ESTATE AGENTS' BILL

Mr Sin Boon Ann asked the Minister for Finance when the Government intends to introduce the Estate Agents' Bill.

Dr Richard Hu Tsu Tau: In 1998, I had said that the Government was contemplating the introduction of legislation to regulate the sale and promotion of foreign properties in Singapore.

After consideration, the Government has decided against regulating foreign property sales. The main reason is that laws and regulations created in Singapore cannot provide full or even adequate protection for the purchase of properties located in foreign countries and therefore outside Singapore's legal jurisdiction. Administratively, it would be impossible to establish the veracity or adequacy of information provided by vendors of foreign properties.

Caveat emptor is still the best rule for those who wish to purchase foreign properties, not Government protection. Singaporeans are well advised to transact only through reputable real estate valuers and law firms in the countries in which the foreign properties are located before they conclude any deals.