COUNCIL FOR ESTATE AGENCIES STARTS OPERATIONS ON 22 OCTOBER 2010

COUNCIL FOR ESTATE AGENCIES STARTS OPERATIONS ON 22 OCTOBER 2010

1 The Council for Estate Agencies (CEA), a new statutory board established under the Estate Agents Act 2010¹, will commence operations on 22 October 2010.

Council for Estate Agencies

2 Mr Greg Seow, Chairman of AMP Capital Investors (Singapore), is appointed as President of the Council. The Executive Director of CEA is Mr Chionh Chye Khye. The list of other Council members and the functions and duties of the Council can be found at Annex A.

New Regulatory Framework

3 The new regulatory framework seeks to raise the professionalism of the real estate agency industry and to enable consumers to better safeguard their interests. Key elements of this framework include enhanced licensing conditions for estate agents, registration of salespersons, regulation on the conduct of estate agency work, mechanisms for discipline and dispute resolution, and public education.

4 The immediate focus for CEA is to prepare the estate agents and salespersons to meet the higher standards of the enhanced licensing and new registration framework. CEA has been working closely and will continue to work with the industry associations to ensure a smooth transition to the new framework. The timeline for transition is summarised in Annex B.

5 To ensure high standards, there will be a code of conduct, ethics and practice which the Council will issue for estate agents and salespersons to follow. The CEA will investigate complaints and take firm action against errant estate agents and salespersons. From 2011 onwards, CEA can subject errant estate agents and salespersons to disciplinary action, with potential penalties such as warnings, fines, suspension or revocation. Court prosecution may also be undertaken for serious cases.

6 In addition, CEA will also be developing a public education campaign to educate consumers on their responsibilities, rights and expectations in a property transaction.

7 Mr Mah Bow Tan, Minister for National Development commented, “The establishment of the CEA is a major milestone to raise professionalism in the real estate agency industry and protect consumer interest. I encourage CEA to work closely with the industry and other stakeholders to achieve this. ”

Application for License and Registration

8 New and existing estate agents can apply to CEA for a new license from 1 November 2010. Existing estate agents are also required to register their existing salespersons who have met the transitional conditions (see Annex C), prior to the formation of the Council with the CEA by 30 November 2010. They are encouraged to submit their applications early to avoid any delay in registration and obtaining their license.

Contact Us

9 With effect from 22 October 2010, the public can visit CEA’s website at www.cea.gov.sg for more details including the new regulatory framework, to provide feedback or lodge complaints. The public can also contact the CEA at:

1. Email: contact_us@cea.gov.sg;
2. Toll free Customer Service Line: 1800 643 2555 begin_of_the_skype_highlighting 1800 643 2555 end_of_the_skype_highlighting; or
3. CEA’s Office:
   490 Lorong 6 Toa Payoh,
   HDB Hub Biz 3, #05-10 (Lift Lobby 1),
   Singapore 310490
   (The operating hours are from 8.30 am to 5pm, Monday to Friday)