16 weeks. That’s the average time it takes from the moment an offer is made to buy a resale unit to the time when keys are exchanged. With the launch of HDB’s new online resale portal, all that could be done in half the time.
HDB’s new online resale portal to cut down buy-sell process by half
The new HDB resale portal goes live on, Jan 1. HDB has designed the portal to be fast and easy-to-use after they have observed a rising trend of HDB buyers who have completed property transactions without the aid of property agents. Since 2010, the ratio has increased from 1 in 10 in 2010 to almost 3 in 10 in H2 of 2017.
The resale portal is one of the initiatives of the Real Estate Industry Transformation Map (REITM) and aims to reduce transaction time. It hopes to provide convenience to HDB flat sellers, buyers and also property agents.
Tried and tested by sellers, buyers and property agents
The previous resale flat buy-sell process used to require 2 appointments with HDB. With the new online portal, only 1 appointment is required.
How is this done? The eligibility checks are streamlined onto this one platform and there is minimal need for tedious manual data entry.
For example, application forms which require the same information will use personal details which the buyers and sellers fill in upon registering their Intent to Buy or Intent to Sell.
The portal aims to make the administrative portion of buying or selling a flat easier. It does not provide marketing and search services hence herein comes the expertise from property agents.
All new resale applications starting from Jan 1 must be done via the portal.
The portal is currently only available in English and payments are to be made online. Persons who are not familiar with online payments can still print a payment advice form and make the payment at HDB Hub within 3 days of the application.