7 Answers

askguru expert
Hi there, thanks for writing to us on AskGuru.

Since you need access to cash and your CPF to finance your next purchase and do not wish to rent, then buying a resale condominium will be a feasible option.

You can start marketing your HDB flat while simultaneously searching for a resale condominium. The entire process will roughly take place around 6 months from marketing to completion. At the same time, you should start looking for a bank loan and get the Approval In-Principle letter.

Once a buyer is found, you will need to issue an Option to Purchase (OTP) form after 7 days from the date of the Intent to Sell The buyer then submits the OTP to HDB to request for a valuation. An assigned valuer will then inspect your HDB flat to determine its valuation. The seller will be given 21 days to think over the intended purchase and to check his eligibility, financing aspects and other issues such as whether the flat is affected by redevelopment or upgrading, the liability to pay for upgrading costs, levy and so on and then to exercise the option.

During this period, you can start shortlisting your intended resale condominium and place an Option Money which is equivalent to 1% of the agreed sale price in cash. Do ensure you exercise your option within the 14 days period after your buyer has exercised his or her option for the sale of your HDB flat. You can then exercise your option by signing the 'acceptance copy' of the Option form, and paying another 4% of the sale price in cash. Within these 2 weeks, you must obtain a letter of offer from the bank in order to exercise the OTP. Upon exercise of OTP, you need to pay Buyer's Stamp Duty (estimated 3% of the purchase price) within 2 weeks from the exercise date. This can be via your CPF. It will take around 2 weeks for your CPF to be refunded in your ordinary account from the sale of your HDB flat. The balance 20% of the downpayment can be paid in CPF or cash and is payable at least 2 weeks from completion date.

Hope this answers your question.

Best Regards,

Team PropertyGuru Read More


YT Tan (陈永达)
Good morning Sir/ Mdm,

There's no longer any way to go around it.

As you mentioned, if you wish to continue to stay in existing HDB, you have to bear the ABSD and if still have outstanding loan or have used CPF OA funds in HDB, you need to fork out quite a fair bit on this purchase thus my clients like you opt to rent if buy a resale if not buy a new EC.

Buying a new EC, you can opt to take deferred payment scheme by just paying upfront 20% downpayment with stamp duty and you can continue to stay in existing HDB and only sell it off prior to TOP.

Have you consider any new EC before?

If you still prefer the private way, I am afraid there will be limited choices in 1 year time or sold out or price increment.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
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Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

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Aaron Chong

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

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


Ivan Ng

One way could be to explore a new EC purchase, where ABSD is not applicable as the regulations require you to sell away the HDB and thus you are required to sign an undertaking to sell away the HDB when the EC attains TOP.
Otherwise, waiting closer to TOP period of new condo then sell (to minimize the rental period, and upfront costs and to unlock funds for downpayment) or getting a resale condo appears to be the better option.

May I know your objectives for the development? Another way to look at it is if the rental outlay can be potentially offset by the paper gains capital appreciation as the developer typically go for price increases at each phase of the launch and as TOP draws closer.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

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Silvia Yang
Hi Sir/Madam

I just assisted my client who have similar concern
I will be glad to assist you as well
Appreciate if you can contact me at (65) 96608508 with details of your unit
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508
Email: Silviayang8@gmail.com Read More


Ling CK

1) Under your current situation and wish to minimize the hassle of upgrading.
2) The best solution would be to consider a new launch EC.
3) No ABSD, no immediate installment to take care of, no hurry in disposing of your flat after key collection (within 6 months to sell).
4) EC is meant for this type of upgrading.
5) Honestly, the only shortcoming of this type of upgrading is the amount of loan is half of the private residence. Otherwise, this should be a perfect solution.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK

Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More


Robbie Chen Chee Howe

Three questions you may wish to ask yourself.

1) Is there balance units left for the condo you're interested in?
2) Will your choice unit still be available 1 year later when it TOP?
3) What will be the price if you hold your purchase till next year?

If you can answer the above 3 questions, I think you will be much clearer in your decision making.

I do have a solution for you to consider, but I'm not sure if it's feasible for your family? Do Whatsapp me for further discussion.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your 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