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29-05-14, 12:07
http://www.straitstimes.com/archive/thursday/premium/money/story/unlicensed-property-agent-faces-charges-20140522
Unlicensed property agent faces charges
She allegedly sold foreign properties through a business
Published on May 22, 2014 1:22 AM
By Rachael Boon
A 50-YEAR-OLD woman has been accused by the Council for Estate Agencies of acting as a real estate agent even though she was not licensed with CEA.
Tan Yang Po, a Singaporean, allegedly sold foreign properties through a business called Azea Personal Coaching (APC).
The council said in a statement yesterday that Tan faces five charges for acting as an estate agent without being licensed.
The charges were read in the State Courts yesterday. The next hearing will be on June 18.
The CEA noted that an estate agent must be licensed with the industry watchdog before marketing local or foreign properties in Singapore. This is under the Estate Agents Act.
The CEA said: "This is the first prosecution case related to unlicensed estate agency work for the sale of foreign properties." It alleged that APC first advertised to invite the public to attend a free property investment seminar.
Those who attended were later encouraged to enrol in a paid two-day investment course, said the CEA, and these course participants were given membership in a property club.
APC introduced its client, foreign property developer Sterling Camden, to the property club members, and they were allegedly told that the developer was selling apartments in Houston, Texas.
They were told these units cost about US$49,000 (S$60,000) to US$60,000 each, with a guaranteed investment return of 8 per cent and net rental yield for two years.
Tan allegedly facilitated the sale transactions and collected commission from the developer for each successful sale.
The council said: "At all material times, APC acted as an estate agent while it was not licensed as an estate agent with CEA."
These events allegedly took place from June to September 2011.
It noted that investors should engage only licensed estate agents and registered sales staff. They can check the CEA Public Register of Estate Agents and Salespersons at www.cea.gov.sg or CEA's mobile app.
Investors should also exercise due diligence when buying foreign properties and beware claims of high returns and low initial down payments, it added.
This comes after the Monetary Authority of Singapore (MAS) on Tuesday warned Singapore buyers of the risks of buying foreign properties, noting the increasing number of buyers.
Singaporeans bought $2 billion worth of foreign property last year, 43 per cent up on the $1.4 billion invested in 2012.
The CEA released an online guide in March to help consumers make informed decisions on overseas property markets.
It said that consumers should report those not listed on the public register who are carrying out estate agency work illegally to the CEA on 1800-6432555 or e-mail [email protected]
[email protected]
Unlicensed property agent faces charges
She allegedly sold foreign properties through a business
Published on May 22, 2014 1:22 AM
By Rachael Boon
A 50-YEAR-OLD woman has been accused by the Council for Estate Agencies of acting as a real estate agent even though she was not licensed with CEA.
Tan Yang Po, a Singaporean, allegedly sold foreign properties through a business called Azea Personal Coaching (APC).
The council said in a statement yesterday that Tan faces five charges for acting as an estate agent without being licensed.
The charges were read in the State Courts yesterday. The next hearing will be on June 18.
The CEA noted that an estate agent must be licensed with the industry watchdog before marketing local or foreign properties in Singapore. This is under the Estate Agents Act.
The CEA said: "This is the first prosecution case related to unlicensed estate agency work for the sale of foreign properties." It alleged that APC first advertised to invite the public to attend a free property investment seminar.
Those who attended were later encouraged to enrol in a paid two-day investment course, said the CEA, and these course participants were given membership in a property club.
APC introduced its client, foreign property developer Sterling Camden, to the property club members, and they were allegedly told that the developer was selling apartments in Houston, Texas.
They were told these units cost about US$49,000 (S$60,000) to US$60,000 each, with a guaranteed investment return of 8 per cent and net rental yield for two years.
Tan allegedly facilitated the sale transactions and collected commission from the developer for each successful sale.
The council said: "At all material times, APC acted as an estate agent while it was not licensed as an estate agent with CEA."
These events allegedly took place from June to September 2011.
It noted that investors should engage only licensed estate agents and registered sales staff. They can check the CEA Public Register of Estate Agents and Salespersons at www.cea.gov.sg or CEA's mobile app.
Investors should also exercise due diligence when buying foreign properties and beware claims of high returns and low initial down payments, it added.
This comes after the Monetary Authority of Singapore (MAS) on Tuesday warned Singapore buyers of the risks of buying foreign properties, noting the increasing number of buyers.
Singaporeans bought $2 billion worth of foreign property last year, 43 per cent up on the $1.4 billion invested in 2012.
The CEA released an online guide in March to help consumers make informed decisions on overseas property markets.
It said that consumers should report those not listed on the public register who are carrying out estate agency work illegally to the CEA on 1800-6432555 or e-mail [email protected]
[email protected]