Changes to HDB Valuation Ruling
(Source from ST Property)
Buyers and Sellers of HDB flats will now undergo a different process when settling on a price, after announcements made by Minister Khaw Boon Wan on 10 March 2014. This will eventually improve the long-term stability of the Resale Market.
Under the new ruling, buyers who are granted OTP will also have 21 calendar days, instead of 14 calendar days to exercise the Option –To- Purchase.
HDB will also publish prices of the resale transaction on a daily basis, instead of fortnightly, as soon as the transactions are registered. This will enable Buyers and Sellers to reference to the latest information update during price negotiations.
What can buyers and sellers do to determine fair transaction values?
By providing insights on previous transaction prices in various HDB estates and neighborhoods, buyers will reduce the chance of over-offering and sellers will also mitigate the risk of under-pricing their HDB apartments.