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IEM Against Proposed
Amendments To Valuers, Appraisers & Real Estate
Bernama 18/10/2005
KUALA LUMPUR, Oct 18 (Bernama) -- The Institution of Engineers, Malaysia (IEM),
has submitted a memorandum to the Finance Ministry objecting to the proposed
amendments to the Valuers, Appraisers and Real Estate Agents Act 1981.
According to IEM, the proposed amendments do not reflect the true picture of
practitioners in the property industry and exclude engineers and architects
as property managers under Class A of the register.
Property managers are multi-disciplined and currently comprise experienced
practitioners, financiers and bankers, apart from a small percentage of
valuers, IEM said in a statement, Tuesday.
Therefore, it added, property management cannot be restricted or monopolised
by only a select group of professionals such as valuers as this will detract
the industry from deriving the optimum benefit from multi-disciplined,
qualified and experienced personnel.
"We fully support the government's objectives towards improving the
professionalism of property managers as well as raising the quality of such
services in the property industry to world-class standards," IEM said.
"However, regulation of and restrictions to professional practice should be
done to protect public interest and should not be taken as a means to
monopolise business interests," it said.
IEM said while it recognises the need for regulation and registration where
public interest needs to be protected, it is nevertheless against
"exclusionary or monopolistic manoeuvres".
"It might be useful to note that the property management industry in
Malaysia, comprising practitioners, has developed outside the mainstream of
the valuation profession, and is now at par with the best in the world in
terms of development and management, especially in commercial shopping
centres and high-rise buildings, so much so that even developed countries
approach us to study our own success," it said.
IEM said as the property and real estate industry grows in complexity and
sophistication, the country needs to guard against the pitfalls of
over-regulations or exploitation of new proposed regulation by some parties
for their own personal interests.
"Instead we should depend more on continuous training and development of
personnel involved in the industry to raise standards, to enhance our
competitiveness, to build an environment conducive to growth and most
important to protect public interest," it added. -- BERNAMA |
