CONTENT. SISVnews NEWS FROM THE SECRETARIAT. En bloc Sales - Pitfalls and Prospects

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2 NEWS FROM THE SECRETARIAT SISVnews SISV News is a quarterly newsletter of the Institute. It is distributed to members, students and friends of the surveying profession free of charge. Anyone wishing to receive a copy may contact the Secretariat. 24th COUNCIL Council Chairman / President (VGP) Dr Lim Lan Yuan, JP, FSISV President (QS) Goh Ngan Hong, FSISV President (LS) Loi Hwee Yong, FSISV Honorary Secretary Cynthia Ng Choy Peng, FSISV Honorary Treasurer Lee Tuck Onn, MSISV Divisional Vice Presidents Mak Weng Tat (LS Division) Khoo Sze Boon (QS Division) Eric Chan (VGP Division) Divisional Honorary Secretaries Tan Boon Teck (LS Division) Ong Kung Yew (QS Division) Gan Bee Ghee (VGP Division) Divisional Honorary Treasurers Paul O Connor (LS Division) Silas Loh (QS Division) Esther Sim (VGP Division) Council Fellows Lee Li Chuan Wong Chak Wai Council Members Albert Goh Tan Keng Chiam EDITORIAL CONTRIBUTIONS All contributions of suitable articles are welcomed. Article submissions should include both printed copy and softcopy in word format. Submissions should reach the Secretariat before 25th March/ June/September/ December. DISCLAIMER No part of this newsletter can be reproduced without the permission of the Institute. Contents of the newsletter do not necessarily reflect the views or opinions of the Singapore Institute of Surveyors and Valuers and no liability is accepted in relation thereof. ADVERTISEMENTS For information and advertising rates, please contact: SINGAPORE INSTITUTE OF SURVEYORS AND VALUERS 110, Middle Road #09-00 Chiat Hong Building Singapore Tel (65) Fax (65) Website sisv.info@sisv.org.sg OFFICE HOURS Monday to Friday 9.00am to 6.30pm EDITORIAL & DESIGN CONSULTANT Design Fusion Pte Ltd CONTENT WOW! What a Night 7th International Cost Engineering Council World Congress and 14th Pacific Association of Quantity Surveyors Congress BCA and SISV - Sign Memorandum of Understanding En bloc Sales - Pitfalls and Prospects Launch of Inaugural Property Media Awards at SISV Annual Dinner World Association of Valuation Organisations (WAVO) PPC 25th Congress LS Seminar on Surveying Experiences in MRT Construction 16th AVA Congress Opening of SISV Premises at Chiat Hong Building CONGRATULATIONS AND A WARM WELCOME TO OUR NEW MEMBERS/ MEMBER FIRMS FELLOW QS Loh Peng Wai Silas QS Seah Hsiu-Min Eugene QS Wong Kin Hoong VGP Tay It Tuan VGP Teo Chin Teck John VGP Wong Loo Kuan Lydia VGP Yeo Bee Yan MEMBER LS Cheng Wilson LS Goh Woei Lih LS Lim Pia Lian LS Ng Hai Yim LS Ng Kwok Khuan LS Teo Hui Ying LS Toh Keng Yew LS Wong Keng Chew QS Myo Gaday Shi QS Ng Siew Khim Corinne QS Ng Tseng Ching Alvin QS Seah Peng Siong QS Soo Gim Teik QS Yeo Tai Kwee VGP Fun Li Ping Eileen VGP Hoi Peng Wai Edward VGP Huang Weiqian Jean VGP Hui Yen Mei Michelle VGP Jones William James VGP Lee Ling Ling VGP Leong Wai Kuen Kris VGP Li Huihui VGP Lim Choo Cheong VGP Loo Chee Kang Winson VGP Muhammad Muhyiddin Razack VGP Tan Seow Ling Josephine VGP Tan Zai Ling Jacqueline FIRM LS VGP THE FOLLOWING MEMBERS/MEMBER FIRMS HAVE RESIGNED FROM THE INSTITUTE: Div/Grade Name QSF Wong Chun Weng Raymond QSM Chua Bee Gee QSM Soo Weng Keong QSM Yang Yung Wei Jeffrey PROBATIONER QS Ang Hiap Hoe QS Boon Yoon Fatt QS Chai Hui Ling QS Chang Shing Huey QS Chew Yin Chin Jean QS Chong Chiew Fung QS Choo See Loke QS Chua Kia En QS Chua Swee Peng Daniel QS Hong May Ling QS Liew Su Wan QS Lim Heng Yoong Nick QS Lin Jiahe QS Ng Khang Nee Connie QS Oh Jia Ming George QS Pa Guo An QS Toh Poh Lee QS Wong Sok Fann VGP Ang Jia Li VGP Chong Siew Choo Carol VGP Chua Jieying VGP Foo Suan Kiat VGP Lee Lee San VGP Li Peishi Christine VGP Liang Duanting Serene VGP Lim Lay Hoon VGP Neo Hui Xin Joyce VGP Tan Zhiyun VGP Wee Year Sheen VGP Wong Cheong Hong VGP Wong Ka Lin TECHNICAL MEMBER QS Tan Hock Meng Sunny Advance Survey Consultant & Registered Surveyor GLO Property Consultants Pte Ltd VGPM QSP VGPP VGPS Lim Poh Hua Tan Yee Soon Ngo Sie Yin Jeanette Lee Seck Yeng SISVnews

