Singapore sources added that housing agents Terence Tan En Wei and Yao Songliang had previously pleaded guilty to illegally renting out four apartments in a luxury private condominium in central Singapore. Meanwhile the prosecutors said the pair had listed the apartments on Airbnb, which allows homeowners to share their homes for a fee by marketing them online, and other vacation rental sites.
According to court documents the duo made 19,000 Singapore dollar (USD 14,500) from renting the apartments between May 15 and June 21 last year and they were charged under regulations introduced last May banning homeowners from leasing property for less than three months without approval from authorities.
Moreover housing is a sensitive issue in rich but
land-starved Singapore because more than 80 per cent of the population lives in
government-subsidized properties. Meanwhile Airbnb has become a popular and
often cheaper alternative to hotels for many travelers, but the company has
faced mounting criticism that it worsens housing shortages and squeezes the
long-term rental sector, with cities including New York, Miami and Berlin
cracking down on the service.
