Affin Bank Berhad
Autor: Jannisthomas • January 26, 2018 • 1,688 Words (7 Pages) • 684 Views
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TERMS OF REFERENCE
We have been instructed by AFFIN BANK BERHAD to assess the Reserve Price and Forced Sale Value of the abovementioned property for AUCTION purposes.
THE SUBJECT PROPERTY IS DESCRIBED AS DEVELOPER’S PARCEL NO. L2-3A, STOREY NO. THIRD FLOOR, BUILDING NO. L, IN THE PRINCIPAL SALE AND PURCHASE AGREEMENT DATED 14TH NOVEMBER 2002. WE WERE INFORMED BY THE DEVELOPER THAT THE SUBJECT PROPERTY HAS BEEN ISSUED WITH STRATA TITLE NO. GERAN 54195/M1/4/42, PARCEL NO. 42, STOREY NO. 4, BUILDING NO. M1, LOCATED ON LOT NO. 948 SEK. 10, BANDAR KAJANG, DISTRICT OF HULU LANGAT, STATE OF SELANGOR DARUL EHSAN AND WE ASSUME THAT IT IS CORRECT FOR THE PURPOSE OF THIS VALUATION. AS THE STRATA TITLE IS STILL REGISTERED UNDER THE DEVELOPER NAME, WE ADVISE THAT A SOLICITOR IS ENGAGED TO VERIFY THAT THE STRATA TITLE MENTIONED ABOVE IS FOR THE SUBJECT PROPERTY. WE RESERVE THE RIGHT TO AMEND THE LEGAL DESCRIPTION OF THE PROPERTY IF THE ABOVEMENTIONED STRATA TITLE IS INCORRECT.
It is pertinent to note that we were unable to carry out an internal inspection of the subject property on 17th April 2015 as it was locked. We have only carried out a cursory inspection of the subject property from outside. Therefore, we have assumed that the subject property is a typical standard unit and is without any internal renovation.
The description of the subject property is based on the building specification and typical floor plan as noted in the Principal Sale and Purchase Agreement dated 14th November 2002 extended to us by the client as well as from our cursory inspection.
We, therefore, do not assume any liability and/or responsibility for internal defects or differences (if any) which may adversely affect the value of the subject property.
IT IS PERTINENT TO NOTE THAT THIS REPORT AND VALUATION IS PREPARED SPECIFICALLY FOR THE ABOVE INTENDED PURPOSE AND SHOULD NOT BE USED FOR ANY OTHER PURPOSES.
DEFINITIONS
RESERVE PRICE for the purpose of sale by public auction under the provisions of Section 257 (1)(d) of the National Land Code 1965 as being a price equal to the estimated market value of the property.
MARKET VALUE is defined as the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm's-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
FORCED SALE VALUE is defined as the amount that may reasonably be received from the sale of a property under forced sale conditions that do not meet all the criteria of a normal market transaction.
It involves a price which arises from disposition under extraordinary or atypical circumstances, usually reflecting an inadequate marketing period without reasonable publicity, an inappropriate mode of sale and sometimes reflecting an unwilling seller condition, and/or disposal under compulsion or duress.
DATE OF INSPECTION & VALUATION
The subject property was only inspected externally by Mohd Izudin Bin Nordin on 17th April 2015 as it was locked and the material date of valuation is the date of our cursory inspection.
INTEREST VALUED
The interest to be valued is the freehold interest in Geran 54195/M1/4/42, Parcel No. 42, Storey No. 4, Building No. M1, located on Lot No. 948 Sek.10, Bandar Kajang, District of Hulu Langat, State of Selangor Darul Ehsan.
SITUATION & SURROUNDING
Address
:
Unit No. L2-3A, No.1, Blok L, Jalan TKS 5, Taman Kajang Sentral, 43000 Kajang, Selangor Darul Ehsan.
Local authority
:
Majlis Perbandaran Kajang
Location
:
Approximately 30 kilometres by road from the Kuala Lumpur city centre.
Neighbouring properties / development
:
Mainly single and double-storey terraced houses, single and double-storey detached houses, four storey shop apartment and apartment blocks.
Taman Kajang Jaya, Taman Bukit Mewah, Taman Bukit Kajang Baru, Taman Bukit Ria, Taman Sri Reko and Taman Kajang Utama.
Location Plan (Circled Green)
:
Appendix A
PARTICULARS OF STRATA TITLE
Brief strata title particulars of the subject property as extracted from a copy of strata title document as obtained from the developer are as follows :-
Strata Title No.
:
Geran 54195/M1/4/42
Parcel No.
:: :
42
Storey No.
:
4
Building No.
:
M1
Lot No.
:
948 Sek.10
Town
:
Bandar Kajang
District
:
Hulu Langat
State
:
Selangor Darul Ehsan
Registered Owner
:
Kingpin Corporation Sdn. Bhd.
Unit Share Of The Parcel
:
87
Total
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