Bold claims by property experts of wielding the secret technique of buying homes with no cash outlay or owning multiple properties have proliferated in recent months, as investors look for ways to circumvent the successive rounds of cooling measures. This has inevitably raised alarm bells in some quarters.
Indeed, generating high returns, having the right opportunities identified and served up on a platter, and gaining financial freedom are some of the enticements dangled by newspaper advertisements on a daily basis.
Ranging from a quarter to half page, these advertisements often entice investors to investment seminars by waiving the registration fees for early birds. Investors who attend these seminars are not only drawn in by claims that these experts, who range from authors to enterprise award winners, have made millions from the property scene, but also that they get to waive the registration fees which can cost a few hundred dollars.
According to Yeap Soon Teck, deputy director (licensing), Council for Estate Agencies (CEA), the regulatory body is aware of such property investment companies inviting members of the public to attend seminars on property investment.
"We have conducted checks including on-site inspections of these seminars to ensure the companies comply with the Estate Agents Act," he said.
The Estate Agents Act covers the conduct of estate agency work - including introduction of a vendor to a purchaser or assistance in the negotiation of a transaction between them as well as subsequent work relating to the transaction - in Singapore, even if the property to be transacted upon is located outside the country.
Source: Business Times –23 September 2013
