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Keywords: Valuation
Real Estate
Yu Shi Ming
2019-2020 RE
Issue Date: 2019
Citation: FOO SIONG GUAN (2019). DO VALUERS IN SINGAPORE HAVE A FUTURE?. ScholarBank@NUS Repository.
Abstract: Due to technological innovations, globalisation and changing demographics, the very nature of the valuation industry is changing and the sustainability of the profession is threatened. This in-depth qualitative study is aimed at examining the challenges that valuers in Singapore currently face, the implications of the said challenges, and what the valuers in Singapore are presently doing to mitigate these issues. This study also works toward addressing the lack of research looking into the unique challenges the Singapore valuation profession faces. To achieve its research objectives, a literature review was conducted to identify the challenges valuers worldwide are currently facing. A series of interviews with practicing professional valuers from different market segments in Singapore were then conducted to identify the unique challenges that Singapore valuers experience and what they are doing to mitigate these challenges. Based on the study’s findings, five main challenges Singapore valuers are currently facing were identified: 1) Technological disruption via Automated Valuation Models (AVMs) and other technological innovations; 2) Increasing demands on valuers in terms of time and fee pressures; 3) Changing government policy due to the streamlining of The Housing & Development Board (HDB) resale portal; 4) Difficulties in attracting young talents due to the tough nature of the job, poor prospects and barriers to entry; 5) External competition from accountants in the form of business valuations. To address the challenges identified, four recommendations were made. Firstly, valuers should diversify their sources of income and constantly upgrade themselves to stay relevant. Secondly, to increase the attractiveness of the profession, the whole profession – from the governing body down to the valuers themselves – have a part to play in shaping how the valuation industry is viewed by external parties. Thirdly, SISV has to increase its presence and perhaps acquire more power to govern the profession. Lastly, education is key towards ensuring that current and new valuers are equipped to be a valuer of the future.
Appears in Collections:Bachelor's Theses

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