As of today (13 May 2024), a groundbreaking change is sweeping through Singapore's Housing Development Board (HDB) resale flat market. Sellers, buyers, and property agents can now navigate transactions directly through the HDB Flat Portal, streamlining the process like never before.
Image: OpenGov Asia
For sellers, the process begins with registering their intent to sell with HDB. They have the option to list and market their flat independently or delegate the task to a property agent. The listing process itself is hassle-free; basic details like address, flat type, and floor area are automatically populated from HDB's database. Sellers simply need to add photos and descriptions. Notably, they can specify preferences regarding stay extensions and contra options, streamlining the process further.
One critical aspect for sellers is pricing. The system ensures that listing prices are not inflated, flagging any price exceeding 10% of the highest transacted price for similar units in the past six months. Additionally, each seller can post only one listing, eliminating duplicate entries.
Image: HDB
Buyers, armed with a valid HDB Flat Eligibility (HFE) letter, gain access to the listings and can schedule viewing appointments directly. The HFE letter signifies eligibility to buy a flat, receive grants, and secure a housing loan. The portal offers convenient filters by location, flat type, remaining lease, and even ethnicity and citizenship, aligning with Singapore's policies.
Buyers can delve deeper into comparison shopping, evaluating up to three shortlisted flats based on attributes like remaining lease and preliminary payment plans. The portal provides personalized payment plans based on approved grants and loan amounts, empowering buyers to make informed decisions within their budgetary constraints.
Image: HDB
Property agents, too, benefit from this digital transformation. With a personalized dashboard on the HDB Flat Portal, they can efficiently manage their clients' needs, from listing creation to advising on budgeting and next steps—all without subscription fees, unlike traditional property listing portals.
In a landscape where convenience and efficiency reign supreme, HDB's new resale flat listing service sets a new standard for transparency, accessibility, and ease of transaction. Whether you are a seller aiming to market your property or a buyer seeking your dream home, this new, innovative platform promises to revolutionize the way we navigate Singapore's vibrant real estate market.
Find out more about the HDB's latest Flat Portal here!
