Currently, the sale or purchase of a resale HDB flat takes the sellers and buyers about 16 weeks. The authorities are still trying to shorten the procedural duration. And they just may have done it with their latest online portal.
Start to finish of resale transactions halved.
From 16 to 8 weeks. And most of the process will be done online. For now, sellers and buyers are required to have 2 appointments with HDB before the process is officially completed. But come 1st of January 2018, with the portal in place, they need only meet once to put ink to paper.
As part of the government’s Smart Nation initiative, the portal hopes to help sellers and buyers complete the sale more quickly. They will utilize the information collected prior to the resale process to fill in forms and make professional valuations. The move is also in line with the Real Estate Industry Transformation Map.
One-stop service will help save time
The new portal aims to not only save sellers and buyers time during the resale process but also prior. Information-gathering and decision-making will become easier as the new portal will consolidate required data onto 1 page.
Common information such as names, identity card numbers and addresses will also be retrieved from linked government services and replicated without further data entry. Flat valuations, currently required to be completed by a professional market valuer, will become obsolete. Buyers will be able to get HDB to approve of the proposed price directly.
Cost-wise, there will be savings of $36.45 to $106, depending on the size of the flat. The new service will cost $120 for all flat types. Time-wise, sellers and buyers will both benefit.