Hike in investment raises demand for asset valuers and managers, says institute

AN increase in investment in recent years has resulted in an increase in demand for asset valuers and managers, says PNG Institute of Valuers and Land Administrators Inc vice-president Thomas Bullen.
This also had created a need for those professionals to improve capacity to match the industry’s demand and contribute to the economy, he said yesterday.
He said that this was the main reason for the three-day PNGIVLA annual conference this week.
“Now we also have new group of people that have come. They are property and facilities managers. We are looking at embracing everybody in our line of profession,” Bullen said.
“This includes professionals who are working for Lands Department but also other public entities like National Fisheries Authority, the Forest Authority and for the private sector they are in range of roles”.
“The first thing that comes in mind when it comes to asset valuation is land, but it is much more. There is valuation for the open market to determine how much they can sell their asset, then there is the form of insurance and loan application process as well as many others.”
He said the institute’s immediate strategy was to set up its operations in the lead-up to being affiliated with the world body, the International Valuation Standards Committee.
“In order to meet demand and raise the bar in what we do, we have to be affiliated with global bodies,” he said.