Issue 324

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 CONTENTS FROM THE

p2 2 Deceitful Patterns of Dodgy

EDITOR
Welcome to the 324th edition of the
Singapore Property Weekly.
Property Agents
Hope you like it!
p9 Resale Property Transactions
Mr. Propwise
(July 31 August 4)

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 SINGAPORE PROPERTY WEEKLY Issue 324

2 Deceitful Patterns of Dodgy Property Agents

By Ku Swee Yong and Janice Chin (guest
contributors)
In todays competitive services market, real
estate agents are not only caught in the strife
of industry competition, they also have to
grapple with being made redundant by
technology. To say that there are many real
estate agents in Singapore is an
understatement there are more than
28,000 licensed agents or about 1 agent
serving every 140 residents; and this is
probably the principal cause of the stiff
competition in the industry. The competition is
exacerbated by the growing number of
buyers, sellers, landlords and tenants who opt
for self-service through web applications.
Infographic 1: Summary of the key points in
the article (Image credit: HugProperty)

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 SINGAPORE PROPERTY WEEKLY Issue 324

We are concerned that some agents have Scenario A Fake news and listings are
compromised their integrity and their duty of increasingly common: The agent you call
care for their clients in order to trump the does not have
competition.
an actual listing of the property you saw
So, buyers, sellers, landlords and tenants: online.
beware! We want to highlight to you that
A property listing is an advertisement of a
many of the listings on property portals and
property that is put up for sale or for lease.
websites are not real. Those seemingly
Listings may appear on property portals or in
attractive and enticing deals may just be
traditional print media, such as the classified
potholes for you to step into. We have
ads in the newspapers. Sellers and landlords
encountered several of these unfortunate
may appoint one or more licensed real estate
events ourselves, and in this article, we
agents to list the properties to attract buyers
highlight some red flags that you should keep
and tenants. Conversely, buyers and tenants
a lookout for. It is vital that you take
may also engage real estate agents to source
precaution to ensure that you do not fall into
for suitable properties that meet their budgets
the traps created by a few crafty agents.
and needs.

