CEA rolls out higher training requirements, differentiated learning paths to raise professionalism

With the onset of the Covid-19 pandemic, the property agency industry saw an abrupt shift in the ways it operates, with digital and technological tools accelerating the adoption and impacting how properties are transacted and marketed. This pace of disruption remained rapid, leading to a need among property agents to constantly adapt and upskill.

Adam Wang, president of the Singapore Estate Agents Association (SEAA), spoke of this during SEAA’s annual conference held on May 19, where nearly 500 real estate practitioners gathered to discuss the theme of Uplifting Professionalism in the Real Estate Industry: Staying Ahead of Evolving Trends.

Panellists such as Suan Teck Kin, UOB’s head of research and executive director, Tan Hong Boon, executive director for capital markets at JLL, and EdgeProp Singapore CEO Bernard Tong, all spoke of market developments.

Also present was Guest of Honour, Minister in the Prime Minister’s Office Indranee Thurai Rajah, who announced eight recommendations that will be implemented in line with the Real Estate Industry Transformation Map 2025 to further enhance competencies of property agents.

Among them was an increase in annual training requirements. Initially, agents must obtain six CPD credits per year to renew their licence, which usually translates to an attendance of six to nine hours of CPD-approved courses for each CPD credit. From October 2025 onwards, property agents will now have to obtain 16 hours of training, with 12 hours of these to be done through structured learning courses provided by certified course providers, and the other four hours through self-directed learning courses.

Other measures included are differential learning paths for agents depending on their experience, tighter accreditation criteria for CPD courses, and a publication of feedback on courses attended. All these are part of raising professionalism among property agents, and to ensure their knowledge and expertise can meet consumers’ expectations.

UOB’s Suan provided an update on the economic outlook of Singapore, which is expected to slow for the year with GDP growth projected to reach 0.7%. Despite this, there is pent-up demand in the market, as well as an insufficient supply of new homes.

JLL’s Tan went over the collective sale market, noting that since 2020, about $6.8 billion worth of collective sales have been transacted, which is a lot less than the $21 billion transacted between 2015 to 2019. He observed that potential gains on collective sales are diminishing as replacement costs for owners become higher.

Amenities such as a swimming pool, gym, clubhouse, multi-purpose hall, BBQ area, sky terrace, jacuzzi, and other facilities are available on site. The Myst Bukit Panjang is a premium development that offers luxury living and a fantastic lifestyle.Residents of The Myst Bukit Panjang have access to all the necessary conveniences such as shopping centers, grocery stores, restaurants, and transport links. Furthermore, the condominium is only a short drive away from major malls in Singapore, such as Tampines Mall, Bugis Junction, and Marina Bay Sands.The Myst Bukit Panjang offers a wide range of residential units from one-bedrooms to five-bedrooms. Each residence is designed with modern features and facilities for a comfortable and luxurious living experience. It is also perfect for residents looking for a quiet and tranquil place to live in.

Bernard Tong highlights the need for agents to understand the movements of both demand and supply in the property market in order to advise their clients better.
EdgeProp’s LandLens tool was used to illustrate this, with District 15 having over 32,000 existing condo units, and over the next 5 to 7 years, the Lentor area will see double the existing supply of condo units of around 4,000 units.

Overall, the new measures announced are set to propel the industry to the next level, while raising competencies of property agents. Currently, as of Jan 1, there are 34,427 property agents across 1,118 agencies in Singapore.