Tampines site gets top bid of $302m

Tampines site gets top bid of $302m

Plot which attracted just one bid 18 months ago saw 8 bidders this time

By Joyce Teo

Sim Lian Group’s executive director Diana Kuik says the site is in a mature estate and offers a nice living environment. — ST PHOTO: DESMOND WEE

A RESIDENTIAL site facing Bedok Reservoir that failed to be sold 18 months ago after attracting only one bid of $84.6 million is now sought after by eight developers, with one offering $302 million.

The Tampines site was a victim of the financial meltdown when it closed for tender in August 2008, but the property market rebound has brought it back into favour.

Sim Lian Land lodged the highest bid for the 99-year leasehold plot, which would be suitable for mass market housing - the property industry’s hottest sector these days.

Sim Lian’s offer - $302 million or $420.90 per sq ft per plot ratio - topped seven others for the land at the junction of Tampines Avenue 1 and Avenue 10.

The huge rebound in price follows a similar tender last month when a site at the junction of Choa Chu Kang and Woodlands roads above Ten Mile Junction attracted a top bid of $164 million, yet in 2008 it drew a top bid of $61 million and was therefore not sold.

The Sim Lian offer was above the $300 to $400 pricing tipped by some experts but within the $410 to $470 psf ppr range forecast by Ngee Ann Polytechnic lecturer Nicholas Mak.

The second-highest bid from a venture between Far East Organization and Frasers Centrepoint came in just 4.3 per cent lower at $402.80 psf ppr.

Other bidders included MCL Land, Allgreen Properties and GuocoLand, according to the Urban Redevelopment Authority yesterday.

A unit of CapitaLand Residential was in seventh place with a bid of $179.4 million or $250 psf ppr, while Boon Keng Development was last with a bid of $234.20 psf ppr.

The tender is ‘another demonstration of developers’ interest in the mass market segment’, said Mr Joseph Tan, CBRE’s executive director, residential. Of the eight bids submitted, the first six were very close to one another, he noted.

DTZ’s South-east Asia research head, Ms Chua Chor Hoon, concurred, saying the results showed that developers were still very eager to replenish their land banks and optimistic about the market outlook.

Sim Lian Group executive director Diana Kuik told The Straits Times: ‘Our bid is competitive but not very aggressive. Land prices in general have gone up.’

Also, the site is in a mature estate and it offers a nice living environment, she said.

‘We are looking to build 600 to 650 units with a range of sizes, from small two-bedroom units to four-bedroom units as well as penthouses,’ she added.

CBRE estimates a break-even level of around $700 psf, based on the top bid.

It pointed out that caveats lodged for sales in new projects in the Bedok Reservoir area, such as Waterfront Key and Waterfront Waves, have ranged from $700 psf to $850 psf in the past four to five months.

‘When the new project is ready for launch in six to eight months’ time, we would expect it to be launched within the same price range or higher, subject to market conditions,’ said Mr Tan.

Sim Lian as a contractor would be able to manage its development costs and so may be able to sell units for around $800 psf, based on its bid, said Ms Chua.

The Tampines site, which has a maximum gross floor area of 66,655 sq m, is the fourth residential site launched for sale on the confirmed list this year.

Confirmed list sites are tendered out on scheduled dates, without the need for developers to indicate interest.

The Tampines plot is next to The Tropica condominium and about five to 10 minutes’ drive from Tampines Central and Tampines MRT station.

Only one firm, Boon Keng Development, bothered to bid for the site when it was first offered for sale in August 2008.

Source : Straits Times - 17 March 2010

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PR quota reached in some HDB areas

PR quota reached in some HDB areas

Flat buyers have to widen search or be willing to pay more

By Esther Teo

Block 693 in Jurong West Central 1 has already reached the PR household quota. Other areas popular with PRs include neighbourhoods in Choa Chu Kang, Sembawang, Sengkang and Bukit Batok. — ST PHOTO: SAMUEL HE

PERMANENT residents looking to buy an HDB flat may have to widen their search beyond popular areas as some parts of the island have already reached the limits set out in the new quota system.

PRs will not be able to buy flats in certain areas in Jurong West, Choa Chu Kang, Sembawang, Sengkang or Bukit Batok unless they are prepared to pay a premium over the asking price in the hope of enticing other PRs to sell.

