The Housing & Development Board (HDB) has introduced a new resale flat listing portal designed to streamline the home-selling process. One of the key features of this platform is an automatic alert system that will notify sellers if their asking price exceeds the highest transacted price of comparable nearby units by more than 10% within the last six months. According to Christine Sun, Chief Analyst and Strategist at OrangeTee Group, this feature aims to ensure that asking prices remain realistic and closely aligned with market trends, which could help prevent sudden price surges in specific areas.
Despite the new system’s capabilities, sellers who are unfamiliar with the intricacies of real estate transactions may still prefer to engage a sales representative or broker. These professionals can provide guidance throughout the sale process, assist with the necessary paperwork, and help ensure that properties are accurately priced.
HDB announced today that the soft launch of this new resale flat listing service will begin tomorrow, May 13, with a full rollout expected later this month. The portal will allow owners who have registered their intent to sell with HDB to list their resale flats directly on the HDB website.
The portal will also automatically update listings to reflect the Ethnic Integration Policy (EIP) and Singapore Permanent Resident (SPR) quotas, saving both owners and sales representatives time by eliminating the need for monthly manual checks, according to Lee Sze Teck, Senior Manager of Data Analytics at Huttons Asia.
Huttons’ Lee also notes that the resale listing portal is expected to benefit both the real estate industry and the general public in the long run.
To list their flat on the portal, homeowners must first have a valid reason for selling and must have registered their intent to sell. The portal will also provide the floor plan of the unit, which can be particularly useful for older flats where the original floor plans may have been misplaced.
Alternatively, homeowners can authorize their real estate agents to manage the listing and sale on their behalf. Importantly, only one listing is allowed per resale flat on the HDB portal, helping to prevent price manipulation and manage price increases, says OrangeTee’s Sun. In contrast, other online platforms may display multiple listings of the same unit at different prices or posted by different agents, which can create a false impression of high demand and potentially drive up prices.
Potential buyers with a valid HDB Flat Eligibility (HFE) letter will be able to see the resale price contributions and loan amounts they qualify for, allowing them to filter listings that meet their criteria. Buyers can also arrange viewings with the owner or sales representative directly through the portal, says Huttons’ Lee. The portal will include listings for both Built-to-Order (BTO) and resale flats.
However, some sellers may prefer to maintain their privacy or avoid the hassle of managing the sale themselves. For tech-savvy buyers with sufficient market knowledge, the new online system could be particularly useful.
While anyone can browse the listings on the resale portal, only those with a valid HFE letter will be able to access the seller’s or agent’s contact details and arrange viewings through the portal. This restriction creates a more secure and streamlined environment, focusing primarily on serious buyers and sellers. However, PropNex’s Lim Yong Hock points out that this could limit the pool of potential buyers, as some interested parties may not yet have an HFE letter and therefore will not be able to contact the seller.
The new platform’s restriction to one listing per seller aims to avoid price manipulation and better manage price trends. Limiting listings to one per flat reduces the potential for multiple agents posting the same unit at different prices, which could lead to an inflated perception of demand and drive up prices.
Overall, the new HDB resale flat listing portal is poised to enhance transparency and improve the home-buying experience, particularly for those who are comfortable with online transactions.