4 Answers

askguru expert
Hi Anonymous, thanks for writing to us on AskGuru.

The usual procedure when applying or a BTO flat is to place a downpayment for it upon the signing the Agreement for Lease. As such, you would have already placed your 10% deposit, assuming you are taking an HDB loan. If you are taking an HDB loan, then most likely, your monthly mortgage (in cash or CPF) will kick in upon the collection of your key.

I think what you meant is you will need the sale proceeds to finance your renovation and the disbursement of CPF funds to your ordinary account, in order of importance. Generally, it will take 6 months for a property to be marketed, sold and completed. Assuming you are getting your keys on 30th April 2022, you can start marketing your unit in November 2021. Assuming you secure a buyer in January 2021, the entire sales process can take between 6 to 8 weeks which means a probable completion date in March 2022. If you need more time, you can apply for a Temporary Extension of Stay. Given your situation, HDB will usually exercise some flexibility. You should write in to HDB should you have any concerns.

Since you know your financial information, you can also use HDB's Sale Proceed calculator here: https://services2.hdb.gov.sg/webapp/BB24SaleProceedCalculator/BB24SSaleProceedsCalc/

Do note, if you had used your CPF, the amount with accrued interest will need to be put back in your CPF account. You can check how much amount was used by logging in with your SingPass to CPF's website here:: https://www.cpf.gov.sg/members

Hope this answers your question.

Best Regards,

Team PropertyGuru
Aaron Chong
Hi, I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Hope to hear from you soon and have a great week ahead. By the way, agent commission for selling will be at 2% with gst.

Aaron Chong
9730 8455
Ivan Ng

In this case, to be able to collect the keys to the BTO, the sale proceeds and CPF need to be ready by the time you meet up with the BTO officer. The whole resale process, in the earliest period, takes about 3.5 months from the first deposit to unit handover. Adding another 2 to 3 months marketing period to secure a buyer, it takes about 6.5 months.

Working backwards, assuming the key collection is in April 2021, it is actually ideal to start now and do some planning and coordination. May I know which BTO are you moving to? Have worked on similar cases and happy to share more on how best to work out a smooth transition plan. The market rate for sale commission is typically 2% of sale transacted price + GST. I believe the more important thing is to work with an agent who can be committed to your plans and is professional and competent to meet your requirements and plans.

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 Realtor
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Nick Tan
Dear Sir/Mdm,

I have assisted many of my clients who are in the same situation as yourself to transit smoothly and seamlessly from their current HDB flat to the new BTO.

Once the buyer is secured for your flat then we will plan the timeline for you to collect the keys for your new flat. There will also be sufficient time for your CPF funds to be reuse for the new flat.

The commission for selling is 2%. Please feel free to contact me so that I can understand your situation better and provide you with further assistance and advice.

Nick Tan
(M) +65 9644 4854
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

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