Archive for category: Misc

At the Singapore Key Executive Officers and Leaders conference on Nov 14, Singapore Estate Agents Association (SEAA) signed two memorandums of understanding (MOUs) with both the Law Society of Singapore and 16 property agencies. Adam Wang, president of SEAA, highlighted the need for property agents to exercise caution in their procedures while participating in real estate transactions.

Alongside these two parks is the Grand Park which will be located at the center of Tampines North. This park will be 20-hectare in size and will boast lush gardens and striking sculptures.

The development of Tampines North will offer great convenience to residents living around the area. With the formation of new parks such as Quarry Park and Boulevard Park, residents living at Tampines Condo will have a great place to relax and unwind. Similarly, Grand Park at Tampines North will be an exemplary attraction for the entire community, providing a large green space for a rich variety of activities.

The first MOU was signed to promote alternative dispute resolution schemes, including the mediation and arbitration schemes, offered by the Law Society of Singapore for disputes arising from co-broking arrangements between property agencies and property agents. The second MOU was signed with 16 property agencies, representing 88% of total property agents in Singapore, offering complimentary associate membership for all the agencies’ salespersons.

The third part of the MOU included the adoption of best practice guide on co-broking commissions with effect from July 1, 2024. The signing of these MOUs was part of a ceremony held to mark the collaboration between SEAA, Police Force, NCPC and Council for Estate Agencies.

Commenting on the need for extra caution, Wang said, “The recent $2.8 billion case, the largest anti-money laundering crackdown in Singapore, involves multiple numbers of high-value real estate transactions, and our property agents are assisting with these investigations. This further amplifies the need for our property agents to exercise extra caution and stay highly alert with every property transaction when dealing with potential clients.”

Associate Professor Muhammad Faishal Ibrahim, Minister of State for Ministry of Home Affairs & Ministry of National Development, was the guest of honour at the 2nd edition of the SEAA Singapore Key Executive Officers and Leaders conference.

The events leading up to the signing of the MOUs were initiated by SEAA in light of the rising scam cases in Singapore and the potential risks of falling victim to such cases. Wang further added, “When a commission dispute arises between property agents, especially from different agencies, it is sometimes difficult for both the agencies to handle on the agent’s behalf as a large part of the commission goes to the agents and their stakes are higher. This is where SEAA and Law Society can step in to resolve such disputes.”

The increased need for caution and awareness among the real estate agents of Singapore in order to combat such scams was further highlighted at the conference. SEAA’s collaboration with the Police Force, NCPC and Council for Estate Agencies is aimed at ensuring a secured and safe real estate trading environment in Singapore.