DEPARTMENT OF BUILT ENVIRONMENT STUDIES AND TECHNOLOGY,

COLLEGE OF BUILT ENVIRONMENT,

UNIVERSITY TECHNOLOGY MARA PERAK.

GROUP ASSIGNMENT FOLDER

COURSE CODE : RES 614

COURSE NAME : PROFESSIONAL PRACTICE 1

NAME OF GROUP MEMBERS MATRIC NO.

MUHAMMAD HABIBULLAH BIN NAJIMUDIN 2021813628
SYIFA NUR IZZATI BINTI SURKERI 2021482886
MASTURAH BINTI MOHD NOH 2021482868
NUR IZZATI BINTI RIDZUAN 2021812566
NAME OF GROUP LEADER : WAN SHAHIRA MASHITAH RUNIZAM
MATRIC NO. : 2021886762
ASSIGNMENT TITLE : CASE STUDY ON REGISTERED VALUER OF IM GLOBAL
PROPERTY CONSULTANT SDN BHD (PENANG)
SUBMITTED TO: DR. MUHAMAD HILMI BIN MOHAMAD @ MASRI
DUE DATE ASSIGNMENT : SUBMISSION DATE:
TH
18 JANUARY 2021 18TH JANUARY 2023
DECLARATION: We declare that no part of this assignment has been copied from another
person’s work except where due acknowledgement is made in the text, and no part of this
assignment has been written for me by any other person except where such collaboration has
been authorised by the lecturer concerned.

Group’s Leader Signature : Date : 18th January 2023

A lecturer/tutor has and may exercise a right not to mark this assignment if the above
declaration has not been signed. If the above declaration is found to be false, no mark will be
awarded for this assignment.
 ACKNOWLEDGEMENT ِ

َّ ‫الر ْحمٰ ِن‬

‫الرحِ ي ِْم‬ َّ ِ‫س ِم هللا‬
ْ ‫ِب‬

Praise be to Allah for granting us the opportunity to complete this task on time.
Alhamdulillah, with all his blessings and grace for the power and health granted to develop and
complete this assignment effectively within the time frame set by our lecturer. We would also
like to thank our respective and beloved lecturers, Dr Muhamad Hilmi bin Mohamad @Masri
for his guidance throughout the completion of this report and for teaching us patiently
throughout the whole semester. Without his teachings, we would not be able to complete this
assignment.
Besides, we want to show our deepest appreciation to Sr Abdul Latib bin Ibrahim, the
Associate Director and Registered Valuer of IM Global Property Consultant Sdn Bhd Penang
who gives full cooperation with us by giving an interview session with him regarding his
experience in completing his professional registration as registered valuer and provided all the
information regarding his experience to complete this report.
Not to forget to mention, the biggest thanks to the whole group members Habibullah,
Masturah, Izzati, Wan Shahira, and Syifa for giving full cooperation and commitment to
finishing this assignment RES 6164 Professional Practice 1. Our classmates and friends from
the Estate Management Department also have helped us by giving good insights and opinions
on this assignment. All in all, may the completion of these assignments open new doors of
knowledge for us regarding the timeline for us to complete the professional registration and
the advantages of becoming the professional in this industry.

1
TABLE OF CONTENTS

1.0 INTRODUCTION TO THE COMPANY .................................................................. 3

2.0 INTRODUCTION TO THE REGISTERED VALUER ........................................... 6
3.0 TIMELINE IN COMPLETING THE PROFESSIONAL REGISTRATION AS
REGISTERED VALUER ....................................................................................................... 8
4.0 THE ADVANTAGES OF BECOMING A REGISTERED VALUER .................. 10
5.0 THE CHALLENGES WORKING IN THE VALUATION FIELD ...................... 12
5.1 The Delay in Thesis Submission............................................................................. 12
5.2 Lack of Centralized Data Center ........................................................................... 12
5.3 Challenges with Clients’ Payment ........................................................................ 13
5.4 Valuation Justifications .......................................................................................... 14
5.5 Maintain Good Rapport with Clients, Especially Finncial Institutions ............. 14
5.6 Verbal Indication..................................................................................................... 14
6.0 WAYS REGISTERED VALUER CAN OVERCOME THE CHALLENGES .... 15
6.1 Self-motivation......................................................................................................... 15
6.2 Platform to Centralise Data ................................................................................... 15
6.3 Professional Action .................................................................................................. 16
6.4 Provide Sufficient Justification .............................................................................. 16
6.5 Maintain a Good Relationship with the Client ..................................................... 16
6.6 Amend New Rules which Prohibit Verbal Indication Activities. ....................... 17
7.0 MAJOR CASES CONDUCTED BY REGISTERED VALUER............................ 18
8.0 CONCLUSION ........................................................................................................... 20
9.0 REFERENCES............................................................................................................ 21
10.0 APPENDICES ............................................................................................................. 22

