Call to regulate developers - ST Forum

[Leeds]

ESTATE agencies and their agents are now regulated by a well-defined code of practice, conduct and ethics.
Property developers, on the other hand, do not seem to be governed so, as my experience recently revealed.
Through an external agent, I viewed an existing property put up for sale by Far East Organization.

Prior to and during the viewing, the agent and the developer's salesman said that the selling price of the property was $2.26 million.Reach your goals with Manulife

That same afternoon, the agent informed me that the developer would increase the price to $2.7 million with immediate effect.
However, as the salesman had communicated the price of $2.26 million prior to the intended increase, I was told that I would only have to pay for the lower price as long as I submitted the option to purchase and cheque by the end of that day.
Subsequent to asking for and receiving a re-affirmation from the developer on its offer and agreement on the $2.26 million price, I confirmed my intention to buy the property through the agent via an SMS text.
At 8pm that night, all parties met at the developer's satellite office, where the developer's senior manager was present for the paperwork.
But, before the option was signed, the senior manager received a telephone call, after which he informed us that his boss had decided against accepting my option to purchase.
I am writing to suggest that, apart from regulating and scrutinising estate agencies, the conduct and practices of developers should receive equal treatment, or be subject to an even more stringent oversight.
Danie Lim

[leesg123]

Willing buyer willing seller, developers in this case are sellers. Unless gov also regulate every single seller in the mkt, otherwise doesnt make sense. Many individual sellers also behave this way.

[carbuncle]

Am sure the buyer missed out hearing "first come first served" somewhere....

[price]

The buyer is just crying because he doesnt understand FEO's pricing strategy. where got time for him to think 1

[Laguna]

anyway, let's wait for FEO's official reply
I doubt the price can be increased by so much...from $2.26m to $2.7m

[hopeful]

posted before by others
www.fareast.com.sg/en/Residential/For-Sale/FAQs.aspx

20. Why is Far East price always higher than other developers, current market
price and resale market price?

Far East is one of the leading developers in Singapore. We provide quality products and services and aim to give our investors value for their money. We believe our pricing is market competitive.

We also price our properties based on several factors such as location, the type of development that we have (mid market or slightly higher-end or exclusive) and market prices.

When we launch our properties, we start by selling the low floors first and then move on to the high floors. Prices typically start moving up with the storey height. Hence, the prices of available units from the developer will always be higher compared to what is available in the subsale / resale market of the same development as earlier buyers put their units on the secondary market. This is one way of protecting our buyers and the value of their property. They can have better gains if they should eventually sell their properties.



FEO is just protecting their earlier buyers

[buttercarp]

Legally the developer is not wrong.
But it is bad to play on the potential buyer's feelings after giving him so much hope.

An analogy would be not turning up at the ROM to register the marriage.

[Laguna]

Let me quote my personal experience with FEO on the buying of one unit, not eCO.

The sale rep quoted me a price, in writing. I agreed. But after she checked with the site manager, the price was up without her knowledge. I think a difference of 1-1.5%.

I insisted the importance of representation. And finally, FEO gave in.

And the poor FEO agent, a young girl...got no commission...

That deal took about 3 hours to close.....

[radha08]

Let me quote my personal experience with FEO on the buying of one unit, not eCO.

The sale rep quoted me a price, in writing. I agreed. But after she checked with the site manager, the price was up without her knowledge. I think a difference of 1-1.5%.

I insisted the importance of representation. And finally, FEO gave in.

And the poor FEO agent, a young girl...got no commission...

That deal took about 3 hours to close.....

hope u gave her a red packet...

[hopeful]

well, found something about NTF:
http://www.tremeritus.com/2011/03/11...es-healthcare/
Cow:
March 11, 2011 at 8:30 pm
If u have money u can named hospital under your name , does not matter what u did in the past is all forgotten.
Khoo Teck Puat and the famous bank of Brunei case. ng Teng Fong tontine king in the 60s among the henghua ppl many of them got cheated , then he was know as Ah Pi or Moh peng working in his family soya sauce shop.....


I did heard the same thing from my dad's friends, the older generation.
From what they say, he got a rickshaw man to become director and get the blame and he (NTF) went to HK. after the statutte of limitation over, he come back to Singapore. The rest is history.

Will I be sued if I repeat the rumors?

[Secretariat]

Legally the developer is not wrong.
But it is bad to play on the potential buyer's feelings after giving him so much hope.

An analogy would be not turning up at the ROM to register the marriage.

LOL, sis you are good leh...

