Save the Date!

The

VGP Express Singapore Institute of Surveyors and Valuers

I S S U E 5 - J U L Y 2 0 1 6

27th VGP Council 2015/2017

President Dr Lim Lan Yuan

1st Vice President Tan Choi Heng

2nd Vice President John Teo

Hon Secretary Goh Heng Hoon

Hon Treasurer Ian Loh

Asst Hon Secretary Richard Tay

Council Members

Ivy Tan George Low

Png Poh Soon Eric Chan

Tan Keng Chiam Joseph Yee

Valenie Chwee Soh Chor Yin

Ong Shujuan

Overcoming Challenges In the Uncertain and Sluggish Market

This is another challenging quarter for the real estate practitioners and SISV members with the slow activities in local market and instabilities in the regional and global markets. To meet these challenges, the Institute has launched a number of programs, including CDP courses to update members, and meetings with several external bodies to discuss issues of common interest.

In particular, the valuation profession continues to encounter challenges and having to deal with issues on new financial reporting aspect of business operations. The Institute has been engaging the accounting association in dialogue sessions to discuss the different approaches and issues in financial reporting standards between valuers and auditors. Business valuation courses have been organised, and more financial and accounting seminars related to valuation will be held to keep members updated on the latest developments.

There are also several events to be launched to keep estate agency members updated on new initiatives and to be in compliance with the Council of Estate Agencies’ requirements. The 3rd Singapore Realtors Conference will be held on 3 August 2016 to provide estate agents and salespersons a wider perspective of real estate issues and latest industry & market updates.

In the meantime, the VGP Property Management committee is working to hold a Property Management Conference in October 2016.

Singapore

Realtors

Conference

3 August 2016

SISV

Valuation

Conference

7 October 2016

SISV

Annual

Dinner

2016

22 July

2016

SISV

Property

Management

Conference

26 October

2016

28th Pan

Pacific

Congress

26 – 29

September

2016

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ISSUE 5 JULY 2016

Annual General Meeting & VGP AGM Conference

Business Valuation Course

Members of the VGP attended the Annual General Meeting and the VGP AGM Conference on 30 April

2016 at York Hotel. Attendees of the annual VGP conference were treated to an inspiring speakers’

session on challenges in the industry practice today. Three speakers from VGP shared their

knowledge on property management, estate agency and valuation issues.

The conference was followed by the AGM with the rest of disciplines of the Institute. The meeting

addressed some of the current challenging issues faced by VGP members and how the Institute

would aim to provide the support to members.

For the Valuation Committee, the critical issues facing valuers include the new Financial Reporting

Standards as well as the increasing importance of Business Valuation and Valuation for Intellectual

Property. The Committee would be conducting courses for members to better understand these

specific areas of valuation including that for real estate and plant & machinery.

For the property management, the Committee is currently working and exploring towards the direction for best practices to guide practitioners in this area. The Estate Agency Committee will constantly engage estate agents and salespersons in meetings as

well as with the CEA. This is to keep salespersons informed of latest market information through

circulars, workshops, dialogue sessions and its annual Conference.

The Institute had organised a Business Valuation

Course in conjunction with international partners

between 10 and 16 May 2016. This five-day course is a

comprehensive training program on how to value

private business enterprises, and covers various

aspects of business valuation including the different

approaches and methods of valuation, and how cap

and discount rates are determined. The course

prepares candidates for the business valuation

certification exam offered in the industry as well as the International Certified Valuation Specialist

(ICVS) designation which is widely recognised for its Business Valuation credential.

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Joint SISV-PVAI Valuation Conference 2016 Conference : Cross-Border Valuations – Challenges and Trends 12 & 13 May 2016, Fort Canning Lodge The VGP and Practising Valuers Association India (PVAI) successfully hosted the Joint

Valuation Conference on 12 May 2016. Apart from updating the participants on the Property

Markets in Singapore and India, the speakers shared their expertise in the valuation and market

for REITs, Valuation of Intangible assets and that in Plants & Machinery.

The second day of the conference was dedicated to a half-

day REITs Certificate Course and followed by a technical

tour to one-north where our delegates from India and

fellow local participants were met by the Head of Business

Development and Development Management of Ascendas

Land Singapore, Mr Yee Hsien Wee and his Deputy Head,

Mr Lawden Tan at Galaxis. The delegates were treated to a

presentation on the development of Galaxis by Mr Yee’s

team before they were brought on a tour to the new

buildings.

