NEW INDUSTRY BODY
It was also announced on Wednesday that the Singapore Estate Agents Association (SEAA) and the Institute of Estate Agents will merge to form a new industry body called the Singapore Institute of Estate Agents.
The merger comes at a time when the real estate industry is undergoing rapid changes such as digital transformation and heightened regulatory focus, the two industry associations said in a joint statement.
The new entity, currently pending approval from the Registry of Societies, will “provide a united front” to address these challenges, while fostering innovation and collaboration within the sector.
Senior Minister of State for National Development Sun Xueling called this “an important milestone” for the sector.
“With a collective strength of over 15,000 property agents and agency leaders, I look forward to the new industry body representing the interests of property agencies and agents, and working with the government to advance professionalism, capability development, and long-term industry sustainability,” she said.
Speaking at an industry conference organised by the SEAA, Ms Sun also urged the industry to continue its momentum on digitalisation and remain vigilant on compliance.
On the latter, she noted that property agencies and agents serve as crucial gatekeepers, alongside financial institutions and legal practitioners, in protecting Singapore’s real estate sector from illicit activities.
This is why tougher financial penalties to combat money laundering in the property sector were passed by parliament in April.
Property agencies and agents will also be required to conduct due diligence measures on “unrepresented counterparties”, not just on their clients, as part of the law amendments.
“I would like all of us to recognise that laws are put in place to safeguard ourselves,” said Ms Sun.
“The vast majority of real estate agents are, of course, law-abiding and professional, but we have to put in place laws to make sure that we weed out the bad actors who can tarnish our sector’s reputation.”
