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IN THIS ISSUE
GENDER POSITIVEFour women forge ahead in the profession / 28
CLEAN UP Bribery and corruption confronted / 32
HARSH TREATMENT How to combat labour exploitation / 38
Q4 2014
ricsasia.org/modusasia
MAKE THE CONNECTIONOpportunities in global infrastructure /
16
MODUS_Asia_Q4.14_P01_Coverv2.indd 1 07/10/2014 13:53
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MODUS_Asia_Q4.14_P02_Savills ad.indd 2 07/10/2014 14:10
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44-45 CAREERSHow to deal with a diffi cult boss, and Mott
MacDonalds Alasdair Thompson FRICS
46 BUSINESSSupport your interns properly, and the results will
be rewarding for both parties
47 LEGAL 101Stephen Lee Kalun FRICS discusses Hong Kongs
standard working hours legislation
50 MIND MAPRICS Maarten Vermeulen FRICS on issues and
opportunities in European real estate
PLUS48 Events
16 COVER STORYInfrastructures wonderful world of opportunity
24 A UNIVERSAL LANGUAGERunning the rule over International
Property Measurement Standards
28 THE XX FACTORFour female RICS members from across Greater
China share their experiences of breaking through industry
barriers
32 WHAT WAS I SUPPOSED TO DO Bribery, corruption and the built
environment
38 AN UNCOMFORTABLE TRUTHForced labour on construction sites is
not just a problem for the rest of the world
42 GHOST IN THE MACHINESmart buildings do battle with cyber
stalkers
06 DIFFERENCE OF OPINIONShould public money be used to preserve
Hong Kongs heritage buildings? We hear two points of view
07-15 NEWS IN BRIEFEssential industry news, advice and
information for RICS members
08 THINKING: BENJAMIN HENRY TOWELLInterest in Singapores green
lease finally gaining momentum
13 PRESIDENTS COLUMNLouise Brooke-Smith FRICS ponders the pluses
of RICS status as a professional organisation
Theres probably never been a better time to be a surveyorworking
in this sector. Even places that are not well populated
are going in for massive investment in infrastructureKEITH RUDD
FRICS, ARUP
COVER STORY, P16
Views expressed in Modus are those of the named author and are
not necessarily those of RICS or the publisher. The contents of
this magazine are fully protected by copyright and may not be
reproduced in any form without the prior permission of the
publisher. All information correct at time of going to press. All
rights reserved. The publisher cannot accept liability for errors
or omissions. RICS does not accept responsibility for loss, injury
or damage or costs that result from, or are connected in any way
to, the use of products or services advertised. All editions of
Modus are printed on paper sourced from sustainable, properly
managed forests. This magazine can be recycled for use in
newspapers and packaging. Please dispose of it at your local
collection point. The polywrap is made from biodegradable material
and can be recycled.
MODUS Q4 2014RICSASIA.ORG
Intelligen
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Features
Foundations
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Contents
Q4 2014_MODUS ASIA 03
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OUTSIDE REGULATION PLAYSir, By coincidence, I opened my latest
demand from RICS Regulation while reading Modus. I was annoyed by
the tone of the letter and the fact that it appears to apply a
criminal record to someone who has not submitted their annual
return well in advance.
I can sympathise with the need to get returns, but perhaps a bit
of tailoring of the style of the demands might achieve better
results. Many of the small members of the RICS annually face the
cost-benefi t decision about whether to stay a member. Impersonal,
strident demands can only have a negative impact on this
decision.
I do not have a large staff to delegate this to and to complete
an annual return I have to fi nd time out of the ever-present
demands of the day job. I am not asking for sympathy, just
understanding that it is not always easy to fi nd this time. Maybe
a more sympathetic approach could be adopted that would encourage
rather than threaten? It might help members resist the temptation
to write letters to journals in preference to completing their
annual return. Simon Thorp MRICS
Many thanks for your letter. You are certainly not alone in
believing that we can improve the tone of our regulatory
communications. I completely agree that this is an area we need to
tackle. A project is already under way to solve the issue and I
hope you will soon see clear change. We will be seeking members
views in a few months time to fi nd out whether were making
progress.Gillian CharlesworthDirector of Regulatory and Corporate
Aff airs
FOR SUNDAY Editor Oliver Parsons / Art Director Christie
Ferdinando / Contributing Editor Brendon Hooper / Production Editor
Andy Plowman / Junior Designer Isabella Fernandes / Creative
Director Matt Beaven / Account Director Karen Jenner / Account
Manager Wesley Kirschner / Advertising Sales Director Charlotte
Turner / Asia Advertising ROF Media, Bryan Chan, +852 3150 8912,
[email protected] / Production Manager Michael Wood / Managing
Director Toby Smeeton / Repro F1 Colour / Printers ROF Media /
Cover illustration LaTigre / Published by Sunday, 207 Union Street,
London SE1 0LN sundaypublishing.com / FOR RICS Kate Symons, Mark
Goodwin and James Murphy [UK] / Roy Ying and Jeanie Chan [Asia]
[email protected]
Join the
debateREACTIONS AND RESPONSES
FROM PREVIOUS ISSUESDo you have an editorial comment about
this issue of Modus? Please email [email protected].
RECRUITMENT SLEAZE Sir, Since passing my APC this May, I have
been inundated with emails from recruiters trying to poach me for
new jobs. Most got my details from RICS-published results or found
me on LinkedIn. While I appreciate that becoming chartered is a
huge achievement and puts me into a new professional standing, I
question how ethical it is that 110 recruiters have contacted me in
three months. Should they be able to access my information without
being an RICS member and should there be more awareness for people
about to sit their APC that this will happen?Jessica Wortelhock
MRICS, London
WORDS OF A FEATHERSir, Your article on the use of glass focused
on new techniques to improve energy performance of buildings and so
reduce their environmental impact (Modus, global edition,
July/August 2014). But it omitted to refer to the risk that ever
larger areas of glass pose to bird life. The RICS rightly places
great importance on green issues, but our profession needs to be
aware of how hazardous glass structures are to birds and we should
be pioneering the use of bird-safe design elements in buildings.Tim
Knowlman FRICS, Amboise, France
Feedback
@Daz_Midgley Interesting article in this months @modusmag
providing an insight into the Crossrail project. #transport
#investment #worldclasscity #LDN
@Steven_Ramage Forget NYT, Huff Post etc. Im mentioned in this
months edition of @modusmag! #fameatlast
@VerticeDM Crowd funding reality for development funding is its
too slow and presents diffi cult reward structure for investors
@kathf48 Great #FACMAN feature in @modusmag so gd to read 12k
RICS members on the FM pathway #professionalisation
@mrgkirk Cold glass of something grape-based and latest
@modusmag is a very pleasant way to spend an hour sat in the
garden.
@stuart_pannell @modusmag Another great edition, but where have
all the cool news snippets gone?
@NickLeaney Good countryside mind map in @modusmag & need
for support of local communities but crucially they fi rst have to
accept need for change
@RICSnews // @RICSAsia
USEFUL RICS NUMBERS CONTACT CENTRE+852 2537 7117 Enquiries / APC
guidance / Subscriptions / Events / Training / Bookshop REGULATION
HELPLINE +852 2116 9713 CONFIDENTIAL HELPLINE +44 (0)20 7334 3867
DISPUTE RESOLUTION SERVICES +44 (0)20 7334 3806 UK SWITCHBOARD +44
(0)20 7222 7000
Q4 2014_MODUS ASIA 05
MODUS ONLINERead the latest and all previous issues of Modus
Asia edition at ricsasia.org/modusasia. To reduce your carbon
footprint, unsubscribe your hard copy and receive a digital edition
only by emailing your name and/or membership number to
[email protected] with the subject line Unsubscribe Modus Asia.
MODUS_Asia_Q4.14_P03-05_Contents_v2.indd 5 07/10/2014 14:32
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The RICS International Heritage Conservation Conference takes
place in Hong Kong on 9 January 2015. For more information, and to
book your place, go to ricsasia-conference.org
06 RICSASIA .ORG
BOB DICKENSHEETS VICE-PRESIDENT, SCAD HONG KONG
CONSIDERING THE PRESSURE TO PROVIDE THE BASIC NEEDS of homes for
Hong Kong residents, one would think this subject would require
little discussion. The immediate answer would be housing. The
bottom line says
that new construction is more cost effi cient than preserving,
and vertical growth creates more usable space in a sustainable
manner. The act of preserving heritage architecture consumes
precious public money and rarely does an old building fi nd a
suitable new use.The need for housing and the response of
government to provide this service has a record
of improvements that stretch back more than 60 years and today,
most residents receive housing assistance of some sort. Supporting
the primacy of housing in this debate is the political pressure
placed on districts and planners to meet the needs of constituents
and developers, and with the growing increase in the number of
elderly residents, the need is compounded. Immigration further adds
to the story. How else could a city maintain its international
ranking if it cannot provide the basic service of shelter for the
many members of the community needed to support its corporate and
service industries? Public safety also plays into the debate, as
many of the
ageing shophouses that are so prevalent in urban south-east Asia
and early public housing units are now past their lifespan and may
be hazardous environments for both residents and pedestrians.