The areas have long been popular with PRs but some neighbourhoods and blocks are at the limit outlined by the Singapore Permanent Resident (SPR) quota introduced earlier this month.

It sets a cap for PR households of 8 per cent in each block and 5 per cent within each neighbourhood to prevent enclaves of foreigners forming in the heartlands.

The HDB’s website showed that certain addresses in these areas have reached their PR quota. The addresses include Admiralty Drive and Canberra Road in Sembawang, Anchorvale Link in Sengkang, Choa Chu Kang Avenue 5, Bukit Batok East Avenue 3, Woodlands Avenue 6 and Jurong West Central 1.

A non-Malaysian PR, for example, is eligible to buy a flat from any seller in Clementi Avenue 6. But he can buy only from a fellow non-Malaysian PR at Bukit Batok East Avenue 3 because the quota for the proportion of non-Malaysian PRs in that area has already been reached.

In some blocks, the market is even tighter after throwing the ethnic quota into the mix. For example, if an Indian non-Malaysian PR wants to buy a unit at 313C Anchorvale Road, he would have to buy a unit from an Indian non-Malaysian PR seller to maintain the balance.

PRs comprise about 14 per cent of the population in HDB flats, according to 2009 figures.

Property experts say the quota system might cause greater disparities in prices, not just among neighbourhoods, but within a block as well.

The Ethnic Integration Policy - which sets ratios for ethnic groups to ensure a balanced mix in housing estates - has also had a similar effect.

PropNex chief executive Mohamed Ismail said that PRs selling HDB flats in neighbourhoods or blocks that have reached their quota will be able to quote a higher price when selling to other PRs.

‘Assuming PRs can afford it, they might be willing to pay for a flat that might be nearer to good schools or the MRT, or to get a good view. But if the quota is reached they won’t be able to buy unless they offer a higher price.’

However, this effect is not expected to be big enough to affect general market trends, said Chesterton Suntec International’s research and consultancy director, Mr Colin Tan. ‘Some people will be willing to pay more to live with those from their country, but how much more is very subjective,’ he said.

Property agents say being near others of the same nationality is not a major pull factor for PRs. Cost and distance from their workplace weigh more heavily.

PRs from Myanmar like Jurong West because they work in nearby shipyards, offices and factories while Filipinos choose Jurong West, Simei and Bukit Panjang for the relatively cheaper prices.

PRs from Malaysia and China are scattered islandwide. Their key considerations are mainly cost and proximity to work, transport options like an MRT station or bus interchange and facilities such as schools and supermarkets.

Mr Jeffrey Hong, HSR International Realtors’ executive director of agency, said some PRs might consider moving elsewhere if the asking price over valuation is too high.

The Jurong estate, for example, has seen a 15 per cent rise in HDB prices over the past nine months, he said.

Chinese PRs might move from Jurong to areas like Yishun and Woodlands while Indian PRs might move from Serangoon to nearby Hougang and Lorong Ah Soo if quotas were soon to be reached.

‘These places are less pricey and also not that far from their ideal location,’ Mr Hong said.

Source : Straits Times - 17 March 2010

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HDB offers 828 new BTO flats

HDB offers 828 new BTO flats

Projects in Sengkang and Sembawang may see big demand

By EMILYN YAP

THE Housing and Development Board (HDB) is offering 828 flats in Sengkang and Sembawang through two new build-to-order (BTO) projects.

These are the first BTO projects to be launched after the government adjusted some public housing policies early this month.

HDB is gauging interest in the 522-unit Fernvale Ridge in Sengkang, and the 306-unit Sembawang RiverLodge. Fernvale Ridge, bounded by Sengkang West Way and Fernvale Link, will be near the Fernvale, Layar and Thanggam LRT stations. There will be 180 three-room flats, 216 four-room flats and 126 five-room flats.

The selling price for a five-roomer will range from $281,000 to $352,000. According to HDB, the price of a comparable five-room resale flat in the vicinity is $415,000 to $461,000.

The other BTO project, Sembawang RiverLodge, is at Sembawang Drive. The nearest MRT station is at Sembawang, where Sun Plaza is also located.

Of the 306 units available, 86 will be three-roomers and 220 will be four-roomers.

HDB added that the project is designed to house another 126 two-room flats, but it will set these aside ‘to meet the housing needs of lower income families at a later date’.

A four-room flat at Sembawang RiverLodge will cost $212,000 to $268,000. The price of a comparable resale four-roomer nearby is $275,000 to $350,000.

