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Hi,currently we own a resale hdb flat bought in 1998 using $40K housing grant.Are we able to purchase a new EC and not sell our resale hdb flat?Can we own both an EC and our resale HDB flat at the same time?Thanks.
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7 Answers

Hi,

Unfortunately no, for new EC, you have to sell away your HDB once you collect the new EC keys, it is a HDB policy requirement. It has nothing to do with whether you have taken grant for your 1st flat. Do note also that resale levy (eg. 40k for hdb 4room) applies for your new EC purchase.

For private condos, no issue, you can keep both HDB and condo provided one of you is SC and MOP of 5 years met. However, do note 7% ABSD applies for SC 2nd property.

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.

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Ivan Ng ERA ASAP
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Hi there,

Thank you for your query!
You will need to dispose off your HDB if you do proceed to purchase a new EC, however, please note that resale levy applies for the new EC purchase. Should you opt to purchase a private condo, you will be able to keep your HDB for passive income, as long as the MOP of 5 years have been made, however, do note that 7% ABSD will be liable for your 2nd property. May I understand your objectives ? Are you looking for an investment with healthy yield or looking purely for own stay? Perhaps if you do require assistance and advise as how to go about achieving your objectives , please do contact me and I will work out the financial calculations with timeline as well as share more on transaction caveats and price report for you to understanding more on the insights of the market.
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For new EC, you have to sell away your HDB once you collect the new EC keys, it is a HDB policy requirement. Do note also that resale levy (eg. 40k for hdb 4room) applies for your new EC purchase.

For private condos, no issue, you can keep both HDB and condo provided one of you is SC and MOP of 5 years met. However, do note 7% ABSD applies for SC 2nd property. Read More
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Hi

Gong Xi Fa Cai.

You can either own a HDB Flat or a new EC.

You may want to write to gavin.ng@orangetee.com for a pro-forma buyer financial report to decide how do you would want to move forward.

Gavin Read More
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Hi,

It has been 20 yrs since you own your 1st property.
According to info and query brought up, it is obvious you are thinking of making your money to work hard for you instead of the other way round.

I can understand your hidden agenda:
(1) Your resale HDB is aging, capital apprecaition is getting lower as time goes by.
(2) EC is at a more affordable range than private property.
(3) There are concerns whether you can get enough loan.
(4) Whether monthly repayment is at your comfort zone
(5) What are other options available?
(i) New Private
(ii) Resale Private
(iii) New EC
(iv) Reale EC
(6) Will I be force to engage an agent service?
(7) Should I stay put and not do anything?

There are few factors you have to take into consideration before making the next move:
(1) What is your sales proceed? Is your calculation correct, did you missed out anything?
(2) How much can you sell?
(3) What is your next 10 years plan?

My suggestion is to consult with a real estate consultant to discuss about your option.

Direct answers to your questions are as follow:
(1) You have to dispose off your HDB within 6 months upon key collection of new EC.
(2) You cannot own EC and resale HDB at the same time, both are considered as subsidized accommodation.
(3) You can only own resale HDB and an EC which are more than 10 yrs old at the same time.

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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Robbie Chen Chee Howe
Hi,

You will be required to sell off your HDB flat latest within 6 months upon TOP of your purchased new EC.

If you're looking to own 2 properties, you may wish to consider purchasing a private property instead.

There are still some private launches that are priced attractively, with good potential upside in the near future too. However, these units are selling out fast, as more and more people look for good buys in today's market.

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
 9748 6305 
PropNex Realty Read More
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Dear sir/madam,

Brand new executive condominiums are classified similar to that of a BTO or HDB, where the owners are expected to fulfill the minimum occupation period of 5 years before being allowed to rent or sell. Therefore to own a brand new executive condominium, you will be required to sell your existing HDB once key is collected within a period of 6 months if you are able to work out the finances to take possession first.

I have been conduction restructuring our my clients portfolio in terms of real estate since 2009, and if your ultimate objective is to optimise your current real estate portfolio through restructuring, perhaps we can have a meet up to discuss further on your goals and I can work out a customised solution for you thereafter?

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