Heritage buildings might provide diversity in style,
richness of environment and cultural enjoyment, but who will
receive the greatest benefi t of these efforts working residents or
tourists?
Should public money be used to preserve Hong Kongs heritage
buildings? Discuss.
DR ESTER VAN STEEKELENBURG FOUNDER AND DIRECTOR, URBAN DISCOVERY
HONG KONG
HERITAGE HAS AN IMPORTANT ROLE IN CREATING and maintaining a
vibrant and viable urban future. City planners and developers are
slowly realising that historic
buildings and neighbourhoods have indisputable intrinsic value
as places where people want to spend time and will spend money.
Historic buildings have unique architectural features, while
historic neighbourhoods have a human dimension where residents,
businesses and shops co-exist. Theres a vibrancy that is diffi cult
to replicate and so often lost in skyscraper cities. Preserving
heritage and injecting it with new life also has an important
socio-economic function: to ensure the character of a city and
its collective memory stays alive. This was the reason the
Singaporean government abandoned its urban renewal policy in the
1990s it recognised that residents felt a loss of cultural identity
living in high-rise fl ats and business travellers complained that
the city looked just like any other. The government invested in
regenerating some of the older districts and the city centre again
became an attractive place to live, work and play. People started
spending money, and soon after the tourism dollars returned.
Preserving heritage buildings is often perceived as fi nancially
unfeasible.
This may be true if one looks at the short-term viability of
renovating an old building versus demolition and new construction,
especially in Hong Kongs competitive real estate market. However,
if one looks at the variety of long-term benefi ts of revitalising
historic neighbourhoods, rather than individual real estate assets,
the economics of heritage start to make sense.
STEPPING INTO DIFFERENT SHOESIn an exercise to better understand
the subject, heritage preservation specialist Bob Dickensheets
argues for a side he does not fully support
DIFFERENCE OF OPINION
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Intelligence News / Reviews / Opinions / Reactions
MODUS_Asia_Q4.14_P06-15_Intelv5.indd 6 08/10/2014 12:41
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What is it?As concerns rise in the UK over the eff ects of a
potentially damaging housing bubble, some of the blame particularly
in London has focused on overseas buyers, whose transactions push
up demand and house prices where supply is constrained. Savills
estimates overseas buyers are behind around 85% of new-build
property purchases in central London and more than two-thirds of
re-sales. Thinktank the Smith Institute argues that a property
speculation tax (PST), which is a well-established policy in
countries such as Germany and Malaysia, should be considered as
part of a comprehensive housing action plan to tackle the UKs
housing crisis. It could go some way to changing the speculative
behaviour of investors and help cool the feverish market.
What could it actually achieve?It is thought a UK version a
one-off and tapered tax would focus on curbing speculation, while
excluding ordinary homeowners and longer-term investors. It would
incentivise holding on to assets and discourage buying and selling
for speculative gain. Furthermore, if the PST could be collected by
Revenue & Customs, which already monitors most property
transactions, it would make tax avoidance more diffi cult. Signifi
cantly, it is argued a PST could also raise up to 1bn ($1.6bn) of
vital funds for new, aff ordable homes at a time of fi nancial
austerity in the public fi nances.
Find out more: smith-institute.org.ukShould PST be introduced
into the UK market? Email [email protected] or tweet using
#RICSmodus
Property speculation tax: a proposed solution to cool down the
UKs rapidly overheating housing market
POWER SHIFTAfter receiving negative press
for targeting overseas
buyers, fl ats in next phase of
Battersea Power Station were launched in London-only
sale in May
Q4 2014_MODUS ASIA 07
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Members rally round Yunnan rebuilding e ort
RICS members are on the ground helping with the rebuilding and
recovery eff ort in Chinas Yunnan Province, following a devastating
earthquake that hit the region in the summer. The magnitude 6.5
quake on 4 August killed at least 615 people, injured more than
3,000, and destroyed around 220,000 houses.
Soon after the disaster, RICS President Louise Brooke-Smith
emailed all members in Yunnan to check if they were safe, and if
RICS could off er assistance in restoration work. All members are
well and some were already working in the disaster zone to assist
in the rescue. Xu Ji Song MRICS described how his organisation had
sent four investigation teams specialising in earthquake hazards to
the region, to identify on-going issues and prevent further risk to
life.
RICS accredits Singapore built environment courses
Two built environment undergraduate programmes at SIM University
(UniSIM) in Singapore have been accredited by RICS, following a
panel review by RICS Education professionals.
The accreditation panel scrutinised course materials, assessment
papers and feedback from students, alumni and employers on the
Bachelor of Science in Facilities and Events Management, and
Bachelor of Building and Project Management courses, and found that
both met RICS standards.
For more information, visit unisim.edu.sg/programmes.
THE BIG IDEA
THE DATA
Intelligence
NEWS IN BRIEF
ricasia.org/modusasia
GLOBAL HOUSE PRICESWhich countries reported the greatest rises
and falls in house prices during 2013?Source: Knight Frank
Dubai Estonia
Croatia Cyprus Greece Hungary Italy
Turkey Brazil(asking prices)
China(Beijing andShanghai)
Sub-Saharan Africa
10M1992
173
223
10M2013
East Asia South-east Asia South Asia
Los AngelesWashington DC
Atlanta
Barcelona
Latin AmericaWorld
167
279
64
140
295314
40
842
1015
57
2%
44%15%
28%
18% 16%14%
12%
-10% -9% -8% -8%-5%
1%
1%
1%
4%3%
1%
1%
London
Paris
Milan
Dsseldorf
Berlin
Lyon
China
20
58
29
1
India
Reactorsoperable today
Under construction
Planned
21
France
57
1
100
US
6 22
Japan
48
3 9Russia
33
3110
UK
16
40
5 5
Western Cape CBD Western Cape non-CBD
2011 2012 2013
4,000M, RAND
2,000M, RAND
6,000M, RAND
8,000M, RAND
10,000M, RAND
Gauteng CBD Rest of Souh AfricaGauteng non-CBD
856m1991
1.04bn2001
1.15bn2008
1.47bn2030
Urbanisation rate
Storagefacilities/4 millionpopulation
/1 million
Poland
Americas Europe Asia
Germany Spain France Ireland Sweden UK Denmark Netherlands
Finland European average
29.21,006
11.6350
26%28%
30%
40%
23.1303
100%90%80%70%60%50%40%30%20%10%-10%-20%-30%-40%-50%-60%-70%-80%-90%
-100%
Spanish commercialproperty market
Available space %
Occupier demand %
$123K
HONG
KON
G
$115K
LOND
ON
$112K
NEW YOR
K
$107K
PARIS
$76K
SING
APOR
E
$74K
TOKY
O
$72K
DUBA
I
$70K
MOS
COW
$60K
SYDN
EY
$44K
SHAN
GHAI
$30K
RIO DE
JANE
IRO
$28K
MUM
BAI
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q1
2008 2009 2010 2011 2012 2013 2014
Population of India
Gross lettable area (m m )2 / Number of new centres
Q1 Q2 Q3 Q4
LIVE/WORK COST PER EMPLOYEE PER YEAR IN 12 GLOBAL CITIES
Source: Savills World Research
MODUS_Asia_Q4.14_P06-15_Intelv5.indd 7 08/10/2014 12:41
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08 RICSASIA .ORG
In Singapore, the government is the biggest champion in pushing
the property and construction industries to reduce their
environmental impact. Unlike many other countries, it is the
governments Building and Construction Authority (BCA) that writes,
administers and certifi es buildings under the national green
building rating system known as the BCA Green Mark. Its an approach
that has allowed policies and road maps to be successfully built
around this platform. The BCA launched Singapores first
Green Building Masterplan in 2006 to place the concept of
sustainable development at the forefront of industry and consumer
awareness. The plan brought together financial incentives,
legislation, industry training programmes and a public outreach
campaign to drive this effort. A second masterplan, launched in
2009, placed greater emphasis on the performance of existing
buildings, which led to environmental legislation for the retrofi t
of existing commercial buildings. Building on the relative success
of these plans, the
third masterplan was launched in September, which for the fi rst
time acknowledged the fact that buildings exist to serve human
activity and therefore their stakeholders need to play a collective
role in creating a live, work and play environment that conserves
resources. A key aim is to foster greater collaboration, engagement
and to incentivise occupants, as their activities contribute
signifi cantly to a buildings energy and water usage. To help, the
BCA has rolled out a suite of occupant-
centric Green Mark schemes and has been promoting the concept of
an environmentally-friendly leasing
arrangement. The green lease concept, in short, is an agreement
between landlord and tenant, which sets out objectives on how the
building is to be improved, managed and occupied in a sustainable
manner. This yields cost savings in energy and water, and provides
a better indoor environment for improved occupant health and
wellbeing. The green lease acknowledges the possible synergies
in
cooperation between landlords, tenants and service providers and
contractors. It addresses traditional barriers to implementation,
such as split incentives and interests between owners and
occupiers, by ensuring that the parties with influence over key
aspects of environmental performance obtain some benefi t from
implementing the
improvements. For example, by installing energy-effi cient
lighting that generates less heat, a landlord benefi ts from a
reduced overall air-conditioning energy consumption, while a tenant
can benefi t from the reduced energy bill.A green lease toolkit has
been produced by BCA to fi ll the gap in the market.
