Singapore legislation

Regulation 13E

Land and buildings

Amended byS 814/2004 wef 01/01/2005

Subregulation 1

A Service Company shall value any land or building at its estimated market value.

In estimating the market value of any land or building, the Service Company shall take into account —

(a)

the last available valuation report made by a qualified property valuer;

(b)

the prevailing market for the land or building; and

(c)

any damage or improvement affecting the land or building from the date of the last available valuation report.

Amended byS 814/2004 wef 01/01/2005

A Service Company shall obtain a new valuation from a qualified property valuer —

(a)

when the value of the land or building has been substantially impaired by any event; and

(b)

in any event, at least once every 3 years.