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Greetings from the VGP Divisional Council

 

The VGP Express is back in action and it is hoped to provide members a healthy platform for exchange of views on property development and consistent updates on seminars, events, new legislations, books launch and government circulars relating to real estate and construction practice. You are invited to contribute articles or papers which you may wish to share with the Institute members. We hope this quarterly e-bulletin will continue to be of great interest to you.

 

The Secretariat

· Adoption Of New Codes And Standard

(A) BCA Green Mark Certification Standard For New

Buildings (GM Version 4);

(B) Code For Environmental Sustainability Of Buildings

(Second Edition);

(C) SS 531: Code Of Practice For Lighting Of Work Places;

(D) SS 553: Code Of Practice For Air-Conditioning And

Mechanical Ventilation In Building

(circulated by BCA on 1 Sept 2010)

 

· Night Lighting Master Plan For Bras Basah.Bugis (BBB) - Rochor (Part) Planning Area (circulated by URA on 2 Aug 2010)

 

· (A) Infinity Edge Pool Must Be Safe For Use

       (B) Site Conditions For Top Inspection

       (C) Changes To Application For Approval Building Plans Form

       (circulated by BCA on 12 July 2010)

Estate Agents Bill passed on 15 September 2010

 

The introduction of the Estate Agents Bill in Parliament on 16 August 2010 is a milestone which signals major impending changes in the real estate industry.

 

The Bill, which seeks to establish the Council of Estate Agencies (CEA) under MND to regulate estate agents, was passed on 15 September 2010.

 

Some features of the new regulatory framework are as follows:

 

· CEA will take over the licensing of estate agencies from IRAS

· All salesperson will have to be registered with CEA from 1 January 2011 and meet standards set by CEA to continue working.

· Estate agents who have not passed an industry exam but has completed at least 3 property transactions in the last two years will have to pass an industry exam before 31 Dec or pass the new CEA exam between Jan 1 and Dec 31 next year.

· For those who have not passed an industry exam and does not fulfil the transaction requirement, they must at least be 21 years old, cannot be a bankrupt or have a criminal record, have at least 4 GCE O-Level passes or equivalent, attend an exam preparatory course and pass the CEA exam.

· Regulation on practices of estate agencies and salespersons by the implementation of codes of practice , ethics and professional conduct. CEA will also come up with  standard estate agency agreements between estate agencies and their clients ensuring that there are no conflicts of interests.

· Property agencies and agents cannot act as moneylenders and cannot make referrals to moneylenders.

· The Act empowers CEA to investigate breaches and enforce regulatory requirements and to set up a Disciplinary Committee to hear and consider disciplinary cases. Further, estate agencies and agents will have to participate in a dedicated dispute resolution process covering mediation and arbitration.

 

The press release can be found on MND website www.mnd.gov.sg

 

Anti-Speculation Measures to Cool Property Market

 

New cooling measures had been announced by the Government on the 30 August to maintain a stable and sustainable property market.

 

Property speculators and investors have been causing the prices of property to increase significantly. The measures are put in place to protect the interests of genuine home owners whose primary purpose for buying flats are for residence and not for investment.

 

The press release on the cooling measures can be found on www.mnd.gov.sg

 

Straits Times article on what the new property rules imply to buyers and sellers can be found here.

 

 

 

 

 

16^th AVA Congress

 

Over 250 delegates from eight ASEAN member countries attended the 16^th Asean Valuers Association (AVA) Congress on the theme “Towards a New Era of Valuation Development”. This biennial event was held on 22-24 July 2010 at the Dusit Thani Hotel in Bangkok, Thailand.   The congress was graced by the Minister of Interior, H.E. Mr Chavarat Charnvirakul who welcomed the delegates on behalf of the Thai government when he officially opened the Congress.