3 Dr Amy Khor, Immediate Past Chairperson of SISV, on her promotion to Minister of State (Environment and Water Resources) NEWS FROM THE SECRETARIAT OUR HEARTIEST CONGRATULATIONS TO... GREETINGS SISV takes this opportunity to express our gratitude to all SISV Members and Associates in the industry for their bountiful support. We wish all an excellent Year 2011! WOW!!! WHAT A NIGHT! On 8th October 2010, 123 Quantity Surveyors from member firms were present for this event. The event started at 7pm on board Falcon Princess. President - Mr Goh Ngan Hong, Vice President - Mr Khoo Sze Boon and Council Members - Mr Eugene Seah and Mr Teoh Wooi Sin shared the purpose of the event, recent developments in the industry, quantity surveying beyond Singapore via PAQS and ICEC and encouraged those present to join SISV membership. It was a night of good company, networking and nostalgia as old acquaintances renewed their friendships while new friendships were forged. The night was full of laughter, food, drinks and of course lots of singing. The event ended at about 11pm. We thank Council Member, Mr Sunny Sim and his social sub-committee, as well as Miss Judy Poh from the Secretariat for making the night a memorable one. Kudos! SISVnews 3

4 7th International Cost Engineering Council World Congress and 14th Pacific Association of Quantity Surveyors Congress The 7th International Cost Engineering Council (ICEC) World Congress & 14th Pacific Association of Quantity Surveyors (PAQS) Congress organized by the Singapore Institute of Surveyors and Valuers held from 23rd July to 27th July 2010 at the newly completed Resort World Sentosa was overwhelming with a high turnout of 300 delegates from member countries. The Congress was filled with presentations, plenary and parallel sessions, board and committee meetings as well as recreational activities. Preceded by sub-committee meetings, the event kicked off with the ICEC Council Meeting and PAQS Board Meeting on 24th July and 25th July 2010 respectively. Attended by 40 and 80 delegates respectively from member countries, the two meetings concluded with major decisions that would significantly impact the future of Quantity Surveyors. The 2-day meeting concluded meaningfully with a sumptuous meal at the Welcome & ICEC Chairman s Dinner at One degree 15 Marine Club, Sentosa Cove and President s Dinner at IndoChine Waterfront Restaurant, Asian Civilisations Museum on 24th and 25th July 2010 respectively. Back to the ballroom the following morning for the opening ceremony on 26th July 10, the ceremony was graced by more than 350 delegates. The invited guests heard speeches by the Guest-of-Honour, Dr Amy Khor - the then Senior Parliamentary Secretary, Ministry of the Environment and Water Resources and Mayor of South West District, the ICEC Chairman - Mr Peter Cox, the PAQS Chairman Mr Teoh Wooi Sin and the President of SISV Quantity Surveying Division - Mr Goh Ngan Hong. The event also witnessed the signing ceremony of Reciprocity Agreement between the Canadian Institute of Quantity Surveyors (CIQS) and SISV by the Immediate Past President of CIQS - Mr Ian Duncan and Mr Goh Ngan Hong respectively. In addition to the two plenary and eight parallel sessions with more than 40 papers presented over the two days, participants were treated to a specialty dinner at Red Dot Brewhouse. At the closing ceremony, Mr the PAQS flag to Prof. Chitra Sri Lanka Institute of Quantity for the upcoming 15th PAQS 22nd to 27th July Goh Ngan Hong handed Weddikkara - President of Surveyors Sri Lanka (IQSSL) Congress to be held from Mr Goh Ngan Hong also handed the ICEC token to Mr. Egon Wortmann, Executive Director of Association of South African Quantity Surveyors (ASAQS) for the 8th ICEC World Congress to be held from 23rd to 27th June 2012 in Durban, South Africa. Both the Sri Lankan and South African representatives presented a preview of what could be expected at their respective countries. What better way to bid adieu to the guests than something truly Singaporean - Food. It was farewell dinner at the Resort World Sentosa on 27th July The Congress was a great success with thanks and congratulations to the SISV Congress Organising Committee: Chairman Mr Wong Hwee Boon, Daniel Co-Chairman Mr Seah Hsiu-Min, Eugene Advisors Mr Teoh Wooi Sin & Mr Goh Ngan Hong Administration Director Ms Tan Bee Fong, Irene Finance Director Mr Khoo Sze Boon Golf Directors Mr Teoh Wooi Sin & Mr Loh Peng Wai, Silas Logistic Directors Mr Lim Keat Hong, Raymond & Ms Moey Sheau Chyi, Angeline Publication / Technical Directors Dr Florence Ling & Mr Seah Kwee Yong Social & Recreation Directors Mr Ngui Sam Hee, Shelby & Ms Lim Mui Mui, Patricia Organising Secretariat Ms Judy Poh 4 SISVnews

