Man fined $16,000 for unlicensed estate agency work

Posted on 17 Sep 2014 | Comments Off on Man fined $16,000 for unlicensed estate agency work

A 48-year old Singaporean man was sentenced to a fine of $16,000, or in default six weeks imprisonment, after being convicted of unlicensed estate agency work.

In a statement, the Council for Estate Agencies (CEA) said Jordan Goh Swee Thye advertised a HDB flat in Henderson Road for rent on Gumtree, despite knowing the flat was a HDB rental flat; hence, subletting is not allowed.

The unlicensed estate agent conducted the viewing and assisted in negotiating the monthly rental amount between the subtenant and the main tenant, which was agreed at $1,200 per month from February 2012 to February 2013.

Goh collected a commission of $600 each from the tenant and the subtenant.

In June 2012, HDB repossessed the flat after discovering it was illegally sublet.

Thereafter, the subtenant, who was unable to occupy the flat, reported the matter to CEA. Notably, the subtenant did not also recover the rental deposit he paid to the main tenant and Goh’s commission.

After investigation, Goh was charged by CEA in court on 18 June 2014 and convicted and sentenced on 10 September.

CEA advises the public consumers to engage only estate agents and salespersons who are licensed/registered with the council.

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September sales expected to spike

Posted on 17 Sep 2014 | Comments Off on September sales expected to spike

While last month’s new private home sales continued to weaken, new sales volume in September is expected to improve from July and August 2014, according to analysts.

For instance, OrangeTee expects sales volumes to be around 750 units to 850 units for September.

The market is likely to experience more deals soon, as anticipated projects such as Highline Residences, and 70 St Patrick’s are expected to launch in September while Marina One is expected to launch in early October.

According to media reports, Highline Residences by Keppel Land has sold over 80 percent of the first 160 units, and Marina One by M+S has also received good response during its private viewing last weekend. Kemmy Tan, CEO at M+S said to PropertyGuru, “Interest has been strong with over 800 visitors to our show gallery over the weekend.”

Alice Tan, Director & Head of Research at Knight Frank Singapore, said, “Developers are also likely to intensify efforts to launch projects with attractive offers to boost sales performance in view of a traditionally quiet year-end period ahead.”

She added, “Buying sentiment for new launches is likely to remain fairly muted in light of the current cooling measures.”

As 2014 approaches its last quarter, analysts believe new private home sales volume for the year is likely to hover around 8,000 to 9,000 units, falling just short of the 10,000-unit mark.

Additionally, PropNex CEO Mohamed Ismail Gafoor expects a cloud of stillness will continue to hang over the high-end segment. “The spotlight will be on more affordable mass and mid-tier market segments. The outlook for the private residential market will continue to be dismal for the rest of 2014 so long as the cooling measures and the TDSR framework remain in their current form,” he said.

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Posted in New Launches, Property Market / Real Estate

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