18 May '16, 9am

Property Agency: fined and barred from en bloc deals for a year

THE Council for Estate Agencies (CEA) has imposed a financial penalty of S$74,000 on real estate agency HSR International Realtors for two counts of acting for a client without declaring a conflict in interest. The disciplinary committee of CEA also imposed a condition disallowing HSR from undertaking any collective-sale work for one year from April 20, 2016. The subject incident has to do with the S$590 million en bloc attempt of Thomson View condominium , for which HSR was the marketing agent. This was the case where the High Court had in 2013 quashed the collective sale and said that HSR's offer of more than S$548,000 in incentive payments to four owners to get a requisite 80 per cent majority amounted to bad faith. This included offering a return business class air ticket from Europe to Singapore so that one owner's wife could sign the collective sales agreement. After...

Full article: http://www.srx.com.sg/singapore-property-news/19082/prope...

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