HDB launches resale flat listing portal for owners

HDB publicized today the soft launch of a brand-new secondhand condo listing assistance effective tomorrow, May 13. The resale apartment website are going to be formally launched eventually this month. It will certainly allow flat owners that have registered their intent to offer with HDB to classify their resale apartments to sell separately on the HDB flat portal.

Nevertheless, those unclear concerning managing building sales may still choose having a sales agent or broker to suggest them on the sale procedure, help them with the application, and make sure that their apartments are valued properly.

Sellers have to have a legitimate purpose to sell before they can classify or select a sales representative to list on their part. The site likewise gives the floor plan of the unit, which can be helpful for old flats where the owners might have lost them, says Lee Sze Teck, top director of data analytics at Huttons Asia.

Buyers with a legitimate HFE may also have the ability to see the real estate assistances and the financing quantity for which they are eligible. With this, they can filter listings that fit their guidelines. They can arrange a viewing with the owner/salesperson in the website, says Huttons’ Lee. Clients can search throughout both built-to-order (BTO) and resale flats.

The brand-new system will certainly trigger home sellers if their listing cost goes beyond the highest negotiated cost of neighboring units of the exact same flat type by greater than 10% in the past 6 months. “The careful checking and flagging of unrealistic prices can guarantee that asking rates line up more closely to cost trends or valuations in the vicinity, thus reducing unexpected price surge in specified areas,” states Christine Sun, primary analyst and strategist at OrangeTee Group.

While prospective customers can browse the listings on the resale website, solely those with a legitimate HDB flat eligibility (HFE) letter can obtain the seller’s or the hired salesmans’ information to set up a viewing within the site.

Hillock Green condominium

Alternatively, the proprietors can appoint their real estate agent to manage the posting and manage the sale on their part. Only one listing is enabled per resale flat on HDB’s portal.

She includes that some sellers might prefer to maintain anonymity or do not want the headache of managing the offers themselves. Customers comfortable with technology and online purchases and have relevant market or sales understanding might identify the brand-new online system helpful.

The resale listing site should profit the market and the general public in the long run, says Huttons’ Lee.

Allowing only buyers with HFE to contact the owner or representative agent gives a tighter and extra regulated setup, making up primarily authentic customers and sellers. Nevertheless, the downside is that sellers may not be touching the entire demand pool for their flat as some interested buyers might not have a legitimate HFE letter yet and will certainly not be able to get in touch with the property owner, PropNex’s Lim points out.

“With no repeat postings, the list of apartments available for sale are going to be streamlined, enhancing openness, and possibly, improving the home scouting experience for prospective customers when they are searching the lists,” claims Lim Yong Hock, major executive officer (KEO) of PropNex Real Estate.

The website will promptly be edited, factoring in the ethnic integration policy (EIP) and Singapore Permanent Resident (SPR) allocation for the listings. It will save the owner and the salesperson time visiting monthly, states Huttons’ Lee.

By allowing each vendor to post only one flat home listing, the new listing platform serves to stop rate manipulation and manage price increases, according to OrangeTee’s Sun. In contrast, other on-line platforms might show multiple listings of the same unit with differing rates or marketed by various representatives. “It can create a false perception that the area is in high need, with many units up for sale in the very same location, and cause inflated rates if buyers believe they have actually chosen the lowest-priced unit amongst several listings,” she claims.


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