Launch of Resale Flat Listing Service on HDB Flat Portal

From 13 May 2024 HDB Sellers Can Market Their Resale Units on the Free HDB Resale Marketplace 

Benefits: 

Sellers that are keen to sell their own flat in their own time can do so without the help of an agent 

The portal requires an Intent to Sell prior to listing a genuine unit and a valid HFE to schedule viewings; this means you won’t have to worry about competing with non-genuine listings and un-ready buyers 

Intended impact 

Sellers that are bullish about their unit and the market will not able to push the boundaries too much as the portal would notify and limit sellers from listing their houses too high above last transacted (10% higher than highest last transacted) – this may be a problem if your house has indeed undergone extensive renovation compared to previous unit that might be original condition 

The need for HFE and Intent to Sell would reduce possible price manipulation to occur from speculators and non-qualified buyers

Ultimately, the HDB Resale portal is HDB’s attempt to have a unifying transaction point that allows them to monitor and influence price movement. 

Side note: 

The service currently allows sellers to appoint several co-agents to market their flat, even if they already have an exclusive agent.

Conclusion: 

As the portal is relatively new and requires a test and acceptance period, we will observe the take up rate and transaction flow and share a follow up in 6 months.