S’pore Institute of Surveyors and Valuers does not provide valuation services

We write to correct Mr Patrick Tan’s perception of the role of the Singapore Institute of Surveyors and Valuers (SISV) (“Fair valuations of properties being built a challenging issue”; April 9).

The institute was set up as a non-profit organisation to regulate the conduct of our members who are valuers, and to raise the level of professionalism in the profession, among other things.

All institute members who are professional valuers are required to conduct their valuations in compliance with the SISV Valuation Standards and Practice Guidelines.

The SISV is not “in the business of” providing valuation services. Hence, there is no conflict of interest. Valuation of existing and new properties, including those under construction, is based on evidence of actual market transactions and not asking prices.

The institute had replied to the same issue raised by Mr Tan in The Straits Times in April 2014. If he has further queries, he is welcome to contact us so that we can look into the matter in more detail.