{"id":66276,"date":"2017-09-13T10:52:55","date_gmt":"2017-09-13T03:52:55","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/wong-urges-real-estate-industry-to-embrace-digital-innovation\/"},"modified":"2017-09-13T11:00:06","modified_gmt":"2017-09-13T04:00:06","slug":"wong-urges-real-estate-industry-to-embrace-digital-innovation","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wong-urges-real-estate-industry-to-embrace-digital-innovation\/","title":{"rendered":"Wong urges real estate industry to embrace digital innovation"},"content":{"rendered":"


\nNational Development Minister Lawrence Wong.\u00a0(Photo: Wikimedia Commons)
\nNational Development Minister Lawrence Wong has urged valuers in Asean countries, including stakeholders in the real estate industry, to embrace digital innovations, reported the Straits Times.
\nUnlike the media distribution and travel industries, digital innovation has not had much impact on the retail sector. Nonetheless, things are beginning to change, noted Wong.
\nSEE ALSO: How technology will transform Asean\u2019s property market
\nHe pointed to the Canada Mortgage and Housing Corporation, which leveraged on its property information database to develop an automated risk assessment system.
\n\u201cThe real estate industry, including the valuation sector, must adapt to change, and transform in the face of digital innovation,\u201d said Wong at the launch of this year\u2019s Asean Valuers Association Congress at Goodwood Park Hotel.
\n\u201cThere are also new opportunities for valuers in other fields such as business and intellectual property valuation.\u201d
\nWith the theme Valuation \u2013 Real Estate and Beyond, the two-day event will see speakers presenting papers on key topics including valuation of green and smart buildings and new accounting standards on valuation.
\n\u201cIncreasingly, valuation of non-tangible assets such as intellectual property, service contracts, and proprietary data, are also becoming more important when valuing businesses.\u201d
\nThis is partly driven by digital innovation as well as the continued growth of the services sector, which makes up over 50 percent of many Asean countries\u2019 gross domestic product, explained Wong.
\nEstablished in 1981, the Asean Valuers Association has five founding members \u2013 Singapore, Thailand, Indonesia, Malaysia and the Philippines.
\nOver 250 delegates from Asean countries and counties such as Fiji, China and South Korea are expected to attend the 20th edition of the Congress.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Wong urges real estate industry to embrace digital innovation<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

National Development Minister Lawrence Wong.\u00a0(Photo: Wikimedia Commons) National Development Minister Lawrence Wong has urged valuers...<\/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-66276","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-heY","jetpack-related-posts":[{"id":67079,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/news-roundup-september-2017\/","url_meta":{"origin":66276,"position":0},"title":"News Roundup (September 2017)","date":"September 21, 2017","format":false,"excerpt":"\r Our top Singapore property stories. 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