CEA Wins MND Minister’s Team Award 2021 for Two Projects

August 2021 - 3 min read

Two project teams led by the Council for Estate Agencies (CEA) have clinched the Minister’s Team Award 2021 conferred by the Ministry of National Development (MND) on 6 August 2021. The award recognises significant and innovative team-based projects that contribute to MND's vision of transforming Singapore into an endearing home and a distinctive global city.

Kudos to both teams! We look forward to more initiatives to raise the professionalism of the real estate industry and build consumer confidence. 

Read more about the projects from the two winning teams below.

Guide on Consumer Ratings of Property Agents Project Team

A multi-stakeholder workgroup led by CEA developed the Guide to introduce consistent standards for the ratings of property agents and to build trust among users of such rating platforms. With common standards, consumers can better compare the ratings of property agents across different rating platforms. Property agents can also better appreciate and use the ratings they have received to market themselves and to continuously adjust and improve their services. 

The Guide was developed in partnership with representatives from the real estate agency industry, industry and consumer associations, academia and the property portal industry. This initiative is part of the real estate industry transformation map launched by MND and CEA in 2018.

Digitalisation of Property Transaction Processes Project Team

Formed in 2018, the Digitalised Property Transactions Workgroup¹ , led by CEA and comprising industry stakeholders and several government agencies, worked on facilitating the entire real estate sector to move towards offering digitalised, seamless, efficient, and secure property transactions.

The workgroup has mapped the consumer’s journey for residential property transactions, developed Application Programme Interfaces (APIs) for access to government data, made available contract templates for lease and resale of residential properties and reduced the time required for redemption of mortgage loans. On-going work includes facilitating and promoting e-signing of property contracts, and integration of work processes and IT platforms across the property transaction value chain.

These efforts will put in place conditions for the automation and digitalisation of property transactions, which will improve the efficiency and productivity of service providers and benefit consumers. 

Information accurate as at 6 August 2021