The Wakaf Revitalisation Scheme (WRS) is a rolling 3-year blueprint guiding Muis to identify endowment assets in the form of commercial, residential or institutional properties of high potential to be enhanced or redeveloped for better economic returns to the community beneficiaries. Developed in 2012 and administered by Muis’ subsidiary company Warees Investments Pte Ltd, the objective of WRS is to enhance the value of the properties through the asset enhancement and remodelling of real estate concepts in tandem with the real estate market and urban development in Singapore.
In this scheme, Warees Investments would jointly develop the property together with the trustees and/or guardians of these assets as an investor/developer. It provides professional expertise in planning and investments to ensure that the wakaf benefits are optimised from the scheme. Warees would also undertake full management of the development ranging from creative planning for feasibility studies, conceptualisation, real estate investment analysis, strategic engagement with stakeholders and marketing communications. Making sure that both AMLA requirements are met with good governance, WRS is a strong blueprint with a structured asset enhancement programme for the community. Underlying every WRS development was the conservation the unique heritage of each property which is also highly regulated to ensure returns are channelled to their intended beneficiaries.
While blueprints on real estate selection and development may be common, the WRS is perhaps the only blueprint dealing with endowment selection and development in which the social component and stakeholders’ considerations are key differentiating factors.
This initiative is based on 5 key strategies: