PropertyBT: Understanding property valuation in Singapore
Property valuation is a critical aspect of the real estate market, influencing significant decisions such as government land sales, homebuyer loans, and corporate property transactions.
But do you understand the nuances of property valuation in Singapore? In the latest episode of PropertyBT, host Leslie Yee dives deep into the subject with expert insights from KengChiam Tan, executive director and head, valuation and advisory services at Colliers International.
Property valuation demystified
Yee and Tan discuss a wide range of topics aimed at demystifying property valuation. One of the key takeaways is understanding how property valuations can significantly impact your financial decisions - whether you’re a homebuyer trying to secure a loan or a company looking at strategic acquisitions.
A major highlight is learning how to become a property valuer in Singapore. Tan explains the educational and professional requirements, including the rigorous training and the role of the Singapore Institute of Surveyors and Valuers (SISV). This discussion is particularly valuable for those considering a career in property valuation, offering a clear pathway and shedding light on the importance of this profession.
Practical applications of evaluation
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From mortgage sales and purchase valuations to complex scenarios like land acquisition and legal disputes, Tan provides a comprehensive look at how valuations are used in different contexts.
The duo then delve into the relationship between property valuations and market prices. Tan addresses why there can be discrepancies between a property’s valuation and its transacted price, emphasising the need for professional standards and market interpretations that go beyond personal biases.
Singapore properties compared to overseas markets
Tan credits Singapore’s stability and good governance, highlighting the premium placed on well-managed assets in a safe environment. This explanation provides a unique perspective on the local real estate market, valuable for investors and policy makers alike.
He also shares his insights from over 35 years in the industry, predicting how cap rates might evolve and the factors that could influence these changes. This forward-looking view is beneficial for anyone planning long-term investments or careers in property.
Property evaluation as a career
Yee and Tan address the challenges faced by the property valuation industry, particularly the struggle to attract young professionals. They discuss possible solutions, including better promotion of the profession and increased awareness of the courses available at institutions like NUS. This segment is a call to action for the industry and educational institutions to work together to ensure a steady influx of talent.
Listen now if you are a potential buyer, investor, or someone considering a career in property valuation.
PropertyBT is a podcast of BT Correspondents. Look out for the next episode featuring senior correspondent Ben Paul. And if you have any thoughts or questions, feel free to reach out to us at btpodcasts@sph.com.sg.
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Written and hosted by: Leslie Yee (lyee@sph.com.sg)
With KengChiam Tan, executive director and head, valuation and advisory services, Colliers International
Edited by: Emily Liu & Claressa Monteiro
Produced by: Leslie Yee, Emily Liu & Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
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Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice.
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