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Hi,

If you have used CPF for your 1st property, and intending to use CPF for the 2nd, you need to set aside the Basic Retirement Sum of 83k (using OA+SA) before you can use the excess OA for property investment. Hence it looks like CPF OA of 157k can be used for your 2nd property purchase.

Typical breakdown for 2nd residential property, with 1st hdb fully paid up, as follows:

Cash 5%
CPF 15%
Max Bank Loan 80%
Stamp duties and legal fees approx 10% (If SC, BSD of 3% and ABSD of 7% is applicable)

Max bank loan depends on your age, income profile, credit score and also debt obligation outstanding, subject to bank approval.

As for condo recommendation, 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 ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
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Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials)

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! ** Read More

Dear SirMdm,

Thanks for posting in Propertyguru and congrats on your plans in getting a second property too!

Looking at your profile, you definitely seems to be in a good position to purchase a second property. But there are many factors involved in your current scenario which is not favourable in your current plans.

What I feel is that you need to do some restructuring to your current property portfolio and you will realise that you may still be able to own 2 properties and you will be in a much better state. What I would suggest is that probably we can meet up for a chat and I can share more with you on your property restructuring. My sincere apologies that I am not able to share in public media like this as certain information may be sensitive. We can just take it as a chat and no worries there are absolutely no obligations at all. We can just take it as a chat.

We have advised many clients on such plans and also for clients who were planning to do upgradings. Such planning have to be meticulous as it involves finances and timeline planning. We have really seen cases whereby the timeline was not planned properly and the seller ended up having a couple months with no place to stay. During those cases we were serving the buyers and sadly we were not able to help as our timeline was planned nicely and we really could not exercise anymore flexibility to help those sellers. That is why we always advocate that timeline is extremely important. In the event if we have to choose between a timeline that suits us versus a price that is higher, we would definitely advise to go with someone who can offer us a timeline that suits us. Hope what I have shared did helped a little.

Looking forward to hear from you soon! Cheers!

Best Regards,

Jeffrey Heng
Associate District Director (Sincerus Division)
NAVIS Living Group - A group in OrangeTee that believes in Technology, Training & Teamwork (3Ts)

** Featured in CEA Newsletter for Great Client Service - https://goo.gl/NMusPZ **
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SAEA Real Estate Excellence Silver Award - Best Client Service
(2014)
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(2012/2013)

Mobile : +65 9858 1322 
Email : hengjeffrey@gmail.com
Web : www.sgpropertyadvisers.com Read More

Dear Sir/Mdm,

For the 2nd property, you will need to set aside the Basic Retirement Sum (50% of Minimum Sum which is currently at $166,000) in your OA and SA before you can use the rest for property purchase.

Husband will be able to use 150k and wife will be able to use 57k of her CPF.

For your profile, I would suggest getting a unit that is able to generate rental income easily ie project near big pool of potential tenants and also with upside potential. This is to ensure that you will be able to generate a steady stream of passive rental income and not overstretched yourself while waiting for the property to appreciate.

Please feel free to contact me so that I can understand your objectives better and provide you with a list of recommended projects to consider!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

“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.”
Mr & Mrs Wong (Property Seller)

“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

Good day sir / madam

No info provided regarding your family income ( TDSR loan eligibility ) and cash on hand , however your family healthy cpf reserves and fully paid hdb most likely means can afford a 2nd property .

Although hdb generates a very high rental yield , the disadvantage in your present plan of keeping the hdb is having to pay a hefty ABSD of 7% for singaporean , for example 7% ABSD for a 1million dollar private property would cost you EXTRA 70k $ .

Alternatively , to bypass ABSD , After selling off the hdb , you and your spouse can separately buy 1 condo individually . One for self stay , the other for rental .

Kindly contact me joanne chia HP 8333 3327  for a no-obligations chat for your property needs .

My charges are 1% commission for exclusive selling rights ( sole agent ) to your hdb or 2% for open listing ( many agents ) .

No commission chargeable when i serve private property buyers .

Joanne chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More