The new roadmap will focus on increasing productivity, helping workers acquire new skills and assisting firms enter into new areas of growth.
Minister of State for National Development, Koh Poh Koon, announced in Parliament on Tuesday (7 March) that his ministry will create an Industry Transformation Map (ITM) for the property sector to help it face challenges in a rapidly changing world, reported Channel NewsAsia.
“To survive and thrive, the industry must consider new ways of doing things,” he said, adding that his ministry will first consult industry stakeholders across the property value chain to formulate the roadmap.
The ITM will focus on three objectives, namely increasing productivity, helping workers acquire new skills and assisting firms enter into new areas of growth.
On raising productivity, Koh explained that the authorities will enhance processes to make it faster and more convenient for the public, such as reducing the time spent on HDB resale transactions.
“One possibility is to do away with one of the HDB’s resale appointments by leveraging ICT technology. We will also explore how to streamline other transactions, such as for rentals or private properties.”
Given that more property services will be online in the future, Koh noted that it will be vital for agents to “hone their skills”, rather than just competing on marketing houses and securing deals. This is where training opportunities could be offered to help workers “upskill”.
Moreover, developers and other companies in the property sector should enter into new areas of growth and adapt with market disruptions.
For instance, local company LHN Group has branched out from managing rental properties to overseeing facilities such as carparks and providing services like security and CCTV surveillance. The firm has also ventured into China to oversee mixed-use projects there.
“Expanding into new business areas or overseas markets is not easy … We will work with the industry to identify new areas of growth, and see how to support their efforts to deepen their expertise, develop competitive niches and enter overseas markets.”
In total, there are 23 ITMs for various industries in Singapore. Of this, six have already been released, while 17 more will be launched this year, including the one for the property sector.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
