HDB to halve time taken for resale transactions

The time it takes to buy or sell a resale flat will be cut from 16 weeks to about eight from next year, with a revamped HDB resale portal.

Part of the country’s Smart Nation push, the upgraded portal will also reduce the number of appointments needed to complete a deal from two to one, and will tap the Housing Board’s (HDB) trove of resale transactions to do away with most professional valuations.

National Development Minister Lawrence Wong said in a blog post yesterday that the 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”.

Yesterday, HDB announced the changes to its resale portal, promised during March’s debate on the National Development Ministry’s budget.

It will go online on Jan 1, and make it easier to file applications and conduct eligibility checks.

The one-stop service will mean that buyers and sellers’ financial documents can be uploaded and verified online, thus requiring only one appointment to sign the final legal documents.

Currently, the first appointment is for working out how much sellers will receive from the sale and assessing buyers’ financial plans.