Investment in real estate and propert

1

PRESENTATION FOR ISLAMIC WEALTH AND ASSET MANAGEMENT(IFE 750)

PREPARED BY

PREPARED FOR

AGENDAbull INTRODUCTION - DEFINITIONbull INTRODUCTION- DEFINITION UNDER MALAYSIAN LAWSbull INTRODUCTION- ISLAMIC VIEWSbull CHARACTERISTIC OF REAL ESTATEbull PRICE DETERMINATIONbull REAL ESTATE CYCLESbull CASE STUDY ON MARKET CYCLE OF MAJOR REAL ESTATE IN

KUALA LUMPUR (1970 -2000)bull RISK ELEMENTSbull LAW RELATING TO REAL ESTATESbull PROCESS OF ACQUIRING PROPERTYbull I-REIT REITbull CASE STUDY WOULD YOU LIVE HEREbull CONCLUSION

2

INTRODUCTION - DEFINITION

OXFORD STUDENTrsquoS DICTIONARY SECOND EDITION 2007 DEFINES THEFOLLOWING TERMS ndash

bull ldquoPROPERTYrdquo AS LAND AND BUILDING

bull ldquoLANDrdquo AS SOLID PART ON THE SURFACE OF THE EARTH AND

bull ldquoREAL ESTATErdquo AS PROPERTY IN FORM OF LAND AND BUILDING

bull REAL ESTATE IS A LEGAL TERM WHICH COVER THE LAND AND ANYPERMANENT FIXTURES AFFIXED ON IT SUCH AS BUILDING MACHINERY ORPLANT IT ALSO CALL ldquoREALTYrdquo

bull PEOPLE HAVE VARIOUS REASONS FOR ACQUIRING OR OWNING PROPERTYSUCH AS PLACE TO LIVE INVESTMENTS BUSINESSES SPECULATION ORGENERATING INCOME SUCH AS REITS RENTAL OR EVEN TIME SHARINGCONCEPT (MOSTLY FOR VACATION BUSINESS PURPOSES)

bull BEING ONE OF INVESTMENT INSTRUMENT INVESTMENT IN REAL ESTATEWOULD REQUIRE CAPITAL MANAGEMENT AND EXPOSE TO RISKS

3

INTRODUCTION- DEFINITION UNDER MALAYSIAN LAWSbull SECTION 2 OF THE REAL PROPERTY GAIN TAX ACT 1976 (ACT 169) -

ldquoREAL PROPERTYrdquo MEANS ANY LAND SITUATED IN MALAYSIA AND ANY INTEREST OPTION OR OTHER RIGHT IN OR OVER SUCH LAND

bull SECTION 5 OF THE NATIONAL LAND CODE 1965 (ACT 56) ndash

ldquoldquoLANDrdquo INCLUDES-

(A) THAT SURFACE OF THE EARTH AND ALL SUBSTANCES FORMING THAT SURFACE

(B) THE EARTH BELOW THE SURFACE AND ALL SUBSTANCES THEREIN

(C) ALL VEGETATION AND OTHER NATURAL PRODUCTS WHETHER OR NOT REQUIRING THE PERIODICAL APPLICATION OF LABOUR TO THEIR PRODUCTION AND WHETHER ON OR BELOW THE SURFACE

(D) ALL THINGS ATTACHED TO THE EARTH OR PERMANENTLY FASTENED TO ANYTHING ATTACHED TO THE EARTH WHETHER ON OR BELOW THE SURFACE AND

(E) LAND COVERED BY WATERrdquo 4

INTRODUCTION- ISLAMIC VIEWS

bull PROPERTY IS RELATED TO THE PILLARS FOR MAQASID SHARIAHWHICH IS LIVES (NAFS) AND THEIR WEALTH (MAL)

bull UTHMAN IBN AFFAN REPORTED THE PROPHET PEACE ANDBLESSINGS BE UPON HIM SAID ndash

ldquoTHERE IS NO RIGHT FOR THE SON OF ADAM EXCEPT IN THESETHINGS A HOUSE IN WHICH HE LIVES A GARMENT TO COVERHIS NAKEDNESS A PIECE OF BREAD AND WATERrdquo

