Lawrence Wong

Minister at National Development, Lawrence Wong.

National Development Minister Lawrence Wong has advised the valuator in ASEAN countries, which also includes the stakeholders in real estate Corporation, to deal with digital modernisation.

Digital modernisation do not have more effect on the trade area, unlike the travel businesses and media dissemination. However, things are starting to alter, said Wong.

The Canada Mortgage and Housing Corporation, which influenced on its property information database was told by Wong to establish a mechanised risk assessment system.

At the inauguration of this year’s Asean Valuers Association Congress held at Goodwood Park Hotel, Wong said that, “The real estate business, together with the assessment sector, should accommodate to change and convert in the appearance of digital revolution.”

“Set of chances for valuator in the other fields are also there like intellectual and commercial property assessment.”

The two-day activity with the interesting theme of ‘Valuation – Real Estate and Beyond’, will notice speakers demonstrating papers on important topics such as recent accounting principles and assessment of green and smart structures.

“Gradually, assessment of intellectual property, exclusive data and service agreements of intangible assets are also turning into more significant as soon as valuing businesses.”

It was explained by Wong that the reason which makes up over 50 percent of various ASEAN countries’ gross domestic product is that this is partially motivated by digital modernisation and also the continuous development of the service areas.

The ASEAN Valuers Association that was formed in 1981 has five establishing members. These are the Philippines, Thailand, Indonesia, Singapore and Malaysia.

On the 20th edition of the Congress, countries like China, Fiji, and South Korea together with the 250 representatives from ASEAN countries are predicted to show up.