YOU MAY WANT TO READ :FOR REFERENCE:)
https://www.edgeprop.sg/property-news/are-you-compensated-fairly-land-acquisition
1. Acquisition for new road
If your property is acquired to make way for a new road, it is possible that the compensation is less than the "market value". This is because the Road Line Plan might have shown a road line affecting the property before and as the date of the acquisition. Valuers typically refer to transactions of comparable properties to value a property. The comparable properties selected for the acquired land could be those affected by a road line.
In Ng Boo Tan v Collector of Land Revenue, Tan’s property was acquired in Dec 1998 to make way for the relocation of the Upper Paya Lebar Road/Bartley Road junction. Tan was offered $285,000 in compensation for her freehold apartment unit at 209D Upper Paya Lebar Road. She appealed saying that it was lower than the value of four- and five-room HDB flats.
Although she asked for $800,000 in compensation, the Appeal Board only increased the compensation slightly to $309,928. In a nutshell, the Appeal Board based its decision on three recent comparable transactions ranging from $250,000 to $300,000. In the three transactions, the buyers seemed aware of a road line affecting their properties when purchasing them.
One of them testified that he was aware of the road line and would not be able to use their CPF savings or obtain a bank loan to finance the property. Separately, the realtor who brokered one of the three transactions said that if the property had not been adversely affected by the road line, it would not be selling at $250,000.
Against this backdrop and after the valuer made valuation adjustments, the Board found the market value of Tan’s property to be $300,000. The Board also allowed Tan to be reimbursed for reasonable expenses arising from the change of residence, resulting in a total compensation of $309,928.
The presence of comparable sale transactions appears to be the game changer in Tan’s case. In the absence of comparable transactions, valuers would likely have to rely on their professional judgement. Valuation is said to be both an art and a science. A seasoned valuer pointed out that even the bids submitted by developers in a residential land tender could differ from each other significantly.
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