27 Dec '16, 5am

Property company, director fined $215,000 for unlicensed work #propertynews

This is the largest fine handed down by the court for this offence. A property management company and its sole director have been fined a total of $215,000 for conducting unlicensed estate agency work, the largest fine ever meted out by the court for this offence, the Council for Estate Agencies (CEA) said in a statement. Franks Property and its sole director and shareholder, Lim Koon Heng, 70, previously held a House Agent Licence issued by the Inland Revenue Authority of Singapore (IRAS). After the CEA’s formation in October 2010, all property agencies and agents were required to be licensed and registered with the CEA before they could carry out estate agency work. However, Franks Property and Lim did not do so. Despite their failure to register with the CEA, Franks Property carried out three sale and purchase property transactions between 2012 and 2013. Under the Estat...

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

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