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Are IRAS annual values reasonable?

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Here is a summary of THE ARRIS:
Street Name: Yan Kit Road
District/Planning Area: D2 / Outram
Property Type: Apartment
Tenure: Freehold
Completion: 2002
Est. Land Size: 2,167 sqm
Number of Units: 63 units
Bedroom Types: 1BR, 2BR, 3BR
Buyer Profile by Residential Status: Singaporean 60.4%, PR 19.5%, Foreigner 18.1%, Company 2.0%
Average sale price*: $2,279 psf
Rental Yield**: 3.2%
*Based on URA sales data in the last 12 months. Otherwise, based on latest transaction
**Based on URA rental data in the last 12 months. Otherwise, based on latest transaction