To : All Registered Owners of Shopping Complexes and All Registered Valuers
Date : 24 July 1997
Dear Sir / Madam
MANAGEMENT OF SHOPPING COMPLEXES
The latest amendment to the Valuers, Appraisers and Estate Agents Act has now defined Property Management as follows :
"Property Management" means the management and control of any land, building and any interest therein, excluding the management of property-based business on behalf of the owner for a fee and includes but is not limited to the following responsibilities:
- monitoring outgoings for the property and making payments out of the income from the property;
- preparing budgets and maintaining the financial records for the property;
- enforcing the terms of leases and other agreements pertaining to the property;
- advising on sale and purchase decisions;
- advising on insurance matter;
- advising on the opportunities for the realisation of development or investment potential of the property; and
- advising on the necessity for upgrading the property or for the merging of interest.
The Board would require all properties which are not "property based business" to be managed by a Property Manager who shall be a registered valuer.
Therefore, property owners of retail centers, shopping complexes, etc who engage external managers, and who do not manage this own buildings, are advised to engage only the services of registered valuers for property management.
Owners of such complexes are advised to approach the Board for directions and guidelines in instances where they find any difficulty in appointing property managers.
In any case property owners are advised that property management does not include leasing or letting of space in a shopping complex, etc. If the property manager does this work he cannot charge a separate fee unless he is a registered estate agent. This will also apply to in house property managers.
Yours faithfully,
LEMBAGA PENILAI, PENTAKSIR DAN EJEN HARTATANAH MALAYSIA
R MAHALETCHUMI
Registrar
