New head picked for property agent monitoring agency

New head picked for property agent monitoring agency
Dec 11, 2009 - PropertyGuru.com.sg

The Ministry of National Development (MND) picked Chionh Chye Khye, the current executive director (designate) with MND, to head a new government agency that will be set up next year to regulate Singapore’s property agents.

Mr. Chionh, before joining the MND in 2006, was the chief executive of the Building and Construction Authority. During his four-year tenure, he spearheaded the programme to raise productivity and quality of the construction industry, promote regulatory framework, and ensure infrastructure and building safety.

MND is expected to announce Mr. Chionh’s appointment as well as provide accurate details on the new agency by next year.

The Ministry said that the views it received from several stakeholders and channels are now being studied and consolidated, and will be used in improving the new regulatory framework. Key elements are also expected to be announced early next year.

'In the meantime, it would not be appropriate for us to comment on speculation,' it said.

In October, MND shared details of the new regulatory framework for the real estate industry, including the creation of a new agency that will enhance regulatory powers.

MND’s move comes after several property agents were criticised last year for being under-qualified and for their unethical practices. Minister for National Development Mah Bow Tan said in March that the whole system was 'not satisfactory' and the status quo was 'not tenable'.

With this move, activities of property agents will be closely monitored and rules will be enforced effectively.

Property agents must pass the industry examination and must be accredited first by a new accreditation body before they can work.

Currently, there are about 25,000 to 30,000 property agents in Singapore, with various degrees of training and professional standards.