Internet business strategy by listed property companies in Malaysia

Purpose This study aims to evaluate the extent of Internet business strategy adoption among publicly listed property companies in Malaysia. It investigates how digital strategies are integrated into company operations, marketing, and customer engagement, and whether firms with higher market capitalizations are also the leaders in digital transformation efforts. Design/methodology/approach A quantitative assessment was conducted by analyzing the latest annual reports of 87 Malaysian listed property developers. Companies were scored based on a comprehensive Internet Business Strategy Matrix, covering 12 attributes including AI-powered tools, AR/VR tours, blockchain services, AI Chatbots, and data-driven insights. Companies were categorized into relatively high adoption, moderate, and relatively low adoption levels based on normalized attribute scores. A Spearman's rank correlation analysis was also performed to examine the relationship between Internet strategy adoption and market capitalization. Findings A Spearman's rank correlation analysis was conducted between normalised IBS scores and market capitalisation. The coefficient (ρ ≈ 0.579) indicates a moderate positive monotonic association, suggesting that firms with larger market capitalisation tend to exhibit higher levels of IBS adoption. As Spearman's correlation measures association rather than causation, market capitalisation is interpreted as a structural characteristic that may enable greater digital investment capacity. An examination of individual IBS attributes highlights strong sector-wide adoption of foundational tools such as online product information (98.85%), data-driven reports (88.51%), and track record disclosures (82.76%). However, adoption rates decline sharply for more advanced capabilities. Mortgage calculators are implemented by only 25.29% of firms, AR/VR tours by 13.79%, and AI-powered tools by fewer than 10%. Blockchain-based services and crypto payment options are virtually absent. Compared to earlier studies by Razali et al. (2010) and Razali (2008), the findings suggest a gradual shift toward deeper digital integration, although a cautious approach persists across the sector. Originality/value This study provides an updated and structured analysis of Internet business strategy adoption within Malaysia's property sector, building on earlier research yet incorporating emerging technologies and post-COVID digitalization trends. By linking digital maturity with market performance, the research offers new insights for property developers, investors, and policymakers aiming to understand and accelerate digital transformation in an increasingly competitive real estate market.