Singapore Institute of Surveyors and Valuers Express/VGPExpress2016-4.pdfSave the Date! VGP ExpressThe Singapore Institute of Surveyors and Valuers ISSUE 6-OCTOBER 2016 27th VGP Council
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The
VGP Express SingaporeInstituteofSurveyorsandValuers
I S S U E 6 - O C T O B E R 2 0 1 6
27th VGP Council 2015/2017
President DrLimLanYuan
1stVicePresident TanChoiHeng
2ndVicePresident JohnTeo
HonSecretary GohHengHoon
HonTreasurer IanLoh
AsstHonSecretary RichardTay
CouncilMembers
IvyTan GeorgeLow
PngPohSoon EricChan
TanKengChiam JosephYee
ValenieChwee SohChorYin
OngShujuan
TheFastChangingProfessionalLandscapeoftheRealEstateIndustryInthisnewagemarket,itisimportantforprofessionalsintherealestateindustrytobequicktoadapttoamultitudeofnewbusinesscompetition. With enhanced new skills and knowledge, estateagenciesandrealestatecompanieswouldbeinabetterpositiontocompete in this ever evolving business and economic landscape.Even with the challenging market conditions, there are alwaysareasofnewopportunitiesandpotential.
Inaugural Property, Strata & Facility Management Conference 17 November 2016
The 8th WAVO Congress Daegu, Korea 1 - 3 November 2016
FIABCI Business Meeting Nice, France 30 November - 2nd December 2016
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The VGP has been organizing various conferences and seminars to provide members and realestatepractitionerswithaquickupdateand informationonthemarket. Ineachof thesesharingand learningsessions, theVGPhopesthat insomewaysthiswouldhelpmemberstocontinuetothrive amidst a diversity of newmarket challenges. Salespersons andEstate Agents learned thefinerpointsofhandlingtoughsalesmarketsandchallengingenvironmentwhichwould formthebusinessplatformwheremanywillfaceinthecomingyears.ForourValuationMembersWiththeadventandincreasingdisruptioncausedbytechnology, valuation today is no longerpredominantly thatattributingto realestate. Inourrecent Valuation Conference, members heard fromthe welcome speech of the President that thevaluationindustryhasquietlybeenundergoingsomeformof “évolution”with thegrowingdominancebybanks, financial institutions, insurance companies,special purpose vehicles, REITs and other assetmanagers,trustsfunds,etcwhichareknowntoholdmanytypesofassetsotherthanrealestate.Thishasled to the increasing importance in thevaluationofthe financial markets entailing the valuation ofIntellectual Properties, Business Valuation and Valuation of Financial Reporting. Valuationpractitionersandtrainersintheregionandglobalmarketshavebeengraduallyacquiringtheskillandknowledgetoconductthesevariedvaluationmodels.Ourlocalvaluerswhoarefamiliarwiththe valuation of Real Estatewould be seen to be inadequatewithout updating themselveswiththesenewskillsandappreciatingtheinevitableinfluencebytheInternationalValuationStandards,andthatofTheFinancialReportingStandards.Whetherthelocalmarketisreadytoembracethisinflowofnewvaluationmethodologies,thestagehassetforthisinterfaceofchangeintheworldofvaluationpractice.TheVGPwouldalsobehostingtheinauguralProperty,StrataandFacilityManagementConferenceon17November2016.WhiletheProperty,StrataandFacilityManagementmayformthesmallestclusteramongthethree–Valuation,EstateAgencyandPropertyandFacility,itisbynomeanstheleast importance.Aswith theaidof technologyandmachines,weare constructingbigger, fasterandbetterbuildingstoliveandworkin.Likeagencyandvaluationworks, technologyhasalsoencroached intoourhomeandworkplace.Todaywe often heardof smart buildingsand intelligent officebuildings andof lateeven that ofsmartandsustainablelivingenvironment.This isofcoursegood.Howevertoensurethatweareable to continuously reside in these smartbuildings, the importanceofmaintenance toensureasafe and properly maintained home environment is the role that entails the expertise ofpractitionersofpropertyandfacilitymanagers.Withthedevelopmentofincreasingsophisticatedandmodernhomes,theirexpertiseandknowledgewouldalsoneedtobeupdatedandkeepinlinewiththesenewagefacilitieswherebuildingsarenolongeryourbrickandmortar.ThisConferenceistimelyandtheVGPwouldliketoencouragepropertyandfacilitymanagerstoattendaswellasotherrealestatepractitionerswhoareinterestedintheworldofpropertyandfacilitymanagementofthebuildingsthatweconstruct.