SOURCE SUNAN AT-TIRMIDHI 2341

5

ECONOMIC

CHARACTERISTIC OF REAL ESTATE


PHYSICAL LEGAL OTHERS

1 IMMOBILITY2 SIZE3 HETEROGENEOUS4 DURABILITY OR

PERPERTUALITY5 LONG

DEVELOPMENT OR COMPLETION TIME

6 PROPERTY MANAGEMENT

1 INTEREST AND RIGHTS

2 DECENTRALISED MARKET

3 HEDGE AGAINST INFLATION

4 LARGE TRANSACTION COSTS OR INVISIBLE

5 SUPPLY LAG6 CYCLICAL VALUES

1 VARYING LEGISLATIONS AND LAW

2 COMPLICATED TRANSACTION PROCEDURES

3 STATUTORIAL CHARGES

LACK OF PUBLICINFORMATION ONTHE PRICE

INFORMATIONONLY AVAILABLEAT THE AUTHORITYAND HARDLYACCESSIBLE BYPUBLIC

BROUCHER PRICEMAY BE DIFFERENTFROM REAL PRICE

6

PHYSICAL CHARACTERISTIC

IMMOBILITY SIZE HETEROGENEOUS DURABILITY OR PERPERTUALITY

LONG DEVELOPMENT

OR COMPLETION

TIME

PROPERTY MANAGEMENT

IMMOVEABLE

NO PHYSICAL MARKET PLACE

SPATIAL FIXTY

COULD BE VERY HUGE

SURFACE OF THE EARTH

INDIVIDUALLYUNIQUE

VARIOUS FACTOR AFFECT THE PRICE

LONG LASTING FOR YEARSCENTURIES

INDESTRUCTABLE

SUITABLE FOR HABITAT

LAND AQUISATION

DEVELOPMENT

CERTIFICATE OF FITNESS FOR OCCUPANCY

24 ndash 36 MONTHS

VARIOUS MATTERS RELATED TO PROPERTY TAXES LEGAL FEES MAINTENANCE

NEED PROPERTY MANAGERS


7


ECONOMIC CHARACTERISTIC

INTEREST AND RIGHTS

DECENTRALISED MARKET

HEDGE AGAINST INFLATION

LARGE TRANSACTION

COSTS OR INVISIBLE

SUPPLY LAG CYCLICAL VALUES

OWNERSHIP PROVED IN TITLE DEEDS

REGISTERED AND BENEFICIAL INTEREST

CREATE INCOME AND SAVE MONEY

TRANSACTIONTHROUGH PROPERTY AGENT

NO CENTRALISED MARKET

ONLY HAVE EXPOSEG MAPEX

BETTER THAN STOCKS AND SHARES

DIFFERENTPROPERTY TYPES HAVE DIFFERENT HEDGE CHARACTERISTIC

INVOLVES LARGE COST IEFEES FOR LAWYERS AGENT LAND OFFICE RENOVATION

AQUIRING PROPERTY THORUGH BONDS SUKUK SHARES RIETS

TOO EXPENSIVE - OCCUPANCY

LONG TIME FOR ACQUIRINGPROCESS SUCH AS APPROVAL FROM AUTHORITY FINANCING DESIGNING

DISEQUILIBRIUM IN THE SHORT RUN

RELATIVELY LESS LIQUID

AFFECTED BY -

(a) GLOBAL AND LOCAL ECONOMY

(b) GOV POLICIES

OPEN TO SPECULATION

8


LEGAL CHARACTERISTIC

VARYING LEGISLATIONS AND LAW

COMPLICATED TRANSACTION PROCEDURES

STATUTORIAL CHARGES

SUBJECT TO VARIOUSLEGISLATION SUCH AS ndash

NATIONAL LAND CODE 1965REAL PROPERTY GAINS TAX ACT 1976CONTRACT ACT 1950

AFFECT VARIOUS ASPECT OF REAL PROPERTY SUCH AS ndash

VALUE USAGE RESTRICTION ETC

INVOLVES SO MANY PROCESS THAT REQUIRE A STRICT LEGAL COMPLIANCE FOR AQUIRING PROPERTY SUCH ndash

DISCHARGE OF CHARGEREGISTRATION OF OWNERSHIPCONSENT FROM STATE AUTHORITY

SUBJECT TO VARIOUS STATUTORIAL CHARGES SUCH ASndash

QUIT RENT ASSESSMENT BUILDING MANAGEMENT FEES

9

MALAYSIAN PROPERTY EXPOSITION (MAPEX)

10

bull THE SUPPLY AND DEMAND OF PROPERTY IS INELASTIC IN NATURE

bull MOTIVES TO OWN PROPERTY

(I) OCCUPANCY

(II) INVESTMENT ndash LONG TERM

(III) SPECULATION ndash SHORT TERM

(IV) DEVELOPMENT

bull DETERMINATION PRICE MECHANISM ndash VENDORDEVELOPER ANDPURCHASER

PRICE DETERMINATION

INELASTIC IN SUPPLY INELASTIC IN DEMAND

PHYSICAL NATURE OF THE LAND ITSELF THE PLANNING LAWS AND SECURITY OF TENURE

NECESSARY FUNDS TO FINANCE THE PURCHASEPOTENTIAL INCOME DERIVE FROM THE PROPERTY

11

FACTORS INFLUENCING PRICE OF PROPERTY ndash

I THE STATE OF THE GENERAL ECONOMY

II CHANGES IN THE STRUCTURE OF THE ECONOMY AND THE ORGANIZATION OF BUSINESSES

III THE PRODUCTIVITY OF THE PROPERTY IE PRICE PER SQUARE FEET

IV GOVERNMENT INTERVENTION

V CHANGE IN THE TRANSPORT FACILITIES AND OTHER FACILITIES

VI ALTERATIONS IN THE SIZE AND STRUCTURE OF THE POPULATION

ldquoSPACE MARKETrdquo AND ldquoASSET MARKETrdquo IN TERM OF PURPOSE

PRICE DETERMINATION

SPACE MARKET ASSET MARKET

PURCHASE REAL ESTATE FORFUNCTIONAL USE OF THE PROPERTYIE TO LIVE OR WORK IT DOES NOTGENERATE INCOME

PURCHASE REAL ESTATE FORINVESTMENT AND ECONOMICALPROFIT TO GENERATE INCOME SUCHAS RENTAL

12

TYPES OF REAL ESTATE MARKET

1 ECONOMIC FACTORS2 GEOGRAPHICAL3 POPULATION4 PHYSICAL ASPECT5 TECHNOLOGICAL OR

BUILDING METHOD6 FASHIONS AND TRENDS7 OCCUPANCY STATUS8 DEVELOPMENT APPROVAL9 TENURE AND TITLE10 CONDITIONS OR

RESTRICTIONS11 PARTIES INVOLVED

PRICE DETERMINATION

OPEN MARKET(SUPPLY AND DEMAND)

CONTROLLED MARKET(SUBJECT TO INFLUENCE amp

DEMAND AND SUPPLY)

1 GOVERNMENT POLICIES2 NEW ECONOMIC PLAN

QUOTA ON ETHNIC GROUP PURCHASERS

3 PR1MA

13

PRICE DETERMINATIONOPEN MARKET

ECONOMICFACTORS

REGIONAL SUBJECT TO FISCAL AND MONETORY POLICIES SUCH ASSUPPLY OF MONEY AND INTEREST RATE EMPLOYMENT RATEINTERNATIONAL EXCHANGE RATE WOULD AFFECT PRICE OF MATERIALAND RAW RESOURCES

GEOGRAPHICAL LOCATION PEOPLE PREFER TO LIVE NEAR WORK PLACE UNIVERSITIESSHOPPING COMPLEXES MOSQUETOPOGRAPHY HILLTOP FLATLANDSLOPE AREACLIMATE NOT VERY SIGNIFICANT IN MALAYSIA FLOOD PRONE AREACOMMUNICATIONS GOOD RECEPTION AREASSERVICES ADD ON SERVICES GYM SECURITY POOLEXTRA CAR PARKAND PUBLIC AMENITIES

