SALE OF HDB PROPERTIES (Cheating by housing agents)

Dr Kanwaljit Soin asked the Acting Minister for National Development what steps the Housing and Development Board is taking to reduce the incidence of cheating by unscrupulous housing agents in the sale of HDB properties.

Mr Lim Hng Kiang: The incidents of cheating by unscrupulous housing agents the hon. Member is referring to presumably relate to the recently-publicised cases where agents obtain power of attorney from sellers, to sell the flats at an agreed fixed price. The agents subsequently sell the flats for an amount that is much higher than the agreed price, and pocket the difference.

MND would like to emphasise that, in the resale transaction for an HDB flat, HDB deals directly with the buyer and the seller; HDB does not require the involvement of housing agents at any point of the transaction. Sellers who choose, of their own accord, to use agents nevertheless, and who do not wish their housing agents to profit from the sale of their flats, should avoid giving their agents power of attorney, and retain the right to receive the entire sale proceeds direct from HDB.

Sellers who wish to revoke the power of attorney which they have already given to their agents, can do so, if they write in to HDB at any time before the resale transaction is completed, and produce a Deed of Revocation, which cancels the power of attorney. HDB will then make out the cheque for the nett sale proceeds in the seller's name, and not in the name of the agent. Annex A - CLUBS AND NO. OF MACHINES (Cols. 79 - 84) Annex B - PERSONS SENTENCED TO DEATH FOR MURDER AND DRUG-RELATED OFFENCES (Cols. 85 - 86) Annex C (Cols. 87 - 88)