- Sellers will no longer be the ones getting a valuation of their flats from HDB. Buyers instead are responsible for that part of the procedure.
- HDB flat valuations can only be secured after the seller and buyer have agreed on a price. Previously, the seller could obtain a flat valuation prior to seller and then offer the valued price to the buyer, and on top of that demand a COV price.
- The Option-to-purchase (OTP) period will now be 21 days instead of the previous 14.
Most of these new rulings were to help buyers obtain a home loan, especially since the loan limits have decreased. According to the National Development Minister, Mr Khaw Boon Wan, this move will also help “restore the original intention of valuation, which is to help buyers get a housing loan”.
The government is keen to make the HDB resale market less dependent on COV prices. Recent HDB sales have seen the COV prices drop to almost zero in many cases and some even selling below valuation. Just last year, median COV prices have sky-rocketed to $38,000 with some even garnering six-figures.
HDB will also now be publishing HDB transaction figures on a daily basis instead of fortnightly. These recent moves may be the push towards transparency the public housing market needs.