The HDB (Housing Development Board) in Singapore has built over 1 million apartment units, and most of Singapore’s population, amounting to over 80%, live in these units. Only legitimate Singaporeans or non-citizens with complete documents are allowed to live in HDB flats. Tourists are not allowed to rent entire apartments or even just a bedroom.
HDB flats are considered public housing, and they can be acquired in several ways. However, selling fully paid HDB flat is much more complex because of the process that a Singaporean has to go through.
Selling Without An Agent
Before even thinking of selling, Singaporeans would have to live in their flat for at least five years for it to be eligible for resale. Without an agent, they would first have to register their intent to sell by going on to the HDB Resale Portal. Then, they need to fill up and submit the resale application. Next, they would need to submit resale documents via the portal and pay the resale fee. Then, wait for the approval, and once approved, they have to appear at the resale completion appointment. The entire process will take up to two months.
Selling With An Agent
With an agent, the process would only take two weeks, and your flat can be sold within that period as well. Agents also offer a few more services along with processing your resale. They will meet with you and discuss a great marketing plan before putting it on the market. They’ll even take attractive photos of your flat, add a few appliances and furniture to help the buyer visualize the layout of the apartment. Since everyone is on their phones nowadays, marketing is done heavily online, with a vlog-style tour of the apartment and surrounding amenities to attract potential buyers.
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