The purpose of this report is to evaluate SMRA's net asset value and to determine whether it is overvalued, undervalued, or neutral compared to it's current share price. The asset divided into two categories, which are investment property and development property. The sum of net present value from each of asset categories will be calculated and it would lead to find the net asset value of SMRA The data of this report is collected from SMRA's annual report starting from 2010-2016, as well as SMRA's company presentation in order to gather more detailed data. Some additional information from Bloomberg terminal and government websites are also needed in order to collect the external data. Based on the net asset valuation method, it shows that SMRA's current share price is undervalued and it has a huge upsude potential to grow in future years. Meanwhile, some of government policies also show some of positive indications towards property market in the future. Therefore, SMRA give an indication to be a good potential investment for the long run period.