The HDB market in Singapore has long been a focal point for both local residents and foreign immigrants. To further enhance market transparency and transaction convenience, HDB introduced a new resale HDB advertising service. This service is designed to offer a more convenient and secure platform for buyers and sellers, improving transaction efficiency.
On May 30, 2023, the resale HDB advertising service was officially launched, attracting over 670 resale advertisements on the first day, demonstrating its popularity and market potential. For Chinese clients planning to immigrate to Singapore, this is undoubtedly significant information.
Singapore's HDB program has successfully solved the housing problems of residents within a few decades, achieving the goal of "home ownership for everyone." Today, Singapore has over 500,000 HDB flats, with a homeownership rate of 81%. Singapore's HDB flats are categorized into new flats (BTO and DBSS) and resale flats. In recent years, larger flats have been highly sought after, especially in high-demand areas. In November 2023, a top-floor unit in Toa Payoh, approximately 117 square meters, sold for a record-breaking price of 1,568,888 SGD, the highest for an HDB flat in Singapore.
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To meet the growing demand for property transactions, HDB conducted a trial run of the new resale HDB advertising service on May 13, before its official launch on May 30. This service aims to provide buyers and sellers with a transparent, reliable platform to easily post and browse resale advertisements. On the first day of the service's full launch, over 670 resale advertisements were posted on the HDB platform, showing high market anticipation and enthusiastic response.
The new service platform (HDB Flat Portal) offers users a convenient advertising process. Homeowners can upload photos of their flats and fill in descriptions, with the system automatically retrieving other relevant information from the database, simplifying the ad creation process. Buyers can search for their desired flats through various criteria and contact sellers directly through the website, greatly improving transaction efficiency.
Homeowners can fully manage their resale advertisements independently, from uploading photos to setting viewing schedules, without relying on real estate agents, saving significant costs and time. The platform's transparency also increases the safety and trustworthiness of transactions. An important feature is that homeowners can create viewing schedules on the platform, allowing potential buyers to book viewings directly, reducing intermediary communication.
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Buyers can search for flats using various criteria such as location, type of HDB flat, and remaining lease term. The system also designs personalized payment plans based on the buyer’s eligibility certificate, helping buyers manage their budgets better. These features allow buyers to quickly find flats that meet their needs and avoid wasting time and effort due to information asymmetry.
The new service improves market transparency, making information more symmetrical for both buyers and sellers, helping prevent overpricing or underpricing. Through real-name verification and strict review mechanisms, the platform ensures the authenticity and reliability of transactions, further promoting the healthy development of the real estate market. Additionally, the platform’s transparency helps prevent unfair competition, protecting the interests of both buyers and sellers.
Since the service's launch, it has received positive feedback from both buyers and sellers. Users generally believe that the new platform enhances transaction transparency and convenience, reduces the hassle of intermediaries, and saves time and costs. In the future, HDB plans to continually optimize and improve this service, adding more features and content to further enhance user experience. As more users join and the platform's functionalities are refined, this service is expected to become an indispensable part of Singapore’s real estate market.