It provides a list of standard clauses that contain provisions
for monitoring and improving energy effi ciency, water effi ciency,
air quality, sustainable materials and waste management, through a
target-based approach applicable to commercial buildings landlords
and tenants, and are fully editable to suit the building or
individual tenants context. Developed over several years, the
toolkit was partly inspired by the RICS paper Doing Well by Doing
Good. Indeed, RICS had some involvement with the toolkit creation
through providing a peer review of the draft Green Lease via the
Singapore offi ce, and arranged a well-attended CPD session as a
platform to share the approaches, considerations and diffi culties
behind the concept of green leasing.Green leasing is a new approach
to real estate in Singapore and there are
many challenges in its implementation, but Ive noticed a surge
in demand for more information on the approach and its commercial
applicatiom. As such, I have happily become increasingly busy
fielding questions on how to incorporate green leasing principles
into a greater number of projects. So the quest for the holy grail
of greater environmental mediation of buildings and occupants
continues, but theres no doubt we are moving in the right
direction.
I have happily become increasingly busy fielding questions on
how to incorporate green
leasing principles into a greater number of projects
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Whats that? A lot has been written about 3D printing and its
potential use in everything from making better architectural models
to even entire houses, but engineers at Arup are thinking about its
application at the nuts and bolts level in construction. In what
way? Using a 3D-printing technique called additive manufacturing.
Arup has been working with UK-based 3D-printing agency CDRM to
produce a prototype for bespoke structural steel elements used in
complex projects, which could revolutionise how materials are made
for certain structures. At present, their focus has been on the
humble steel node the team completely redesigned its complex
geometry to be lighter, stronger and more effi cient for use in a
street lighting project. While this particular project is on hold,
the fi rm hopes to continue its research on a small-scale live
project.
The excitement lies in the techniques huge potential to reduce
costs, waste and the carbon footprint of projects when used on a
large scale, says Salom Galjaard, the projects team leader at Arup.
By using additive manufacturing, we can create lots of complex,
individually designed pieces far more effi ciently. But most
importantly, this approach potentially enables a very sophisticated
design, without the need to simplify the design in a later stage to
lower costs. arup.com
3D-printed construction materials
CONTAINS ADDITIVES
Arup and 3D printer CDRM
have been working on
a building material
prototype using additive
manufacturing technique
Q4 2014_MODUS ASIA 09
Hong Kong Chairman Andrew Lee takes o ce
Andrew Lee FRICS has been elected Chairman of RICS Hong Kong for
a one-year term of offi ce, eff ective from 1 September. Lee is
managing director of Sunbase International Properties Management
and has extensive experience in the fi eld of facilities and
property management.
It is my honour to be elected as the new Chairman of RICS Hong
Kong, commented Lee. This coming year is a challenging one and we
will be focusing on the governments housing policies, including the
operational details of the Pilot Scheme for Arbitration on Land
Premium [News in brief, overleaf].
We will also be looking to further develop the property
management licensing system, to further address future urban
development and conservation policies, and we are concerned about
rising construction costs.
We are also keen to promote the RICS Valuer Registration Scheme,
and to promote and contribute to the career development of
surveyors.
Members input sought for Surveying the Future project
RICS Surveying the Future careers campaign is quickly
galvanising industry support, but needs more members to contribute
their expertise and thoughts about how best to develop professional
talent in the property, land and construction industries.
If you would like to be involved, email Rebecca Hunt:
[email protected], or Kate Owen: [email protected]; visit
rics.org/surveyingthefuture or tweet using #surveyingthefuture.
WE LIKE
ONE THING I KNOW
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ricasia.org/modusasia
GLOBAL LEVELS OF UNDERNOURISHMENTChange since 1992 in the number
of the worlds population who are undernourishedSource: Food and
Agriculture Organization of the United Nations
Dubai Estonia
Croatia Cyprus Greece Hungary Italy
Turkey Brazil(asking prices)
China(Beijing andShanghai)
Sub-Saharan Africa
10M1992
173
223
10M2013
East Asia South-east Asia South Asia
Los AngelesWashington DC
Atlanta
Barcelona
Latin AmericaWorld
167
279
64
140
295314
40
842
1015
57
2%
44%15%
28%
18% 16%14%
12%
-10% -9% -8% -8%-5%
1%
1%
1%
4%3%
1%
1%
London
Paris
Milan
Dsseldorf
Berlin
Lyon
China
20
58
29
1
India
Reactorsoperable today
Under construction
Planned
21
France
57
1
100
US
6 22
Japan
48
3 9Russia
33
3110
UK
16
40
5 5
Western Cape CBD Western Cape non-CBD
2011 2012 2013
4,000M, RAND
2,000M, RAND
6,000M, RAND
8,000M, RAND
10,000M, RAND
Gauteng CBD Rest of Souh AfricaGauteng non-CBD
BIM is not just a fad, it is here to stay
Mac Muzvimwe MRICS managing surveyor at Faithful + Gould BIM,
BIM, BIM ... and no, it is not just another fad. I have been BIMing
for nearly fi ve years, and I know that it is here to stay. Our
social lives are
now dominated by technology, and building information modelling
(BIM) introduces that technology to our industry, be it making a 3D
laser scan of an existing building, extracting quantities from a
model within a matter of minutes, or showing a 3D walkthrough
video
to a group of primary school students and getting instant
feedback. It is not all about technology, but collaboration, too.
Sectors such as car manufacturing and aerospace already collaborate
frequently, and BIM fosters that same collaborative attitude within
our industry.
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Q4 2014_MODUS ASIA 11
Once I used to be an ordinary building surveyor, working in a
private practice carrying out ordinary building surveying work.
Then I took a job working for a charity that helps disabled people
adapt their homes. I thought I knew something about disabled
access, but all my years of education and training could not equip
me for meeting human frailty this closely.The most shocking
realisation
was how alike many of my clients and I were. They didnt think it
would happen to them either.If we live to be old, most of
us will probably, sooner or later, suffer from a chronic
degenerative disease, as this is now the most prevalent cause of
death at advanced age. It is increasingly common in later life to
have a prolonged period of deteriorating health and if we live to
be old, we are likely to be disabled for our last years.Not many of
my clients
planned ahead for this, and fi nd themselves living in
totally
unsuitable properties. Those who did plan ahead often bought a
bungalow and installed a shower, only to fi nd that they can no
longer manage the step or stand for long enough to wash.The most
stubbornly diffi cult
properties to adapt are the oldest and the newest. Victorian
terraces, built when
people did well to live past 50, have precipitous stairs, narrow
doorways and whimsical changes of level, but are at least
relatively spacious and built of solid materials. Not so houses
built within the
last 20 years, in which circulation space is a luxury and
internal walls usually cannot support wall-hung fi ttings. So far,
two of my clients have
been former chartered surveyors identifi ed by copies of Modus
in the house. Im not sure if it is signifi cant, but both were
living in Victorian terraced houses.
Are you interested in writing a future Secret Surveyor column?
Email [email protected]
Arbitration on Land Premium surveyors shortlist imminent
RICS will soon release a list of chartered surveyors who have
met the requirements of the pilot scheme for Arbitration on Land
Premium, launched in August by the Hong Kong government. The scheme
aims to resolve disputes between landowners and the Lands
Department by speeding up land premium agreements on land lease
modifications or land premium disputes.
Listed RICS members must have at least 10 years experience in
local land matters. Impartiality is crucial to arbitration and
valuation, and all chartered surveyors providing valuation services
using RICS valuation standards are required to register under RICS
Valuer Registration, which regulates members through annual audits
and reviews.
Dr Albert So FRICS, Chairman of the Valuation and Planning &
Development Professional Group committee, said: The governments
pilot scheme for Arbitration on Land Premium will expedite dispute
resolution of land premiums, therefore speeding up land supply,
especially through the release of land from developer reserves.
RICS list of qualified chartered surveyors for the scheme will
herald an impartial arbitration process that complies with
international standards.
For more details, email [email protected].
RICS Vietnam Advisory Group launces with CPD events
A new RICS Vietnam Advisory Group is setting up a series of CPD
events in the coming months, among them a December valuation
workshop to be attended by the local heads of valuation in global
firms such as CBRE, JLL, Colliers, Cushman & Wakefield and
Savills. University students will also be invited to the workshop
to gain an insight from the experiences of RICS members.
SECRET SURVEYORI thought I knew about disabled access, but all
my training could not equip me for meeting frailty this closely
PROPERTY SAFE BET FOR ASIAN INSURERSLess restrictive investment
regulations could encourage Asian insurance companies to increase
their real estate assets by $75bn over the next fi ve years,
predicts CBRE.
