The International Real Estate Conference 2024 (IREC2024) On 6th -8th September 2024 At Grand Hyatt Hotel, Kuala Lumpur

Press Release: The International Real Estate Conference 2024 (IREC2024) On 6th -8th September 2024 At Grand Hyatt Hotel, Kuala Lumpur

Theme – “BRIDGING BORDERS BUILDING OPPORTUNITIES”

What is IREC 2024?

IREC (International Real Estate Conference) is an international real estate event that debuted in the Asian region in 2015. It is an annual event that is hosted in an Asian country where the host country is a strategic partner of the National Association of Realtors (NAR) who will hold the IREC event in partnership with NAR.

IREC is a premier conference that enables entities from all fields related to real estate including development, distribution, investment and the like, to gather together, to participate and to exchange opinions regarding the current and future status of the real estate markets around the world. It is also an education and networking event for real estate professionals.

IREC has been held in Philippines in 2015, in Thailand in 2016, in Incheon, South Korea in 2017, in Hanoi, Vietnam in 2018 and in Tokyo, Japan in 2019, before it was temporarily put in hiatus due to the global Covid-19 pandemic. IREC has resumed in 2024 and is hosted by the Malaysian Institute of Estate Agents (MIEA) in Kuala Lumpur, Malaysia. NAR is supporting the conference as a strategic partner. The conference is the 6th in its series and themed “Bridging Borders Building Opportunities”.

Who is NAR?
National Association of Realtors (NAR) is the largest trade association in the United States of America with over 1.5 million members, 54 state associations (including Guam, Puerto Rico, and the Virgin Islands) and more than 1,000 local associations. NAR maintains partnerships with trade associations, organizations, franchises and agencies in 85 countries around the world by signing bilateral agreements with these international entities for the purpose of expanding its network of business partnerships around the world. NAR is the proud owner of numerous trademarks including the terms REALTOR®, REALTOR-ASSOCIATE®, REALTORS®, and the REALTOR® Logo (referred to collectively as the “MARKS”). Members and Member Boards of NAR receive a limited license to use the MARKS in connection with their real estate business or REALTOR® association. The MARKS are collective marks that identify members of NAR and distinguish them from non-members. Since the unique term REALTOR® was first coined in 1915, the public has come to recognize those who use the MARKS as members of NAR and, as such, providers of real estate related services consistent with a strict Code of Ethics and the highest standards of professionalism. The Code ensures that consumers are served by requiring REALTORS® to cooperate with each other in furthering clients’ best interests.

Why the theme “Bridging Borders Building Opportunities”?
The real estate business today is a global industry. Countries are becoming increasingly globally competitive. There is a global need for resources, visibility and connections. Investors now want better clarity not only about properties, they need to know when it is the right opportunity to invest, to buy.
Investors today want to venture beyond their local markets.

IREC 2024 ultimate aim is to create and open up boundless opportunities from within and outside a country. This can only be achieved by breaking down physical limitations and overcoming conservative
barriers enclosing the real estate market in the said country, enabling the sharing of different perspectives and collaborative endeavours of different markets by all. So IREC 2024 theme means just that – to bridge the borders of the real estate markets of different countries and to build opportunities in real estate markets for the benefit of all. At the same time, IREC 2024 is the right forum to provide clarity and foster cross-border exploration and exchange of relevant market information about opportunities that are available in Malaysia and its’ regional neighbours.

What is the IREC 2024 program like?
The conference will showcase speakers from United States, Japan, India, Thailand, Philippines, Singapore and Malaysia for the purpose of providing a diversity of overviews from established to emerging real estate markets, the challenges and the opportunities available in the said speaker’s country of origin. Not forgetting also Malaysian home-grown players from firms like Rahim & Co International Sdn Bhd, ESP Global Services and Zerin Properties which started from being household names to global standard firms. There will be opportunities to hear about their rises and falls in the real estate business, their market strategies. The speakers are (in the order of their appearance in the

IREC 2024 program –
(1) Dr Masayuki Nakagawa from Japan. He is a professor from the College of Economics at Nihon University, Japan. He previously served at the Ministry of Construction, and was an associate professor at the Institute of Social and Economic Research, Osaka University, and Director of Urban Development Finance, Urban Policy Division, City and Regional Development Bureau, Ministry of Land, Infrastructure, Transport and Tourism. Dr Masayuki has written research papers on the Japanese and Asian Real Estate Markets and on Japan’s revitalization of their used housing market. He has also received a publication award from the Association of Urban Housing Sciences in 2009.

