Speech by MOS Low Yen Ling at the PropNex Annual Convention 2024

Distinguished Guests,

Ladies and Gentlemen,

Introduction

1. Good morning. Thank you for inviting me to PropNex’s Annual Convention.

2. Today’s gathering commemorates several significant milestones for both PropNex and employees, celebrating your commitment and hard work as real estate professionals. 

3. Let me first extend my heartfelt congratulations to all the award recipients. 

4. I would also like to commend PropNex on taking a significant step today towards investing in the health of your staff and sales professionals through the Precision Community Screening (PCS) programme.  In a collaboration with medical technology company Mirxes, this extensive health screening initiative offers Propnex salespersons five years of complimentary health screening services. 

5. It is heartening to see PropNex choosing to invest in its staff. It reflects the high corporate standards which the Government seeks to foster in Singapore. I encourage you to make good use of this service as you pursue your professional goals.

Stabilising the housing market

6. Post pandemic, the housing situation and property market in Singapore remain hot topics. The pandemic’s impact on construction and labour has led to an imbalance in housing supply and demand, driving property and rental prices higher. 

7. The Government is focused on tackling these challenges and reducing uncertainties for home-seekers and in turn, real estate professionals like yourselves.

8. We remain committed to providing affordable and accessible homes for Singaporeans, continuously improving our housing system. The Covid-19 pandemic disrupted our building programme and brought about unstable conditions in the housing market for consumers and salespersons alike. However, we are seeing encouraging signs of market stabilisation, with several cooling measures implemented since December 2021. 

a. For instance, last year, resale prices of Housing & Development Board (HDB) flats went up by 4.8%, which is less than half of the increase we saw in 2022. 

b. In the private residential market, we also see a moderation in price growth, declining from 8.6% in 2022 to 6.8% in 2023.

9. Looking ahead, we anticipate a greater stabilisation in the housing market in the coming year, with the introduction of a significant supply of new HDB and private residential homes. 

a. We had targeted to launch 100,000 new HDB flats by 2025. As of February 2024, we have already launched more than 67,000 flats, achieving two-thirds of our target and making good progress towards reaching our 2025 target.Application rates for HDB flats have also stabilised, with 1.9 first-time applicants for each flat in 2023, down from 3.7 in 2019.

b. For private housing, we ramped up supply by launching 9,250 units in 2023, the highest annual supply in a decade. In the first half of 2024, we are set to release 5,450 more private homes. This marks the seventh straight half-yearly increase in supply since the first half of 2021, aimed at alleviating rising prices.

10. As we look ahead, we are focused on making significant improvements to the housing market so that HDB flats remain affordable, accessible and appealing to all. 

a. For example, we have plans to provide Singaporeans with more public homes in prime locations, such as Bayshore, Mt Pleasant and Keppel Club. This will introduce an additional 17,000 flats, further bolstering the supply pool.

Real Estate Professionals are encouraged to adopt an entrepreneurial mindset amidst changing industry landscape.

11. With these initiatives, the real estate landscape is poised for a more balanced future. As real estate professionals, your role is pivotal in navigating this evolving market.

12. Buying a home is one of life’s biggest purchases. Your clients’ expectations of a real estate agent will increase as they become more savvy and knowledgeable. 

13. This means your profession demands more than just proficiency; it calls for you to develop an entrepreneurial mindset to stay competitive and relevant. As real estate professionals, you face complex challenges. You need to stay knowledgeable about property dynamics, legal frameworks, and market changes to effectively serve your clients. You also need to adapt to emerging trends and technologies, such as digital marketing and virtual viewings, to cater to today’s modern consumers.

14. Proactive engagement, innovative thinking, and continual upskilling and learning are essential to navigate this evolving landscape. That is why the Government is working with partners, such as PropNex, to enhance the Continuing Professional Development (CPD) ecosystem, ensuring that the real estate agency industry is future-ready.

a. As announced in May last year, the Council for Estate Agencies (CEA) will be increasing the required CPD training to 16 training hours from October 2025. This will support real estate professionals by enhancing their competencies and keeping them abreast of the latest developments. Your feedback is invaluable in refining and maximizing the effectiveness of this programme.

15. Entrepreneurialship involves seizing opportunities, exploring new avenues, and constantly adapting and reinventing ourselves to meet evolving client and market needs. While digitalization and productivity enhancements are essential, they must be paired with an entrepreneurial spirit that drives continual upskilling and adaptation. This synergy ensures a dynamic and resilient real estate industry poised for future success.

Launch of PropNex Thailand

16. Real estate professionals like yourselves are no strangers to this. Your grit, determination, deep industry knowledge and passion for the trade helped PropNex achieve its reputable industry branding in Singapore and the region.

17. I am excited to be here today to witness the launch of PropNex’s sixth regional expansion in Thailand. It is truly a momentous occasion, and I am delighted to see our home-grown company stepping up efforts to penetrate the region.

Conclusion

18. In closing, the Government is actively monitoring the housing market and taking decisive steps to ensure stability. We are introducing new towns, and building new homes to keep housing affordable, accessible and appealing to all.  

19. We will continue working closely with individuals, businesses, and the community to support stakeholders in the real estate industry. By working together, investing in self-development and embracing an entrepreneurial mindset, we can navigate challenges and seize opportunities to thrive in the ever-evolving market.

20. Congratulations to all the award winners once again. Here’s to a prosperous future for PropNex and all real estate professionals!