One thing to keep in mind is that real estate valuers need to use a dedicated set of practices so they can create proper valuations fast and easy. Doing that will help safeguard the investor interest, and the entire set of results can be second to none in the end. Recently, the SISV and the SGX brought in a rather inquisitive situation. Is the current regulatory framework an adequate one, or are there any bad influences that make this thing not as good as it should be, to begin with?
The work of valuers is more pervasive than what a lot of people believe at this time. Valuations need to be precise, and a Singapore property has to be valued correctly. After all, valuations can be used in the case of public listings, financial reports, insurance, property acquisition or disposal and so on. The regulatory framework that governs over valuers is not as studied as it once was. The IRAS is a licensing body for the valuers and it issues licenses to them. On the other hand, the valuation profession is thoroughly represented by the SISV.
This is the reason why SISV is extremely important, as they are the ones that create the profession’s framework. That being said, the valuer is subject to disciplinary actions in case he/she breaches the code of ethics and conduct. On top of that, the regulatory mechanics are rather strict, and they are created for one reason alone.
The idea here is to make sure that the valuation mechanics are as proper and distinct as possible. This way any potential problems will be avoided extremely fast, and the efficiency will be unlike never before. Cancellation of valuer licenses is possible if the valuer does not obey the rules.
Also, the SGX has a true focus on maintaining confidence in the business trust and Reits. As a result, they don’t have any jurisdiction in the case of valuers. As a result, they can allow investors to make a proper opinion based on the valuation and the list issuers.
It’s safe to say that the valuer framework is not as restrictive as you may imagine, however in our humble opinion, the property valuation framework seems to be stable and adequate.
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