A draft letter to a property portal concerning the price analysis of a development

Dear Sir,

RE: XYZ RESIDENCE TRANSACTIONS AND PRICE ANALYSIS

We would like to bring to your attention a specific issue regarding the transactions on your property website for XYZ Residence. It has been noted that the inclusion of SoHo units in the Residence transactions has resulted in a decrease in the lower, upper and median price analysis per sq. ft. for XYZ Residence. We understand that this might have been an oversight as not everyone is familiar with this development.

We would like to clarify that XYZ Residence is part of a mixed development comprising SoHo units, offices, retail units and a hotel.

Regarding XYZ Residence, it is important to note that all units have designations that start with B1 or B2 (e.g. B1-xx-xx or B2-xx-xx). Units starting with A1 and A2 are SoHo and not part of the Residence.

SoHo is a separate component from the Residence, although they can also be used as homes. SoHo does not have a car park, while Residence comes with one to two car parks. Additionally, Residence features higher-grade finishes compared to SoHo and is priced higher as well.

SoHo may have similar layouts to Residence and be a good investment, but they are two different components. It’s worth mentioning that some SoHo may be mistakenly advertised as Residence, leading to potential confusion.

This issue in the Analysis Report for XYZ Residence is significantly impacting the prices for owners and investors. Non-subscribers cannot see the unit numbers and those who can may not know that A1 and A2 belong to SoHo.

We’ve received inquiries from potential buyers about the lower per sq. ft. prices of some transactions under XYZ Residence. Upon investigation, we discovered that those were SoHo units combined with Residence transactions.

Therefore, we urge you to ensure that all transactions for units starting with A1 and A2 are removed from the Analysis Report for XYZ Residence. Only units with B1 and B2 are part of the Residence.

We kindly seek your prompt attention and would greatly appreciate your assistance in addressing this urgent concern.

Yours Sincerely,

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This letter is self-explanatory. In some developments, even within the same component, prices vary vastly according to size, layout, finishes, floor level, whether the unit is furnished, quality of furnishings, and facing. Transacted prices alone do not give the full picture. It is important to visit the development and view some units to understand the transacted prices better.

You can also consider engaging a licenced valuation firm to conduct a full valuation report. Choose one who is well-versed in the development and the neighbourhood.