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Starting May 13, Homeowners Can Directly List Their Properties on the HDB Flat Portal

Starting May 13, Homeowners Can Directly List Their Properties on the HDB Flat Portal.

Starting May 13, Homeowners Can Directly List Their Properties on the HDB Flat Portal

Starting May 13, Housing Board flat owners and their agents will be able to list properties for sale on the HDB Flat Portal. This update to the portal is designed to simplify the buying and selling process, offering a secure transaction environment and enhanced agent services, according to HDB.

For authenticity, only sellers with a registered intent to sell can list properties. Buyers must possess an HDB Flat Eligibility (HFE) letter, confirming their eligibility to purchase a flat, qualify for grants, and explore financing options, before they can arrange property viewings.

HDB emphasizes that this enhancement will enrich the user experience and foster transparency, establishing the portal as a reliable marketplace for authentic transactions.

The listing service will initially be complimentary.

Upon its official launch later in May, buyers can access listings and engage with sellers; the exact launch date is pending. Presently, only agents can list on major portals like PropertyGuru and 99.co, which incur fees, whereas platforms like Ohmyhome and Carousell allow homeowners to list for free.

The HDB Flat Portal will auto-populate listings with details from HDB's records, including address, flat type, area, and floor plan. To prevent duplicates, each seller is limited to one listing.

Pricing prompts will alert sellers if their price deviates significantly from recent transactions of similar units, aiding informed pricing decisions for a stable property market, HDB states.

HDB reserves the right to remove or question listings with unrealistic prices or misleading content.

The government will not tolerate market-disruptive actions or those that manipulate consumer sentiment, HDB warns, adding that it will collaborate with the Council for Estate Agencies (CEA) to investigate and act upon any suspected professional misconduct by agents.

Recently, two $2 million HDB flat listings were flagged by the Ministry of National Development, HDB, and CEA for being misleading or having unrealistic prices.

The HDB Flat Portal aims to be a comprehensive platform, integrating financial tools, loan services, and HFE letter details for buyers. It will allow comparisons between resale and new Build-To-Order flats, considering price and lease terms, to aid informed purchasing decisions.

Sellers and agents can list properties and manage transactions on this unified platform.

HDB will invite eligible sellers to list early from May 13 and permits agent representation for listings. Transactions are not possible during the soft launch.

The service, developed with public and industry input, aims to filter out insincere buyers and sellers. Chris Koh of Chris International notes that the requirement for sellers to demonstrate a genuine intent to sell will deter market-testing ads and reduce false or redundant listings by agents.

Adapted from The Straits Times

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