Business
Surveyor Hails New Measurement Standards
A Port Harcourt-
based quantity surveyor, Mr Chubundu Udom, has applauded the newly introduced measurement standards.
Udom, made this known in his office in Port Harcourt in a chat with The Tide recently.
Udom, who was the former Public Relations Officers of the Nigeria Institute of Quantity Surveyors and Estate Management, stated that the measurement standards which is the International Property Measurement Standard (IPMS) for offices was a welcomed development.
He pointed out that the initiative would bring about transparency and consistency in global real estate markets.
He stated that the IPMS for office buildings which was developed by IPMS coalition (IPMSC), replaced the existing code of measuring practice, as the use of the new document is expected to commence before the end of 2016. He noted that the new system would be applied by all Royal Institute of Chartered Surveyors.
He emphasised that IPMS for office buildings would lead to increasing transparency and consistency across real estate markets, adding that it would be profitable in the management of assets and how investors, corporate sector buyers and sellers make their financial decisions.
He observed that, in the past, properties were measured differently around the world, saying that the inconsistencies led to confusion in the market, which he said led developers to their own measuring processes at high cost.
He expressed optimism that the new development would help bring down the cost of owning a property.
Tonye Nria-Dappa