Tag Archives: Council for Estate Agencies

2018 Licensing and registration exercise for property agencies and agents

The Council for Estate Agencies (CEA) has issued a media release today on the 2018 licensing and registration exercise for property agencies and agents.

As at 1 January 2018, there were 1,269 licensed property agencies and 28,571 registered property agents.

The number of licensed property agencies and registered property agents as at 1 January over the last three years is shown below:

As at

1 Jan 2016

As at

1 Jan 2017

As at
1 Jan 2018
Number of property agents 29,262 28,397 28,571
Number of property agencies 1,369 1,286 1,269

The Council for Estate Agencies (CEA) issued 66 new property agency licences and 1,344 new property agent registrations throughout 2017. A total of 44 property agency licences and 2,028 property agent registrations lapsed after 31 December 2017.

Size of property agencies by number of agents as at 1 Jan 2018

Size of property agency

Number of property agencies

>500 agents

7

51-500 agents

18

31-50 agents

14

11-30 agents

64

1-10 agents

1,166

 

10 largest property agencies by size, as at 1 Jan 2018

Property agency

Number of property agents

PropNex Realty Pte Ltd

6,684

ERA Realty Network Pte Ltd

5,882

OrangeTee & Tie Pte Ltd

3,898

Huttons Asia Pte Ltd

3,207

KF Property Network Pte Ltd

689

SLP Scotia Pte Ltd

585

Savills Residential Pte Ltd

543

Global Alliance Property Pte Ltd

457

HSR International Realtors Pte Ltd

377

C & H Properties Pte Ltd

328

Source : CEA

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CEA’s Disciplinary Committee imposes financial penalty and licensing condition on property agency

The Council for Estate Agencies’ Disciplinary Committee has sentenced Dennis Wee Realty (DWR) Pte Ltd to a financial penalty of $66,000 for six counts of failing to provide a written advisory message to six sets of investors to draw their attention to the risks involved in purchasing foreign properties.

The Disciplinary Committee also imposed a condition to DWR’s licence that it is not to market or transact in any foreign property for 12 months with effect from 24 November 2017.

This is the largest fine meted out so far to a property agency for failing to abide by regulations related to estate agency work involving foreign properties. This is also the second case in which an agency has been prosecuted for failing to provide a written advisory message to investors to draw their attention to the risks involved in purchasing foreign properties.

View media release

Source : CEA – 7 Dec 2017