Timber value has significant effects on sustainable forest management in developing countries. Empirical evidence has shown that timber value depends on many factors including physical conditions of the forest area, characteristics and composition of species, market condition, logging methods and government policy. This study aimed to estimate the economic value or stumpage value of timber resources at the compartment level in six compartments of Ayer Hitam Forest Reserve (AHFR), Puchong, Selangor. The estimation of stumpage value was done using a residual-value technique based on pre-felling (pre-F) inventory data, log price and assumed logging cost. The results show that stumpage values varied by compartment and diameter class. Most of the compartments had a substantial stumpage value, ranging from RM34,514 to RM66.875 per ha for trees 15 cm and above. The total estimated stumpage value for the whole AHFR was RM64,175,904.00. On average, about 49% of this value was stumpage value for trees 50 cm and above. The estimated values ranged from RM9, 775 to RM35, 606 per ha. From the results of the study, it can be concluded that AHFR is a high-value forest and that the total stumpage value is comparable with those of other dipterocarp forest areas in Malaysia.