Market Value and Others Definition

Highest and Best Use, the ‘highest and best use’ is defined in the International Valuation Standards as “the most probable use of a property which is physically possible, appropriately justified, legally permissible, financially feasible and which results in the highest value of the property being valued”.

Market Value is defined as “the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”.

Method of Valuation Generally, there are three methods of valuation which are widely used in valuing properties. These methods are Sales Comparison, Cost and Income Capitalization Approaches, Income Approach and land Development Method. The approaches employed depend on type of property, the purpose or use of the valuation, and the quality and quantity of the data available for analysis.

Sales Comparison Approach, this approach can be utilized to estimate the value of the Subject Property by comparing it to similar properties recently sold on the open market.

Cost Approach, this approach can be utilized to estimate the value of the Subject Property by computing the current cost of replacing the premises and subtracting any depreciation resulting from one or more of the following factors: physical deterioration, functional obsolescence and external (or economic) obsolescence. The value of land, as though it were vacant and available, is then added to the depreciated value of the premises in order to produce a total value estimate.

Income Capitalization Approach, the income capitalization approach is based on the principle that the value of the Subject Property is indicated by the net return to the Subject Property, or what is also known as the present worth of future benefits. The future benefits of income-producing properties,

Value in Use, The value of a property owned by the use of certain specific to a particular user and therefore not related to market value. Value in the use of this value is given by the property to certain business entities where the property is part of the agency business without considering the highest and best use of the property or the amount of money that can be obtained on the sale.

Market Value for the existing Use, Market value of assets based on a continuation of the existing, with the assumption that these assets can be sold on the open market for use of that time, but in accordance with the definition of market value regardless of whether the use of the existing describes the highest and best use of these assets.

Liquidation value for the use of Return (Place in Liquidation Value in Use):
Estimated amount of money that will be calculated can be obtained from a property sale and purchase transactions / facilities to stop, in a limited time when sellers are forced to sell and vice versa for the buyer is not forced to buy, with the assumption that all property / facilities will be sold intact to be returned in accordance with their use.

Values Development Restore (Reinstatement Value). The cost needed to replace, repair or rebuild property to the condition that substantially the same, but not better or more extensive from the new conditions.

Value Insurance (Insurable Value). Value of property, as stipulated by the conditions stated in the contract or the insurance policy and in the definition of clear and detailed.

New replacement cost is estimated costs to create a new property, which is equivalent to the property assessed, based on the market price on the local assessment.

New Reproductive Cost is estimated costs to reproduce a new property the same or identical with the property assessed, based on the market price on the local assessment.

The cost approach is the approach for the assessment of the value of the item to get indications based on the assessment of the costs of reproduction new or replacement, which was issued on the date of assessment after the depreciation based on the physical condition of the existing inspection in the field (observed Condition) and the reduction in value because of functional obsolescence (functional obsolescence) and economic obsolescence (economic obsolescence).

Market Data comparison approach is the approach to the assessment item assessment of the use of data on sales of comparable properties and similar items with a value of the assessment is based on a comparison process.

Income approach is the approach assessment items that assessment is based on net income annually, which can be generated by the assessment object, then be capitalized with a certain level of capitalization to get market value assessment of the object.

Depreciation is the loss of the value of the object assessment for various reasons or because of the difference between the cost of reproduction new or replacement, with the market value.

Depreciation is also often refers to the loss of benefits utilities. Depreciation can be a diminution or physical damage, functional obsolescence, or economic obsolescence.

Play online gambling games without an internet connection constraints.

Not easy to find a site that provides online casino game who can be trusted, because I’ve often times been tricked by some site. Initially I was no longer believe in the online casino games. However, after a few times to find a trustworthy source, I eventually found an online casino site that can be trusted, and proven to provide excellent service. Online gambling games the first time I knew a few years ago, this game is very fun to play, especially at the time to spare, after work or after doing a heavy thing, I myself spend some time each day to play this game. Lots of online slots that we can play at a certain time. Read more

Selecting the appropriate mufflers with our car.

