The World Association of Valuation Organisations& The International Valuation Standards Council Sign MOC

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1 The VGP Express 27 TH VGP Council 2015/2017 President Dr Lim Lan Yuan 1 st Vice President Tan Choi Heng 2 nd Vice President John Teo Hon Secretary Goh Heng Hoon Hon Treasurer Ian Loh Asst Hon Secretary Richard Tay Council Members Ivy Tan Png Poh Soon Tan Keng Chiam Valenie Chwee Ong Shujuan Happy Lunar New Year George Low Eric Chan Joseph Yee Soh Chor Yin In the 12-year cycle of the Chinese zodiac, 2017 is the year of the Fire Rooster, being the sign of dawn and awakening, triumph and success can only be achieved by hard working and perseverance in Together, let s celebrate the success we achieved in the Year of Monkey and get excited and firedup to face the challenges in the Year of Fire Rooster. 恭祝各界 : 家和业旺国泰民安 The World Association of Valuation Organisations& The International Valuation Standards Council Sign MOC The World Association of Valuation Organisations (WAVO), a global organisation of national valuation bodies, and the International Valuation Standards Council (IVSC), the global valuation standards setter for the valuation profession, are strengthening ties by signing a Memorandum of Co-operation (MOC) to jointly promote the importance of adopting the international valuation standards. As the global setter of standards, the main focus of IVSC is to develop a set of globally recognised standards for the valuation profession that provides transparency and consistency in approach which is critical for cross border transactions and international business deals. WAVO being an umbrella body of national valuation organisations focus on the development of the valuation profession through education, training and building professional competence of valuers. Understanding and applying IVSC valuation standards are part of WAVO s efforts to develop the valuation profession. Continued on page 2

2 (Continued) The use of IVSC standards for the training of valuers will help to develop a globally accepted set of standards and commit valuers to adopt a single set of standards. MOC will be accomplished, in part, with WAVO encouraging its members to adopt standards that are compliant with the IVSC standards. In addition, WAVO will seek to educate, train and promote the use of IVSC standards to its members and other valuation organisations. Dr Lim Lan Yuan, Executive President of WAVO delivering his opening speech at the 8 th WAVO Congress About the World Association of Valuations Organisations(WAVO) WAVO is a not-for-profit organisation established to develop and enhance the valuation and related professions in the world, and to ensure the provision of services of consistently high quality and uniformity in the public interest. WAVO carries out its mission by promoting best practices, supporting robust and consistent standards, encouraging professional development, and facilitating lifelong learning among its Members and their members. For more information, please visit: Contact WAVO: WAVO Secretariat 110 Middle Road #09-00 Chiat Hong Building Singapore Tel: Fax: likim@wavoglobal.org Sir David Tweedie, Chairman of the IVSC Board of Trustees said: The MOC is an important step towards establishing a long-term relationship between IVSC and WAVO. We will capitalise on the wealth of knowledge and wide network of both organisations in our common goal of establishing a globally accepted set of valuation standards. Dr Lim Lan Yuan, Executive President of WAVO added: There are various valuation standards in certain parts of the world such as those in the Asia Pacific region. We are happy to collaborate with IVSC, and will take the opportunity with this MOC to educate, train and develop the valuation profession to adopt a globally accepted set of standards. The MOC was signed at the opening of the 8th WAVO Congress in Daegu, Republic of Korea on 2 November 2016 witnessed by more than 300 dignitaries, invited guests and valuers from different parts of the world. Representatives from the key valuation organisations including Appraisal Institute, China Appraisal Society,Australian Property Institute, National Association of Romanian Valuers, Korea Appraisal Board, Singapore Institute of Surveyors and Valuers, China Institute of Real Estate Appraisers and Agents, Hong Kong Institute of Surveyors, HypZert GMBH, International Association of Consultants, Valuators and Analysts and Property Institute of New Zealand were present to witness this milestone event of the valuation profession. 2

3 IVSC launches new global standards for valuation profession Release of International Valuation Standards 2017 The International Valuation Standards Council (IVSC) has recently announced the release of IVS IVS 2017 serves as the key guidance for valuation professionals around the world while underlying the consistency, transparency and confidence in valuations. IVS 2017 comprises five General Standards and six Asset Standards. The General Standards set requirements for the conduct of all valuation assignments including establishing the terms of a valuation engagement, bases of value, valuation approaches and methods, and reporting. Hard copies of IVS 2017 is available for purchase from IVSC Bookstore. Please click onto if you wish to purchase a copy. Following the release of IVS 2017 in January 2017, the IVSC has announced that by 1 July 2017, IVS 2017 adoption will become mandatory globally. The Singapore Institute of Surveyors and Valuers, which is a member of the IVSC, welcomes and supports the IVSC in its effort to constantly upgrade the standards of valuation practice globally. The Singapore Institute of Surveyors and Valuers is also a member of the World Association of Valuation Organisations (WAVO), which will be conducting the training and education of IVS Please refer to our forthcoming new website for information and details on the courses and training of IVS 2017 under WAVO. Sir David Tweedie, Chairman of IVSC, said: IVS 2017 represents the latest in IVSC s continuing commitment to developing high-quality valuation standards. The valuation of assets, both tangible and intangible, plays an essential role in financial and real estate markets and therefore the global economy. IVS 2017 will be instrumental in improving valuation practice and will bring greater efficiency to capital markets. 3