5 BCA and SISV -Memorandum of Understanding There has been an increase in demand for quantity surveyors, land surveyors and property managers in the recent years due to the rising number of new developments. At the technical level, a shortage of quantity surveyors and land surveyors is faced by the industry due to the lack of qualified personnel in Singapore. To build up and strengthen the pool of building professionals within the industry, the Building and Construction Authority (BCA) and the Singapore Institute of Surveyors and Valuers (SISV) collaborated to put in place a number of initiatives. To meet the increasing demand for such personnel, BCA Academy (BCA) and SISV will jointly introduce more academic programmes such as diploma, specialist diploma and degree courses to train new professionals and to upgrade the skill sets of existing ones. In addition, BCA will also work with SISV to initiate more dialogue sessions with firms in the industry to facilitate discussions on developing such capabilities. To further promote and advance the surveying profession in Singapore, BCA and SISV signed a Memorandum of Understanding (MOU) at the opening ceremony of the 7th International Cost Engineering Council World Congress and 14th Pacific Association of Quantity Surveyors Congress 2010 held at Resorts World Sentosa on 26th July Under the agreement, the two organisations will share resources, promote educational programmes, jointly create and implement new products and services to drive the local building industry forward. The Guest of Honour, Dr Amy Khor, the then Senior Parliamentary Secretary, Ministry of the Environment and Water Resources and Mayor of South West District witnessed the signing of the MOU together with 250 participants from the Asia Pacific region. SISV QS Members - Winners of International Awards Commenting on the collaboration, Dr John Keung said, I m confident that this new collaboration will help to elevate the occupational profile in the built environment. BCA looks forward to working with SISV to develop more programmes to train personnel at the technical and professional level to meet the needs of the industry. The 7th International Cost Engineering Council World (ICEC) Congress and the 14th Pacific Association of Quantity Surveyors (PAQS) Congress 2010 that took place from 23rd to 27th July 2010 was themed Sustainable Cost Management: Borderless Innovation. It provided a platform for international and local Quantity Surveyors and Cost Engineers (QS & CE) to share knowledge and expertise as well as to promote innovative services that would help to enhance and value-add to services rendered to clients. Mr Goh Ngan Hong, President of SISV (QS Division) said, This conference is a significant milestone for SISV. This is the first time SISV has hosted the ICEC World Congress in addition to the regional PAQS Congress. The congress provided an excellent platform for QS and allied professionals to exchange ideas and views on QS and CE practices in all parts of the world. It was also an excellent platform for the signing of the MOU which mirrors the objective of ICEC and PAQS in promoting the profession of QS and CE. At the recent 7th ICEC and 14th PAQS Congress held in Singapore, several SISV QS members proudly bagged several international awards 2010 ICEC Distinguished International Fellow (DIF) Award The ICEC Distinguished International Fellow (DIF) award was introduced in It represents the highest honour that ICEC can bestow on an individual. It recognizes individuals who have made significant contributions to ICEC and to the association or institute of which they are members for a period of years. Each recipient must: 1. have held a significant volunteer position in both ICEC and a member association or institute; 2. have had significant involvement over a period of several years in both ICEC and a member association or institute; and 3. have made significant contribution to the development of the cost management profession. Mr Goh Ngan Hong is one of the three 2010 DIF Awards recipients. The two other recipients are Ms Ginnette Basak of AACE Canada and Mr Rob van Hoeve of the Netherlands PAQS Service Award The PAQS Service Award recognises outstanding service to international Quantity Surveying and Cost Engineering, which exceeds the expectations of the individual s local PAQS member Institution. Mr Daniel Wong is the 2010 PAQS Service