 

Besides the presentation of country market reports by member countries, plenary session topics included:

 

· Outlook and Directions Toward the New Era of Valuation Development

· Integration of ASEAN – Effects of Valuation Profession

· Mortgage lending – The Experiences of Government Housing Bank by Thailand

· Pre and Post Education and Training for Valuers by Malaysia

· What Clients Expect to Know in Valuation Reports by Singapore

· Comparison of Valuation Report Content  by Thailand

· Development of Property Valuation for Property Tax,  Tight Regulation on Business Valuation and its Effects to the Valuation and The Impact of Free Trade Zone Establishment to the Low Cost Housing Supply in Batam by Indonesia

· An Assessment of Valuation Profession and International Valuation Standards Post Global Financial Crisis by Malaysia

· Mortgage Lending – Its Relationship with Property Valuation; The Development of Price Evaluation Job – Environment, Conditions and Trends of Development; The Integration into the World Economy of ASEAN – The Impact to Valuation Profession by Vietnam

 

The sessions ended with two panel discussions on “Asean Valuation Standard” and “Strengthen Cooperation among Asean valuers” chaired by AVA Secretary General Dr Lim Lan Yuan .

 

The delegates had fruitful discussions and it came to a conclusion that it would be beneficial to work together towards the development of an ASEAN valuation standards/guidelines/best practice/rules of conduct.   It was also recognized that the valuation profession now extends beyond land and buildings, to machinery and other assets, both tangible and intangible. In view of the definition of market value being continually redefined reflecting the changes taking into account the future prospects, participants recognised that there was a need to develop the capability of valuers into these new areas.   In addition, the stronger AVA members can help to train valuers from the newer member countries, especially since valuation is moving towards being a cross-border profession within ASEAN.

 

There was a surprise visit by the Secretary-General of ASEAN, H.E. Dr Surin Pitsuwan who gave a speech on the development of ASEAN cooperation in the various areas including surveying and valuation profession.

 

The congress concluded with the General Assembly followed by a closing and handing over of Presidency from Thailand to Brunei who would be the next host of the 17^th AVA Congress.

 

2-Day Building Maintenance and Strata Management Act (BMSMA) Workshop

 

A 2-day BMSMA workshop, held from the 4th to the 5th August 2010 at SISV Training Centre, was attended by 52 participants.

 

The workshop aimed to enable participants to apply the workings of the laws and procedures governing the management of a strata-titled property besides gaining an understanding on the intricacies of the laws at work. With rising changes in expectations and standards of estate management in this globalised environment, the respective roles of property and facility managers, developers and councils of management corporations have become all the more pertinent and encompassing. The essential laws in place for the management of properties under the Building Maintenance and Strata Management Act (BMSMA) was comprehensively covered.

 

Procedures for the management of common property defects at different phases of the development were discussed alongside the methods used for building defects diagnosis, and the planning of preventive maintenance management and property enhancements.

 

Check out our latest events at our website!

 

Seminar on New MND Legislative Framework for Real Estate Agency Professional

 

The seminar, co-organised by SISV & SAEA, was held on the 29 June 2010 and was attended by 40 participants. It aimed to analyse the workings of the new MND framework.

 

The Ministry of National Development (MND) has recently announced the formation of a new statutory board, Council for Estate Agencies (CEA) to raise the professionalism of the real estate agency industry and to protect the consumer interest in Singapore.

 

The new framework serves to regulate the real estate industry through enhanced licensing of estate agencies and registration of estate agents. Prospective agents would have to meet stiffer criteria, including passing a new mandatory examination, and enrolling in at least six hours of professional training a year. There is also a need to comply with a Code of Practice that stipulates the processes for complaints handling and dispute resolution and conduct of real estate agency work. The new regulatory framework will also include measures to equip consumers with the necessary knowledge to conduct their real estate transactions prudently.

 

The seminar discusses the challenges ahead in the light of the new legislative requirements as well as the prospects amid the robust real estate landscape in Singapore.

 

Check out our latest events at our website!

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Updates from the Division