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Me (52) and my spouse (50) owned a relatively new HDB 3room flat (over MOP) Queenstown. We intend to sell it and buy from another new BTO launch and hope to fully paid a new 4 Room HDB unit at non mature estates (as we think 4R resale flat is too expensive). What is the amount I can use from my CPF if we do it only after I reached 55 due to the long waiting time for BTO projects? Do I need to ask for approval from CPF to use my RA to purchase a new BTO flat after 55?
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2 Answers

Robbie Chen Chee Howe
Hi Alex,

If your current 3RM flat is a subsidized flat, you will be liable to pay a resale levy of $30k in Cash if you manage to successfully apply for a 4RM BTO as a second timer.

Based on the current situation, it is pretty hard for even a first-timer to get a BTO flat, much less a second-timer like you.

If you really managed to get your second subsidized flat, by the time the flat is built, you will be past 55 years of age. Upon the Sale of your current flat, you will need to set aside your Basic Retirement Sum (BRS) before you can utilize the balance in your RA to pay for your new flat.

I am also staying in Queenstown estate, it would be good if we can meet up for more detailed discussion on your plans moving forward.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require 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 in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
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Dear Sir/Mdm,

After you reached 55, you will not be able to use your full refunded CPF towards the purchase of the BTO. Yes, you are able to appeal and request to use your RA to purchase the BTO after 55 years old and it is subjected to approval based on a case by case basis.

I have assisted my clients to get the approval before. Please feel free to contact me so that I can assist you further.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
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