Wakaf Revitalisation Scheme (WRS)
The Wakaf Revitalisation Scheme (WRS) is a rolling 3-year asset plan by Warees seeking to enhance the asset value and rejuvenate the characteristics of Wakaf properties. WRS also serves to transform the Wakaf portfolio in a sustainable and equitable manner. The Red House is amongst the first of many properties to be transformed and enhanced under WRS.
5 Key Strategies
WRS is an asset creation and enhancement initiative based on 5 key strategies:
1. Proactive Portfolio Management
2. Innovative Asset Creation Concepts
3. Optimise Space Productivity for Income Accretion
4. Community Centric and Embrace Sustainability
5. Prudent Investment Management
These key strategies are designed to relive wakaf character, raise consumer appeal, sustain social upliftment and contribute to urban vibrancy.
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.