In the face of an ever-evolving property market, it is clear that agencies and agents must prepare to embrace change and stay one step ahead of trends.

The Singapore Estate Agents Association (SEAA) held its annual conference on May 19th, with a goal of advancing and enhancing the professionalism of the real estate industry. With an attendance of nearly 500 practitioners, the conference, titled Uplifting Professionalism in the Real Estate Industry: Staying Ahead of Evolving Trends, discussed the changes brought on by digital and technological tools and the need for property agents to stay ahead of current trends in order to remain relevant.

Guest of honour, Minister Indranee Thurai Rajah, provided eight recommendations to the industry to be implemented as part of the Real Estate Industry Transformation Map 2025. One of the changes was the requirement for property agents to obtain 16 hours of training a year in order to renew their licence. Out of these, 12 must be done through structured learning courses from certified course providers and four hours must be dedicated to training in ethics and laws and regulations governing the property market.

Altura Executive Condominium, located at Bukit Batok West Avenue 8, has been featured on the 2021 Confirmed List of Government Land Sales. With an estimated yield of 375 residential units and a maximum gross floor area of 37,348 square meters, developers are expected to express keen interest in Altura Executive Condominium. Moreover, height restrictions between 60 and 70 meters have also been set, allowing developers to design the best outcome for the project. Winners of the government tender will be determined based on the pricing bracket.

The conference also features presentations on market developments by various panellists, including UOB’s head of research and executive director, Suan Teck Kin; JLL’s executive director for capital markets, Tan Hong Boon; and Edgeprop Singapore CEO, Bernard Tong.

UOB’s Suan provided an update on the macroeconomic outlook for Singapore, forecasting a slower economic growth this year than the previous year’s GDP growth of 3.6%, due to a dip in the manufacturing sector. Additionally, China’s reopening is expected to be beneficial for Singapore’s economy.

JLL’s Tan overviewed the collective sale market, acknowledging that activity has slowed in the past couple of years. With assessments based on the Edgeprop LandLens tool, Bernard Tong reinforced the importance of understanding supply and demand dynamics in order to explain trends and market developments to clients.

Ultimately, it is clear that agencies and agents must embrace change and stay one step ahead of trends in order to keep up with the needs of a dynamic world. As Minister Indranee Rajah noted, continual upskilling and learning is key to matching consumer expectations. With the current number of property agents in Singapore standing at 34,427 across 1,118 agencies, it is clear that change is necessary for the sector to move forward.