Including Recognition of Reports by Accredited Chartered Valuers and Appraisers Under Appraisers Act 1906
01 Aug 2022Parliamentary Question by Mr Don Wee:
To ask the Deputy Prime Minister and Minister for Finance regarding the Appraisers Act 1906, whether the Ministry will consider including recognition of reports by chartered valuers and appraisers accredited by the Singapore Institute of Valuers and Appraisers in addition to reports by the Singapore Institute of Surveyors and Valuers.
Parliamentary Reply by Deputy Prime Minister, and Minister for Finance Mr Lawrence Wong:
The Singapore Institute of Surveyors and Valuers (SISV) and the Institute of Valuers and Appraisers, Singapore (IVAS) have different areas of specialisation. SISV focuses on matters relating to the valuation of real estate and immovable property, while IVAS focuses on the valuation of businesses and intangible assets.
The Appraisers Act provides for the licensing of appraisers for the valuation of real estate and immovable property, including land. As IVAS focuses on business valuation, which is not regulated under the Appraisers Act, it would not be appropriate to recognise the Chartered Valuer and Appraiser (CVA) designation that IVAS confers, for purposes of the Act.