Issues on waqf land registration process in Malaysia and improvement proposals

Religious aspect of charity is connected closely with Islamic endowment (waqf plural awqaf) and becomes a key Islamic institution within the Muslim world for more than a millennium. Globally including Malaysia, waqf widely relates to land and buildings. Under Islamic Law the land or any property declared by individuals to become waqf is considered binding and valid as soon as the donor implies or expresses the intention clearly. There are 5 valid elements (rukn) of waqf declaration under Islamic Law. However, under Malaysian Land Law, waqf properties need to be registered at Land Office after a waqf declaration at State Islamic Religious Council (SIRC). The rational is to ensure land indefeasible ownership under National Land Code (NLC) 1965. However, there are few issues in the procedure existed. Therefore, this paper highlights nine issues from organisation and the donors involved in registration process of waqf land and suggesting nine improvement proposals by State Islamic Religious Council Johor. The approach adopted is ‘Content Analyses and ‘System Approach’

Building and Locational Characteristics’ Quality of Purpose-built Office and their Relationship with Rentals

Purpose-built office (PBO) market in Malaysia has shown positive developments and increasing level of competitiveness. Many characteristics of PBO were unveiled by virtue of recent studies, market demand, technology growth and new guidelines such as office classification, green building and other related sustainable assessment in order to fulfill the property market participants need. As a result, the characteristics of Malaysian’s PBO have become more complex. More importantly, the increasing complexity of characteristics would entail greater needs on their influence on the rental levels of the PBO space. Nevertheless, there is a lack of research in the country that had actually studied in detail the influence of both the building and locational characteristics on rental levels alone in Malaysia. Therefore, the purpose of this paper is to determine the building and locational characteristics of PBO and their relationship with rentals in the Malaysia's office property market. Integral to achieving this objective, various characteristics that cover all fields are grouped under eight categories namely presentation, management, functionality, services, access and circulation, location, green building and amenities. In line with the gap of knowledge in relation to the need to adopt a more consumer oriented approach and the utilisation of high level spatial technology to refine the measurement of variables, quantitative methods namely are Analytical Hierarchy Process (AHP) in combination with Geo-information System (GIS) were used to analyse the importance as well as the quality level of these characteristics. Correlation analysis was also applied to analyse the relationship between these characteristics of PBO and rental. In the context of benefiting from a plethora of variables, Golden Triangle area of Kuala Lumpur was selected to provide data on the PBO

Identification of Building and Locational Characteristics’ Ranking for Purpose-built Offices in Malaysia: A Delphi Methodology

Building and locational characteristics of purpose-built office (PBO) can be found in any office building assessment. These characteristics consist of physical and non-physical elements depending on types of building assessment. Identifying the attributes or characteristics of PBO is fundamental in developing tools to evaluate the quality level of PBOs in any building assessment. In Malaysia, there are many building assessments unveiled by government and private sectors. However, the structured framework for both building and locational characteristics of PBO is still unclear. This paper is propose to identify the building and locational characteristics of PBO in a comprehensive manner and rank these characteristics by applying the Delphi method. The application of this method provides insights into aspects of this method in the context of property research

Building and Locational Characteristics’ Quality of Purpose-built Office and their Relationship with Rentals

Purpose-built office (PBO) market in Malaysia has shown positive developments and increasing level of competitiveness. Many characteristics of PBO were unveiled by virtue of recent studies, market demand, technology growth and new guidelines such as office classification, green building and other related sustainable assessment in order to fulfill the property market participants need. As a result, the characteristics of Malaysian’s PBO have become more complex. More importantly, the increasing complexity of characteristics would entail greater needs on their influence on the rental levels of the PBO space. Nevertheless, there is a lack of research in the country that had actually studied in detail the influence of both the building and locational characteristics on rental levels alone in Malaysia. Therefore, the purpose of this paper is to determine the building and locational characteristics of PBO and their relationship with rentals in the Malaysia's office property market. Integral to achieving this objective, various characteristics that cover all fields are grouped under eight categories namely presentation, management, functionality, services, access and circulation, location, green building and amenities. In line with the gap of knowledge in relation to the need to adopt a more consumer oriented approach and the utilisation of high level spatial technology to refine the measurement of variables, quantitative methods namely are Analytical Hierarchy Process (AHP) in combination with Geo-information System (GIS) were used to analyse the importance as well as the quality level of these characteristics. Correlation analysis was also applied to analyse the relationship between these characteristics of PBO and rental. In the context of benefiting from a plethora of variables, Golden Triangle area of Kuala Lumpur was selected to provide data on the PBO

Identification of Building and Locational Characteristics’ Ranking for Purpose-built Offices in Malaysia: A Delphi Methodology

Building and locational characteristics of purpose-built office (PBO) can be found in any office building assessment. These characteristics consist of physical and non-physical elements depending on types of building assessment. Identifying the attributes or characteristics of PBO is fundamental in developing tools to evaluate the quality level of PBOs in any building assessment. In Malaysia, there are many building assessments unveiled by government and private sectors. However, the structured framework for both building and locational characteristics of PBO is still unclear. This paper is propose to identify the building and locational characteristics of PBO in a comprehensive manner and rank these characteristics by applying the Delphi method. The application of this method provides insights into aspects of this method in the context of property research