2
1.0 INTRODUCTION TO THE COMPANY

Figure 1.1: The location of IM Global Property Consultant Headquarters in Kuala

Lumpur.
Source: Google Maps.

IM Global Property Consultants was first incorporated in June 2005, and the
headquarters were in the heart of Malaysia, Jalan Ipoh, Kuala Lumpur. The first two branches
that existed in Malaysia were Alor Setar, Kedah and Butterworth, Penang. Over the years, this
property consultant business has expanded throughout Malaysia. The branches can be found in
Kedah, Penang, Butterworth, Melaka, Johor, Shah Alam, Bangi and Putrajaya. This business,
which offers services such as property consultancy, facilities and project management,
valuation, real estate agency, and auction throughout Malaysia and the Asia Pacific region, is
made up of a group of young, inventive entrepreneurs. IM Global Property has a total of 3
Directors, which are the Managing Director, Sr. Hj. Ishak bin Ismail in Kuala Lumpur,
Executive Director, Sr. Hj. Che Had bin Dhali, in Alor Setar, Kedah and the Senior Consultant,
Datuk Sr. Faizan bin Abdul Rahman in Butterworth, Pulau Pinang. Therefore, anything
regarding this company was acknowledged by the Managing Director and the Executive
Director.

3
 Figure 1.2: Location of IM Global Property Consultants in Gelugor, Penang.
Source: Google Maps.

For this assignment, we interviewed Encik Latib, the Registered Valuer of IM Global
Property Consultants which is in No.723 T-1, Vanda Business Park, Jalan Sungai Dua, 1170,
Gelugor, Penang to learn his pathway of becoming a Registered Valuer. To start, in Penang
there are two existing branches, the first one is in Butterworth from the year 2005 and the 2 nd
one is in Gelugor, Pulau Pinang which was established in 2019. The IM Global Property branch
in Gelugor, Penang was first started with only 3 staff consisting of one valuation executive,
one admin and one registered valuer which is Encik Latib as a requirement to complete a branch.
In the present day, Encik Latib has successfully recruited 7 staff to work as a valuation
executive under IM Global Property Consultants in Gelugor.

The services offered by IM Global Property Consultants Gelugor, Penang were

valuation, for retail and corporate works. They also focus more on retail financing and
foreclosure proceedings which are centralised in headquarters, but they still do it from time-to-
time. Property Management was also in their scope as well as Land Acquisition where it is
done until the position of assessor appointment in court to advise the judge as recommended
by the Board. The usual Land Acquisition practice in Land Office was also done. However,
they do not do any rating practices.

4
 In 2020, Encik Latib had planned on going all out to recruit estate agents under his roof
with 3 recruiters but since at that time there is a restriction movement order (MCO), he had to
stop the cause for a while. In 2022, he successfully recruited 5 to 6 people as estate agents with
1 administrator for the team which most of the cases were retail cases. 2023, as a new year,
Encik Latib is putting his effort on estate agent by giving them training and recruiting more of
them to work under him.

5
2.0 INTRODUCTION TO THE REGISTERED VALUER

Figure 2.1: Picture of Sr Abdul Latib Bin Ibrahim

Source: IM Global Property Consultant website

FULL NAME Sr Abdul Latib Bin Ibrahim

POSITION Associate Director, Registered Valuer

IM Global Property Consultant, Sungai Dua,

BRANCH
Penang

BRANCH REGISTRATION NUMBER VEPM(1)0253/7

Corporate Financing Valuation, Valuation of

JOB DESRICPTION Foreclosure, Land Acquisition, Estate Agent
and property management.
• Diploma in Estate Management in
University Technology Malaysia
Skudai, Johor
ACADEMIC BACKGROUND
• Bachelor Degree in Property
Management University Technology
Malaysia Kuala Lumpur

