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Valuation Report
Islamic Estate, Waqf Planning and Retirement (Universiti Utara Malaysia)
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Valuation Report
1.0 TERMS OF REFERENCE (INSTRUCTED BY)
We refer to the written instruction from Titijaya Land Berhad to provide an opinion on the Market
Value of the Leasehold interest in the Subject property as an intermediate terrace 3 storey link villa
held under Title No. Geran 121985, Lot 12, Alam Damai, Cheras, District of Kuala Lumpur and State
of Wilayah Persekutuan hereinafter referred to as the “Subject Property” for internal management
purposes.
We agreed Scope of Work and confirm that our report complies with the instructions received and
scope of works, subject to the valuation assumptions detailed in this report.
The use and application of this Report and Valuation is governed by the Limiting Conditions attached
at the end of the Report.
2.0 BASIS OF VALUATION
The basis of valuation as adopted by us is the “Market Value” which is defined as“the estimated
amount for which the Property should exchange on the date of valuation between a willing buyer and
a willing seller in an arm’s length transaction after proper marketing wherein the parties had each
acted knowledgeably, prudently and without compulsion.”
The “Forced Sale Value” which is defined as “the amount that many reasonably be received from
sale of a property under (forced sale) conditions that do not meet all the criteria of a normal
transaction such as inadequate marketing period without reasonable publicity, an inappropriate
mode of sale and sometimes reflecting an unwilling seller condition, and/or disposal under
compulsion or duress.”
3.0 INTEREST TO BE VALUED
For the present valuation exercise, we adopt as our basis of valuation the Market Value of the
Subject Property, as an intermediate terrace 3 storey link villa bearing postal No 12, Jalan Damai
Perdana 17/B, Cheras, 56000 Kuala Lumpur, Wilayah Persekutuan in its existing physical condition
with vacant possession and subject to its title being free from encumbrances, good, marketable and
registerable.
4.0 PURPOSE OF VALUATION
The type of valuation requested was for mortgage financing.
5.0 DATE OF INSPECTION
The Subject Property was inspected on November 1st ,2016.
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6.0 DATE OF VALUATION
For the purpose of this valuation exercise, the Subject Property was valued on the date of inspection,
November 1st ,2016.
7.0 PARTICULARS OF TITLE
The following details were obtained from a title search out at the Registry Of Land Titles in Kuala
Lumpur, Wilayah Persekutuan, on November 4th ,2016. The information obtained is assumed to be
correct for the purpose of this valuation exercise.
Title No. : GRN 121985
Lot No. : 12
City : Cheras
District : Kuala Lumpur
State : Wilayah Persekutuan
Tenure : Leasehold
Category of Land Use : Residential Building
Quit Rent : RM 277.40 per annum
Land Area : approximately 265.61 square meters (2,859.00 square feet)
Registered Proprietor : Titijaya Land Berhad
Express Condition : This land shall be used solely for residential house.
Restriction in Interests: NIL
Charge/Encumbrances: NIL
Endorsements : NIL
THE HISTORY OF THE TITLE HAS NO BEEN INVESTIGATED AND THIS SHOULD BE
UNDERTAKEN BY A SOLICITOR.
FOR THE PRESENT EXERCISE, IT IS ASSUMED THAT THE ABOVE TITLE PARTICULARS
ARE CORRECT AND THAT THE TITLE IS GOOD MARKETABLE AND REGISTRABLE.
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8.0 LOCATION OF THE PROPERTY
The intermediate terrace 3 storey link villa is located along Jalan Damai Perdana in Cheras, Kuala
Lumpur, Wilayah Persekutuan. It bears the postal address No. 12, Jalan Damai Perdana 17/B, 56000
Kuala Lumpur, Wilayah Persekutuan.
It lies approximately 15 kilometres south-east of Kuala Lumpur city centre, about 7 kilometres from
Seri Kembangan and some 6 kilometres from Taman Connaught. The Subject property is
approachable from Kuala Lumpur city centre via Jalan Kinabalu heading towards south, all the way
to Jalan Cheras, turning off onto Jalan Alam Damai and finally onto Jalan Damai Perdana to where
the Subject Property is situated.
The surrounding developments consist a mixture of residential and commercial schemes comprising
two and three storey shop-houses, single, double and triple storey terrace house, semi-detached house
and individually designed detached houses. The Subject property is located within walking distance
to Giant Taman Cheras Utama, around 3km to Alam Damai Recreational park and Selangor Tuff
Park, less than 5km from The Mines and Aeon big Tun Hussein Onn, 5.5km from cheras Sentral
Mall and Econsave, around 7km to Leisure mall and Palace of The Golden Horses. The nearest
medical centre is only 13km away from the Subjected Property which is the Pantai Cheras Medical
Centre where the komuter bandar tasik selatan is around the corner.