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ISSUE 5 JULY 2016

Singapore Realtors Conference 2016 3 August 2016 SISV (VGP) : 6 CPD Credit Hours 2 CEA Core CPD credits awarded under Core Category 3/ Level 3

The VGP is organising its 3rd successive annual Singapore Realtors Conference. For this year, the theme of the Conference “What’s Next For Estate Agents and Salespersons in Singapore”, the conference will cover a wide perspective of the real estate issues, from local market updates, practice challenges, to regional development. It will be an engaging updating and interactive session among participants and for the estate agents and salespersons where market continue to prove challenging, there may also be opportunities abound in the market. VGP would be launching a new Price Index for the Mass Market. There will be a short presentation introducing the Index, describing the Methodology as well as sharing with participants on how potential homebuyers are able to use the Index to gauge the market. With abundance and proliferation of information and data available in the market today, this SISV Price Index is a useful tool for salespersons and estate agents as well as other real estate professionals and even for the public who may want to have another view of the market.

SISV Valuation Conference 2016 7 October 2016 SISV (VGP) : 6 CPD Credit Hours

The VGP will be hosting the SISV Valuation Conference on 7 October 2016. This Conference, which provides an insight on the Challenges and Opportunities in Valuation, is to keep valuers in both real estate and business professionals informed on the latest development in the valuation industry. It also serves as a gathering where valuers and other real estate professionals can engage in dialogue sessions and establish social networking. This year our VGP Committee for the Valuation Conference has specifically selected a buffet spread of engaging topics.

For the morning session, the speakers will be sharing their knowledge in “Investment of properties for a REIT”, “Green Technologies and Smart Initiatives for Public Housing in Singapore”, “What is Best Practice as an Expert Witness” and just before lunch will be a session on “Changes in Development Control and latest Planning Policies that would shape new development projects”. In the afternoon session, our speakers will be presenting topics on the Valuation for Financial Instrument, new Financial Reporting Standards & Challenges and Business Valuation from Corporate Perspectives. Before the Q&A session, our speaker will be sharing his expert views on the regional economies and real estate market.

Enquiries :

Ping Ping - Tel : 6424 0297 or pingping@sisv.org.sg

Manisah - Tel : 6424 0272 or manisah@sisv.org.sg

SINGAPORE REALTORS CONFERENCE 2016 SINGAPOREREALTORSCONFERENCE2016SINGAPOREREALTORSCONFERENCE2016SINGAPOREREALTORSCONFERENCE2016SINGAPOREREALTORSCONFERENCE2016SINGAPORE

GRAND COPTHORNE WATERFRONT HOTEL

392 Havelock Road Singapore 169663 3 August 2016 (Wednesday)

The Practice of Estate Agency – “What’s Next For Estate Agents And

Salespersons In Singapore” ThisConferenceoftheYearkeepsEstateAgentsandSalespersonsuptodateonthelatestdevelopmentintherealestateindustry,andservesasagatheringwhereyoucanengageindialoguesessionsandestablishsocialnetworking.TheThemeforthisConference2016focuseson“What’snextforEstateAgentsandSalespersonsinSingapore”.Thefirstpartoftheprogrammewilldiscusstheprevailingmarkettrendsandnewdevelopments that will provide ample opportunities for theindustry.Thesecondpartoftheprogrammewilltouchonthegovernance,operationalandpracticeissuesofconcerntoestateagentsandsalespersons.Thereafter,therewillbeaQ&Asessionwithspeakers.TheConferencewillbenefitEstateAgentsand

Salespersonsandotherswhoareinterestedinestateagencywork.

DISTINGUISHED SPEAKERS

Leonard Tay Independent Analyst

Property Market Overview –

Update and Outlook

Mireille Wan Founder, MDW Consultancy

Regional Market

Overview and Update

Anil Changaroth Advocate and Solicitor, Changaroth Chambers LLC

Due Diligence of Salespersons

in Conveyancing

Christina Sim Director, Capital Market, Cushman & Wakefield

Collective Sales Market

Overview in Singapore

Sherina Ng Founder, Cellini Property Consultants Pte Ltd

Standard Operating Procedures

for Estate Agencies

Celeste Ng Trainer / Lecturer of Real Estate Courses

Handling Exclusive Agreements

Supported By

SISVPrivateResidentialResalePriceIndexfortheMassMarket

SISVServiceswouldbelaunchinganewPriceIndexfortheMassMarket.TherewillbeashortpresentationintroducingtheIndex,describingtheMethodologyaswellassharingwithparticipantsonhowpotentialhomebuyersareabletousetheIndextogaugethemarket.

CEA C3:L3 (SN : C3L30527) : 2 Core CPD Credit Hours

For more information : http://www.nationproperty.sg/src2016/

For Registration : http://www.nationproperty.sg/src2016/registration.aspx

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FIABCI (International Real Estate Federation)

67th FIABCI World Real Estate Congress

The Panama Chapter successfully hosted the 67th FIABCI World Real Estate Congress from 21 to 26

2016. The Congress was well attended by global leaders who network, build business, share

experience and advance the profession.