POPULATION INCREASE OF POPULATION AFFECT PROPERTY PRICE 1MAINTAIN ndash AMPLE UNDEVELOP LAND2INCREASE ndash ESTABLISHED PUBLIC AMENITIES

PHYSICAL ASPECT DESIGN MATERIAL QUALITY SPACE FACILITIES TECHNOLOGYCONSTRUCTION

TECHNOLOGICALORBUILDINGMETHOD

NEW TECHNOLOGY INVOLVES EXPERTIES FROM OVERSEAS THUSINCREASE COST EG GREEN BUILDING INDUSTRY BUILDING SYSYTEM(IBS) AND BUILDING INFORMATION MANGEMENT (BIM) TECHNOLOGY

14

PR1MA

PERBADANAN PR1MA MALAYSIA WASESTABLISHED UNDER THE PR1MA ACT2012 TO PLAN DEVELOP CONSTRUCTAND MAINTAIN HIGH-QUALITYHOUSING WITH LIFESTYLE CONCEPTSFOR MIDDLE-INCOME HOUSEHOLDS INKEY URBAN CENTRES

PR1MA HOMES COME IN VARIOUSTYPES AND SIZES WITHIN ANINTEGRATED COMMUNITY SENSIBLYDESIGNED TO SUIT DIFFERENTHOUSEHOLD NEEDS PRICED BETWEENRM100000 TO RM400000 YOU CANNOW OWN A HOME THAT IS WELLWITHIN YOUR REACH EARMARKEDFOR DEVELOPMENT IN KEY STRATEGICURBAN AREAS NATIONWIDE PR1MA ISOPEN TO ALL MALAYSIANS WITH AMONTHLY HOUSEHOLD INCOMEBETWEEN RM2500 TO RM10000

15

INDUSTRIAL BUILDING SYSTEM (IBS)

16

EVOLUTION OF CONSTRUCTION DRAWING

(Bently Systems 2014 Bryde et al 2013)

2D Drawing

2D CAD 3D Visualisation BIM

bull Paperbull Scale rule bull technical pen bull pencils bull compasses

bull Auto CADbull Catiabull ProENGINEERbull CMS intelliCADbull Turbo CADbull Vectorworks

bull Sketch-upbull Solid Workbull Revit

Architecturebull Fusion 360

bull Revit Architecturebull ArchiCADbull Revit Structurebull Navisworkbull Cost-Xbull Tekla BIM sight

17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS

HIGH QUALITY MATERIAL AND WORKMANSHIP DEMAND FOR

HIGHER PRICE REAL ESTATE ALSO APPLIES THE PRINCIPLE

WHEN DEMAND SURPASSES SUPPLY PRICE OF THE PROPERTY

WOULD INCREASE

OCCUPANCY STATUS

OCCUPANCY AFFECT BUSINESS AND COMMERCIAL DEVELOPMENT

SELLERSrsquo MARKET MARKET IS IN UP TREND AND PROPERTY PRICE IS HIGH

SELLER CHOOSE THE PURCHASER OR TENANT

BUYERSrsquo MARKET MARKET IS IN DOWN TREND AND PROPERTY PRICE IS

DROP SELLER SEEK PURCHASER OR TENANT

DEVELOPMENT APPROVAL

DEVELOPMENT APPROVAL FROM AUTHORITY WOULD STIMULATE LOCAL ECONOMY DEVELOPER WILL DEVELOP ADJACENT AREA

TENURE FREEHOLD LAND HIGHER PRICELEASE HOLD LAND LESSER PRICE (30 60 AND 99 YEARS)

TITLE CONDITIONS RESTRICTIONS

LEGALLY BINDING CONDITIONS ATTACHED BY AUTHORITY TO THE PROPERTY EG AGRICULTURAL LAND MALAYS RESERVE

PARTIES INVOLVE

VALUER OR PROPERTY CONSULTANT PROVIDING PROFESSIONAL OPINION OF THE MARKET VALUE OF THE PROPERTYREAL ESTATE AGENTS SOURCE INFORMATION OF PRICE AND DONEGOTIATION BETWEEN VENDOR AND PURCHASER

18

CONTROLLED MARKET

GOVERNMENT POLICIES

IN THE CURRENT LEGISLATION EVERY NEW RESIDENTIAL DEVELOPMENTREQUIRES A MINIMUM OF 30 PER CENT OF LOW OR LOW MEDIUM COSTLANDED OR FLATTED RESIDENTIALS WITH A MAXIMUM PRICE OFRM42OOOOO THE GOVERNMENT HAS ASSUMED THE ROLE OF PRICEDETERMINER BARRING THE INFLUENCE OF SUPPLY AND DEMAND IN THEOPEN MARKET

NEWECONOMICPLAN QUOTAON ETHNICGROUPPURCHASERS

1970rsquoS - NEW ECONOMIC PLAN (NEP) IS TO ERADICATE POVERTY ANDENSURING A MORE BALANCED DISTRIBUTION OF WEALTH IN THE SOCIETYTHUS THE QUOTA ON BUMIPUTRA PURCHASERS HAS BEEN IMPOSED TOENSURE THAT BUMIPUTRA BUYERS ENJOY THE PRIVILEGE OF CHOOSINGCERTAIN RESERVED BURMIPUTRA UNITS AND ENTITLED TO 5 PER CENT -10 PER CENT DISCOUNTS ON THE NORMAL SELLING PRICE

PR1MA PERBADANAN PR1MA MALAYSIA WAS ESTABLISHED UNDER THE PR1MAACT 2012 TO PLAN DEVELOP CONSTRUCT AND MAINTAIN HIGH-QUALITYHOUSING WITH LIFESTYLE CONCEPTS FOR MIDDLE-INCOME HOUSEHOLDSIN KEY URBAN CENTRES

PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION

EXPLANATORY STATEMENT

COMPARISON PROPERTIES COMPARED ARE SIMILAR AND IN THE SAME AREA INCOMPARING SOME FACTORS TO BE TAKEN INTO ACCOUNTPOSITION SURROUNDING AREA LOT LOCATION

