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28-08-2017, 07:50 PM
(This post was last modified: 28-08-2017, 09:29 PM by ACTIVIST SPEAKS.
Edit Reason: change
)
During the EGM on 28 Apr 17, representative from Savills made the following statement : "As valuers we haven’t set the price. We interpret the market and we validate whether that price is within an acceptable market range. It is correct that we value at a specific value in time. Whether with related parties or not, valuers will always make enquiries to what the purchase price is, knowing that the purchase price is the best evidence we can have. It is stated practice."
In their opinion, if the property is transacted at $23m, there exists best evidence that the valuation of that property is also $23m. This begs the question of the necessity of having any independent valuation at all from licensed appraisers as the transacted price is the best supporting evidence of their valuation (in Savills opinion).
SISV, when confronted with evidence of their valuers ignoring the actual rental of the property they are doing the valuation and instead declared the market rental to be significantly higher, chose to keep quiet and they remain quiet till date.
It is a pity that Savills, Knight Frank and Colliers were not taken to task by SISV for their work done with Sabana REIT/Vibrant.
In their opinion, if the property is transacted at $23m, there exists best evidence that the valuation of that property is also $23m. This begs the question of the necessity of having any independent valuation at all from licensed appraisers as the transacted price is the best supporting evidence of their valuation (in Savills opinion).
SISV, when confronted with evidence of their valuers ignoring the actual rental of the property they are doing the valuation and instead declared the market rental to be significantly higher, chose to keep quiet and they remain quiet till date.
It is a pity that Savills, Knight Frank and Colliers were not taken to task by SISV for their work done with Sabana REIT/Vibrant.