HDB launches resale flat listing portal for owners
By EdgeProp Singapore
/ EdgeProp Singapore |
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HDB announced today the soft launch of a new resale flat listing service effective tomorrow, May 13. The resale flat portal will be officially launched later this month. It will enable flat owners who have registered their intent to sell with HDB to list their resale flats for sale independently on the HDB flat portal.
Alternatively, the owners can appoint their property agent to handle the listing and manage the sale on their behalf. Only one listing is allowed per resale flat on HDB's portal.
"With no duplicate listings, the list of flats available for sale will be streamlined, improving transparency, and potentially, enhancing the home hunting experience for prospective buyers when they are browsing the listings," says Lim Yong Hock, key executive officer (KEO) of PropNex Realty.
Sellers must have a valid intent to sell before they can list or appoint a salesperson to list on their behalf. The portal also provides the floor plan of the unit, which can be helpful for old flats where the owners may have misplaced them, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
The new system will prompt sellers if their listing price exceeds the highest transacted price of nearby units of the same flat type by more than 10% in the past six months. "The careful monitoring and flagging of unrealistic pricing can ensure that asking prices align more closely to price trends or valuations in the vicinity, thus reducing sudden price spikes in specified locations," says Christine Sun, chief researcher and strategist at OrangeTee Group.
The portal will automatically be updated, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) quota for the listings. It will save the owner and the salesperson time checking every month, says Huttons' Lee.
While prospective buyers can browse the listings on the resale portal, only those with a valid HDB flat eligibility (HFE) letter can obtain the seller's or the appointed salespersons' details to schedule a viewing within the portal.
Buyers with a valid HFE will also be able to see the housing grants and the loan amount for which they are eligible. With this, they can filter listings that fit their requirements. They can schedule a viewing with the owner/salesperson in the portal, says Huttons' Lee. Buyers can search across both built-to-order (BTO) and resale flats.
Allowing only buyers with HFE to contact the owner or representative agent provides a tighter and more controlled setting, comprising mainly genuine buyers and sellers. However, the drawback is that sellers may not be tapping the entire demand pool for their flat as some interested buyers may not have a valid HFE letter yet and will not be able to contact the owner, PropNex's Lim points out.
By allowing each seller to post only one flat listing, the new listing platform serves to prevent price manipulation and manage price hikes, according to OrangeTee's Sun. In contrast, other online platforms may display multiple listings of the same unit with varying prices or marketed by different agents. "It could create a false perception that the area is in high demand, with many units up for sale in the same location, and lead to inflated prices if buyers believe they have chosen the lowest-priced unit among several listings," she says.
She adds that some sellers may prefer to maintain anonymity or do not want the hassle of handling the deals themselves. Buyers comfortable with technology and online transactions and have relevant market or sales knowledge may find the new online system useful.
However, those unsure about managing property sales may still prefer having a sales agent or broker to advise them on the sale process, help them with the application, and ensure that their properties are priced correctly.
The resale listing portal should benefit the industry and the public in the long run, says Huttons' Lee.
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