6

WORKING EXPERIENCE
METHOD TO BE A REGISTERED
VALUER
REGISTERED VALUER NUMBER
REGISTERED PROPERTY MANAGER
PM1141
NUMBER
REGISTERED ESTATE AGENT
NUMBER
YEAR PASSED TEST OF
PROFESSIONAL COMPETENCE
7
• Work at Jurunilai Dan Perunding
Hartanah Sabah as an assistant valuer
for 8 to 9 years after graduated in
Diploma of Estate Management.
• Work at Jurunilai Bersekutu Johor
Bharu as a Valuer starting from year
1999.
Sr Abdul Latib had wrote the task in Office
Building Valuation and Development
Valuation during Probationary Valuer stage
but not submitted in aspect of best working
environment with high income of salary.
Hence, Sr Abdul Latib had used his 10 years
working experience by working in a
Valuation Firm and proceed to the interview
of Test Profesional Competence.
V1141
E2708
2017 at 46 years old.
3.0 TIMELINE IN COMPLETING THE PROFESSIONAL
REGISTRATION AS REGISTERED VALUER

Diploma in Property Management (1990)

University of Technology Malaysia Skudai
branch (UTM)

Assistant Valuer (1990)

Jurunilai Dan Perunding Hartanah Sabah

Valuer (1999)
Jurunilai Bersekutu Johor Bharu

Bachelor of Science in Property

Management (2006)
University of Technology Malaysia, Kuala
Lumpur branch (UTM)

Work Training
Jurunilai Bersekutu Johor Bharu

Done thesis for 2 Paper on the Development

land and office building but not submitted to
the Board

10 years of experience

Interview (2017)

Passed the interview with only one try

8
 After getting the SPM result, Sr Abdul Latib has been offered to pursue his study at 3
universities: UITM, UPM and UTM. With the advice of his school counsellor, he chose to
further his study with a Diploma in property management at University of Technology
Malaysia Skudai (UTM) because not many people pursued the real estate field at that time. He
graduated from UTM on the year 1990. After graduating, he works as an assistant valuer at
Jurunilai Dan Perunding Hartanah Sabah for 9 years.

After several years working at Jurunilai Dan Perunding Hartanah, he decided to shift to
another company to gain more experience and a new environment for career growth. He then
worked as a valuer at Jurunilai Bersekutu Johor Bharu in 1999. After a few years working there,
he pursues his bachelor's degree in Property Management at University of Technology
Malaysia Kuala Lumpur while working with Jurunilai Bersekutu. He graduated with his
bachelor’s degree in 2006. Sr Latib has been encouraged by his colleague and friends to do
licensing and register as a probationary valuer at the Board of valuer Appraisers, Estate Agents
and Property Managers. So, right after graduating, he registered as a probationary valuer and
did his work training at Jurunilai Bersekutu. He also has done 2 thesis papers for his practical
task, which is on the development of land and office building. However, he did not submit the
thesis to the Board during the 2 years and kept postponing. Sr Latib told us that this is because
he enjoys starting working at a corporate job as it offers good incentives. So, he becomes
bewildered and focuses on other commitments instead of finishing the Test of Professional
Competence requirement.

He then decided to proceed with his professional registration by taking the 10 years of
experience route. As stated in the rules and guidelines to test professional competence,
candidates with a minimum of 10 years of post-qualifying practical experience may be
excluded from submitting the Work Diary and Practical Task in exchange for paying the
processing fee outlined in the Fifth Schedule. The application must be submitted using Form
TPC (V) 3/98 and include the record of experience. Sr Latib's application has been accepted,
and he attended the professional interview for 4 hours of the interview session. In 2017, at the
age of 46 years, he passed the oral interview with only one try.

9
4.0 THE ADVANTAGES OF BECOMING A REGISTERED VALUER

As everyone knows, to be a Registered Valuer is not easy because there is a lot of

knowledge in valuation practice that should be fully mastered and a person must be an expert
in valuation practice. Besides that, there are a lot of advantages if someone has been registered
as Registered Valuer. According to our interview session with Sr Abdul Latib, among the
advantages of being a Registered Valuer is that can make a decision whose results will be noted
by all parties. The decisions made must be based on facts and reason. The decision made by
the registered valuer is valid and accepted that could be used in judgement, valuation reports
and other valuation practices. For example, a Registered Valuer is qualified to determine the
value of the adjustment in making the assessment. However, every adjustment stated must be
accompanied by a reasonable reason and justification. The values are valid to be used by the
client, the judiciary and others.

