HDB resale: Parties must agree on price before valuation, TODAY, 11 Mar 2014
Buyers and sellers of Housing and Development Board (HDB) resale flats will have to agree on a price before getting an official valuation, in contrast to the previous long-standing practice where negotiations were determined by a unit’s valuation report and how much a buyer was willing to pay above valuation.
Under the new process, the HDB will only accept valuation requests from resale flat buyers or their appointed salesperson after the buyers have been granted an Option to Purchase (OTP) by flat sellers. Buyers will then have 21 days, instead of 14 days, to exercise the OTP. The changes will apply to all buyers who were granted the OTP after 5pm yesterday.
The HDB will publish daily prices of resale transactions as soon as they are registered, instead of fortnightly after the resale transactions are approved. This will allow flat buyers and sellers to negotiate based on recent transaction prices and reduce the focus on COV in negotiation.
Selling your HDB flat: A step-by-step guide
Updated: 10 Mar 2014
Singapore Institute of Surveyors and Valuers (SISV)
The Institute was established in 1982 when the Singapore Institute of surveyors and the Singapore Institute of Valuers merged. The Institute comprises 3 divisions: the Land Surveyors, the Quantity Surveyors and the Valuation and General Practice Surveyors.
In the valuation of all properties, be it HDB flats or private properties, valuers have to adopt the principles of valuation as prescribed in SISV’s valuation standards and guidelines. The market value of a property is the estimated amount for which the property should exchange on the valuation date between a willing buyer and a willing seller, in an arm’s length transaction after proper marketing and where the parties have each acted knowledgeably, prudently and without compulsion.