Singapore's Housing Authority Launches Portal to Rival PropertyGuru and 99co

May 29, 2024
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The powerful, government-run Singapore Housing and Development Board has launched a new marketplace for the housing units it controls.

According to a post on the authority's website, the service underwent a soft launch on the 13th of May. Owners of government-regulated 'HDB flats' or their real estate agents now have the option to list and market their property for sale independently on the new portal.

By launching the service the HDB authorities aim to create a "transparent, reliable and trusted marketplace" and will include "a one-stop loan listing service, customisable financial calculators". The platform intends to help regulate the often exorbitant pricing of HDB units by promoting sellers if their listing price exceeds the highest transacted price of nearby units while promoting transparency and de-duplication of listings.

To access the service, dubbed Resale Flat Listing, sellers must have a valid 'Intent to Sell' letter and buyers must have a valid 'HFE Letter' from the authority.

The new government portal could provide competition to the likes of market-leading vertical PropertyGuru and challenger 99co in the property-obsessed and profitable Singapore market.

Although HDB housing is important in Singapore it is by no means the most expensive or the most profitable for portals. At the time of writing, HDB flats accounted for around 13% of the total 51,831 sale listings on PropertyGuru's website.

The news comes as PropertyGuru, which operates in several countries but relies heavily on its Singaporean operations, may be about to be taken private by investors just two years after floating on the New York Stock Exchange.

May 29, 2024
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

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