Affordable housing livability attributes

Purpose - Housing plays an important role in people’s wellbeing, contributing to the physical and mental health, education, employment and security outcomes for individuals. Still, housing affordability has always been an issue worldwide. Governments have been scrambling to build sufficient affordable houses to meet the forever increasing demand. In light of this there is concern that the livability aspects of these affordable houses built have been compromised. For that reason, this study presents a research on the attributes of livable-affordable-homes. The findings indicated that there are seven significant affordable housing livability attributes.Methodology - Data was gathered by identifying all livable attributes from literature and previous research carried out with particular focus on Malaysia. A Focus Group Discussion was conducted to finalise and refine the attributes and sub-attributes of affordable-livable homes. The participatory organizations were picked based on their housing expertise and knowledge, which the researchers recognized as contributory towards the research according to the attributes identified. Findings - The aim of the FGD is to discuss and determine the attributes and sub-attributes of livable- affordable-homes.This discussion enables the researcher to gain a larger amount of information in a shorter period of time. Altogether 12 individuals representing related government bodies, public and private universities and NGOs participated.The findings indicated that there are seven significant affordable housing livability attributes namely physical factor, community and neighbourhood factor, public amenities, economic development, residence wellbeing, safety and security and also psychological impact.This research has taken into account of not only physical aspect but also psychological well being of the residents

Model penilaian massa berasaskan analisis spatial bagi tujuan keadilan dan keseragaman taksiran harta

Rating is a major source of income for local authorities. The basis of rating is the assessed values of property holdings from which property tax can be charged. The traditional single valuation method contributes to the inconsistency of assessed value because location factors are not considered objectively. The traditional method is also unable to produce equity and uniformity of the assessed values consistently. The main objective of this research was to develop a mass appraisal model incorporating spatial analysis and geographic information system (GIS). This research attempts to address the above issues through an automated valuation system. In order to achieve the objective, Majlis Perbandaran Kulai was chosen as a study area. As many as 1,500 transaction data between 2004 and 2006 representing 86 housing areas were utilized that included locational factors, namely accessibility, neighborhood and environment. These variable components were generated using spatial analysis which included buffer, overlay and network analysis techniques. The outputs from the analyses consisted of variable components which were derived objectively and they can assist in the process of forming mass appraisal model. Four mass appraisal models were used as alternatives to the traditional single valuation method. They were least squares, spatial hedonic, geographically weighted regression and kriging. The outcomes of the models showed that the assessed values were statistically significant. The performance of mass appraisal models from equity and uniformity perspectives was measured using ratio study technique. The four models were compared on the basis of their accuracy in terms of equity and uniformity. From this research, it was discovered that the spatial hedonic model was the best but has some shortcomings in the calibration process. Meanwhile, least square model was the second best choice and was more suitable to be used in the Automated Valuation System (AVS). Thus, the least square model was used in the calibration process for mass appraisal to produce equity and uniformity in the assessment values for all property holdings in the study area

Valuation Under Rapidly Changing Periods

Over the years we have experience several situations that have tarnished the image of the valuation profession. The phenomenon was more apparent when the market is going through a down surge and worst of all when it slumps to the lowest revel. Even though this trend is expected by most of the players in the property industry (particularly the investors and bankers), they didn't seem to appreciate it when it happened. Thus, they start looking for scapegoats to cover-ups for any slack in the prior investment decision made. Experience has shown that in the slowdown of mid 80's, valuers were made as the scapegoat and the profession had to suffer. These allegations and condemnation were definitely uncalled for but then again we also heard or came across odd and isolated cases of incompetent or negligent valuers. Simplified valuation and overvaluation were amongst the few shortcomings aired. To add to the matter, we recently heard complaints coming from distinguished personality about cases of undervaluation. Either way, these would not be good for the profession. The problem could be even more serious especially we are going through these rapidly changing periods. Accordingly, this paper is prepared to explore the need and expectation of valuation exercise. Hopefully it can and will be translated into the practice of carrying out the exercise. The valuation outcome will then be more relevant and acceptable and it should assist to rule out the possibility of another slandering and simultaneously improve and better the image of the valuation profession

The significance of property sector diversification and regional diversification for property investment

We buy real estate for one of two reasons. The first reason is to provide a shelter for us or to place our businesses. The second reason is an investment for income stream through rentals. Residential property for many years has been the money-making portfolio for most investors surveyed (Atsir, 1993). Therefore, other than commercial and industrial properties, residential property investment could also provide return to investors by rental growth and capital appreciation. Portfolio managers and investors are often making investment decision either diversify their investment through geographic or property sector. The Malaysian House Price Index is used and was obtained from National Property Information Centre (NaPIC) at Valuation and Property Services Department (VPSD). The study areas include Kuala Lumpur, Selangor, Johor and Pulau Pinang from year 1994 until year 2003 to find out whether diversification within a region by property sector is better than diversification within property sector by region or vice versa. The correlation coefficient analysis is used to compare the diversification by the average correlation for property sector and regional. The efficient frontier then was formed to determine the performance of each property and region. The finding of this study shows the regional diversification is more significance than property sector diversification. Keywords: Diversification, Housing, Property Investment

Geographic information system & spatial analyses in real estate

The advent of Geographic Information Systems (GIS) now widely available on various computer-based platforms has benefitted numerous fields of discipline, including real estate. Known for its versatility as an integrated system consisting of various functions, GIS is particularly appreciated for its spatial analysis capabilities. As such, GIS is of particular importance to real estate analyses. Inherently spatial, various real estate problems can be more easily dealt with by desynthesising their very essence of concept with respect to location. In this context, GIS provides all the capabilities to capture, store, retrieve, manipulate, analyse, and display geographic data associated with real estate phenomena. This book is written to provide readers with some examples of such phenomena with which GIS can be used to give some of the answers needed. It demonstrates the use of GIS in dealing with a myriad of location analyses in real estate using mainly local examples in Malaysia, with particular interest in analyses related to urban parking space, market segmentation, site suitability, house price, valuation and appraisal