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SingaporeRealtorsConference20163August2016The VGP successfully hosted its 3rd annual Singapore RealtorsConference2016.TheConferencewaswellattendedbypropertyagents as well as staff from the Council for Estate AgenciesincludingtheirDEDMrChanMunKit.ItwasaveryilluminatingConference where speakers shared very current and relevanttopics suchasonhow theASEANEconomicCommunity,TransPacific Partnership andOneBeltOneRoad policiesmay shapethe real estate industry in Singapore and the region aswell asthat on Standard Operating Procedures for Estate Agencies,amongotherinterestingtopics.
TheVGP also took the opportunityduring theopening sessionof the Conference to launch theSISV Private Residential Price Index for the Mass Market (SISV Index). The SISV Index is aninformationtoolthatisbasedonthevolumeoftransactions.Ittrackspricemovementinthefourcoresuburbanregionsgivingusersadirectsenseoftheaveragetransactedpricesineachquarter.ThustheIndexprovidespotentialhomebuyersandsellerswithaneasy-to-understandmeasureofimmediate price movements. The SISV Index is compiled on a quarterly basis and will bepublishedinquarterlyPrivateResidentialMarketResearchReportproducedbytheInstitute.ThereportispostedontheSISVServiceswebsiteasanaddedfeatureforsubscribers.
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SISVValuationConference20167thOctober2016
The SISV Valuation Conference 2016was well attendedby some 180 participants including many valuers,industrypractitionersandotherrealestateprofessionalsfrom developers, banks, REITs, assets managers,investorsaswell asauthorities likeHDB,URA, IRASandLTA. The Theme for this year’s Conference is,“Challenges and Opportunities in Valuation”. TheValuationandrealestateindustryhasseenmanychangesrecently.ThiscanbeattributedtotheincreasingdiversityofthebusinessservicessectorsledbythetrendtowardsinternationalizationandthesometimesdisruptiveeffectsoftechnologywhichValuerswillneedtoharnessandrideupon.ThisConferenceservesasaplatformforValuerstokeepintouchwiththelatesthappeningsinthe industryaswellasagatheringwhereRealEstateprofessionalscandialogueandexchangeviews.
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AmongthekeyareasofconcernwhichDr.LimLanYuan,President,VGP, SISV have identified are, “The SISV Valuation Standards andPractice Guidelines essentially set the rules whereby our valuershaveto conformwhen issuingvaluationreports.TheInternationalValuationStandards(IVS)andtheInternationalFinancialReportingStandards(IFRS),whichhaveoftenbeenovershadowedbythelocalValuation Standards due to the localized nature of the propertymarket in Singapore, are increasinglynecessary forourvaluers toappreciate. Thus the likes of Business Valuation, Valuation ofFinancial Reporting and Valuation of Intellectual Properties aretodayas crucial as Valuation of RealEstateand that for PlantandMachinery”.To provide not just a local perspective and recognizing the trendtowards internationalization,wehavealsoinvited3speakers fromHongKongtosharewithustheirin-depthknowledgeandexpertiseon theBusinessofFinancial Instruments,NewFinancialReportingStandards and Challenges and Business Valuation from CorporatePerspectives.TheValuationandGeneralPracticeisalsopleasedtotakethisopportunitytoannouncetheSISVPracticeGuideonFinancialReportingStandards113(FRS113).Thiswillbeanewsectionaddedonto the existing SISV Valuation Standards and Practice Guidelines. This new Guideline (1October2016)willprovideallmemberswithabetterunderstandingof the localrequirementsundertheInternationalFinancialReportingStandards(IFRS)13.AllSISVmembershavetobeconversantandcompliantwith this setof StandardsandPracticeGuidelineswhenconductingValuationforFinancialReporting.
