7 Answers

Alfred Chee 徐仲宏
Hi,

Have you considered EC direct from developer as your upgrading option? EC are usually priced 20% cheaper than surrounding comparable resales condo.

As with resales condo or EC direct from developer, minimum downpayment (own capital) is 20%. Minimum 5% has to be cash, the remaining 15% can be cash or CPF OA. Additional 3% will be stamp duty which can be paid by CPF OA. Legal Fee 2.5k also can be paid by CPF OA.

EC has more upside than EA or EM as they will be fully privatized after 10 years and you can sell to Singaporeans or PR after 5 years MOP. You would have to spend huge sum (cash outlay) on renovation for old EA or EM unlike EC which are already built with complete kitchen, built-in wardrobe, aircon and new flooring.

Only EC has deferred payment scheme, i.e. you only need to come up with 20% downpayment and the rest of the payment can be paid when the EC has TOP so you can time your sale of your HDB when closer to the EC TOP date.

Thanks and hope to be of assistance to you!

You can contact me at my mobile at 96428496  .

Warmest regards,
Alfred
Propnex
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  • JK
    Thank you for the prompt reply. I'm staying in Bishan, high floor, corner unit, 133sqm and unblock view. House is fully renovated. Knowing my unit am hoping to sell it at a good price.
    Actually, I'm keen in 3-bedder (at least 115sqm) freehold resale condo around the new Cashew, Beauty World or Hillview MRT stations. Is it possible to find one selling at a good price (not exceeding $1.1mil)?
Afternoon,

20% down payment is subjected to your age, credit and income status. 5% of this have to be made in cash while the balance 15% can be via CPF OA and/or cash. Therefore, this figures varies if you are getting bigger and more centralized unit. If you do not managed to obtain sufficient loan, you will have to bear the difference with cash. Hence it would be ideal for my banker to assess on your credit status before we discuss the details further.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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  • JK
    Thank you for the prompt reply. I'm staying in Bishan, high floor, corner unit, 133sqm and unblock view. House is fully renovated. Knowing my unit am hoping to sell it at a good price.
    Actually, I'm keen in 3-bedder (at least 115sqm) freehold resale condo around the new Cashew, Beauty World or Hillview MRT stations. Is it possible to find one selling at a good price (not exceeding $1.1mil)?
Dear upgrader,

When it comes to finances, it will be prudent to speak to a banker to find out the limit which you can stretch towards such that you can decide what is a better or optimal option moving forward as you upgrade, without putting a strain on yourself financially, emotionally and mentally since I am sure the primary objective of upgrading is to provide a better quality lifestyle for your family and not work your socks off or having to scrimp and save just to finance the property.

An EA or EM is another good option in terms of upsizing, whereas ECs could also be something for considerations, given that they boasts the facilities just like any condo while prices are just a fraction of private condos.

Let me know how I can get a qualified banker who I have worked with very closely to assist you in the financial planning aspect?

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Regards,

Geryl LIM
Real Estate Director
Masters Of Real Estate
M.O.R.E Property Pte Ltd (L3010548F)
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Mobile: +65-81577565  /+65-92787772
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  • JK
    Thank you for the prompt reply. I'm staying in Bishan, high floor, corner unit, 133sqm and unblock view. House is fully renovated. Knowing my unit am hoping to sell it at a good price.
    Actually, I'm keen in 3-bedder (at least 115sqm) freehold resale condo around the new Cashew, Beauty World or Hillview MRT stations. Is it possible to find one selling at a good price (not exceeding $1.1mil)?
Hi There,

Thanks for your query!
Firstly with regards to the downpayment, assuming 80% loan is approved, cash needed will be 20%. 5 % Cash & 15% CPF. The other associated costs would be the Buyer Stamp Duty of 3% and Misc Legal Fees. However, as advised by my fellow colleagues, it would be best to speak to a banker to asses your financial planning in funding for your upgrade.

To be able to advise further which residence option might work better for you, perhaps you could furnish me with your requirements, lifestyle preferences and finances on hands to draw a progressive payment plan + chart out the pros/cons of each residence type for your consideration. I had a client, with a similar dilemma (purchasing EC or EM) recently, and I advised him to purchase an EC after the thorough preliminary checks and calculations. The 1st testimonial in the following link illustrates how I went about assisting him in a step by step and systematic manner : http://www.kumarrai.com/agent-page/88280/testimonials

ECs generally have better appreciation scope with higher returns, with HDB seen as a declining investment asset. To further nurture your understanding, i would illustrate the transactions caveats and sales report of EC vs HDB, to analyze which option would value add your property portfolio. I have concluded sales at various ECs in recent months, and am currently working with a client with his EC purchase at Sol Acres. Being extremely familiar in the EC arena, I would be most glad to guide you exactly on the step by step procedural framework of EC purchase. Furthermore, we can always explore the deferred payment scheme and limited edition interior design option. To add , there is no agent fees in the purchase and your welfare is protected. Hope to hear from you!

D Kumar

+65 96659926 

ERA Associate Division Director

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  • JK
    Thank you for the prompt reply. I'm staying in Bishan, high floor, corner unit, 133sqm and unblock view. House is fully renovated. Knowing my unit am hoping to sell it at a good price.
    Actually, I'm keen in 3-bedder (at least 115sqm) freehold resale condo around the new Cashew, Beauty World or Hillview MRT stations. Is it possible to find one selling at a good price (not exceeding $1.1mil)?
Hi,

For your case, typical breakdown of condo purchase as follows:
Cash 5%
Cpf 15%
Max bank loan 80%
Stamp duties & legal fees approx 3%

Perhaps I can meet up with you to elaborate more on the financial planning side of things, so you can have a clearer picture of what to expect. Thanks and hope to understand your requirements further and assist.

Warm regards
Ivan ERA
 97432395 
Ivanng10@gmail.com
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More
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  • JK
    Thank you for the prompt reply. I'm staying in Bishan, high floor, corner unit, 133sqm and unblock view. House is fully renovated. Knowing my unit am hoping to sell it at a good price.
    Actually, I'm keen in 3-bedder (at least 115sqm) freehold resale condo around the new Cashew, Beauty World or Hillview MRT stations. Is it possible to find one selling at a good price (not exceeding $1.1mil)?
Hi,
Work out the financial plan will provide you a better picture of the cash flow. This include the sale proceed, the purchase price, the loan quantum, the down payment, the CPF, cash ...etc
1. Assuming you are eligible for 80% bank loan, the the min cash + CPF will be 20%.
2. Stamp duty and lawyer fee are the other 2 major fee.

To assist and advise more in details, kindly drop me an email for me to share.

I can be contactable at my mobile or email.

CK Ang
 9046 3808 
res.ckang@gmail.com Read More
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Johnny Goh Mui Huat
Dear Sir/Mdm,

1) If you choose to sell HDB first, you only need to pay 5% cash, 15% can pay using CPF.
2) Stamp duty = 3% of purchase price - $5,400
Legal fees = approx $3,000
Other misc fees such as agent fees for selling HDB
3) It depend the what lifestyles you want, living in HDB and condo are of different lifestyles.

Feel free to contact me if you need my assistance.

Thanks and Regards
Johnny Goh
R018297H
Team Associate Director
OrangeTee.com Pte Ltd
Mobile: 90906267 
Email: johnny.goh@orangetee.com
Website: johnny-goh.com Read More
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