The Housing Development Board, Singapore launched the HDB Flat Portal. The one-stop online platform will make it easier for prospective buyers and sellers streamline the process. The Minister for National Development, Desmond Lee announced, “This new portal will make it more convenient for home buyers and sellers to gather information on the purchase or sale of a flat through a single integrated platform”.
Some of the salient features of the portal include a customised financial calculator for buyers to check their budget and payment plan and sellers to estimate sales proceeds, and flat listings collating information on current and upcoming Build-to-Order (BTO) launches.
The website will also have loan listings for buyers to get information on housing loans offered by HDB and participating financial institutions, said Mr Lee. He added that HDB is looking to include resale flat listings in subsequent phases of the portal’s rollout. The HDB Flat Portal is the second phase of the HDB Resale Portal launched in January 2018.
Its launch took place after a series of engagement sessions with industry players and stakeholders, he said. “The HDB Resale Portal has halved the time needed for resale flat transactions from 16 weeks to around 8 weeks and reduced the number of appointments with HDB from two to one,” said Mr Lee. “We will continue to look into ways to further improve the transaction process for HDB home buyers and sellers.”
Buyers can use the suggested payment plan in the portal as a benchmark when talking to property or bank consultants before purchasing a resale flat, said Ms Christine Sun, head of research and consultancy at OrangeTee & Tie. The section on upcoming Build-to-Order (BTO) flats is also helpful as buyers can view information on upcoming launches and subscription rates of previous launches in one website, speeding up the search process, she added.
Features of the online portal:
The portal has provisions for every buyer and seller to have a profile which requires a login via SingPass. The website also has a “My Flat Dashboard” which tracks the number and category of the application you want to make.
Another fascinating feature is called “Finding a Flat”. Using this feature a buyer can input his/her price, location, flat type, waiting time, and mode of sale preferences and can get suitable results based on them.
Apart from making the transactions move twice as fast, the portal significantly reduces the amount of previously required administrative work and the number of appointments. Documentation and formalities like Submitting a resale checklist, applying for flat valuation, HDB loan application letter which earlier had to be done on independent websites can now be done in a single place.
This portal will also enable less reliance on property agents. All their functions like linking the buyer and seller, driving the schedule on transactions and formalities are managed effectively by the portal itself without any charge or fee.
The HDB Online portal is a boon for the Lion City’s citizens helping them realise the dream to own a house by simplifying and accelerating the process.
