Valuation indications on property sought from two separate agencies: Citibank

I REFER to the letter, ‘Bank valuation only half of market rate’ (Online Forum, Jan 15) by Ms Wong Meow Yin.

We regret that the potential buyer of Ms Wong’s property had reconsidered his decision because of the difference between her asking price of $2.4 million and the indicative valuation of $1.6 million on the property .

Citibank, as with other financial institutions here, obtains property valuation figures from professional and independent property valuation agencies. As such, the bank does not, in any way, determine how much a property is valued at.

In this instance, in line with the bank’s best practices, we had sought valuation indications from two separate agencies. Both valued Ms Wong’s property at $1.6 million, based on prevailing market conditions.

We would like to highlight that our Citibank officer had endeavoured to explain this to Ms Wong.

We also wish to assure customers that our staff take all enquiries seriously and will address any concerns in a professional and expedient manner.

Adam Abdur Rahman
Director, Corporate Affairs
Citibank Singapore Ltd

Source : Straits Times - 17 Jan 2008