INVESTMENT PROPERTIES THAT HAVE INCOME PRODUCING INVESTMENT OR FORCALCULATION BY INVESTOR SEEKS FOR NET INCOME THE CAPITAL IS INFORM OF RENTALEG RENTAL PROPERTY SHOPLOTS

COST PROPERTIES WITH SPECIAL USAGE AND YET ARE NOT USED FOR PROFITMAKING FOR EXAMPLE PROPERTY OWNED BY PUBLIC AUTHORITIES SUCHAS SCHOOLS FIRE STATIONS GOVERNMENT QUARTERS AND OTHERPROPERTIES WHICH ARE UNIQUE AND NOT COMPARABLE IN THE MARKETIT APPLY DEPRECIATED REPLACEMENT COST (DCF) METHOD ANESTIMATE MUST BE MADE OF THE COST OF REPLACING THE SITE ANDBUILDING AND THEN MAKING ANY NECESSARY ALLOWANCE FORDEPRECIATION THE SITE MUST BE VALUED BY REFERENCE TO THECONCEPT OF OPPORTUNITY COST 20

PRICE DETERMINATIONMETHOD OF VALUATION


PROFIT(ACCOUNT)

COMPARABLE PROPERTY IS UNAVAILABLE EG RESTAURANTS HOTELS ORTHEATRES

THE VALUATION MAY HAVE TO BE MADE PURELY BY REFERENCE TO THEPROFITS WHICH A TENANT OF THE BUSINESS ACUMEN COULD MAKEFROM OCCUPATION OF THE PROPERTY THIS INVOLVE AN EXAMINATIONOF THE ACCOUNTS TO DETERMINE TYPICAL FIGURES FROM THE GROSSRECEIPTS WOULD BE DEDUCTED PURCHASES ALL OTHER OPERATINGCOSTS AND OVERHEAD COSTS INCLUDING AN ALLOWANCE FOR INTERESTON TENANTS CAPITAL BUT EXCLUDING ANY PAYMENTS ON THE PROPERTY

RESIDUAL VALUING DEVELOPMENT SITES AND PROPERTIES SUITABLE FORREDEVELOPMENT BY ESTIMATING THE PROJECT COST AND THE VALUECREATED INCLUDING NON IMPROVED PROPERTY

21

PRICE DETERMINATIONCOMPARISON METHOD OF VALUATION

22

PRICE DETERMINATION

THE INVESTMENT METHOD OF VALUATION

23

PRICE DETERMINATIONCOST VALUE METHOD OF VALUATION

24

PRICE DETERMINATIONTHE PROFIT METHOD OF VALUATION

25

PRICE DETERMINATION

THE RESIDUAL METHOD OF VALUATION

26

REAL ESTATE CYCLES

THE PRICE STILL HIGH ALTHOUGH

THE SELL OF REAL ESTATE IS

SLOWING

DURING THE FINANCIAL CRASH IT WILL AFFECT THE REAL ESTATE PRICE BUT IT NOT UP TO THE

CRASH HIGH VACANCY OF PROPERTY AND MANY

FORECLOSURE PROCEEDING

POPULATION GROWTH INDUSTRIAL DEVELOPMENT

GOVT SERVICES

REQUIRE FOR PROPERTY SUPPLY NEED TIME FOR

CONSTRUCTION PRICE ARE HIGH

PHASE WHERE PROPERTY

OUTNUMBERED RESIDENT AT PEAK REAL ESTATE PRICE AT SLOWER PHASE

GOVT INTERVENTION

GOVT INTERVENTION

GOVT INTERVENSTION IS TO ENSURE THE COUNTRY STABILITY OF REAL ESTATE MARKETEGSTAMP DUTY EXEMPTION TAX RELIEFLOW INTEREST RATE

27

SAMPLE OF TAX RELIEF

28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL

WORLD ECONOMY IN CRISES IT WILL AFFECT THE FOREIGNEXCHANGE THE PRICE OF RAW MATERIAL WILL GO UP THECONSUMER PRICE INDEX IS INCREASING WHICH INDICATEINFLATION THE PURCHASING POWER OF CONSUMERS ISLOW

REGIONAL

(I) LOCAL ESTABLISHMENT ndash MATURITY OF THE REAL ESTATEMARKET IT IS WHERE SUPPLY IS BALANCE WITH DEMANDTHUS THE PRICE IS STABLE AND LESS FLUCTUATE

(II) POLITICAL STABILITY ndash IT WILL AFFECT THE COUNTRYECONOMY AS A WHOLE AND ENSURE THE ACTIVE ANDPROSPEROUS ECONOMY OF THE COUNTRY

REAL ESTATE CYCLES

29

CASE STUDY ON MARKET CYCLE OF MAJOR REAL ESTATE IN KUALA LUMPUR

(1970 -2000)1970 ndash 1980bull END OF 1970 REAL PROPERTY PRICES RECOVERED FROM THE PRICE

WHICH FELL BY 30 PER CENT TO 50PER CENT DUE TO THE 13TH MAY1969 ETHNIC RIOTS (INSTABILITY OF POLITICS)

bull 1971 TO 1973 GOOD YEARS FOR THE PROPERTY MARKET DEMANDFOR RESIDENTIAL PROPERTIES INCREASED THE GOVERNMENTSINCENTIVES IN TERMS OF HOUSING LOANS TO CIVIL SERVANTS

bull DEVELOPERS WERE HAVING A GOOD TIME AND PRICES ROSE BY 10 PERCENT TO 15 PER CENT YEARLY

bull SPECULATION WAS ALSO RIFE AND INFLOW OF MONEY FROMOVERSEAS TO THIS SECTOR WAS EVIDENT

bull GOVERNMENT INTRODUCED THE LAND SPECULATION ACT TAXEDGAINS TO RESTRICT FOREIGN OWNERSHIP THIS ACT WAS LATERCHANGED TO THE REAL PROPERTY GAINS TAX ACT 1976

