Only 6,600 applications in as CEA comes into effect

Only 6,600 applications in as CEA comes into effect
By Monica Kotwani | Posted: 22 October 2010 2106 hrs

	Photos 1 of 1 Property agents speak to home buyers at a showroom

 

SINGAPORE: The new statutory board set up to regulate real estate agents, the Council for Estate Agencies (CEA), came into effect on Friday.

It replaces the Inland Revenue Authority of Singapore (IRAS) as the issuer of licenses.

Real estate agencies have until midnight on Friday to submit a list of their agents.

According to estimates, there are about 30,000 agents in Singapore. However, as of 5pm on Friday, only some 6,600 applications were received.

Some agents have told the Council that they were not informed of the deadline.

The Consumer Association of Singapore (CASE) though, says that enough notice was given.

If the applications don’t go through in time, even practising agents with the necessary qualifications will have to take the new CEA examination.

Apart from issuing licenses, the CEA has also been set up to regulate the industry better.

-CNA/ac