Six projects which earlier won the Singapore Property Awards 2015 conducted by FIABCI-Singapore

won this year FIABCI Prix d-Excellence Awards 2016 with 4 Gold Awards and 2 Silver Awards.

FIABCI International Real Estate Consultant (FIREC) Course

FIABCI-Singapore and SISV had organized a two-day course on 19 & 20 June 2016 on global real

estate and investment known as Global I and Global II. These two courses will provide the first step

to enable participants to earn the FIREC designation.

The FIREC designation is awarded to FIABCI members who have satisfied specific criteria based on

education, business experience and participation in FIABCI global activities. Earning this prestigious

FIREC designation means becoming part of an elite class of international real estate industry leaders

who transact business on a global basis.

HIGHLIGHTS OF KEY EVENTS AND ACTIVITIES

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WORLD ASSOCIATION OF VALUATION ORGANISATIONS

The Australian Property Institute hosted

the WAVO meeting in Sydney in June

2016. The meeting was attended by

members from China, Korea, Hong Kong,

the United States, Australia, New Zealand

and Singapore. WAVO members also attended a technical tour to

Barangaroo, a new A$6 billion waterfront renewal precinct, and

given a briefing on the development project by Lend Lease, the

master developer.

The Korea Appraisal Board will be hosting the 8th WAVO Congress in

November 2016. Fellow practicing valuers and real estate

professionals, who are keen to attend this Congress later this year,

please do not hesitate to write to likim@sisv.org.sg or

janet@sisv.org.sg.

ASEAN Valuers Association (AVA)

The 19th AVA Congress was successfully hosted by the Cambodia Chapter from 4 to 7 May 2016 in

Phnom Penh, Cambodia. The theme of the Congress is “One ASEAN ONE Valuation Standard”. Some

300 participants from all the eight ASEAN countries attended the Conference and including other

regional attendees from China and the US. At the Congress, the Constitution was amended for a new

President of AVA to be elected every year. Dr Lim Lan Yuan, the President of Singapore Chapter, was

elected the President of AVA for 2016-2017. The next AVA Congress will be held in Singapore in 2017.

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The 28th Pan Pacific Congress for Real Estate Appraisers, Valuers and Counselors SISV (VGP) : 10 CPD Credit Hours

The Japan Association of Real Estate Appraisers (JAREA) is hosting the

28th PPC in Kyoto from 26 to 29 September 2016 and venue of the event

is at the Kyoto International Conference Center. This year the theme of

the Congress is “Toward Expanding the Role and Expertise of the

Valuation Profession in an Ever-Changing Global Economy”. It is

anticipated the event will be well attended by many real estate

professionals from the region and it would not only be a knowledge

energizing event but also an interactive social and business networking

event that is not to be missed.

The Congress will kick start with speeches from Chief Delegates of PPC. A

Keynote Speech will be presented by Mr Tadao Ando, a renowned architect

who has won many international awards.

Speakers and panelists from Indonesia, Malaysia, Philippines, Singapore,

Australia, US, Hong Kong, Korea, Japan, Taiwan and India will be sharing

engaging valuation and real estate market topics at the Conference.

VGP members who are interested to attend, please register your interest with

secretariat at likim@sisv.org.sg or janet@sisv.org.sg.

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ISSUE 5 JULY 2016

LOCAL NEWS / VGP INITIATIVES SISV Real Estate Masterclass 2016 11 to 13 July 2016 Real estate professionals today need to be kept updated not only with the latest market trends but also on legal and economic issues as they are known to closely interlink and have an impact on the property market. In this inaugural Masterclass, the Institute is privileged to bring some of the most incisive minds and experienced practitioners from the real estate industry to share with the class their varied expertise on the real estate market. Six property legal experts from Rajah & Tann have also shared with the class their knowledge in both the local and emerging markets in the region. The spectrum of various topics indeed set the platform for a stimulating as well as engaging 3-day enlightening journey for attendees of this SISV Real Estate Masterclass.

HDB - SISV Dialogue As part of the continuing effort to engage with Housing & Development Board in relation to real estate matters, the VGP Council had met the senior officials of HDB hosted by Mr Yap Chin Beng Deputy CEO of HDB in the 8th HDB-SISV Annual Dialogue. The dialogue started with HDB sharing the latest initiatives and programmes launched by HDB for the past year, followed by a fruitful exchange of views and perspectives between SISV and HDB on several issues concerning the valuation and estate agency practices.

