Land and property concepts

Land and Property Concepts
(a) Property is a legal concept encompassing all the interests, rights and benefits related to
ownership. Property consists of the rights of ownership, which entitle the owner to a specific
interest or interests in what is owned.
To distinguish between real estate, which is physical entity and its ownership, which is a legal
concept, the owner of real estate is called real property. The combination of rights associated
with the ownership of real property is referred as the bundle of rights. The bundle of rights
concepts liken property ownership to a bundle of sticks with each stick representing a distinct
and separate right of the property owner e.g. the right to use, to sell, to lease, to give away or to
choose to exercise all or none of these rights.
(b) Many recognized principles are applied in valuing real estate. They include the principles of
supply and demand, substitution,anticipationorexpectation,change andothers. Common
to all these principles is their direct or indirect effect on the degree of utility and
productivity of a property.
Consequently, it may be stated that the utility of the real estate reflects the combined influence
of all the market forces that come to bear upon the value of the property.
Real Estate, Property and Asset Concepts
(a) Real Estate is defined as the physical land and those human-made items, which attached to the
land. It is the physical, tangible “thing” which can be seen and touched, together with all
additions on, above or below the ground.
(b) Realproperty includes all the rights, interests andbenefits relatedto the ownership of realestate.
An interest or interests in real property is normally demonstrated by some evidence of
ownership (e.g. a title deed) separate from the physical real estate. Real property is a non
physical concept.
(c) Personalproperty includes interests in tangible and intangible which is not realestate. Items of
tangible personal property are not permanently affixed to real estate and are generally
characterized by their moveability.

Interest in Land
1. The two principal or rights in land, or land and buildings with which we are concerned are
known respectively as freehold and leasehold.
2. The term freehold implies a property which the owner holds absolutely and in perpetuity and
of which he is either in physical possession or in receipt of rents from the creation of tenancies
or leases out of the freehold interest.
3. It would be convenient to consider first the position of the freeholder who is in physical
possession of his property and then to note the nature and incidence of the various types of
leasehold interest which may be created out of the freehold.
4. Later the successive interest in property such as “reversion” which is equitable interest only
may arise under wills or settlement.
5. Physical ownership of ‘land’ extends indefinitely above and below the surface of the land.
By, Sr. Suganthee Aiyalu Parthasarathee, MRISM, MPEPS, MMIPFM
Sr. Suganthee Aiyalu Parthasarathee has accumulated over 16 years of extensive professional
work experience in the property industry encompassing property valuation, compulsory land
acquisition, research / market study, real estate agency / transactional services, land / property
related litigation consultancy and also academically engaged in land related issues.
She is an active practitioner and has spent the last 16 years with Jordan Lee and Jaafar, formerly
known as Colliers. She was in the Head Office in Bukit Damansara before joining the Penang
office as the Branch Manager. She was then appointed to be one of the Director of the Penang
branch and also holds shares within the same.
Professional Affiliation / Accreditation
 Registered Valuer with Board of Valuers, Appraisers, Estate Agents & Property
Managers Malaysia (BOVEA) V771
 Registered Property Manager with Board of Valuers, Appraisers, Estate Agents &
Property Managers Malaysia (BOVEA) PM771
 Registered Estate Agent with Board of Valuers, Appraisers, Estate Agents & Property
Managers Malaysia (BOVEA) E2079
 Member of Royal Institution of Surveyors, Malaysia (RISM) M4416
 Member of Malaysian Institute of Property & Facility Managers (MIPFM) PM0146
 Member of Association of Valuers, Property Managers, Estate Agents and Property
Consultants in the Private Sector, Malaysia (PEPS) VPEC0482

Education
 Degree - BSc. Property Management, University of Technology, Malaysia
 Masters - MSc. Land Administration & Development (LAD) University of
Technology, Malaysia
She has conducted valuations for purposes of submission to Securities Commission Malaysia,
Bursa Malaysia Berhad, court, corporate exercises, stamp duty, foreclosure proceedings, real
property gains tax (RPGT), intended sale, internal management, information, restructuring &
receivership purpose, accounting and credit security for various financial institutions such as
Public Bank, Maybank, CIMB Bank, Hong Leong Bank, HSBC, RHB, Citibank, Alliance,
Affin Bank, OCBC, Al-Rajhi, Am Bank, Nova Scotia, Kuwait Finance House, BSN and so on.
Sr. Aiyalu regularly sits as a private assessor in disputes brought to High Courts under Land
Acquisition Act 1960 and has prepared written expert opinions for submission to the same. She
has also prepared numerous valuation reports for clients for compensation claim purposes in
land acquisition cases to be submitted to Land Office and High Courts. She has made court
attendance as expert witness on litigation proceedings involving land matters and has done
reports advising property and land value for court litigations.
In terms of Research and Consultancy Services, she has handled market and feasibility studies
for various property developments mainly in Penang State and also for certain developments
in Kedah and Klang Valley. She has also undertaken sale of development land and plantation
for land owners.
She is actively involved in Agency and Transactional Services and had successfully concluded
transactions of development lands, industrial lands, factories/warehouses and commercial
buildings. She was also actively involved in marketing of shop-office, commercial, industrial
and residential projects in Penang on an exclusive basis.
Academically, she has lecturing experience in the fields of land law, town planning and
property valuation for diploma students, working adults and real estate negotiators in Imperia
Institute of Technology, Kelana Jaya and Ramscott Academy, George Town. Her current
research interest focuses on matters pertaining to land acquisition matters and land law.
Continuous Professional Development
Amongst courses she’s attended, certified by Board of Valuers, Appraisers, Estate Agents &
Property Managers Malaysia (BOVEA) are :-
 Construction Contracts Administration - Traditional Roles but New Approaches for
 New Contract

 Malaysian Valuation Standards
 Amendments To Malaysian Valuation Standards (MVS)
 11th Training Property Convention
 Pengenalan Penilaian Harta Artifak
 Incidental Cost Under Land Acquisiton Act 1960
 The Scope & Effects of Strata Management Act 2013 and Strata Management
 (Maintenance & Management Regulations 2015 on Stratified Buildings
 A general review on (a) the malay reserved land (b) the bumiputra units / quotas (c)
the orang asli reserved land
 GST Implementation : Impact on Real Property Market
 Malaysian Annual Property Investment Summit
 What to expect in 2013? How and where to invest wisely
 Behavioral Selling
 Practitioners updates
 Procedures & Legalities in Auctioning & Bidding Process
 Recent Act Amendment Involving Real Estate & Developers and Related Case
Studies.
 Property Management Standards Forum
 PIP Property Summit
 The Melting Globe - Sustainable Living
 Amendments To The Scale Of Fees & Liberalisation Of The Property Sector
 10th International Surveying Conference For Undergraduates

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