What is full market value?

robertteh SG

Recently, after many complaints (including one letter of mine published in the ST forum) about unfairness in acquiring lands for public use or freezing of development potential of conservation projects at ridiculous prices like $1.00 the government finally relented and announced in March 07 that henceforth it will pay FULL MARKET PRICE compensation for lands acquired for public use.

Does anyone know what the government means by market value compensation ? Is it based on willing buyer and willing seller basis as stated in URA tender?

In recent land acquisition for public use it would seem that the collector would simply use his own concealed table of some kind of values not disclosed and say at the inquiry to the people affected by acquisition : "give us your claim" without revealing market values or being bothered to prove their tables contain market values and give people about 3 weeks to accept such values and after this if there is no answer the collector will simply consider his offer of compensation usually about 10-15% of latest transacted land prices as full market value.

Such collector's offer would be far below the land values computed in their own development charge revision table published in URA website after the minister's announcement in order to collect higher enhancement for any change of use.

Just imagine when charging the people for Development Charge the collector knows what is market value but in paying compensation for acquisition of people's land the collector does not know what is market value.

Even though the minister has already announced market value as basis of compensation of lands kept sometimes for more than 20 years without being put to public use under section (8) of LAA, the collector is still using his old table of concealed values for compensation inconveniencing people in having to appeal and test out his compensation in court.

In other words either the minister is lying or the collector does not know what is market value when paying for acquisition but when it comes to collecting change-of-use enhancement of values he simply is too good in coming up with the latest transacted land prices to charge at the full market values.

Which basis is correct - the development charge table to collect more monies from citizens for change of use or collector's own concealed copy of "market values".

deathbait SG

I like how people like you seem to think money comes from nowhere and goes into an abyss when the government is involved.

maurizio13 SG

I like how people like you seem to think money comes from nowhere and goes into an abyss when the government is involved.

Casting aspersions again?

deathbait SG

Casting aspersions again?

nay. That was a passing comment. I leave the casting of aspersions to you. You do so seem to enjoy doing it after all.

robertteh SG

Deathbait,

I am pointing out a malpractice for your own good. If minister announced change in compensation to full market value, then the civil servants should stop all the past practices of using their own values which are unsubstantiated by latest land transactions to force people affected to accept below-market compensation by power.

If we want a clean and corruption-free government we the people must be the party to stop any such malpractices.

In the meantime it would put the minister to shame for telling lies about giving market-value compensation.