24 Jan '17, 9am

CEA slaps property agency with $7,500 fine #propertynews

Property agency Square Yards was fined for failing to draw attention to the risks of overseas property investments. (Photo: CEA) Property agency Square Yards Singapore has been fined $7,500 by the Council for Estate Agencies (CEA) for failing to provide an investor with a written advisory on the risks involved in buying foreign properties. In addition, the CEA also barred Square Yards from marketing or transacting any foreign property for six months, with effect from 1 March. The investor bought a unit at a US hotel project, known as the Transhudson Project, through Square Yards in August 2014, following a seminar conducted jointly by the agency and US developer North Dakota Developments LLC. North Dakota Developments, however, was charged for fraudulent activities in the US in May 2015. As such, the investor, along with two other investors who also bought units at North D...

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

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