Starting from May 13, 2024, the HDB announced that HDB homeowners and their real estate agents can list their flats for sale directly on the HDB website. This new feature aims to streamline the HDB resale process, provide a more secure transaction environment, and improve the user experience for both buyers and sellers.
According to the HDB statement, this feature will help HDB homeowners and potential buyers engage in more convenient and transparent transactions. Sellers must clearly express their intention to sell and complete the listing registration when posting their flats for sale on the website. Additionally, buyers need to obtain an HDB Flat Eligibility (HFE) letter to prove their eligibility to purchase an HDB flat, ensuring they can benefit from government subsidies and loan options. These measures are designed to ensure the authenticity of listings and prevent false information from disrupting the market.
The HDB indicated that this feature would be temporarily free, and once officially launched at the end of May, buyers can contact sellers directly through the website for transactions. This will allow buyers and sellers to interact more directly, reduce intermediaries, and increase transaction efficiency.
Currently, only real estate agents can post listings on major real estate portals like PropertyGuru and 99.co, and these platforms charge fees. In contrast, platforms like Ohmyhome and Carousell allow homeowners to post listings for free, but they lack the authority and security of the HDB official website.
Listings on the HDB website will automatically populate detailed information from the HDB database, such as address, flat type, floor area, and floor plans. This will reduce the chances of errors as sellers won't need to input these details manually. Furthermore, each seller can only post one unit for sale, ensuring accuracy and uniqueness of information by preventing duplicate listings.
shicheng.news
To prevent unrealistic pricing from affecting the market, the HDB has set up a price advisory feature. If a seller's listed price exceeds the highest transaction price of similar units in the vicinity by at least 10% in the past six months, the system will prompt the seller. Similarly, if the listed price is unusually low, the system will also remind the seller to make adjustments. The HDB emphasized that it reserves the right to remove unrealistic or misleading listings and may require sellers or their real estate agents to provide clarifications.
In response to media inquiries, the HDB stated that the government would not tolerate any attempts to disrupt the market or incite consumer sentiment, whether from sellers or real estate agents. For real estate agents suspected of professional misconduct, the HDB will collaborate with the Council for Estate Agencies (CEA) to investigate and take necessary enforcement actions.
Recently, the Ministry of National Development, HDB, and CEA warned the public about two listings for HDB flats priced at SGD 2 million. Two adjacent five-room flats in Sengkang were misleadingly marketed as giant flats, and another five-room flat in Toa Payoh was considered unrealistically priced. These cases further highlight the necessity and importance of the new feature.
To make the HDB official website a "one-stop platform" for buyers, the new resale listing service will integrate with financial calculators, loan listing services, and buyers' HFE letter information. This means that buyers can not only view resale flat listings but also compare the prices of new Build-To-Order (BTO) flats and remaining lease terms, helping them make more comprehensive and informed decisions when purchasing a home.
Meanwhile, sellers or their real estate agents can list their flats and conduct resale transactions on the same platform. The HDB stated that this feature would undergo a pilot run starting May 13, inviting eligible sellers via email to list their flats early on the platform and allowing them to designate real estate agents to operate on their behalf. Transactions will not be possible during the pilot run.
The development of this service has received broad cooperation and support from the public and industry stakeholders, including real estate agencies and real estate portal websites. The HDB believes that this service will effectively screen out dishonest buyers and sellers, preventing sellers and real estate agents from posting speculative advertisements, thereby maintaining market order and fair competition.