Regulations that dictate how and where insurers can invest have
historically been tight in Asia, limiting the capital deployed into
real estate assets. However, several countries in the region have
started to allow overseas direct investments, and increased
investment allocations to property.
Two years ago, China allowed insurance companies to invest
abroad, and earlier this year increased the maximum allocation
allowed in real estate from 20% to 30% of total assets.
Last year Asian insurers completed $2.4bn of property deals.
CBRE predicts that the combined eff ect of an increase in insurers
asset sizes and further liberalisation will result in Asian
insurers real estate investment assets growing from $130bn in 2013
to $205bn in 2018.
Download CBREs report at bit.ly/cbre_asia_insurance
NEWS IN BRIEF
Intelligence
INVESTMENT
ricasia.org/modusasia
PING STRIKESChinese
insurance group Ping An bought Lloyds
building last July for 260m
MODUS_Asia_Q4.14_P06-15_Intelv5.indd 11 08/10/2014 12:41
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INFO
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Hong Kong Awards 2015
ricshkawards.com
The RICS Hong Kong Awards showcase outstanding achievements and
developments in Hong Kongs land, property and construction
industries and across the built environment. The awards are open to
everyone working within the property profession.
Nominations are now open!Nominations close: Friday 12 December
2014
Award presentation ceremonyDate: Friday 13 March 2015Time:
6:30pm till lateVenue: Grand Hyatt Hong Kong
MODUS_Asia_Q4.14_P06-15_Intelv5.indd 12 08/10/2014 12:41
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REAL ESTATE HOTSPOTS FOR MIDDLE EASTERN INVESTORSLondons
reputation as a safe haven means it is in a class of its own for
Gulf-based moneySource: CBRE
Dubai Estonia
Croatia Cyprus Greece Hungary Italy
Turkey Brazil(asking prices)
China(Beijing andShanghai)
Sub-Saharan Africa
10M1992
173
223
10M2013
East Asia South-east Asia South Asia
Los AngelesWashington DC
Atlanta
Barcelona
Latin AmericaWorld
167
279
64
140
295314
40
842
1015
57
2%
44%15%
28%
18% 16%14%
12%
-10% -9% -8% -8%-5%
1%
1%
1%
4%3%
1%
1%
London
Paris
Milan
Dsseldorf
Berlin
Lyon
China
20
58
29
1
India
Reactorsoperable today
Under construction
Planned
21
France
57
1
100
US
6 22
Japan
48
3 9Russia
33
3110
UK
16
40
5 5
Western Cape CBD Western Cape non-CBD
2011 2012 2013
4,000M, RAND
2,000M, RAND
6,000M, RAND
8,000M, RAND
10,000M, RAND
Gauteng CBD Rest of Souh AfricaGauteng non-CBD
Q4 2014_MODUS ASIA 13
RETAIL
Intelligence
INFO
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ILLU
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N B
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RD
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AGE
GET
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AGES
Hong Kong Awards 2015
ricshkawards.com
The RICS Hong Kong Awards showcase outstanding achievements and
developments in Hong Kongs land, property and construction
industries and across the built environment. The awards are open to
everyone working within the property profession.
Nominations are now open!Nominations close: Friday 12 December
2014
Award presentation ceremonyDate: Friday 13 March 2015Time:
6:30pm till lateVenue: Grand Hyatt Hong Kong
US-based clothing brands are expanding into Asia faster than any
other, research from JLL shows. Around 21% of retailers expanding
into Asia are from the US, followed by Italy and the UK, and the
regions speedy growth and rising purchasing power of its emerging
middle-class consumer base is expected to attract even greater
interest from international retailers.
In the coming decade, JLL notes, urbanisation will drive wealth
creation and change consumer buying habits in the Asia-Pacifi c
region. Established US mid-tier brands such as American Eagle and
Michael Kors are expected to grow in peripheral Asian markets,
while luxury retailers are likely to continue focusing on core
markets such as Hong Kong, as many brands view the city as a
stepping stone to mainland China. Shanghai and Beijing will also
remain top targets.
At the same time, mid-tier brands are increasingly targeting the
regions growing middle-class population, which is predicted to
reach 1.32 billion by 2020. Currently China has the largest
middle-class population in Asia-Pacifi c at 250 million, followed
by Japan with 120 million. By 2020, Chinas middle-class population
is expected to more than double to 590 million.
Rising income levels in Asia mean that an all-new consumer base
can now aff ord to purchase fashion and luxury items, said Michael
Hirschfeld, senior vice-president of JLLs national retail tenant
services. Middle-class buyers are rapidly turning to the urban
core, creating dense areas with top-shelf demographics a perfect
entry point for international retailers.
US LABELS TO TARGET ASIAS MIDDLE CLASS
KORS MARKETMichael Kors opened his fi rst Chinese fl agship
store at Shanghais JingAn Kerry Centre in May this year
SOME THINGS NEVER CHANGE. OUR CORE PURPOSE IS ONE EXAMPLE: since
1881 our Royal Charter has required us to act in the public
interest. This is what separates RICS from a trade association,
although life is rarely so clear-cut. To some observers,
professions can appear self-serving. They might
appear to delimit practices, control entry into the profession
and seek to rig markets. And yet, defi ning practices, developing
knowledge and maintaining entry standards are surely necessary
measures that ultimately benefi t society. Without them, how could
we credibly claim to protect the public from incompetence and
unscrupulous or illegal acts at the individual level? A
professional body also has the responsibility to step back and look
at the
bigger picture. What is in the long-term public interest, even
if involves diffi cult choices in the short term? What are the
global trends that will affect us locally and how do we adapt to
them? These questions require us to re-examine long-standing
assumptions, and to think imaginatively about how the world may
change, reshaping professional responsibilities and
accountabilities. Our Futures project is doing just that. It will
be important to relate the Futures fi ndings not only to our
public
interest remit but also to the value they bring to members.
These include our status in the eyes of clients; recognition of
RICS by governments, fi nancial and commercial organisations,
creating a market for members services; market advantage through a
superior qualifi cation; knowledge in the form of practice
standards and CPD (continuing professional development), and a
growing membership as a source of business opportunities and
good-practice sharing. This package can be summarised as a sense of
identity common to all members, across borders and irrespective of
specialism. I see an opportunity for us to adapt to a changing
world in ways that reinforce our sense of professional identity.
Moreover, we can use this to our advantage in building
collaborative relationships with other professional bodies.
Operating as a professional body gives us our clarity of purpose
and a
licence to infl uence public policy, and to set and regulate
standards. The real benefi ts to members lie in this public
interest remit the more our profession benefi ts society, the
better for our members. Follow Louise on Twitter @LBSLouise
STANDARD BEARER
Real value of RICS
membership derives from the status of
belonging to a professional
organisation, rather than an industry lobby
LOUISE BROOKE-SMITH FRICS RICS PRESIDENT
Our public interest remit is what lifts us above being a trade
body
MODUS_Asia_Q4.14_P06-15_Intelv5.indd 13 08/10/2014 12:42
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Join top-level global property professionals
Bridging the East and the West
for Global Real EstateGain in depth insight into: Asia Pacifi c
inbound and
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Regional developmentopportunities and projects
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Q4 2014_MODUS ASIA 15
NEWS IN BRIEF
Raising industry standards in Sichuan Province
RICS and the Sichuan Provincial Construction Engineering Project
Management Association have signed a memorandum of understanding to
support the growth of built environment professionals and to raise
industry standards in the Sichuan region.
The agreement will help the development of project management
professionals in particular, through personnel training, the
exchange of information such as sharing project and academic
research, and greater project cooperation.
This will be a giant leap for the growth and recognition of RICS
in south-west China, said Tony Ho, Deputy Director of RICS North
Asia. It will not only raise the standard of project managers of
Sichuan to an international level, but it will also speed up the
development and transformation of the industry in the province.
RICS applies carbon rating to buildings whole life-cycle
RICS has published a methodology to calculate the total carbon
emitted for a building its embodied carbon from its construction to
demolition.
The measurement is a crucial development in the world of carbon
accounting, as embodied carbon becomes a more signifi cant part of
a propertys overall carbon burden.
Often embodied carbon levels reach up to 70% of the total carbon
in standard buildings. If embodied carbon is not considered, even
energy-effi cient properties may not become carbon positive for at
least 40 years.
The methodology provides a fuller explanation of the impacts of
decisions made at the design and construction stage of a
building.
To download a copy of RICS Methodology to Calculate Embodied
Carbon Global Guidance, visit rics.org.
International hotel chains have ambitions to expand throughout
China, despite a slight dip in the number of visitor arrivals in
the country, reports Knight Frank. The firm analysed six cities
Beijing, Shanghai, Guangzhou, Hong Kong, Macau and Taipei and of
these, Macau was the most active in 2013, adding more than 1,700
five-star hotel rooms, followed by Beijing and Guangzhou. In the
first half of this year, Beijing was the most active, adding at
least 1,300 rooms.
