The key difference between condo and apartment status is the land size of the development. For a development to be granted "condo status", it will need to meet certain requirements, with one important requirement that the land size be above 43,000sqft. There are other criteria to meet, all of which will determine if this development is to be of condo status.
As for Valuation, this is an art, not rocket science. There is no fixed valuation. Valuation can differ from different valuers, it is best you can get the opinions from a few valuers from the bank before any purchase.
Having said that, you should really consider carefully before choosing an apartment over a condo. Afterall, what you're paying are not only within the limits of the particular unit. The price you pay includes the land that the development is sitting on. Paying for a condo with huge land size with full amenities is often preferred over buying a small development with little or few amenities.
Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.