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Resources for more efficient HDB resale transactions

The Housing & Development Board (HDB) has streamlined its resale process with the launch of its Resale Portal. Launched on 1 January 2018, the portal aims to make HDB resale transactions easier, faster, and more convenient for buyers and sellers

Here are two key changes to the previous resale transaction process:

  1. New HDB valuation process

    Before the HDB Resale Portal was launched, flat buyers who intended to use their Central Provident Fund (CPF) monies and/or wanted to take up a housing loan to finance their purchase had to obtain a valuation report from an HDB-appointed valuer. The valuation in the report was used to set financing limits such as the minimum cash down payment required, CPF usage, and housing loan.

    Now, buyers simply have to submit a Request for Value via the HDB Resale Portal to obtain the value of the flat they intend to purchase. Appointed valuers will inspect the flat only when HDB requires a valuation of the flat.

    More information on the HDB Resale Portal can be found in our previous CEAnergy article and in HDB’s media release.

  2. New information on remaining leases

    Knowing the remaining lease of a resale flat enables buyers and sellers to better decide the asking and offer price respectively.

    The remaining lease of HDB flats is crucial information to flat buyers and sellers as it affects the offer price and valuation of the flat, as well as the loan amount available for buyers.

    HDB has enhanced its Resale Flat Prices portal to provide information on the remaining leases of HDB flats. Along with other details like resale prices and the floor area of transacted units, buyers and sellers can now better decide the asking and offer price of a resale flat respectively. Buyers can also assess whether they have sufficient funds to make the purchase.

    Another channel where the public can check remaining lease information is via HDB’s Map Services. The portal provides other useful information such the transacted prices of HDB resale flats, the Ethnic Integration Policy (EIP) and Singapore Permanent Resident (SPR) quotas for each block, upgrading programmes, and distance enquiry for CPF housing grants.

    With the information easily available at their fingertips, property agents can better advise clients on the buying/selling price range of HDB properties of similar sizes and remaining leases among other considerations.