HDB launches new resale flat listing service to streamline and enhance property transactions

On Sunday (12 May), the Housing and Development Board (HDB) of Singapore announced the introduction ofits new Resale Flat Listing (RFL) service.

This service, integrated into the HDB Flat Portal, is designed to empower flat owners by providing them with the option to list and market their flats independently or through a property agent. The RFL service is expected to roll out in two phases, starting with a soft launch on 13 May 2024, followed by an official launch later in the month.

The RFL service will be a part of the HDB Flat Portal, which already encompasses a wide range of services including access to new Build-To-Order (BTO) flats, a comprehensive loan listing service, and customisable financial calculators.

By integrating the listing of resale flats into this portal, HDB aims to provide a one-stop solution that enhances the convenience for both sellers and buyers.

Sellers will have the ability to manage their listings and complete transactions all within a single platform, while buyers will benefit from a holistic view of available flats—both new and resale—enabling better-informed decisions.

Requirements and Features for Enhanced Transparency

To participate in the RFL service, sellers must first obtain a valid Intent to Sell document, and buyers are required to secure an HDB Flat Eligibility (HFE) letter.

This structure is intended to improve the user experience by ensuring that all parties are verified and genuinely interested, which in turn enhances the marketplace’s transparency and trustworthiness.

Additionally, the RFL service incorporates a unique pricing alert feature: if a seller’s listed price exceeds the highest transacted price for comparable units in the vicinity by more than 10%, the system will notify them. This feature helps maintain fair pricing and discourages speculative pricing practices, contributing to a more stable and sustainable property market.

Collaborative Development and User-Friendly Design

According to HDB, the development of the RFL service involved extensive collaboration with members of the public and industry stakeholders such as real estate agencies and property portals.

It said in its press release that feedback from these sources was instrumental in shaping the service, leading to a platform that is not only user-friendly but also tailored to meet the specific needs of its users.

For instance, sellers can effortlessly upload photos and descriptions of their properties, and the listing process is simplified with automatic data population for basic details like the address, flat type, and floor area.

Additionally, sellers can set up viewing appointments directly through the portal, ensuring efficient interaction with potential buyers.

Ensuring Quality and Security

HDB has implemented several measures to ensure the quality and security of transactions on the RFL service.

Access to detailed seller contact information and the ability to schedule viewing appointments are privileges reserved only for buyers who present a valid HFE letter. This ensures that only serious and eligible buyers can engage with sellers, thereby maintaining the integrity of the market.

Furthermore, the RFL service is designed to be secure, leveraging Singpass for authenticating user interactions and safeguarding personal and transactional data.

Launch Details and Additional Support

The RFL service will officially open for transactions later in the month following the soft launch. During this initial phase, HDB will provide early access to eligible sellers and property agents, allowing them to familiarize themselves with the portal’s features before it becomes fully operational. Once launched, the service will support both direct listings by owners and listings managed by property agents, catering to the diverse needs of the community.

Resale Transactions Involve Complexities That Still Require Professional Intervention, Says Property Expert

Speaking to Gutzy, Ku Swee Yong, CEO of International Property Advisor Pte Ltd, highlights the strengths of the platform, emphasizing the thorough pre-qualification process which ensures that all participants are vetted for financial and legal credibility.

This makes the RFL service more reliable than other property portals, an especially important point for property agents to note as the market sees a slowdown in residential transactions.

Mr Ku notes a growing trend among younger and more educated users who prefer to manage transactions independently to save on commissions. However, he cautions that resale transactions involve complexities such as negotiation over handover logistics and property conditions, which might require HDB’s intervention in some cases.

Despite the move towards digital transactions, Mr Ku asserts the enduring need for skilled real estate agents, particularly for handling non-standard transactions involving legal complexities like divorce or inheritance.

He predicts that while the demand for agents might diminish among a certain demographic, expert agents capable of navigating complex cases will continue to be valuable in the HDB resale market.