The Wakaf Revitalisation Scheme (WRS) is a rolling three-year blueprint guiding Muis to identify Wakaf assets with potential to be enhanced or redeveloped for better economic returns for it's beneficiaries. These are usually commercial, residential, or institutional properties.
WRS is administered by Muis’ wholly owned subsidiary, Warees Investments Pte Ltd. When redeveloping Wakaf properties, Warees Investments is mindful of conserving the unique heritage of each property while considering prevailing real estate market conditions and the urban development scene.
In this scheme, Warees Investments jointly redevelops Wakaf properties together with their mutawallis. Warees Investments provides professional expertise in planning and invests into the properties to maximise the capital growth. The Muis subsidiary also undertakes full management of the redevelopment from feasibility studies, conceptualisation, real estate investment analysis, and strategic engagement with stakeholders to marketing communications.
WRS is based on five key strategies:
As the regulator, Muis ensures that WRS meets AMLA requirements with good governance.
The following Wakaf assets have undergone or are undergoing development under WRS.
The Red House development was the first project under WRS. Six properties—five shophouses and the iconic Red House donated to Wakaf Sheriffa Zain Alsharoff Alsagoff—along East Coast Road were redeveloped into an integrated heritage development. These assets are maximised into 42 residential units in three different classes, five retail shophouses, one bakery, and one open gallery. The redevelopment brings better returns for the Wakaf to meet its objective of establishing, maintaining, and upkeeping a dispensary. The project was completed in 2016.
The second project under WRS is Alias Villas. The prestigious semi-detached strata cluster housing development was built on a portion of land belonging to Wakaf Al-Huda. Previously, there were only two dilapidated kampong houses which brought minimal returns to the Wakaf. The redevelopment unlocks the value of the land, which is channelled to the Wakaf’s sole beneficiary, Masjid Al-Huda.
Through WRS, the wakaf now generates a sustainable income stream and its sales proceeds can also be reinvested. This project was completed in 2017.
The third project which is currently underway is Masjid Bencoolen, an asset of Wakaf Bencoolen. Upon completion, the enhanced mosque will see several new features such as a revamped prayer space, installation of various accessibility features, and a new 4-storey commercial podium. Wakaf Bencoolen also owns Somerset Bencoolen, a service apartment tower. Units here will also be enhanced under WRS.