A new one-stop portal has been launched by the Housing and Development Board (HDB) that will further simplify and streamline the process of buying and selling HDB flats.
In announcement on Wednesday, National Development Minister Desmond Lee announced on a Facebook post that the HDB Flat Portal is “more convenient for home buyers and sellers to obtain information regarding the buying or selling of an apartment via a single integrated platform” (13 January).
The portal includes a customized financial calculator, which helps buyers to estimate their housing budget and helps sellers to estimate their revenue.
A listing service will also provide information on current and future build-to-order (BTO) apartments, which will make it possible for buyers to compare their housing choices in an integral manner.
The portal also features “a one-stop credit listing service to purchasers to obtain information on housing credits offered both by HDB and the financial institutions involved,” said Lee.
He has also shown that HDB is considering the inclusion of resale flat listings in subsequent phases of portal implementation.
“The HDB Flat Portal, which opened in Jan 2018, is the second phase of the HDB Resale Portal.”
He notes that from 16 weeks previously, the HDB Resale Portal reduced the time necessary for reselling flat transactions to around 8 weeks.
The new portal is particularly usefully for those who may not be informational or aware of property searches, said OrangeTee&Tie Senior Vice-President of Research and Analytics Christine Sun.
“To get the most information necessary to make a property transaction, it is good to have an integrated platform,” she said.
She added that some people might use the proposed payment plan of the portal as a reference or benchmark for talking to property or bank advisors before buying an apartment for resales.
“At this point, buyers can also find the upcoming BTO data and subscription rates for previous launches in one website. “This is also helpfully for buyers. The information reorganization will accelerate the search for purchasers,” she said.
However, it urged HDB to consider “previous subscription rates for cities beyond the last year and indicative prices of previous BTO launches.”