Hi Nitha.
Why don't you consider buying a new Executive Condo?
Do you know that buying a new Executive Condominium is possibly more affordable than buying a resale flat in terms of the cash you have to pay upfront?
Take the example of a HDB EA resale flat in Sengkang, you typically have to pay in cash at least (5% x valuation = e.g. $29,000) + (COV e.g. $40,000) + (renovation e.g. $60,000) = total $129,000.
But for a $700k new Executive Condo? The minimum cash payment is just 5% x sales price = $35,000. No COV. Not much renovation too. And yet you get to enjoy full condo facilities!
And because Executive Condo is about 15% to 20% cheaper than a typical condominium, you are almost guaranteed of a capital appreciation when the condo is privatized in 10 years (in fact, you can start selling it to Singapore citizens and PRs after 5 years). To add the icing on the cake, you can enjoy up to $30k CPF grant if you are a first-timer!
However, the disadvatage of a new Executive Condo is, you will have to wait typically about 3 years before the construction is completed. Also, your combined household income must not be more than $12k per month.
If you would like to find out more about taking the Executive Condo route, feel free to give me a call for a discussion. I am currently marketing some new Executive Condos. There is no obligation to buy anything from me at the end of the day.
Hope to hear from you soon! :)
Jonathan Pan
CBRE
9688 2200
jonathan.pan-sp@cbre.com.sg
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