HDB launches resale flat listing portal for owners

HDB announced today the soft launch of a new resale condo listing assistance effective tomorrow, May 13. The resale apartment site are going to be formally launched later this month. It will allow condo owners who have registered their intent to offer with HDB to list their resale flats up for sale independently on the HDB flat portal.

“Without any repeat postings, the list of apartments available for sale are going to be streamlined, improving transparency, and possibly, boosting the home scouting experience for potential buyers when they are scanning the lists,” states Lim Yong Hock, key executive officer (KEO) of PropNex Realty.

Vendors must have a valid purpose to sell before they can post or assign a salesperson to list on their part. The website also offers the floor plan of the unit, which can be helpful for old apartments where the proprietors might have misplaced them, claims Lee Sze Teck, top director of information analytics at Huttons Asia.

Alternatively, the proprietors can assign their real estate agent to take care of the posting and manage the sale on their part. Only one listing is allowed per resale flat on HDB’s site.

Customers with a valid HFE may also be able to see the housing grants and the loan quantity for which they are suitable. With this, they can screen listings that fit their conditions. They can schedule a scanning with the owner/salesperson in the portal, states Huttons’ Lee. Purchasers can look across both built-to-order (BTO) and resale apartments.

While prospective purchasers can browse the listings on the resale website, simply those with a legitimate HDB flat eligibility (HFE) letter can obtain the seller’s or the assigned salesmans’ details to arrange an observation within the site.

The new system will prompt sellers if their listing rate exceeds the highest possible transacted price of neighboring units of the exact same flat type by greater than 10% in the past six months. “The careful checking and flagging of unlikely prices can guarantee that asking costs align a lot more closely to price trends or valuations around, hence lowering unforeseen cost spikes in specified areas,” says Christine Sun, chief researcher and strategist at OrangeTee Group.

Allowing only customers with HFE to contact the owner or representative agent supplies a tighter and extra regulated setup, consisting of mostly authentic buyers and sellers. Nonetheless, the disadvantage is that vendors may not be touching the entire interest pool for their flat as some interested customers may not have a legitimate HFE letter yet and will not be able to speak to the property owner, PropNex’s Lim explains.

Grand Dunman floor plan

By allowing each seller to publish only one flat list, the brand-new listing system offers to avoid cost manipulation and take care of rate hikes, according to OrangeTee’s Sun. In contrast, some other online platforms may present numerous listings of the same unit with varying costs or marketed by various agents. “It could develop a false perception that the area is in high need, with numerous units up for sale in the very same location, and result in higher rates if buyers believe they have selected the lowest-priced unit amongst several listings,” she says.

She includes that some vendors might favor to keep anonymity or do not want the hassle of managing the bargains themselves. Customers comfy with technology and online purchases and have appropriate market or sales understanding might discover the new online system valuable.

The site will systematically be edited, considering the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the lists. It will definitely save the property owner and the salesperson time visiting every month, claims Huttons’ Lee.

The resale listing website need to profit the market and the general public in the future, says Huttons’ Lee.

However, those not sure concerning handling building sales might still would prefer having a sales representative or broker to advise them on the sale procedure, help them with the application, and ensure that their apartments are priced correctly.

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