Not easy to get the most suitable car backfiring for our car, it’s usually caused by at least the form and the model provided by the stores that provide car accessories. exhaust systems must be considered, because it is directly related to natural ecosystems and associated also with the environment. Forms and models that are not good quality, may cause disruption to the environment. Some time ago I found one online store that provides equipment and car accessories, here I found a lot of car accessories that I rarely find in other stores, both offline and online stores shops. Not only that, in addition there are also muffler.

In this store a lot of form and a suitable model exhaust system with various brands of cars. So that we would be very easy to find a suitable exhaust for our car. Not only a new type of exhaust pipe, muffler type the most and the most sophisticated trends are also available at this online store. Do not worry about the price at bandrol, because the price offered is very cheap compared to other online stores, this makes me very happy to go shopping in this place. Regarding payment, we can do with a credit card or with paypal, could also use other means of payment. Goods will be our home until around 1 or 2 days after ordering and payment, it’s easy right?

Financial Crisis, Global Uncertainty and Borderless Competition

The proposed theme for the 25th Pan Pacific Congress 2010 is ‘Financial Crisis, Global Uncertainty and Borderless Competition – The Professions’ Challenges in The Next Decade.

PPC is always seen as a significant forum that brings together appraisers, valuers, property counselors and all related professionals as well as stakeholders in the Pacific Basin to share and discuss the current and contemporary issues in the world of valuation and property development. As we are all aware of, we are currently living in the world challenged by global financial crisis, rapidly changing global uncertainty and borderless competition. A wide array of topics of interest in its latest development will be discussed in the 3 days of the congress.

for further information
Indonesian Society of Appraisers (MAPPI)
Wisma Penilai
Jl. Kalibata Raya Kav 11 – 12 E
Jakarta, Indonesia
p.    62 21 794 9079
f.    62 21 794 9081
www.ppc2010bali.com

Opening Ceremony

By the Vice President of the Republic of Indonesia, Prof. Dr. Boediono, M.Ec.*

Opening Speech

By the Minister of Finance of the Republic of Indonesia, Dr. Sri Mulyani Indrawati*

Keynote Speech

“The Professions’ Challenges in the Next Decade”

By Chairman of IVSC Board of Trustee, Michel Prada*

Plenary Session

Examining the Current State of the Global Property Market

Property Valuation in Uncertain Economic Condition

Valuation Needs, Trends and Issues in the aftermath of the Crisis

Concurrent Session

Hot Topics

Valuation for IFRS Compliance – Purchase Price Allocation

Valuation for Financing Purpose

Intangible Asset Valuation

Detrimental Asset Valuation

Land Compensation Valuation

Green Building Valuation & Consulting

Best Practice

Discounted Cash Flow Model

Public Sector Asset & Infrastructure Valuation

Valuation of Agriculture & Forestry Assets

Mining Asset / Extractive Industries Valuation

Fairness Opinion

Golf Program will depart on 5.00 a.m. in the morning from the Bali International Convention Center (BICC) The Westin Resort – Nusa Dua, Bali. It will take around 45 minutes to Nirwana Bali Golf Club. Once the participants arrive, a breakfast will be served for all participants and the Tee Off will take time at 6.30 a.m.

The tournament shall be finished around 11.30 and you will have a chance to refresh yourself before having lunch at the restaurant together with the announcement of the winner tournament.

At 2.00 p.m., the participants are expected to go back from Nirwana Bali Golf Club to their (official) hotels.

Nirwana Bali Golf Club

Nirwana Bali Golf Club is an 18-hole golf course with dramatic ocean views and lush Balinese landscapes. Designed by Greg Norman, the golf course offers a spectacular challenge and a unique world-class experience for golfers of all skill levels.
With three holes running along the cliffs of the Indian ocean and terraced rice paddies providing unique hazards the course will test the accuracy and consistency of a PGA Professional and still be enjoyable for the average golfer. The 7th hole is especially challenging, requiring the golfer to hit a middle iron from the cliff side tee across a piece of the ocean to a scenic and well-guarded green. Hole 13 will require all a golfer’s skill and concentration as it plays along Indian Ocean cliff tops. Hole 14 is a dramatic par 3, with the ocean thundering below.

