ST : Estate agency watchdog starts work

Oct 22, 2010

Estate agency watchdog starts work

By Dhevarajan Devadas


THE Government has appointed key personnel to a new statutory board set up to regulate the real estate agency industry, which starts operating today.

The Council for Estate Agencies (CEA) was set up in response to growing public complaints about errant agents. Mr Greg Seow, chairman of AMP Capital Investors (Singapore), has been appointed as president. Its executive director is Mr Chionh Chye Khye, a senior civil servant.

From Jan 1 next year, all property agents will have to be registered with the CEA and have to meet certain standards.

A statement issued by the Ministry of National Development said that key elements of this framework include enhanced licensing conditions for estate agents, registration of salespersons, regulation on the conduct of estate agency work, mechanisms for discipline and dispute resolution, and public education. It also bars property agencies and agents from simultaneously acting as moneylenders by featuring a new code on ethics and conduct, which bans agents from making referrals to moneylenders, among other practices.

The CEA is empowered to investigate complaints and impose penalties, such as fines, suspension and revocation, against errant estate agents and salespersons. Serious offenders may be prosecuted in court.

New and existing real estate agents can apply to the CEA for the licence from Nov1. The public can find out more details by calling the CEA on 1800-643-2555 or visiting www.cea.gov.sg