SPEECH BY SPS DR SYED HARUN AT THE SINGAPORE INSTITUTE OF SURVEYORS AND VALUERS 43RD ANNIVERSARY DINNER

A very good evening to everyone. It is my honour and distinct pleasure to be able to join you in celebrating the Singapore Institute of Surveyors and Valuers’ (SISV) 43rd Anniversary. Your history actually tracks back beyond 43 years, and it is really a remarkable milestone that reflects four decades of professional excellence and unwavering commitment to Singapore's development.

Since 1981, SISV has been the cornerstone that supports three vital professions shaping our built environment: namely, land surveyors who provide the precise foundations for our infrastructure; quantity surveyors who ensure our projects are delivered efficiently and cost-effectively; and real estate valuers who provide the critical assessments that underpin our property market.

Sometimes the work that you do is unseen, but indeed, it is a critical part of our Built Environment sector and industry.

As we gather tonight, Singapore stands at a very exciting juncture. Against the backdrop of an increasingly complex built environment, we will need to embrace transformative technologies whilst evolving our professional practices together.

Embracing the Digital Revolution

Firstly, digital transformation continues to reshape our industry and its practices, whether we like it or not. And in fact the pace of change in the digital space continues to accelerate even further. I am pleased to see that SISV is leading this charge for the industry.

SISV's collaboration with industry partners on the Integrated Valuation Management System (i-VMS), is one such example where SISV’s forward-thinking approach to digital transformation is clear. This digital valuation platform has already helped our valuers produce more efficient and more secure reports, demonstrating how technology can then be enhanced, in terms of productivity, accuracy and efficiency.

I also understand that SISV members are also pioneering the use of artificial intelligence (AI) in property valuation. Several SISV member firms are now using AI-powered tools to analyse market trends, to integrate real-time data on property values, transportation patterns and environmental conditions, in order to generate preliminary valuations. This then allows valuers to focus on the nuanced judgements that require human expertise.

Evolving Roles of Quantity Surveyors: Strategic Built Environment Partners

Secondly, beyond digital transformation, we also see roles evolving in this sector, and I am sure everyone here feels it as well.

As the Built Environment projects continue to grow in complexity and sophistication, our quantity surveyor professionals are expanding beyond the traditional quantity take-off and cost management, to become strategic advisors to clients. Automation and AI can now handle many repetitive quantity surveying functions, and this then frees up our professionals to focus on strategic analysis, risk assessment and advisory services.

We are studying the evolving role of quantity surveyors to identify emerging opportunities within the sector; to improve not only productivity but also the appeal of such positions. I know we are trying to grow the young talent in the industry as well. By identifying the future needs for quantity surveyor services and expanding new opportunities within the profession, we hope to then strengthen the growth of talent within the sector.

I am encouraged by SISV's proactive approach in this area. For example, your Accredited Professional Quantity Surveyor (APQS) scheme already recognises the competencies and charts pathways for career advancement. We continue to seek support from firms and individuals to promote the upgrading of skills and expertise in order for all of us to remain relevant in this evolving landscape.

Progressive Procurement Practices for a Sustainable Built Environment Ecosystem

Thirdly, the Government is also committed to the promotion of progressive procurement practices to raise the quality of and encourage fairer contracting practices in the sector. We seek to strengthen procurement practices that are sustainable and equitable for the Built Environment ecosystem.

This is so that such initiatives, which include the revised Standard Consultancy Agreement (SCA), provides a clearer definition of scope and services, maintains fair and timely remuneration, and ensures a more balanced allocation of risk amongst the project parties.

We have also enhanced the Quality Fee Method (QFM) to discourage fee diving and ensure quality in consultancy tenders. This approach is to recognise the professional services that you provide, so that the professional services can then be sustainable, as it requires fair compensation that allows firms to then further invest in talent development and innovation in the sector.

I encourage the industry to adopt these progressive practices in your own projects. When clients, consultants, and contractors work together under fair and transparent arrangements, the entire Built Environment ecosystem benefits together. This creates better outcomes for end users while ensuring the long-term viability of our professional services sector.

Sustainability and Carbon Management

Another area where SISV members are making significant contributions is in sustainability. With Singapore's commitment to achieving net zero emissions by 2050, the Built Environment sector's role remains ever more crucial, given that our buildings account for over 20% of our carbon emissions.

I am encouraged to see the quantity surveyors expanding their expertise to include carbon budgeting. Several SISV member firms are now providing, as part of their Life Cycle Cost Analysis, the incorporation of carbon costs as well, helping developers to make more informed decisions about sustainable building materials and systems.

Real estate valuers are also adapting to this green transition. The continued importance of BCA's Green Mark certification in property valuations reflects that sustainability credentials are integral to property values. SISV's training programmes on green building assessment have equipped valuers with the knowledge to accurately assess these sustainability premiums.

In conclusion, I want to acknowledge SISV's 43 years of service that has contributed a great deal to the journey of Singapore’s transformation into the global city that we live in today.

The challenges ahead for sure – from technological disruption to evolving client expectations – are indeed significant, but so too are the opportunities to the sector as we look ahead together. With SISV's continued leadership, your good work and your members' expertise, I am optimistic that Singapore's built environment will continue to flourish, and set global standards for innovation, sustainability and professional excellence.

Congratulations once again to SISV on the occasion of your 43rd anniversary. I also extend my sincere congratulations to tonight’s award recipients. While we acknowledge your achievements, the awards also reflect SISV’s firm commitment to nurture continued excellence in this field and to grow future talent for the sector.

I look forward to a strong partnership as we build Singapore's next chapter together. Thank you so much for having me here today.