[The Japanese real estate market is one of the largest in the world. It has been sustaining a robust foreign demand due to Japan’s favourable exchange rates and low interest rate despite a weaker domestic demand for residential properties. It is also reported that this trend will stay awhile because Japan’s monetary policy shows no immediate plans to raise rates.]

(2) Mr Tarun Bhatia from India. Mr Tarun is a realtor consultant and is a partner in the real estate consultancy firm, Shaloo Agencies, Delhi, India. Shaloo Agencies has been known to have a keen understanding of the Indian Real Estate and their ability to forecast the trends in price fluctuations. Mr Tarun himself is a specialist in both residential and commercial projects of reputed developers of Delhi NCR, he has successfully consulted for projects ranging from residential, commercial offices, commercial retail, hospitality, warehousing, logistics and education sectors. He is currently the Vice Chairman and Chair-Global of NAR-India.

[Knight Frank India has reported there is an upturn in India’s realty sector due mainly to the creation of a real estate regulator in 2016 which enabled transparency and financial discipline to the sector, consolidation amongst developers for better management of projects and the expanding home-shoppers budget. The luxury residential market in India is booming, driven by rising demand for high-end homes caused by urbanisation and increasing incomes. Sales of luxury housing units increased by 27% in the first half of the year, demands came from affluent millennials and NRIs seeking spacious, amenity-rich properties offering lifestyle enhancements and long-term investment potential.]

(3) Mr Precha Suphapetiporn from one of Malaysia’s closest neighbour nation, Thailand. Mr Precha founded and is the Managing Director of Acute Realty Group. Since 2021, he is also the founding resident of the Thai Real Estate Sales & Marketing Association (RESAM) and is a member of the Thai Real Estate Broker Association (TREBA). Under his leadership, RESAM has signed an international agreement with the Miami Association of Realtors (MIAMI) at the 2022 MIAMI Global Real Estate Congress. He has also served as a judge on the independent panel of judges for the 18th PropertyGuru Thailand Property Awards 2023.

[Thailand has been experiencing significant growth in recent years, with Bangkok as a focal point for real estate investors. Areas like Sukhumvit and Sathorn are witnessing an increase in interest for residential real estate. The city’s appeal to millions of tourists annually also contributes to the high valuation of properties in these areas.]

(4) Mr Alejandro Manalac from Philippines. He is the Chairman and co-founder of Havitas Development Corporation and the Operating Principal of Keller Williams Manila Bay, the Executive Publisher of Real Estate News Philippines and the Chairman of WeExcel Corporation. Mr Alejandro is also the recipient of the 2024 Asia’s Influential Leader Awardee in the Real Estate Category. He was also recognized as Asia’s Iconic Realtor at Asia’s Golden Icons Awards in 2023. He has given talks to different International Chambers of Commerce and Industry in Philippines namely the Italian Chamber, French Chamber, Spanish Chamber, Dutch Chamber, Advantage Austria, the Nordic Chamber and the Philippine Chamber-South Luzon. He served 3 terms as the Chairman of the National Real Estate Association and is the current Vice President for International Affairs of CREBA (Chamber of Real estate Builders & Associations).

[The Filipino real estate sector has been an impressive showcase of recent years, with its robust market reinforced by the development of a strong economy and the ascendancy of the middle class. Not only residential, office and retail spaces in metro Manila and Cebu have become attractive to investors but they also have the growth potential.]

