Last Updated on 2024-05-18 , 5:42 pm
You probably shuddered after reading the title and recalled the $2 million HDB flat resale listings being talked about recently.
For those not in the know, I’m referring to a listing for a $2 million HDB “jumbo flat” that was actually NOT a jumbo flat, but instead two adjacent five-room flats that could not be converted and sold as a single unit, and a listing for a $2 million five-room HDB flat in Toa Payoh.
The Housing and Development Board (HDB) will be launching a new Resale Flat Listing (RFL) service which aims to create “a transparent, reliable and trusted marketplace for the listing and transactions of HDB resale flats”.
Hopefully there won’t be anymore unreasonable $2 million listings.
RFL Allows Flat Owners to List and Market Their Flats
With the RFL service, HDB flat owners will be able to list and market their flats for sale independently on the HDB Flat Portal or appoint their property agent to do so on their behalf.
HDB Flat Portal is a single integrated platform, launched in 2021, that streamlines and simplifies the process of buying and selling HDB flats.
The RFL service is the latest enhancement to the HDB Flat Portal and was soft launched on 13 May.
If you want to, you can watch this video to know more about this:
HDB will progressively send email invitations to eligible flat sellers with a valid Intent to Sell, providing early access to eligible flat sellers and their appointed property agents to familiarise themselves with the RFL features.
No transactions will be carried out on the RFL service during the soft launch period.
The service will be officially launched later this month, on a date to be announced, when prospective flat buyers will also be able to use the service.
Flat buyers with a valid HDB Flat Eligibility (HFE) letter will receive an email invitation from HDB to access the RFL service.
Verified And Non-Duplicative Listings
The RFL service’s listings will be integrated with existing information on the HDB Flat Portal, including new BTO flats, a one-stop loan listing service, customisable financial calculators, as well as information on the HFE letter.
The full suite of features on the service can be accessed when it is officially launched. Only flat sellers with a valid Intent to Sell and buyers with a valid HFE letter will be able to access all features.
This is to improve user experience and ensure transparency, allowing the service to be “a trusted listing marketplace for genuine buyers and sellers.”
Within the RFL service, listings are verified. Each seller is also only able to post one flat listing, ensuring there will be no duplicates.
These enhance the system’s accuracy and reliability.
Sellers
Simple Listing Process
With the RFL service, flat sellers with a valid Intent to Sell can either appoint a property agent on the HDB Flat Portal to manage their flat listing on their behalf, or list and market their flat on their own.
The listing process is simple and streamlined for sellers. Once a listing is created, it will be automatically filled with key details like the address, flat type and floor area, using data retrieved from HDB.
Sellers only need to upload photos and descriptions of their flat for marketing purposes, and can then create viewing appointments for interested buyers to book.
They can also indicate their preference for extension of stay and contra, which is a process in which an owner is looking to sell his or her unit and buy another, and wants both transactions to be executed at the same time.
Will Be Prompted If Listing Price Exceeds Highest Transaction Price
The RFL service will prompt sellers if their listing price exceeds the highest transacted price of nearby units of the same flat type in the past six months by 10% or more.
This automatic feature will be built-in and will help sellers make a more informed decision on the listen price for their unit, making for a more sustainable property market in the long run.
The seller of the $2 million Toa Payoh flat would definitely be prompted.
Will Only Be Approached by Prospective Buyers With Valid HFE
Sellers can be assured that prospective flat buyers who approach them on the RFL service will have met certain basic threshold such as being eligible to purchase an HDB flat.
Only those with a valid HFE letter can obtain the sellers’ contact details and/or schedule viewing appointments through the HDB Flat Portal.
So rest assured you won’t be approached by any trolls looking to waste your time.
Listing Will Be Automatically Taken Down After Request For Value
After a seller grants a buyer the option to purchase, a buyer must submit a request for value by the next day.
Once the request for value is submitted, the listing will automatically be taken down.
Buyers
Any prospective buyer can browse listings on the HDB Flat Portal, but only those with a valid HFE letter can obtain the sellers’ contact details and/or schedule viewing appointments.
Information On Flats
Flat buyers can obtain information about current and upcoming flat launches, and resale flats available, on the HDB Flat Portal.
The portal allows buyers to filter searches by location, flat type, remaining lease, or based on their ethnicity and citizenship under the prevailing Ethnic Integration Policy and Singapore Permanent Resident quotas.
A resale flat listing will show the recent transacted prices of similar flats nearby, amenities in the area, and quotas on ethnicity and citizenship.
Compare Flats
Buyers can choose up to three flats to compare attributes like remaining lease and preliminary payment plans such as the monthly loan repayment amount and cash payment.
Personalised Payment Plans
Buyers with an HFE letter can view personalised payment plans based on their approved housing grant and HDB loan amount, so that they can more accurately assess if the shortlisted flats are within their budget.
Listings Will Be By Eligible Sellers
Prospective buyers can rest assured that listings will only be posted by sellers with a valid Intent to Sell or their appointed property agent.
So, again, there won’t be any trollers listing flats just to waste your time.
Property Agents
Property agents can use the personalised dashboard on the HDB Flat Portal to manage their clients’ activities. The dashboard gives them an overview of their clients and their role for each client.
They can create listings and viewing appointments for sellers, and help buyers to search, shortlist and compare flats.
The service will be free of charge for the time being.
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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