Estate Market Outlook 2020 Malaysia, 2019. [online] Available at:
<http://cbre.vo.llnwd.net/grgservices/secure/2020%20Malaysia%20Market%20Outlook.pdf?e=1
591544440&h=a5160f5fd41e493dc3f7687bd43bd466> [Accessed 9 June 2020].
Poh, C., 2020. Will The Housing Market Crash?. [online] Edgeprop.my. Available at:
<https://www.edgeprop.my/content/1671017/will-housing-market-crash> [Accessed 9 June
2020].
The Edge Markets. 2020. Cover Story: Property Market Outlook And Opportunities In Times Of
Uncertainty. [online] Available at: <https://www.theedgemarkets.com/article/cover-story-
property-market-outlook-and-opportunities-times-uncertainty> [Accessed 9 June 2020].
Investopedia. 2020. How A Balanced Scorecard Is Used. [online] Available at:

<https://www.investopedia.com/terms/b/balancedscorecard.asp> [Accessed 9 June 2020].
En.wikipedia.org. 2020. Business Intelligence. [online] Available at:

<https://en.wikipedia.org/wiki/Business_intelligence#Definition> [Accessed 9 June 2020].
38
Guru99.com. 2020. What Is Business Intelligence? Definition & Example. [online] Available at:
<https://www.guru99.com/business-intelligence-definition-example.html> [Accessed 9 June
2020].
Mike Richardson, M., 2020. Why Business Intelligence Is Vital To Business Success - Maximizer
CRM. [online] Maximizer CRM Software. Available at: <https://www.maximizer.com/7-
reasons-why-business-intelligence-is-vital-to-business-success/> [Accessed 9 June 2020].
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portal.se/smash/get/diva2:1225410/FULLTEXT01.pdf> [Accessed 9 June 2020].
39

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Hamza Iqbal Hussain Business Project 1 Student ID 62361219016

UNIVERSITI KUALA LUMPUR

Challenges for Glenmarie Properties regarding Sales, Repeat Sales, and

Company Background ..................................................................................................................4

Malaysia’s Economic Analysis ......................................................................................................7

Company Analysis ...................................................................................................................... 11

Identification of Problematic Area .............................................................................................. 18

Glenmarie Properties, a subsidiary of DRB-HICOM Sdn. Bhd. Is a real estate developer in

Factors such as employment rates, increases in incomes, inflation, political instability,

Malaysia’s Economic Analysis

GDP per Capita

Porters 5 Forces Models.

The Porters 5 forces are as follows;

1- Competition in the industry.

2 – Potential of new entrants into the industry

5 – Threat of Substitute Products.

Total Assets – Have also fallen by -19.39% from last year.

Total Equity – Has also dropped by -5.96%.

Return on Equity – Has decreased by -33.3% from previous year recordings.

Identification of Problematic Area

Economics of Supply and Demand

Stubbornly High Prices

- (n.d.). Retrieved December 19, 2019, from https://tradingeconomics.com/malaysia/indicators.

- Announcement details. (n.d.). Retrieved December 16, 2019, from

- Annual Report 2017. (2017). Annual Report. doi: 10.30875/b6ac94b6-en

2019, from https://www.thestar.com.my/business/business-news/2019/09/21/need-to-resolve-

- Collection. (n.d.). Retrieved December 15, 2019, from http://glenmarieproperties.com/.

- DRB-HICOM. (2019, December 20). Retrieved December 14, 2019, from

- Glenmarie Golf Club. (n.d.). Retrieved December 15, 2019, from

- Properties. (n.d.). Retrieved December 15, 2019, from https://www.drb-hicom.com/about-

December 15, 2019, from

2019, from https://www.edgeprop.my/transactiondetail?area=Port

UNIVERSITI KUALA LUMPUR

MASTER OF BUSINESS ADMINISTRATION

Hamza Iqbal Hussain Syed

Dr. Mazhar Hallak Kantakji

Solutions Defined .................................................................................................................. 30

Sales Projections ............................................................................................................35

Glenmarie Properties Sdn. Berhad, previously known as DRB-HICOM properties, is the

Problems and Solutions

Covid 19 Pandemic – An additional problem.

Stubbornly High Prices

Solutions and Recommendations

Balanced Score Card Approach

Learning and Growth

Purchaser Sentiment with relation to Covid-19 Pandemic

Investopedia. 2020. How A Balanced Scorecard Is Used. [online] Available at:

En.wikipedia.org. 2020. Business Intelligence. [online] Available at:

Diva-portal.se. 2020. [online] Available at: <http://www.diva-

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