IT company StreetSine Singapore has dropped its lawsuit against the Singapore Institute of Surveyors and Valuers (SISV) and 26 other parties, marking an end to a three-year-long dispute.
This comes as StreetSine and SISV recently reached an understanding after a court-initiated mediation, according to a joint statement by both parties yesterday.
StreetSine operates SRX Property, a digital platform which offers real estate-related services, such as property listings.
It is owned by StreetSine Technology Group, which, in turn, is a subsidiary of Singapore Press Holdings, which publishes The Straits Times. It also has a property valuation service, which utilises a combination of computer-generated values and licensed appraisers to produce certified valuation reports.
SISV is a national body representing professionals in the real estate and construction industry, such as land surveyors, valuers, property managers, estate agents and quantity surveyors.
The dispute was sparked by a statement issued by SISV in April 2016, stating that "computer-generated values are not considered valuations (in accordance with SISV Valuation Standards and Practices Guidelines) and are therefore not recognised by the Institute".
At that time, StreetSine was in talks with banks to join their valuation panels.
However, StreetSine claimed that the banks terminated all further discussions with it shortly after SISV's statement was issued.
It also claimed that its valuation revenue fell sharply in the following months.
StreetSine then brought proceedings against SISV and 26 other parties, including property consultant firms such as Knight Frank and CBRE, alleging that the parties were "in a conspiracy" to injure its business and reputation.
StreetSine also claimed that SISV and the 26 other parties prevented it from marketing its valuation products to banks, financial institutions or the public in Singapore and overseas.
In the joint statement by both StreetSine and SISV, the parties said they had arrived at a "better understanding to promote the use of technology" as a tool for pricing residential property.
SISV acknowledged that automated valuation models, which are widely used by property buyers and sellers as well as real estate professionals to obtain an instant indication of property value, "have transformed Singapore's property industry".
It also encouraged property professionals and financial institutions to embrace technology "as important tools in performing valuation and transacting property".
On StreetSine's part, it recognised that the opinion of a licensed appraiser remains an important part of the property valuation process, for property transactions or any other situations where a formal valuation is required.
