HDB’s Resale Flat Listing with unrealistic prices to be removed from list

SINGAPORE: Since its soft launch on May 13, 2024, HDB’s new Resale Flat Listing (RFL) service has listed over 600 resale flats.

The Housing and Development Board (HDB) officially launched the RFL service on May 30 to provide a transparent, reliable, and trustworthy marketplace for HDB resale flats.

One notable feature of the RFL service is its built-in price-checking system. This system prompts sellers if their listing price exceeds the highest transacted price of similar flats in the same area by more than 10% over the past six months.

According to Mothership, HDB also has the authority to remove listings with unrealistic prices or misleading information, ensuring the marketplace remains fair and reliable.

HDB has outlined in detail how the system works.

Users access the HDB Flat Portal via Singpass, ensuring secure transactions. Flat sellers must have a valid “Intent to Sell” before listing their flats, and to avoid duplicate listings, each seller can only post one flat at a time.

Similarly, prospective buyers need a valid “HDB Flat Eligibility” letter to obtain sellers’ contact details and schedule viewing appointments through the portal.

To help buyers make informed decisions, HDB advises them to plan their budgets carefully. Buyers should consider their income, renovation needs, and mortgage financing capabilities to avoid financial strain.

This is to promote financial prudence among buyers and prevent buyers from taking on more debt than they can handle.

For those who prefer professional assistance, property agents can manage activities on behalf of their clients using the personalised dashboard. /TISG

Read also: HDB introduces new Resale Flat Listing service for flat owners to sell properties independently