The Housing Development Board (HDB) will launch a new Resale Flat Listing (RFL) service, allowing HDB flat owners or their property agents to list and market their flats on the HDB Flat Portal, the Straits Times reports.
The service will soft launch today (May 13), with the official launch to follow later this month.
However, transactions can only be made after the official launch. Eligible flat sellers and their appointed property agents will be provided early access to familiarise themselves with the service.
A “one-stop platform” for buyers
As of now, only real estate agents can put up listings on major property portals such as PropertyGuru and 99.co, which will incur a fee.
While other platforms, such as Ohmyhome and Carousell, allow homeowners to do so themselves for free, the listing process remains largely manual.
The HDB Flat Portal’s RFL service, on the other hand, is not only free of charge, but also automatically fills listings with details such as the address, flat type, floor area and floor plan from HDB’s data.
Additionally, sellers will be prompted if their listing price is at least 10 per cent above the highest transacted price of similar units nearby in the past six months, or if they have set an “abnormally low” price.
This is so they can make an informed decision on their listed price, which promotes a more sustainable property market in the long run, HDB added.
Buyers can compare flats on the HDB Flat Portal. PHOTO: HDB
To make the HDB Flat Portal a “one-stop platform” for buyers, the new resale flat listing service will be integrated with existing services on the online portal.
This includes financial calculators, loan listing services and information on the buyer’s HDB flat eligibility (HFE) letter.
Buyers can also compare resale flat listings with new Build-To-Order (BTO) flats on aspects such as price and remaining lease, allowing them to consider their options “holistically and make more informed decisions on their flat purchase”, HDB said.
Meanwhile, sellers or their property agents can list their homes and carry out resale transactions on a single platform.
Becoming “a trusted listing marketplace for genuine buyers and sellers”
To improve user experience and ensure transparency, the RFL service and all its features will only be available to buyers with a valid HFE letter.
Although any prospective buyer can browse through the service, only those with a valid HFE letter can obtain contact details of the sellers and schedule viewing appointments.
Similarly, sellers will require a valid Intent to Sell to create a listing for their flats. Each seller can only post once to prevent duplicative listings of the same flat, HDB said, adding that listings are verified.
“These measures will improve user experience and ensure transparency as the resale flat listing service aims to become a trusted listing marketplace for genuine buyers and sellers,” HDB said.
Buyers with a valid HFE letter will be able to book viewing appointments for the flats they are keen on directly through the HDB Flat Portal/ Image Credit: HDB
Through the RFL service, HDB aims to create “a transparent, reliable and trusted marketplace for the listing and transactions of HDB resale flats”.
In response to the Straits Times’ queries, HDB said it “reserves the right to remove listings which have unrealistic pricing or contain misleading information from our portal”, and may seek clarifications from the sellers or their property agents.
“The Government will not condone behaviour, whether by sellers or their property agents, that seeks to disrupt the market or fan consumer sentiment,” it added. If properly agents are suspected of professional misconduct, HDB will work with the Council for Estate Agencies to investigate and take the necessary enforcement actions.
Previously on May 8, the Ministry of National Development, HDB and CEA flagged the listings of two HDB flats that were put up for sale for S$2 million. The authorities deemed one listing, featuring two adjacent five-room flats in Sengkang marketed as a jumbo flat, as “misleading”, while the other listing, for a five-room flat in Toa Payoh, was flagged for having an “unrealistic asking price”.
Featured Image Credit: Ministry of Communications and Information