18 May '16, 9am

Oh dear... #Singapore property agency #HSR fined, barred over failed en bloc deal #propertynews

HSR fined $74,000 for offering incentive payments to four sellers. The Council for Estate Agencies (CEA) has imposed a fine of $74,000 on HSR International Realtors, for unfairly providing incentive payments to several sellers in the failed collective sale of Thomson View condominium. It also prohibited the property agency from brokering any en bloc deals for one year, starting from 20 April 2016. Originally, HSR was chosen as the property’s marketing agent by the condominium’s collective sale committee in September 2010. On its advice, the committee approved a minimum reserve price of $490 million for the condominium in October of the same year. By March 2011, the collective sale committee received 58.5 percent consent of the total share value of the condo. But after the minimum reserve price was raised to $580 million, it received the consent of 80 percent of the owners ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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