Facilities asset management (FAM) is an evolving approach that helps to ensure that an organization's facilities portfolio is aligned with its mission. Required elements include accurate data about the facilities; models for predicting the future condition of these facilities and the performance obtainable from them; engineering and economic decision support tools for trade-off analyses among competing investment alternatives; performance measures to evaluate the impacts of different types of actions (e.g., maintenance versus rehabilitation). The use of information technology (IT) could lead to more informed decisions on many asset management tasks, for example the deployment of service and maintenance resources for work on the right asset at the correct location therefore reduces costly maintenance mistakes, and increases the quality of service. In particular, substantial benefits can be achieved through the implementation of Geographic Information System (GIS) that is integrated with an asset management system. Also, Building Information Modelling (BIM) can bring great benefits to FAM. This paper provides a state-of-the-art review of the use of BIM and GIS in FAM. The main objective of the paper is to provide a critical review of some previous developments in FAM and to identify aspects where further research and development are needed. The paper firstly elaborates the main functionalities of an asset management system, which is then mapped out against the strengths of GIS and BIM. This is then followed with the critical explanation of the completed case study developments for large scale FAM. Finally based on the experience and lessons learnt from those case study developments, the paper argues the issues and challenges related to integration between GIS and BIM and then it concludes with a brief vision and recommendation on further research and development on GIS/BIM implementation for large scale FAM.