In recent years, Chinas hotel market has faced increasing
challenges, such as competition
among local and international hotel brands, slower local
economic growth, increasing operating costs and the governments
policies to curb the consumption of luxury goods and services, said
David Ji, director and head of research and consultancy, Greater
China, at Knight Frank. Despite this, international brands have
continued to put their confidence in Chinas hospitality market by
launching aggressive expansion plans.
The report found Hong Kongs hotel industry remained stable in
the first half of 2014, backed by strong visitor numbers.
Furthermore, Knight Frank expects the Hong Kong governments
proposal to control the number of visitors from mainland China by
adjusting the Individual Visit Scheme to have a limited impact, and
the local hotel market should not be notably affected.
Meanwhile, Taiwan has recorded an increase in the number of
international visitors since it opened its tourism market to
mainland tourist groups in 2008 and individual tourists in 2011.
The outlook for the regions hotel industry now looks positive for
the long term.
DOWNLOAD Knight Franks Greater China Hotel Report 2014 at
bit.ly/kf_chinahotels2014
MACAU MONOLITH
Sheraton Macao Hotel at
Cotai Central added nearly
4,000 beds to Macaus
market upon full completion
in January
Intelligence
MORE INTERNATIONAL CHAINS BOOKING THEIR STAY IN CHINA
HOTELS
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Join top-level global property professionals
Bridging the East and the West
for Global Real EstateGain in depth insight into: Asia Pacifi c
inbound and
outbound investment fl ows
Retail Real Estate trends
Regional developmentopportunities and projects
Network with industry leaders
Celebrate excellence with prestigious awards
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What are the principles and techniques you need to successfully
manage a large, technical project? Following a typical process from
planning and scheduling to budgeting and control this book focuses
on the needs and challenges of project
managers across the construction, engineering and manufacturing
sectors. Chartered engineer Lesters guidance is closely aligned to
the Association of Project Management and the Project Management
Institute, and this sixth edition includes
new chapters on agile project management and project governance,
as well as helpful real-life examples. It is also ideal for those
studying for professional examinations.
What are you reading? Email [email protected] or tweet using
#RICSmodus
PROJECT MANAGEMENT, PLANNING AND CONTROL ALBERT LESTER
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MODUS_Asia_Q4.14_P06-15_Intelv5.indd 15 08/10/2014 12:42
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PLANES,TRAINS,
MODUS_Asia_Q4.14_P16-23_Infrastructure_v3.indd 16 07/10/2014
14:34
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Infrastructure
Around the world, there is vast investment taking place in the
transport, energy, water and communications networks that
underpin
every aspect of modern life. In developed countries, the
emphasis is on upgrading crumbling facilities after decades of
under-investment. In the rapidly growing economies of the Middle
East, Asia and Latin America, it is about building new networks
from scratch, even entire new cities, as the global population
grows to a predicted 9.5bn by 2050 and mass urbanisation continues.
A 2013 report from the McKinsey Global Institute estimated that it
would take $57tn of investment by 2030 just to provide the
infrastructure to meet projected GDP growth 60% more than had been
spent in the previous 18 years. This encompasses so many subsectors
in so many countries that the biggest challenge for many is working
out where to start. Infrastructure is booming everywhere,
says Keith Rudd FRICS, director at Arup.
Illustrations La Tigre
Fancy a job for life? Infrastructure is the worlds biggest
growth market, with opportunities for the next 20 years and beyond,
writes Katie Puckett
Theres probably never been a better time to be a surveyor or an
engineer working in this sector. Growing cities need infrastructure
in its widest sense, but even places that are not well populated
are going in for massive investment in infrastructure. Across the
Middle East, for instance, theyre realising that car-based travel
is not the right answer in cities and are building metros to move
people quickly.How to pay for all of this is a key challenge
for the worlds governments. There is a considerable gap between
available funds and actual needs, which is leading many to explore
the public-private partnership model (box, page 23) and creating an
opportunity for professional services firms, suggests John
Kjorstad, infrastructure hub leader at KPMG. That opens up the
conversation. Theyre no longer looking for the lowest cost but the
best service, and it becomes much more competitive. Investors also
demand international best
practice, quality and assurance standards exactly what chartered
surveyors can offer. Patrick Bruce FRICS, commercial director
ANDAUTOMOBILES
AND SEA PORTS, METRO STATIONS, MONORAILS, MAGLEV LINES AND
MOBILE PHONE
Q4 2014_MODUS ASIA 17
MODUS_Asia_Q4.14_P16-23_Infrastructure_v3.indd 17 07/10/2014
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18 RICSASIA .ORG
at Costain, has worked on transport and energy projects in the
Far East and India, among them Hong Kong International Airport,
which was funded by the World Bank. He sees the greatest demand for
quantity surveyors on complex, multi-billion-dollar megaprojects
with outside investors: If a project is funded by an organisation
such as the World Bank, it would insist that everything is above
board and set up in a responsible way with a commercial quantity
surveying team making sure that money is properly apportioned. With
so many opportunities out there,
the most pertinent question to ask is, where to go? KPMG has
just changed the way it classifies infrastructure markets,
identifying the greatest opportunity in two key groups. Mature
growth markets include the UK and most of western Europe, Canada,
Australia, Singapore and Japan open, transparent markets where
private investment in infrastructure is well established.
High-growth markets, meanwhile, are the economic powerhouses of the
BRIC countries (Brazil, Russia, India and China) and,
interestingly, the US.
The US hasnt really used private investment in infrastructure as
much as Europe, says Kjorstad. Its relatively behind, along with
BRIC- type countries with large GDPs that have allowed them to
develop their own public funding systems for developing
infrastructure. Were now starting to see some real progress in
these markets, with private investment in energy, transport and
even social infrastructure.The government body charged with
doubling the UKs exports of goods and services by 2020, UK Trade
& Investment (UKTI), has identified 100 High Value
Opportunities on infrastructure projects around the world. These
are very substantial projects, which are either exclusively
ROB JACKSON, DIRECTOR, RICS MIDDLE EAST & NORTH AFRICAAcross
the Gulf Cooperation Council (GCC) countries, there is $2.54tn of
projects at design, bid or construction stage. The bulk of that
investment is taking place in Saudi Arabia, UAE and Qatar, on
roads, rail and airports, as well as the power and water networks
to support them. Apart from Dubai, no city has a metro system, so
networks are now being built in Doha, Abu Dhabi, Riyadh, Mecca and
Jeddah among others. Rail is also attracting huge investment with
the aim to develop national and GCC-wide networks there are no rail
networks in the region with the exception of Saudi Arabia.
Meanwhile, cities are seeking to establish themselves as aerospace
hubs, emulating Dubai with large airport expansions.
All this means that there is a skills shortage, and demand for
chartered surveyors of all kinds. Clients are looking for
professional qualifications and RICS membership is recognised
across the region.
The $2.5tn projectspipeline
MIDDLE EAST
infrastructure or where infrastructure is a significant part of
it, and where there could be 250m [$410m] of contracts for UK
companies to bid for, explains international trade adviser Raphael
Channer. These projects are indeed scattered
around the world, from port expansion and deepwater drilling in
Mexico, to the A$26bn ($24.4bn) the Australian government plans to
spend on road upgrades over the next five years. But by far the
densest cluster of investment is in the Middle East. UKTI recently
hosted a tour of the UK for
representatives of Saudi Arabia, Kuwait, Qatar, Oman and the
UAE. We asked each of them to name their four or five priority
sectors for investment and infrastructure came top each time, says
Channer. Qatar, for example, plans to spend $220bn on
infrastructure by 2022, while Kuwait is building three cities from
scratch, investing $75bn in airports, metro systems, ports and
hospitals. Theres nothing in the US or Europe on the scale of whats
going on in the Middle East, adds Channer.Across the Red Sea in
Africa there is an
enormous need for infrastructure of every kind, but the real
hotspot is oil and gas. There are so many resources there and so
many opportunities to move in and develop people, says Norman
McLennan FRICS, vice-president supply chain global
NETWORKS, HELIPORTS AND HIGH-SPEED RAIL, NOT FORGETTING NUCLEAR,
COAL, GAS POWER, SOLAR PANELS AND WIND FARMS (PLUS ALL OTHER
RENEWABLES) TO FUEL IT ALL. THEN THERES
MODUS_Asia_Q4.14_P16-23_Infrastructure_v3.indd 18 07/10/2014
14:34
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Infrastructure
upstream oil and gas, at Sasol Petroleum International, which is
developing Mozambiques significant gas fields. The challenge is
that the supply chain is quite embryonic so it takes a lot of
investment in supplier development to bring local firms up to the
standard where they can compete in the global arena. McLennan sees
plenty of opportunities
for surveyors in the upstream oil and gas industry upstream
means extraction, downstream covers refining and distribution
adding that the professionalism and commercial awareness they bring
is much in demand. McLennan himself moved from traditional
construction during the 1980s recession and has since worked all
over the world: The skills that surveyors develop are very portable
to the oil and gas sector, and its a tremendous sector to be in.
