Destined for a life in real estate

REAL estate consultant Lim Eng Chong stumbled into the real estate industry during his university years and has never looked back since.

“After high school I wanted to take an accounting or business management course. But I didn’t get it from the university that I applied for — the National University of Singapore — and got offered a Bachelor’s Degree in real estate management instead,” Lim, the founding director of Henry Butcher Malaysia Sdn Bhd tells TheEdgeProperty.com.

Lim recently received the Lifetime Achievement Award at the National Real Estate Awards 2016 organised by the Malaysian Institute of Estate Agents (MIEA).

“I couldn’t quite believe it [winning the award]. Maybe because I have a lot of white hair, that’s why I got it,” he quips.

Before founding Henry Butcher Malaysia back in 1987, Lim had stints in the Ministry of Finance’s Department of Valuation and Property Services, I&P Group Sdn Bhd, Aik Hwa Holdings Bhd, Talam Corp Bhd (now known as Talam Transform Bhd), as well as IOI Properties Group Bhd.

“In 1987, a friend from Singapore came to me saying he wanted to establish Henry Butcher in Malaysia. At the age of 35, I saw the opportunity to strike out on my own and that’s how I started Henry Butcher Malaysia,” he shares.

Lim also recalls working by Tan Sri Lee Shin Cheng’s side, the executive chairman of IOI Properties, whom Lim regards as his mentor.

“I learnt a lot from Lee when I was at IOI Properties. He is a man with foresight, not to mention a good manager.

“After establishing Henry Butcher Malaysia, the first major deal I did was to sell a plot of development land to IOI Properties, and today that piece of land has been developed into Puchong Jaya. Lee managed to see the big picture back then, and look at what it has become today,” he recounts.

Having been in the industry for more than three decades, Lim’s advice for budding real estate agents and negotiators is to “work hard and persevere”.

“[Working in a] real estate agency is one of the toughest businesses. You can work hard and chase a deal but it may not happen or close in the end. Hard work and perseverance go hand in hand. They [estate agents] must also be able to adapt to changes.

“The rise of social media has somehow changed the way estate agents work. Despite this, real estate agents will still have a major role in facilitating a property deal because buying and selling properties is very technical and many people will need to rely on the advice of a good agent,” he says.

When asked about major challenges that he has faced, Lim was rather sheepish about it.

“To be honest, I consider myself lucky because the industry has been kind to me. It has somehow been a smooth sailing journey for me so far. Yes, there were difficulties along the way but nothing especially major,” he shares.

Lim adds that during the recession in 1998/99, neighbouring countries such as Singapore and Hong Kong took notice of Malaysian properties.

“So although it was a recession, we were fortunate to have foreign clients to support the business. Even in the late 80s, we did a few hundred million ringgit worth of sales,” he adds.

As of today, Henry Butcher Malaysia has 26 offices across Malaysia and over 500-strong staff. Lim is grateful that all of the partners who started Henry Butcher with him from day one are still with the company today.

Upon exiting its London and Australian business units that were acquired by international real estate firm JLL in 2014, Lim then turned his attention to other international project marketing in Malaysia and, currently, he is very much involved in marketing high-end condos in Bangkok.

“Properties in Bangkok are rather affordable. It is a thriving, energetic and vibrant city,” he says, adding that based on local regulations, foreign property investors can only purchase strata-titled properties in Thailand.

Lim notes that investors from Singapore, Hong Kong, China and Taiwan are also investing in Bangkok properties due to their strong currency rates.

This story first appeared in TheEdgeProperty.com pullout on Nov 25, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.