Legal Disclosure

PJ-Value™ Methodology & Accuracy Disclosure

Effective Date: May 4, 2026 | Last Updated: May 5, 2026

Important Notice

PJ-Value™ is an automated computer-generated estimate derived from official government transaction data. It is not a professional appraisal, formal valuation, or guaranteed sale/purchase price. It is provided for informational purposes only and should not be the sole basis for any financial decision.

1. What PJ-Value™ Is

PJ-Value™ is an automated estimate of a property's current market value, derived from recent comparable transaction data published by official Singapore government sources. It is not a professional appraisal, formal valuation, or guaranteed sale/purchase price.

PJ-Value™ is provided for informational and illustrative purposes only. It should not be relied upon as the sole basis for any financial decision, property transaction, loan application, or legal proceeding.

2. Data Sources

All comparable transactions are sourced exclusively from official Singapore government databases:

Source	Publisher	Records	Coverage
URA Private Property Transactions	Urban Redevelopment Authority (URA)	~139,000	Private residential (condo, apartment, landed)
HDB Resale Flat Prices	Housing & Development Board (HDB)	~684,000	Public housing (HDB flats)

Data freshness: The database is updated periodically from official URA and HDB data releases. The most recent transactions available are typically from the preceding calendar month. As of this disclosure, the most recent data is from March 2026.

3. Methodology

PJ-Value™ uses a Comparable Sales Approach (also known as Comparative Market Analysis or CMA). The core formula is:

Estimated Value = Weighted Average Adjusted PSF × Property Size

3.1 How Comparables Are Selected

The selection strategy differs between private (URA) and public (HDB) properties:

URA (Private Property)

Primary comparables: Recent transactions from the same development/project within ±20% of the subject unit's floor area, from the last 24 months.
Fallback comparables: If fewer than 5 same-project transactions exist, recent transactions from the same planning district with the same property type are used.

HDB (Public Housing)

Primary comparables: Recent transactions from the exact same block and flat type within ±20% of the subject unit's floor area, from the last 24 months.
Fallback comparables: If fewer than 5 same-block transactions exist, recent transactions from the same town with the same flat type are used.

3.2 Adjustments Applied

Each comparable's PSF is adjusted before inclusion in the weighted average:

Adjustment	Description	URA Rate	HDB Rate
Floor Level	Higher floors typically command a premium	+0.5% per floor	+0.7% per floor
Recency	More recent transactions weighted higher	+0.2%/mo (cap 1.8%)	+0.1%/mo (cap 1.2%)
Lease Decay	Older HDB flats have shorter remaining lease	N/A	0.5% per year difference

3.3 Weighting

Comparable Type	URA Weight	HDB Weight
Same project / Same block	4.0×	4.0×
District / Town fallback	1.0×	0.5×

4. Accuracy & Backtesting Results

PJ-Value™ has been backtested against actual realized transaction prices from February–March 2026. In a backtest, the model uses only comparables that occurred before the subject transaction date.

Metric	URA (Private)	HDB (Public)
MAPE (Mean Absolute Percentage Error)	~7.1%	~7.8%
Estimates within ±5% of actual price	~66.5%	~48.8%
Estimates within ±10% of actual price	~82.0%	~72.7%

Estimates can deviate by more than 10% in some cases, particularly for properties with very few comparable transactions.

5. Known Limitations & Caveats

5.1 Data Limitations

No unit-level detail: Datasets do not include unit numbers, exact floor levels, or internal condition. We use storey range as a proxy.
No physical attributes: Renovation quality, view orientation, facing direction, proximity to amenities, noise levels, and maintenance condition are not factored in.
No market sentiment: Macro-economic shifts, policy changes, or sudden supply/demand shocks after the last data update are not captured.
Partial postal code coverage: Some URA records lack postal codes.

5.2 Property-Type-Specific Limitations

Property Type	Limitation
HDB very old blocks (<40 years remaining)	Lease decay assumes 99-year lease. Accuracy degrades for very old flats.
Landed properties	Very small sample sizes per district. Treat estimates with caution.
New launches / en-bloc sites	No comparable transaction history exists for properties that haven't transacted.
Unique / bespoke units	Penthouses, dual-key units, or architecturally unique properties are poorly represented.

5.3 HDB-Specific Considerations

~82% of HDB transactions have at least 3 same-block comparables within 24 months. The remaining ~18% rely on broader town-level matching.
"4-Room" can span a wide range of floor areas and layouts across different towns and construction eras.
Estates that have undergone HIP, LUP, or NRP may transact at premiums not fully captured by age-based adjustments.

5.4 URA-Specific Considerations

Relies on exact project name matching from URA data. Name variations or subdivisions may not be correctly linked.
District-level matching is very broad for landed properties, where each home is unique.

6. Important Legal Disclaimers

6.1 No Warranty

PJ-Value™ estimates are provided "as is" without warranty of any kind, express or implied, including but not limited to: accuracy, completeness, timeliness, or fitness for a particular purpose.

6.2 Not a Professional Valuation

PJ-Value™ is not a formal valuation report prepared by a licensed valuer under the Institute of Valuers and Appraisers, Singapore (IVAS) or any other professional body. It does not comply with the International Valuation Standards (IVS) or the Singapore Valuation Standards (SVS). For legal, financial, or taxation purposes, users should engage a qualified professional property valuer.

6.3 No Liability

pj.sg, its operators, affiliates, and data providers shall not be liable for any direct, indirect, incidental, consequential, or special damages arising from reliance on PJ-Value™ estimates or decisions to buy, sell, rent, or finance a property based on PJ-Value™.

6.4 Data Attribution

Property transaction data is sourced from the Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB). These agencies are the original publishers and retain all intellectual property rights. pj.sg does not claim ownership over the underlying transaction records.

6.5 Jurisdiction

This disclosure is governed by the laws of the Republic of Singapore. Any disputes arising from the use of PJ-Value™ shall be subject to the exclusive jurisdiction of the courts of Singapore.

7. How to Interpret PJ-Value™

Confidence Indicators

Confidence	Meaning
High	≥8 same-project / same-block comparables available
Medium	4–7 same-project comparables, or ≥8 total comparables
Low	3–7 total comparables available
Insufficient	<3 total comparables — estimate is unreliable

✅ More reliable when:

High-transaction-volume area
Common flat type / standard layout
Recent sales within 6–12 months
Confidence is "High" or "Medium"

⚠️ Less reliable when:

Unique, bespoke, or newly launched
Few comparable transactions
Significant unobservable attributes
Market conditions shifted rapidly

8. Updates & Changes

Version	Date	Changes
1.0	May 4, 2026	Initial disclosure — block-level HDB matching, lease decay adjustment, source-specific tuning, backtesting results
1.1	May 5, 2026	Property identification improvements — street-name fallback for multi-block condos (e.g. City Square Residences) where a single postal code does not uniquely identify the project. URA tenure cross-check — lease type from URA transaction records now overrides scraped tenure data when discrepancies are detected. LTV limit verified at 75% for bank loans (current as of May 2026).

Questions? Contact us at support@pj.sg