Other than that, Registered Valuer is always needed by various parties, whether judicial
parties, normal person, government and others. For example, a Registered Valuer can be
appointed as a assessor on behalf of judge for any case related in determine a reasonable
property market value especially in case of land acquisition. Based on arguments by valuers
from the government and the private sector, a Registered Valuer who appointed as a judge's
advisor is qualified to give a decision based on observations from the arguments according to
an accurate assessment. A Registered Valuer can be a judge's advisor in determining market
value of a property. The value set by the judge based on the advice of a registered valuer is
final and valid. However, the advice given must be well-founded with appropriate justification.
Hence, being a Registered Valuer is very fortunate because they is always needed by any parties
in determining the appropriate value for any properties.

Furthermore, anyone who becomes a Registered Valuer is eligible to get the highest
position in an organisation and earn a decent salary. This because the title of Registered Valuer
is one of the highest title and achievement in valuation practice where he is qualified to be a
leader in an organisation due to the knowledge and skills that have been confirmed by Board
of Valuers, Appraiser, Estate Agent and Property Management. A Registered Valuer have a
power to sign any valuation report including development appraisal report. This because only
registered valuer can validate the document relation valuation practice as they fully expert and
qualified. Last but not least, a Registered Valuer is qualified to organise a valuation firm,
property consultant firm, property management firm and estate agency firm. This because once

10
a person has been registered as valuer, he automatically have a title as a Registered Property
Management and Registered Estate Agent. So, the benefit of Registered Valuer is the person
can choose any practice either valuation practice, property management practice or estate
agency.

11
5.0 THE CHALLENGES WORKING IN THE VALUATION FIELD

5.1 The Delay in Thesis Submission

Knowing Encik Latib had become a Registered valuer for the past 5 years, with the
valuation works experience for over 10 years, we’ve asked him on the challenges he went
through as he was registering as a valuer and the things, he had to endure his times as a
registered valuer.

To note, Encik Latib did apply for his probationary valuer position after he graduated
from Universiti Technology Malaysia, Kuala Lumpur, majoring in Property Management then
he went to apply for the Test of Professional Competency when he was working in Jurunilai
Bersekutu. However, during the times he was delaying submitting the valuation tasks before
he could proceed to the next level, which is the interview as he was busy working and earning
money. Hence, he doesn’t feel like the need to rush the process thus making his pathway a bit
longer than other so he proceed with his 10 years of experience of working.

5.2 Lack of Centralized Data Center

Other things he saw as a registered valuer in the valuation field is how Malaysia is still
lacking on the centralised information center. Usually, the sale and purchase of properties data
were obtained from Jabatan Penilaian Perkhidmatan Harta (JPPH) but it could not be obtained
with its accurate analysis. When valuers value certain properties, they will obtain pure and raw
datas so if they were to re-use, it again, the property players would have a hard time obtaining
the accurate and analysed data since it must be analyses on their own. The data need to be
analysed, compared to other countries where they have done their analysis and statistics at an
early stage.

Encik Latib said the use of these datas has its own limitations, and only those who
practice valuation in the company can analyse it. But to what extent does the data produced is
accurate and is analysed in detail? For example, if a developer wants to use the data for
development purposes, they need to know how accurate the data is to determine the property
development project itself, the pricing, target market and others. This data shall be inserted in
the feasibility studies and the information needs to be analysed carefully. From here, they
would know the flow of where the development is heading.

12
In terms of information accuracy, in Penang, developments made depend on the proposal and
its structural plan, local plan, political influence and others. When there is no accurate data
analysis, developers tend to come up with their own pricing. Hence, effects their decision-
making process. For example, medium range property was made to cater to the needs of the
demand, But when the information is not accurate and the analysis is not reliable, developers
tend to make other things than what has planned. This is where the abandoned and overhang
issues come to the picture, which will cause a huge loss to all parties.

For example, in Hong Kong and Singapore, the plotted land has their own identity and it had
been decided on what can be brought up in that land from the analysed data and the accurate
information gathered. This is why these states have a well-planned development and there’s no
issue arising from it as it has been carefully analysed for its specific use.

