Singapore property developer fails in judicial review bid over differential premium
Property developer Chiu Teng @ Kallang has failed in its High Court bid to reduce the amount it owes the Government for a mixed-use site in Kallang.
The dispute concerns a difference in valuation of about $30 million.
Chiu Teng had calculated the differential premium for two adjacent plots it had acquired in 2010 to be more than $11 million. It used a table containing a "snapshot of rates" based on past prices for its calculation.
But the Singapore Land Authority (SLA) calculated the premium to be in excess of $40 million, based on a "spot valuation" or an assessment of the land's value at the given time.