RHT Chestertons Valuation and Advisory have tied up with UOB Business Banking to launch Singapore’s first instant indication guide for commercial property.
Within the «Real Commercial» app developed by Soreal Prop and United Overseas Bank (UOB), one can find an online platform that provides the value indication guide for local commercial strata-titled properties to the user within a minute, as compared to 30 minutes or more using the normal method.
This instant indication range guide platform was developed over nine months, with RHT Chestertons providing the valuation methodology to develop a matrix which can generate a current range of values for the particular strata-titled commercial property based on the address and size, the real estate advisory firm said in a media statement on Monday.
While these robo-valuation models are in demand by financial institutions, it cannot entirely replace the human element in the valuation process, the advisory firm notes. «Human input is still required to assess properties like landed factories, shophouses, hotels and dormitories, etc. as there are other intangible factors affecting value associated with the various property types,» the firm wrote in a report.
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David Ng and Eleen Chia who have years of experience in the valuation of REITs (Real Estate Investment Trusts), initial public offerings, land parcels, mortgage security, acquisitions and disposals, currently helms RHT Chestertons’ Valuation & Advisory.
If demand for such service is strong, RHT Chestertons may enhance the platform to include residential strata-titled properties too. Addressing the need to improve on the quality of valuation reports in the future, RHT Chestertons is now providing analytics to assist clients to have a better understanding of property values. Such analytics include, but not limited to value behavior charts in particular districts and estimated projection of property values based on past trends.
RHT Chestertons has developed a matrix that allows a range of values to be generated using recent transaction records, past valuations, and current rental data. This allows the user, property agent or buyer, to work out through the app the loan amount needed, and hence to proceed immediately with the loan application process with UOB. A formal valuation report will then be instructed to be issued by RHT Chestertons when the loan is to be disbursed.