In terms of data centralisation, Malaysia is a bit behind compared to other countries,

Encik Latib urges the government to do something on this matter so that we can all have a
concise and a high-quality data to be used.

5.3 Challenges with Clients’ Payment

\
For payment, the land survey department would have their payment go through the
Board. So, there’s no way of avoiding it. The payment shall be made and claimed there and for
legal professions, they cannot give discounts as it is in their clause.

But for the valuation department, from 2009 until now, clients would always ask for
discounts especially for bulky cases where the payment won’t be fixed. The payment figure
must be determined by the valuers, to which it is their biggest challenge. People who have been
in the industry for so long have a stable overhead, so they would usually reduce the cost. The
newcomers, however, would have a rather difficult time covering the money. The Board in
terms of fees hasn’t been quite helpful to the valuation practitioners as the fees are still
considered low compared to other professions, which leads to valuation being considered as
underpaid and they must compete with other valuers to get clients.

Encik Latib was concerned if the Valuation Field would end up like the Property
Management profession where the Property Manager accepts the tender and makes sweet
promises but cannot commit to do all of the tasks, hence leaving it and burdening the other

13
parties. Hence, he doesn’t want until the day when the newcomers cannot cover the future
overheads.

5.4 Valuation Justifications

The challenge lies when the “arts and science” quote is used in Valuation. All valuers
have different opinions and perspectives towards a certain situation, thus, who is to know
who is right? The challenge here is to produce accurate data and a concise analysis so that
the outcome appears logical.

5.5 Maintain Good Rapport with Clients, Especially Finncial Institutions

Mostly cases come from financial institution, corporate and individual clients. Malaysia
itself houses hundreds of valuation firms, so there is an intense competition with each other,
and there is also a lot of valuation firms that the bank can choose from. As mentioned by Encik
Latib, the challenge here is to maintain a good rapport with the clients so that they can maintain
cases from the banks. Such related banks are the likes of RHB Bank, Maybank, BSN and others.
If you don’t have a good relationship with the bank, chances are loose for the bank to give you
any cases.

5.6 Verbal Indication

According to Circular 4/99, indicative values that were provided in formal letters and
signed by the Valuers and Appraisers are a clear violation of the Malaysian Valuation
Standards as issued by the Board since 1st September 1998. This is to say, Valuation practices
cannot be done without a letter of instruction. However, some bankers did pursue with verbal
indication and the valuers would play along. The results of this practice would make the
reputation bad for the valuation profession. Aside from that, valuers may overvalue the
property for which they quote it higher than the actual market price. At times, some bankers
do tend to test their luck on which value can be scored the highest among the valuers, and
whoever has the numbers, shall be chosen. Different from which if the letter of instruction is
provided, the bankers need to follow to whatever the value of the appointed valuers come out.

14
6.0 WAYS REGISTERED VALUER CAN OVERCOME THE
CHALLENGES

6.1 Self-motivation

As mentioned by Encik Latib, gaining a registered title is challenging as the process of

becoming registered itself takes a long journey. Many challenges and obstacles arose
throughout the period, such as feeling comfortable with the salary that the company had offered,
do not feel that a registered title was necessary, time being compact with the workload as they
didn't have enough time to prepare a logbook or thesis, did not succeed in completing the thesis
on the due date and feeling demotivated after failing several times in the interview session.
Based on what was told by Mr. Latib, these challenges can be easily overcome if they are
determined to get the registered title. We were advised that if we wanted to save time once we
got a job, we must register under Probationary valuer immediately. Once we register with the
probationary valuer, we will take this as a challenge and responsibility to finish the task and
acquire the title before we get dragged by other factors such as married life. Even though we
have registered under a Probationary valuer to complete our task within two years, it may
become more than that as many factors will influence the period to become registered.

6.2 Platform to Centralise Data

Even though Mr. Latib is a registered valuer, he needs to have vector power in the Board
that allows him to make significant changes relating to the real estate sector. As for challenges
of lack of a centralised data center, we are being told that the action should be made by the
BOVEAP itself where they need to provide one platform that concludes all matters relating to
the property, such as the demographic of the area, the transacted price, the socio-economic and
all the data should be analysed beforehand using chart and illustration. Mr. Latib found that
Malaysia still needs to improve in centralised data centers, contributing to the real estate
management sector's weakness. These challenges only can be overcome if only there is a party
that takes the issue seriously and produces a handy platform, which makes it easier for them to
find information using only one platform instead of having to browse several platforms to get
the data, for example, ibizz and Property Market Report. Instead of having many platforms,
make it one that summarises all the necessary information.

