Valuation of Reclamation Land: Approach and Methodology

Abstract

This paper discussed on the concept of real estate development by using reclamation land approach on the seabed and ex-mining pond which were choose by the real estate developers especially in the strategic area and having the demands on such type of development. In this paper also, the writers explained the main components and basic characteristics on reclaimed land development especially along coastal areas in Malaysia such as in Langkawi Island, Penang, District of Manjung in Perak, Melaka, Southern Johor and Sabah. According to the National Land Code 1965, area covered by waters also a part of land interpretation as given the code. Therefore, in whatever condition, the area or land covered by waters also have the value that could be determined by the interested parties or the valuers can give their opinion about the market value of such land by using appropriate valuation approach and method.