Photos courtesy by the Housing & Development Board

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VGP CPD COURSES Certificate in Marketing of Industrial Properties (CEA SN:C2L3S0495) (Total 5 days – 3 hours each day + Assessment) Dates : 1, 5, 9, 14, 16, 20 September 2016 Endorsed by Council for Estate Agencies – Commencing Registration 6 CEA Core CPD credits awarded under Core Category 2/ Level 3 approved by CEA for the mandatory CPD Scheme

Approved for Skill Connect Grant and also WDA Funding under the Broad-based Scheme

SISV (VGP) : 8 CPD Credit Hours

This Certificate Course is to equip estate agents/salespersons on the fundamentals in marketing industrial properties in Singapore. As JTC and HDB are the two largest developers and managers of industrial properties in Singapore, it is necessary that estate agents/salespersons be informed of the policies and regulations of JTC and HDB with regard to the use and occupation of industrial properties. In addition, estate agents/salespersons should be acquainted with the relevant portions of the guides and regulations introduced by CEA and other relevant authorities that relate to the marketing of industrial properties. Please look out in our website for the new launch date of this course.

Topics CEA Core CPD Credits

Hours

SISV (VGP) CPD Credits

Hours

Date

What Affects Office Trends? And How It Affects Doing Deals? (CEA SN: C2L1S0514)

2 3 4 July 2016 (PM)

Decoupling & Considerations That Come With It (CEA SN: C2L20371)

2 3 13 July 2016 (PM)

Statistical Interpretation Of Private Residential Market For Business Improvement (CEA SN:C2L2S0501)

2 3 15 Jul 2016 (PM)

CEA’s Practice Guidelines On Option To Purchase And Sales & Purchase Agreements (CEA SN: C3L2S0364)

2 3 19 July 2016 (PM)

Building Defects 3 20 July 2016 (PM)

Increase Your HDB Transactions through Housing Trend Analysis (CEA SN: C2L2S0503)

2 3 21 July 2016 (PM)

Understanding The Basic Acquisition Principles Of A REIT (CEA SN: C3L20508)

2 3 25 July 2016 (PM)

Duties of Landlord’s Agent with Case Studies on Private Residential and Commercial Properties (C1L2S0365)

2 3 28 July 2016 (PM)

Designing An Effective Complaints Management System (CEA SN: C3L20234)

2 3 29 July 2016 (PM)

Rectification Of Building Defects

3 17 August 2016 (PM)

Choice Of Building Materials 3 14 September 2016 (PM)

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KEY CIRCULARS / NEWS ISSUED BY AUTHORITIES

Building and Construction Authority

20 May 2016 Developers and Builders raise building quality standards with BCA Quality Mark and Conquas

16 June 2016 BCA introduces measures to tighten lift maintenance and enhance lift safety

Council For Estate Agencies

4 May 2016 2015 Public Perception Survey on the real estate agency industry

Housing & Development Board

1 April 2016 Flash Estimate of 1st Quarter 2016 Resale Price Index

11 April 2016 Helping Second-Timer Rental Families Own a Home Again

22 April 2016 Release of 1st Quarter 2016 Public Housing Data

26 April 2016 HDB issues Rated Fixed Rate Notes

9 May 2016 More help for HDB Shops through enhanced Revitalization Of Shops (ROS) Scheme

24 May 2016 HDB launches 8,940 flats in May 2016 BTO cum SBF Exercise

Ministry Of National Development

8 June 2016 Release of Second Half 2016 Government Land Sales (GLS) Programme

Monetary Authority of Singapore

14 April 2016 MAS Monetary Policy Statement

7 June 2016 Recent Economic Developments in Singapore

13 June 2016 MAS sets up dedicated departments to combat money laundering and strengthen enforcement

Singapore Civil Defence Force

17 May 2016 Amendments to technical requirements for household shelter 2012 – Provision of fibre termination point (FTP)

and RJ45 outlets and smaller HS area for dwelling units with GFA ≤ 40m2

Urban Redevelopment Authority

15 April 2016 Conversion of surplus carparking in commercial, mixed use and hotel developments within central area

3 May 2016 Submission of Walking and Cycling Plan for selected commercial, retail, business park and school developments

13 June 2016 Repeal of Section 3 of the Foreshores Act

13 June 2016 New online portal for more accessible information

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Secretariat : Teo Li Kim Janet Han Neo Ping Ping

Singapore Institute of Surveyors and Valuers

110 Middle Road #09-00 Chiat Hong Building Singapore 188968 Tel : +65 6222 3030 Fax : +65 6225 2453 Website : www.sisv.org.sg

The VGP Express is a quarterly publication of the Singapore Institute of Surveyors and Valuers. Distribution is restricted to members and those organizations and institutions of higher learning associated with the Institute.

The Institute wishes to remind all members on the obligation to fulfill the 60 CPD hours requirement in every consecutive period of 3 calendar years (2016 – 2018) which is provided under the Bye-law. Members can refer to www.sisv.org.sg/membership-cpd to check on various activities that can be recognised as VGP CPD Core & Non-core activities. Members are to be responsible for maintaining their personal record through the new Institute website which will be launched within the coming months.