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Hi there,
Thank you for your query.
Firstly, congrats on your MOP!
In view of your proposed idea , you could keep your HDB flat and invest in a private property (1/2bedder etc) depending on your financial ability to generate passive income.
However ,please do take note that there are certain pointers to consider such as -
:7% ABSD on 2nd property
:Restriction on CPF usage for 2nd Pty from OA Account
:Loan quantum

As you can tell, purchasing a property for investment is a detailed and thorough process and you may require meticulous guidance to understand the entire process. If you are keen, we could possibly meet up for a short discussion for me to run you through the overview of the framework , calculate your finances on hand to construct a financial plan with timeline to aid your understanding as well as propose specific properties that meets your investment objectives. From selecting properties to legal , financial , admin matter - you are covered and that too , at no cost as private property purchase does not involve agent fees. Let's discuss further so that I can propose not just projects but also exact unit layouts which will be highly sought after by investors and tenants likewise. That will be a triumphant to your investment. Furthermore, I will take the opportunity to chart out the sales report & projected returns, offering market insights for your consideration.

Visit my website for my recent accolades, awards and testimonials@ www.kumarrai.com.

D Kumar
 +65 96659926 
ERA Associate Division Director

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Hi Kelvin

In order to purchase a 2nd property there are a few key points that you might need to take note like the ABSD, CPF usage, TDSR. Such factors are of utmost importance & will definitely require a prudent calculation and discussion on your next property purchase.

Please feel free call me @ 92700370  for a discussion and i will gladly assist you.

Huttons Asia Pte Ltd
Developer Sales Team
Associate District Director
Nicolas Soh
 92700370 
R007769D Read More

Dear Kelvin,

Provided you are eligible to hold on to the HDB while you purchase a 2nd property (Singapore Citizens household), you will be subjected to Additional Buyer's Stamp Duty for the purchase (subjected to household make up).

What do you meaan by suggestion on what you can do? I am also interested to find out the reason why you do not wish to sell the HDB if you are aware of the applicable stamp duties so I can provide better advise and opinions.

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Regards,

Geryl LIM
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Hi Kelvin

There is the various alternative to invest. You may buy a residential, commercial, overseas property, however, there are risks in each of the investment.

You may want to write to gavin.ng@orangetee.com to explore further your intention to invest.

Regards

Gavin Read More

Hi Kelvin,

Good question.

In fact, you are allowed to own 2nd property (private only not HDB) as long as there is a SC in your family.

(1) Do note different ABSD rate applies on mix of residence status couple. If your family consists of only SC, then the equation would be simply 7%.
If there is a mixture of residence status, such as SC + SPR couple will incurred 10% ABSD instead of 7%.
It will be 15% if the equation consists of SC+FR couple.
Thus it is usual we will advise to use single name for 2nd property to minimize ABSD.

(2) CPF OA usage: If you have utilized CPF for current property, you must keep BRS (SA + OA) aside, any excess than allowed to be use on 2nd property.

(3) Bank loan: If your current HDB flat is not fully paid, your maximum loan amount will be limited to 50% only.

Hope the above answer to your main concerns, but if there are more queries, 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
 90110636 
ling.ck7@gmail.com

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Good morning Kelvin,

Do take note of these cooling measures that will be applicable to you when you purchase a second residential property in Singapore.

1) you will be eligible for max 50% bank loan if you still have an outstanding housing loan

2) you will be subject to 7% ABSD as a Singaporean

3) you will be required to set aside $85.5k in your CPF OA + SA first before you can use the excess CPF OA funds in this purchase.

Why not let's meet up over a cup of coffee to discuss and explore your options first?

With the right direction and financial calculation, you will have a proper sensing whether can you proceed further with that plan.

At the same time, I will share how my clients grow wealth through assets, able to reduce their monthly mortgage despite owning a second property and still able to have reserved funds for rainy days.

Hear from you soon!

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

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Hi Kelvin,

Depending on your family and financial situation, there may be a few options that you can consider.

Do get in touch with me, so that I can understand more, and propose these appropriate options to you.

Should you need any 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 and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More