(5) Mr Kevin Sears from the United States of America. He is a REALTOR® and also the current President of NAR. Mr Kevin has been recognized as an RPAC Major Investor since 2004 and has been a “Golden R” investor and member of the President’s Circle since 2007. He has twice been inducted into NAR’s RPAC Hall of Fame. He also served as the long-time Federal Political Coordinator to Bay State Congressman Richard Neal (D-Springfield). In 2006, the REALTOR® Association of Pioneer Valley (Mass.) named him their REALTOR® of the Year.

[The United States real estate market is amongst the established and most traded. Despite being reported to be the most expensive real estate market in the world, it has remained popular among foreign investors. Immigrant Invest wrote that in 2023, the US saw USD53.3 billion spending on residential real estate alone and that overall, the US real estate market grew by 2.71% in 2023. The Edge Malaysia also wrote in a recent article that US went through a troubling key selling season with new home sales on the decline since May, while transactions for previously owned properties continue to drop for a fourth straight month. However, the luxury properties with homes worth above US1 million saw a sales rise despite the higher fixed mortgage rate imposed. The reason is the wealthy and those with deep-pockets has the option to purchase by cash. Also states like Florida and Texas which has no income tax, and states like California and New York which generates higher values and higher returns makes these states attractive internally and externally.]

(6) Tan Sri Dato’ (Dr) Abdul Rahim Abdul Rahman from Malaysia. Tan Sri Rahim is currently the Executive Chairman of Rahim & Co International Sdn Bhd, the largest and most established real estate consultancy firms in Malaysia. He was the first Malaysian to be elected as the Deputy World President of International Real Estate Federation (FIABCI) for 1990-1992 term, and he holds the FIABCI Medal of Honour.

[The Malaysian investment landscape has been showing a growing confidence as reflected by the positive response towards the approved domestic and foreign investments during this period, totaling RM83.7 billion compared to RM74.1 billion in the same period of 2023. The government’s strong commitment to economic development and key infrastructure projects such as the East Coast Rail Line (ECRL), Johor Bahru – Singapore Rapid Transit System (RTS), Pan Borneo Sabah, and MyDigital 5G enhancement, collectively valued at RM86.2 billion has further strengthened investors’ confidence in the country. At the same time, the government has been steadfast in introducing initiatives (like MM2H program and stamp duty exemption for transfer documents for property purchases) and continued support to drive the local economy (like the development of the Johor-Singapore Special Economic Zone (JS-SEZ)) and simultaneously stimulate real estate market expansion. It has been reported that the initiatives taken is on the right track to achieve a robust growth for 2024 and to successfully implement the national transformation outlined in the Madani government’s economy framework.

Also, JPPH Q12024 report have revealed that residential properties continued to dominate market activities, accounting for 60.2 per cent of total transactions, followed by agriculture at 20.5 per cent. There is an 8% increase in new construction – this is a positive early showing for the domestic real estate market. Knight Frank Malaysia’s Real Estate Highlights 1st Half of 2024 (REH) report also revealed a resilient Malaysian real estate market across various sectors including residential, office, retail, hospitality, and industrial, spanning regions like the Klang Valley, Penang, Johor, Sabah, and Sarawak. All 5 regions have shown growth in transaction volumes and values in the high-rise residential projects, with the office market continuing to draw multinational corporations, buoyed by competitive rental rates, a skilled workforce and robust government support for the digital economy.]

(7) Mr Anthony Liew, from Malaysia. He is the President of MM2H Consultants Association and a Vice President of FIABCI. His talk is on the Malaysia My Second Home (MM2H) program.

[MM2H is a program backed by the Government of Malaysia to allow foreigners who fulfill certain criteria, to stay in Malaysia for as long possible on a multiple entry social visit pass that can be renewed every five to ten years. It is also termed as a residency-by-investment initiative by foreigners. MM2H is a viable option for retirees, expatriates, and investors seeking a home in Southeast Asia. The MM2H initiative has not only made Malaysia a retirement and extended holiday destination for foreigners, it made investments in real estate a crucial requirement for ensuring MM2H’s participants’ long-term stay in the country. Longer stays lead to increased spending on tourism and non-tourism-related goods and services, unlike short-term tourists. The current updated guidelines are targeting higher-net-worth individuals, aiming for a more significant contribution from participants to the Malaysian economy. This serves to enhance foreign exchange reserves.]

