{"id":73902,"date":"2017-12-07T10:33:20","date_gmt":"2017-12-07T03:33:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/dennis-wee-realty-hit-by-66k-fine-banned-from-selling-overseas-property\/"},"modified":"2017-12-07T11:04:07","modified_gmt":"2017-12-07T04:04:07","slug":"dennis-wee-realty-hit-by-66k-fine-banned-from-selling-overseas-property","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dennis-wee-realty-hit-by-66k-fine-banned-from-selling-overseas-property\/","title":{"rendered":"Dennis Wee Realty hit by $66k fine, banned from selling overseas property"},"content":{"rendered":"


\nView of Ibis Budget Hotel in Lymm, United Kingdom. (Photo: Ibis.com)
\nDennis 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\u2019 (CEA) Disciplinary Committee on Wednesday (6 December).
\n\u201cThis 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,\u201d said CEA in a statement.
\nDWR 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.
\nIn 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 \u00a382,500 (approx. $169,645), while that in the other went for \u00a382,500 (about $169,645).
\nIn 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 \u00a31,641,000 (around $3,374,400) in booking fees and as full payment for the units to the UK developers via DWR.
\nThe 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.
\nThe six investors received monthly returns for periods ranging from one to six months before payments stopped. Then in early-2015, the developers \u2014 Hotel Options (Lymm) Limited and Hotel Options (Knutsford) Limited \u2014 went into administration.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Dennis Wee Realty hit by k fine, banned from selling overseas property<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of Ibis Budget Hotel in Lymm, United Kingdom. (Photo: Ibis.com) Dennis Wee Realty (DWR)...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-73902","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-jdY","jetpack-related-posts":[{"id":85882,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/man-fined-71500-for-unregistered-estate-agency-work\/","url_meta":{"origin":73902,"position":0},"title":"Man fined $71,500 for unregistered estate agency work","date":"April 19, 2018","format":false,"excerpt":"\r Under CEA rules, it is an offence for someone to act as an agent in any property transaction if they are not registered or licensed. (Photo: CEA) A 36-year-old man was fined $71,500 on Wednesday (18 Apr) after pleading guilty to eight charges of posing as a property agent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92594,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propnex-clears-air-on-discrepancies-over-dennis-wee-realty-transaction\/","url_meta":{"origin":73902,"position":1},"title":"PropNex clears air on discrepancies over Dennis Wee Realty transaction","date":"June 27, 2018","format":false,"excerpt":"\r PropNex Realty\u2019s CEO, Ismail Gafoor. 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