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Lawyer fined $10,000 for failure to report suspicious property transaction

Sterling Law Corporation MD Kang Bee Leng suspected that the money used for the Sentosa Cove property purchase was linked to a multi-billion dollar Ponzi scheme. A conveyancing lawyer has been fined $10,000 over her failure to notify the authorities of a suspicious property transaction in Sentosa Cove despite her suspicion that the money for the purchase was linked to a multi-billion dollar Ponzi…

Some home rental agencies are offering tenants short-term stays by inserting an early termination clause into their contracts, thereby bypassing the three-month minimum tenancy rule. Channel NewsAsia discovered this when it tried to rent units from two different accommodation providers. Responding to this reporter’s request for a three-week stay, a staff member of the first company said it was…

The Council for Estate Agencies (CEA) has issued a media release today on the 2018 licensing and registration exercise for property agencies and agents. As at 1 January 2018, there were 1,269 licensed property agencies and 28,571 registered property agents. The number of licensed property agencies and registered property agents as at 1 January over the last three years is shown below: As at 1 Jan…

Some owners of penthouse units at condominium Bedok Residences have avoided using the barbecue pits and jacuzzis on their private roof terraces when they saw that the lightning rods connect to the metal rails and facades of the units (above). However, while it seems counter-intuitive, checks reveal that the roof terrace and accompanying balustrades are safe Talks are under way to revise a…

The Council for Estate Agencies’ Disciplinary Committee has sentenced Dennis Wee Realty (DWR) Pte Ltd to a financial penalty of $66,000 for six counts of failing to provide a written advisory message to six sets of investors to draw their attention to the risks involved in purchasing foreign properties. The Disciplinary Committee also imposed a condition to DWR’s licence that it is not to market…

Two men were brought to court on Tuesday (5 December) for illegally leasing out four condominium units for short-term stays via Airbnb, reported Channel News Asia. 34-year old Yao Song Liang and 35-year old Terence Tan En Wei each faced four charges under the Planning Act, which prohibits converting the use of a property for short-term stay without URA’s approval. The duo, who are expected to…

The number of private residential properties investigated by Urban Redevelopment Authority (URA) for breaching the minimum stay law has risen from 1,000 between 2014 and 2016, or an average of around 330 properties per year, to 600 from January to September this year, reported Channel News Asia. Attributing the increase partly to “heightened public awareness of the regulations in place”, a URA…

5 Must Knows for Private Property Rental

Can you list your property for short-term rental on websites such as Airbnb.com? Who pays the maintenance fees for your condo? Although renting out a private property may mean less restrictions than if it were a HDB flat, there are still strict guidelines to follow. Here are five things every potential private-property landlord needs to know to avoid flouting Singapore’s strict law when you lease…

Renting out private residential properties

Private residential properties or the rooms within their premises should not be rented out on a short-term basis for less than six months on a daily/weekly/monthly basis. Renting out the whole unit or individual rooms for residential purposes is only allowed for long-term stays of six months or more if these conditions are met: no internal partitioning works that alter the layout of the property…

URA, CEA look into possible rental violations

The Urban Redevelopment Authority (URA) and the Council for Estate Agencies (CEA) are currently investigating possible violations of the minimum rental period for private residential properties, reported The Business Times (BT). “CEA and URA have been investigating the cases cited by The Business Times,” Chua Geck Siang, CEA’s Acting Deputy Director (Licensing), told the newspaper. Under the…

Times of uncertainty demand investments that protect capital

Special Advertising Feature As the financial centre of Asia, and as a small and open economy, Singapore is affected by the slowdown of Asia’s economies, led by the volatility in the Chinese market and current global uncertainty. As a result, the Monetary Authority of Singapore (MAS) has eased its monetary policy for the third time in 15 months, setting the Singapore dollar’s nominal effective…

URA launches sale of River Valley site

Location of the land parcel at Martin Place. A prime residential site at Martin Place in River Valley has been launched for sale by public tender, according to the Urban Redevelopment Authority (URA). Released under the confirmed list of the first half 2016 Government Land Sales (GLS) Programme, the approximately 171,535 sq ft site has a maximum gross floor area of 480,307 sq ft. It could…