Although there are many surveyors already working in the industry,
the age profile is quite high and he fears an imminent skills
shortage.Martin Darley FRICS is another convert
to upstream oil and gas who has never looked back. He started
out in the chemical engineering heartland of Stockton-on-Tees in
north-east England, but now works in the US as a cost engineering
and project services manager for multinational oil company Chevron.
Darley agrees that chartered surveyors are uniquely qualified to
deliver
UK infrastructure pipeline
JASON HO, MANAGING DIRECTOR, RICS NORTH ASIAThe world will be
more urbanised in 20 years time as more people choose to live in
cities. By then, China will have over 10 megalopolises, each with a
population of more than 10 million. The need for better planned
national transport and urban infrastructure to service a burgeoning
urban population has never been greater.
Studies also show that long-term, coordinated planning could
save the world substantial costs in infrastructure development.
Physical infrastructure needs to be efficient, smart, green and
creatively weaved into the urban fabric. There also needs to be a
step-by-step improvement in soft infrastructure, such as social and
community facilities, parks and open spaces to ensure better
environmental quality and liveability.
Technology will play an intrinsic part in transport and
infrastructure design, especially for global smart cities of the
future.
Efficient, smart and green: cities of the future
ASIA
Q4 2014_MODUS ASIA 19
NETWORKS, HELIPORTS AND HIGH-SPEED RAIL, NOT FORGETTING NUCLEAR,
COAL, GAS POWER, SOLAR PANELS AND WIND FARMS (PLUS ALL OTHER
RENEWABLES) TO FUEL IT ALL. THEN THERES
383bn
MODUS_Asia_Q4.14_P16-23_Infrastructure_v3.indd 19 07/10/2014
14:34
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Infrastructure projects can be extraordinarily complex, so we
need people like chartered surveyors who can understand
complexity
Increase in global infrastructure investment required to meet
projected GDP growth to 2030
THE THOUSANDS OF KILOMETRES OF MOTORWAY AND OTHER ROADS TO GET
PEOPLE FROM A TO B.
60%
MARTIN DARLEY FRICS Chevron
company five years ago, head of commercial services Jonathan
Harries MRICS has seen a five-fold increase in the number of
chartered surveyors on his 120-strong team, and hopes 50% of them
will be chartered within the next two years. Clients are looking
for something different, something better, and having those
commercial skills at the centre of our offering certainly helps, he
suggests. More often than not, theyre looking for chartered
surveyors.
Infrastructure is increasingly regarded as not just the result
of economic development, but a vital contributing factor while
inadequate infrastructure is seen as a significant stumbling block.
For example, the Civil Engineering Contractors Association
estimated that the UKs GDP could have been 5% higher each year from
2000 to 2010 if its infrastructure had matched that of other
leading economies. Supporting the UKs economic
competitiveness was the avowed intention of the National
Infrastructure Plan, first published in 2010 and updated yearly.
This
the size and complexity of projects in this sector:
Infrastructure projects often mean building things where no one has
been before, and they can be extraordinarily complex, so we need
people like chartered surveyors who can understand complexity. Its
that ability to have a very broad perspective. A lot of
qualifications tend to deep-dive too soon, but RICS surveyors
remain as generalists for much longer. Thats what you need for
senior management.Oil and gas is likely to be the scene of
significant investment for some time to come. The International
Energy Agency (IEA) forecasts that the world will need to invest
$40tn in energy supply and $8tn in energy efficiency by 2035 to
compensate for declining sources of energy and to meet rising
demand. The IEA expects gas to account for most of this increased
investment, with more than $700bn invested in the liquified natural
gas (LNG) sector alone.Consultant Rhead Group is working on
two LNG megaprojects in Australia, together worth more than
$70bn. Since joining the
MODUS_Asia_Q4.14_P16-23_Infrastructure_v3.indd 20 07/10/2014
14:34
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Q4 2014_MODUS ASIA 21
Infrastructure
year, it set out a pipeline worth 383bn ($628bn), with greatest
investment in energy and transport, but also covering flood
defences, communications, water and waste. A primary focus for the
UK is improving
the creaking rail network. Although Londons Crossrail project is
not due to complete until 2018, a second phase is already in
consultation, running between the citys southern and north-eastern
suburbs. Meanwhile, as the 43bn ($70.5bn) High Speed 2 project
crawls its way through parliament, chancellor George Osborne
started courting northern voters in June by calling for a High
Speed 3 line to link Manchester and Leeds. Infrastructure is the
backbone of
economic growth, and I can only see even more huge projects,
predicts Andrew Stevenson, director of transportation for EMEA at
Aecom. The challenge for the industry is resource availability
finding enough people to meet the requirements.
He believes that surveyors have an important role to play in
justifying such a level of investment: Effective commercial
management will be increasingly key. Certainty of outcomes is
highly persuasive in attracting investment, as well as
demonstrating the pivotal role infrastructure plays in economic
development.Also crucial to the UKs economic
development is a rather more 21st-century form of connection.
David MacDonald MRICS is head of estates and property at
communications infrastructure company Arqiva, which is linking
isolated rural areas to mobile-phone networks; installing the
infrastructure to support energy smart meters; and rolling out a
machine-to-machine network in 10 UK cities to create an internet of
things devices that communicate with each other to automate daily
tasks. Globally, analyst Gartner predicts the number of connected
devices will increase 30-fold between 2009 and 2020.
GRAHAM MATTHEWS FRICS, CHAIRMAN, RICS OCEANIAThe development of
Auckland airport is probably the largest infrastructure project in
New Zealand and will demand the services of a wide range of
surveyors, from land measurement to cost control. New Zealand is a
fairly small country, but if you extrapolate that demand across the
Asia-Pacific region, the opportunities are almost limitless.
Countries such as China, India, Indonesia and Vietnam are
developing infrastructure and utilities at a prodigious rate ports,
airports, water, roads, rail, energy and sewerage. In India, for
example, the population has already passed one billion, but the
infrastructure base is still very low. Over the coming decades,
that will increase substantially.
In China we are seeing similar growth, thanks to its incredible
economic evolution pushing development to levels that are difficult
to imagine. For chartered surveyors interested in infrastructure,
there cannot be a better time or a wider range of
opportunities.
Creating a new world
OCEANIA
AIRPORTS ARE EXPANDING AND ARE KEY TO ECONOMIC GROWTH, SO THE
OPPORTUNITIES TO
MODUS_Asia_Q4.14_P16-23_Infrastructure_v3.indd 21 07/10/2014
14:35
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MacDonald began his career at a very traditional surveying
company in Glasgow, before consulting for Vodafone on the rollout
of the 2G network in the 1990s. His current job is a world away
from where he started, but thats why he enjoys it. The interesting
thing is the juxtaposition between the UKs very mature property
market and this extraordinarily fast-moving industry. From a
technical point of view, a radio planner will want to put a mast in
a prominent position, while the local community want it hidden
away. The landowner wants to maximise the rent for a particular
site, while the operator wants to pay as little as possible. What
the chartered surveyor offers is an ability to bring competing
interests together and come up with a solution that everyone can
buy into.MacDonald echoes the concerns of his
peers regarding a skills shortage his main challenge is finding
enough surveyors to keep pace with demand. In the past year, he has
taken on 14 surveyors, and although Arqiva has launched a graduate
recruitment programme for 2014, it will continue to recruit general
practice surveyors as well. He cannot resist a sales pitch: Its an
incredibly exciting industry to work in, and its great to think
that the work you are doing is contributing in some way to society
itself. The trouble for MacDonald is that, right
now, the sector is full of other potential recruiters making
exactly the same case.
For more information, go to rics.org/infrastructure. For RICS
Infrastructure Information Service, which provides a single point
of access to costs, trends and benchmark data, go to
rics.org/iis
Infrastructure
22 RICSASIA .ORG
PLAN AND BUILD THEM KEEP ON COMING. FINALLY, THERES THE
CHALLENGE OF FINANCING IT ALL, THAT IS WHERE THE EXPERTISE OF
PROPERTY PROFESSIONALS WILL BE UTTERLY INDISPENSABLE.
MODUS_Asia_Q4.14_P16-23_Infrastructure_v3.indd 22 07/10/2014
14:35
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Predicted increase in the number of connected devices
2009-2020
Public-private partnerships will be key for the global
infrastructure revolution, but not all markets are taking
advantage
Plugging the worlds infrastructure gap is coming to be
recognised as two challenges in one: accessing new sources of
project finance, while improving value for money so that
constrained funding goes further. The public-private partnership
(PPP) model is increasingly regarded as a potential solution to
both, as discussed in a report commissioned by RICS from Ulster
University, entitled The Global Infrastructure Challenge: the role
of PPP in a new financial and economic paradigm.
Will PPP pay for our brave new world?FINANCE
The report considers the prospects for PPP in five key markets
the US, Canada, UK, India and Australia but the Americas region is
particularly interesting. It contains one of the worlds most
successful and prolific PPP markets, as well as some markets with
the greatest potential.