Other notable landmarks within the vicinity are Columbia Asia Hospital, Sg. Long Golf Club,
Country Club, Hospital Universiti Kebangsaan Malaysia, UCSI and schools such as SRJK(C)
Connaught II and SMK Bandar Tun Hussein Onn.
Major connecting roads and highway servicing the area are Kajang Dispersal Link Expressway
(SILK Highway), Besraya and Middle Ring Road II (MRRII) which allow access to various parts of
Klang Valley such as KL, Shah Alam, Klang, KLIA, Putrajaya and Cyberjaya.
For easy identification, the approximate location of the Subject Property is edged red on the Location
Plan attached as Appendix I.
9.0 DESCRIPTION OF THE PROPERTY
THE SITE
The intermediate terrace 3 storey link villa stands in a plot of near rectangular shaped land
encompassing a provisional land area of approximately 265.61 square meters (2,859.00 square feet).
The land has a direct frontage to Jalan Damai Perdana 17/B of approximately of 7.01 metres (23.00
feet) and an average depth of some 24.38 metres (80.00 feet).
THE BUILDING
Improved on the site is an intermediate terrace 3 storey link villa constructed of reinforced concrete
framework, plastered brick-infill walls, reinforced concrete floors and cement concrete pitch roof.
The building external walls are of reinforced concrete and windows are of hardwood timber frame
casement.
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Details of accommodation and schedule of finishes of the Subject Property are as follow:
Compartment Floor Wall Ceiling Door Window
Ground Floor
Car Porch Painted Cement Cement Plaster Fibre cement Hardwood NIL
Render & Paint fascia board double door
Maid Room Ceramic Tiles Cement Plaster Cement Plaster Plywood Timber framed
& Paint & Paint flush door casement
Bath 3 Homogenous Ceramic Tiles Cement Plaster Plywood Timber framed
Tiles to 5 feet in & Paint flush door casement
height
Dry Yard Painted Cement Cement Plaster NIL Plywood Timber framed
Render & Paint flush door casement
Foyer Ceramic Tiles Cement Plaster Cement Plaster Plywood NIL
& Paint & Paint flush door
First Floor
Living Ceramic Tiles Cement Plaster Cement Plaster NIL NIL
& Paint & Paint
Dining Ceramic Tiles Cement Plaster Cement Plaster NIL NIL
& Paint & Paint
Dry Kitchen Ceramic Tiles Cement Plaster Cement Plaster NIL Timber framed
& Paint & Paint casement
Wet Kitchen Homogenous Ceramic Tiles Cement Plaster Plywood Timber framed
Tiles to 5 feet in & Paint flush door casement
height
Balcony 1 Painted Cement Cement Plaster NIL Sliding NIL
Render & Paint glass door
Bath 4 Homogenous Ceramic Tiles Cement Plaster Plywood Timber framed
Tiles to 5 feet in & Paint flush door casement
height
Second Floor
Master Bedroom Ceramic Tiles Cement Plaster Cement Plaster Plywood Timber framed
& Paint & Paint flush door casement
Bedroom 2 Ceramic Tiles Cement Plaster Cement Plaster Plywood Timber framed
& Paint & Paint flush door casement
Bedroom 3 Ceramic Tiles Cement Plaster Cement Plaster Plywood Timber framed
& Paint & Paint flush door casement
Family Hall Ceramic Tiles Cement Plaster Cement Plaster NIL NIL
& Paint & Paint
Bath 2 Homogenous Ceramic Tiles Cement Plaster Plywood Timber framed
Tiles to 5 feet in & Paint flush door casement
height
Bath 1 Homogenous Ceramic Tiles Cement Plaster Plywood Timber framed
Tiles to 5 feet in & Paint flush door casement
height
Balcony 2 Painted Cement Cement Plaster NIL Sliding NIL
Render & Paint glass door
Access to the first and second floor is by means of a reinforced concrete staircase finished with
ceramic tiles, timber balustrades and handrails.
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The gross floor area of the Subject Property is as follows:
Floor Main Floor Area Ancillary Floor Area Total
(MFA) (AFA)
[Link] (Sq.M) [Link] (Sq.M) [Link] (Sq.M)
Ground 718.60(66.76) 307.95(28.61) 1026.55(95.37)
First 416.03(38.65) 508.59(47.25) 924.62(85.90)
Second 752.50(69.91) 250.91(23.31) 1003.41(93.22)
Total 1887.13(175.32) 1067.45(99.17) 2954.58(274.49)
As far as we could visibly determine the Subject Property is generally in a fair state of decorative
repair.
The Floor Plans of the link villa is attached as Appendix III. The photographs are attached as
Exhibits A and B respectively.
TENANCY
The Subject Property has been leased to Ms. Lau Lai Chee.
10.0 OCCUPANCY STATUS
The Subject Property is currently occupied.
