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Property expert raises critical questions on HDB’s removal of unrealistic resale flat listings

Singaporean property expert raises concerns over HDB’s removal of 50 unrealistic resale flat listings. He questions HDB’s criteria for “unrealistic” pricing, consistency in rule application, and the impact on the market, suggesting that skilled agents remain necessary for complex transactions.

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Approximately 50 listings for resale Housing Board (HDB) flats were recently removed from the HDB Flat Portal due to unrealistic pricing or misleading information. This accounted for about 5% of the total active listings as of 26 June, according to HDB’s announcement on 10 July.

Since the portal’s soft launch on 13 May, around 1,000 resale flats have been listed. HDB explained that about half of the removed listings had unrealistic pricing, though specifics were not provided. Following revisions to their asking prices, eight listings were reinstated by their users.

The delisting of these flats has raised several critical questions about the criteria used to define “unrealistic” pricing and the potential impact on the market.

Speaking to Gutzy, Ku Swee Yong, CEO of International Property Advisor Pte Ltd, highlighted several concerns.

He questioned how HDB defines “unrealistic” pricing, whether the rules are applied consistently to both “above valuation” and “below valuation” listings, and whether HDB would provide guidance on price bands when creating new posts on the portal.

“How is ‘unrealistic’ defined? Is it 20% away from the last transaction? Are they applying the rules consistently to both ‘above valuation’ and ‘below valuation’?” asked Mr Ku.

He also questioned whether HDB considers interior quality, renovations, and equipment in determining realistic pricing and whether similar pricing guidelines would be enforced on other platforms like PropertyGuru and 99.co to protect buyers and sellers alike.

The HDB emphasized its right to moderate listings on the resale flat service, removing inappropriate or inaccurate content without prior notice. Sellers or their agents must adjust pricing or correct any misleading details to have their listings reinstated.

Although HDB did not specify the nature of misinformation leading to removals, its website’s terms allow the removal of listings containing discriminatory content, false advertisements, or irrelevant material.

However, some property agents and netizens have expressed concerns that the delisting of high-priced HDB flats could counter the initiative’s expectation that agents would lose their jobs to the HDB-run property portal.

They argue that owners seeking higher prices may still have to rely on property agents, as HDB may restrict the prices based on prevailing market demand or willingness to pay. This could mean that even if sellers stand to save on agent commissions, they might not get their expected price through the portal.

HDB reported over 366,500 visits to the portal from 30 May to 18 June, averaging more than 18,300 visits daily. “HDB will continue to monitor the listings closely and will not hesitate to remove listings with unrealistic pricing as well as inappropriate and/or inaccurate content,” it added.

The new Resale Flat Listing (RFL) 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 portal aims to offer a more transparent and secure marketplace, allowing sellers to list their flats for free. It includes a feature where sellers are automatically prompted if their listing price is “at least 10 per cent more than the highest transacted price for nearby units of the same flat type sold in the past six months.”

This is intended to help sellers make more informed decisions about their resale price, thus creating “a more sustainable property market in the long run,” according to HDB.

Buyers must possess an HDB Flat Eligibility letter to arrange viewings, confirming their eligibility to purchase a flat and access grants and financing options.

In his earlier comments on the portal, Mr Ku noted a growing trend among younger and more educated users who prefer to manage transactions independently to save on commissions.

However, he cautioned 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.

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S5

Last edited 1 day ago by Blankslate

S1

Last edited 2 days ago by Blankslate

HDB market is manipulated bcz HDB is NOT serving people, clearly the HDB is SERVING PAP’s interests. Same as Hawker Food prices – ‘force hawkers to sell cheap’ at selected places. Whats both objectives? 1. For flats give impression HDB flats are available at certain price ranges so as to TELL STORY of what Politicians want. 2. Food prices has MADE many 1000s of people SUFFERING hunger (dared not to reveal research statistics, OR even DON’T wish to conduct research) – pretend to do good since they CANNOT CONTROL inflation. If the PAP is so kind, get ALL HAWKERS to… Read more »

S2

Last edited 2 days ago by Blankslate

S3

Last edited 2 days ago by Blankslate

S4

Last edited 2 days ago by Blankslate

Election season coming. They need to get rid of the evidence regarding the property bubble of their own making.

HDB buys land from SLA at “market” prices.

Selling HDB on resale market cannot be at “market” prices..??

Willing buyer not allowed.?

Check the HDB portal before and saw one 3-room HDB unit at Toa Payoh, not Toa Payoh Central, selling at S$830,000!!
Who is going to buy this unit? Maybe money launderer like the Fujian gang.

Haolian yaya Property Slim Mothers Jiak Chao .🤭

Everything about HDB through the decades to it’s current form, … suggests that this is not “public housing” but rather, a “property” or in SillyPore terms, a home. Apart from having to approach HDB, to lease one or to rent one, and abiding by it’s terms and conditions, … thereafter, the whole concept of “public housing” ceases to exists !!! The pricing alone, … is the biggest tell tale sign, surely !!! Add to that, this HDB portal listing and subsequent delisting of certain “unrealistic” units, and all of the ongoing chatter, … serves only to confirm it’s un~public housing… Read more »

Mr. Ku forgets that HDB is Public Housing which is subsidised by taxpayers. Estate agents should not be involved as by his own admission they help push prices up. This only helps the foreigners and not those who need a roof over their heads. I commend HDB’s first step of trying to control runaway prices by setting up a portal which HDB can monitor. Next step, ban estate agents from conducting sales of all Public Housing and commercial space owned by HDB. Third step, ban PRs from owning HDB. Prices will come down to the affordability of Singaporeans.

For all the $1 million and above transacted resale HDB flats, did HDB’s valuation mirror the selling price or near the selling price? If HDB does that, then HDB is perpetuating the uptrend of HDB prices. Considering new BTO prices takes reference from resale HDB flat prices when they are being set, rising prices of new BTO flats is a self fulfilling prophesy IMO

Is it a political influencer attempting to dictate ‘market’.

Buyer and seller decide. Since Lawlan Wong claimed HDB is a Store of Value – what’s reason to deprive flatters maximising this Store of Value? Twists and turns mistake by them to have had created too many Million Dollars 99 years DECAY brick and mortar walls.?

HDB has NO DAMN eff interests to MARK this is unrealistic, that is false.

Looks clearly PAP is PLAYING their hand to weaponise stg that has been confirmed all along – ridiculous tripartite working of votes/CPF(manipulation)/flats affordability.

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