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Sellers can list their flats on HDB Flat Portal from May 13

pig

Stupidman
Loyal
www.straitstimes.com

Sellers can list their flats on HDB Flat Portal from May 13​


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SINGAPORE – Owners of Housing Board flats or their property agents will have the option to list their homes for sale directly on the HDB Flat Portal from May 13.
The latest enhancement to the portal, which aims to streamline the process of buying and selling a flat, seeks to provide buyers and sellers access to secure property transactions as well as improved services by property agents, HDB said.
To ensure genuine listings, sellers must have an intent to sell registered to list their homes, the board said. Buyers will need an HDB Flat Eligibility (HFE) letter – which indicates their eligibility to buy a flat, receive grants as well as financing options – to schedule viewings with sellers.
“This will improve user experience and ensure transparency as the resale flat listing service aims to become a trusted listing marketplace for genuine buyers and sellers,” HDB said.
The service will be free of charge for the time being, it added.
Buyers will be able to access the listings and begin transactions with sellers when the service is officially launched later in May. The date has yet to be announced.
Currently, only real estate agents can put up listings on major property portals such as PropertyGuru and 99.co, which comes with fees. Other platforms such as Ohmyhome and Carousell lets home owners do so themselves for free.
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The listing will be automatically filled with details such as the address, flat type and floor area. PHOTO: HDB
On the HDB Flat Portal, listings will be automatically filled with details such as the address, flat type, floor area and floor plan from HDB’s data.
Each seller can post only one flat listing, so that there are no duplicate listings.
Sellers will be prompted if their listing price is at least 10 per cent above the highest transacted price of similar units nearby in the past six months. They will also receive a prompt if the price is abnormally low.
This is so they can make an informed decision on their listed price, which promotes a more sustainable property market in the long run, HDB added.
In response to queries, HDB said it “reserves the right to remove listings which have unrealistic pricing or contain misleading information from our portal”, and may seek clarifications from the sellers or their property agents.
“The Government will not condone behaviour, whether by sellers or their property agents, that seeks to disrupt the market or fan consumer sentiment,” it said.
HDB added that it will work with the Council for Estate Agencies (CEA) to investigate and take enforcement action if property agents are suspected of professional misconduct.
On May 8, the Ministry of National Development, HDB and CEA flagged the listings of two HDB flats that were put up for sale for $2 million.
The authorities said that a listing for two adjacent five-room flats in Sengkang that was marketed as a jumbo flat was “misleading”, and another for a five-room flat in Toa Payoh had an “unrealistic asking price”.
To make the HDB Flat Portal a “one-stop platform” for buyers, the resale flat listing service will be integrated with financial calculators, loan listing services and information on the buyer’s HFE letter.
Buyers can also compare resale flat listings with new Build-To-Order flats on aspects such as price and remaining lease, so that they can consider both options “holistically and make more informed decisions on their flat purchase”, HDB said.
Meanwhile, sellers or their property agents can list their homes and carry out resale transactions on a single platform.
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Buyers can choose up to three flats to compare attributes such as remaining lease and preliminary payment plans. PHOTO: HDB
HDB said it would reach out to eligible flat sellers by e-mail from the soft launch on May 13 to provide them early access to list their homes on the platform. They can also appoint property agents to do so on their behalf.
Transactions cannot be carried out during the soft launch period.
The board said the service was developed in collaboration with the public and industry stakeholders, including real estate agencies and property portals.
Mr Chris Koh, director of property consultancy Chris International, said the service would help to sieve out buyers and sellers who are not genuine.
As sellers must have an intent to sell to list their units on the portal, this would prevent sellers and property agents from placing advertisements to “test the market”, he said.
“There have also been cases of property agents placing repeated or fake listings to fish for customers, or to increase their number of listings,” he added, noting that the service would curb such occurrences.
What you need to know about HDB’s resale flat listing service
Authorities flag $2m HDB flat listings, including misleading ad for jumbo unit in Sengkang

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winners

Alfrescian
Loyal
Property agents can jiaksai already?
They deserve it, especially agents from ERA. I had come across that most of them are scums. Nowadays whenever I want to list my Executive Pigeon Hole and Condo for rentals, I will always insist on NO ERA AGENTS PLEASE. There was one time when an ERA agent changed my (Password Locked) Tenancy Agreement to suit to the tenant. When I found out, I fucked him and all he could say was he did not modify my TA but had only uploaded to Google Docs for editing. FUCK HIM.

Especially that S$2m listing on a HDB flat in Sengkang.

