Eleven real estate agencies have joined hands to launch the Singapore Real Estate Exchange (SRX), an online network that will provide transaction details and exclusive property listings in real time.
According to Channel NewsAsia, the SRX network will enable agents to access up-to-date information like rentals and transaction prices.
Soft-launched in July 2011, the network witnessed an average of 300 transactions per day. Agents said that the network will help provide better transparency while enforcing professionalism in the real estate industry.
Meanwhile, property agents noted that the government’s new cooling measures will definitely affect home buying interests.
To attract foreign buyers, several real estate agencies have conducted or set up roadshows in China in recent years, while others have organised tours for Chinese buyers, so they can view properties in Singapore.
The agents said that although the cooling measures will reduce demand in the short term, the prospects from China are still good.
Foreigners buying property in Singapore may decline from 20 percent to between 10 and 15 percent, according to Mark Teo, Senior Group Division Director of ERA.
“Our expansion into China is not just a one day affair. We are going into China on a long-term basis, we do not expect to scale back our business. In fact, in times like this it’s an excellent opportunity for us to actually educate buyers,” said Tan Kok Keong, Research and Consultancy Director of Orange Tee.
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