Tag Archives: HDB

Property agent’s priority is to get the best price

Posted on 14 Oct 2009 | Comments Off on Property agent’s priority is to get the best price

IT IS good to examine why the ‘one agent representing buyer and seller’ situation happens only in the HDB resale market and not the private property market.

The difference between an HDB resale and private property is that in the latter, once the parties agree on the selling price, the sale is concluded after the legal searches and transfer of titles are carried out. In an HDB resale, the agreed price is not conclusive. The HDB needs to give consent. Obviously, there is more administrative work to do after the agreement on price is inked.

However, administrative work is independent of price. Therefore, when the agent wants to charge an administrative fee that is pegged to a percentage of the agreed price, it gives a wrong impression that he is being rewarded for getting the best price.

I often hear property agents say that HDB resale flats are lower in price compared with private properties, and therefore deserve a 3 per cent commission for the fee to be sizeable to co-broke. Continue reading →

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HDB’s sale of balance flats nearly nine times oversubscribed

Posted on 13 Oct 2009 | Comments Off on HDB’s sale of balance flats nearly nine times oversubscribed

The Housing & Development Board (HDB) has seen strong demand for the 2,100 flats being offered under its “Sale of Balance Flats” exercise.

The HDB received more than 19,000 applications, just a day before the exercise closes, which means that the flats are nearly nine times oversubscribed.

Demand was high for the flats – ranging from studio apartments to executive flats – in estates such as Bedok, Bukit Batok, Choa Chu Kang, Bukit Panjang and Woodlands.

Balance flats are those unsold in previous Build-to-Order exercises, surplus flats under the Selective En bloc Redevelopment Scheme, as well as repurchased flats.

These flats are either completed or nearing completion – so owners do not have to wait long before moving in.

The exercise, which is the largest to date, replaces the existing balloting exercise, quarterly sales and half-yearly sales exercises.

The HDB said that the rationale behind this move is to simplify the flat application process, and to provide buyers with a wider choice of flats across a range of locations in one exercise.

Source : Channel NewsAsia – 13 Oct 2009

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