Source : Channel NewsAsia – 25 Nov 2009
Industry players say the upcoming new measures to improve standards of the real estate sector here will not affect the property prices.
The government has just finished gathering suggestions for a new regulatory framework for the industry.
It will likely be introduced by the second half of next year.
Industry practitioners said the government will likely introduce a central registry to list all accredited agents and a demerit point system to penalise errant agents and agencies.
The new measures aim to set a basic standard of professionalism in the sector.
While observers expect a slight shake-up in the industry once the measures are enforced, many do not believe property prices will be hit.
PropNex’s CEO, Mohamed Ismail, said: “There should not have any impact because we’re talking about increasing the service standards of the agents, in other words professionalism.
“This should in fact give greater confidence to investors abroad or for that matter, any of the local people who intend to upgrade from a public to a private property. So it’s plus, plus in terms of overall scenario.”
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