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Leading property professionals from around the world have been appointed to create the first global standard for measuring property
HONG KONG, Aug. 13, 2013 /PRNewswire/ -- International Property Measurement Standards Coalition (IPMSC) selected 19 real estate experts from around the world, including Alexander Aronsohn from RICS, to join its Standards Setting Committee to develop a global standard for measuring property.
The Standards Setting Committee includes experts with first-hand knowledge in 50 countries across five continents. It will act independently and is tasked with the job of drafting and consulting industry on a global standard measurement methodology.
Currently, the way property assets - such as office, residential, retail and industrial - are measured can vary considerably from country to country. With so many different methods in use, it makes it difficult for global investors and occupiers to accurately compare space.
With the implementation of a global property measurement standard, properties will be consistently measured; creating a more transparent marketplace, greater public trust, stronger investor confidence, and increased market stability. The standard will have a significant impact on the way property is measured, leading to improvements in valuation and financial reporting consistency across international markets.
Standards Setting Committee members include academics, real estate fund and asset managers, residential professionals, valuers, and specialists in development and construction.
"Property is a global business for international investors, corporate occupiers and their advisers, but floorspace measuring practices vary from country to country and even between markets in the same country. Encouraged by our first meeting at the World Bank, we intend to create standards of measurement that will not only complement international financial reporting and valuation standards but also enable the collection and use of reliable data across worldwide markets," said Max Crofts, Chair, Standard Setting Committee.
"IPMS continues to make great progress. Since forming the IPMS Coalition in May, we have now selected a world class Standards Setting Committee. This demonstrates that working together the property profession can be effective, agile and quick. We look forward to an open, consultative and effective standard setting proves in the year ahead," said Ken Creighton, Director of Professional Standards, RICS.
The Standards Setting Committee will start work on the drafting of the new methodology immediately and aims to have a draft ready for widespread consultation in the early part of 2014.
Notes to editors:
The International Property Measurement Coalition (IPMSC) was established at a meeting hosted by the World Bank in Washington on 1-2 May 2013. Members of the IPMSC are:
The independent Standards Setting Committee (SSC) is comprised of nominated representatives of the IPMSC. The 19 SSC members are:
About RICS & RICS Asia
RICS is the world's leading qualification when it comes to professional standards in land, property and construction.
In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.
Over 100,000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.
RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.
The RICS Asia supports a network of over 18,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Japan, Malaysia, Singapore, Thailand, The People's Republic of China and the Hong Kong SAR. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Kiribati, Laos PDR, Macao SAR, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
