Start Your Own Real Estate Business in Singapore for $395
By 2030, almost a third of corporate real estate portfolios will comprise flexible space
Transaction volume of residential land sales in 2017 — over $9.4 billion — charts a new 10-year high and serves as a testament to both local and overseas developers’ confidence in the Singapore property market
The real estate sector is the latest to have an Industry Transformation Map (ITM) developed for it, to help it transform and prepare for future challenges
Due to the large number of en-bloc sales in 2017, many displaced people are looking for homes in 2018. These home seekers are likely to be cash-rich, given the generous sales proceeds they’ve received. Expect long queues at showrooms
Real Estate and Property Market in Singapore
Singapore’s economy and property market have remained healthy and robust despite the recent downturn and less than optimistic forecast. Developers have been bidding and buying land at record-breaking prices, and land sale has been up 29% compared to five years ago. Singapore’s incomparable human resource pool and strategic location still attract wealthy foreign investors to make the island an operation base, even a second home. Residential units and commercial spaces alike find themselves in stronger demand and prices are expected to trend even higher in 2018.
Licensing and Other Requirements for Your Real Estate Agency
Incorporating your Real Estate / Property Business On ACRA
Registering your company on the Accounting and Corporate Regulatory Authority of Singapore is the first step to kicking off your business venture. Successfully registered, your company will receive a Unique Entity Number (UEN), which is required when making applications for other licences and permits.
Real Estate Business Licensing Requirements
In addition to registering a business licence on ACRA, your Real Estate Business will require a licence from the Council of Estate Agencies (CEA). Individuals employed by a real estate agency must also be registered with CEA.
To be approved by CEA:
- The estate agent must be a registered entity with ACRA
- The estate agent must not hold a moneylender’s licence
- None of the estate agent’s directors or partners or sole-proprietor or KEO hold a moneylender’s licence, or are an employee, director, or partner of a licensed moneylender
- The estate agent is fit and proper, such as is not in liquidation or wound-up or in receivership, has not entered into a composition or scheme of arrangement with its creditors, does not have any convictions, does not have any judgment that involved a finding of fraud, dishonesty or breach of fiduciary duties entered against it in civil proceedings
- The estate agent’s KEO and all directors or partners or persons responsible for the management must fulfil the fit and proper criteria under the Estate Agents Act
The application for a licence shall be submitted by the Key Executive Officer (KEO) of the estate agent. The KEO is the person who will be responsible for the proper administration and overall management of the business of the estate agent and the supervision of its salespersons, eg. CEO, COO or MD.
The appointed KEO of the estate agent must:
- Have a minimum of 4 GCE ‘O’ Levels passes or equivalent
- Possess a pass in the Real Estate Agency (REA) exam, or equivalent
- Be a sole-proprietor, director or partner of the estate agent
- Have at least 3 years experience working under a licensed estate agent
- Have concluded at least 30 transactions in the last 3 years as or on behalf of a licensed estate agent or have at least 3 years of experience in managing the business of a licensed estate agent as an executive director, a chief executive, key executive, key executive officer, partner or sole proprietor
- Not currently be a sole-proprietor, practising director or partner, KEO, or salesperson of another licensed estate agent