JW Chartered Valuers & Surveyors values businesses, land and property, plant and machinery, and intangible assets across the Maldives. Our reports follow international valuation standards, so lenders, auditors, investors and courts at home and abroad can rely on them.
Every engagement starts with the question the valuation must answer: a lending decision, a set of accounts, a negotiation or a dispute. The purpose sets the basis of value, and the basis drives the method.
Enterprise and equity valuations for owners, buyers, boards and regulators, from family companies to listed entities.
Value for the assets that do not appear on the balance sheet but drive the business: names, rights, relationships and know-how.
Residential, commercial and tourism property in Malé, Hulhumalé and across the atolls, including the leasehold interests that dominate the Maldivian market.
Asset-level valuations of the equipment that runs island economies, often in remote and marine conditions.
Valuation evidence prepared for courts, tribunals and arbitration, where every assumption will be tested under cross-examination.
Quantum for litigation and claims: what the business would have earned but for the event, measured and documented.
The same asset can carry different values for a bank, an auditor and a court. We agree the purpose and basis in the engagement letter before any work begins.
| Purpose | Typical client | Usual basis of value | Reference |
|---|---|---|---|
| Secured lending | Local and international banks, borrowers | Market Value, with assumptions on lease term and title | IVS 104 · RICS VPS |
| Financial reporting | Listed companies, SOEs, auditors | Fair Value | IFRS 13 · IAS 16 · IAS 40 |
| Transactions | Buyers, sellers, investors, boards | Market Value or Investment Value | IVS 200 |
| Impairment & PPA | Groups after an acquisition | Recoverable amount, Fair Value | IAS 36 · IFRS 3 |
| Disputes & litigation | Lawyers, courts, arbitral tribunals | As directed by the court or agreement | Expert evidence |
| Tax & regulatory | Companies, MIRA filings, CMDA submissions | Market Value or as the regulation defines | Maldivian regulations |
| Insurance | Owners, insurers, brokers | Reinstatement cost | Cost approach |
A clear, documented process means you know what we need, what you will receive and when. Every report is checked by a second senior professional before it is released.
We confirm purpose, basis of value, valuation date and scope, run a conflict check, and issue terms of engagement.
Site inspection, including outer atolls, and a tailored request list for accounts, leases, contracts and forecasts.
Income, market and cost approaches as appropriate, tested against Maldivian transaction and rental evidence.
An independent senior reviewer challenges the inputs, method and conclusion before sign-off.
A signed report in English, followed by meetings with lenders, auditors or counsel, and testimony if required.
The Maldivian market has its own structures: lease-based land tenure, tourism-driven cash flows earned largely in US dollars, and a small pool of comparable transactions. We bridge local evidence and international expectations.
Most investment property in the Maldives is held through long-term leases, not freehold. We value the leasehold interest itself, reflecting remaining term, rent, renewal terms and lessor consent provisions.
Independent valuation and financial review of target businesses, resorts and development projects, so price negotiations start from evidence.
Reports written in English to IVS and RICS standards, with values in US dollars and Maldivian rufiyaa, structured for international banks, auditors and investment committees.
Our team works from Malé and travels across the atolls. We know the market participants, the regulators and how transactions here actually close.
Entry pricing, joint-venture valuations, lease acquisitions and exit planning.
Group restructuring, listings, financial reporting valuations and board advice.
Practical valuations for bank finance, partner entry or exit, and succession.
Specialist understanding of the industries that drive value in the Maldives, and of the assets particular to an island nation.
Resort islands, city hotels, guesthouses, liveaboards and operating agreements.
Development land, apartments, commercial towers and contractor businesses.
Fishing fleets, processing plants, cold storage and marine services.
Collateral valuations, portfolio reviews and financial institutions.
Importers, wholesale and retail chains, brands and dealerships.
Corporatisation, restructuring, privatisation and IFRS reporting.
Power generation, solar, desalination and island infrastructure.
Seaplane and domestic aviation assets, ferries and logistics.
Our partners lead every engagement personally, from scoping the instruction to standing behind the conclusion.
Rifaath Jaleel is a Chartered Accountant, Chartered Surveyor and qualified valuer with 30 years of experience across the public and private sectors of the Maldives. A pioneer in the Maldivian financial sector, he contributed to drafting the national Valuation Regulations and has advised more than 150 private businesses and several state-owned enterprises. His expertise spans business and asset valuation, audit, forensic accounting, corporate governance, capital markets and foreign investment advisory, with particular depth in resort and tourism projects.
Wathsala Wickramanayake is an award-winning and internationally recognised Chartered Valuation Surveyor and Fellow of the Royal Institution of Chartered Surveyors (FRICS), with over 15 years of professional experience. She has undertaken and managed more than 20,000 valuation assignments across diverse property sectors and asset classes, including complex and specialised valuations in Sri Lanka and the Maldives, with professional engagements extending to Bhutan. Her expertise spans real estate, hospitality, investment properties, development projects and specialised assets, supported by a distinguished record of professional achievements, academic excellence and industry leadership.
Our partners are supported by a team of more than 25 audit, advisory, IT and corporate services professionals in Malé.
Meet the support teamWe are a Maldivian firm built for a market where reliable valuation evidence has historically been scarce.
Our managing partner's career spans audit, valuation, capital markets and regulation in the Maldives.
Private companies and state-owned enterprises across tourism, finance, trade and construction.
Reports structured to International Valuation Standards and the RICS Red Book.
An engagement partner and an independent reviewer approve each conclusion.
Practical guidance on valuation, financial reporting and disputes in the Maldives, with news from the firm.
If your question is not answered here, email info@jwcvs.com and a partner will reply.
It depends on the asset and purpose. For a business we usually ask for three to five years of financial statements, current management accounts and forecasts. For property we need the lease or title documents, plans and rental information. We send a tailored list with our engagement letter.
Timing depends on scope, data availability and whether site visits to the atolls are needed. We agree a delivery date in the engagement letter before work begins, and can prioritise urgent lending or transaction deadlines.
We quote a fixed fee based on the asset, purpose and complexity of the work, never as a percentage of the value concluded. This protects the independence of our opinion.
Our reports are prepared in English to International Valuation Standards and RICS global standards, the framework most international lenders and auditors require. We are happy to confirm a lender's specific reporting requirements before we start.
Yes. We prepare expert reports for courts and arbitral tribunals in the Maldives and can give oral evidence. Our duty in that role is to the court, and our reports are written to withstand challenge.
We run a conflict check on every new instruction and disclose any relevant relationship in writing before we accept the engagement. If independence cannot be maintained, we decline.
Tell us what needs valuing and why. A partner will respond with scope, timing and a fixed fee proposal.
JW's partners are supported by the audit, advisory, technical, IT and corporate services professionals of our associated firm, MHPA LLP, a Maldivian audit and advisory firm established in 2006. They handle data gathering, financial analysis, quality support and the administration that keeps engagements on schedule.
Administrative and scheduling queries go to admin@jwcvs.com, and billing questions to accounts@jwcvs.com. Valuation instructions are always led by a partner.
Contact the firmArticles, technical notes and firm news from JW Chartered Valuers & Surveyors, written for business owners, investors, lenders and their advisers.
This article is general information and not valuation or legal advice. For advice on your circumstances, contact info@jwcvs.com.
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