Pengrajin Karet dan Lateks

Bahan olah karet berupa lateks dapat diolah menjadi berbagai jenis produk barang jadi lateks (latex goods) dan karet padat (RSS, SIR) dijadikan bahan baku untuk menghasilkan berbagai jenis barang karet. Barang jadi dari karet terdiri atas ribuan jenis dan dapat diklasifikasikan atas dasar penggunaan akhir (end use) atau menurut saluran pemasaran (market channel). Pengelompokan yang umum dilakukan adalah menurut penggunaan akhir yakni: ban dan produk terkait serta ban dalam, barang jadi karet untuk industri, kemiliteran, alas kaki dan komponennya, barang jadi karet untuk penggunaan umum dan kesehatan dan farmasi.

Ragam produk karet yang dihasilkan dan diekspor oleh Indonesia masih terbatas, pada umumnya masih didominasi oleh produk primer (raw material) dan produk setengah jadi. Jika dibandingkan dengan negara-negara produsen utama karet alam lainnya, seperti Thailand dan Malaysia, ragam produk karet Indonesia tersebut lebih sedikit. Sebagian besar produk karet Indonesia diolah menjadi karet remah (crumb rubber) dengan kodifikasi “Standard Indonesian Rubber” (SIR), sedangkan lainnya diolah dalam bentuk RSS dan lateks pekat.

Pada saat ini (data tahun 2003) jumlah sarana pengolahan karet berbasis lateks mencapai 23 unit dengan kapasitas sebesar 144.520 ton/tahun, dan pengolahan crumb rubber swasta di luar PTPN sebanyak 75 unit dengan kapasitas 1.957.400 ton/tahun. Kapasitas pabrik pengolahan crumb rubber pada saat ini sudah mencukupi untuk mengolah bahan baku yang tersedia, namun pada lima tahun mendatang diperlukan investasi baik untuk merehabilitasi pabrik yang ada maupun untuk membangun pabrik pengolahan baru untuk menampung pertumbuhan pasokan bahan baku.

Prospek bisnis pengolahan crumb rubber ke depan diperkirakan tetap menarik, karena marjin keuntungan yang diperoleh pabrik relatif pasti. Marjin pemasaran, antara tahun 2000-2002, berkisar antara 3,7%-32,5% dari harga FOB, tergantung pada tingkat harga yang berlaku. Tingkat harga FOB itu sendiri sangat dipengaruhi oleh harga dunia yang mencerminkan permintaan dan penawaran karet alam, dan harga beli pabrik dipengaruhi kontrak pabrik dengan pembeli/buyer (biasanya pabrik pabrik akan semakin besar jika harga meningkat.

Pemanfaatan karet alam di luar industri ban kendaraan masih relatif kecil, yakni kurang dari 30 persen. Selain itu industri karet di luar ban umumnya dalam skala kecil atau menengah. Sementara itu industri berbasis lateks pada saat ini nampaknya belum berkembang karena banyak menghadapi kendala. Kendala utama adalah rendahnya daya saing produk-produk industri lateks Indonesia bila dibandingkan dengan produsen lain terutama Malaysia. Industri kecil menengah barang jadi karet secara umum masih memerlukan pembinaan di dalam pengembangan usahanya. Industri barang jadi karet dibangun atas sekumpulan usaha/perusahaan yang bergerak dalam penyediaan bahan baku utama karet alam/sintetik, bahan bantu dan pembuat cetakan (molding) serta ditunjang beberapa institusi pendukung yang bergerak dalam bidang jasa penelitian dan pengembangan, regulasi, perdagangan, angkutan, keuangan dan jasa lainnya.

