25 Jan '17, 6am

New post added at LushHomeMedia - Property agency fined for failing to warn investor of risks in buying foreign...

A Singapore property agency that marketed a US hotel project to an investor has been fined S$7,500, for failing to inform him in writing of the risks involved in buying foreign properties. The US developer was later charged with alleged fraudulent activities. According to the Council for Estate Agencies (CEA) in a news release on Thursday (Jan 19), Square Yards Singapore and US developer North Dakota Developments had conducted a seminar in Singapore in August 2014 to promote the Transhudson Hotel Parshall project. The investor bought a unit for US$74,950 (S$106,990) through the Singapore agency. He paid about half of the amount to the US developer in mid-September 2014 for the booking fee, closing fee and balance of the first stage payment. Square Yards received US$3,900 as commission. Throughout the transaction process, CEA said Square Yards’ key executive officer, Sherma...

Full article: http://www.lushhomemedia.com/manage_posts/2017/01/25/prop...

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