A marriage that is based on hope.

[Secretariat]

An oral agreement is legally binding mah...

[Secretariat]

An oral agreement is legally binding mah...

If the scenario is like the following, then no case for Danie, OK?

Danie: How much is this unit?
Agent: $2.26 mil only...
Danie: OK, noted.

Then Danie jalan jalan, look see look see tcss etc.

Agent: Mr (or Ms?) Danie, our management just announced a price inflation. Now $2.7 mil already... But if you want hor, I can still work it out for you at old price la...But must issue OTP now hor...
Danie: Aiyoyo...OK, I go have dinner with my Ah Gong now and get back to you can?
Agent:...ok lor but no guarantee hor...

Later during dinner.
Ah Gong: What? You siao arh...fast hand fast leg go and sign the OTP la...still want to eat arh...?

Danie (SMS to Agent): Can we meet at 8 pm your place to sign the OTP?
Agent (SMS): OK, but now hor the thing is outside my control, you know?

Later at the site office.

Danie: I confirm chop to buy this unit at $2.26 mil...give me the OTP to sign.
Agent: ......
Manager: Wah, now $2.7 mil leh, you don't know?
Danie: I know la, but want the old price mah...
Manager: Cannot la, where got so easy to tio 440K one...
Danie: ....huh? Wait I complaint to Forum then you know...
Manager: Cannot la...complaint also I can't help mah...

Danie went home and wrote to Forum.

[Laguna]

hope u gave her a red packet...

do u know how much is the commission she missed ?
$375 only

[carbuncle]

do u know how much is the commission she missed ?
$375 only

si bei giam siap developer

[Pikachu1245]

do u know how much is the commission she missed ?
$375 only

Really?Wondering how come you know as I always thought it is 1-1.5% of sales price for all agent.......

[carbuncle]

Wow

[Pikachu1245]

Wow

Soorry ar.........what does this mean??? Property hotspot or weather hotspot or.........

[carbuncle]

Soorry ar.........what does this mean??? Property hotspot or weather hotspot or.........

Pouring storm now over our dear D15/16

[carbuncle]

Developers have already been 'punished' with the drop in share prices since last Friday...

[Laguna]

Really?Wondering how come you know as I always thought it is 1-1.5% of sales price for all agent.......

For FEO, the sale persons are salaried, ie more like staff and need not to register with CEA.

[Laguna]

Pouring storm now over our dear D15/16

now, just cloudy in D15 now

[Pikachu1245]

Pouring storm now over our dear D15/16

I see ....... but wondering what is the relationship to topics being discussed here

[may2012]

Like to ask.........

If i offer my property for 1m, and the buyer says need to consider.....

after he gone home and take his sweet time to consider, he agreed to my 1m offer. can i reject and ask for 1.1m?

[hopeful]

Like to ask.........

If i offer my property for 1m, and the buyer says need to consider.....

after he gone home and take his sweet time to consider, he agreed to my 1m offer. can i reject and ask for 1.1m?

no, you cannot reject and ask for 1.1m.
if you want to reject, you have to ask for 1.2m.

[amk]

Let me quote my personal experience with FEO on the buying of one unit, not eCO.

The sale rep quoted me a price, in writing. I agreed. But after she checked with the site manager, the price was up without her knowledge. I think a difference of 1-1.5%.

I insisted the importance of representation. And finally, FEO gave in.

And the poor FEO agent, a young girl...got no commission...

That deal took about 3 hours to close.....

Have to say FEO marketing strategy is really powerful. Not only ppl buy at above market price, ppl even feel "lucky" after buying it.

[leesg123]

Like to ask.........

If i offer my property for 1m, and the buyer says need to consider.....

after he gone home and take his sweet time to consider, he agreed to my 1m offer. can i reject and ask for 1.1m?

Of course can! One whole afternoon so many things can happen. E.g. terrorist attack and stock market panic selling, ur buyer may offer $800k and u will sell too. As long as not black and white, any thing also can.

[blackjack21trader]

no, you cannot reject and ask for 1.1m.
if you want to reject, you have to ask for 1.2m.

as long as no OTP, nothing is binding. but i agree with bro hopeful, ask for more or else no face

[blackjack21trader]

Of course can! One whole afternoon so many things can happen. E.g. terrorist attack and stock market panic selling, ur buyer may offer $800k and u will sell too. As long as not black and white, any thing also can.

tio tio- correct correct, see above

[price]

tio tio- correct correct, see above

ur new dp not nice!