VIP sales at condo launches under scrutiny
Singapore's Council for Estate Agencies is reviewing 'VIP sales' practices where property agents purchase significant portions of new condominium units. The move aims to ensure transparency and prevent regular buyers from being disadvantaged during property launches.
Why it matters
It addresses potential conflicts of interest and market fairness in the real estate sector, impacting housing accessibility for the general public.
At Sim Lian’s Emerald of Katong, which launched in November 2024, agents bought 173 of 846 available units, about 20 per cent of the project, reported The Business Times.
The report objectively covers regulatory discussions and provides statements from both the regulator and industry representatives.
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