[SINGAPORE] A new property measurement standard, which will standardise the way valuation is conducted around the world, could be rolled out as early as June next year, following the formation of the first International Property Measurement Standards Coalition (IPMSC).

The draft of this first standard, which will target office space, is being finalised by the standards setting committee, and will likely be sent out for consultation in January next year before it returns to the coalition for approval, hopefully in June or July next year, said Michael Newey, president of the Royal Institution of Chartered Surveyors (Rics).

"In theory, if you are valuing a building here in Singapore, and you're valuing a building in Hong Kong, and one in London or Sydney, it's the same methodology. The problem is that properties are measured in hugely different ways around the world," said Mr Newey.