Award recipient PAQS Academic Award The PAQS Academic Award recognises excellence in academic and research performance that has application or benefit that transcends national boundaries. Dr Florence Ling is the 2010 PAQS Academic Award recipient PAQS Best Paper Award The PAQS held the inaugural Best Paper Award for the papers presented at the Singapore Congress. These awards called for a detailed review of each paper submitted to the Congress. Judged by a Paper Evaluation Committee comprising eminent academics and practitioners, the Best Paper Award (Practitioner) was presented to Mr Teoh Wooi Sin and Ms Nancy Lim Yu Ying for their joint paper entitled Constructing a Zero Energy Building. SISVnews 5

6 NEWS FROM THE DIVISIONS Launch of Inaugural Property Media Awards at SISV Annual Dinner Over 400 guests were present at the SISV Awards Ceremony and Annual Dinner at Marriot Hotel on 27th October 2010 graced by Guest-of-Honour Minister Lui Tuck Yew, Minister of Information, Communications and the Arts. The SISV Property Journalist Awards were also launched at this prestigious event, honouring one s dedication to journalistic excellence and achievements in the coverage of a diverse range of property news. The Business Times and its property correspondent, Uma Shankari were awarded the SISV Property Journalist Awards for their exceptional coverage of the property sector. Ms Lilian Ang, the news editor received the prestigious award on behalf of the Business Times. The inaugural launch of the SISV Property Media Awards 2010 signified SISV s commitment to honour exemplary journalism practices particularly in the real estate and construction sector. SISV supports consistent accurate and responsible coverage of news that impacts the pulse of Singapore s property industry. SISV Chairman Dr Lim Lan Yuan said: The need to subscribe to high standards of journalism is all the more pertinent amid today s media savvy consumers. The media organisation s achievement of the mark of excellence is commendable as it signals its capability of providing concise, accurate and impartial property news coverage which is highly valued in the current dynamic business environment. The event also serves as a platform for SISV to recognise the academic achievements of top students of various institutions under the course disciplines of Real Estate and Property & Facilities Management. The winners of the SISV Gold Medal Awards were Mr Tan Guan Zheng, Mr Simon Lam Kah Hoe, Mr Chong Zhun Min, Mr Kwong Hong Jie, Miss Michelle Lee Jia Min while Mr Andrew Chin Bo Wei and Mr Ho Chee Mun clinched the MH Goh Awards. They represented tertiary institutions ie National University of Singapore, Ngee Ann Polytechnic and Singapore Polytechnic. Going Beyond Frontiers 6 SISV members namely, Mr Goh Ngan Hong, Mr Teoh Wooi Sin, Mr Silas Loh, Mr Lim Cheng Jin, Miss Irene Tan and Miss Angeline Moey attended the Quantity Surveying International Convention (QSIC 2010) on the theme Beyond Frontiers from 12th to 13th October 2010 at Grand Dorsett Subang Hotel, Subang Jaya, Selangor. It was jointly organised by the Board of Quantity Surveyors Malaysia, the Institution of Surveyors Malaysia, Universiti Teknologi Mara and Public Works Department (JKR). A number of 250 participants attended the convention. 13 presentations including 2 keynote papers were delivered over the 2 days convention. Chairman of PAQS, Mr Teoh Wooi Sin, was invited to speak as one of the keynote speakers on The PAQS The Next Frontier. His paper covered the role of PAQS, Challenges & Future of QS. The QSIC had provided a global platform for knowledge exchanging of information, sharing of experiences and networking opportunities for QS internationally. 6 SISVnews

7 NEWS FROM THE DIVISIONS En bloc Sales - Pitfalls and Prospects A seminar covering the current market for en bloc sales and its future directions was held at Singapore Management University on 7th May Mr Ian Loh from Knight Frank Pte Ltd gave a review of Singapore s property market for the past four months. He provided an outlook for 2010 and one of the positive points was the attractiveness of Marina Bay and Sentosa Cove due to the opening of integrated resorts (IR). Mr Tan Hong Boon of Credo Real Estate (Singapore) Pte Ltd discussed some of the pitfalls of en bloc sales. One advice he gave on avoiding potential pitfalls was to appoint a competent property consultant with technical