Paul Hughes FRICS, senior director, cost consulting and project
management at Altus Group, was one of the speakers at the Americas
launch of the report, held in Washington DC in June. Hughes moved
to Toronto in 2005 to work on some of Canadas fledgling PPP
projects in the healthcare sector, and has had a front-row seat for
its successful adoption throughout the
country. Social infrastructure was the primary focus of PPP, but
now it is increasingly used for roads, rail and bridges, and the
numbers are getting bigger.
Canadas approach is in stark contrast to that of the US, where
the pipeline of PPP projects is a trickle, even though many states
have PPP legislation in place. The US could be the worlds biggest
market for PPPs, but its going to take some time to get there, says
Chris Guthkelch FRICS, project director at Skanska Infrastructure
Development, one of several European firms pursuing PPP
opportunities there.
So far, the model has been held back by fragmented, fractious
local politics, combined with the ability of municipalities to
access cheap funding by issuing bonds. But even though
municipalities have cheap money, they still have all the risk of
designing and delivering the project themselves, says Guthkelch.
PPP is really about the transfer of risk from the public to the
private sector, and about getting better value for money. Theres a
lot of work still required to spread the word about the
benefits.
Latin American governments have proved much quicker to seize on
PPP to deliver all kinds of infrastructure. Colombia, Latin
Americas third-largest economy, has a project pipeline worth $47bn.
The country has a long history of private-sector involvement in
transport infrastructure, and, in 2012, a new PPP law extended the
model to more sectors. Consultant McBains Cooper has been advising
the government on PPP deals for roads, hospitals, schools, airports
and public buildings. The country is in a unique position, says
international director Santiago Klein, thanks to the long- term
fiscal policies of its government: There is high economic growth
and financial stability, but a lack of infrastructure. The
opportunities are enormous.
Download the report at
bit.ly/global-infrastructure-challenge
Q4 2014_MODUS ASIA 23
PLAN AND BUILD THEM KEEP ON COMING. FINALLY, THERES THE
CHALLENGE OF FINANCING IT ALL, THAT IS WHERE THE EXPERTISE OF
PROPERTY PROFESSIONALS WILL BE UTTERLY INDISPENSABLE.
x30
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16:31
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There is measure in all things, goes the RICS motto Est modus in
rebus apart from, it appears, how you actually carry out that
measurement. At present, measurement standards for property assets
can vary dramatically from one global region to the next, making it
diffi cult for investors, occupiers and advisers to accurately
compare space. Although codes of measurement ensure that
professionals,
wherever they practice, are clear about what is included in a
survey and what is not, without a common global standard, the
property world is not as transparent as it could be. Imagine you
are a corporate occupier who needs to fi nd an offi ce for 2,000
people in new territory. You think you have found the right
50,000ft2 (4,645m2) property for your needs. Naturally, you assume
that this is all usable space. But what if it is actually 35,000ft2
(3,250m2) of usable space and 15,000ft2 (1,400m2) of stairwells,
toilets and car parks? Should this not have been made clearer? It
is a huge problem that is fi nally being addressed. Next
month, a consistent set of international property measurement
standards (IPMS) will be launched to help reduce risk and bring
greater transparency to the industry, with the fi rst standard
covering offi ce buildings. Created by a coalition of worldwide
property organisations, IPMS is a long-anticipated solution to
problems in comparing properties across different markets. It will
have implications for the property profession, clients and other
built environment organisations.
International property measurement standards (IPMS) are on the
way and their use could revolutionise the industry. Hooper
24 RICSASIA .ORG
LANGUAGE FOR A GLOBAL
PROFESSION
A UNIVERSAL
International property measurement standards (IPMS) are on the
way and their use could revolutionise the industry. Brendon Hooper
reports
LANGUAGE FOR A GLOBAL
PROFESSION
A UNIVERSALA UNIVERSAL
PROFESSION
A UNIVERSAL
MODUS_Asia_Q4.14_P24-27_IPMS.indd 24 07/10/2014 14:36
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Q4 2014_MODUS ASIA 25
IPMS
GEORGE HONGCHOY FRICS, CEO, THE LINK MANAGEMENT LIMITED A
globally recognised property measurement standard is important to
the whole industry. In Hong Kong, there are diff erent standards
for commercial space. This has caused many discrepancies in how
properties are measured, requiring additional communications and
eff orts to avoid misunderstandings and political challenges. IPMS
would help clear up misconceptions in the minds of regulators,
investors, tenants, the media and the public.
CHRIS FOSSICK FRICS, MANAGING DIRECTOR, SINGAPORE AND SOUTH EAST
ASIA, JLLThe introduction of a global benchmark will help signifi
cantly in standardising the way valuation is conducted around the
world, and is a move in the right direction. The adoption of a more
structured approach to measuring buildings will help to address the
current lack of transparency in the market, thus boosting confi
dence and attracting more investment into the real estate market in
Asia.
With the property world becoming increasingly global, differing
local and regional standards are inefficient, regardless of their
quality, says Sander Scheurwater, Head of External Affairs & EU
Liaison for RICS Europe. Research by JLL discovered that, depending
on the measurement method used, the fl oor area of a building can
differ by as much as 24%. In Spain, for instance, fl oor areas have
been found to include outdoor swimming pools, while in parts of the
Middle East, the measurement can include the hypothetica l maximum
number of floors that could be built on the existing foundations.
In India, clients are regularly confused by terms such as built-up
area, and super built-up area, so the actual area that they get can
end up much lower than what is shown on paper.Inconsistent
measuring
codes lead to confusion and can affect both investors and
occupiers, explains Max Crofts FRICS, chairman of the IPMS
coalition (IPMSC) Standards Setting Committee. Corporate occupiers
working globally can even experience deals having to be dropped at
a late stage because of them, he says. For example, a local
measurement code might include WCs in the carpet area [the actual
usable area]. The occupier, having found a suitable site, then has
to start a fresh search to obtain the desired net lettable. At the
root of the issue is the lack of a universal language.Set up in
Washington DC in
May 2013, IPMSC is one of the largest coalitions the
industry
VOX POPS
Asia heads give their backing to standards project
MODUS_Asia_Q4.14_P24-27_IPMS.indd 25 07/10/2014 14:36
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26 RICSASIA .ORG
has ever seen. With RICS a leading member, it involves 44 global
professional and not-for-profit organisations working together to
produce a set of standards that will ensure property assets are
measured in a consistent way. The level of research involved has
been staggering the IPMSCs standards setting committee ran a
consultation between January and April that elicited more than 100
responses. A second consultation concluded last month, the draft of
which is available to read on the IPMSC website. The coalition now
plans to launch IPMS in November.Richard Stokes, RICS Head of
Global Corporate Affairs, has been involved from the start.
Within less than a year the coalition has gone from conceiving an
idea to publishing a first draft of an international standard. We
now have a new ethos of working in collaboration to develop a
high-level global standard, while making sure chartered surveyors
are the best recognised professionals to deliver that standard.But
the problem is not just about
data consistency. It is also about professional ethics and a
need to improve transparency in the most fundamental aspect of the
profession, refl ecting RICS Royal Charter mandate to look after
the interests of the public. Having
fragmented measurement standards means that, fundamentally, all
property users are affected and potentially losing out, adds
Stokes. The situation in Dubai illustrates the current
fragmented
approach. Although RICS measurement standard is commonly used,
different developers have different standards. Dubais diverse range
of property professionals have all brought their own standards of
measurement from their home countries and applied them into one
city, explains Rob Jackson, Director of RICS Middle East &
North Africa. While the rest of the world may struggle with
comparing standards in one country with those in another, in Dubai
we have the same problem between individual developments and even
between adjacent buildings. This is primarily why the Dubai
government last year
became the fi rst in the world to endorse and embrace IPMS
publicly. It hopes they will provide greater transparency and
instil confi dence in prospective investors. Furthermore, the RICS
team in Dubai recently signed up
JLL as the fi rst IPMS Partner organisation in the region (box,
above). All IPMSC organisations are now approaching prospective
partners, who will create the market for IPMS and for RICS
measurement guidance.
Sign up to theSign up to theglobal movementglobal movement
IPMS PARTNERSHIP
The IPMS Coalition is seeking IPMS Partners. These are
commercial fi rms that wish to signal their support for the
initiative by announcing their commitment to adopting and using the
standards. The designation is free, and Partner fi rms will be
listed on the IPMS website and recognised as leading the way in
adopting the new international best practice. Find out more at
ipmsc.org/partners.