Authorities flag $2m HDB flat listings, including misleading ad for jumbo unit in Sengkang​


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The authorities said the listing for a 2,400 sq ft jumbo flat in Block 314C Anchorvale Link was “misleading”, as there are no such flats in the block. PHOTO: SCREENGRAB FROM GOOGLE MAPS

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Isabelle Liew
Updated

May 08, 2024, 10:44 PM


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SINGAPORE - The authorities have flagged the listings of two HDB flats that were put up for sale for $2 million – one listing was for two adjacent five-room flats in Sengkang marketed as a jumbo flat, while the other was a five-room flat in Toa Payoh with an “unrealistic asking price”.
In a joint statement on May 8, the Ministry of National Development, the Housing Board and the Council for Estate Agencies (CEA) said CEA is aware of the listings put up by two property agents and is investigating.
The listing on the PropertyGuru platform for a 2,400 sq ft jumbo flat in Block 314C Anchorvale Link with six bedrooms and four bathrooms was “misleading”, as there are no such flats in the block, the authorities said.
“The jumbo flat listed is actually two adjacent five-room flats, which are not eligible to be converted into and sold as a single unit,” they added.
The authorities said the listing was taken down after CEA brought up the misleading advertisement to the agent’s property agency.
“CEA is investigating the matter and will take firm action if any breaches are established”, they added.
The authorities noted that five-room flats in the precinct changed hands for around $580,000 over the past six months, and that the $2 million asking price is more than $800,000 above the combined value of two five-room flats.


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The authorities said the listing for a jumbo flat in Block 314C Anchorvale Link was taken down after CEA brought up the misleading advertisement to the agent’s property agency. PHOTO: SCREENGRAB FROM PROPERTY GURU.COM.SG

The property agent who put up the listing, Mr Andrew Nair from ERA Realty Network, told The Straits Times that the owners of the two flats – who are related – had received approval from HDB to hack the living room wall and combine both units when they bought it about six years ago.
“The owners are looking to sell them together, but the requirement is that there has to be two buyers,” he said.
Mr Nair added that he had removed the listing after ERA’s legal and compliance team told him to market the flats as two separate units. He will list the flats again after getting approval.
Separately, the authorities said a five-room Design, Build and Sell Scheme (DBSS) flat in The Peak@Toa Payoh, which was also listed for $2 million, does not have an intent to sell registered with HDB. This means that the potential seller cannot grant an option to purchase to buyers at this stage. Sellers of HDB flats have to register their intent to sell before they put their flat on the market.
The authorities noted that the $2 million listing price is almost half a million dollars above the highest transacted price in the area, and said many property experts deem it an “unrealistic asking price”.
Property agent Joyce Lim, who is with ERA, told ST that the owner of the 1,258 sq ft flat in Lorong 1A Toa Payoh is planning to register for the intent to sell.
The listing, which was put up on April 16, advertised the flat as being on a “super high floor” with “unblocked city view”.
The highest transaction at the development was $1,568,888 for a five-room, 1,258 sq ft unit between the 40th and 42nd storeys, and it was sold in January 2024.

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The authorities said a five-room Design, Build and Sell Scheme flat in The Peak@Toa Payoh, that was also listed for $2 million, does not have an intent to sell registered with HDB. PHOTO: SCREENGRAB FROM PROPERTY GURU.COM.SG

At the listed price of $2 million, both the Sengkang and Toa Payoh flats will come with significant cash over valuation (COV), the authorities said. COV is the amount a buyer has to pay in cash when a resale flat is sold above its HDB valuation.
“While the HDB resale market transacts on a ‘willing buyer-willing seller’ basis, the Government will not condone behaviour, whether by agents or sellers, that seek to disrupt the market or fan consumer sentiment,” the authorities said. They urged buyers to plan their budget carefully and to be prudent to avoid overstretching their finances.
“We should not expect housing prices to increase indefinitely amid global economic uncertainty and geopolitical instability.”
Under the code of conduct for estate agents, property agencies and agents have a duty to uphold the integrity and professionalism of the real estate industry, and to act responsibly in conducting their work, the authorities added.
CEA will look into the information presented by property agents when they market HDB flats, to protect the interests of the public and so buyers can make informed decisions, the authorities said.

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Mr Nicholas Mak, chief research officer at property search portal Mogul.sg, said that if the property agents are aware that the $2 million asking price is unrealistic, they should advise the sellers to lower it.
“It is very obvious that the asking price of $2 million for an HDB flat in the current market, regardless of whether it is a DBSS flat or a jumbo flat, is significantly above the recent transacted prices of similar flats in the respective HDB towns,” he added.
The authorities added that Singaporeans have a wide range of affordable flats to choose from, such as Build-To-Order (BTO) flats that come with significant market discounts.
The majority of four- and five-room BTO flats offered in 2023, which do not fall under the prime location public housing model, were below $600,000 before grants, they noted.
Seven in 10 five-room and smaller resale flats changed hands at below $600,000 before grants, they added.
 
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red amoeba

Alfrescian (Inf)
Asset
so listing the pigeon hole on HDB site is FOC? now, property agent have no more sex_cuse to charge 1% commission?
 
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