competency in planning and land valuation. After tea break, the final speaker for the afternoon, Dr Lim Lan Yuan shared on how to achieve successful en bloc sales. He highlighted the importance of understanding and managing emotional and financial needs of the owners. Materialising GFA - A challenge in valuation and design Emerging Issues - in Construction Contracts The seminar conducted by Mr Chow Kok Fong on 16th April 2010 was attended by 90 people. Mr Chow was the former CEO of Changi Airports International, during which it won the Airport Investor of the Year. He is also currently on the board of the Singapore Mediation Centre (SMC) and Chairman of the Singapore Accreditation Committee for Construction Adjudicators, and a General Editor of the Singapore Construction Adjudication Review. On 4th May 2010, a seminar on Materialising GFA A challenge in valuation and design was conducted at Amara Hotel. The first speaker, Mr Tai Lee Siang from DP Architects Pte Ltd discussed how better designs and valuation can be achieved through the approach of measuring Gross Floor Area (GFA). He also provided two suggestions: waive GFA for spaces around sky-gardens and the basements to allow maximisation. The second speaker, Mr Loi Hwee Yong from H Y Loi Consultants explained strata areas in layman terms and provided examples of pitfalls to avoid on strata area in development, marketing and management of properties. The final speaker for the day, Mr Tan Keng Chiam from Jones Lang LasSalle Property Consultants Pte Ltd delved into the relationship between GFA, Strata Floor Area (SFA) and market value. With his vast experience, Mr Chow gave real life examples from the past cases that went through the Singapore courts. He explained that in adjudication, favour would be given to quick judgement and for one party to pay first and argue later. This could help expedite the process for completion of important contracts. Mr Chow observed that in Singapore, people were less aggressive in pushing for litigation, although this might change in future. The number of cases heard at the SMC had increased steadily from only one case in 2005 to 169 cases in SISVnews 7

8 NEWS FROM THE DIVISIONS WAVO World Association of Valuation Organisations (WAVO) Meeting and International Property Conference 2010 held on 21st - 23rd April, Perth WAVO had its meeting and Annual General Meeting on 21st April 2010 at Inter Continental Perth Burswood. The discussions covered WAVO s showcasing of its publication to the world in valuation practice, formation of a task force comprising valuation experts in their respective fields and measures to increase WAVO s profile and membership. The AGM was held immediately after the WAVO meeting to approve and adopt the financial statement of accounts for the year ending 31st December WAVO Chairman, Dr Lim Lan Yuan and key official members, Mr Keith Goodwin and Mr Adrian Crivii presented papers on the theme Valuation and Property Trends with Mr John Martin as Chair on the 2nd day of the IPC The speakers shared their knowledge and experiences on issues relating to interest rates, unemployment, value corrections, valuers challenges, vacancy and cap rates in Singapore, Canada and Romania respectively. The day concluded with a sumptuous dinner at the Maltilda Bay Restaurant. It gave members an excellent opportunity for a time of fellowship and networking. 5th World Association of Valuation Organisations (WAVO) Valuation Congress held on 24th - 26th November, Singapore The 5th WAVO conference was held at The Concorde Hotel from 24th to 26th November 2010 with Guest-of-Honour, Dr Amy Khor gracing the occasion. WAVO Chairman Dr Lim Lan Yuan delivered the opening address to the delegates from China, Romania, Canada, New Zealand, United States, Japan, Hong Kong, Malaysia, Vietnam and Cambodia. Issues relating to the valuation profession, professional ethics and international standards, valuation education for globalised world and global issues, business plant and machinery and asset valuations, statutory valuations and property taxation, hotel valuation, en bloc valuation and valuation of public housing from the Singapore s perspective were discussed during the conference. Other member countries shared their experiences too. WAVO proudly conferred the prestigious award to Mr Keith Goodwin at the opening ceremony. Mr Keith Goodwin - the past president of AIC, who had been