(8) Mr Aldrin Tan, from Malaysia. He is the founder of ESP Global Services, a digital real estate platform that has swiftly become the largest and fastest-growing platform in Malaysia. With merely three years, ESP Global is powering over 4,700 agents, scores of real estate agencies, and is rapidly expanding into ASEAN countries. Mr Aldrin has been named the Real Estate Agent of the Year 2020 at the National Real Estate Awards. Additionally, his firms have won Real Estate Firm (Medium) of the Year 2021, 2022 and 2024, Industrial Firm of the Year 2020, 2022 and 2023, Tech Real Estate Firm of the Year 2023, Penang Real Estate Firm of the Year 2024 and Kedah Real Estate Firm of the Year 2024. Mr Aldrin will be the last speaker of the conference, his talk will be on the Malaysian Industrial and Commercial Real Estate.

Included in the program are 2 fireside chats which are moderated by Mr Jonathan Lee, the Chairman of IREC 2024. The guests are –

(i) for the first fireside chat session, Mr John Paul Lewis, the Vice President of KW Worldwide. He is a REALTOR®, a KWU-Approved Faculty Trainer, an 18-year veteran of Keller Williams Realty International and a real estate investor. Mr John has been a constant champion of the KW models and systems, he has helped to launch KWConnect, to build the KW Video division, and has partnered with KWU and MAPS Coaching.

(ii) for the second fireside chat session, Mr Ismail Gafoor, the CEO of Propnex Realty, Singapore which is the largest listed real estate agency in Singapore. Under his guidance, Propnex property consultants won over 70% of the awards in the Institute of Estate Agents Awards in 2003. In 2004, he was named the SMCCI Entrepreneur of the Year Award and the Spirit of Enterprise Award. In 2008, he won the Association of Small and Medium Enterprises’ Top Entrepreneur of the Year and Overall Entrepreneur for eCommerce Awards. Mr Ismail was named Asia’s Most Influential SG in 2021 and 2022.

The conference will also have a forum on ‘Emerging Markets – Thailand, Philippines and Malaysia’ which will be moderated by Ms Vicki Silvano, another fellow REALTOR® with the speakers Mr Precha Suphapetiporn, Mr Alejandro Manalac and Mr Previndran Singhe, Group MD and CEO of Zerin Properties.

[Zerin Properties won the Asia’s Best Brand Awards 2018, CMO’s Best Brand Award for Real Estate Services 2018 and SME Best Employer 2022, Silver Medal by the Malaysian Institute of Human Resource Management (MIHRM). Mr Previndran Singhe has brokered numerous large-sum deals including The Exchange 106 for Mulia Group Malaysia. He has established the Zerin Habitat to offer ESG assessment services in the real estate sector, and he is leading Zerin Properties to become the first real estate agency in Malaysia to be fully ESG compliant. Zerin is 90% paperless in its processes, the agency weighs their garbage output to reduce waste, they encourage their staff to use public transport and subsidises them for using it. Amongst Zerin’s focuses is to use EKYC (Electronic Know Your Customer), a remote, paperless process to verify a customer’s identity and in reforesting Malaysia in Lower Kinabatangan – Zerin has been continuously planting a tree a day. Zerin has partnered with Global ESG Benchmark for Real Assets, a mission-driven and industry-led organisation that provides actionable and transparent ESG data. Mr Previndran was also named Asia’s Most Influential MY in 2022.]

It is MIEA’s hope that IREC 2024 can lead the way to showcase Southeast Asia as one of the bright stars in the current real estate market, with Malaysia at its centre stage, creating global collaborations and identifying opportunities for those who are attending. (At the time of writing this press release, IREC 2024 is a sold-out event.)

Mr Jonathan Lee, IREC 2024 Chairman

Mr Mark Kitabayashi, NAR Global Coordinator, Asia Pacific

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