Property valuation in Singapore: what to expect

When do you need a property valuation?

You may need a valuation when arranging a mortgage or refinancing, reviewing a property portfolio, considering a transaction or preparing financial information. Start with the decision the report will support. A report prepared for one purpose or recipient may not be suitable for another.

Before appointing a valuer for a bank-related instruction, ask the lender who must issue the instruction and which valuers or reports it will accept. Do this before paying for a report. An independent valuation does not itself confirm a loan amount or guarantee the lender’s acceptance.

What affects a property’s assessed value?

A valuer considers the property interest and the relevant evidence together. Two units in the same development can have different characteristics. A nearby transaction is useful evidence, but it is not automatically a direct comparison.

• Tenure and the remaining lease, where relevant.
• Location, floor area, layout, floor level and physical condition.
• Permitted use and the property interest being valued.
• Tenancy terms and rental information for an income-producing property.
• Relevant transactions, market conditions and the valuation date.

How does the valuation process work?

The first step is to agree the purpose, property, valuation date, intended recipient and reporting scope. The team then confirms the information needed and whether an inspection is required. Access should be arranged with the owner, occupier or managing agent.

The valuer reviews the available documents and market evidence, considers the appropriate approach and prepares the agreed report. Read the assumptions and limitations as well as the conclusion. Ask about anything that appears inconsistent with the property information you supplied.

Asking price, agreed price and assessed value

An asking price is a seller’s starting position. An agreed price reflects a particular negotiation. A valuation is an assessment for a defined instruction at a specific date. These figures can differ without one being a simple error.

For Singapore Buyer’s Stamp Duty, IRAS states that the calculation uses the purchase price or market value, whichever is higher. This is a separate tax requirement; a negotiated purchase price should not automatically be treated as the only relevant figure. Check the current IRAS guidance linked below.

HDB resale flats follow a specific process

For an HDB resale purchase, check HDB’s Request for Value process before arranging a separate private report. HDB explains that the value forms a basis for CPF usage and/or the reference for the housing loan, unless the financial institution advises otherwise. HDB determines whether a valuation is needed and arranges the relevant process.

A private opinion for your own planning should not be assumed to replace HDB’s required process. The official HDB guidance below explains the route for resale buyers.

How much does a valuation cost, and how long does it take?

Fees and delivery arrangements depend on the property and instruction. A straightforward residential unit and a tenanted commercial portfolio involve different work. Access, document availability, the reporting purpose and any unusual property features can also affect the scope.

Request a written quotation and an expected delivery date for your case. Confirm what the fee covers, whether an inspection is included and what must be received before the work can begin. Avoid planning around a generic online price or turnaround promise.

What should you include in your first enquiry?

Send the address, property type, purpose of the valuation, intended recipient and target date. Mention any tenancy, access restrictions or lender instructions. This gives the team enough context to discuss scope without asking you to upload sensitive records at the outset.

Century 99 handles residential, commercial, industrial and corporate valuation enquiries in Singapore. Use the enquiry form to describe your requirement; the team can then confirm the next steps and the documents needed.