Dennis Wee Realty hit with record S$66,000 fine

Singapore

DENNIS Wee Realty (DWR) has been fined a record S$66,000 by the Council for Estate Agencies' (CEA) disciplinary committee for not highlighting to investors the risks involved in buying overseas properties.

DWR was also banned from transacting or marketing properties abroad for 12 months with effect from Nov 24, 2017.

The fine is the largest penalty meted out thus far to a property agency for failing to abide by regulations on the sale or marketing of properties abroad.

In a statement on Wednesday, the CEA said DWR is liable for "six charges of failing to provide a written advisory message to six sets of investors to draw their attention to the risks involved in purchasing …