{"id":47137,"date":"2017-03-08T11:11:09","date_gmt":"2017-03-08T04:11:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/industry-transformation-map-to-be-created-for-property-sector\/"},"modified":"2017-03-08T11:14:45","modified_gmt":"2017-03-08T04:14:45","slug":"industry-transformation-map-to-be-created-for-property-sector","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/industry-transformation-map-to-be-created-for-property-sector\/","title":{"rendered":"Industry Transformation Map to be created for property sector"},"content":{"rendered":"


\n The new roadmap will focus on increasing productivity, helping workers acquire new skills and assisting firms enter into new areas of growth.
\nMinister 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.
\n\u201cTo survive and thrive, the industry must consider new ways of doing things,\u201d he said, adding that his ministry will first consult industry stakeholders across the property value chain to formulate the roadmap.
\nThe ITM will focus on three objectives, namely increasing productivity, helping workers acquire new skills and assisting firms enter into new areas of growth.
\nOn 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.
\n\u201cOne possibility is to do away with one of the HDB\u2019s resale appointments by leveraging ICT technology. We will also explore how to streamline other transactions, such as for rentals or private properties.\u201d
\nGiven that more property services will be online in the future, Koh noted that it will be vital for agents to \u201chone their skills\u201d, rather than just competing on marketing houses and securing deals. This is where training opportunities could be offered to help workers \u201cupskill\u201d.
\nMoreover, developers and other companies in the property sector should enter into new areas of growth and adapt with market disruptions.
\nFor 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.
\n\u201cExpanding into new business areas or overseas markets is not easy \u2026 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.\u201d
\nIn 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.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Industry Transformation Map to be created for property sector<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The new roadmap will focus on increasing productivity, helping workers acquire new skills and assisting...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-47137","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-cgh","jetpack-related-posts":[{"id":79460,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/customer-ratings-and-transactions-of-property-agents-to-be-made-public\/","url_meta":{"origin":47137,"position":0},"title":"Customer ratings and transactions of property agents to be made public","date":"February 9, 2018","format":false,"excerpt":"\r The Real Estate Industry Transformation Map aims to improve transparency and accountability in the property sector.\u00a0 In a bid to improve transparency and accountability in the property sector, the Council for Estate Agencies (CEA) will work with agencies to publish customer ratings of real estate agents, revealed Second Minister\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118411,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-extends-helping-hand-to-construction-sector-desmond-lee\/","url_meta":{"origin":47137,"position":1},"title":"Government extends helping hand to construction sector: Desmond Lee","date":"August 28, 2020","format":false,"excerpt":"\r Lee also shared that the government is working to minimise delays in the completion of Build-To-Order (BTO) projects, while household facing financial difficulties amid the pandemic will be given more flexibility in mortgage repayments. National Development Minister Desmond Lee on Thursday (27 August) said that it is the immediate\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30661,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/bcas-new-roadmap-to-raise-construction-productivity\/","url_meta":{"origin":47137,"position":2},"title":"BCA\u2019s new roadmap to raise construction productivity","date":"October 19, 2016","format":false,"excerpt":"\r The use of advanced technologies, such as prefabrication, has already been introduced in certain GLS sites. The Building and Construction Authority (BCA) has unveiled a research and development (R&D) roadmap aimed at raising productivity within the construction industry, reported TODAYonline. The R&D roadmap identified 35 technologies under seven clusters,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122976,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-firms-urged-to-move-decisively-away-from-labour-intensive-construction-methods\/","url_meta":{"origin":47137,"position":3},"title":"Construction firms urged to move decisively away from labour intensive construction methods","date":"November 3, 2021","format":false,"excerpt":"\r Extending permits and making it easier to obtain skills certification are two ways the Singapore government have tried to alleviate the manpower crunch. The Ministry of National Development (MND) has urged construction firms to reduce their reliance on migrant workers, as well as to \u201cmove decisively away from labour-intensive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/construction-workers-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":109000,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-gdp-growth-slows-to-0-1-in-q2-2019\/","url_meta":{"origin":47137,"position":4},"title":"Singapore GDP growth slows to 0.1% in Q2 2019","date":"July 15, 2019","format":false,"excerpt":"\r While the economy grew by 0.1 percent in the second quarter, it\u2019s still lower than the 1.1 percent growth recorded in the previous quarter. Although the manufacturing sector declined by 3.8 percent, both the construction and services-producing sectors an improvement of 2.2 and 1.2 percent respectively.\u00a0\u00a0 The Singapore economy\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":67436,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/koh-brothers-eco-clinches-225-4m-circle-line-contract\/","url_meta":{"origin":47137,"position":5},"title":"Koh Brothers Eco clinches $225.4m Circle Line contract","date":"September 26, 2017","format":false,"excerpt":"\r The three MRT stations on the future Circle Line 6 include the Keppel, Cantonment and Prince Edward stations. Catalist-listed Koh Brothers Eco Engineering Limited has secured a $225.4 million contract relating to the construction of the four-kilometre Circle Line 6 (CCL6). The CCL6 comprises three stations which will close\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/47137"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=47137"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/47137\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=47137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=47137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=47137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}