PropNex CEO Mohamed Ismail expects both BTO projects to be popular and they could each be oversubscribed by at least eight times. One reason is because the sites will have three, four, or five-room flats - not studio apartments - which are suitable for young couples starting a family, he said.

Sembawang RiverLodge could stand out, he said. This is because residents will get ‘a taste of waterfront living’ with Sungei Sembawang nearby and the estate will have amenities such as a supermarket.

Applications for the new flats will close on March 29. With these two projects, HDB would have offered 3,653 new BTO flats in the first three months of the year. It plans to release 1,200 BTO flats in Punggol next month.

First-timer households comprising a Singapore citizen and permanent resident applying for flats will have to pay a $10,000 premium on top of HDB’s selling price. The $10,000 will go back to them if the PR family member becomes a citizen, or if the couple has a child who is a citizen.

Source : Business Times - 17 March 2010

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Sim Lian’s $302m bid is tops for Tampines site

Sim Lian’s $302m bid is tops for Tampines site

99-year plot may yield 600 units; consultants describe bids as sensible

By UMA SHANKARI

SIM Lian Land has emerged as the top bidder for a closely contested land parcel in Tampines.

The developer led the field that included familiar names such as CapitaLand, Far East Organization, Frasers Centrepoint and MCL Land in a state land tender as demand for residential land continues to hold strong.

Sim Lian bid $302 million for the 99-year leasehold site at the junction of Tampines Avenue 1 and Avenue 10, which works out to $421 per square foot per plot ratio (psf ppr).

Analysts had previously said that the site could go for anything between $300 and $460 psf ppr.

The next highest bid of $289 million - just 4.3 per cent under Sim Lian’s - was put in jointly by Far East Organization and Frasers Centrepoint. Their bid works out to $403 psf ppr.

The site has a maximum gross floor area of 717,500 sq ft and can yield about 600 housing units. It is the biggest of the eight residential sites up for sale in the first half of this year.

‘The tender for the condominium site at Tampines Avenue 1 is another demonstration of developers’ interest in the mass-market segment,’ said CB Richard Ellis executive director for residential Joseph Tan. ‘Of the eight bids submitted, the first six bids were very close to each other.’

One developer BT spoke to expressed relief that all the bids were ’sensible’, and the ‘let’s get it at all costs’ attitude from developers is beginning to wear off after the government said that it would release more land sites in the second half of the year.

Based on the top bid of $421 psf ppr, the new project will break even at around $700 psf, said CBRE’s Mr Tan.

Caveats lodged for transactions in new projects in the Bedok Reservoir area (such as Waterfront Key and Waterfront Waves) ranged from $700 psf to $850 psf in the last 4-5 months. When the new project is ready for launch in 6-8 months, it could be priced within the same range or even higher, he added.

Donald Han, managing director of Cushman & Wakefield, said that homes on the site could go for about $800 psf. He factored in construction cost of $300-$320 psf.

‘Sim Lian is also a contractor so that means they have a better control over the construction cost,’ said Mr Han.

Source : Business Times - 17 March 2010

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Lian Beng wins $78m Far East condo contract

Lian Beng wins $78m Far East condo contract

CONSTRUCTION player Lian Beng Group has won a $78 million contract from Far East Group to build Centro Residences, with completion expected by January 2013.

Mr Ong: Delighted to be able to work with Far East Group on another project
The deal - the second in two weeks for Lian Beng - is for a 34-storey residential tower, multi-storey carpark, clubhouse, swimming pool, playground and ancillary facilities at Far East’s condominium development opposite Ang Mo Kio MRT Station. Work is expected to start this month.

Just last week, Lian Beng said it would be building a condominium at Dakota Crescent for $144 million. Taken together, the two contracts will add $222 million to the group’s order book, lifting it to $820 million.

‘As a group, we have been fairly successful in leveraging our internal resources to provide more value-added activities for our customers,’ said managing director Ong Pang Aik. ‘We are delighted to be able to work with Far East Group on another of its distinctive projects.’

Lian Beng enjoys good control over some key cost components - through ownership of its equipment fleet and ready-mix concrete facilities, in-house civil engineering expertise and an accredited training centre in Bangladesh.

As Singapore’s construction sector continues to see the return of previously deferred public and private projects, Lian Beng believes its experience of handling major projects should place it in a good position.