15
6.3 Professional Action

As told by Mr. Talib, even though they are a registered valuer, he also needs to find
clients who like to haggle and ask for discounts. Therefore, as a registered valuer, he said that
the way to overcome these challenges is to become a professional in dealing with the issue.
The assessment made is based on elements and proper measures. If the valuation is different
from what the client wants, they may ask other valuers to do the valuation of the property. Still,
most of the time, the valuation made has no significant difference. A clear explanation must be
given to the client along with a justification of the value that has been made to overcome this
kind of challenge.

6.4 Provide Sufficient Justification

Each valuer has a different opinion in determining the valuation they made. Justification
needs to be considered before a valuation value is made. For example, Arch Property values
the asset's market value as RM235,000, while IM Global values the same asset at RM240,000.
Even though they value the same asset, their views on the property are different. This all
requires a solid justification to be satisfied the client. Therefore, as mentioned by Mr. Latib,
we need to provide robust and sufficient Justification. The Justification could be the location,
the size of the built-up area, the finishes, etc. The valuer can also illustrate, such as a photograph
of the property.

6.5 Maintain a Good Relationship with the Client

This challenge can be tackled if we take care of our good name and maintain a healthy
relationship with the employees and managers there. Maintaining a good relationship with the
client is not only to get a tender, but by showing good morals, the client does not hesitate to
recommend other companies to use their services. On the other hand, if we offer a terrible name,
we will have difficulties in the future, which may cause the company to be closed because it
does not get any tenders and work that allows them to operate.

16
6.6 Amend New Rules which Prohibit Verbal Indication Activities.

The BOVEAP must amend new rules that do not allow such activities to be carried out,
and if the matter continues, they have the right to be sued and demand damages or
imprisonment. This is because this activity is unhealthy. After all, they have to put a high price
on the bank, and sometimes the value differs from the correct specifications. Registered valuers
have the power to take action if the Board of Valuer, Appraiser, and Estate Agent themselves
announce the new law. This problem will continue until a new rule is issued.

17
7.0 MAJOR CASES CONDUCTED BY REGISTERED VALUER.

Registered valuer is a real estate professional who helps their client determine the value
of a property, advising their clients, and so on, especially for the private sector, IM Global
Property Consultants Sdn. Bhd. According to the En. Latib, the company not only makes the
valuation part but also provides services for land acquisition, property management, and estate
agent. The majority of the time, IM Global offer pre-sale advice to land or property owners
who wish to estimate the value of their property before deciding to sell it. Additionally, they
also assist their clients to determine the value of the property and also for financing. But, as
Mr. Latib who is the Registered Valuer of IM Global said, those are the only minor cases or
things that he has conducted. Thus, there are some major cases that have been conducted by
En. Latib while working as a registered valuer in IM Global Sdn. Bhd.

First of all, the major cases conducted by En. Latib is the land acquisition section. This
case has been conducted to acquire the land at Bandar Cassia in South Seberang Perai District,
Penang. En. Latib faces a lot of challenges while acquiring the land in Bandar Cassia such as
an objection and dissatisfaction with the compensation by the landowner. Thus, because the
land acquisition of Bandar Cassia is involving a big portion of land, it is a bit complicated for
En. Latib values the land. There are cases where the private valuation company which is IM
Global and the government company have a very high difference in the terms of valuation and
compensation of the land itself. After that, the court has been given EN. Latib and the
government company 3 months to do the re-evaluation of the land that needs to be acquired.

Furthermore, there are some major cases that En. Latib conducted which is valuing the
livestock pig farm for land acquisition. The valuation must need to take into consideration the
equipment used, and cleaning equipment used. The livestock farm includes the piglet and pigs
where a valuation also must take the consideration the maturity of the pigs. En. Latib also needs
to take into consideration the piglet until it becomes an adult which needs the valuation of
hundreds of millions of animals. The landowner was also dissatisfied with the land acquisition
where he needs to take another place to create a new breeding farm. This case is also very
complicated for Mr. Latib because it does have a different value and compensation compared
to the government agency. Thus, it is also very difficult for the private valuer and the
government valuer to have reached a mutual agreement for the compensation of the land that
needs to be acquired.

