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Dennis Wee Realty hit by $66k fine, banned from selling overseas property

Dennis Wee Realty (DWR) has been prohibited from marketing or transacting foreign properties until 24 November 2018 and is required to pay a fine of $ 66,000, announced the Council for Estate Agencies’ (CEA) Disciplinary Committee on Wednesday (6 December).

“This is the largest fine meted out so far to a property agency for failing to abide by the regulations related to estate agency work involving foreign properties,” said CEA in a statement.

DWR was convicted of six charges under paragraph 16 of the Practice Guidelines for Estate Agents and Salespersons Marketing Foreign Properties (PGMFP). It states that estate agents appointed by a developer must provide a written advisory to clients that they should conduct due diligence. They also need to highlight the risks involved in purchasing offshore properties, such as the fact that these deals are subject to foreign laws.

In 2014, DWR locally marketed units at the Ibis Budget Hotel in Lymm and Ibis Budget Hotel in Knutsford, both in the UK. The agency had exclusive rights to sell these properties in Singapore. A unit at the Knutsford project was sold for £82,500 (approx. $ 169,645), while that in the other went for £82,500 (about $ 169,645).

In the same year, six sets of investors, including one who acted on behalf of his firm, purchased five units in the Knutsford project and 13 units in the Lymm project. Collectively, they paid £1,641,000 (around $ 3,374,400) in booking fees and as full payment for the units to the UK developers via DWR.

The investors were promised returns ranging from eight to 12 percent for the first three years. Thereafter, the developers guaranteed to buy back the units at a premium of nine to 20 percent over their purchase price.

The six investors received monthly returns for periods ranging from one to six months before payments stopped. Then in early-2015, the developers — Hotel Options (Lymm) Limited and Hotel Options (Knutsford) Limited — went into administration.

 

This article was edited by Keshia Faculin.

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Parc Botannia in Sengkang to launch at prices starting from $548,000

Artist’s impression of Parc Botannia.

Parc Botannia, the last residential project to launch in 2017, will open its showflat to buyers on 11 November, said developers Sing Holdings and Wee Hur Holdings.

Sing Holdings owns a 70 percent stake in the development, while the remaining 30 percent is held by Wee Hur. The consortium was awarded the site last year after beating out 13 other developers with a top bid of $ 287.1 million.

The 99-year leasehold condominium comprises four 22-storey towers of 735 units. It sits on a 185,095 sq ft site along Fernvale Road next to Thanggam LRT station.

Unit types range from one- to five-bedroom apartments with sizes spanning 431 sq ft to 1,679 sq ft. Indicative prices start from $ 548,000 for a one-bedder, $ 738,000 for a two-bedder, $ 1.04 million for a three-bedder, $ 1.3 million for a four-bedder, and $ 1.6 million for a five-bedder.

There have been no new launches in the area in the past two years, with the last one being High Park Residences in 2015. Located right next to Parc Botannia, the private condo sold all 1,399 units for $ 988 psf within 20 months despite subdued market conditions in 2015 and 2016.

Parc Botannia is located within the future Seletar Regional Centre, which has the potential to grow to twice the size of Tampines Regional Centre. The nearby Seletar Aerospace Park is already home to big-name aviation firms such as Rolls-Royce and ST Aerospace.

There are also shops and eateries within reach at Jalan Kayu, Seletar Mall and Greenwich V.

“We believe that there is a mix of demand for homes and investment in this location,” said Lee Sze Hao, CEO of Sing Holdings.

“Being the only project to be launched in the vicinity, we are optimistic that Parc Botannia, with its unique features, strong selling attributes and attractive pricing, will be well-received.”

In view of the upcoming launches next year, Lee noted that the project’s average price of $ 1,280 psf makes it one of the most attractively-priced and affordable condos.  

The showflat at the junction of Fernvale Road and Sengkang West Way is now open for public previews.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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