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FIABCI DECEMBER BUSINESS MEETING NICE,FRANCESISV(VGP):10CPDCreditHours Sustainability,4thindustrialrevolution,localandinternationalmanagement,satisfactionclosertoourcustomersworldwide.Thesearetheissuesandchallengesthatourprofessionsarefacingonthe21stcentury.OurDecemberBusinessMeetingswillseektoreflectwithyouthepracticesandadequatetoolsforthebenefitofourbusinessandtherenownedFIABCIInternational.
FIABCI (International Real Estate Federation) FIABCI PRIX D’EXCELLENCE AWARDS 2016 & SINGAPORE PROPERTY AWARDS 2016 DINNER Prix d'ExcellenceAward is one of FIABCI’s highlights. The FIABCI Prix d'Excellence recognisesprojectsthatdisplaydistinctioninvariousaspectsofthedevelopment.Entrantsareevaluatedonthe following criteria:overall concept; architectureand design; development andconstruction;communitybenefitandenvironmentalimpact;andfinancialandmarketing.ToensurethattopqualityprojectsaresubmittedtoparticipateintheFIABCIPrixd’Excellencetopromote Singapore’s excellence in design and architecture, FIABCI Singapore has launched itsInauguralSingaporePropertyAwardsinJune2011.Thisyear,theFIABCISingaporeChapterwillbehostingtheSingaporePropertyAwardsDinneron21stOctober2016attheRegentSingapore.Twelvepropertyprojects have won awards in various categories, namely Master Plan,SustainableDevelopment, IndustrialandResidential (HighRise/MidRise/LowRise). Winners will qualify to submit their projects for the FIABCI PrixD’ExcellenceAwardstobeheldinFIABCIWorldCongressinMay2017.
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The 28th Pan Pacific Congress (PPC) of Real Estate Appraisers, Valuers andCounselorswassuccessfullyheldinKyoto,Japanfrom26–29September2016.Hosted by the JapanAssociation ofReal EstateAppraisers andwith the theme“TowardExpanding theRole andExpertiseof theValuationProfession inEver-Changing Global Economy”, theCongresswaswell attended by close to700participants includingsome200participants fromoverseascountriessuch
as the United States, Australia, New Zealand, Vietnam, Republic of China (Taiwan), Indonesia,Korea,Mexico,Philippines,Mongolia,Honolulu,Malaysia,India,ChinaandSingapore.The Congress was opened with the Chief Delegates of each of the member countries giving akeynotespeechandtheChiefDelegatefromSingaporeisDrLimLanYuan,President(VGP)SISV.At theCongress, variousveteran speakerswere heardsharingtheirviewsontheRoleofAppraisersinrapidlychangingglobalfinancialmarketandValuationrelatedto International Financial Reporting Standards (IFRS)and International Valuation Standards (IVS) whilespeakers for the technicalpapersprovided interestinginsights on topics like LandAppraisalwithoutMarketData, Valuation of Floor Area Ratio by ReflectingNonlinear & Spatial Effect and Healthcare Assets inJapan.Fortheclosingceremony,theflagofthePPCwashandedovertotherepresentativeofMexicoandthey would be hosting the 29th PPC in Tijuana from 8 to 13 October 2018. Following Mexico,Malaysia is expected to be the next member country to host the 30th PPC. Participants alsowitnessedandwelcomed theCountry of Philippineswho is rejoiningPPC aftera lapseofmanyyears.