18
 En. Latib also has been involved in a major case for the valuation of trawl fishery in
Penang. A valuation on the trawler is very complicated because it must take into consideration
every aspect. He also stated that a single-unit boat trawler expected can reach the price of a
million for the valuation. The valuation method that has been used by En. Latib is the Cost
Method which is in the element of plant and machinery. An inspection is needed for the
valuation of the engine of the boat, fishing equipment, freezer, size of the machine, and
durability of the machine where it needs to determine the market value of the plant machinery
itself. En. Latib mentioned that it needs to take a lot of strength in valuing this rare case because
it requires a lot of time and has many challenges to do the valuation. It is the most unforgettable
experience for En. Latib throughout his life on working as a registered valuer.

Lastly, En. Latib has handled the cases in court for valuation purposes. He has been
appointed as the assessor in the court section in Penang. The appointment of the assessor is
from the Registered Valuer of a private company and also from the recommendation of The
Boards of Valuers, Appraisers, Estate Agents, and Property Managers (BOVAEAP). In such
cases, En. Latib has been appointed to be the assessor for the judge who needs to handle 25 file
valuation cases in court in about one (1) month because usually En. Latib handles one case
valuation file only in one month. In a nutshell, these major cases have been handled by En.
Latib has been done properly and correctly as a registered valuer.

19
8.0 CONCLUSION

In a conclusion, there are a lot of advantages being a registered valuer. A registered

valuer can be the assessor in the court or testify in the court. The judge will choose the
registered valuer instead of the unregistered valuer to testify in court. Besides, people will tend
to use the services of a registered valuer company which puts much trust in the registered valuer
because they have registered for the Board. This is because the registered valuer has more
knowledge regarding the valuations also of any activities regarding the real estate. According
to En. Latib, there are only 1,008 registered valuers in Malaysia whereas last year it did not
reach the target number for the registered valuers as prescribed by the Board.

En. Latib advised the students to register directly for probationary valuer after
graduating with a bachelor’s degree in real estate. This is because many students nowadays
prefer to be directly practiced as estate agents but not registered valuers. A registered valuer
can work in many fields such as estate agents, property managers, and so on. After undergoing
2 years of post-qualifying practical training and experience in Malaysia under the supervision
of registered valuers and sitting for the TPC, upon passing the TPC, it will be eligible to be a
registered valuer.

In a nutshell, En. Latib stated that nowadays everything is done online such as searching
for titles, sales evidence, and so on. So, students must not be left behind in doing the work
where it must be done practically and not just based on the theoretical. Although everything is
online, students must practically be asking people a lot and not just keep quiet or be an introvert
person. A determination in the future must be focused and target to be a registered valuer in
the next years on. All things must be sought and multiplied to compete with others to achieve
the goals in the real estate industry. In addition, with all the knowledge that have been provided
it is beneficial for us to become the registered valuer in the future if we follow and understand
the provided timeline that prescribe by the Board of valuer.

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9.0 REFERENCES

The Board of Valuers, Appraisers and Estate Agents Malaysia. (2023). Retrieved January
17, 2023, from Lppeh.gov.my website: https://lppeh.gov.my/WP2016/circular/circullar-
499.html

IM Global Property Consultant Sdn Bhd website (2022). Company Profile. Retrieved from
https://img.com.my/our-profile/

Rules & Guidelines To The Test of Professional Competence For Registration as Valuer.
The Board of Valuers, Appraisers and Estate Agents Malaysia.

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10.0 APPENDICES

Photo 10.1: The external view of the IM Global Property Consultant Penang company located
at first floor of Vanda Business Park

Photo 10.2: The internal view of the IM Global Property Consultant Penang company

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 Photo 10.3: Our group members with Sr Abdul Latib Registered Valuer of IM Global
Property Consultant Penang

Photo 10.4: Our group members with the staff of IM Global Property Consultant Penang

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Photo 10.5: Form that shows authority to practices is display inside the office

Photo 10.6: Listing of active firm in LPPEH

Sources: LPPEH Website

Photo 10.7: Listing of active members in LPPEH

Sources: LPPEH Website

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Photo 10.8: Form K the renewal of authority to practise valuation and estate agency
Sources: LPPEH Website

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