instrumental in helping WAVO to grow and develop, continued to serve WAVO with dedication and distinction. The award was presented by Guest-of-Honour, Dr Amy Khor. 8 SISVnews Among the papers presented were by Miss Mona Isa and Prof Madya Abdul Rahman Mohd Noor (Malaysia) on The Importance of Education And Training For A Career In Valuation, Mr Tan Choi Heng (Singapore) on Real Estate Education: Taking Needs, Trends And Issues Into Consideration and Mr Alan Hyam (Australia) on Professional Ethics and Liability. The presenters were awarded with merit awards at the closing ceremony. Dr Lim presented merit awards to the presenters at the closing ceremony. The Chairman announced at the meeting that WAVO would initiate the launch of the International Valuation and Appraisal Week on the 1st week of November commencing from 2011 in WAVO s bid to encourage all valuation organizations to organize their own valuationrelated activities. Technical visits were arranged for delegates to visit the HDB Gallery, Duxton and the Marina Bay Sands Skypark after the closing ceremony. The WAVO conference concluded with a farewell dinner at RedDot BrewHouse, Dempsey.

9 The 25th PPC Congress, hosted by Indonesian Society of Appraisers (MAPPI) was held on 27th-30th September 2010 in Bali, Indonesia. The participating countries were Australia, America, Canada, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand and Singapore. Dr Lim Lan Yuan, SISV Council Chairman and VGP President cum Chief Delegate to PPC led a 9-member delegation from Singapore (Sim Hwee Yan, Cynthia Soo CBRE, Seet Siew Leng, Tan Bee Lan IRAS, Cynthia Tan JTC, Yvonne Loo and Janet Han SISV Sect). More than 500 delegates converged at the Bali International Convention Centre (BICC), The Westin Resort Nusa Dua, Bali over the 4-day event. The Congress was officiated by Vice President of the Republic Indonesia, Ir H M Hatta Rajasa. Dr Lim Lan Yuan, presented a paper on Best Valuation Practices in Valuation DCF Model. A total of 41 technical papers were presented over the 4 days. The Congress theme, Financial Crisis, Global Uncertainty and Borderless Competition. The sub-themes included: Examining the current state of the global property market and where do we go from here NEWS FROM THE DIVISIONS PPC 25th CONGRESS Property valuation under uncertain economic condition Indonesia Banking sector Valuation for financing purpose Best practice in valuation DCF Model Detrimental Asset Valuation Valuation for IFRS Compliance Valuation of Agriculture & Forestry Assets Green Building Valuation & Consulting Valuation Needs, Trends and Issues in the Aftermath of the Crisis Current Development in IVS Public sector/infrastructure Asset Valuation Valuation modeling Mining Asset industries valuation Land compensation valuation Intangible asset valuation 4 choices of technical tours were organized for the delegates : Tour A : Bali Tourism Development Corporation (BTDC), Nusa Dua & Tanjong Benoa Tour B : Garuda Wisnu Kencana (GWK) Jumbaran & Pecatu Indah Resort Tour C : Ubud (Green School Bali & Villa Bambu) Tour D : Tanah Lot (Nirwana Bali Resort) & Tabanan The 26th PPC congress will be held in Melbourne, Australia in The PPC Board meeting held on 29th Sep 2010 confirmed the 27th PPC to be held in Singapore in JAREA indicated its interests in hosting the 28th PPC in Japan in SISVnews 9

10 NEWS FROM THE DIVISIONS LS Seminar on Surveying Experiences in MRT Construction More than 60 participants attended the LS seminar conducted by LTA surveyors on 18th September 2010 at SISV Chiat Hong Building, the regular training venue for LS Division. The first speaker, Mr Toh Say Leong, gave a brief description on how to transfer the vertical and horizontal datum from the surface of a shaft onto the bottom of the shaft by weisbach triangle, optical plumbing and direct EDM Observations when the base of the shaft is sufficiently wide. He also gave a brief description on the accuracy achievable for both the vertical and horizontal datum. Mr Kelvin Lim, the second speaker shared his experiences inside the tunnel with well taken photos of the actual site condition. He also deliberated on the difficulties of establishing and maintaining the underground controls inside the tunnel. He further shared the highly challenging tasks of the installation of the precision demountable table and backplate system for the Total Station and installation of Tunnel Bench