April 19, 2024

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Thimphu in The Kingdom of Bhutan

JOHOR BAHRU, 29 Mar. – In a notable acknowledgment of its expertise in real estate valuation, Universiti Teknologi Malaysia (UTM) has been chosen by the World Bank to lead an essential training program. This initiative involves 30 participants focusing on land and property valuation in the Kingdom of Bhutan. This collaboration is set to play a key role in the country’s ongoing economic development and sustainability efforts. As a part of Bhutan’s strategic development plan, the program aims to strengthen the nation’s infrastructure, enabling it to withstand and adapt to both economic and environmental challenges. Acknowledging the vital importance of accurate land and property valuation, the World Bank has entrusted UTM’s Real Estate specialization to steer this transformative endeavor.

The UTM team, comprising seasoned experts, including six lecturers and a research officer in the field of land and property valuation, will develop and conduct comprehensive training tailored to Bhutan’s unique landscape and economic context. Scheduled from May to November 2024, the training will adopt a hybrid format, combining online sessions with in-person workshops. This approach is designed to meet the varied needs and schedules of the participants. The goal is to equip local professionals with the knowledge and skills necessary to perform valuations that truly reflect the potential and risks associated with property assets.

“This appointment is not just a mere contract; it’s a testament to UTM’s commitment to excellence in real estate,” said Assoc. Prof. Dr. Muhammad Najib Razali, Director of Real Estate at the Faculty of Built Environment and Surveying at UTM. “We are proud to work alongside the World Bank and the Kingdom of Bhutan, undertaking this responsibility with the utmost seriousness and enthusiasm.”

This partnership’s ultimate goal is to create a comprehensive framework for property valuation, supporting different aspects of Bhutan’s economy such as mortgage lending, taxation, and investment strategies. These facets all rely on precise land and property value assessments. The program is also expected to encourage the adoption of international valuation standards in Bhutan, further integrating the country into the global economy. UTM’s expertise is central to this initiative, with the World Bank and Bhutanese authorities working towards long-term resilience and fiscal stability. UTM’s involvement in Bhutan’s development narrative is a noteworthy chapter in the consultancy’s legacy and a significant step in realizing the Kingdom’s ambitious development goals.

Through this engagement, UTM is poised to make a lasting impact on Bhutan’s economic landscape, underscoring the importance of skilled property assessment in national development. UTM is a leading institution in property valuation in Malaysia, offering this discipline at the degree level since 1973. Its graduates have become professionals in Malaysia’s real estate sector, with alumni occupying leadership positions in major real estate companies across the country.

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