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Journeying ahead together

Industry input is critical as we develop the Industry Transformation Map to create a more resilient and future-ready real estate industry.

Over the past few months, we have been inviting a number of real estate industry stakeholders to share their views on how the industry can transform, innovate, and raise productivity in the midst of a rapidly-changing technological and economic climate.

These engagement sessions are part of our efforts to co-develop a Real Estate Industry Transformation Map (ITM) with the industry.

Recently, Second Minister for National Development Desmond Lee and Senior Minister of State for National Development Dr Koh Poh Koon each met with real estate representatives to hear their views and suggestions.

A common theme running through the dialogues was the importance of raising professionalism and productivity amidst challenges in the future economy.

In his Facebook post, Minister Lee said that the stakeholders he met shared that despite the challenges, they saw growth opportunities – from the perspectives of worker, firm, and economy.

Minister Desmond Lee said that the stakeholders he met shared that despite the challenges, they saw growth opportunities – from the perspectives of worker, firm and economy. (Photos: MND)

He said that dialogue participants gave valuable insights on how the industry envisions property transactions and other real estate services could be like in the future, and gave good suggestions such as improving data linkages between the private sector and government.

Similarly at the dialogue session with SMS Koh, useful views were gleaned from industry representatives on this topic of using technology as a leverage.

SMS Koh said that participants touched on how the industry can embrace new technology to help them become more productive. There were also discussions on how we can further raise the accountability and transparency of property agents to maintain trust with consumers.

Industry discussions with Dr Koh Poh Koon revolved around ways to raise the accountability and transparency of property agents so as to maintain trust with consumers. (Photos: MND)

In addition, dialogue participants gave their take on the challenges in growing revenue and becoming more labour-efficient in the evolving operating environment.

Among the ideas generated was how the industry can deepen internationalisation efforts to increase its value add to the economy and create better jobs.

Both Minister Lee and SMS Koh added that they looked forward to continuing the conversations with our real estate partners on this transformational journey.

What is the Real Estate Industry Transformation Map?

The Real Estate ITM aims to create a future-ready industry, one that can continue to provide good real estate jobs for Singaporeans.

To do this, the Ministry of National Development (MND) and CEA are bringing stakeholders from across the real estate value chain to collectively develop a roadmap for the real estate industry. Stakeholders include property agencies, developers, industry associations, conveyancing firms, property and facility management companies, property portals, and consumer groups.

The plans for the Real Estate ITM were first announced by SMS Koh during the MND’s Committee of Supply debate on 7 March 2017.

The ITM will cover three broad thrusts:

  • Raising productivity and streamlining processes;
  • Helping businesses scale up and take advantage of new growth areas, and supporting them in expanding to overseas markets; and
  • Equipping workers with the right skills.

We will continue to engage with stakeholders as we formulate the ITM. The views we receive will be incorporated into the ITM’s development, and will help us refine its concept and detail its implementation.