30

bull 1976 THE WORLD RECESSION AND THE CYCLE DECLINED UNTIL ITREACHED THE BOTTOM

bull 1978 THE MARKET WAS BEARISH AND PRICES RISING SLIGHTLY

bull 1979 SAW SOME PICK- UP IN PRICES AND THIS TREND IMPROVEDUNTIL 1980

1980 ndash 1990bull 1980 AND 1981 AN UPWARD PROPERTY PRICE MOVEMENT IN THE

SECTORS OF OFFICE RETAIL AS WELL AS RESIDENTIAL

bull 1983 PRICES WERE ACTUALLY LEVEL AND THIS CAN BE SEEN FROMOVERSUPPLIES OF OFFICE SPACE RETAIL SPACE AND HOUSING STOCK

bull 1984 ACTIVITIES IN REAL ESTATE SLOWED DOWN DUE TO OVERSUPPLY FOLLOWED BY A FEELING OF NO CONFIDENCE HIGH INTERESTRATE SLUGGISH WORLD COMMODITY MARKETS AND RECESSION ANDTIGHT LIQUIDITY SITUATION


(1970 -2000)

31

bull 1984 TO 1987 THE SHARE MARKET COLLAPSED DUE TO SCANDALS OFCRIMINAL BREACH OF TRUST FEW BANKS WOUND UP

bull 1986 THE GOVERNMENT MADE AN EFFORT TO ENCOURAGE FOREIGNINVESTMENT IN MALAYSIA OTHER EFFORTS WERE ALSO MADE WHICHWERE TO PROMOTE MALAYSIA AS A TOURISM AND INDUSTRIALCENTER BANKS WERE ASKED TO LOWER BASE LENDING RATE ANDAMENDMENT TO LAWS RELATED TO REAL ESTATE

bull 1989 MARKED THE BEGINNING OF ANOTHER BOOM IN THEPROPERTY MARKET WHICH CONTINUED INTO 1990 AND 1991

1990 ndash 2000bull LAST QUARTER OF 1992 SLOWING DOWN IN DEMAND IN THE

PROPERTY MARKET OVERALL THE VOLUME OF TRANSACTIONSINCREASED BUT AT A REDUCED RATE THIS SCENARIO CONTINUEDUNTIL 1993 THE PROPERTY MARKET SECTOR EXPERIENCED A STRONGDEMAND UNTIL 1996


(1970 -2000)

32

bull 1997 - 1998 WAS A MIXED YEAR THE SLOW ECONOMY GROWTHOF THE PAST FEW YEARS WITH UNCERTAINTIES AND PRICES ANDRENTALS FELL DRASTICALLY AND THE MARKET CONFIDENCEWEAKENED

bull 1999 THE ECONOMY WAS RECOVERING DUE TO THEGOVERNMENTS COMPREHENSIVE MEASURES AND SHOWED AMORE OPTIMISTIC PROPERTY MARKET


(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS

BUILDINGS LEGAL GOVERNMENT POLICY

INTERNATIONAL

REGIONAL

CYCLE ANDSUPPLY DEMAND

GOVERNMENTPOLICY

VALUEDEPRECIATION

EXPECTEDNORMAL WEAR ampTEAR

UNEXPECTEDNATURES ACTS

LACK OFMAINTENANCELOWCONSTRUCTIONQUALITY

LANDACQUISITION

EGDEVELOPMENTOF KLIA ANDPUTRAJAYA

NEW ZONINGCAUSING THEVALUE TO DROP(IT COULD ALSOINCREASE THEVALUE)

NEW STRUCTUREPLAN

THEDEVELOPMENTBLUE PRINTPREPARED BY THELOCALAUTHORITYNORMALLY FOR APERIOD OF 15 TO20 YEARS 35

RISK ELEMENTS HIGHLAND TOWERSTHE HIGHLAND TOWERS CONSIST OF THREE12-STOREY BLOCKS BUILT IN PHASESBETWEEN 1974 AND 1982 AT THE WESTERNBASE OF A STEEPLY SLOPED HILL WHICH WASLATER TERRACED EXTENSIVELY IN THE EARLY1980S THE HIGHLAND TOWERS COLLAPSE ON11 DECEMBER 1993 IN THE COLLAPSE OFBLOCK ONE OF THE APARTMENTS CAUSEDTHE DEATHS OF 48 PEOPLE AND LED TO THECOMPLETE EVACUATION OF THE REMAININGTWO BLOCKS DUE TO SAFETY CONCERNS

BUKIT ANTARABANGSASLOPE FAILURE WHICH OCCURRED ON 6 DECEMBER2008 AT BUKIT ANTARABANGSA HAS CAUSEDMORTALITIES AND LOSS OF PROPERTIES AS MORETHAN 20 HOUSES WERE FLATTENED IT WAS HEAVILYDOWNPOURED FOR A FEW HOURS THAT INCREASEDTHE SOIL SATURATION AND PLASTICITY PROPERTIESANALYSIS OF PHYSICAL SOILS PROPERTIES SHOWSTHAT SOIL TEXTURE WAS DOMINATED BY SANDY SOILWITH RELATIVELY HIGH PERCENTAGE OF SAND

36

LAW RELATING TO REAL ESTATES

bull THE MALAY STATES LAND LAW WAS BASED ON ADATlsquo ALL LAND WASVESTED IN THE RULER WHO IN RETURN FOR A TENTH OF THEPRODUCE OF THE LAND AND CERTAIN FORCED LABOUR SERVICESGRANTED A RIGHT TO HIS SUBJECTS TO OCCUPY AND CULTIVATE THELAND

bull UNDER BRITISH AND THE RESIDENCY SYSTEM OF GOVERNMENTPENANG AND MELAKA (THE STRAITS SETTLEMENTS) AT FIRSTADOPTED ENGLISH LAND LAW

bull IN 1850 THE FEDERATED MALAY STATES NAMELY PAHANG PERAKNEGERI SEMBILAN AND SELANGOR ADOPTED VARIOUSREGISTRATION OF TITLES ENACTMENT WHICH WERE BASED ONTORRENT SYSTEM WHICH ESSENTIAL CONCEPT OF REGISTRATIONWAS NECESSARY TO PRODUCE A TITLE

bull IN 1928 IT BECAME THE ESTABLISED LAND CODE REGISTRATION WASEVERYTHING UNDER THIS SYSTEM 37

NATIONAL LAND CODE 1965 (NLC)

