- HDB launches free property listing portal, shaking up Singapore’s housing market.
- PropertyGuru and 99.co welcome the competition.
- Despite RFL’s potential, incumbent players remain confident in their market positions.
Singapore’s Housing & Development Board (HDB) has launched a new home listing service, Resale Flat Listing (RFL), which allows homeowners to list their properties for sale free of charge.
This move could significantly impact the property listings market, traditionally dominated by platforms like PropertyGuru and 99.co.
However, the CEOs of these companies remain unfazed, welcoming the increased transparency and trust in the market.
PropertyGuru and 99.co: bring it on, HDB!
Darius Cheung, CEO of 99 Group, which operates 99.co, believes that the new portal will not significantly impact his business.
He emphasizes that finding a property is a long journey, and savvy buyers require additional information and tools that his platform provides.
Similarly, PropertyGuru welcomed the initiative and expressed interest in partnering with HDB.
The trusty new kid on the block
The RFL service could be a game changer due to its ability to inspire trust among users. Listings on RFL will be verified and non-duplicative, addressing the issue of scams and fake listings that plague third-party platforms.
Additionally, HDB flats account for a majority of residential real estate transactions in Singapore, making the free RFL service a compelling alternative to fee-based listings on PropertyGuru and 99.co.
Despite the potential impact of RFL, PropertyGuru and 99.co remain confident in their market positions. PropertyGuru claims an 82% market share by engagement in Singapore, while 99 Group has a strong presence in Indonesia.
Both companies invest heavily in research and development to provide user-friendly experiences and cater to their customers’ needs.
To read the original article: https://www.techinasia.com/sg-home-listings-portal-poses-threat-propertyguru-99co
