Monthly Archives: March 2010

Larger sites to be released in H2 2010: Mah

Posted on 8 Mar 2010 | Comments Off on Larger sites to be released in H2 2010: Mah

Singapore government will make available a larger supply and wider variety of sites in the reserve list in the second half of this year, National development minister Mah Bow Tan told Parliament on Monday.

Mr Mah said the move is to give developers more choices.

The H2 2010 Government Land Sale will be announced later.

Mr Mah added that the government will consider releasing a reserve first site for sale immediately if there is more than one party that submits a minimum bid price that is close to the Government’s Reserve Price for the site, within a reasonable period.

Previously, a site is only released for sale if a developer submits a minimum bid that matches or exceeds the Reserve Price.

The government will, also with immediate effect, reduce the deposit required from successful applicants of reserve list sites from 5 per cent to 3 per cent of the minimum bid, subject to a cap of $5 million (US$3.6 million), to reduce the cash flow burden to successful applicants.

Source : Business Times – 8 Mar 2010

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Posted in Property Market / Real Estate

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Agents trustworthy? Take it with a pinch of salt

Posted on 8 Mar 2010 | Comments Off on Agents trustworthy? Take it with a pinch of salt

I REFER to last Friday’s letter by Singapore Accredited Estate Agencies, ‘Untrustworthy? Not property agents’, and beg to differ from its over-optimistic and illusory views of property agents.

Recently, I saw a property and after some negotiations via an agent, confirmed the purchase. I was scheduled to make a 1 per cent payment for the option to purchase that evening. I arrived slightly early and was surprised to see the agent showing the unit to other potential buyers.

When I confronted him, he tried to explain it away. That evening, I was not given the option to purchase. The agent gave a lot of excuses. I was upset. I went to the owner’s home and learnt that the owner did not know we were supposed to close the deal that evening.

The property was sold to another the day after the evening I was scheduled to accept the option to purchase.

I am disappointed there are no regulations to curb unscrupulous agents who manipulate transactions to their own benefit, at the expense of the seller or the buyer.

Roger Tan

Source : Straits Times – 8 Mar 2010

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Posted in CEA, General

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