IPMS HAS BEEN CREATED BY 44 GLOBAL ORGANISATIONS WORKING
TOGETHER
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12:30
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Q4 2014_MODUS ASIA 27
IPMS
For Alan Robertson FRICS, chief executive of Middle East and
North Africa at JLL, the benefi ts were clear: By introducing a
single recognised methodology, the IPMS will bring consistency and
reliability that has not been available to date, and it will lead
to greater professionalism in the real estate market.This sentiment
is echoed in China, where outbound
investment has been hitting new highs. Besides occupiers, we
have seen more and more investors and developers struggling to defi
ne the spaces they own, and the true value of properties they have
invested in or developed because of inconsistent measurement
standards, says Will Chen MRICS, managing director of GoHigh
Capital and CDB Commercial Development Fund, Chinas biggest
commercial real estate fund. I have no doubt about that China will
welcome IPMS, which provides the right solution, for both outbound
and inbound investment.And it is clear that the confi dence IPMS
will bring works both
ways. When weve talked to investors in Asia, it was evident that
when they were looking to move money west, some of the challenges
they had to overcome were as basic as understanding exactly what
they were investing in, adds Stokes.With consultation on IPMS for
offi ces now launched, the 44
coalition organisations must ensure that it is integrated into
their own guidance. Consultation for residential IPMS will
RICS guidance on how to implement IPMS for members will launch
in early 2015, with training and tools available for members on how
to implement the new standards. Once published, RICS members will
be encouraged to use the new guidance when measuring offi ces,
while measurements of other property types will continue to be
undertaken in line with the existing Code of Measuring Practice.
RICS Valuers will also need to refl ect IPMS in their valuation
reports. Find out more at rics.org/training-events.
MEMBERS ADVICE
Implementing the new standard
commence shortly, and industrial and retai l consultations will
follow next year. RICS guidance on the use of IPMS will replace the
existing Code of Measurement over time, so professionals should
take note: some areas of measurement will change as a result. All
surveyors dealing with offices will need to understand IPMS and be
able to use its universal language to share consistent information
with other surveyors, says Crofts. RICS will be helping members
understand what the changes are (box, above).IPMS is a massive
step
change for the property world. And with up to 70% of global
wealth wrapped up in property, consistent and transparent global
standards could also affect financial markets and even whole
economies. In the past, some property organisations have thought
this issue too big to tackle, says Stokes. RICS has galvanised the
international community to lead this project and RICS members can
be proud of the positive change IPMS will make.ipmsc.org,
@ipmsc
RESEARCH FOUND THAT SOME MEASUREMENTS CAN DIFFER BY AS MUCH AS
24%
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12:30
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THE XX FACTOR
28 RICSASIA .ORG
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Q4 2014_MODUS ASIA 29
Modus meets four women shaking up the industrys reputation
for
being a male-dominated closed shopInterviews Roy Ying, Head of
Communications and External A airs, North Asia
(RICS)
Careers
As more female professionals than ever forge careers in the
surveying industry, the modern workplace in China is changing
rapidly. But how far do the perceived
traditional roles of women affect their careers, and are
companies doing enough to support equal opportunities? Four
distinguished RICS members from four top-tier cities in different
regions of Greater China relate their experiences of balancing
family life with high-pressure careers in the quantity surveying,
commercial property and building services sectors.
1 IRIS LEE MRICS DIRECTOR, RIDER LEVETT BUCKNALL, SHANGHAI
It was my childhood ambition to work in the built environment. I
used to watch on television as landslides and fl oods destroyed
peoples homes. Living in Hong Kong, I was grateful to the people
who built sturdy housing for us, so I wanted to become one of them.
Surveying caught my eye at university, and it became my career Im
proud to be a consultant as I can be bold and keep my integrity in
giving professional advice.As a director of the company,
my typical day at work involves both external and internal
matters. Apart from meeting with clients, there are a lot of
internal matters to deal with as RLB has grown signifi cantly in
recent years to more than 1,800 staff. As a quantity surveying
consultant with a global presence, we serve international
businesses as well as local Chinese clients. The biggest challenge
working in China is integrating our scope of service with what
local clients expect us to provide. The demarcation of work among
consultants of various disciplines is blurring, and clients have a
tendency to let the most cooperative party do all the coordination
work. There is always a question of balance between providing
outstanding services and keeping the costs of doing business under
control.Sadly, Ive seen some female
staff quit due to the pressure of long working hours. My husband
is also a quantity surveyor so he understands what my work is like.
I believe support from a spouse is very important to overcome the
traditional thinking that women should only take care of family
matters. The most acute problem for
working Chinese women is staying at work while pregnant. Also,
because of Chinas single-child policy, family members soon-to-be
grandparents in particular get very anxious about the health of the
pregnant woman. Companies have to be sympathetic and flexible and
instigate measures to help pregnant staff. For example, by allowing
for flexible working hours, or reducing the amount of business
trips or site visits.
RICS
MRICS
(RLB) 1,800
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TOWERING ACHIEVEMENT Iris Lee works for Rider Levett Bucknall in
Shanghai, where it is quantity surveyor on the Shanghai Tower
(left)
MODUS_Asia_Q4.14_P28-31_Feature_v10.indd 29 07/10/2014 14:40
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30 RICSASIA .ORG
Careers
It is fundamental that companies offer equal working
opportunities for women, including, but not restricted to, job
interviews, treatment and promotion opportunities. Unfortunately,
its not unusual for women to experience a glass ceiling in this
industry. I try to gain an advantage by putting an emphasis on
accuracy and details in my work, being more creative and proactive,
and setting myself higher standards.Im proud of my role here
its professional, highly technical and, I think, irreplaceable.
Its wonderful to not only witness this industry growing, but also
to join the process to help it become stronger.
3 CAMILLE LO MRICS MANAGER (MAINTENANCE-BUILDING), HONG KONG
HOUSING SOCIETY
It was Lego that kindled my interest in buildings. When I was a
child, my parents bought the building blocks for my brother and I
to play with. Later, I started to look at courses where I could
turn my interest into a profession, so I studied surveying at
university. In my career Ive worked for
a main contractor, a building consultancy and a client-side
organisation. In my present role, my daily challenges involve
planning and monitoring the improvement programme for Hong Kongs
public rental
MRICS
2002 (Cushman & Wakefi eld) (CCRECI) 1949 9
MRICS
LegoLego
2 SUNNY ZHANG MRICS GENERAL MANAGER, INSITE CORPORATE RESEARCH
CENTER, BEIJING
My big opportunity to work in the commercial real estate
industry came from getting an internship at Cushman & Wakefield
in 2002, when the industry in China was relatively small compared
with developed markets. At INSITE I focus on market research, but I
also work on advisory reports such as feasibility studies, market
due diligence, investment advisory, site selection, occupier
strategic solutions and valuations. Im really pleased with the
success of our recent project, the China Commercial Real Estate
Confidence Index (CCRECI) Report. Its the first time a confidence
index system for commercial real estate has been established in
China. In Asia, its traditional to
think women should be at home caring for the family while men
work. I think this attitude is more common in Korea and Japan, as
in China women have been encouraged to work since 1949. Still, its
generally felt that family should come fi rst for a woman, so its
essential for us to have support from families when trying to
balance life and work. My baby was born in September and my family,
especially my husband, is very supportive. Its important to be with
them at weekends and to take the time to relax during holidays.
3
2
MODUS_Asia_Q4.14_P28-31_Feature_v10.indd 30 07/10/2014 14:40
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Q4 2014_MODUS ASIA 31
MRICS
[email protected]
estates and old buildings. I also provide technical guidance,
advice and building design. As a not-for-profi t organisation, the
biggest challenge is to manage costs while delivering high-quality,
sustainable solutions. A big part of the challenge for
a woman in the industry can be the physical environment. A
construction site can be harsh, dirty and unsafe, and at times they
require a great deal of strength and stamina to navigate around.
There is also pressure to uphold a tougher persona and not convey
emotions too readily, for fear of being seen as weak. But women can
have excellent soft skills, such as effective communication and
problem management, which are crucial in determining the success of
projects. Whenever I encounter difficulties, I explore all the
possibilities to reposition myself. My passion for this industry
keeps me going. We are fortunate that Hong
Kong is able to attract talent from diverse backgrounds. The
construction industry is undeniably still perceived as a male
profession, yet, in the years I have been working, Ive seen an
increasing number of women joining our fi eld. I believe that the
male-dominated perception will gradually change over time.There is
a particularly high
demand for professionals on new infrastructure projects right
now, and the private sector and professional bodies should do more
to emphasise that property and construction requires a range of
skills, irrespective of a persons gender.
4 ANNIE CHEN MRICS SPECIALIST, CATHAY LIFE INSURANCE CO. LTD,
TAIWAN
I used to work in the banking sector, dealing mainly with
repetitive tasks. Tired of the same daily routine, I decided to
change jobs to surveying, as I knew real estate was a dynamic
industry in which interesting changes are taking place every
day. I now work in the real estate investment department of an
insurance company, and my responsibilities include looking for
potential investment properties and assessing their suitability. I
also act on the companys behalf in purchasing or developing real
estate.Compared with other
professions, working in real estate can sometimes be hazardous.
For example, you may need to go to remote locations to conduct a
survey or carry out a construction site inspection. Therefore, its
seen as a profession more suitable for men than women. But this is
really only a stereotype. The truth is, as mode