SINGAPORE: The Housing and Development Board (HDB) has launched a new initiative to streamline the process for flat owners to sell their properties independently.
The new Resale Flat Listing (RFL) service allows flat owners to list their units directly on a dedicated HDB portal. Singapore Business Review reported that the RFL service will be rolled out in two phases, with a soft launch scheduled for May 13.
During this initial phase, eligible flat owners and their appointed property agents will have the opportunity to familiarise themselves with the service’s features. The full launch is anticipated by late May when prospective buyers can access the RFL service.
One of the key features of the RFL service is its integration with the existing HDB Flat Portal.
This integration will give users access to a range of information and tools, including details on “new BTO flats, a one-stop loan listing service, customisable financial calculators, and information on the HDB Flat Eligibility (HFE) letter.”
To use the RFL service, flat sellers must possess a valid Intent to sell, while prospective buyers will need a valid HFE letter to access all of the service’s features.
According to HDB:
“Coupled with access to the HDB Flat Portal via Singpass for all users’ interaction, the RFL seeks to create a more secure and conducive marketplace for sellers and buyers of HDB flats to transact, with or without the facilitation of property agents.”
Listings on the RFL service will undergo verification to ensure accuracy and reliability.
Additionally, the service will include a feature that notifies sellers if their listing price exceeds the highest transacted price of similar nearby units by 10% or more in the past six months.
This feature aims to provide sellers with valuable pricing guidance and contribute to a sustainable property market. /TISG
Read also: April HDB resale price up 6.0% YoY; resale volume increase as BTO launches decrease