Page 22 - MND Handbook

Transforming Singapore’s
Real Estate Agency Industry
The Council for Estate Agencies (CEA)
started operations in October 2010. As the
newest statutory board under MND, we are
entrusted with the legislative powers under
the Estate Agents Act 2010 to regulate and
raise the professional standards of the real
estate agency industry, in order to better
safeguard consumer interests.
To realise the vision of a professional
and trusted real estate agency sector in
Singapore, the Estate Agents Bill was
enacted into law in September 2010. The Bill
was endorsed after extensive consultation
with key stakeholders, including estate
agents, salespersons, buyers, sellers,
industry associations, landlords, tenants,
developers and relevant authorities.
In 2011, CEA licensed over 1,500 estate
agents and registered more than 34,000
salespersons. Each salesperson is registered
with CEA through an estate agent.
The real estate sector in Singapore is a significant pillar
of our economy, with property transactions amounting to
tens of billions of dollars a year. A unique characteristic
of Singapore’s real estate market is the high home
ownership rate which is a result of our comprehensive
public housing programme.
For many Singaporeans, their home is the largest single
investment they undertake. As most Singaporeans buy
and sell their properties through estate agents and
salespersons, it is important they are well informed and
given the best service in the decision-making process.
An Endearing Home,
A Distinctive Global City