Tag Archives: Urban Redevelopment Authority

Singapore’s new private home sales remain low in January

Posted on 17 Feb 2014 | Comments Off on Singapore’s new private home sales remain low in January

New private home sales in Singapore remained in the doldrums in January, as developers held back launches and lending restrictions depressed demand.

According to data from the Urban Redevelopment Authority (URA), developers sold just 565 new private homes last month, up from December’s four-year low of 259 units.

Last month’s figure was, however, well below the 2,028 units sold in January 2013.

Singapore’s residential property market has slowed since the middle of last year, following moves by authorities to cap the amount of money people can borrow.

Investors are also concerned about the upcoming supply of new units, and property analysts say private home prices could fall by as much as 15 percent this year.

In the final quarter of 2013, private home prices fell 0.9 per cent from the previous three months — the first decline in nearly two years.

Developers in Singapore sold around 15,000 new homes last year, some 30 per cent down from 2012.

Source : CNA – 17 Feb 2014

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Posted in Property Market / Real Estate

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Owner’s consent required for property advertisements

Posted on 25 Nov 2013 | Comments Off on Owner’s consent required for property advertisements

Salespersons who advertise properties are required to comply with the Practice Guidelines on Ethical Advertising and the Code of Ethics & Professional Client Care. They must seek the consent of the owner before advertising the property. They are also not allowed to copy any advertisement from someone or somewhere else and claim it as their own. Their advertisements are to be cleared with their estate agent before publication.

Recently, a salesperson Shawn Cheah pleaded guilty to the charge of advertising a property without obtaining consent from the owner. The property owner saw the advertisement by Cheah on a website, and was aggrieved as he had not given his consent. Cheah was a registered salesperson of ECG Property Pte Ltd at the time of the offence. He was found quilty and ordered to pay financial penalty of $3,000.

CEA advises consumers to look out for the following when advertising properties:

  • Check that your salesperson only advertises the property after you have given your consent.
  • Your salesperson must ensure that the information on the advertisement is accurate. If the advertisement shows a photograph of the property, the photograph must not be altered or enhanced in any way. Essential data such as the floor area must be accurate. If a unit was approved by the Urban Redevelopment Authority (URA) for a specific use (e.g. commercial or industrial use), the salesperson must advertise it accurately.
  • Your salesperson must not advertise a property price or any other terms different from those that were instructed by you.
  • There should not be use of words or phrases that are against your best interest, such as “already co-broke”, “no co-broke”, “no agents”, “buyers pay commission”, in the advertisement as these phrases will limit the pool of potential interested parties who wish to buy/sell/lease.

For more consumer tips, visit www.cea.gov.sg/consumerresources

Source : CEA

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Posted in CEA, Landlord

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