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I am looking to sell my 4 room and upgrade to an EC. Our HDB loan is fully paid. We can pay the 5% cash - however our CPF balance cannot cover the 15% balance for down payment at this point. Is there any workaround without having to sell the flat, as the ECs we are looking at will only TOP in 2018? Any option to start paying off when we sell our flat closer to date of the TOP, without any cash outlay at this point?
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8 Answers

Hi,

Unfortunately no, you have to ready the 23% (cash+cpf+stamp duties) within 8 weeks of booking, hence will have to sell the flat first. Either that or you have to come up with the cash first, which I believe is quite taxing as its substantial.

Usually clients with similar scenario will look to sell first and rent nearby the EC, if the EC unit is attractive enough to worth all the hassle. Are you considering an EC with no resale levy? If so, you might want to make a decision quickly as the supply of no resale levy EC units are clearing up and the levy is a hefty sum of 40k.

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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YT Tan (陈永达)
Good morning buyer,

You are making a smart decision in upgrading to EC as it is usually priced 15 to 20% lower than surrounding private condos.

Usually 15% CPF downpayment is required 8 weeks from OTP grant date. I had tried to push back the payment date to 6 months for a few of my clients before.

If you are serious about this opportunity and dont wish to miss out on your preferred unit, you can either obtain funds from family and relatives (which some of my clients did) or sell your current flat and rent for 1 to 2 years (which some of my EC neighburs did) especially rental market is pretty bad this year in which you can get one unit at good rental.

Perhaps we can discuss over a cup of coffee to discuss and explore what are the options you can look at.

Hear from you soon!

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Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Senior Associate Marketing Director
R043025D
Propnex Realty Pte Ltd
Estate Agent no. L3008022J
Blk 480 Lorong 6 Toa Payoh, #10-01/11-01 HDB Hub East Wing, Singapore 310480

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HI there, there are a few work about with regards to the issue you are facing, In order to proceed, you will have to be familiar with the timeline and financial aspect of transiting from your current HDB and purchasing an EC. We have assist several groups with similar issue successfully and will be glad to advice accordingly. Do drop me a call or e mail for a more detailed disucssion before you proceed with your plan.
Cheers
Rix Jim
 9687 1379 
rix.jim@hotmail.com
Propnex Read More
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Robbie Chen Chee Howe
Hi,

It is very important to plan your finances before committing to any purchase.

May I know what's the shortfall amount from the 15% downpayment? Have you looked at all possible options to you?

Please contact me at my mobile 9748 6305  . I will be happy to understand more on your case and provide the best possible solutions for you.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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GAN ENG JOO ONASSIS
Dear Upgrader,

Re: Today’s SG Professional Choice- SGAgent.com & SGRealtor.com

Buying property need sufficient and need to be prudent. Will recommend you to opt for EC only upon you have sufficient CPF and cash of 23% of the EC value.

I am contactable at 92222389  or onassis@sgagent.com / 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.

Onassis Gan | R021244C | Today’s SG Professional l SGAgent.com & SGRealtor.com

EXPERIENCED. PROACTIVE. SINCERITY. FEEDBACK
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Dear Upgrader,

In order to purchase your next property, sufficient amount of cash and CPF needed. I suggest you may do a financial plan before deciding which is your next property purchase.

Should have any queries, do give me a call at my mobile no. & I would gladly be of a service to you.

Shawn Yim
 9695 4627 
Propnex Realty Pte Ltd Read More
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Hi,

What's most essential in the upgrade/downgrade process is the - financial cash computation and calculations. In these cases, it's always best to have a professional work out your financial cash projection, generation of sales proceeds and factor in the likely purchase price so that the process is smoothly facilitated and ensure you a tidy profit. Sometimes, being rookies and unfamiliar with the overwhelming process, a slight wrong decision can lead to paper loss and even actual loss!

What's also to note- in this weak market where resale units pricing are falling and are left on the shelves for months. Do you have the right medium to expose your property to throngs of prospects? Do you understand the own value of your house? Do you understand the valuation and exact transaction/sales in your block and surrounding vicinities?

All these play a part in ensuring you reap your profit and at the same time, enjoy the best of both world's. As agents, we have all the tools, skills and marketing strategies to help bring light to your plans. Sure there is a small fractional cost involved, but think about the thousands of dollar you can make on your sales and another thousands of dollars you can save on your purchase with the due diligence and negotiation skills of your agent. We represent your needs and fight for YOUR price! I always advise my clients to have a preliminary discussion to derive more information and requirements as well as share more on the market insights/ comprehensive marketing strategy of unit as well as take this as an opportunity to understand my working style.

You can always asses my proven track record and recent coveted awards & testimonial on my website to ascertain the commitment, dedication and integrity I uphold in representing my client's welfare and interest to get them the best possible deal.

D Kumar
 +65 96659926 
ERA Associate Division Director
www.kumarrai.com

#1 team of ERA in Singapore, Asia Pacific International for 2014.

ERA 2015 Q1 Top Achievers (Top1% of ERA)
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Dear Sir/Mdm,

If you have shortlisted a particular EC that you are keen on, then my personal opinion is that you should go for it as government is slowly tapering the supply of ECs in the market.

EC is a good stepping stone in your upgrading journey as you are almost guaranteed to make a tidy profit when you sell in the future as proven by historical data.

As for the shortfall, I would suggest that you can adopt a short term interim solution such as bunking in with your parents or in-laws or renting a place or room for the time being.

I have assisted many of my clients to upgrade from HDB to ECs. Please feel free to contact me so that I can understand your situation better and assist you further!!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2015/2016)
“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)

“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)

“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 a property through Nick)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick 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) Read More
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