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KAJANG – Standards governing Malaysia’s property management profession are being strengthened with the launch of the third edition of the Malaysian Property Management Standards (MPMS), which puts greater emphasis on ethics, strata management and sustainability.
The Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP) launched the latest edition at Dewan Jubli, Institut Penilaian Negara (INSPEN), here today, in conjunction with its 28th Professional Convocation.
BOVAEP president Datuk Abdul Razak Yusak officiated at the event.
In his opening speech, Abdul Razak said the launch reflected BOVAEP’s commitment to ensuring that professional standards continued to evolve alongside developments in the property industry.
“Today, we are not only celebrating the achievements of professionals who will take on responsibilities in the industry, but also strengthening the standards that guide professional practice,” he said.
He said the 28th Professional Convocation reflected the growing maturity and professionalism of the property management profession, but stressed that this progress should also be measured by its ability to continue evolving in line with changing industry needs.
Abdul Razak said land development was no longer limited to constructing new projects, but also required greater emphasis on efficient, sustainable and effective asset management.
He said the growth in strata properties and mixed developments had increased the need for professional property management to ensure assets were properly maintained, effectively managed and able to retain their value over the long term.
“This shows that the property market is not only about development and transactions, but also includes asset management after properties have been developed and occupied,” he said.
Abdul Razak said professional property management was becoming increasingly important in ensuring properties continued to provide value to owners, occupants and the wider community.
He said the MPMS 3rd Edition would provide practitioners with a clearer and more relevant framework to guide their work, support informed professional decision-making and uphold the responsibilities entrusted to them.
BOVAEP Property Managers Committee chairman Ishak Ismail said the third edition introduced improvements across four key areas, including a new code of conduct and ethics for property managers.
“The code of conduct is very, very important. They are expected not only to be competent but also to uphold a high degree of integrity,” he said.
Ishak, who is also president of the Malaysian Institute of Property and Facility Managers (MIPFM), said the new standards also introduced a dedicated standard for strata management in response to growing demand from Joint Management Bodies (JMBs) and Management Corporations (MCs).
“The JMBs and MCs have been calling for a dedicated standard for strata management,” he said.
He said sustainable property management was another key focus, covering areas such as energy efficiency, water management and environmental, social and governance (ESG) considerations.
“Sustainable property management is something new because everyone is looking at ways to protect the planet, such as saving energy, managing water and so on. So, ESG is included under the new standards,” he said.
Ishak said the third edition also introduced limiting conditions and disclaimers for property management services to provide greater clarity and protection for practitioners.
He said the updated standards were intended to support property management practitioners across Malaysia, including Sabah and Sarawak, as regulations governing strata and building management continued to evolve.
Meanwhile, at the Professional Convocation, BOVAEP presented 100 Certificates of Authority to Practise to valuers, estate agents and property managers for the 2025/2026 session, alongside the presentation of the 2025 Diploma in Estate Agency.
Among those recognised was Ma Lam Fatt, who received the Best Student Award for the 2025 Diploma in Estate Agency.
Ma said his studies taught him the importance of formal and systematic knowledge in developing competent property professionals, particularly at a time when short courses on property investment were increasingly being offered to consumers.
He said while short courses could provide practical knowledge, a professional qualification offered a more comprehensive understanding of the industry and could help both practitioners and property investors make better-informed decisions.
“Education is a journey that we need to undertake. Only by providing more professional services to the public and our stakeholders can this industry continue to grow,” he said.
Ma also encouraged members of the public interested in property investment to consider gaining basic knowledge in areas such as economics, accounting, law, land matters and building technology, given that property is often one of the biggest investments made in a person’s lifetime.
Meanwhile, Muhammad Syamil Faisal Rosmadi, 24, received the Best Student Award for the Bachelor of Property Management programme for the 2025/2026 session at Universiti Teknologi MARA (UiTM).
Syamil said his perception of the property industry changed after studying, as he initially viewed real estate mainly as buying and selling houses.
“Before I started my studies, I thought real estate was mainly about buying and selling houses. But as I went deeper into the course, I realised that it is much more than that,” he said.
He said his studies exposed him to property management, valuation and property market research, giving him a more analytical understanding of the industry.
The experience, he said, steered his interest towards the analytical side of real estate and highlighted the need for greater public awareness of the different professional areas within the property sector.