Auction of HDB flats to help owners buy-sell with transparency

Soon, the property auction market will no longer be monopolized by mainly private properties.

Come April 2019, resale HDB flats will also be gathering eyeballs at such events for the first time.

First PropNext HDB auction even held in April

As an industry first, PropNex’s inaugural HDB Auction on 5 April 2019, will be adding HDB flats to their list of properties in an auction.

Toa Payoh Central. Picture: iProperty

With the company’s market share of more than 40% in public housing and their extensive network of salespersons familiar with the resale HDB flat market segment, PropNex is well-poised to offer sellers and buyers value-added service.

The homegrown listed real estate agency is pioneering this service to provide the public with transparency in the final sale price.

This would prove most useful to those who require clear proceedings in the sale of resale HDB units, including but not limited to individuals involved in divorce cases; or those with the property under estates where trustees are to discharge their duties in selling their HDB property at the highest prices.

The HDB auction will bring HDB buying and selling to the public forefront, with reserve prices and highest bid prices clearly laid out for all to see.

PropNex also hopes to help their clients “unlock value from their property transactions”.

See more: Pioneering another industry first – HDB Auction

HDB auction will not change HDB selling and buying process

HDB, Jurong West. Picture: iProperty

However, HDB buyers and sellers need to be aware that the auction aims only to provide them with another accessible platform to market or to secure a unit. When a buyer successfully bids on a resale the flat,  21 calendar days HDB option period will still apply.

The buyers and sellers are also to comply with all relevant terms and conditions in the prescribed HDB Option-to-Purchase procedure.

The first HDB auction will be held on 5 April 2019, 2:30 pm at the PropNex office on Level 10, HDB Hub East Wing. There are plans to make this a monthly event.

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