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Singapore to speed up HDB resale transactions from next year

Nurdianah Md Nur | Oct. 20, 2017
The streamlined process will only require 1 appointment with HDB and reduce the transaction time to 8 weeks.

building

The Singapore Housing & Development Board (HDB) has launched a new portal to make buying and selling a HDB resale flat easier and faster.

Available from 1 January 2018, the portal will streamline the resale transaction process by integrating all eligibility checks on a single platform.

Besides that, buyers and sellers of resale flats can submit their applications through the new portal using their SingPass and receive step-by-step guidance on their respective resale journeys.

Once the application is approved, HDB will arrange an appointment for both parties to complete the resale transaction and physically sign the necessary documents.

This streamlined process requires buyers and sellers to attend only one appointment with HDB, and will reduce the transaction time to 8 weeks, if the necessary documents are submitted promptly.

Currently, the entire resale transaction takes about 16 weeks to complete, and requires two appointments with HDB. The first appointment is to work out the sellers' sales proceeds and assess the buyers' financial plan, while the second appointment is to complete the resale transaction and sign the documents.

According to HDB, the streamlined resale process will apply to applications where Option to Purchase (OTP) is granted by flat sellers on or after 1 January 2018.

The current HDB-prescribed OTP form will be valid until 31 December 2017. Resale applications with OTPs granted before 1 January 2018 using the current OTP form, will continue to be processed under the current procedures.

The public can contact the HDB Sales/Resale Customer Service Line at 1800-866-3066 for enquiries. A dedicated helpline and helpdesk will also be set up from 2 January 2018 at HDB Hub to provide assistance to resale flat buyers and sellers. 

 

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