Real estate exam deadline extended

Real estate exam deadline extended

By Joanne Chan | Posted: 21 September 2011 1608 hrs

SINGAPORE: Property agents who are struggling with a mandatory industry examination will have another six months to prepare for the test.

This applies to agents with provisional licences who need to pass the Real Estate Salesperson (RES) examination to continue practising.

The Council for Estate Agencies (CEA) said the deadline has been extended from December 31 this year to June 30, 2012.

The exam was introduced as part of new rules in January this year to raise the level of professionalism in the industry.

Agents who had not passed the exam could continue to work on a provisional basis but must pass the exam within a year.

Last week, Channel NewsAsia reported that some agents who have language difficulties are struggling to pass the English test and are worried about losing their licences.

Commenting on the deadline extension on Wednesday, CEA’s director of licensing and investigation, Purnima Shantilal, said the council is “mindful that some salespersons may need more time to pass the RES examination”.

She hopes the extension will help them to better prepare for it.

She added that CEA will also work with real estate companies to ensure that their agents take the exam by the deadline.

As at August 31, there were 2,753 agents on provisional licences.

They make up about 8 per cent of all registered real estate agents in Singapore.

From October 1 to November 15, CEA will also conduct its first year-end licensing renewal exercise for companies and update the list of agents.

Estate firms whose licences are not expiring this year need not apply for renewal.

- CNA/cc

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

HDB announces bumper launch of 8,200 flats »« Private home sales dip 3.6% in August

Private home sales dip 3.6% in August

Private home sales dip 3.6% in August

By Timothy Ouyang | Posted: 15 September 2011 1423 hrs

SINGAPORE: Private home sales in Singapore dipped in August compared to the previous month – with some 1,348 homes being sold. But this was just a drop of 3.6 per cent – nowhere near the 30 per cent drop that the markets were expecting.

With demand for property seen resilient, some industry watchers said private home sales could hit a new high this year.

Superstitions over the Hungry Ghosts Month did not keep investors away from the residential property market in August.

Ong Teck Hui, executive director at Credo Real Estate said: “Typically for a Ghost Month, one would have expected lower market activity in terms of sales. August was also affected by the global financial turmoil. So, given these two factors, there was an expectation for August figures to be lower.”

Donald Han, vice chairman at Cushman & Wakefield, said: “We anticipated a lot of investors to run for cover. But instead, I think the number that we saw – which is about 1,348 – was very respectable, showing that the market is fairly resilient and investors continued into their buying activity.”

However, demand from upgraders in the mass market segment continued to drive the private homes market in August, despite the government raising the income ceiling for public housing flats and executive condominiums.

“I think the impact is not very substantial, if there had been any, given these strong figures that we’re seeing for August. So, this scenario is likely to continue because I think there is a fair amount of demand for mass market housing and we could see this trend carrying on for the next few months, provided nothing serious happens on the economic front,” said Mr Ong.

More than eight in 10 units sold last month were in the suburbs.

That came on the back of a jump in the number of new homes, with some 1,157 units launched in August, more than double from the previous month.

Still, Colliers International noted that suburban markets moderated to between S$600 and S$1,679 per square foot in August – down from between S$705 and S$1,742 per square foot in July.

“Overall property prices may compress if there is further shock to the system but otherwise it is likely to remain fairly stable,” said Dr Chua Yang Liang, head of research for South East Asia at Jones Lang LaSalle.

The city fringe areas accounted for about 12.5 per cent of the units sold.

The most expensive unit sold last month was a unit at The Marq on Paterson Hill in District 9. Now, that unit fetched a price tag of some S$6,394 per square foot. Altogether, some 65 units in Singapore’s city centre were sold in August.

Some analysts noted that more than 13,000 private homes have been sold year to date, approaching last year’s record of 17,344 private homes sold.

“Moving forward in the next four months, we just have to cross about 1,000 units (per month) in order to hit, equal or come close to the kind of highs that we saw in 2010, which is not a difficult feat to achieve,” said Mr Han.

Analysts said demand for private homes is expected to be supported by continued liquidity in the market and a low interest rate environment.

