Singapore

HDB launches new portal for flat pricing and loan information

Platform being progressively rolled out consolidates info on current and upcoming flats sold by HDB

Those hunting for a home can now get pricing and loan information of new Housing Board flats on a platform that aims to streamline the process of buying and selling a place.

The portal, which is being progressively rolled out from yesterday, consolidates information on current and upcoming flats sold directly by HDB, said National Development Minister Desmond Lee in a Facebook post.

He added that it may include HDB resale flat listings in subsequent phases.

HDB already has a separate platform for resale flats, which was launched in January 2018. It is where potential buyers commence their application for their resale flat of choice.

The portal for new flats and the platform for resale flats will run in tandem on HDB's website.

Aside from listings, the platform for new flats also includes financial calculators for would-be buyers to estimate their housing budget. This is to help them compare their housing options, said Mr Lee.

Those intending to sell their flats can use the calculators to estimate their sales proceeds, which also take into account monies that have to be returned to their Central Provident Fund. They will also be able to view past transactions around their estate.

"This new portal will make it more convenient for home buyers and sellers to gather information on the purchase or sale of a flat through a single integrated platform," said Mr Lee.

Those interested can find more information at homes.hdb.gov.sg/home/landing

A SingPass account is needed to access some services.

As for sellers and buyers of resale flats, they will have to use the HDB resale portal to complete their transactions. The resale portal cuts the transaction time from 16 weeks to eight weeks when there are no hitches in the process.

OrangeTee & Tie senior vice-president of research and analytics Christine Sun said the new HDB flat portal makes it easier for users to obtain most of the essential information. It is also useful for those eyeing resale flats.

"Some may use the suggested payment plan in the new portal as a reference or benchmark when they talk to property or bank consultants prior to purchasing a resale flat," she said.

ERA Realty head of research and consultancy Nicholas Mak said that while the portal streamlines the process, it does not mean property agents are obsolete.

He noted that the process of finding and securing a flat of choice, or when selling a unit, may be too daunting for some.

"Property agents could help their clients achieve the best price as they have the market knowledge and experience," he said.

Property