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 SINGAPORE PROPERTY WEEKLY Issue 324
To think that all listings of properties are
genuine and available at any point in time is
to picture a world of sunshine and rainbows.
The sad truth is: there are many cases of
fake listings put up to bait direct buyers and
tenants.
We term these fake listings imitations. Why
so? They look almost identical to other real
listings, but upon careful inspection,
something may be amiss. These imitations
sometimes use photos or descriptive
information copied from listed properties
posted by other property agents. Sometimes,
even after a property has been sold,
unscrupulous agents might copy the
propertys photos for use in their fake listings.
We have experienced several of such cases
and we have highlighted these imitations to
the owners of the apartments. These agents
would quickly remove the imitations after the
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owners have called to inquire if the agents
were given the permission to represent them
for sale or for rent.
Usually, imitations use very attractively low
prices to entice buyers and tenants because
they look like good deals that should not be
missed. Then when direct clients call these
agents to enquire, the usual responses are
that the property is sold or taken or no
longer available, and the agents will
immediately ask, May I show you another
apartment in the same block? If the agent
received calls from other property agents who
are representing buyers, they either do not
pick up the calls or they do not return calls.
This is commonly seen in districts 9, 10 and
11 where transaction values are higher and
the probability of attracting unsuspecting
foreign buyers and tenants is likewise higher.
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 SINGAPORE PROPERTY WEEKLY Issue 324
Higher value properties also translate to a
higher quantum of the 1% agent fees, which
is sufficiently rewarding for the agents to put
in efforts to pull such tricks.
We estimate that up to 20% of the listings
posted online are not genuine. The
percentage could be higher for luxury
developments. Buyers who receive such
replies from agents should immediately
congratulate the agent that the property is
already sold or leased out, and then hang up
the phone. To avoid being further prospected
by that agent, buyers would do well to appoint
a trustworthy agent to do their home search.
Let your agent represent you and let him
sieve out and deal with the numerous
imitations in the property portals.
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Scenario B The agent has actual
properties to list, but the information is
misleading
Fake-lister agents deliberately post listings of
properties with incredibly low prices to attract
direct buyers and tenants. Unsuspecting
buyers and tenants will then ring the agents
up because they may reflect the lowest dollar
per square foot price ($psf) or rental for that
condominium unit. The $psf may give a
different impression in different contexts. For
example, if a buyer wishes to compare prices
in the same district or perhaps properties with
similar attributes but in different condominium
blocks, $psf will be a key metric in measuring
the relative value of the properties.
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 SINGAPORE PROPERTY WEEKLY Issue 324
Merely showing the buyers how cheap a
property is based on $psf comparisons
without describing much about the size and
layout of the property does not reveal much
about whether the property is really well-
priced.
The buyer may see an advertisement for a
750 sqft apartment for sale at $980psf (i.e.
$735,000) in a condominium where the
average transacted prices in the last year
were around $1,200 psf. It gives the
impression of a $220 psf discount from the
recent transacted average. However, only
when the buyer views the apartment will he
realize that the very cheap 750 sqft
apartment is a shoebox unit with 450 sqft of
built-in area, a 260 sqft patio and another 40
sqft air-conditioner ledge. Or it could be a
penthouse unit with 400 sqft of built-in area,
a 300 sqft roof terrace and a 50 sqft stairwell.
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The low $psf price is deliberately highlighted
to create the impression that the property is a
great buy. Buyers and tenants, do take note!
Many other variations of the same pattern
exist. Most times, information that is not
revealed is more important than information
that is highlighted.
While some agents withhold information,
other agents offer a lot of information about
the properties to show how knowledgeable
they are about a particular condominium or
district. They would purposely post many
listings in a particular district they claim to be
active in, to impress upon prospective buyers
and tenants that they specialize in that
neighborhood. Unsuspecting clients may be
dazzled by these agents, but tell-tale signs
could be seen from their overenthusiasm. For
example, in a listing for a condominium in
Sentosa Cove, the agent included a
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 SINGAPORE PROPERTY WEEKLY Issue 324
description near HarbourFront MRT Station. Unfortunately, in trying to outwit the
An agent who understands the needs of the competition, they create misinformation in the
residents in Sentosa Cove will not highlight market. In the speech on Budget 2017, the
the MRT station, and will certainly not say Minister of State for National Development Dr
that HarbourFront Station is near. Koh Poh Koon spoke about how it may be
more important for property agents now to
While we would love to believe that some
hone their skills in servicing clients and
agents are really familiar with certain districts
building up their credentials rather than just
or market segments, we need to be mindful
competing on marketing and closing
that many of them just want to create that
transactions. We wish that more agents will
impression so that they have a higher chance
adopt this attitude and compete on service,
of being contacted by prospective clients.
rather than conjuring smoke and mirrors.
We have merely touched on a handful of
We at HugProperty are deeply concerned
examples of the many patterns we have
about the clients interest and we wrote this
encountered. To discuss all the cases we
piece to raise awareness about the patterns
regularly see will require too many pages.
displayed by dodgy agents to fend off
The ultimate aim of these agents is simple: to
competition. We recommend clients to
cut out other agents in order to get direct
carefully select an agent that they feel
clients to call them, to swing these clients to
comfortable with and to appoint the agent
their own actual listings or to get the clients to
exclusively to represent them,
appoint them as a buyers representative.

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 SINGAPORE PROPERTY WEEKLY Issue 324

whether it is for a property search (for mandatory details in advertisements. Readers

purchase or rent), or to list a property (for who are keen to know more about the case
sale or let). The appointed agent will be fully may refer to the online newsletter here.
motivated to represent the clients best
Co-authored by Mr. Ku Swee Yong, Co-
interests and diligently assist clients in
founder of HugProperty with Janice Chin Li
marketing or searching for properties.
Ping, undergraduate from the Department of
More importantly, your exclusive agent will be Real Estate, National University of Singapore.
able to ward off the dodgy agents with colorful
patterns.

Postscript: While we were researching and

preparing this article, the Council for Estate
Agencies published a disciplinary case in
their 02/2017 newsletter titled Cost of
misleading and false ads - $17,500. The
CEA highlighted several cautionary points
arising from the errant property agents
actions: placing fake or dummy
advertisements, placing advertisements
without property owners consent and omitting

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 SINGAPORE PROPERTY WEEKLY Issue 324

Non-Landed Residential Resale Property Transactions for the Week of July 31 Aug 4