SISV(VGP):10CPDCreditHoursThe Korea Appraisal Board will be hosting the 8th Congress ofWorld Association of ValuationOrganizations(WAVO).QualityandEfficiencyinvaluationhavebecomevitalelementsforstabletaxation and real estate market. Thus more professional, legitimate and accurate valuation isrequired forcontinuousdevelopment in the field.Thethemefor theCongress is“EnhancingtheQualityandEfficiency inValuation.Topics tobecovered include “EstablishingPreciseValuationStandard”,“BuildingValuationMonitoringSystem”and“ArtificialIntelligence&Valuation”.WAVOlookforwardtoyourparticipationandhopeyou’llhaveanexcellenttimeinKorea.
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InauguralProperty,StrataAndFacilityManagementConference201617 November 2016 (Thursday) – York Hotel, 21 Mount Elizabeth Singapore 228516 Theme–CriticalIssuesinMaintenanceandManagementSISV(VGP):6CPDCreditHours
ThisinauguralSISVconferencefocusesonsuccessfulpropertyandfacilitymanagement.Itdealswithemerging issuesrelatingtoboththemanagementandadministrativeaspectaswellas thetechnicalandoperationalproblemsinbuildingsandfacilities.Themorningsessionswilldiscussmatters relating to human resource management, implementation of work, health, safetyregulationsandguidelines,performance-basedcleaningcontractsandconflictmanagement.Theafternoonsessionswilldiscussmattersrelatingto thetechnicalandoperationalaspectssuchaslandscapeandpestmanagement,buildingmaintenance,andmaintenanceofthebuildingservices.The purpose is to provide a better understanding of the maintenance problems and help toimprovetheoperationalperformanceinpropertymanagement.
SupportedBy
VGPCPDCOURSESCertificateCourseinMarketingofIndustrialProperties(CEASN:C2L3S0495)(Total5days–3hourseachday+Assessment)Dates:14,16,21,24,28November&2December2016EndorsedbyCouncilforEstateAgencies–2ndBatchCommencingRegistration6CEACoreCPDcreditsawardedunderCoreCategory2/Level3approvedbyCEAforthemandatoryCPDScheme Approved for SkillsFuture Credit and also WDA Funding under the Broad-based Scheme SISV (VGP) : 10 CPD Credit Hours ThisCertificateCourseistoequipestateagents/salespersonsonthefundamentalsinmarketingindustrialpropertiesinSingapore.AsJTCandHDBarethetwolargestdevelopersandmanagersofindustrialpropertiesinSingapore,itisnecessarythatestateagents/salespersonsbeinformedofthepoliciesandregulationsofJTCandHDBwithregardtotheuseandoccupationofindustrialproperties.Inaddition,estateagents/salespersonsshouldbeacquaintedwiththerelevantportions of theguidesand regulations introducedby CEAandother relevantauthorities that relate to themarketingofindustrialproperties.Pleaselookoutinourwebsiteforthenewlaunchdateofthiscourse.