4 Inaugural Property, Strata And Facility Management Conference th November 2016 (Thursday) Theme Critical Issues in Maintenance and Management Just before the end of 2016, the VGP successfully held the Inaugural Property, Strata and Facility Management Conference 2016 on 17 November. The theme of the Conference was on Critical Issues in Maintenance and Management and this was most apt as the development of bigger, sophisticated and technology enhanced buildings mean more stringent control is required to ensure proper maintenance and management are carried out by experienced and properly trained property managers on site. The event was well attended by more than 100 attendees including many from property agency and consultancy firms, REITs, Landlords and developers as well as from government authorities such as HDB and SLA. With a dynamic listening crowd, our speakers were encouraged to share many of their workplace experiences which certainly enthralled the participants to engage the speakers with many questions. Supported By 4

5 The FIABCI Singapore Chapter hosted the Singapore Property Awards Dinner on 21 st October 2016 at the Regent Singapore. Twelve property projects have won awards in various categories, namely Master Plan, Sustainable Development, Industrial and Residential (High Rise/Mid Rise/Low Rise). Winners will qualify to submit their projects for the FIABCI Prix D Excellence Awards to be held in FIABCI World Congress in Andorra in May FIABCI World Congresses connect real estate professionals from around the world to discuss themes and trends that are driving the real estate market. It also provides a unique platform for sharing best practices in addressing evolving needs, sharing information and conducting international business. Delegates and FIABCI members represent all industry sectors, including commercial, residential, luxury, retail and industrial. Fellow practicing valuers and real estate professionals, who are keen to attend these Congresses later this year, please do not hesitate to write to janet@sisv.org.sg. The 68th FIABCI World Congress will be held in Andorra from 23 rd to 28 th May 2017, under the theme Smart City, Smart Building. The Congress will be a uniquely inspiring experience where ideas and solutions to the new challenges in the world real estate field will be presented. Andorra, a European microstate with a set of some matchless features, will deploy all its expertise and knowhow to make your stay an unforgettable personal and professional experience. FIABCI 2017 APREC, BUSAN 2017 亚太不动产釜山大会 FIABCI-Korea will be hosting 2017 APREC in Busan from 22 nd to 24 th September This duo-themed congress will focus on Climate Change & Sustainable Real Estate Development and Real Estate Development & Global Opportunities / Investments. The Congress will be held at Lotte Hotel, Busan, with more than 500 local & international delegates are expected to attend. 5

6 LOCAL NEWS / VGP INITIATIVES JTC Valuation Review Panel The SISV is pleased to announce on a collaborative effort with JTC Corporation to set up a Valuation Review Panel. The panel will assist to review the valuations conducted by JTC s panel of valuers and/or that of JTC s lessee relating to JTC s buyback of industrial properties. Real Estate Valuation Course for Statutory Boards Dates : 9, 23 & 27 March 2017 Objective and content This 3-day Real Estate Valuation Course, which is tailored specifically to the needs of staff of statutory boards & government organizations who are working in the valuation division and/or in relation to valuation work to update them on the industry practices and the common methodologies used in real estate valuation, is back. It will give an overview of the fundamentals in valuation and market value concept (Topic 1), the factors that affect values and the valuation process (Topic 2), valuation methodology (Topic 3) and various valuation approaches (Topic 4), as well as valuation practice & reporting standards (Topic 5) and Case studies (Topic 6) will be discussed. It will provide an in-depth discussion of the methods of valuation used in practice, and focus on the various valuation methodologies used for different purposes in relation to valuation work undertaken by practicing valuers working in statutory boards. Case studies and examples will be used in this Course to illustrate the methodologies. The valuation standards required and industry practices will be highlighted. Opportunities will be given to participants to undertake a few valuation assignments. VGP CPD Topics Decoupling & Considerations That Come With It (CEA SN: C2L20371) CEA s Practice Guidelines On Option To Purchase And Sales & Purchase Agreements (CEA SN: C3L2S0364) What Affects Office Trends? And How It Affects Doing Deals? (CEA SN: C2L1S0514) Professional Research Techniques to Enhance Marketing (CEA SN: C2L2S0502) CEA s Disciplinary Cases (2015) (New Topic) (CEA SN: C1L1S0553) Learn To Draft A Proper Letter Of Offer and Letter Of Intent For Lease (CEA SN: C2L1S0363) CEA s Practice Guidelines On Conduct Between Salespersons (CEA SN: C3L1S0312) Certificate Course in Marketing of Industrial Properties (4 th Intake) (CEA SN: C2L3S0495) CEA Core CPD Credits Hours SISV (VGP) CPD Credits Hours Date February 2017 (PM) February 2017 (PM) February 2017 (PM) March 2017 (PM) March 2017 (AM) March 2017 (AM) March 2017 (PM) 6 8 To be advised 6

