/ Property news / StreetSine, SISV reach understanding on automated valuation models; court action ends

StreetSine, SISV reach understanding on automated valuation models; court action ends

Fresh property news selection on December 10. 2019, Tuesday.

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Streetsine and the Singapore Institute of Surveyors and Valuers (SISV) have reached an understanding on the use of automated valuation models (AVMs) following mediation, which has resulted in StreetSine discontinuing proceedings that had been previously brought against SISV.

In a joint statement issued on Tuesday morning, StreetSine and SISV said: "Pursuant to a court-initiated mediation process, SISV and StreetSine have come to a better understanding to promote the use of technology, such as SRX X-Value, as a tool for pricing residential property in Singapore."

They added: "In the spirit of this understanding, StreetSine has discontinued the proceedings it commenced against the defendants... on a drop hands basis."

StreetSine commenced proceedings against SISV in 2016 after a statement by the professional body of surveyors and valuers in April that year stated that it does not recognise computer-generated valuations as they are not in line with SISV valuation standards and practice guidelines.

StreetSine operates online platform SRX Property, which publishes property listings, market intelligence and offers data analytic tools, such as X-Value. X-Value is an automated valuation service which instantly generates an indicative value of a home. SRX is operated by StreetSine Technology Group, a subsidiary of Singapore Press Holdings (SPH). SPH also owns publications such as The Business Times.

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