Over 12,500 flat listings on Resale Flat Listing service, MND & HDB studying if it should be compulsory

More than 12,500 resale flats have been listed on the Resale Flat Listing (RFL) service since its launch in May 2024.

According to a Jul. 28 Housing and Development Board (HDB) media factsheet, the RFL service is a one-stop platform on the HDB Flat Portal for the listing and transaction of HDB resale flats.

RFL service

Among the listings, over six in 10 sellers who listed their flats proceeded to complete their resale transactions, the factsheet stated.

Close to four in 10 of these completed resale transactions were by sellers who listed their flats on their own without a property agent.

According to the factsheet, the service currently provides an additional platform for resale flat sellers and their appointed property agents to list their flats.

Whether to make listing compulsory

It added that the Ministry of National Development (MND) and HDB are studying whether to require all resale flat sellers to list their flats on the RFL service.

This is to further strengthen it as a transparent, reliable and trusted marketplace for HDB resale flats.

The factsheet stated that this would provide buyers a comprehensive view of verified and accurate listings from eligible sellers.

It would also give sellers greater assurance that interested buyers are eligible to purchase an HDB flat with a valid HFE letter.

In addition, sellers who wish to continue marketing their flats on other property portals, in addition to the RFL service, will be able to do so.

Resale process

The factsheet noted that since its launch, HDB has continually enhanced the RFL service to provide buyers and sellers with better market insights and more effective support throughout the resale process.

This includes sellers now receiving prompts when their listing price exceeds the recent highest transacted price of nearby resale flats by 5 per cent, 10 per cent, or more, so that they can make informed decisions on their listing prices.

The listing will also indicate upfront that the price exceeds recent transaction prices to help buyers make more prudent purchasing decisions.

HDB has also introduced advisories for sellers to verify their appointed property agent's registration with the Council for Estate Agencies (CEA) and on the proper use of images in their listings.

Property agents

CEA said in a Jul. 28 press release that it will be extending the validity periods for all property agency licences and property agent registrations from one year to three years from Jan. 1, 2027.

The upcoming licensing and registration renewal exercise for existing property agencies and property agents at the end of 2026 will kickstart the first three-year cycle, which will run from Jan. 1, 2027, to Dec. 31, 2029.

To uphold industry professionalism under the extended registration period, a new Currency Requirement (CR) for property agents will be introduced.

Under the new CR, property agents must either complete at least three property transactions over their three-year registration period, or pass a Refresher Examination, to be eligible for registration renewal for another three years.

CEA shared that they have conducted an industry review together with MND to guide the industry towards "greater efficiency and sustainability".

Senior Minister of State for National Development & Transport Sun Xueling announced the changes at the Singapore Estate Agents Conference, organised by the Singapore Institute of Estate Agents (SIEA), on Jul. 28.