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 THE SAIL @ MARINA BAY 689 1,520,000 2,206 99 9 ELIZABETH TOWER 2,002 3,500,000 1,748 FH
2 SKYSUITES@ANSON 398 1,023,400 2,570 99 9 SUITES AT ORCHARD 840 1,360,000 1,620 99
2 SKYSUITES@ANSON 366 921,400 2,518 99 9 ASPEN HEIGHTS 1,582 2,510,000 1,586 999
2 SKYSUITES@ANSON 398 975,800 2,450 99 9 CAIRNHILL ASTORIA 3,692 4,800,000 1,300 FH
2 SKYSUITES@ANSON 366 893,350 2,441 99 9 ORCHARD TOWERS 1,970 2,500,000 1,269 FH
2 SKYSUITES@ANSON 398 952,000 2,390 99 10 ARDMORE THREE 1,787 6,972,465 3,902 FH
2 SKYSUITES@ANSON 366 830,450 2,269 99 10 GRAMERCY PARK 1,259 4,168,920 3,310 FH
2 SKYSUITES@ANSON 667 1,479,850 2,217 99 10 ARDMORE PARK 2,885 8,730,000 3,026 FH
2 SKYSUITES@ANSON 700 1,481,550 2,118 99 10 GRAMERCY PARK 2,207 6,311,760 2,860 FH
2 SKYSUITES@ANSON 667 1,285,200 1,926 99 10 NASSIM JADE 1,841 4,250,000 2,309 FH
2 INTERNATIONAL PLAZA 1,033 1,098,000 1,063 99 10 MON JERVOIS 1,001 2,295,599 2,293 99
3 ALEXIS 398 680,000 1,707 FH 10 MON JERVOIS 1,001 2,141,695 2,139 99
3 THE METROPOLITAN CONDOMINIUM 1,033 1,350,000 1,306 99 10 ONE BALMORAL 969 2,048,000 2,114 FH
3 THE ANCHORAGE 1,733 2,150,000 1,241 FH 10 TANGLIN PARK 1,023 1,780,000 1,741 FH
4 SKYLINE RESIDENCES 484 963,000 1,988 FH 10 LEEDON RESIDENCE 3,746 6,500,000 1,735 FH
5 HERITAGE VIEW 1,206 1,285,000 1,066 99 10 ONE JERVOIS 1,066 1,650,000 1,548 FH
5 VARSITY PARK CONDOMINIUM 2,013 1,825,000 907 99 10 VENTUNO BALMORAL 1,313 1,969,500 1,500 FH
5 MURANO 2,045 1,800,000 880 FH 10 VALLEY PARK 818 1,210,000 1,479 999
8 CITY SQUARE RESIDENCES 1,206 1,725,000 1,431 FH 10 DRAYCOTT EIGHT 1,701 2,500,000 1,470 99
8 VOGX 883 980,000 1,110 FH 10 DLV. 840 1,180,000 1,405 FH
8 KERRISDALE 1,270 1,360,000 1,071 99 10 KELLOCK LODGE 893 1,190,000 1,332 FH
8 N.A. 1,442 1,130,000 783 FH 10 N.A. 1,098 1,400,000 1,275 FH
9 RIVERGATE 1,044 2,438,000 2,335 FH 10 ASTRIDVILLE 2,217 2,700,000 1,218 FH
9 WATERMARK ROBERTSON QUAY 904 1,650,000 1,825 FH 10 KING'S ARCADE 1,302 1,313,000 1,008 FH

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 SINGAPORE PROPERTY WEEKLY Issue 324

