Eight owners of partial land lots that are being acquired for the construction of the Thomson-East Coast MRT Line received a total of $10 million, reported Channel NewsAsia.
According to the Singapore Land Authority (SLA), the owners were paid the corresponding market value of their property as determined by private valuers and in accordance with the Land Acquisition Act.
Most of the 24,000 sqm of land is located within the Marine Parade and Changi South areas. Over 17,000 sqm is owned by the Laguna National Golf and Country Club.
In April last year, owners of 15 houses affected by construction of the MRT line were awarded $45 million. The homes are situated at Tanjong Katong Road and Amber Road.
The SLA revealed that some of the owners have accepted the compensation while others have appealed to the Appeals Board. One valuer noted that the valuation process is not that straightforward sometimes.
“The challenges are basically understanding of the asset, what are the encumbrances, covenants or restrictions,” said Tan Keng Chiam, Head of Valuation Advisory Services at JLL.
“I think one has to understand the product and thereafter determine the basis. In many occasions, differences arises because of different assumptions.”
Image source: LTA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
