Industrial property agents under probe
SALES agents who allegedly provided misleading information on industrial properties are being investigated by the Council for Estate Agencies (CEA).
The statutory board told The Straits Times that it has received complaints on 26 sales people, most lodged this year, but did not give any more details.
National Development Minister Khaw Boon Wan highlighted the need to keep non-industrial-related businesses from renting what can be highly sought-after spaces.
He also suggested last month that sharp practices by developers and their marketing agents could be prompting unwitting investors to buy small industrial units thinking they would be easy to rent.
Agents can face disciplinary actions such as warnings, fines, revocation or suspension of registration if found to be in breach of the rules.
The Urban Redevelopment Authority (URA) also said it has been 'initiating investigations into unauthorised uses that have come to our attention'.
The problem of unauthorised tenants in industrial spaces is widespread and enforcing the rules could be difficult and lengthy.
If the Government is to enforce it, tenants will be given sufficient time to relocate as some tenants might have spent money on renovation works and they should have some leeway on when they have to move.
Source: The Straits Times – 27 April 2012
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