7 Answers

Ivan Ng

Based on the info shared, was the condo purchased under your joint names or sole name? Nonetheless this 160k ABSD paid seems to be already a sunk cost, it can no longer be retrieved. Selling the HDB now will not recoup that unless both hdb and condo are matrimonial properties purchased in joint names, and you are selling the hdb within 6 months, so to potentially qualify for absd refund if there is 1 SC owner.

8 years down means a balance lease of 56 years, based on this fact alone the next buyer CPF financing will be restricted due to the lease of flat hence it is likely the resale value will drop. It also depends on the flat attributes such as location and floor level facing etc.

I think it might be good to explore the sale and put the funds into a property that is more likely to appreciate. Its hard to see how older Hdb flats can help you achieve that given that the government wants to keep hdb prices stable.

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,
(ASk Anything Property)
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-- HDB BTO 4rm Sellers Mr. Farvin & Ms. Sel --

Ivan was the first agent that we met up with and right from the offset we had good vibes as he has a friendly personal approach, detailed working style and focuses on building the long-term relationship.

Our unit comes with its challenges but Ivan remained positive and had no qualms committing to our plans right from the start. It took only 6 weeks of aggressive marketing for him to secure a good offer which was a pleasant surprise in the end.

Ivan was always responsive and we had no worries to pass him the house keys. The whole process was transparent and hassle free, and he was always thinking from our point of view on how to make life easier for the client. He is a committed professional and has fast execution, so we felt assured that things are done well and we can entrust the sale process entirely to him.

--- HDB Flat Upgraders Mr. & Mrs. Lee ---

We decided to engage Ivan as our agent as we were impressed with how he answered the enquiries on property guru website.

He has helped us to find our ideal unit and also sold our current unit. He was very patient and never pushy when we were looking for our ideal unit. He would tell us that it is always important to find a unit that we really liked.

When it comes to selling of our unit, he was always prompt in arranging for viewings and he also tried his best to arrange and consolidate the viewings due to our time constraints. He is a reliable and prompt agent and is always willing to clarify any concerns and questions that we have.

Thanks Ivan! :)

-- HDB 5-rm Sellers Mr. & Mrs. Ting --

We have engaged the services of Ivan Ng for sale of our property at Pandan Gardens. He is professional and systematic in his marketing approach.

He is hardworking and committed to his work. He puts in great efforts in arranging clients for viewings and kept us updated thereafter. He is ever ready to help and guide us whenever the need arises.

He provided us with sound and useful advice as well as closely follow through from the start till the smooth sale of the property within a short period of time.

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Ling CK

It is quite obvious it is not worth keeping your 4-rm HDB because the cost of keeping it is too high:
(1) Immediate losing $160,000
(2) Lost of potential investment yield from other source.
(3) Your flat value will depreciate when it is less than 60 years.
(4) More & more HDB flats are built annually
(5) Potential upward appreciation for next few years is almost null
(6) Recoup another $380k to reduce your monthly mortgage

Whether or not you make an immediate decision to buy another property or decide to invest in other instrument can do so later.
But to keep your flat and lost $160k + $380k = $540k does not look logical.

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

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  • YT
    Hi, thank for your advice. what are the other potential channels/instruments/investment opportunity to represent the rental of the HDB if I were to sell the HDB? Assuming proceed of $530K, what can be bought/invested? A small condo with lower rental yield and have to take more loan? Or invest in new launch project and sell it off after the unit is built? Or maybe a studio freehold condo for long term appreciation? Also, what is the guide/usual practice to measure if keeping the HDB is making sense with such a heafty ABSD of $160K? Do people still rent out if they are paying such high ABSD and the rental is only max $2K ?
Aaron Chong
Hi, you mentioned that your HDB remaining lease is down to 64 years left and so my suggestion is to sell it off. One important reason is that once your HDB is left with 59 years and onward, it will be very difficult to find potential buyer as they can’t fully utilise their CPF. Pls feel free to let me know if you need any assistance.

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Geryl Lim
I am truly quite shocked that you are now looking into this consideration having already paid for the ABSD, not sure if anyone has provided any form of advise to you and drawing up the various options for your consideration before making that dreadful decision.

Anyway, since this is the situation now, you really need to look into the options of what is available in the market for under $1m where you can get a fresher leasehold project for decent rental return over your existing HDB. It will not be easy to merely provide text opinion or advise as we are unable to finish all considerations to make a sound decision.

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D. Kumar

Thank you for your query!
In view of your response, I believe a more accurate and ideal way of getting about this and being in a better stead to advise, I would need to churn out a financial report after doing the financial calculations on hand and understanding more on your returns objectives. Perhaps you could contact me for a preliminary non obligatory discussion for me to understand more and thus, share more on transactions caveats and furnish you with customised sales report for your understanding.I have a real live feed data app which is able to help me guide my clients as to which property is - undervalued ? over valued? Projected high capital returns/ rental yield for the forthcoming years. With this set of data which not many specialist posses coupled with my years of experience, I believe I will be able to guide you to a mutual decision to enhance your property portfolio. I will usually share about the property outlook with my clients and tailor make a plan that suits best for them in years to come. Thank You!

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Robbie Chen Chee Howe
Hi Sir,

If I was given the above situation, I would cash out my HDB flat and reinvest in another condo.

However, that's just what I feel suits me. For your case, I would need to further understand your financial status and profile, before I can give you a more appropriate recommendation.

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
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PropNex Realty Read More


Ernest Tay

From what you had shared, it seems like you had bought the property in your own name, without your spouse name in the property.

As pointed out by Ivan, if you are the sole owner of the condo and paid $160k of ABSD, this monies will not be refunded to you.

Unless you had done some legal structuring to the purchase of the condo, which I had advised some of my clients, otherwise, the $160k is indeed sunk cost and it will not be recoverable.

If so, then the analysis will have to made without the $160k in consideration and to analyse if keeping the HDB would be better or to sell it and use your spouse name to buy another property.

I can be reached at 91135055 or et.huttons@gmail.com if you need further assistance.

Yours Sincerely,
Ernest TAY | BSc. Real Estate (Hons.)
National University of Singapore

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