The group holds A1 accreditation from the Building and Construction Authority (BCA), which allows it to tender for general building contracts of unlimited value.

Lian Beng shares closed unchanged at 29.5 cents yesterday.

Source : Business Times - 17 March 2010

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S’pore falls sharply in global ranking of industrial rents

S’pore falls sharply in global ranking of industrial rents

By EMILYN YAP

(SINGAPORE) It became much cheaper for industries to rent a space in Singapore last year than in cities such as Tokyo, Hong Kong or Sydney.

In Cushman & Wakefield’s global ranking of industrial space occupancy cost, Singapore fell sharply to 18th from fifth place in the previous year. Industrial rents on the island had slipped more than in several other cities as demand for space from the trade and manufacturing sectors weakened from the downturn.

According to the property consultancy, the annual industrial occupancy cost here was 88.48 euros per square metre (S$169 psm) last year. Rents were down about 16 per cent year-on-year.

The drop ‘places Singapore in a more favourable position to attract new demands with its greater cost competitiveness and availability of quality space,’ said Cushman & Wakefield Singapore’s managing director Donald Han. Many other regions in the world also suffered drops in industrial rents. Cushman & Wakefield noted that globally, rents fell by an average of 5.5 per cent in 2009.

Nonetheless, industrial rents in London’s Heathrow stayed relatively constant and the area kept its position on top of the list with the most expensive industrial space. The occupancy cost there was 200.28 euro psm per year.

In second place was Tokyo, with an annual cost of 151.73 euro psm. Hong Kong rose six spots to third on the table, with an annual cost of 145.89 euro psm.

Apart from Tokyo and Hong Kong, the only other Asia-Pacific city to make it to the top ten was Sydney, where the annual occupancy cost was 92.83 euro psm.

As global economic conditions stabilise, Cushman & Wakefield expects to see industrial rents increase towards the end of this year, ‘the extent of which will be driven by the speed in recovery of global export activity’.

But Singapore may not see rents rise until the second half at the earliest, the consultancy said.

Colliers International industrial director Tan Boon Leong shared similar views - he believes industrial rents here may increase sometime in the second half.

He has seen rental activity pick up in the last few months, but that mainly involved companies moving to other premises, he said. The emergence of new demand for space would give an indication of rents firming up, he added.

Source : Business Times - 17 March 2010

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More feathers for firms to grow second wing

More feathers for firms to grow second wing
IE S’pore to boost support, sharpen assistance to SMEs expanding abroad

By TEH SHI NING

(SINGAPORE) International Enterprise (IE) Singapore has its sights trained on non-traditional markets and sectors as it seeks new ways for Singapore companies to grow globally.

Assistance to small and medium-sized enterprises (SME) will be ramped up too, the agency said yesterday, unveiling its five-year plan to grow Singapore’s external wing of trade and investments.

From April, a new SME Market Access Programme (MAP) will lower entry barriers for small companies venturing abroad (whether via exports, franchising, joint ventures, M&As or organic growth) by funding half their third-party costs. This will help defray costs such as those incurred in finding distributors and partners, drafting legal documents and product listing, up to an annual cap of $100,000 a company.

IE Singapore chief executive Chong Lit Cheong said that the SME MAP will reach about 100 companies a year, and that these will be expected to generate about $3 million in overseas sales over a three-year period.

This focus on ’sharpening assistance’ to local SMEs comes as more of them grow via overseas expansion. 69 per cent reported overseas ventures last year, up from 65 per cent in 2008. And a third of those which generated more revenue overseas than at home saw strong revenue growth in excess of 10 per cent.

But the broader thrust of IE’s five-year plans, Mr Chong said yesterday, is to ensure that large and small companies alike can capture and not miss crucial market and sector opportunities.

Fleshing out the internationalising of local companies - a recurrent theme of the past months’ Economic Strategies Committee reports and Budget debates - IE plans to deepen engagement with fast-growing China, India, Indonesia and Vietnam.

Beyond existing links, it may set up offices in the central China provinces of Henan, Hubei and Hunan, and second and third-tier cities like Chongqing and Xian. In Asean too, trade and investment promotion outside of Hanoi, Ho Chi Minh and Jakarta will be stepped up.