7 KEY CIRCULARS / NEWS ISSUED BY AUTHORITIES Building and Construction Authority 01 December 2016 Changes to the Building Control (Environmental Sustainability measures for existing buildings) regulations expansion of building types 01 December 2016 Achieving higher Quality and Productivity through CONQUAS 9 th edition 21 December 2016 BCA Universal Design (UD) Mark Call for Submission 01 January 2017 Listing of the installation of engineered façade (cladding, curtain wall, screen wall green wall) before TOP/CSC inspection Council for Estate Agencies 21 October 2016 New President of the Council for Estate Agencies Housing & Development Board 19 October 2016 Better Support for SMEs with Consolidation of HDB s Industrial Land and Properties under JTC 28 October 2016 Release of 3 rd Quarter 2016 Public Housing Data 22 November 2016 HDB launched 10,118 Flats in November 2016 BTO and SBF Exercise 29 November 2016 CPF Interest Rates from 1 January 2017 to 31 March and Basic Healthcare Sum for December 2016 Government defers launch of mixed commercial and residential site at Upper Serangoon Rd 03 January 2017 Flash Estimate of 4 th Quarter 2016 Resale Price Index Inland Revenue Authority of Singapore 28 October 2016 Annual Values Supported by Rental Data 28 November 2016 Property Tax January 2017 Common Reporting Standard (CRS) from 1 January 2017 Monetary Authority of Singapore 16 November 2016 MAS Issues Regulatory Sandbox Guidelines for FinTech Experiments Singapore Land Authority 04 January 2017 Raffles Country Club site identified for KL-Singapore High Speed Rail Urban Redevelopment Authority 03 October 2016 Revised Guidelines for New Landed Housing Developments affected by Minimum Platform Level Requirements 03 January 2017 URA releases flash estimates of 4 th Quarter 2016 private residential property price index 24 January 2017 Design Guidelines and Good Practice Guide for Privately Owned Public Spaces 24 January 2017 Advisory Note on Best Practices for Installing Solar Panels on Building Rooftops Corrigendum to VGP Express Issue 6 Singapore Civil Defence Force 9 December 2016 Amendment to Fire Code Fire Safety Requirements for Engineered Timber Building Construction 7

8 Events Plan 2017 Annual VGP AGM Conference Singapore Realtors Conference Property and Facility Management Conference 20 th ASEAN Valuers Association (AVA) Congress THANK YOU We Appreciate Your Support! The year 2016 has just ended and we are now in the beginning of a Brand New was a very pivotal and challenging year for the Institute and certainly for the VGP. There were several new workshops, seminars and events launched for the first time by the VGP. With the warm support from everyone who had participated and attended our events over the past year, including many who have worked tirelessly with the secretariats in the preparation, the Institute and the VGP would want to take this opportunity to thank these members and many others including our speakers, invitees and all who have made these events meaningful and fruitful. Without your strong and continuous support, we would not have been able to host and carry out these events successfully last year. Secretariat : Teo Li Kim Janet Han Neo Ping Ping Singapore Institute of Surveyors &Valuers 110 Middle Road #09-00 Chiat Hong Building Singapore Tel : Fax : Webite : The 20 th AVA Congress will be held in second half of 2017 and the Singapore AVA Chapter is proud to be the host for the Congress this year. Presently the President of AVA is also the President of SISV (VGP). For the Congress, we would be expecting many participants and speakers from our fellow AVA Chapters from Malaysia, Indonesia, Thailand, Philippine, Vietnam, Cambodia and Brunei. In addition, the VGP would be planning dialogue sessions, workshops and short courses for this year. We are also targeting to roll out our brand new website by the 2 nd quarter of this year. Do visit and we look forward to receiving your valuable feedback and comments. 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. 8