RESIDENTIAL MARKET
Real estate no longer a cowboy industry: Khaw
The transformation of the real estate sector has begun, and what used to be regarded as a "cowboy" industry is now more professional, National Development Minister Khaw Boon Wan has said.
In a post in his blog "Housing Matters", he wrote that the industry now has "a more systematic and professional process of proper registration of salespersons and licensing of estate agents".
He also noted that complaints had been filed in only one per cent of the more than 100,000 property transactions each year.
His positive comments came with the release of the results of the inaugural public perception survey of the Council for Estate Agencies (CEA), which marked its second anniversary last month.
The survey found that eight in 10 consumers were satisfied with the conduct and services of the agent handling the sale, purchase or rental of their property.
A further seven in 10 said they would recommend their salesperson to others.
But while most consumers found their salespersons contactable, responsive to queries and courteous, their knowledge of the real estate sector apparently fell short.
Specifically, consumers said they wanted their salespersons to be able to give advice on financial matters related to the transaction, and accurate, up-to-date information related to the property and the property market.
Awareness of key industry practices and regulations among consumers was generally high, averaging 72 per cent; the awareness level among potential consumers averaged 59 per cent.
Of the 2,260 consumers and potential consumers interviewed between March and July, more resale consumers (87 per cent) were satisfied with their salespersons than rental consumers (75 per cent).
Separately, an online survey among key executive officers (KEOs) and salespersons was carried out.
It found that 80 per cent of KEOs and salespersons indicated that the regulatory measures and enforcement of minimum eligibility criteria for salespersons had raised the professionalism of the industry; 91 per cent said the training, including the mandatory Continuing Professional Development courses they received, were useful in raising their professionalism.
Calling these trends a good start to the transformation of the industry, Mr Khaw urged salespersons to embrace continuous learning to stay relevant and to bring value to their clients.
Source: Business Times –27 November 2012
Seletar Hills EC set to open for e-application
The Topiary, a 700-unit executive condominium (EC) development along Fernvale Lane, at Seletar Hills, will be open for e-application come Friday.
While official prices have yet to be disclosed, consultants project that the development, which has a mix of two-bedroom, three-bedroom, dual-key, and single-storey penthouses, could fetch from $700-$720 per square foot (psf).
The majority of the units are in the three-bedroom and four-bedroom category - a three-bedroom unit ranges from 904-1,130 sq ft while a three-bedroom dual-key ranges from 1,259-1,539 sq ft. A four-bedroom dual-key unit ranges from 1,389-1,636 sq ft.
The project, which is being developed by Kheng Leong and Qingjian, also features 16 penthouses, which range from 1,970-2,476 sq ft.
The e-application period for The Topiary is from Nov 30 to Dec 4; booking day is on Dec 7.
Source: Business Times –27 November 2012
Hougang getting 3 upgrading schemes
Six months after the Hougang by-election, the opposition constituency is being upgraded at a pace that has raised some eyebrows.
The Workers' Party (WP) stronghold, which has rarely benefited from national upgrading schemes in the past 20 years, is getting three of the programmes.
The Lift Upgrading Programme (LUP) is under way, while the Home Improvement Programme (HIP) and Neighbourhood Renewal Programme (NRP) were announced in August.
Earlier this month, Hougang residents also got to use the new bus service 116, launched as part of the $1.1 billion Bus Service Enhancement Programme.
The HIP, NRP and new bus service were announced after the May 26 by-election.
Asked if there had been a shift in PAP strategy, both the WP MP Png Eng Huat and the PAP's Mr Desmond Choo gave similar replies: Residents' needs come first.
As for HIP and NRP, which will spruce up ageing homes and estates, he said it is evident that Hougang is due for upgrading.
When Mr Choo pushed for a new senior activity centre, Mr Png gave his blessing to the voluntary welfare organisation which will run the centre.
However, the truce may be tested next year as Mr Png intends to ask for Community Improvement Projects Committee funds for small improvements not covered under NRP.
Residents welcomed the changes, but doubted whether they would have much political traction now.
In the meantime, Mr Png and Mr Choo are making improvements of their own.
Mr Choo said the National Development Ministry is evaluating his proposal for a wet market.
Mr Png, who is vice-chairman of Aljunied-Hougang Town Council, has fulfilled his campaign promises to start improvement works for the elderly and hold community activities like street soccer for the young.
Source: The Straits Times –27 November 2012
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