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KEYCIRCULARS/NEWSISSUEDBYAUTHORITIESValuationandGeneralPracticeCirculars
10August2016 GoodValuationPractice–SigningOffValuationReport/SiteInspectionToBeCarriedOutForAllRevaluation
11August2016 GoodValuationPractice–ProfessionalCompetenceandPractice
BuildingandConstructionAuthority
8July2016 BCAannouncesdetailsoftightenedliftmaintenanceregimeandnewescalatorsafetyregulations
27July2016 BCAtoexpandAccessibilityMandatoryRequirementsforExistingBuildings
10August2016 SafetyrequirementswhenaddingGreenery,SolarPanelsandotherFeaturestoBuildingRooftopsunderthe
BuildingControlAct
12August2016 BCA,JTCandNCCSjointlylaunchSingapore’sfirstclimate-focusedhackathonforgreensolutions
7September2016 BCA’srevisedGreenMarkforresidentialbuildingsaimedatenablingresidentstoadoptmoresustainablelifestyle
20September2016 BCAsetsupanationalrepositoryofgreentechnologyforbuildings
CouncilForEstateAgencies
2September2016 PreventionofMoneyLaunderingandCounteringtheFinancingofTerrorism–Guidanceonsubmissionof
suspicioustransactionreports(STRs)relatedtothePanamaPapers
Housing&DevelopmentBoard
1July2016 FlashEstimateof2ndQuarter2016ResalePriceIndex
22July2016 Releaseof2ndQuarter2016PublicHousingData
3August2016 NewSiteidentifiedforSelectiveEnBlocRedevelopmentSchemeinWestCoast
17August2016 HDBlaunches4,841flatsinAugust2016BTOExercise
29August2016 Morethan1,300shopstobenefitfromHDB’senhancedRevitalisationofShops(ROS)Scheme
8September2016 UnveilingtheMasterplanforTengah:AtHomeWithNature
19September2016 LiftEnhancementProgramme(LEP)tosupportcostsofmodernizationofliftsinHDBestates
MonetaryAuthorityofSingapore
1Septemebr2016 TDSRRulesonRefinancingFine-tuned
SingaporeLandAuthority
31August2016 SLAlaunchesnewonlineservice,MyProperty,toofferfreeaccesstotitleinformationforpropertyowners
4September2016 SLAlaunchesOneEmaptofurtherGeoSpatialeducation
SingaporeCivilDefenceForce
1July2016 URAreleasesflashestimateof2ndQuarter2016privateresidentialpropertypriceindex
UrbanRedevelopmentAuthority
1July2016 URAreleasesflashestimateof2ndQuarter2016privateresidentialpropertypriceindex
22July2016 Releasesof2ndQuarter2016realestatestatistics
12Aug2016 ExtensionofValidityPeriodforCircularonNewDevelopmentApplicationsforHotel,BoardingHouseand
Backpacker’sHostelUses
31August2016 RevisionofDevelopmentChargeRate
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SISVAnnualDinnerandDance2016–ManyBeatsOneRhythmTheSISVAnnualDinner2016whichwasheld on29 July,wasanight filledwith fun, songs andlaughter.ThisyeartheInstitutealsohadthepleasureofinvitingMrDesmondLee(SeniorMinisterofStateforHomeAffairsandNationalDevelopment).Itwasafantasticnightformembers,guestsandstaffatSISVtominglewithoneanotherinacoolandrelaxingsurrounding.
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Secretariat: TeoLiKim JanetHan NeoPingPing
SingaporeInstituteofSurveyorsandValuers
110MiddleRoad#09-00ChiatHongBuildingSingapore188968Tel:+6562223030Fax:+6562252453Website:www.sisv.org.sg
The VGP Express is a quarterly publication of the Singapore Institute of Surveyors and Valuers. Distribution is restricted tomembersandthoseorganizationsandinstitutionsofhigherlearningassociatedwiththeInstitute.
On 17 September 2015, CEA issued a Practice Circular (PC) 04-15 on the Prevention of Money
Laundering and Countering the Financing of Terrorism. Under the PC, Estate Agents (EAs) and
salespersons shall verify your clients’ identities and ask them to complete the Customer’s Particulars
Form provided in Annex D of PC 04-15 for all transactions. The customer particulars obtained will help
you in assessing whether there is suspicion of money laundering (ML) or terrorist financing (TF) activity.
Further on 30 Sep 2016, CEA had issued General Circular GC 06-16 on the Prevention of Money
Laundering and Countering of Financing Terrorism, which provided estate agents and salespersons with
an updated Alert List. All members are advised to lodge a Suspicious Transaction Report if you know or
have reasonable grounds to suspect any transactions linking to such criminal conduct.
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