Tan Kin Lian
The Council for Estate Agencies, the industry's watchdog,
should review the legality or ethics of such practices.
This paragraph was left out of the letter.
I understand that these practices were quite commonly adopted in “previews”. While the past buyers were happy with the outcome in a rising property market, I fear that many buyers would be in dire straits when the market turns around. They might be committing to an overpriced property that they cannot really afford to service and may have to suffer a big capital loss when they have to dispose of the ill-advised commitment.
3 comments:
The Council of Estate Agents are working for whose interests is obvious.
This method of selling is not an open secret, it's in existence for decades. Anything to do with investments is emptor cavaet, like investing in gold schemes, some made in China gold coins for sale only have gold outside, inside it's all tungsten content.
Dun expect MAS to protect investors, cry daddy, mummy, officials will just close one eye, they dun wan extra work.
Again, will the responsible Council act?
The "light touch" doctrine after decades of tight, hand holding governance, has been ingrained so much so, that all Govt Servants and Authorities are just too happy to sit back and enjoy the very good
pay & perks.
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