https://www.straitstimes.com/business/companies-markets/sgx-tightens-auditing-of-listed-companies-raises-property-valuation

 

" Requiring Singapore-regulated auditors to opine on financial statements improves comparability of audits and promotes greater accountability," he said.

To enhance the quality of property valuation, SGX RegCo said it will require property valuers to have at least five years of relevant experience in valuing properties in a similar industry and area as the property to be valued.

Further, the valuer of Singapore properties must be a member of the Singapore Institute of Surveyors and Valuers (SISV), while the valuer of overseas properties must be a member of, or authorised by, a relevant professional body or authority. The valuer should be independent of the issuer, and cannot be a sole practitioner or have an adverse compliance track record, SGX RegCo said.

Mr Teo Li Kim, director of the SISV, said that SGX' s new rules on valuations will boost the quality of valuation reports and the professional conduct of valuers.

" This will further strengthen the interest and confidence in our property, Reit (real estate investment trust) and business trust sectors," he said in a statement.

SGX RegCo said valuations for Singapore properties should be prepared in accordance with SISV standards. Meanwhile, overseas properties must have valuations prepared in accordance with domestic standards or the International Valuation Standards.

Summary property valuation reports will be required for significant transactions such as at initial public offering for property investment firms or developers, business trusts or Reits, or in an interested person transaction involving the purchase or sale of property. SGX RegCo will prescribe the minimum content to be disclosed in such summary property valuation reports.