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Am wondering if it is a wise move to upgrade from resale HDB unit to a PC/EC

Have purchased first property: resale HDB prime location (26 years old this year. Point block, near 3 MRT stn, mature estate, 4rm) for 648k, slightly below valuation of 650k. Bought with grants, HDB loan. mortgage about 2.6k. Did minimal renovations (about 35k)

Based on desktop searches, properties in the block and the next block are rarely on sale and easily snatched up despite the price range. This is a considerably young resale HDB Unit in the very mature estate.

Appears that I would most likely make a nett loss if I sell my resale unit at valuation, not sure if wise to upgrade to PC or EC. To minimise losses, I should sell it ASAP before it turns 30? Or just stay put and enjoy the perks of being in a mature estate. Sigh.

For advice please. Thanks
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10 Answers

Hi

They are many considerations to think before we could make any suggestion.

You may text 9620 0827  for a casual chat.

Gavin Read More
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Hi, I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Hope to hear from you soon and have a great week ahead. By the way, upgrading from HDB to private property is not for everyone. As it involve a few important factors like individual salary, age and etc.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi;

Whether your unit is selling at a loss or not pretty much depending on what is your purchase price back then.. and also need to take into consideration of the CPF accrued interest that you need to return back upon sale of your unit. I have many clients who are also in the same shoe, uncertain whether to take any action now or just stay put at comfort zone. But after I go thru the figures with them, they are more well informed and can make decision based of facts and figures....Do get in touch with me for further discussion as i'm unable to contact you here..Thanks

Regards;
Lyna Song
 9623 8442 
Associate Group Director
Propnex Realty Pte Ltd
lynasong@hotmail.com Read More
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Hi It sounds like you are aware of the outcome already. Why not contact me at 97970200  to discuss on your options

Mark, your RIGHT choice
Propnex Read More
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Dear Sir/Mdm,

It may be a painful decision to sell off your resale flat now especially if it is at a loss but if you consider the bigger picture, it will be a financially wise decision when you look back in the future.

This issue is faced by a lot of my clients and when we look deeper into the numbers and the fundamentals of the real estate market in Singapore, it will be easy to understand. To put it briefly, HDB is a depreciating shelter and older flats although situated in a good location will continue to depreciate as the lease runs out because the pool of buyers will become smaller due to govt policies such as loan restrictions and CPF usage restrictions.

Condo on the other hand, will provide you with better upside in the future if you purchase a unit with good potential and in a location with a growth story. Feel free to contact me so that I can understand your considerations and show you the facts and figures so that you can have a clearer picture. I am also available for discussion on Zoom during the circuit breaker period.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
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I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
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“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More
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YT Tan (陈永达)
Good evening Sir,

What are running in your mind?

1) purchase an EC or private condo
a) for change of lifestyle?
b) better chances of appreciation?

2) plans in 5, 8 or 10 years?

3) plan for holding a property?
a) Wish it doesnt drop in value?
b) wish it can be a vehicle for your retirement?

Perhaps I can share the market trends with you so you have a better idea whats ahead for HDB and private market so you can can make a sound decision.

May I know when is a good time for you to zoom?

FYI i sold off a 3rm 35 years old HDB in potong pasir last year. Not easy to find a qualified buyer due to resale ability (restrictive usage of CPF OA funds and loan).

#staysafe

YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

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Hi
I understand your concern and dilemma on this. I assume you bought a resale unit previously and make use of HDB grants. As trend as shown that HDB flats do depreciate in value especially for older units, this scenario can't be avoided for those buying resale even as a first timer. If you can afford, I would likely suggest you make a move to an EC/PC as chances are you are most likely to make a profit from investing in such units. Do contact me at 93375051  for a free and non obligatory discussions on this.
Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More
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Robbie Chen Chee Howe
Hi,

I can understand your situation, as I had served many clients with similar profile as you. Honestly, there is no right and no wrong answer. I think your ultimate decision will depend on various factors, like your age, your family size, income profile, expectations, and objectives.

Please allow me to fully understand your family profile first, before I can offer you a more appropriate recommendation. I would like to do a risk assessment profiling for you, and come out with the best possible plan for you and your family.

I am experienced and well-versed in both private and HDB resale transactions. My area of focus is in Central/Queenstown/Bukit Merah/West region, and I am blessed to have transacted several record-breaking "million-dollar" HDB flats over the past 1-2 years, with many others in the $900k+ range. In fact, I had transacted 2 "million-dollar" HDB flats in this year!

I will be able to assist you and your family in property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Dear sir/madam,

I believe that you are relatively comfortable based on your current situation, where it is ok to carry on staying on in this HDB or you are also considering whether to improve your asset profile and move into a better asset class to better protect your asset wealth.

While the current flat is in a prime location with a decent balance tenure, the lack of transactions in the area despite being in a good location can be detrimental to the home value, and as the lease runs out, your wealth position will definitely be compromised from an investment perspective.

Now, if you decide to move, where should you move then? Are you looking at opportunities that can make decent returns with an exit plan in mind for the next home so that you will not be put in a similar situation like now where you have mentioned that you are likely looking at incurring losses if you were to be selling at the current flat value, or are you looking to consider moving into another location as long as you have the potential to make good return upon exiting in amount of say $500,000? Nevertheless, as we are not in the midst of fighting against the Covid-19 pandemic, it will be prudent to take sometime to really make your decision since there is no rush into this. We are definitely going to see some price correction due to this pandemic but we do not know how much extent will it be corrected.

A sound retirement planning will be critical and strategical real estate portfolio restructuring can often be part of the retirement planning.

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
Associate Deputy Group Director
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OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
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OHMYHOME PTE LTD
Greetings from Ohmyhome Realtors.

It is always a dream for HDB flat owners to be able to upgrade to private property.

To know whether it is wise for you to do so, a detailed financial calculation will be required in addition to your preferred location and price range of next purchase.

At Ohmyhome, not only we can help to sell your HDB at 2 times faster with better price, we are also able to advise and plan your buying of private property with free mortgage advisory.

For more information, kindly contact us at 68869009  or WhatsApp us at 97551009  .

Richmond Chia
Senior Advisor
Ohmyhome Pte Ltd Read More
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