Ms Chia Siew Chuin, director of research & advisory at Colliers International, said: “The current woes in the western nations could potentially channel funds into Asia, from which Singapore stands to benefit, as investors look for a safe and stable platform to accumulate and grow their investments.”

- CNA/cc

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Real estate exam deadline extended »« Property agents struggle with English exam

Property agents struggle with English exam

Property agents struggle with English exam

By Joanne Chan | Posted: 15 September 2011 1905 hrs

SINGAPORE: Some real estate agents with provisional licences are urging the government to consider their track records, and not just educational qualifications.

When new regulations kicked in this year, existing agents who had not passed the Real Estate Salesperson exam were given one year to do so.

Nine months on, some are still struggling to overcome language difficulties and face losing their licence.

Property firms said some agents have not taken the test as they’re dropping out of the industry.

But others are struggling to fulfil the requirement, and it’s not from lack of trying.

Fifty-two-year-old “Mr Lu” has failed four times.

“I’m Chinese-educated, I only have a Primary 6 qualification. Asking a person with a Primary 6 qualification to take an English exam is really not easy,” he said.

The exam, which contains short-answer and multiple-choice questions, has also stumped “Ms Tan”.

The 46-year-old has failed eight times.

“The questions are very, very long. It takes up to a minute to read one question and there’s no way you can complete the paper in two hours,” she said.

Both agents, who requested anonymity, have more than 15 years experience each, and earn an average S$10,000 in commission a month.

They hope the authorities will be flexible and look at past performance, when deciding to grant a permanent licence.

And if an exam is a must, consider a test in Chinese, or have an oral exam.

The Council for Estate Agencies said the exam should be conducted in English, as all paperwork relating to property transactions in Singapore is in English.

The council also said salespersons must guide their clients before signing any document or contract and it’s important for them to have the ability to understand the contractual documents, government policies and procedures which are written in English.

However, some agents who have been in the industry for close to 20 years said they know the rules and regulations well enough to explain a standard contract, even if they’re not proficient in English.

Others have found it effective to work with partners.

“My colleague will explain to them before signing the contract. My main job is to look for customers and liaise with them because my network is quite wide,” said Mr Lu.

To help Mandarin speakers, the council has worked with the Institute of Estate Agents to offer classes in Mandarin.

Purnima Shantila, director of licensing & investigations at the Council for Estate Agencies, said: “This course will help facilitate the salespersons to understand the common terms which are found in this RES (Real Estate Salesperson) syllabus. We will also equip them to be better prepared to take the exam.”

The council said it’s monitoring the situation and will implement further help measures if needed.

- CNA/cc

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Private home sales dip 3.6% in August »« Cooling measures won’t slow property demand: CapitaLand Residential

Cooling measures won’t slow property demand: CapitaLand Residential

Cooling measures won’t slow property demand: CapitaLand Residential

By Stella Lee | Posted: 15 September 2011 2204 hrs

SINGAPORE: The head of CapitaLand’s residential unit said government cooling measures will not slow underlying demand for residential property in Singapore.

Wong Heang Fine, CEO of CapitaLand Residential Singapore, said prices are likely to keep rising this year, although the pace of increase may moderate.

He said continuing low interest rates and high liquidity will support demand.

Chong Lit Cheong, CEO of CapitaLand Commercial said rental rates for commercial space will moderate as demand softens with many major tenants such as investment banks having already secured office space.

CapitaLand unveiled designs for a S$1.4 billion commercial project on a site that was formerly Market Street Carpark and a new condominium in Bishan on Thursday.

And its Group CEO is banking on Singapore’s projected future as a financial hub to expand its commercial business.

Liew Mun Leong, President & CEO of CapitaLand Group said: “In general, Singapore is small city in terms of area, the demand for office space would definitely grow if Singapore were to grow into a cosmopolitan city and a financial centre.”

- CNA/cc

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Property agents struggle with English exam »« CEA investigating 20 cases for infringement of ad guidelines

CEA investigating 20 cases for infringement of ad guidelines

CEA investigating 20 cases for infringement of ad guidelines

Posted: 01 September 2011 1535 hrs

SINGAPORE: One month after its new guidelines on ethical advertising came into effect, the Council for Estate Agencies (CEA) said it is investigating 20 cases for possible infringement.