Marks using stainless steel bolt. The final speaker, Miss Teo Hui Ying, demonstrated her skills in the presentation of an animated procedure of the TBM boring motion and installation of the tunnel wall lining. Participants were shown how to carry-out as-built (Wriggle) survey along the internal diameter of the tunnel lining. As-built survey for cut and cover tunnel and station box was also included in the power point display. BMSMA 50 participants attended a 2-day workshop on BMSMA for Property Management Professionals, Developers and Councils of Management Corporations held on 25th26th August 2010 at SISV Training Centre. On the first day, Dr Lim Lan Yuan shared on the legislations regulating the management of the Management Corporations. Key features of BMSMA such as provisions for multi-tier management corporations, staged developments; restrictions on managing agents to do canvassing for votes; owners obligations and the roles of the various stakeholders were elaborated. The lecturer also covered details on the operations and management, the different types of resolutions, funds, variations, rebates, Strata Titles Board and managing of en bloc sales on the 2nd day session. Development baseline safeguarding How it works Mr Albert Goh gave a talk on 12th November 2010 at the SISV Training Centre with over 45 participants. He shared on the historical baseline, change in the definition of development baseline, the legal definition of baseline, general principles, DC computation, DC formula and development charge exemption. He elaborated further with some examples of calculating the value for which a baseline could be safeguarded. 10 SISVnews

11 NEWS FROM THE DIVISIONS 16th AVA Congress Over 250 delegates from eight ASEAN member countries attended the 16th Asean Valuers Association (AVA) Congress on the theme Towards a New Era of Valuation Development. This biennial event was held on 22th-24th July 2010 at the Dusit Thani Hotel in Bangkok, Thailand. The congress was graced by the Minister of Interior, H.E. Mr Chavarat Charnvirakul who welcomed the delegates on behalf of the Thai government when he officially addressed the Congress. Besides the presentation of country market reports by member countries, plenary session topics included: Outlook and Directions Towards the New Era of Valuation Development Integration of ASEAN Effects of Valuation Profession Mortgage Lending The Experiences of Government Housing Bank by Thailand Pre and Post Education and Training for Valuers by Malaysia What Clients Expect to Know in Valuation Reports by Singapore Comparison of Valuation Report Content by Thailand Development of Property Valuation for Property Tax, Tight Regulation on Business Valuation and its Effects on Valuation, The Impact of Free Trade Zone Establishment to the Low Cost Housing Supply in Batam by Indonesia An Assessment of Valuation Profession and International Valuation Standards Post Global Financial Crisis by Malaysia Mortgage Lending Its Relationship with Property Valuation; The Development of Price Evaluation Job Environment, Conditions and Trends of Development; The Integration into the World Economy of ASEAN The Impact to Valuation Profession by Vietnam ASEAN FLAG COUNCIL Bandar Seri Begawan The 39th ASEAN FLAG Council Meeting was held in Brunei Bandar Seri Begawan on 3rd August It was held the day after the Brunei Survey Department s seminar on theme Geomatic Innovations For National Development. This seminar was well-attended with various speakers sharing expertise on topics covering Radar Remote Sensing, Underground Utility Mapping and a recent project involving LiDAR based technology carried out in Brunei. The next council meeting was held in Wuhan, China from 7th to 10th December The sessions ended with two panel discussions on Asean Valuation Standards and Strengthen cooperation among Asean valuers chaired by AVA Secretary General Dr Lim Lan Yuan. The delegates had fruitful discussions and concluded that it would be beneficial to work together towards the development of an ASEAN valuation standards / guidelines / best practices /code of conduct. It was also recognized that the valuation profession extended beyond land and buildings, machinery and other assets, both tangible and intangible. In view of the definition of market value being continually redefined reflecting the changes, taking into account the future prospects, participants