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
10 LUTHERAN TOWERS 1,916 1,600,000 835 103 15 VIBES @ EAST COAST 344 535,000 1,553 FH
11 26 NEWTON 474 1,235,000 2,608 FH 15 ONE AMBER 1,389 2,050,000 1,476 FH
11 26 NEWTON 474 1,178,865 2,489 FH 15 THE SHORE RESIDENCES 592 870,000 1,470 103
11 RESIDENCES @ EVELYN 1,141 2,200,000 1,928 FH 15 THE MAKENA 1,615 2,368,000 1,467 FH
11 SOLEIL @ SINARAN 958 1,360,000 1,420 99 15 POSHGROVE EAST 1,238 1,738,000 1,404 FH
11 THE TREVOSE 1,012 1,350,000 1,334 99 15 ONE AMBER 1,453 2,000,000 1,376 FH
11 THE PARK VALE 1,410 1,680,000 1,191 999 15 DUNMAN PLACE 1,572 1,880,000 1,196 FH
11 KHEAM HOCK GARDENS 1,938 2,300,000 1,187 FH 15 PEACH GARDEN 2,766 3,240,000 1,171 FH
11 THOMSON 800 1,625 1,860,000 1,144 FH 15 CHAPEL COURT 1,119 1,200,000 1,072 FH
11 WATTEN ESTATE CONDOMINIUM 2,594 2,950,000 1,137 FH 15 DUNMAN VIEW 1,173 1,180,000 1,006 99
11 SHELFORD SUITES 3,326 3,530,000 1,061 FH 15 NEPTUNE COURT 1,636 1,110,000 678 99
12 NOVA 48 1,066 1,275,000 1,196 FH 16 LANDBAY CONDOMINIUM 904 1,185,000 1,311 FH
12 THE CITRINE 1,141 1,350,000 1,183 FH 16 LANDBAY CONDOMINIUM 1,023 1,280,000 1,252 FH
12 THE CALLISTA 1,087 1,085,000 998 999 16 PARBURY HILL CONDOMINIUM 1,453 1,580,000 1,087 FH
12 RIVERBAY 1,862 1,760,000 945 999 16 THE BAYSHORE 1,238 1,145,000 925 99
12 GLOBAL VILLE 1,270 955,000 752 FH 16 TANAH MERAH MANSION 969 800,000 826 FH
13 SANT RITZ 657 1,025,000 1,561 99 16 EASTWOOD GREEN 1,141 800,000 701 99
13 R MAISON 667 890,000 1,334 FH 17 PARC OLYMPIA 1,141 985,000 863 99
13 PARC MONDRIAN 1,206 1,480,000 1,228 FH 17 CARISSA PARK CONDOMINIUM 1,302 960,000 737 FH
14 CENTRA SUITES 431 580,000 1,347 FH 17 EDELWEISS PARK CONDOMINIUM 1,281 933,000 728 FH
14 CASA AERATA 484 600,000 1,239 FH 17 LOYANG VALLEY 1,485 870,000 586 99
14 THE SUNNY SPRING 1,367 1,350,000 988 FH 18 MY MANHATTAN 560 750,000 1,340 99
14 SIMSVILLE 1,528 1,285,000 841 99 18 RIPPLE BAY 484 568,000 1,173 99
15 THE SOVEREIGN 3,305 5,950,000 1,801 FH 18 WATERVIEW 786 800,000 1,018 99
15 FULCRUM 818 1,431,000 1,749 FH 18 NV RESIDENCES 904 785,000 868 99
15 THE SEAFRONT ON MEYER 1,604 2,700,000 1,683 FH 18 ELIAS GREEN 1,507 830,000 551 99
15 CORALIS 904 1,500,000 1,659 FH 19 LA FIESTA 1,421 1,663,000 1,170 99

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 SINGAPORE PROPERTY WEEKLY Issue 324

Postal Area Transacted Price

Project Name Tenure
District (sqft) Price ($) ($ psf)
19 KOVAN RESIDENCES 1,442 1,580,000 1,095 99
19 CHILTERN PARK 1,302 1,260,000 967 99
19 A TREASURE TROVE 1,335 1,240,000 929 99
19 RIO VISTA 1,249 990,000 793 99
19 RIO VISTA 1,615 1,118,000 692 99
19 RIVERVALE CREST 1,206 790,000 655 99
20 SKY HABITAT 1,798 2,731,800 1,520 99
20 BISHAN 8 1,163 1,285,000 1,105 99
20 THOMSON VIEW CONDOMINIUM 1,313 1,350,000 1,028 99
20 GRANDEUR 8 1,119 1,127,000 1,007 99
20 THOMSON PLAZA 3,617 1,800,000 498 99
21 MEADOWLODGE 1,281 1,300,000 1,015 99
21 SIGNATURE PARK 1,087 1,100,000 1,012 FH
21 HILLVIEW GREEN 980 960,000 980 999
21 SHERWOOD CONDOMINIUM 1,238 1,130,000 913 FH
23 THE JADE 1,335 1,360,000 1,019 99
23 HAZEL PARK CONDOMINIUM 1,335 1,320,000 989 999
23 MERA WOODS 1,001 970,000 969 999
23 MERA WOODS 1,421 1,370,000 964 999
23 MI CASA 1,259 1,005,000 798 99
23 GUILIN VIEW 1,281 965,000 753 99
27 EUPHONY GARDENS 1,109 750,000 676 99

NOTE: This data only covers non-landed residential resale property

transactions with caveats lodged with the Singapore Land Authority.
Typically, caveats are lodged at least 2-3 weeks after a purchaser
signs an OTP, hence the lagged nature of the data.

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