Dato' Eric Ong's daughter, Valerie, was mentored to take over the KIP Group of Companies

December 19, 2024

KIP REIT HAS TOTAL ASSETS UNDER MANAGEMENT OF RM1.05 BILLION

Valerie Ong's father, Dato' Eric Ong Kook Liong, is the co-founder of the KIP Group of Companies which main business is property development and retail management of KIP Malls and KIP Hotels. KIP started as Kepong Industrial Park in 1993. KIP Malls were originally KIP Marts founded on the concept of bringing the "fresh market" indoors targeting the middle income group. The first KIP Mart opened in Masai, Johor in 2002. Following its success, more KIP Marts mushroomed across the country. It was rebranded 2 decades later into community centric malls.

KIP Real Estate Investment Trust (KIP REIT) was set up in November 2016 and listed on Bursa Malaysia on 6 February 2017. Its retail portfolio comprises 7 KIP Malls and 1 AEON Mall. In July 2022 KIP REIT expanded to the industrial sector. FYE 31 March 2024 KIP REIT has total asset under management of RM1.05 Billion.

Valerie Ong was appointed CEO of  KIP REIT  on 5 April 2023. She was ED in August 2022. She holds a Bachelor of Arts from University of Melbourne, Australia and a Msc in Marketing from University of the West of England, U.K. Valerie joined the KIP Group in 2012  and rose to Group CEO under the mentorship of her father. She oversaw the building of KIP Mall Kota Warisan, KIP Mall Desa Coalfields and KIP Kuantan leased to Lotus's. 

As at 31 July 2024 the substantial Unitholders of KIP REIT are Hextar Rubber Sdn Bhd (16.29%), Dato' Ong Kook Liong (10.10%) and Datin Teoh Siew Chin (5.55%). Dato' Eddie Ong Choo Meng and his sister, Michelle Ong Tzu Chuen are deemed interested in the stake held by Hextar Rubber. Michelle holds the post of Executive Director of KIP Reit. Michelle joined the Board of KIP REIT on 18 August 2022 when her brother bought a substantial stake in KIP REIT. She holds a Bachelor of Commerce (Accounting) from Macquarie University, Australia and is a Member of CPA, Australia and MIA. In 2006, she returned to Malaysia and joined the family business at Hextar group of companies. 

ACKNOWLEDGEMENTS

  1. KIP REIT. https://www.kipreit.com.my/board-of-directors-management-team/
  2. The Edge Malaysia. 10 April 2023. Priyatharisiny Vasu. https://theedgemalaysia.com/node/662830
  3. KIP. https://kip.com.my/about-us/whoweare/
  4. EdgeProp. 19 August 2022. Chester Tay. https://www.edgeprop.my/content/1903362/kip-reit-appoints-co-founder-eric-ong-md
  5. First Classe. 8 March 2018. Theresa Belle. https://firstclasse.com.my/pressforprogress-valerie-ong/
  6. The Edge Malaysia. 14 September 2021. Syafiqah Salim. https://theedgemalaysia.com/article/eddie-ong-emerges-substantial-unitholder-kip-reit-confirms-edge-report
  7. The Star. 2 October 2024. https://www.thestar.com.my/business/business-news/2024/10/02/kip-reit-secures-approval-for-rm320mil-acquisition-of-dpulze-shopping-centre
  8. Prestige. 10 August 2017. https://www.prestigeonline.com/my/people/the-multi-tasking-valerie-ong-graces-the-cover-of-prestige-malaysia/
  9. Tatler. 5 September 2022. Zue Wei Leong. https://www.tatlerasia.com/style/bridal/valerie-ong-and-travis-loh-love-story-and-wedding
  10. First Classe. 2 March 2021. Karmun Ng. https://firstclasse.com.my/valerie-ong-ceo-kip-group-empowerment/
  11. Business Today. 5 March 2024. https://www.businesstoday.com.my/2024/03/05/kip-reit-starts-new-path-with-logo-change/
  12. Star Property. 12 October 2015. Li Yuin Ng.  https://www.starproperty.my/news/kip-group-ventures-into-the-hospitality-business-with-its-first-hotel-in-sri-utara/73886
  13. KIP Mall. https://www.kipmall.com.my/about-us/
  14. KIP Mart. https://kipmart.com.my/about/