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Hi,

As long as they have met the MOP of 5 years in their current flat and have sufficient finances and psychologically ready to do so, yes they can make the move. However do note that at 55 years old, one's CPF OA and SA will combine to form the CPF Retirement Account, and 83k (current Basic Retirement Sum) will be set aside to meet the BRS and cannot be used for housing.

For BTO, there aren't many launches at mature estate AMK over the past few years and it is likely they have to turn to resale HDB. If the resale house is too old (balance lease 59 years and below), they might not be able to use full CPF due to prevailing CPF policies.

I have assisted similar cases and would be happy to share the best approach. Will need more inputs about the financial figures so to make better recommendations. 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 ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

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Hi there,

Thank you for your query!
They can proceed with this pal as they have met the MOP of 5 years in their current flat, however, please not that the CPF OA and SA will combine to form the CPF Retirement Account, the Basic Retirement Sum MUST be set aside and can’t be used for the next purchase.
Perhaps you could share more details on your end for me to churn out a more comprehensive, exact and thorough financial calculations with exact figures. Furthermore, I would be able to share more on the varied marketing strategies and mediums through which your property might get maximum exposure as well as study the recent up to date transaction caveats of similar sized units in vicinity and hence, present a sales and elevation report to advise further. I have transacted a EM unit in Bishan at Record Price and it was published in the Newspaper (Available on my website).

The sales and purchase of such transactions are highly complex and requires a thorough financial calculations to ensure smooth sales transition. With regards to selling your property in this testing and constantly evolving market, you may wish to consider appointing a professional to handle the entire sales responsibilities. What you would get in return is- sincere 100% commitment, succinct coordination of viewings, extreme grip and control on price and avoidance of price wars and ill practices. Sometimes, it is not limited to just arranging viewings or qualifying buyers, but more of a professional who will guide you on your financial sums ( amalgamation of sales proceeds and CPF return) etc, plus handle all the associated paperwork.

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

D Kumar
 +65 96659926 
ERA Associate Division Director

#1 team of ERA in Singapore, Asia Pacific International for 2014/5/6/7

ERA 2015 Q1 Top Achievers (Top1%)
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Hi,

With the info provided, your parents are allowed to proceed with their plan.
The factors that might affect their purchase are as such:

(1) Parent who reached 55 years old, which retirement scheme did he/she opt for; Full retirement sum or half retirement sum.
The amount in RA (Retirement Account) is not allowed to use for property.
(2) Parent who are reaching 55 next yr, his/her money under OA will move to form RA. Like mentioned above, RA cannot use for property purchase.
(3) Has their current flat reached MOP
(4) Did you or your siblings applied for proximity grant? If positive, do ensure your parent resale purchase or BTO application has to be in the same town so as not to revoke the grant.
You will have to pay back the grant in cash.
(5) Are there other options to what were considered?

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 evening,

As one of your parent have just reach age 55, they might need to contact CPF and understand how much CPF they can use for the purchase.
Then you would need to understand that resale HDB, BTO and new EC are under the umbrella of HDB. This would mean that anyone citizen can only have either of these at any one time. Your parents will not be able to own a resale HDB unit and a new EC at the same time.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

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