The global property industry is focusing on new investment opportunities in the region, with countries in Asia showing signs of economic recovery. The Asian property market is beginning to recover particularly in the developing countries in Southeast Asia, attracting investors to develop projects, with potential of huge returns, said analysts.
Property prices in April indicated that 70 large and medium-sized cities in China grew at their fastest rate in close to five years. In Singapore, prices are rebounding as the global economic conditions continue to show signs of recovery.
Mr. Max Crofts, Global President of the Royal Institution of Chartered Surveyors (RICS), said: “The current trends have ignited an interest in the property market in Singapore and Asia.” With strong international links, Singapore is considered as one of the most prosperous countries in the world. The recent opening of Marina Bay Sands and Resorts World is seeing a corresponding boom in sectors like construction and engineering, property development, travel and tourism, not only in Singapore but also in the region, he added.
The launching of RICS’ branch in Singapore was held at Eden Hall, British High Commissioner H.E. Mr. Paul Madden’s official residence. With more than 140,000 members across 122 countries, RICS is the largest membership and standards organization in the world. The organization promotes, regulates and represents the work of real estate professionals globally.
“I am pleased to welcome the Royal Institution of Chartered Surveyors here to Singapore and congratulate them on the launch of their Singapore Chapter. As one of the world’s largest membership and standards organizations representing property professionals globally, it is an excellent example of UK expertise touching all corners of the world. This Chapter demonstrates the strength of the relationship between Singapore and the UK,” said H.E. Mr. Madden.
The RICS Asia region is supporting a network of more than 11,000 professionals and covers local groups and national associations from various countries including Malaysia, Brunei, Hong Kong, India and Korea. It aims to help develop the construction and property markets in these locations by introducing professional standards, international experience and excellent practice. Its presence in Singapore goes back to 1937, when a RICS’ branch was established for overseas and local surveyors working in the country.
“We’re delighted that the RICS has returned to Singapore in an official capacity,” said Mr. Iain Mackenzie, chairman of RICS in Singapore, recognizing the role of the country as both a regional and progressively global home for capital moving into internationally focused property markets. He added that the re-establishment of the RICS branch serves as a base for local surveyors seeking to gain access in the international markets through RICS and offers a network for overseas property professionals working in Singapore.
The branch will continue to work closely with members of the Institute of Surveyors in Malaysia (ISM) and the Singapore Institute of Surveyors & Valuers (SISV) to create a platform for member services like Continuing Professional Development and interrelated activities.
During his visit, Mr. Crofts along with other key members of RICS, including RICS Asia Chair and Global President Elect (2011), Mr. Ong See Lian will tour the Pinnacle@Duxton and Marina Bay Sands, and HDB to assess the present developments in the property and construction industry. They will also attend Cityscape Asia, the largest international real estate investment event in the world that will be held at Suntec City Singapore from May 18 to 20, 2010.