Real Estate Industry Transformation Map (ITM)
The Real Estate Industry Transformation Map (ITM) provides a roadmap for the transformation of the real estate industry to be future-ready. It is one of the 23 roadmaps developed under the Industry Transformation Programme (ITM).
Launched on 8 February 2018, the Real Estate ITM was developed to transform the real estate industry so that it can continue to grow and provide good jobs for Singaporeans.
The government, together with stakeholders from across the entire real estate value chain, collectively developed the Real Estate ITM. More than 50 engagement sessions with stakeholders, including property agencies, conveyancing lawyers, valuation firms, facility managers, property developers, and property technology firms, were conducted over a year since the start of 2017.
The Real Estate ITM focuses on the areas of property transaction services and facilities management*. Both areas have been identified as having immense potential for transformation.
Vision for property transaction services
Seamless, efficient, and secure property transaction services delivered by a professional, productive, technology-enabled workforce.
Seamless, efficient, and secure property transactions
CEA is chairing a Digitalised Property Transactions Workgroup (DPTWG) to implement initiatives to enable the entire real estate sector to move towards offering seamless, efficient, and secure transactions from end-to-end. The workgroup comprises representatives from key government agencies and relevant industry associations that are involved in or support property transactions.
Find out more about these initiatives and the composition of the Digitalised Property Transactions Workgroup (PDF, 209KB).
Apart from this, HDB had launched the HDB Resale Portal in January 2018 to streamline HDB resale transaction process, reducing total transaction time from 16 weeks to 8 weeks.
Strengthen professionalism and upskill workforce
CEA is working with the industry to strengthen professionalism and enhance the competencies of industry practitioners to remain competitive and relevant in the changing environment.
To achieve this, CEA has reviewed the Continuing Professional Development (CPD) framework for property agents. The new CPD framework came into effect on 1 October 2019. CEA has also partnered NTUC LearningHub to introduce the SkillsFuture for Digital Workplace programme for real estate professionals to enhance real estate professionals’ digital literacy.
At the same time, CEA has worked with the industry to publish property agents’ transaction records to present verified records of their experience in estate agency work. Property agents' HDB resale transaction records are now available in CEA's Public Register. Consumers can now check the party they represented in these transactions and the location of the property transacted.
Find out more about these initiatives.
* Note: Please contact the Building and Construction Authority for information about the Real Estate ITM initiatives for the facilities management.