11.0 SERVICES
Main water and electric supply connected to the Subject Property.
Modern water borne sanitary facilities are installed with disposal of sewage into a septic tank.
The Kuala Lumpur Municipal Council provides the usual public services to the area.
Public transportation in the form of bus and taxi services are available along Jalan Alam Damai.
12.0 TOWN PLANNING
The Subject Property is situated within an area designated for residential use.
13.0 METHOD OF VALUATION
COMPARISON APPROACH
In arriving the market value of the Subject Property, we are adopting the Comparison Approach of
valuation. This approach involves comparing the Subject Property with recently transacted properties
of a similar nature or offers for sale/rental of similar properties in the area. Adjustment are then made
for differences in location, size, and shape of the lot, size, condition and design of the building, site
facilities available, market conditions and other factors in order to arrive at a common basis for
comparison.
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Recent transaction of three storey link villa within the neighborhood which are pertinent to
substantiate a value indication for the Subject are reviewed and investigated and these sales are listed
below:
14.0 MARKET DATA
No. Address Built-Up Area Consideration Date
1. No. 5, Jalan Damai Perdana 2869 square feet RM 1,318,000.00 25/8/2016
17/B, Cheras, Kuala Lumpur 266.54 (square
(End Lot 3 storey Link Villa) meters)
2. No. 24, Jalan Damai Perdana 2839 square feet RM 1,010,000.00 17/7/2016
17/C, Cheras, Kuala Lumpur 263.75 (square
(Intermediate Lot 3 storey Link meters)
Villa)
3. No. 37, Jalan Damai Perdana 2869 square feet RM 1,317,000.00 30/2/2016
17/A, Cheras, Kuala Lumpur 266.54 (square
(Corner Lot 3 storey Link Villa) meters)
4. No. 41, Jalan Damai Perdana 2839 square feet RM 1,015,000.00 25/12/2015
17/A, Cheras, Kuala Lumpur 263.75 (square
(Intermediate Lot 3 storey Link meters)
Villa)
14.0 VALUATION (OPINION OF VALUE)
Having taken into consideration all the relevant and pertinent factors and recent transactions of
comparable properties in the locality, we are of the opinion that the Market Value of an intermediate
terrace 3 storey link villa held under Title No. Geran 121985, Lot 12, Alam Damai, Cheras, District
of Kuala Lumpur and State of Wilayah Persekutuan in its existing physical condition with vacant
possession and subject to its title being free from encumbrances, good, marketable and registrable as
of November 1st ,2016 is:
i) Land Value (Portion) : RM 1,017,000.00
ii) Building Value (Portion) : RM 200,000.00
---------------------------------
Total RM 1,217,000.00
Market Value: RM 1,217,000.00 (Ringgit Malaysia: One Million Two Hundred Seventeen
Thousand Only)
We also assess the Forced Sale Value for the Subject Property to be RM950,000.00 (Ringgit
Malaysia: Nine Hundred Fifty Thousands Only).
Yours faithfully,
ZGJZ VALUERS & STOCKERS
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Appendix I: Location Plan
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Appendix II: Layout Plan
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Appendix III: Floor Plans
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Exhibit A: Photographs Side View
Exhibit B: Photographs External View
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Factors affecting the capital value of Subject Property
Ironically, a location or place that become a factor that will improve or deteriorate the capital
value has a lot to do with how the particular factor bring comfort, accessibility, better environment,
or even those that make people life’s easier. On the other hand, those that harms or bring discomfort
or even danger will drop the market value of the Subject Property. This is how the capital value
forms.
Beneficial (Positive) Factors:
Betterment of a property value rise when there are services nearby. Such example from the
Subject Property are club house, school, hypermarket, commuter bandar tasik selatan, recreational
park with lake, golf club, university, hospital, restaurants, clinics (Klinik 1 Malaysia), bus stop U46,
U49, U46(W), Post Office Malaysia, lake and there’s too many to mention. Because of these
infrastructure and amenities that makes residents life easier, can lead to increase in capital value.
• SRJK C Connaught II
• SMK Bandar Damai Perdana
• SK Desa Baiduri
• SK Tanming Jaya
• SMK Bandar Tun Hussein Onn
• Carrefour
• Econsave
• Jusco
• Country Club
• Sg Long Golf Club
• Saujana Golf Club
• Columbia Asia Hospital
• Private colleges / Universities
• Clinics
• Restaurant
Value Decreasing (Negative) Factors:
In contrast with the beneficial factors, some buildings and places are not wanted as they bring
harm or uncomfortableness to the resident. This includes the minor industrial area near the Subject
Property. For example, there are Glass, metal, noodle factory and Petronas petrol station. These may
bring noise pollution and some factory may deem to be visually unattractive and will drop the capital
value of the building nearby it.
Example: river ( flood, smelly coz industrial up the river)
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