National Development Minister Lawrence Wong. (Photo: Wikimedia Commons)
National Development Minister Lawrence Wong has urged valuers in Asean countries, including stakeholders in the real estate industry, to embrace digital innovations, reported the Straits Times.
Unlike the media distribution and travel industries, digital innovation has not had much impact on the retail sector. Nonetheless, things are beginning to change, noted Wong.
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He pointed to the Canada Mortgage and Housing Corporation, which leveraged on its property information database to develop an automated risk assessment system.
“The real estate industry, including the valuation sector, must adapt to change, and transform in the face of digital innovation,” said Wong at the launch of this year’s Asean Valuers Association Congress at Goodwood Park Hotel.
“There are also new opportunities for valuers in other fields such as business and intellectual property valuation.”
With the theme Valuation – Real Estate and Beyond, the two-day event will see speakers presenting papers on key topics including valuation of green and smart buildings and new accounting standards on valuation.
“Increasingly, valuation of non-tangible assets such as intellectual property, service contracts, and proprietary data, are also becoming more important when valuing businesses.”
This is partly driven by digital innovation as well as the continued growth of the services sector, which makes up over 50 percent of many Asean countries’ gross domestic product, explained Wong.
Established in 1981, the Asean Valuers Association has five founding members – Singapore, Thailand, Indonesia, Malaysia and the Philippines.
Over 250 delegates from Asean countries and counties such as Fiji, China and South Korea are expected to attend the 20th edition of the Congress.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email firstname.lastname@example.org