TOWN AND COUNTRY PLANNING ACT 1976

LOCAL GOVERNMENT ACT 1976

1ST JANUARY 1965

THE PRINCIPAL LAND LAW INPENINSULAR MALAYSIAALL THE STATES INPENINSULAR MALAYSIAHAVE THEIR OWNRESPECTIVE STATE LANDRULES

OBJECTIVE TO ENSUREUNIFORMITY OF LAW ANDPOLICY WITH RESPECT TOLAND MATTERS

DOES NOT APPLY TO SABAHamp SARAWAK

PLANNING FOR LAND USE INIT FORMULATES THE POLICYAND GENERAL PROPOSALSOF THE LOCAL PLANNINGAUTHORITY FOR THEDEVELOPMENT AND USE OFLAND IN THE AREA

ASSESSMENT TAX ISCOLLECTED BY THE LOCALAUTHORITIES FOR THEPROVISION OF SERVICES TOTHE RESIDENTSASSESSMENT TAX ISUSUALLY COLLECTED TWICEA YEAR WITH A PENALTY FEEFOR LATE PAYMENTS


38

REAL PROPERTY GAINS TAX (RPGT)

STAMP DUTY ACT 1949 STRATA TITLE ACT 1985

INTRODUCED IN 1975 ASTAX ON CAPITAL GAINSFROM THE DISPOSAL OFPROPERTIES BOTH THEDISPOSER AND THEACQUIRER OF AN ASSETMUST GIVE NOTICE TOINLAND REVENUEDEPARTMENT (IRD) WITHINTHIRTY DAYS FOLLOWINGTHE CONCLUSION OF ANAGREEMENT FOR THEDISPOSAL OF THE ASSET

THE ASSESSMENT ANDCOLLECTION OF STAMPDUTIES IS SANCTIONED BYSTATUTORY LAW AND ISDESCRIBED AS THE STAMPACT 1949 STAMP DUTY ISLEVIED ON TRANSACTIONINVOLVING LAND MATTERSIN FORM OF AD VALOREM

1ST JUNE 1985

LAW IN RELATION TOSTRATA TITLES

HOUSING DEVELOPMENT (CONTROL AND LICENSING)

ACT 1966

TO PROVIDE FOR THECONTROL AND LICENSINGOF THE BUSINESS OFHOUSING DEVELOPMENT INPENINSULAR MALAYSIA THEPROTECTION OF THEINTEREST OF PURCHASER


39

PROCESS OF ACQUIRING PROPERTYDEVELOPER VENDOR

1 DO SEARCH ON THE DEVELOPER TRACKRECORD

2 SIGN SALE AND PURCHASE amp PAY 10DEPOSITbull LINK HOUSE ndash 24 MONTHS

COMPLETIONbull APARTMENT ndash 36 MONTHS

COMPLETION3 GET FINANCING REQUEST FOR

EXTENSION OF TIME FROM DEVELOPERIF NOT GETTING FINANCING IN TIME

4 REGISTER FINANCING SECURITY DOCAND TRANSFER OF PROPERTY AT LANDOFFICE

5 DISBURSEMENT OF FINANCING FROMBANK TO DEVELOPER

6 DO INSPECTION AFTER HAND OVER OFVACANT POSSESSION

7 DEFECT LIABILITY PERIOD ndash 12 MONTHS8 IF DELAY FOR COMPLETION ndash FILE

COMPLAINT AT HOUSING TRIBUNAL

1 DO LAND SEARCH AT LAND OFFICE2 SIGN SALE AND PURCHASE AGREEMENT

amp PAY 10 DEPOSIT3 REGISTER PRIVATE CAVEAT4 GET FINANCING REQUEST FOR

EXTENSION OF TIME FROM VENDOR IFNOT GETTING FINANCING IN TIME

5 WITHDRAW THE PRIVATE CAVEAT6 REGISTER FINANCING SECURITY DOC

AND TRANSFER OF PROPERTY AT LANDOFFICE

7 SETTLE THE BALANCE OF THEPURCHASE PRICE

40

I-REIT REIT

41

bull ISLAMIC REAL ESTATE INVESTMENT TRUSTS OR I-REITS ARE COLLECTIVEINVESTMENT VEHICLES (TYPICALLY IN THE FORM OF TRUST FUNDS)WHICH POOL MONEY FROM INVESTORS AND USE THIS POOLED CAPITALTO BUY MANAGE AND SELL REAL ESTATE I-REITS PROVIDE A NEWINVESTMENT OPPORTUNITY FOR THOSE WHO WISH TO INVEST IN REALESTATE THROUGH SHARIAH-COMPL IANT CAPITAL MARKETINSTRUMENTS

bull THE OBJECTIVE IS TO OBTAIN REASONABLE INVESTMENT RETURNSGENERATED FROM THE RENTAL INCOME ANY CAPITAL APPRECIATIONWHICH COMES FROM HOLDING THE REAL ESTATE OVER THE

bull UNIT HOLDERS WILL RECEIVE THEIR RETURNS IN THE FOM OF ORDISTRIBUTION AND CAPITAL GAINS FOR THE HOLDING PERIOD

bull THE REAL ETATE THAT I-REITS INVEST IN INCLUDES RESIDENTIAL ORCOMMERCIAL BUILDINGS RETAIL OR INDUSTRIAL LOTS OR OTHER REALASETS SUCH AS SHARES IN PUBLIC-LISTED PROPERFY COMPANIES ANDLISTED OR UNLISTED ISLAMIC SECURITIES OF PROPERTY COMPANIES

bull THE WORKINGS OF I-REITS ARE I IKE ANY OTHER TRUST FUND

bull THE FIRST ASIAN COUNTRY TO DEVELOP I-REIT IS MALAYSIA MALAYSIADEVELOPS I-REIT AS A VALUABLE INDIRECT REAL ESTATE INVESTMENTVEHICLE IN 1989 ASIAN COUNTRIES LIKE JAPAN SINGAPORE AND KOREAONLY NOW ARE BEGINNING TO ESTABLISH REIT MARKETS AFTER THECONSEQUENCE OF 1997 ASIAN FINANCIAL CRISIS THE NUMBERS OFLISTED PROPERTY COMPANIES HAVE DOUBLED IN NUMBERS ON THEPROPERTY SECTOR OF THE KUALA LUMPUR STOCK EXCHANGE (KLSE)NOWADAYS

bull ARAB MALAYSIA FIRST PROPERTY WAS INTRODUCED IN SEPTEMBER 1989IT IS MALAYSIAS PRIMARY REAL ESTATE INVESTMENT TRUST WITHFURTHER REAL ESTATE INVESTMENT TRUSTS AND FOLLOWS BYAMANAHHARTA TANAH PNB IN DECEMBER 1990 NO FURTHER REALESTATE INVESTMENT TRUSTS WERE LISTED UNTIL AMANAH HARTA TANAHPNB2 IN 1997

