A HDB resale transaction can be quite an involved process for both buyers and sellers. Currently, it takes about 16 weeks to complete a resale transaction, requiring two appointments with HDB.
We can do better than this.
Earlier this year, I shared that we will make use of technology to make the resale process faster and more streamlined. After months of preparation and consultation with stakeholders, HDB is ready to launch the HDB Resale Portal on 1 January 2018.
This is a new digital platform to guide flat buyers and sellers through the HDB resale transaction process. You can conduct eligibility checks, submit resale application forms and upload required documents on a single platform.
With the portal, HDB will streamline its internal processes and reduce the number of resale appointments from two to one. The first appointment will no longer be needed as the required documents and verification checks can be completed digitally. You can do away with the filling of hard-copy forms, and save on a trip to HDB hub.
In fact, if buyers and sellers submit all documents online promptly, the resale transaction time can be halved from 16 weeks to around 8 weeks!
This new platform is an example of how digital technology can be applied in practical ways to streamline existing processes and make citizens’ lives more convenient. It is one of the initiatives under our Real Estate Industry Transformation Map (ITM) and part of our move towards being a Smart Nation.
The HDB Resale Portal will also benefit real estate salespersons. It will free them up from time-consuming administrative work and allow them to focus on higher value-added work.
In developing the portal, HDB has taken in feedback from stakeholders to ensure that it is user-friendly. But we are mindful that there may be some flat buyers and sellers who will need help to use the new portal. HDB will set up a dedicated helpline and helpdesk at the HDB Hub to guide those who require assistance through the resale process.
I encourage buyers and sellers to share your feedback with HDB, so that it can continue to improve the system, and serve our residents even better.
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