DBS launches one-stop online property marketplace; EdgeProp is listing partner

DBS Bank has launched DBS Property Marketplace, a bank-led online property marketplace offering 100,000 listings from agents and owners. About 70% of these listings comprise resale and new launch condominiums as well as landed properties, while the remainder are resale HDB units. DBS has partnered with online property listing platforms EdgeProp and Averspace, and is currently in talks to partner with SoReal, a property portal by Huttons Asia, ERA Realty, and PropNex Realty.
Homebuyers start their purchase process by considering their affordability, such as how large a property they can afford, and how much loans they can take, says Tok Geok Peng, head of secured lending at DBS. “But more importantly, we found out that people really want to know about their cash flow. They want to know how much [of the loan] they can pay by CPF [Central Provident Fund], and how much by cash,” she adds.
(Credit: DBS)
The DBS Property Marketplace will feature a financial planner for homebuyers to determine their affordable price range based on their monthly cash flow, CPF savings and cash deposits. It will facilitate cheque-free payments and end-to-end digital documentation for customers to apply for a loan. Customers may receive a loan offer from DBS within a day, once documentation and compliance are completed, says Tok. She expects that about 80% of users of the marketplace will be local first-time homebuyers and upgraders.
There is a growing number of young, digitally-savvy consumers who are entering the property market, notes P’ing Lim, DBS head of deposits and secured loans. “Our partners are able to bring editorial content and data to complement the customer experience,” she says.
For now, the tools available on DBS Property Marketplace cater to first-time homebuyers, but other tools for upgraders, investors, and “silver-haired” property buyers will be progressively available by end-2019.
Our partners like EdgeProp are able to bring editorial content to complement the customer experience, says P’ing Lim, DBS head of deposits and secured loans (Picture: Albert Chua/The Edge Singapore)