CEA’s director for regulatory control, Mr Lee Say Kee said dummy ads, which advertise fictional properties or properties which do not have the owner’s consent remain the most serious.

Others include advertisements that omit important information such as the salesperson’s registration and contact numbers.

CEA also said it has an in-house team to scan online property portals, classified ads and flyers.

But about half the cases under investigation are from complaints from the public.

The council said the larger agencies have put in place checks on their sales agents, but there remain concerns over smaller estate agencies.

Local estate agency PropNex, which has some 4,500 registered agents, said it has a system where a team vets soft copies of its agents’ advertising material.

PropNex Agency vice-president Lim Yong Hock added that agents find the process more troublesome and time-consuming, but will have to understand that it’s now an industry necessity.

- CNA/cc

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Cooling measures won’t slow property demand: CapitaLand Residential »« Southeast Asia to see more investments from outside the region: DTZ

Southeast Asia to see more investments from outside the region: DTZ

Southeast Asia to see more investments from outside the region: DTZ

Posted: 01 September 2011 1615 hrs

SINGAPORE: As the debt problems in Europe and the US shift investor interest towards Asia Pacific, Southeast Asia could see more investments coming from outside the region. That is according to property consultants DTZ Research.

DTZ said most of the property investments in 2010 have already come from within the region.

In Malaysia, Singapore and Thailand, where property investments are tracked by DTZ Research, intra-ASEAN investments made up 92.6 per cent of all foreign investments in the three countries in 2010.

According to a recent report by DTZ Research, the attractiveness of Southeast Asia’s property markets is driven by six socio-economic trends. These are demographics, rising income levels, infrastructural developments, urbanisation, tourism and economic restructuring.

The large population base in ASEAN economies, except for Singapore, and growing wealth from sustained economic growth give rise to higher disposable incomes and domestic consumption, which in turn drive demand for real estate developments.

DTZ said investment opportunities in real estate aimed at this segment of the population include mid-tier and luxury retail developments as well as affordable and luxury residential developments.

It added that the growth of REITs in Southeast Asia, which is already a major force driving real estate investments in Singapore and Malaysia, will also lead to more property investments across the region.

However, DTZ warned that Singapore’s property market is the most volatile due to the open nature of the economy and as such, can turn quickly if the economic climate and debt problems in Europe and the USA worsen.

-CNA/ac

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

CEA investigating 20 cases for infringement of ad guidelines »« Knight Frank launches Riviera Point for sale by tender

Knight Frank launches Riviera Point for sale by tender

Knight Frank launches Riviera Point for sale by tender

Posted: 31 August 2011 2221 hrs

SINGAPORE: Real estate advisory firm Knight Frank has launched Riviera Point, a freehold site located along River Valley Road, for sale by tender.

It said the guide price for the property is S$70 million.

The site is located near the Orchard shopping belt, and has a land area of 14,580 square feet.

Knight Frank said the site may be redeveloped into a new project that could yield a gross floor area (GFA) of 49,303 square feet.

The tender for Riviera Point closes on September 29 at 3pm.

-CNA/ac

Source : Channel NewsAsia – MediaCorp Pte Ltd Copyright

Southeast Asia to see more investments from outside the region: DTZ »« CCM wins S$100.5m contracts from HDB, Orion-One

CCM wins S$100.5m contracts from HDB, Orion-One

CCM wins S$100.5m contracts from HDB, Orion-One

04:46 AM Sep 01, 2011

Home-grown general contractor CCM Group announced yesterday it has secured two contracts worth a combined S$100.5 million from the Housing and Development Board (HDB) and Orion-One Residential.

The HDB contract, worth S$68.2 million, is for the construction of 491 residential units in Jurong West Neighbourhood 2.

The contract commences on Sept 5 and is expected to be completed by December 2013.

The Orion-One contract, worth S$32.3 million, is for the construction of a 23-storey residential apartment building with a five-storey multi-storey car park, swimming pool, communal facilities and a sky terrace in Jalan Ampas. The contract begins Oct 15 and is expected to be completed by October 2013

Source : TODAYonline – MediaCorp Press Ltd’s copyright

Knight Frank launches Riviera Point for sale by tender »« JTC launches 2.83-hectare site for sale