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Property Agents Allegedly Created Websites to Sell ‘New’ Developed Golden Mile Without Permission Yet

2022-12-10 , 10:17 pm

Looking to score early bird prices for a new “developed” Golden Mile Complex?

Sit tight, because any websites you might see of what seems to be projects redeveloping Golden Mile Complex may not even be approved yet.

Here’s why.

Property Agents Allegedly Created Websites Selling Redeveloped Golden Mile Complex

Several property agents are currently under investigation by the Council for Estate Agencies (CEA) for creating websites advertising a redeveloped Golden Mile Complex.

Multiple websites were created to promote their alleged residential project, “Golden Mile Residences”.

The websites have since been taken down.

However, before the websites were taken down, one could view various images of what are reportedly artist’s impressions of the development’s new design. Of course, conserving the building’s famous stepped terrace design.

Floor plans were provided on the websites as well.

Looking for an earlier-than-early-bird price before the project is even confirmed? These websites are handing it to you on a silver platter, although we don’t recommend taking it.

Through the websites, interested buyers could register for early bird prices and book timeslots to view show flats already.

Yes, already.

Similar advertisements for “Golden Mile Residences” were also rolled out on social media platforms.

In one such social media advertisement, the redeveloped building was alleged to have 718 mixed development units, with waitlists for show flat viewings already in place.

That’s… a little fast.

Image: Instagram (Golden Mile Residences)

We’re pretty sure this was not what the nation’s leadership meant in the Budget 2022 speech meant when it emphasised Singapore having to “stay ahead in the race”.

Since then, the consortium of developers who bought Golden Mile Complex has confirmed that the websites and images were neither commissioned nor authorised by them.

In other words, the consortium had nothing to do with this debacle.

A spokesman for Perennial Holdings, one of the developers of the consortium, shared that the consortium was still in the midst of exploring concepts for redeveloping the 49-year-old building into a mixed-use development.

Even the name of the development has yet to be decided.

The property agents behind these websites really were getting ahead of themselves there.

Golden Mile Complex Sold For $700 Million Earlier This Year

ICYMI, Singapore’s conservation landmark Golden Mile Complex was sold to a consortium of developers comprising Far East Organisation, Perennial Holdings and Sino Land earlier this year.

The collective sale came at a price tag of $700 million.

The 16-storey commercial building was gazetted for conservation for its historical and architectural significance.

As such, the sale of the 49-year-old building sparked large-scale discourse among Singaporeans regarding the value of conservation and the need for development.

Noting such concerns from the people, the consortium said in May that the landmark will be “sensitively restored, retaining the building’s key features and stepped terrace design.

One thing’s for sure: we’re all going to miss our very own “Little Thailand”, and the Instagram enthusiasts among us are going to miss their photoshoots at the iconic rooftop.

Property Agents Required to Obtain Prior Consent of Property Owners Before Advertising

Interested in becoming a property agent in the future?

Here’s some career advice from a CEA spokesman: don’t advertise any property for sale or rental before obtaining the prior consent of the property owners.

And if you do, these advertisements ought to include the property agent’s name, contact number, the agency’s name, CEA registration number and license number.

The pitfall of the advertisements for “Golden Mile Residences”? They did not include those details.

One of the websites even included a contact number without the property agent’s name. Talk about being half-hearted.

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Should the property agencies and agents behind the “Golden Mile Residences” websites be found to have breached CEA regulations, CEA will be taking enforcement action against them.

For now, it appears that two of the websites are linked to Mr Homer Lau and Mr Wee Kuan Tat from the real estate agency Huttons Asia.

Both Mr Lau and Mr Wee did not comment on the matter

In response, Huttons Asia chief executive Mark Yip remarked that the real estate agency emphasises responsible advertising and recommends agents adhere to CEA guidelines.

Apparently, marketing materials submitted by property agents have to undergo vetting by Huttons’ compliance team. Should any advertisements fail to comply with CEA guidelines, agents will be asked to take down these advertisements.

For now, that doesn’t appear to be the case for our “Golden Mile Residences”. As CEA continues looking into this, we’ll see whether Huttons Asia does walk the talk.

“The possible fear of missing out and the need to thrive in this competitive landscape might result in overstepping boundaries,” Mr Yip said.

The Golden Mile Fight Club

Once the site of multiple bizarre occurrences and the source of some of the most mind-boggling news stories, it’s without a doubt that the building is brimming with stories, culture and authenticity.

A trip down memory lane will surface the brawls that once took place at Golden Mile Complex or even the multiple bars and KTVs caught flouting safe management measures during COVID-19.

Ah, maybe Yishun isn’t the ghetto of Singapore. Perhaps Golden Mile Complex is the real ghetto here—but we love it all the same.

With any hope, even after the redevelopment of the building, its legacy will continue to live on. And, of course, hopefully, the building will start appearing on the news for less dubious reasons.