By Fawwaz Baktee
The real estate industry is set to transform with a new roadmap launched by Second Minister for National Development Desmond Lee today (8 February 2018).
A series of initiatives under the Real Estate Industry Transformation Map (ITM) was rolled out in a bid to future-proof the real estate industry.
According to the Building Construction Authority (BCA) and Council for Estate Agencies (CEA) in a press release, the industry currently faces challenges such as disruption due to new technology, rising consumer expectations and slow manpower growth.
The ITM focuses on two sub-sectors under the real estate industry, mainly facilities management and property transaction services.
Mr Lee added that its plans and initiatives will also impact other sub-sectors in the real estate value chain.
The ITM is the third under the Built Environment cluster to be launched and was developed by the industry, union, academia and the Government.
Embracing Technology
The formation of a tripartite Facilities Management Implementation Committee (FMIC) led by BCA is one of the initiatives under the map. One key area the committee will work on is the adoption of smart technology to improve productivity.
A Digitalised Property Transactions Workgroup, which was formed in January 2018, will also work to give firms access to Government property related data to make it easier for them to automate administrative processes.
Examples of Government related data include property ownership details and work pass validity of a foreign tenant.
Singapore Land Authority, Housing Development Board, and the Manpower Ministry will make available such seamless data sharing later this year.
Building Talent, Professionalism
Additionally, BCA will work with institutes of higher learning (IHLs) and facilities management associations to review and update course materials.
They will also work together to strengthen the continuing education and training (CET) framework to build the talent pool in facilities management.
To raise the professionalism in property transactions services, CEA will work with industry stakeholders to publish transactions closed by real estate agents. This initiative will be rolled out in two phases. It will start with HDB residential transactions from end-2018 and private residential transactions from end-2019.
CEA also said that it will revamp its Continuing Professional Development (CPD) framework by the end of this year, to help agents upgrade and keep up with the latest policy changes in real estate transactions.
It also worked with NTUC LearningHub to introduce a SkillsFuture for Digital Workplace (SFDW) programme customised for real estate industry workers.
