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Good afternoon,

This will depends.

They will obtain sales proceeds after taking sale price minus off any outstanding loan and utilised CPF OA funds plus accrued interest (this will go back to CPF).

If they are 55 years old and above, and have pledged their property to withdraw their Retirement Account (RA) savings in cash, then they will need to refund the pledged amount on top of the refunded CPF funds. The amount refunded to their CPF account will be used to meet their Full Retirement Sum in their RA. After this, any balance housing refunds will be paid to them in cash.

This information can be gathered from CPF website:
https://www.cpf.gov.sg/Members/Schemes/schemes/housing/public-housing-scheme#Item1630

Maybe you can share more with me so I can value add and advise you further?

Sale:
1) Unit address to estimate sales price
2) utilised CPF OA funds plus accrued interest to calculate your sales proceeds
3) any outstanding loan

Purchase:
1) their preferred location
2) any unutilised CPF OA funds and cash

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,

It depends on the sale price of their flat, but the CPF utilized for the flat will be required to return to their respective OAs. Since they are 58, the minimum sum requirements will also kick in. Perhaps may I have more details so to estimate how much cash proceeds they will receive? It will be easier to conclude whether it makes sense to downgrade thereafter. Thanks and hope to discuss further and 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 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Evening,

Based on your parent's age, upon sales of their current unit, most, if not all, the CPF monies that had being utilized in the unit will be transferred into their retirement account. As for the balance cash proceed, it will depend if the CPF minimum sum have being fulfilled. Hence it would be prudent to check out how much fundings are available for their next purchase before moving forward.

Do contact me further should you require my assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Hi,

Re: Our Preferred Experienced SG Professional

Yes after fulfill their min retirement account. Will recommend to keep the flat for rental, if for buying a bigger flat will not be advisable. As the specific fund cannot be withdraw from retirement account upon bank in from existing transaction.

Call us now, we can explore further in detail.

We are 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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Hi Sir/Mdm,

Their profits will NOT be returned to CPF. Their sales proceed will be in cash and will be issued out in the form of a cheque to your parents on completion day.

As for the CPF that they have utilised for the house, it will be refunded into their CPF account including the accrued interest. If the refund amount is more than the minimum sum amount, the excess amount will be credited back into their bank account in cash.

They can used up to 50% of their minimum sum for their next housing purchase. Please feel free to contact me at 9644 4854  so that I can draft up a financial plan for your parents so that they can plan their finances better before they proceed for the downgrade.

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

Testimonial from Satisfied Clients (2015)

“Nick from Property Avenue 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)

“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!!”

Mr and Mrs Chan (Sold and Bought through Nick) Read More

Hi Sir/Mdm,

1) First of all, how many room flat is your parents currently staying?
2) Profit will be cash and CPF will not touch that.
3) As for their CPF, it will go back to their retirement account and will need to check how much they can use back to purchase their next property.

Need to know what is the actual planning before can advise on the next step or calculation. Hope whichever agents you might be looking at can give you a good advise.

Regards,
Sim Lenghua
 9853 2365  Read More