42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT

CASE STUDY WOULD YOU LIVE HERE

45


46


47

SELLING POINTS

COMPRISES 2 BLOCKS OF 26-STOREY TOWER VRESIDENCE IS A LOWDENSITY RESIDENTIAL DEVELOPMENT WITH A TOTAL OF MERELY 268CONDOMINIUM UNITS SPRAWLING MORE THAN 4 ACRES LAND ANDADJACENT TO A 3 ACRES LAKE PARK STRATEGICALLY LOCATED AT THEINTERNATIONALLY REKNOWNED CYBERJAYA CITY THE INTELLIGENT CITYAND THE HEART OF MULTIMEDIA SUPER CORRIDOR OF MALAYSIA IT ISEASILY ACCESSIBLE TO THE MAJOR HIGHWAYS AND BYWAYS LIKE SKVELDP MAJU EXPRESSWAY ELITE HIGHWAY AND KL-SEREMBAN HIGHWAY ITIS ALSO SITED MERELY 2 KM AWAY FROM LIMKOKWING UNIVERSITYCOLLEGE OF CREATIVITY AND 5KM AWAY FROM MMU 25KM FROM KLIAAND 30KM FROM KL CITY WITH ONLY 6 UNITS PER FLOOR IN EACHTOWER THE CONDOMINIUM UNITS ARE COME WITH THE CHOICES OFBALCONY OR LANAI AND 3 TO 5 BEDROOMS DESIGN RANGING FROM1373 SQFT IN BUILT-UP AREA AS WELL AS THE SKY GARDEN IN THEALTERNATE FLOOR WHATS MORE IT ALSO COMES WITH SPECTACULARAND FACINATING SKYLINE VIEWS OF PUTRAJAYA AND CYBERJAYA


48

bull PROJECT VRESIDENCE

bull DEVELOPER MACVILLA SDN BHD

bull STATUS OF LAND LEASEHOLD 99 YEARS

bull ENCUMBRANCES MALAYAN BANKING BERHAD

bull PRICE RM600000 TO RM18MILLION

bull 7 DISCOUNT FOR BUMIPUTRA

bull 268 UNITS OF CONDOMINIUM 2 BLOCKS OF 26 STOREY TOWER

bull CONSIDERATION BEFORE PURCHASING

1THE BUILDING IS BUILT ON SLOPE AREA

2268 UNITS ndash IS CONSIDERED AS HIGH DENSITY AND POPULATION

3CLOSE TO ELECTRICITY GRID TRANSMISSION TOWER

4ACCESS TO MAIN ROAD ndash RELATIVELY NARROW AND ONE EXIT ONLY

5NEAR TO MOSQUE

6COMMUNITY FACILITIES

7SURROUNDING AREA AND TYPES OF LAND EG TIN MINING LAND RECLAIM AREA

8COMMUNICATION COVERAGE

9EXPOSURE TO SUN LIGHT


49

CONCLUSION

bull PRICE OF REAL ESTATE VARIES ACCORDING TO THELOCALITY TYPES SURROUNDING AREA COMMUNITYGOVT POLICY AND OTHER FACTORS (RM4200000 ndashUSD 1 BIL AND INFINITY)

bull THOUGH THE PRICE OF PROPERTY TEND TO RESPONSETO ECONOMIC DOWNTURN BUT EVENTUALLY IT WILLREBOUND

bull REAL ESTATE SERVES VARIOUS FUNCTION ANDPURPOSE ndash

1 PLACE OF STAY

2 INVESTMENT

3 SECURITY FOR FINANCING

4 IBADAH SUCH AS WAQF WASIYYAH INFAQ

5 PERSONAL SAFETY AND SECURITY

bull REAL ESTATE EXPOSED TO VARIOUS RISK THUS IT ISIMPORTANT TO TAKE TRANSFER OF RISK MEASURE IETAKAFUL

bull PERSONAL ADVISE BUY PROPERTY FIRSThellip50

WORLDrsquoS LARGEST AND MOSTEXPENSIVE FAMILY HOMECOMPLETED

THE ANTILLA IS IN FACT A $1 BILLIONFAMILY HOME BUILT FOR INDIArsquoSRICHEST MAN (AND FORBESrsquoFOURTH RICHEST MAN) MUKESHAMBANI HIS WIFE AND THREECHILDREN THE TOWER WOULD INFACT HOLD 60-STORIES THE AMBANIFAMILY HAS EMPLOYED A STAFF OF600 TO TEND TO THE HOME

INVESTMENT IN REAL ESTATE IS NOTNEWhellipAND IT MAY LEAD TO SOMETHINGELSE

51

52

AGENDAbull INTRODUCTION - DEFINITIONbull INTRODUCTION- DEFINITION UNDER MALAYSIAN LAWSbull INTRODUCTION- ISLAMIC VIEWSbull CHARACTERISTIC OF REAL ESTATEbull PRICE DETERMINATIONbull REAL ESTATE CYCLESbull CASE STUDY ON MARKET CYCLE OF MAJOR REAL ESTATE IN

KUALA LUMPUR (1970 -2000)bull RISK ELEMENTSbull LAW RELATING TO REAL ESTATESbull PROCESS OF ACQUIRING PROPERTYbull I-REIT REITbull CASE STUDY WOULD YOU LIVE HEREbull CONCLUSION

