The Housing Development Board (HDB) will launch a new Resale Flat Listing (RFL) service, allowing HDB flat owners to list and market their flats on the HDB Flat Portal.
According to HDB, the RFL service aims to create "a transparent, reliable and trusted marketplace for the listing and transactions of HDB resale flats".
Flat owners or their property agents can list the flats for sale and complete their resale transactions on the HDB Flat Portal.
The service will soft launch on May 13, 2024, with the official launch to follow later that month.
Eligible flat sellers and their appointed property agents will be provided early access to familiarise themselves with the service.
Prospective flat buyers can use the RFL service after the official launch.
Verified listings and no duplicates
The RFL service's list of HDB flats for sale on the open market will be integrated with existing information on the HDB Flat Portal.
This includes new BTO flats, loan-listing services, financial calculators and information on the HDB Flat Eligibility (HFE) letter.
Prospective flat buyers can also compare the attributes of shortlisted flats, as well as the preliminary payment plans such as monthly loan repayment amount and cash payments.
During sales launches, buyers can compare both new and resale flats (left), as well as the payment plans for the shortlisted flats (right). Image from HDB.
To access the full suite of features on the RFL service, flat sellers must have a valid Intent to Sell, and buyers will need a valid HFE letter.
"This will improve user experience and ensure transparency as the RFL service aims to become a trusted listing marketplace for genuine buyers and sellers," HDB said.
In addition, the RFL service listings are verified and non-duplicative.
Each seller can only post one flat listing to ensure no duplicate listing for the same flat.
The RFL service also has an automatic built-in feature that prompts sellers if their listing price exceeds the highest transacted price of nearby units of the same flat type by 10 per cent or more in the past six months.
According to HDB, 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.
Top photos via HDB and Jiachen Lin on Unsplash