Daily Archives: 5 Oct 2009

Regulating property agents

Posted on 5 Oct 2009 | 4 comments

THE Government is moving quickly on a plan to regulate real estate agents in the wake of growing calls to improve the standards of the industry.

The Straits Times understands that an independent body will be set up and chaired by a neutral party appointed by the Government. It will also house a dispute resolution centre to mediate between agents and consumers.

Key agency bosses, industry associations and individual agents have already met with Government officials to discuss the reforms.

The proposals, which could be made public in the next month or two, will likely require that agents sit a compulsory exam and that all accredited agents be monitored through a central database run by this independent body.

This will mean that errant agents will no longer be able to switch agencies easily, as they can now. Currently, agents fired from an agency for dodgy activity can just switch to another firm.

There are also suggestions that agents will have to buy indemnity insurance protecting customers for losses resulting from negligent or unethical conduct. Continue reading →

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Can’t blame HDB for what results from personal decision

Posted on 5 Oct 2009 | Comments Off on Can’t blame HDB for what results from personal decision

I refer to Mr Soh Say Kiat’s letter last Sunday, ‘18 failed attempts to get an HDB flat‘.

I would have understood and empathised with Mr Soh if he had started his Housing Board flat applications in late 2006, in view of the surge in prices and applications since then.

But I fail to comprehend his application problem, as he had begun flat-hunting as early as 2001.

As I recall, thousands of flats had stood vacant in Jurong West and Sengkang from around 2003 to 2005.

During parliamentary debates, some MPs would question the HDB’s planning, as it had resulted in a large number of unsold flats then.

There were no long queues of applicants during those years and one could easily buy a new five-room flat for about $180,000 in Jurong West.

One could also easily afford a resale five-room flat, priced at below $300,000 in many estates, or below $430,000 in popular ones such as Marine Parade, Bishan, Redhill and Queenstown.

The supply of new and old flats was truly abundant from 2003 to 2005. So one should not conveniently put the blame on the HDB for a personal choice or decision that could have deprived one of a flat during those years.

Source : Sunday Times – 4 Oct 2009

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