SINGAPORE, Oct 30 – Universiti Teknologi Malaysia (UTM) has achieved a historic milestone as the Construction Economics, Law & Policy (CELP) Research Group, Faculty of Built Environment and Surveying (FABU), was named “Research Team of the Year” at the Royal Institution of Chartered Surveyors (RICS) Southeast Asia Awards 2025. The prestigious ceremony, held at the Fullerton Hotel Ballroom, Singapore, gathered leading professionals from across the region to celebrate innovation and excellence in the built environment.
The CELP Research Group earned the award for its for its groundbreaking project titled “A Cost Model Analysis-Driven Rating Tool for Smart Housing Valuation in Malaysia.” The team led by Sr Dr. Fara Diva Mustapa, developed a cost analysis-driven valuation model addressing the lack of financial benchmarks for Smart Living housing in Malaysia. By integrating hedonic pricing with simulation-based cost modelling using Glodon Cubicost, the research produced a validated tool capable of delivering accurate, tiered valuations of smart housing features.
This innovative model enables policymakers, developers, and valuers to make informed, cost-specific decisions that support smart city development and housing affordability goals. Its significance has gained international recognition, with the project’s findings also earning the Pacific Association of Quantity Surveyors (PAQS) Best Research Paper Award 2024 in Brunei underscoring UTM’s commitment to impactful, globally relevant, and real-world impact.
The RICS Southeast Asia 2025 Research Team of the Year award-winning project was supported by a multidisciplinary team comprising Assoc. Prof. Ts. Dr. Afizan Azman, Ar. Idr. Ts. Dr. Noraslinda Abdul Rahman, Sr. Dr. Shazmin Shareena Ab. Azis, Sr. Dr. Muzani Mustapa and Koh Fung Chieng. Their combined expertise in construction economics, quantity surveying, architecture, real estate, and computer sciences contributed to the project’s holistic framework and strong industry relevance.
The Research Team of the Year category also featured leading finalists comprised CBRE Singapore, DLS Consultancy Pte. Ltd., and Knight Frank Malaysia Sdn. Bhd., reflecting the calibre of research excellence across Southeast Asia. UTM’s victory among these international firms underscores the growing influence of Malaysian scholarship and the global recognition of UTM’s research leadership in the built environment.
The RICS Awards are among the most prestigious accolades in the built environment, celebrating professionalism, ethics, and innovation. Other award categories included Quantity Surveying Team of the Year, Project of the Year, and Lifetime Achievement Award. UTM’s recognition as Research Team of the Year reinforces its dedication to excellence, innovation, and collaboration, in line with UTM enVision 2025, which emphasizes global prominence, sustainable innovation, and strong university–industry partnerships.
This win also marks a historic achievement as UTM becomes the first university ever to secure this category at the RICS Southeast Asia Awards. The project was funded by the Ministry of Finance Malaysia (MOF) through the National Real Estate Research Coordinator (NAPREC) under the Valuation and Property Services Department (JPPH). The CELP Research Group extends its sincere appreciation to MOF, NAPREC, and UTM for their continued support in advancing research that promotes sustainable housing and real estate development in Malaysia.
By Sr Dr. Muzani Mustapa, Faculty of Built Environment and Surveying (FABU), Universiti Teknologi Malaysia
