THE LEGAL REQUIREMENTS OF APPROPRIATE HERITAGE PROPERTY VALUATION METHOD

Authors

  • Junainah Mohamad Faculty of Architecture, Planning and Surveying, UNIVERSITI TEKNOLOGI MARA PERAK, SERI ISKANDAR CAMPUS
  • Suriatini Ismail Faculty of Architecture and Ekistics, UNIVERSITI MALAYSIA KELANTAN
  • Abdul Rahman Mohd Nasir New Valuation Information System Project Team, VALUATION AND PROPERTY SERVICES DEPARTMENT, MALAYSIA

DOI:

https://doi.org/10.21837/pm.v19i17.999

Keywords:

heritage property, valuation, law of property, Malaysian laws, international laws

Abstract

Heritage property value is an important economic indicator to a country. Thus, it is imperative that the value is derived from an accurate and reliable method of valuation. However, in Malaysia, there are no specific standards that can be referred to for conducting an assessment for heritage property valuation. Thus, this paper fills the gap by reviewing five provisions of the Malaysian laws and four provisions of the international laws that are related to heritage property valuation. Thematic analysis of the documents is undertaken by using five keywords that relate to heritage property valuation, namely: definition, factors, method, procedure and type of values. Out of nine legal documents analysed, Valuation of Specialised Public Service Assets has the most information needed as a guidance for heritage property valuation.

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References

Accounting Standards Board. Standard of Generally Recognised Accounting Practice Heritage Assets (GRAP 103)

Braun, V. & Clarke, V. (2006) Using Thematic Analysis in Psychology. Qualitative Research in Psychology, 3, 2, 77-101. Bulmer

Henning, E., Van Rensburg, W. & Smit, B. (2004) Finding your Way in Qualitative Research. Pretoria: Van Schaick. http://www.ICT.org.zw/

International Public Sector Accounting Standard (IPSAS) 17: Property, Plant and Equipment.

International Valuation Standard 2011. 5th edition

Junainah, M., Suriatini, I., & Rosdi, A. R. (2015). Valuers’ Perception on the Current Practice of Heritage Property Valuation in Malaysia. In 21st Annual Pacific-Rim Real Estate Society Conference.

Local Government Act 1976 (Act 171). Kuala Lumpur. International Laws Services

Malaysian Public Sector Accounting Standards (MPSAS) 17: Property, Plant and Equipment.

Malaysian Valuation Standard 2019. 6th edition.

National Heritage Act 2005 (Act 645). Kuala Lumpur. International Laws Services

Town and Country Planning 1976 (Act 172). Kuala Lumpur. International Laws Services Valuation of Specialised Public Service Assets

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Published

2021-10-17

How to Cite

Mohamad, J., Ismail, S., & Mohd Nasir, A. R. (2021). THE LEGAL REQUIREMENTS OF APPROPRIATE HERITAGE PROPERTY VALUATION METHOD. PLANNING MALAYSIA, 19(17). https://doi.org/10.21837/pm.v19i17.999

Issue

Vol. 19 (2021): PLANNING MALAYSIA JOURNAL : Volume 19, Issue 3, 2021

Section

Article

License

Copyright & Creative Commons Licence

eISSN: 0128-0945 © Year. The Authors. Published for Malaysia Institute of Planners. This is an open-access article under the CC BY-NC-ND license.

The authors hold the copyright without restrictions and also retain publishing rights without restrictions.

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