Dalam operasionalnya, pengrajin industri kecil barang jadi karet menjalin hubungan secara interpersonal dengan usaha lainnya baik dalam pengadaan bahan baku maupun dalam sistem pemasarannya. Dalam pengadaan bahan baku, pengrajin industri kecil barang jadi karet terutama menjalin hubungan secara informal dengan pabrik kompon sebagai bahan baku utama. Hal ini dilakukan karena industri kecil belum memiliki kemampuan membuat kompon. Demikian juga dalam pemasaran produk, pengrajin industri kecil barang jadi karet biasanya menjadi vendor dari suatu perusahaan besar seperti pabrik otomotif atau pabrik elektronik, menjual ke toko secara langsung atau menggunakan pedagang perantara. Seringkali industri kecil ini beroperasi dengan mengandalkan pesanan (captive market) Industri kecil barang jadi karet pada umumnya dikelola dalam bentuk industri rumah tangga secara informal. Pengrajin barang jadi karet, dalam operasional usahanya berjalan secara soliter, dalam arti hampir tidak terjadi interaksi antar pengrajin. Pengrajin pada umumnya tidak berminat dan menganggap tidak ada manfaatnya tergabung dalam asosiasi atau koperasi. Dengan bentuk usaha rumah tangga para pengrajin pada umumnya belum memiliki akses terhadap sumber modal secara formal. Selain itu karena segmen produk yang mereka hasilkan relatif terbatas, pada umumnya para pengrajin tidak menganggap perlu pengembangan usaha ke arah yang lebih besar. Hal yang dianggap lebih penting oleh mereka adalah kontinuitas produksi walaupun volumenya relatif kecil. Jenis produk yang dihasilkan oleh industri kecil barang jadi karet terutama diarahkan pada barang-barang karet untuk otomotif berupa karet untuk spare part dan barang-barang karet untuk teknik dan industri. Jenis-jenis barang ini relatif mudah dalam proses pemasarannya dan tidak terlalu memerlukan spesifikasi yang rumit. Selain itu jenis karet tersebut pada umumnya hanya diproduksi oleh industri kecil sehingga tidak mendapat saingan dari produsen perusahaan besar. Walaupun demikian akhir-akhir ini terdapat produkproduk impor dari China dan Korea yang dikhawatirkan menjadi saingan berat bagi barang-barang karet produksi pengrajin barang jadi karet domestik. Pengrajin barang jadi karet menggunakan teknologi yang sangat sederhana, yakni tertumpu pada proses pencetakan dan vulkanisasi (pemasakan) pada kompon yang dibeli dari perusahaan pembuat kompon. Dengan demikian seluruh pengrajin barang jadi karet sama sekali tida berhubungan dengan teknologi kompon (compounding).  Vulkanisasi menggunakan panas yang bersumber dari kompor tradisional. Suhu untuk pemasakan dan lama waktu pemasakan benar-benar didasarkan atas pengalaman yang dilakukan secara berulang-ulang sehingga didapatkan parameter suhu dan waktu pemasakan yang dianggapnya paling tepat. Hal ini diamati dari mutu produk barang jadi karet yang dihasilkan yang diamati secara visual. Produk barang jadi karet yang dihasilkan oleh para pengrajin dapat sampai di tangan konsumen melalui tiga saluran utama yakni melalui mitra, melalui broker atau sering juga disebut sebagai pengorder atau melalui kedua saluran tersebut di atas. Mitra pengrajin dalam sistem pemasaran produk barang jadi karet pada umumnya adalah perusahaan pengadaan suku cadang untuk industri elektronik dan otomotif dari merek-merek terkenal. Kerjasama dengan mitra dilakukan secara informal atas dasar saling percaya tanpa adanya suatu ikatan kontrak formal. Harga barang karet untuk suatu komponen tertentu dijual ke konsumen akhir oleh mitra, setelah dikemas merek terkenal, dengan harga berlipat dari harga jual di tingkat pengrajin.