The Red House development is the first project under WRS. Six properties – 5 shophouses and the iconic Red House bequeathed to Wakaf Sheriffa Zain Alsharoff Alsagoff – along East Coast Road will be redeveloped into an integrated heritage development. These assets are maximised into 42 residential units in 3 different classes, 5 retail shophouses, 1 bakery and 1 open gallery, bringing better returns for the wakaf to meet its objective of establishing, maintaining and upkeeping of a dispensary.
The second project under WRS is Alias Villas. The prestigious semi-detached strata cluster housing development on a portion of the land belonging to Wakaf Al-Huda will unlock the value of the asset which will then be channeled to the wakaf sole beneficiary, Masjid Al-Huda. Previously, there were only two dilapidated kampong houses which brings minimal returns to the wakaf. Through WRS, the wakaf can generate a sustainable income stream – the wakaf can utilise and reinvest the value of the land liquidated through the sale proceeds of the development.
The third project under WRS will be one of the various properties of Wakaf Jamae in the city centre. Planning is currently being done and information will be released periodically.
Last updated on 16/1/2018