recognised that there was a need to develop the capability of valuers into these new areas. In addition, the stronger AVA members could help to train valuers from the newer member countries, especially that valuation would move towards being a cross-border profession within ASEAN. Delegates were further delighted by a surprise visit from the Secretary-General of ASEAN, H.E. Dr Surin Pitsuwan who gave a speech on the development of ASEAN cooperation in the various areas including surveying and valuation. The congress concluded with a General Assembly followed by a closing and handing over of presidency from Thailand to Brunei, the next host for the 17th AVA Congress. SISVnews 11

12 NEWS FROM THE DIVISIONS ANNOUNCEMENT OF SISV DISPUTE RESOLUTION CENTRE AS CEA S APPOINTED DISPUTE RESOLUTION CENTRE The Council for Estate Agencies (CEA), a statutory board under the Ministry of National Development started its operations on 22 October 2010 following the passing of the Estate Agents Bill 2010 on 15 September CEA has taken over the role from the Inland Revenue Authority of Singapore (IRAS) in licensing estate agents. Key elements of the new framework implemented by CEA include enhanced licensing conditions for estate agents, registration of salespersons, regulation on the conduct of estate agency work, mechanisms for discipline and dispute resolution as well as public education. CEA s dispute resolution mechanism includes the implementation of a prescribed dispute resolution scheme that involves mediation and arbitration in CEA s bid to provide a cost-effective and expeditious means to resolve disputes and contractual matters between consumers and estate agents. Estate agents are required to participate in the scheme once the consumer has elected to proceed with mediation or arbitration. The prescribed scheme covers disputes arising from or relating to provision of estate agency work that will be limited to residential transactions and where consumers have entered into the prescribed estate agency agreements. OPENING OF SISV PREMISES AT CHIAT HONG BUILDING ON 20 OCTOBER th October 2010 marked yet another memorable day for SISV. It signified another milestone for SISV with the opening of its new premises at Chiat Hong Building. The entire secretariat team of both the Institute as well as its subsidiary, SISV Services Pte Ltd are housed under one roof as one unified force. SISV Chairman, Dr Lim thanked all members for their unwavering support in making the acquisition possible. He further expressed his thanks to the Task Force headed by Mr Eric Chan who contributed significantly to the acquisition process. Dr Lim graced the opening of the premises by unveiling the Building Fund Donors Plaque. The SISV Dispute Resolution Centre (formerly known as SISV Mediation Centre ) has been appointed as one of CEA s dispute resolution centres for mediation and arbitration under CEA s prescribed dispute resolution scheme. QUEST TOWARDS CORPORATE SOCIAL RESPONSIBILITY DUTY TO OUR COUNTRY: MINISTER FOR DEFENCE AWARDS 2010 The Total Defence Awards 2010 was especially poignant this year for one of the QS member firms of SISV, Davis Langdon & Seah Singapore (DLS) was awarded the coveted 1st Tier accolade - The Minister of Defence Award. The award is in recognition of the outstanding and consistent contribution towards National Defence by an organization. Supporting pre-enlistees with a position after their national service and an implemented policy of nondeferment are just some of the efforts in place in the journey to this accolade that DLS embarked upon as a duty to the country. The award signifies DLS as one of the few organisations that is in MIDAS league, a community of organisations that has dedicated its support towards total defence. The accolade also represents a crowning achievement that is in line with the company s quest towards Corporate Social Responsibility. In July 2010 the participation of the entire organization was a show of solidarity of men and women of DLS, not just NSmen, in a pledge-taking ceremony. In attendance was BG Lim Teck Hin who was much impressed with the dedication of a QS member firm. The Minister of Defence Award presented to Mr Jim Pollock, Executive Chairman of DLS by Minister of Defence, Mr Teo Chee Hean on 28th July 2010 at the Total Defence Awards presentation ceremony, further strengthens DLS resolve to protect and serve the nation. 12 SISVnews