Yeo & Associates managing director Beatrice Yeo, whose law firm represented the man, said the appeal decision that followed in the High Court is significant in being the first such ruling.
It clarified the position of the appropriate method of valuing the flat that was subject to the MOP, she said.
“Both parties had been stuck as to the use of the market price or the purchase price, the surrender value being pegged at a percentage below the purchase price. The court’s answer is the market price,” Ms Yeo said, noting that the Build-to-Order flat in point was valued at some $545,000 early last year.
The surrender value would only be an accurate estimate of the flat’s value if it was actually surrendered to the HDB, which is unlikely to be the case.
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Source: Straits Times
Article Date: 25 Jan 2021
Author: K.C. Vijayan