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Hi,

Firstly, have you met your MOP of 5 years? If so you can purchase 2nd property. Next, as ECs are only in the outskirts area, such as Pasir Ris, Punggol, Sengkang, Sembawang etc.. are you open to such locations?

The amount of bank loan you can take for EC depends on your age, income and credit profile and any other outstanding loans you have at the moment. The max loan is 80% of purchase price. Hence for question (1): would need more details about your plans.

For (2): Officially the hdb extension is for 3 months only. Any longer depends on your buyer profile and not all buyers can wait so long for the seller.

Thanks and may I have more details about your requirements and plans so to value-add further?

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
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(Client's Testimonials) Read More

Good afternoon Vince,

Currently I am assisting my seller who is contemplating to upgrade to EC as well. Almost same situation as you. Let me assist you further on this.

As you dont have enough finances on hand to upgrade, you have to sell off your HDB first before you can pump your finances into this EC purchase. Max temporary extension of 3 months can be requested when you submit your resale application in the event you have exercised on a purchase.

This is highly unlikely because you need sales proceeds to commit to a purchase so no commitment to purchase.

Thus you will have to find temporary accommodation like rental or moving in to your relatives place temporarily. Because HDB is unlike private whereas you can rent the whole place back from the buyers, owners have to fulfill 5 years MOP before eligible to rent the whole unit out. Unless you rent rooms from the buyers.

Currently there are these available units in these ECs so you can see which location suits you better.

1) TOP in 2016
- Forestville (in may 2016 at woodlands)
- Sea horizon (in nov 2017 in pasir ris)
- Ecopolitan (in dec 17 at punggol)

2) TOP in 2017
- Skypark (in jan 17 at sembawang)
- The Amore (in july 17 at Punggol)
- Bellewaters (in nov 2017 at sengkang)
- Bellewoods (in nov 2017 at woodlands)

Usually projects will TOP 3 to 6 months earlier from their expected TOP date.

Btw in order for me to advise you accurately, it will be best to share more information with me so I can draft a financial plan to see whether whats the budget that you dont have to fork out cash for mortgage repayment.

1) your unit address to estimate potential sale price
2) CPF OA utilised plus accured interest in current HDB at tampines
3) any unutilised CPF OA funds

Hope my sharing is beneficial to your EC upgrade.

Wish I can continue to value add in your purchase.

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W):www.yttan.com Read More

Hi Vince,

1. Based on the financial info you provided, you should be able to afford a 1 mil EC comfortably with a monthly installment of about $3,000.

2. To use the sales proceed from HDB to pay for EC, you will need to seek an extension of 3 months from your buyer. In this way, you may utilize the sales proceed for HDB to complete the purchase of the EC. It is recommended that you look at EC which is already completed so that you will not have to find a temporary place to stay during the transition.

3. For HDB extension, HDB only allow extension of up to 3 months max.

There are many EC projects available that you may choose from. I have just assisted my client upgrade from a HDB to a EC as well. Please feel free to contact me so that I can help you draft up a comprehensive financial plan and assist you further.

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

Testimonial from Satisfied Clients (2015/2016)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefitted 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 of HDB)

“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 of HDB)

“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!!”
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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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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

Hi,

Re: Our Preferred Experienced SG Professional

Firstly, you need to have cash of 5% est $50K for the option of private property of 1 million. Then min 180K OA CPF amount available for 20% upfront payment. $230k cash+CPF total. If have, I will recommend my pool of bankers to advise you on the housing loan portion.

Call me now, we can explore further in detail.

I am contactable at 92222389  or onassis@sgrealtor.com.

In all Areas of Singapore. Sale/Buy/Lease/Rent, Please call and/or drop me an email me. I’m always at your Services.

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From: ABLE Toh- Your Property ASSISTANT : ）

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WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255

----------------------------888--------------------------------888--------------------------->>>

"If you need more assistance with property matters:

like renting / selling, buying / or investing, I'm here to help!

WhatsApp me at: ABLE Toh (65) 98 56 92 55 or through this link.:https://wa.me/6598569255

(Unfortunately, this platform doesn't allow direct contact, but you can easily reach me )

(***) You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.

For buyers, I offer solutions for sourcing resale and new private homes at no charge.

I can connect you with reputable bankers for private housing loans free of charge and with no obligation.

I also have partners to assist with mortgage home insurance matters.

Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份） :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!

*** You can reach me at my Singapore mobile: (65) 98 56 92 55 or email me at Able.selling@gmail.com.

From: ABLE Toh- Your Property ASSISTANT : ）

“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”

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