Property experts’ move to lure cautious buyers into property investment seminars with claims knowing formulas of acquiring homes with no cash outlay owning multiple properties, have raised concerns among some members of the industry, media reports revealed. For instance, PropNex Realty chief executive Mohamed Ismail called for the authorities “to regulate the content and claims by these speakers.” “When the industry is moving towards professionalism and consumer protection, allowing such unregulated claims may be damaging to the industry and not in the interests of the public,” he explained. “This is especially with the implementation of cooling measures and the Total Debt Servicing Ratio (TDSR), with more Singaporeans looking at foreign properties to invest in,” he added. Investors are said to be drawn to these investment seminars through advertisements with claims of identifying the right opportunities, generating high returns, gaining financial freedom. These advertisements lure investors to attend investment seminars by waiving registration fees for early birds registrants, and featuring experts who have made millions in property investments. Meanwhile, Yeap Soon Teck, deputy director (licensing), Council for Estate Agencies (CEA), said the regulatory body is aware of the property investment seminars conducted by said property investment firms, saying that they “have conducted checks including on-site inspections of these seminars to ensure the companies comply with the Estate Agents Act.” Notably, the Estate Agents Act covers the conduct of estate agency work – which includes the introduction of a vendor to a buyer or assistance during the negotiation of a transaction between the parties and the subsequent work related to the transaction – in Singapore, even if the property involved is situated outside the country.
Posted on: Tue, 24 Sep 2013 14:08:53 +0000
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