IE also hopes for more local companies to explore non-traditional emerging markets such as Brazil, Russia and the Middle East. This will all help grow Singapore’s trade and investments with the BRIC (Brazil, Russia, India and China) countries by more than 40 per cent in the next five years. Exports of goods to BRIC are projected to double to $108 billion by 2014, while services exports to BRIC markets are expected to more than double to $25 billion, says IE.

It has identified townships and housing, transportation, environment and water, energy management, healthcare services and food as six focus sectors in which companies can best ride the global trends of rising urbanisation, growing Asian consumerism and a green economy push.

In terms of approach, IE intends to do more to facilitate ‘platform’ projects, such as the Integrated Ports and Logistics Zone in Mekong Delta, rather than company-specific ones. This means brokering deals involving multiple local companies, each offering a part of an entire value-chain of products, services or solutions.

Mr Chong said his agency will also help local trade associations and chambers set up offices abroad. ‘Their way of helping members is quite different. IE is still a government face; the trade associations have more flexibility in how they can help companies,’ he said.

Already, the Singapore Chinese Chamber of Commerce and Industry intends to set up an office this year in Shanghai, where the Singapore Furniture Industries Council already has a branch. The Singapore Indian Chamber of Commerce and Industry too has had a representative office in New Delhi since 2008, but hopes for a presence in Mumbai and other Indian cities with IE’s help. Singapore Manufacturers’ Federation president Renny Yeo too said SMa has been considering a presence in the second and third-tier cities of China, Vietnam and certain parts of the Middle East, mirroring IE Singapore’s sharpened emerging-market focus.

The Singapore Business Federation might look into a ‘Singapore Inc’ approach of getting trade associations to band together when setting up offices overseas to take advantage of economies of scale, chief operating officer Victor Tay said.

Globalising companies aside, IE’s five-year plan has a final prong which focuses on capturing trade flows here by growing trade-related services like risk management and price discovery, so as to transform Singapore from a regional into a global trading hub.

Source : Business Times - 17 March 2010

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Low-interest carrots to tempt home buyers

Low-interest carrots to tempt home buyers

Latest home-loan skirmish also sees banks speeding up their approvals

By GENEVIEVE CUA

(SINGAPORE) A skirmish of sorts has broken out on the home loans front with banks pushing down their interest rates a notch or two over the past week or so. The first volley was fired by DBS Bank and the others have responded.

This is welcome news for home owners and investors who are looking to re-price or refinance their home loans. The rates also provide a positive backdrop to the upturn in the property market. But advisers are telling clients to be prudent and watch their debt servicing ratios.

To date, it appears that Maybank is offering the most attractive loan rates in terms of variable rate loans - and not just for the first ‘honeymoon’ year. Maybank’s package, which is based on an internal board rate, starts from 1.18 per cent for the first year and edges up to 2.28 per cent in the third year.

For those who prefer a more transparent benchmark rate - typically Sibor (Singapore interbank offered rate) or SOR (Singapore swap offer rate) - the spread over the benchmarks has plunged to 0.5 per cent. DBS uses Sibor and OCBC uses SOR.

As always, there is no free lunch. Lower rates usually come with shorter lock-in periods. Borrowers who want certainty in the rate they pay over a longer period should be prepared to pay more and be locked in for two to three years.

The big question is the direction of interest rates. The widespread expectation among home owners is that rates will head up at some point in the next year or two. Rates are currently close to their all-time lows over 10 years. Between March 2000 and 2009, the lowest points for Sibor and SOR were 0.56 and 0.54 per cent, respectively, in 2003. Today Sibor and SOR are not much higher at 0.66 and 0.42 per cent, respectively.

Alvin Liew, economist at Standard Chartered Bank, says the 3 month Sibor rate could stay below one per cent over the next two years, in line with the bank’s expectations for USD Libor.

‘Moderate loan demand and ample SGD liquidity will also help to keep rates low. While we believe there is a possibility that the Fed would increase further the discount rate spread over the Federal Funds Target Rate (FFTR), this should be viewed as a continuation of financial market normalisation, and not signalling any change in the FFTR until late 2011.’

OCBC’s head of treasury research and strategy Selena Ling says any upward rate movement is likely to be ‘quite gradual’. ‘The liquidity story is still intact, and none of the central banks are really talking about aggressive tightening.’

Sibor reflects the interest rate that a bank charges another for the excess SGD it does not need. It is influenced by US interest rates and domestic loan demand, says Mr Liew.

