Source : The Business Times, May 9, 2009
CAPITALAND, Singapore's biggest developer by market capitalisation, recently met property valuers to discuss the valuation process, sources told BT.
CapitaLand chief executive Liew Mun Leong chaired the meeting, which ran for more than an hour. About 40 people were present, including valuers and consultants from Singapore's top property firms, a former chief valuer and CapitaLand employees.
BT believes Mr Liew was seeking to understand the methodology used to arrive at property valuations.
Asked about the meeting, a CapitaLand spokesman said the company has regular dialogues with partners and professional organisations involved in real estate, such as banks, architects, contractors, designers, accountants and valuers.
'During these dialogues we exchange views about industry practices, market outlook and other general aspects,' the spokesman said. 'There are no direct references to our properties or projects.'
Most developers here have their investment projects revalued annually, and many include the revaluation gains and/or losses in their profit-and-loss figures.
In 2008, for example, worsening economic conditions put pressure on real estate values, and as a result there was a downward revaluations of some CapitaLand properties. CapitaLand recorded a fair value loss of $58.9 million in Q4 2008, mainly from the revaluation of its portfolio of investment properties held by subsidiaries in Australia.
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