THE LEGAL REQUIREMENTS OF APPROPRIATE HERITAGE PROPERTY VALUATION METHOD
DOI:
https://doi.org/10.21837/pm.v19i17.999Keywords:
heritage property, valuation, law of property, Malaysian laws, international lawsAbstract
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.Downloads
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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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.
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