New home sales down 16% from December

Sales of new private homes in Singapore fell 16 percent to 322 units in January this year from the 384 units sold in December 2015, according to latest data from the Urban Redevelopment Authority (URA).

Including executive condominiums (ECs), developers sold 478 units in January, down from 508 units previously.

Year-on-year, developer sales (excluding ECs) dropped 14 percent from the 376 units sold in January 2015.

Man cheats property buyers of $1.8m

A 39-year-old salesman was recently sentenced to seven years and two months in jail for cheating 21 victims of almost $1.8 million, reported The New Paper.

Posing as a lawyer to trick his victims, Sim Tee Peng pleaded guilty to 23 charges, including theft, cheating, giving false information and forgery. The court also took into consideration 41 more charges against him. He was also sentenced to 12 weeks’ jail on charges of counterfeiting stamp duties in property transactions.

Notably, he collected stamp duty payments as well as other conveyancing-related fees from property buyers, supposedly on behalf of four law firms.

Sim was able to collect between $17,088 and $312,000 from each victim between June 2011 and September 2012. He told the property buyers to deposit the payments into his personal account or the bank account of his company.

The director of general wholesale firm WW Hub, Sim worked as a paralegal and had four years of conveyancing experience. However, he did not have a valid practising certificate and was not formally employed by the law firms.

Sim would present his victims with fake documents, like false invoices using the letterheads of law firms or copies of unissued personal cheques. He also forged stamp certificates to trick a law firm into reimbursing him.

Sim used his ill-gotten wealth to purchase a BMW 5 Series car, which he drove using an expired vehicle licence plate number.