Singapore Real Estate Industry Prepares For Global Market
Opening Address by Ms Grace Fu, Senior Minister of State for National Development and Education at the Inaugural International Real Estate Congress co organized by the Singapore Institute of Surveyors and Valuers (SISV) and the Singapore Accredited Estate Agencies Ltd. (SAEA) at Marina Bay Sands on 5 October 2010.
Distinguished Guests, Ladies & Gentlemen,
I am delighted to join you this morning at the opening of the inaugural International Real Estate Congress 2010.
On behalf of all Singaporeans here, I extend a warm welcome to our overseas delegates from Malaysia, Indonesia, Australia, South Africa, the United States and the United Kingdom. I hope you will have some time during your visit here to explore our city.
The theme of this Congress is “Becoming a World Class Trusted Real Estate Professional”. This is the first time an international Congress on the real estate agency profession is held here. I commend the Singapore Institute of Surveyors and Valuers (SISV) and the Singapore Accredited Estate Agencies Ltd (SAEA) for bringing together real estate sales professionals from all over the world to share their knowledge and experience.
The Real Estate Professional – Going Global
Today, the real estate industry is no longer confined to a domestic market, but has widened to encompass the entire world. According to recent studies by Cap Gemini and Merrill Lynch, High Net Worth Individuals (HNWI) generally allocate 28 per cent of their vast wealth to real estate.
This totals US$39 trillion. 60 per cent of this is allocated to residential properties.
Global cities such as London, New York and Paris have always been attractive to international real estate buyers. In recent years, Singapore, alongside other Asian cities such as Shanghai and Beijing, is seeing increasing interest from foreigners in its real estate.
To serve an increasingly diverse global clientele, the role of the real estate professional will have to evolve to encompass regions beyond the local market.
Education and Professional Development
To develop world class professionals, one key area is education. We have to motivate our people to continually upgrade their knowledge and skills so that they will remain relevant to the needs of a changing world. They will need to keep pace with new knowledge and technology.
With a global real estate market, real estate practitioners will need to possess the requisite knowledge on legislations and policies of many countries.
For estate agents, it is pertinent that they fully understand the controls and regulations governing the purchase, ownership and management of real estate.
With a more demanding global clientele, the estate agent’s role can no longer be limited to the traditional function of a broker.
Estate agents must be equipped with the appropriate skills and expertise to address new challenges and opportunities. For example, they must be prepared to take on more complex deals or specialized buildings to serve the needs of their customers.
Trust and Ethics
But we must not forget that clients will continue to expect a high level of trust in their relationship with estate agents. Trust and ethics are essential traits of any professional. It is important that industry groups, like SISV and SAEA, instill in their members a system of values and ethics to guide the practice of real estate work.
Council for Estate Agencies
It is with these in mind – improving professionalism of the industry and safeguarding consumer interest – that the Singapore Government is setting up a new statutory board – the Council for Estate Agencies (CEA).
The property sector in Singapore is an important one, given our high home ownership. Our property transactions amount to tens of billions of dollars a year. The high home ownership rate, possibly the highest in the world, is due primarily to our public housing programme.
For many Singaporeans, their home is the largest single investment they will ever make. Therefore, it is important that they be given the best possible advice and service when making such an investment.
The CEA is targeted to start operations on 22 October 2010. It will put in place a regulatory framework with new entry requirements, mandatory continuing professional development and a Code of Ethics and Professional Conduct.
These will ensure that estate agencies and agents have the necessary knowledge to provide professional service and ability do their work ethically. The framework will apply to estate agency work for Singapore properties, as well as foreign properties marketed, sold or leased in Singapore. Local and foreign estate agencies will need to comply with the regulatory requirements, if they want to do estate agency work involving foreign properties in Singapore.
In addition to the Government’s efforts, the public and the real estate industry are also expected to play their part. A Public Register of estate agencies and agents will be set up for members of the public to check on estate agencies and agents before they engage their services.
CEA will also develop consumer guides to equip consumers with the necessary knowledge on conducting property transactions prudently and judiciously.
Conclusion
In conclusion, this real estate Congress will act as a platform for deliberating current and new issues facing the real estate industry. It leaves me to wish you all a fruitful and successful meeting here in Singapore, and I hope that your friendship and professional relationships will flourish from here.
I now have the pleasure and honour to declare the International Real Estate Congress 2010 open.
Topics: 2010, Asia, Australia, Becoming a World Class Trusted Real Estate Professional, business, CEA, Council for Estate Agencies, economic development, economic growth, Economy, education, estate agents, ethics, Governance, government, Grace Fu, high net worth individuals, Inaugural International Real Estate Congress, Indonesia, licensing estate agents, Malaysia, Marina Bay Sands, Ministry of National Development, MND, moniter, monitor, news, Pacific, real estate, SAEA, Singapore, Singapore Accredited Estate Agencies Ltd, Singapore Institute of Surveyors and Valuers, SISV, South Africa, United Kingdom, United States
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