10 Answers

YT Tan (陈永达)
Good morning Sir/ Mdm,

Yes it will be sufficient to purchase a $1.1m property with your funds on hand (cash and CPF) and provided your existing property is fully paid.

Do take note that funds from your RA can be used up to $97k. (Fulfilled half of full retirement sum in 2008 = $106k when you were 55 years old).

If you need funds from your sale to finance your purchase, it will be advisable to have both transactions on a concurrently basis.

While marketing your unit for sale, we can proceed with house hunting. Only commit to a purchase after buyers have exercised option for our sale.

If you wish to purchase first, you must have the financial ability to take up the loan first (because you are hitting 65 years old; taking up a loan could be tough).

But if you are to proceed with purchase and pay the ABSD first, you can apply for ABSD remission if your existing property is under yours and wife's name and the purchase is under both names as well (Matrimonial home). The sale must be within 6 months from purchase's exercise date to be eligible for remission.

Hope my sharing is value adding to your property plans. Perhaps it will be better for us to meet up to carry this discussion further.

May I know when are you available to meet up this week?

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YT TAN 陈永达 | ACCA Graduate, RES
Propnex Realty Pte Ltd

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  • JC
    Hi Mr Tan

    Thanks for your prompt reply and explanation. We will get back to you again once we confirm we are going ahead.

Yong Chiang Lim
Good Morning Sir,

I would be glad to assist you in your enquiries.

1) on the matter of it being sufficient I would not provide any guarantees. As there are other factors to consider.

2) on the question on return of ABSD, you will be able to apply for remission of ABSD from IRAS if you sell off your 3 bedroom unit 6 months after buying the unit.

3) In my opinion, if you would like to avoid ABSD, it may be better to sell off your property first before purchasing your new property.

I would be glad to assist you in your venture in this market. Please contact me @9339 5415 for me to get a clearer picture of your requirements and advice you accordingly.

Yours Sincerely,
Lim Yong Chiang
CEA: E060399Z
Mobile: 9339 5415 Read More


Ivan Ng
Good morning,

I assume your property is fully paid. If so, yes the funds on hand and the sale proceeds from the current condo is sufficient to cover the purchase price and relevant stamp duties of the next property. To confirm how much CPF OA you can use for the next housing, you may want to singpass login to CPF website to confirm.

Ideally, both marketing the condo for sale & next home search should be done concurrently. Will recommend to sell first then buy as the alternative means the ABSD upfront required is quite substantial, and you are constrained to sell your current condo quickly within 6 months of exercising the OTP for the next purchase as its part of the ABSD refund requirement. Do note both properties (to be sold and the one you are buying) must also be jointly owned as the matrimonial property, and there must be at least 1 SC to qualify for the ABSD refund.

I have worked on similar cases and will be happy to share the best approach going forward. 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
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Robbie Chen Chee Howe

Based on the figures given, you should be able to proceed with your plan, if your current condo is fully paid or left with little outstanding loan.

Due to your age, I would recommend you to sell off the condo first before you commit to your purchase, so that you do not incur additional upfront costs.

I suggest we do the sale and purchase concurrently though. I can help you with the Timeline planning, to ensure that the funds from your sale proceeds will be ready for your purchase. I can also assist you to ensure a smooth transition to your new place, without having to shift house more than once. I can understand the hassle having to shift house twice in a matter of months.

I am experienced and well-versed in private resale 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


Mark Ng S W
Hi Do contact me at 97970200 to discuss more

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Geryl Lim
Dear sir/madam,

From the description you have provided, the numbers seems sound for such a move, but I am just curious why are you looking to make such a move, since you have mentioned that you will be 65 soon? While many of similar age are planning to downsize and cash out on their existing home where they can look forward to enjoy their retirement, you are looking at committing to something with a higher quantum price.

If you do not mind sharing more details on your plans, perhaps I maybe able to provide more different options for your considerations instead?

I have been in the real estate business since 2009, with more than 10years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 8,500 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my clients’ portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

Please feel free to reach me from my website www.geryllim.com or connect with me directly on my mobile phone at 81577565.

I look very much to hear from you soon.

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Nick Tan
Dear Sir,

I will personally suggest you to sell your current condo first before proceeding to buy another one so that you do not need to pay the ABSD first. The reimbursement is possible but it is subjected to certain conditions and your current property has to be sold within 6 months from the purchase of the new condo.

In the current market sentiment, buying is much easier as compared to selling. You may not want to expose yourself to such a risk of not being able to sell your current property within the 6 months period and end up forfeiting the ABSD. This happens to quite a fair bit of people unfortunately.

From the figures that you have shared, it seems feasible but it may not be at your best interests since you are approaching your retirement age.

Please feel free to contact me so that I can share with you more on the market outlook and also understand your situation and objectives better before giving you my inputs.

Nick Tan
(M) +65 9644 4854
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

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Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
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Silvia Yang
Hi Sir/Madam

I will be glad to assist but I need to understand more on your situation to be able to advise you

I won't be able to contact you first as I do not have your contact, appreciate if you can contact me at (65) 96608508 or Silviayang8@gmail.com
or click here http://bit.ly/2tzIQ1a to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

PropNex Realty Pte Ltd
Mobile: (65) 9660 8508
Email: Silviayang8@gmail.com Read More


CK Ang
I would like to share with you other option for consideration. I will also assist you to perform financial computation as this is very critical especially you will be retiring soon.

To assist and advise you more in details, kindly drop me an email for me to share.

I am contactable at my mobile or email.

CK Ang
9046 3808
res.ckang@gmail.com Read More


Aaron Chong
Hi, I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Hope to hear from you soon and have a great weekend ahead. By the way, can I have more info of your Condo unit detail so that I can find out about the unit value on your behalf alright?

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