New HDB Resale Flat Listing Platform Soft Launching 13 May: Here's Everything You Need to Know!
Joel Koh●
If you want to sell or buy a Housing and Development Board (HDB) resale flat, take note!
HDB is set to enhance the flat buying and selling process by introducing a new Resale Flat Listing (RFL) service on its online HDB Flat Portal. This initiative is designed to foster a more convenient and transparent user marketplace where you can browse and compare new and resale flat options on a single platform
To ensure trustworthiness, the service will be accessible exclusively to buyers who possess HDB Flat Eligibility (HFE) letters, genuine sellers and their property agents who have registered an Intent to Sell their flats with HDB.
Additional transparency features include notifications for sellers if their listed price surpasses the highest recent resale price for the same flat type in their area by 10% or more.
The rollout of the new service on the HDB Flat Portal will occur in two stages, starting with a soft launch today (13 May 2024) and an official launch later this month.
Here’s everything you need to know!
TL;DR: New HDB Resale Flat Listing Platform on HDB Portal Preview
What is the HDB Resale Flat Listing (RFL) Service?
HDB’s new RFL service will allow flat owners to list their flats independently on the HDB Flat Portal or have their property agent handle the listing.
The RFL service will combine listings of available HDB flats with existing resources on the HDB Flat Portal. This includes details on new Build to Order (BTO) flats, a comprehensive loan listing service, financial calculators, and information about the HFE letter.
By consolidating all this information, the portal will provide a smoother and more integrated experience for both sellers and buyers as:
- Sellers and their agents will be able to manage listings and transactions all in one place.
- Buyers will get a complete view of both new and resale flats, helping them make better-informed decisions when purchasing a flat.
Who Can Use the HDB RFL Service?
When the RFL service officially launches, flat sellers will need a valid Intent to Sell, and buyers must have a valid HFE letter to access all its features.
FYI: The Intent to Sell has replaced the Resale Checklist, which was used till 1 January 2018. Registering your Intent to Sell, like the old checklist, allows the HDB to verify if you are eligible to sell your flat. The HDB Flat Portal now instantly confirms your eligibility to sell. Do note that property agents cannot register on behalf of sellers and that your Intent to Sell remains valid for 12 months. You must register a new Intent to Sell if you don’t file your resale application within this period.
This requirement enhances the user experience and ensures transparency, positioning the RFL service as a reliable marketplace for genuine transactions. Listings on the RFL service are verified and unique, improving the service’s accuracy and trustworthiness. In addition, all user interactions on the HDB Flat Portal are secured through Singpass, making the marketplace safer and more efficient for sellers and buyers, with or without agents.
Additionally, the RFL service offers a broad selection of HDB flats and various customised tools for users. An automatic feature alerts sellers if their asking price is more than 10% higher than the highest price of similar units sold in the last six months. This helps sellers set more realistic prices, contributing to a healthier and more sustainable property market.
How the HDB RFL Service is Useful for Sellers
With the RFL service, sellers who have a valid Intent to Sell can either:
- Assign a property agent through the HDB Flat Portal to handle their listing or
- Directly list and market their flat on the HDB Flat Portal themselves.
The listing process is simple and straightforward. Key details like the address, flat type, and floor area are filled in automatically from HDB’s records. Sellers simply need to add photos and a description of their flat for marketing. Once the flat is listed, sellers can set up viewing appointments for prospective buyers to book. To prevent duplicate listings, each seller is allowed to post only one listing for a flat.
This RFL service was designed to enhance user satisfaction and ensure its overall quality by providing sellers with confidence that potential buyers contacting them through the RFL service are eligible to buy an HDB flat. Although all prospective buyers can view the listings, only those with a valid HFE letter can access the sellers’ contact information or arrange viewings via the HDB Flat Portal. Once a seller has secured a buyer who has exercised the Option to Purchase (OTP), they can then submit their resale application on the HDB Flat Portal.
How the HDB RFL Service is Useful for Buyers
Although any Tom, Dick and Harry buyer can look at flat listings on the RFL service, only those with a valid HFE letter can access sellers’ contact details and set up viewing appointments via the HDB Flat Portal. As a buyer, you can also see information about new and upcoming flat launches and resale flats. They can filter searches by various criteria such as location, flat type, remaining lease, and adherence to the Ethnic Integration Policy (EIP) and Singapore Permanent Resident (SPR) quotas. Buyers can tailor a search profile to their preferences and receive email alerts when listings match their criteria.
The platform’s list includes comprehensive details such as flat attributes, floor plans, photos, recent transaction prices of similar flats, local amenities, and current EIP and SPR quotas. This information enriches the user experience by ensuring it’s easy and informative and verifies that all flats listed are legitimately owned by sellers authorised to sell.
Prospective buyers can scrutinize the features of different flats, along with preliminary financial plans that include monthly loan payments and necessary cash payments. Buyers holding a valid HFE letter have the added advantage of viewing customized payment plans that consider approved housing grants and eligibility for HDB loans, aiding them in assessing whether the flats are within their financial reach. Once they decide on a purchase, they can formalize their intent by exercising their Option To Purchase and then submit their resale application via the HDB Flat Portal:
Pretty neat for those who want to buy an HDB flat without a property agent.
How Property Agents Can Use the RFL Service
The RFL service provides a helpful tool for property agents, allowing them to better assist their clients. Agents can use a personalised dashboard on the HDB Flat Portal to manage their clients’ activities efficiently. This dashboard shows an overview of all their clients and their responsibilities for each, helping agents focus on providing extra services like budgeting and advising on future steps.
When Will the HDB RFL Service be Launched?
The RFL service is launching in two stages:
- Today, 13 May 2024, marks the soft launch of the RFL service, aimed at allowing eligible sellers and their agents to familiarize themselves with the platform. HDB will gradually send email invitations to eligible flat sellers with a valid Intent to Sell, granting them early access to list their properties on the soft launch platform. Sellers have the option to delegate this task to their property agents. However, no transactions will occur on the RFL service during the soft launch. Flat buyers must wait until the official launch to view the listings on the HDB Flat Portal.
- The RFL service will officially launch later this month, with the exact date yet to be announced. Once launched, flat buyers and their agents can access the listings and start transactions with sellers or their agents. Flat buyers with valid HFE letters will also receive an email invitation from HDB to join the RFL service.
If you plan to sell your flat with the RFL service, refer to this online user guide or the soft launch platform FAQ section for more information. A step-by-step instructional video will also be available at the service’s official launch.
I believe HDB is enhancing the resale flat buying and selling experience with its new Resale Flat Listing (RFL) service, launching in two phases starting with a soft launch today, 13 May 2024. This service integrates new and resale flat listings and financial tools on a single platform, ensuring only buyers with valid HDB Flat Eligibility (HFE) letters and sellers or their agents with registered Intent to Sell can participate, enhancing transparency and convenience. Key features include alerts for sellers if their prices exceed recent transactions by more than 10%, and a personalized dashboard for property agents to manage client activities efficiently. The official launch will occur later this month, aiming to provide a reliable and efficient marketplace for HDB transactions, supporting buyers and sellers in making smarter personal finance decisions.
