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If I am a private condo owner, how long will I have to wait if I want to downgrade and buy a resale EC which is more than 5 years old for home stay? Does the temp cooling measures affect the buyer?
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5 Answers

Hi Chun Hua,

1) There is no restriction on private condo owners to buy a MOP EC as long as you are an SC or SPR.
2) The recent cooling measures do not affect private condo owners to buy a MOP EC.
3) You only need to ensure you have an offered OTP on hand for your current private condo when you offer an OTP of the EC.
4) This is so that you could apply for an exemption from paying ABSD when you exercise the offered OTP.

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Hope the above answer your main concerns, but if there are more query, 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.

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Ling CK
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Hi Chun Hua,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, the recent cooling measure does not apply to you in this case as you could purchase a resale EC right away.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Hi ChunHua,

You need not wait out 15 months to purchase the resale EC as it only affects private property owners who are 55 years and below getting a resale HDB. Hence you can start to look around.

I have assisted various private property homeowners to do the same and they have left me good reviews. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
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- Condo Seller Andrew - : Ivan understood there's urgency to sell my private property too within the given timeframe, provided me with assurance and solutions. When the sale of my private property commenced, it was during the Covid-19 pandemic period; whereby, only 2 unique visitors were allowed to view the property on any given day. Notwithstanding this, Ivan somehow managed to arrange many viewings in the weeks ahead & from time to time, he would also update me on the viewers' feedback (if any), after their viewings. My place was eventually sold within 5 weeks only from the commencement of its marketing (which was well ahead of the 6 months deadline that I had to meet). Most importantly, my property was sold close to my asking price & frankly, this too, exceeded my expectations!! Kudos to Ivan, for the effort & hard work. Read More
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Hi Chun Hua,

If you are buying a resale condo, you will not be affected by the cooling measures ie. you will not need to wait for 15 months before you can buy. However, to avoid the Additional Buyer Stamp Duty (ABSD), we will need to plan the purchase and sale back to back. In this manner, we will be able to minimise the cash outlay and transit smoothly from your current place to the new one without the need for an interim housing solution.

Please feel free to contact me so that I can give you an overview of the process and find out more about your situation before I can assist you further!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
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SEAA Salespersons Achievement Platinum Award 2020 / 2022

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Hi ChunHua,

There is no restriction to purchasing a resale EC as a current private condo owner, however, you need to be a Singapore Citizen or PR in order to be eligible to purchase a resale EC that is less than 5 years old. Do work out the sums first on the sale and purchase do ensure that you have the capacity to take up the necessary home loans given that there is a revision to the loan assessment criteria to reflect on the rising interest rates.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
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OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
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