RICS sets valuation standards for financial market

The Royal Institution of Chartered Surveyors (RICS) will host the Asia Valuation Conference at the Pan Pacific Hotel in Singapore. With the current financial uncertainty facing global markets, there is an increasing demand for consistent and reliable valuations from financial institutions, corporations, governments and organisations and the one day conference seeks to share RICS updated valuation standards and guidelines to help real estate professionals to meet a high standard of professional competence.

Themed as “Valuation and Investments-An Essential Partnership”, the conference will highlight the intricate relationship between valuation and investment and provide the latest update on the International Valuation Standards (IVS) and RICS Red Book.

The conference will begin with an Opening Address by Dr Teo Ho Pin, Mayor of North West District, MP of Bukit Panjang Constituency and Government Parliamentary Committee Member, followed by key-note presentations and panel discussions. The great line-up of international and local speakers includes the three keynote speakers: Justin Wood, South-East Asia Director of Economist Corporate Network, Singapore, Ong See-Lian, RICS Immediate Past President and Professor Yu Shi Ming, Head of Department of NUS Real Estate. A powerful group of panel speakers, comprising valuation and real estate experts, will also speak at the conference and provide in-depth insights on the use of valuation for cross-border asset management and its application to stabilise the financial environment.

Prof Yu Shi Ming, Head of Department of Real Estate, National University of Singapore said: “As Singapore’s real estate market becomes more accessible to cross-border players, I am glad to see real estate professionals from international and local professional bodies joining together to offer their expertise and insights at the conference to further enrich the learning and development and quality of skills of professionals in Singapore.”

Besides hosting the conference, RICS will also publish two sets of valuation’s guidance notes for global applications in November, namely “valuation of business and business interests” and “valuation of intangible assets”. The purpose of these guidance notes is to provide recommendations for members to conform to the ‘best practice’ and act with reasonable competence.