On May 8, authorities said they were investigating the resale listings for two HDB flats for being “misleading” and “unrealistic” in their asking prices of S$2 million.
Asked if its new listing service can help to deter such incidents, HDB said: “The government will not condone behaviour, whether by sellers or their property agents, that seek to disrupt the market or fan consumer sentiment.”
It added that it “reserves the right to remove listings which have unrealistic pricing or contain misleading information” from its portal. It may also seek clarifications from sellers or their property agents as necessary.
If professional misconduct is suspected by property agents, HDB will work closely with the Council of Estate Agencies to investigate and take necessary enforcement action, a spokesperson told CNA.
Noting that HDB resale flat transactions are conducted on a “willing buyer-willing seller” basis, the authority said: “The resale flat listing service aims to further improve transparency and create a more reliable and trusted marketplace for listing, that will also contribute to a stable and more sustainable property market in the long run.”
LISTING SERVICE FREE FOR NOW
The soft launch of HDB’s resale listing service on May 13 will begin with eligible flat sellers and their appointed agents.
HDB said it will progressively send email invitations to those with a valid Intent to Sell.
This early access is meant for sellers and their property agents to be familiar with the new listing service. No transactions will be carried out during the soft launch period.
The official launch will be held “later this month, on a date to be announced”, HDB said.
After the official launch, would-be home buyers and their appointed property agents will be able to access the listings on the HDB Flat Portal. Buyers with a valid HFE letter will receive an email invitation.
The resale listing service, which is its latest enhancement to the HDB Flat Portal first launched in 2021, “will be free of charge for the time being”, HDB said.