SOR, on the other hand, includes bank funding costs. It is typically slightly higher than Sibor; but the last few months have seen SOR fall below Sibor. While most banks peg their benchmark rates to 3 or 12 month rates, Citi is even giving customers a choice of one month Sibor.

Mortgage adviser Patrick Tan of Morgan Mortgage International is advising home owners not to leap too quickly into a long fixed rate contract as the differential in servicing costs between a floating and fixed package can be substantial. ‘Even if the variable Sibor or SOR rate does move up, it will not move up too much or too quickly unless we see an inflationary scenario in our economy.’

Fixed rate packages start at about 1.25 per cent for Stanchart, but only for one year. The second year moves to a Sibor-plus rate. OCBC and Citi’s two-year fixed rate are currently at 1.88 per cent per annum, with a two-year lock-in.

DBS says its fixed rate packages remain ‘very popular’ with about 60 per cent of customers opting for them. Says a spokesman: ‘The response is not surprising as they were designed specifically to give home owners both the certainty in repayments over three years, and the flexibility to make partial repayments. The flexibility is usually not found in fixed rate packages.’

Dennis Khoo, Stanchart’s general manager (retail banking products) says: ‘We continue to see a balanced demand for both fixed and floating rate (packages).’

Citi said it continues to offer an interest offset feature where deposits in the offset account earn an interest which can be offset by up to 70 per cent against the loan rate. Says Vibha Coburn, Citi business director for secured finance: ‘Our packages are tailored to our customers’ needs… and we advise customers to take a long term perspective when planning their home loans, rather than go for the lowest price points.

Meanwhile, banks have also speeded up loan approvals. DBS says more than 50 per cent of loan clients get their loans approved with an offer letter within the same day.

Stanchart says it offers ‘approval in principle’ within 15 minutes at showflats, which it says is a first. A spokesman says: ‘This way customers know how much they can afford to borrow without over-leveraging.’ In-principle approval is based on basic information such as monthly ncome and other financial commitments. Final approval is subject to necessary documentation.

Providend’s head of financial planning Eddy Cheong is advising clients to follow the prudent path. ‘For a start, do your budgeting and know your limits. Don’t assume interest rates will stay this low. Make sure you can still afford the loan if interest rates go up to 3 to 4 per cent.’ The annual debt repayment over annual salary ratio should ideally be less than 35 per cent. Anything above 45 per cent is seen as excessive, he says.

Source : Business Times - 17 March 2010

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HDB launches 2 BTO projects in Sengkang and Sembawang

HDB launches 2 BTO projects in Sengkang and Sembawang

By Mustafa Shafawi

SINGAPORE: The Housing and Development Board (HDB) has launched two new Build-To-Order (BTO) projects - Fernvale Ridge in Sengkang and Sembawang RiverLodge in Sembawang.

Close to 830 flats will be offered in total, most of which are four-room units. HDB said 95 per cent of the flats will be set aside for first-timers.

Flats in Fernvale Ridge range in price from S$128,000 for a three-room unit to S$352,000 for a five-room flat.

At Sembawang RiverLodge, three-room units start from S$128,000. Four-room units cost between S$212,000 and S$268,000 each. Sembawang RiverLodge will also have 126 two-room flats.

HDB said they will not be offered for sale at this time, but will be set aside to meet the housing needs of lower-income families at a later date.

Next month, HDB will launch another 1,200 BTO flats in Punggol. These launches are part of its plan to offer at least 12,000 new BTO flats this year, or more if there is demand.

- CNA/sc

Source : Channel Newsasia - 17 March 2010

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Estate agencies need Professional Indemnity insurance to renew accreditation

Estate agencies need Professional Indemnity insurance to renew accreditation

By Sharon See

SINGAPORE: From April 1, estate agencies must have a valid Professional Indemnity (PI) insurance to renew their accreditation status with the Singapore Accredited Estate Agencies (SAEA).

The SAEA recommends a minimum limit of indemnity of S$500,000.

SAEA said the move is designed to strengthen consumer confidence in estate agents who are believed to handle eight out of 10 real estate transactions.

Having a Professional Indemnity insurance is akin to good risk management for estate agencies, said SAEA, adding that the insurance also offers consumer some protection in case of dispute.

More details are expected at a seminar co-organised by SAEA and two other insurance companies on March 25. - CNA/vm

Source : Channel Newsasia - 17 March 2010

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