(MENAFN- Gulf Times) A Singapore property investment company linked to the Islamic Religious Council of Singapore, Warees Investment, has launched the city state's first Islamic endowment villas on a land plot off Sixth Avenue, one of the most sought-after residential areas in Singapore. They villas will be built on land dedicated as "wakaf", which means it has been bequeathed or willed by a Muslim towards religious or charitable uses. The land parcel, around 2,900 square meters in size, was bequeathed in 1905 and also houses a 110-year-old mosque, Masjid Al Huda.
According to the developer, the Alias Villas project will comprise of six luxury villas and a swimming pool, will have between 280 and 340 square meters in living space and will be sold for around $3.7mn each. The proceeds from the sale will be used to fund the current upgrading of the nearby mosque, Haider M Sithawalla, chairman of Warees Investments' board of directors, said at the recent presentation of the project, stressing that the mosque is the sole beneficiary of the development. The three-story villas will be ready in 2017, and the land will have a 99-year lease.
"The idea (of the villas) is to unlock the value of our wakaf," said Singapore's Minister-In-Charge of Muslim Affairs, Yaacob Ibrahim, adding that "we've been able to maximise it to generate further income for the mosque and for the beneficiaries of the wakaf."
Not known to many, wakaf as a practice of religious endowment has a long history in Singapore. It was introduced by Arab merchants two centuries ago, and since then many wakaf were donated by Arab and Indian Muslims. The first mosque on such land, Omar Mosque, was built in 1820 and is today the city state's oldest mosque.
There are currently over 100 wakaf properties in Singapore at a value of $430mn, according to the Islamic Religious Council. They consist of residential properties, services apartments, residences, commercial properties and, of course, mosques, as well as one madrasa. The villa project is the first of its kind.
The Islamic Religious Council of Singapore was established as a statutory body in 1968 and advises Singapore's president on all matters relating to Islam. It manages around 90% of wakaf properties in Singapore while the rest is being held by trustees. The council is also in charge of religious education and administration of madrasas, halal certification, construction of new mosques, pilgrimage affairs and other activities related to the promotion of religious, social, educational, economic and cultural activities in accordance with the principles and traditions of Islam. It is also the body to issue fatwas and supervises the obligatory donations of zakat among Muslims by a centralised and computerised collection system.
According to latest census data, around 15% or some 820,000 people in Singapore are Muslims, the second largest religious group behind Buddhists (34%) and Chinese Taoists (11%). There are two major groups, Muslims of Malay origin and Muslims of Indian origin, with the others being of Chinese, Eurasian, Arab and Central Asian origin. There are 69 mosques in Singapore and six full-time madrasas.
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