2









3















5

ECONOMIC





PERPERTUALITY5 LONG














6



LONG DEVELOPMENT

OR COMPLETION

TIME

PROPERTY MANAGEMENT

IMMOVEABLE


SPATIAL FIXTY

COULD BE VERY HUGE


INDIVIDUALLYUNIQUE



INDESTRUCTABLE


LAND AQUISATION

DEVELOPMENT


24 ndash 36 MONTHS




7



INTEREST AND RIGHTS



LARGE TRANSACTION

COSTS OR INVISIBLE
















AFFECTED BY -


(b) GOV POLICIES

OPEN TO SPECULATION

8





STATUTORIAL CHARGES









9


10



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52









3















5

ECONOMIC





PERPERTUALITY5 LONG














6



LONG DEVELOPMENT

OR COMPLETION

TIME

PROPERTY MANAGEMENT

IMMOVEABLE


SPATIAL FIXTY

COULD BE VERY HUGE


INDIVIDUALLYUNIQUE



INDESTRUCTABLE


LAND AQUISATION

DEVELOPMENT


24 ndash 36 MONTHS




7



INTEREST AND RIGHTS



LARGE TRANSACTION

COSTS OR INVISIBLE
















AFFECTED BY -


(b) GOV POLICIES

OPEN TO SPECULATION

8





STATUTORIAL CHARGES









9


10



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52















5

ECONOMIC





PERPERTUALITY5 LONG














6



LONG DEVELOPMENT

OR COMPLETION

TIME

PROPERTY MANAGEMENT

IMMOVEABLE


SPATIAL FIXTY

COULD BE VERY HUGE


INDIVIDUALLYUNIQUE



INDESTRUCTABLE


LAND AQUISATION

DEVELOPMENT


24 ndash 36 MONTHS




7



INTEREST AND RIGHTS



LARGE TRANSACTION

COSTS OR INVISIBLE
















AFFECTED BY -


(b) GOV POLICIES

OPEN TO SPECULATION

8





STATUTORIAL CHARGES









9


10



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52






5

ECONOMIC





PERPERTUALITY5 LONG














6



LONG DEVELOPMENT

OR COMPLETION

TIME

PROPERTY MANAGEMENT

IMMOVEABLE


SPATIAL FIXTY

COULD BE VERY HUGE


INDIVIDUALLYUNIQUE



INDESTRUCTABLE


LAND AQUISATION

DEVELOPMENT


24 ndash 36 MONTHS




7



INTEREST AND RIGHTS



LARGE TRANSACTION

COSTS OR INVISIBLE
















AFFECTED BY -


(b) GOV POLICIES

OPEN TO SPECULATION

8





STATUTORIAL CHARGES









9


10



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

ECONOMIC





PERPERTUALITY5 LONG














6



LONG DEVELOPMENT

OR COMPLETION

TIME

PROPERTY MANAGEMENT

IMMOVEABLE


SPATIAL FIXTY

COULD BE VERY HUGE


INDIVIDUALLYUNIQUE



INDESTRUCTABLE


LAND AQUISATION

DEVELOPMENT


24 ndash 36 MONTHS




7



INTEREST AND RIGHTS



LARGE TRANSACTION

COSTS OR INVISIBLE
















AFFECTED BY -


(b) GOV POLICIES

OPEN TO SPECULATION

8





STATUTORIAL CHARGES









9


10



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52



LONG DEVELOPMENT

OR COMPLETION

TIME

PROPERTY MANAGEMENT

IMMOVEABLE


SPATIAL FIXTY

COULD BE VERY HUGE


INDIVIDUALLYUNIQUE



INDESTRUCTABLE


LAND AQUISATION

DEVELOPMENT


24 ndash 36 MONTHS




7



INTEREST AND RIGHTS



LARGE TRANSACTION

COSTS OR INVISIBLE
















AFFECTED BY -


(b) GOV POLICIES

OPEN TO SPECULATION

8





STATUTORIAL CHARGES









9


10



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52



INTEREST AND RIGHTS



LARGE TRANSACTION

COSTS OR INVISIBLE
















AFFECTED BY -


(b) GOV POLICIES

OPEN TO SPECULATION

8





STATUTORIAL CHARGES









9


10



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52





STATUTORIAL CHARGES









9


10



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


10



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52



(I) OCCUPANCY



(IV) DEVELOPMENT


PRICE DETERMINATION




11









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52









PRICE DETERMINATION




12





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52





PRICE DETERMINATION



DEMAND AND SUPPLY)



3 PR1MA

13


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


ECONOMICFACTORS







14

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

PR1MA



15


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


16



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52



2D Drawing







17

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

PRICE DETERMINATION

OPEN MARKET

FASHIONS ANDTRENDS




WOULD INCREASE

OCCUPANCY STATUS











PARTIES INVOLVE


18

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

CONTROLLED MARKET

GOVERNMENT POLICIES





PRICE DETERMINATION

19

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

PRICE DETERMINATION

METHOD OF VALUATION







PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52



PROFIT(ACCOUNT)




21


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


22

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

PRICE DETERMINATION


23


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


24


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


25

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

PRICE DETERMINATION


26

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

REAL ESTATE CYCLES



SLOWING





GOVT SERVICES





GOVT INTERVENTION

GOVT INTERVENTION


27


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


28

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

INFLUENCE

(SYSTEMATIC RISK)

INTERNATIONAL


REGIONAL



REAL ESTATE CYCLES

29








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52








30









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52









(1970 -2000)

31







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52







(1970 -2000)

32




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52




(1970 -2000)

33

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

PRESENT CYCLE

34

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

RISK ELEMENTS

ECONOMIC INVESTMENT

RISKS


INTERNATIONAL

REGIONAL


GOVERNMENTPOLICY

VALUEDEPRECIATION




LANDACQUISITION



NEW STRUCTUREPLAN




36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52



36









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52









1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52




1ST JANUARY 1965







38





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52





1ST JUNE 1985



ACT 1966



39


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


















40

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

I-REIT REIT

41








42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52



42

I-REIT REIT

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

43

I-REIT REIT

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

44

I-REIT REIT


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


45


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


46


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


47

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

SELLING POINTS



48













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52













5NEAR TO MOSQUE






49

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52

CONCLUSION




1 PLACE OF STAY

2 INVESTMENT









51

52


51

52

52

Education

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