Land and buildings
13E.—(1)  A Service Company shall value any land or building at its estimated market value.
(2)  In estimating the market value of any land or building, the Service Company shall take into account —
(a)the last available valuation report made by a qualified property valuer;
(b)the prevailing market for the land or building; and
(c)any damage or improvement affecting the land or building from the date of the last available valuation report.
(3)  A Service Company shall obtain a new valuation from a qualified property valuer —
(a)when the value of the land or building has been substantially impaired by any event; and
(b)in any event, at least once every 3 years.
[S 814/2004 wef 01/01/2005]