CIR 10.5.9 CIR 10.5.9(1) The
Fund Managermust ensure that the Valuerappointed under CIR Rule 10.5.8 procures the proper valuation of all the property held within the Fund Property, on the basis of a full valuation with physical inspection including, where the property is or includes a building, an internal inspection at least once a year.(2) For the purposes of (1), any inspection in relation to adjacent properties of a similar nature and value may be limited to that of only one such representative property.(3) The Fund Managermust, subject to (4), ensure that the Valuervalues the property, on the basis of a review of the last full valuation, at least every 12 months.(4) If any event occurs which may on reasonable grounds have a material effect on the valuation of the relevant property the Fund Managermust consult with the Valuerwith a view to arranging a fresh valuation before any Unitsin the Fundare issued or redeemed after the date of the event.(5) The Fund Managermust require that any valuation by the Independent Valueris on the basis of an 'open market value' as defined in the Constitutionand Prospectus.
CIR 10.5.9 Guidance
DFSAwould expect the Fund Managerto define 'open market value' to be based on an authoritative text such as the Royal Institute of Chartered Surveyors' Appraisal and Valuation Standards (fifth edition) ("Red Book") or similar practitioners text used by surveyors for the valuation to be a proper valuation under CIR Rule 10.5.9(5).Derived from RM72/2010 (Made 11th July 2010). [VER13/07-10]