15 Answers

Good afternoon,

Yes it sounds feasible, and may potentially be a better choice as hdb & private property prices are going in diverging trends, with hdb prices continuing to moderate downwards. It potentially may be a better store of value to put your funds in a property with better capital appreciation potential.

It depends on the transacted price of the hdb property. Generally speaking, part of the sale price will go toward refunding the CPF utilized + accrued interest of all the owners (in this case your mum only), and part of the sale price will go toward paying the conveyancing and agent fees. The balance will be cash proceeds that you can use for the downpayment of the next property.

The only thing that might be a hurdle is the home loan attainable for your case. Banks may not be able to recognize overseas income fully and provide the max 75% loan.

Perhaps I could have more info so to make better recommendations? 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
ERA Senior Marketing Director
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My unit was marketed by another agent back in Q3 2017 and after more than 3 months, there wasn’t any offer. I almost lost hope and thankfully I made the right decision to switch to Ivan. Through his hard work, perseverance & commitment, my unit was sold by Q1 this year. Would definitely recommend Ivan’s services to any potential sellers out there. Read More

I'm Denice from PropNex Realty and would love to address your issue with you in private. Feel free to contact me at 93855005  to discuss more:) Read More
Hi Sir/Madam

There are no restriction on buying condo under 1 name
I will be glad to assist you further

I won't be able to contact you first as I do not have your contact, appreciate if you can contact me at (65) 96608508  or Silviayang8@gmail.com
or click here http://bit.ly/2tzIQ1a to whatsapp me for no obligation discussion
Thank you.

Warmest regards,

Silvia Yang

PropNex Realty Pte Ltd
Mobile: (65) 9660 8508 
Email: Silviayang8@gmail.com Read More
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, can I have more info of your mum HDB unit detail so that I can find out about the unit value on her behalf alright?

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

When your mum's HDB unit is sold, the CPF that she has used to date will be returned to her CPF account. She can then use part of this amount to finance the next house that she is buying. The balance of the sale price will be in the form of cash proceeds returned to her.

You are able to buy a private property alone in your own name or together with your mum to tap onto her CPF if any. As long as you are working, you will be able to secure a loan to finance the purchase.

Buying a condo has more flexibility as you will be able to rent it out without much restrictions and fairly quickly if you were to purchase a good development.

Please feel free to contact me so that I can understand your situation better and also assist you in the financial calculations to determine what is a comfortable quantum you can afford and thereafter recommend you some developments with upside potential.

Nick Tan
(M) +65 9644 4854 
(E) nick96444854@gmail.com
Visit my website to know me better: www.nicktan.com.sg

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

I have written a guide on buying Residential Property:
Testimonial from Satisfied Clients
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited 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.”
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“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.”
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“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

For private property, you are able to purchase as sole ownership.

If your mother sells the HDB flat, the proceeds will be returned to the CPF account with accrued interests. The excess balance will be given to the owner.

There is no restriction as to whether you stay in private property or stayed overseas.

Attached is a link for your reference. https://tinyurl.com/y39sn9gp

You may text 9620 0827  for discussion on your sale of purchase.

Gavin Read More

If your mum sells her current HDB, she will need to return her CPF used with accrued interest back to her own account and the balance will be cash proceed ( if any ) .. Do note that if she is above 55yrs old, she will need to meet her Retirement Account ( RA ) before she can utilise her CPF for property . There is no restrictions in buying private condo for single owner. For more info, please do not hesitate to contact me.. Thanks

Lyna Song
Associate Group Director
Propnex Realty Pte Ltd
lynasong@hotmail.com Read More
Hi Miss,

The generic plan sounds feasible pending the financial understanding from the planned HDB sale. I believe my fellow professional has brought up a very valid consideration in terms of your mum's age, where the CPF proceeds will be affected after sale if she is 55 or above.

I am just curious since the planned purchase is likely going to be under utilised, why do you have this plan to sell the existing HDB and purchase a private property?

In addition, in terms of securing a home loan for your planned purchase, the borrower will be subjected to income assessment, and where overseas income is concerned (I am assuming you are working overseas since you are primarily living overseas), there can be some complication involved in terms of recognising your income by the financial institution, thus it is also advisable to work with a banker on this subject first before embarking further on this plan.

I have been in the real estate business since 2009, with more than 10years 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 8,500 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my clients’ 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.

Please feel free to reach me from my website www.geryllim.com or connect with me directly on my mobile phone at 81577565  .

I look very much to hear from you soon.

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Geryl LIM
Consultant - Director
Century 21
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Robbie Chen Chee Howe
Hi Miss,

Your plan sounds feasible. However, there may be some things you will need to take note of.

1) Upon the sale of the HDB flat, whatever CPF monies your Mother has used for the financing of the flat will be refunded back to her CPF, plus accrued interest. You can get this amount by logging into her CPF account using her Singpass. From the amount, you will be able to work out the Cash proceeds after the Sale of the HDB flat.

2) If your Mother is above aged 55, she will have to set aside a certain amount in her CPF-RA. This amount is dependent on the year in which she turns 55. If she's below 55, there is currently no requirement for her to set aside the funds in her CPF, and she could use all her monies in her CPF-OA for the next purchase.

3) There is no restriction for Singles to purchase private property. Should you have sufficient funds for the downpayment (and stamp duties), you will be able to purchase the private condo under your sole name, without having the need to sell off your Mother's HDB flat.

I am experienced and well-versed in both private and HDB transactions. 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  Read More
Hi there,

Actually I have been talking to several home owners about their fully paid property which is generating a negative sales. I am very glad that you are actually thinking of getting a condo as the price for HDBs have been going on a downwards trend.

You can read more about accrued interest and i hope I can assist you on the sales of your HDB and your journey to owning a private property. Here's the link: www.propertybuyers.sg/cpf-accrued-interest

Yvonne Low
www.propertybuyers.sg Read More

After reading your post, I have to tell you definitely it is a right choice to upgrade to a condominium. I took the same path as you too. Initially I also owned a HDB which I have the ability to pay it off totally but I chose to sell it and purchase a private property.

I realised you thought that there is restriction in you buying a property alone. Actually that is only true if you are buying a HDB. If you are a single and wishes to buy a HDB, then you need to be at least 35 years old. If you want to purchase a private, this restriction do not apply. So you can choose to take the original route of selling off your mother's property and combine both you resources to go for a private property which you may buy a bigger property or you may also choose to purchase the private property under your name alone.

Also to answer your question, when you sell off the HDB, or actually any property in Singapore, If any CPF has been used for the house, then those money would need to be refunded into the CPF account. Only after that, the remaining money is cash that we can take.

Another concern that I have after reading your post is your mum's house actually. As you mentioned that the house is full paid and so now the crux is this thing called CPF Accrued Interests. In my previous paragraph I mentioned that the money to be refunded into the CPF account, will also need to include interests. Hence the amount to be refunded into the CPF can be pretty hefty as the interest amount is growing everyday. So a detailed financial calculation is essential before we can take the step to do the upgrade.

What I can recommend is that you can contact me via email as you are living overseas and I can advise you further in the email and I can also do the financial calculations for you once you are able to give me some figures. And I can send the figures to you for you to do your planning.

Just a little about myself. I work closely with my partner who is also my wife. Both of us have served many clients over 10 years in this business and many clients have became our friends. Many have also left testimonials for us. We were also being featured by Council of Estate Agents, a government statutory board that governs real estate salesperson, for great client service. Personally I also won the SAEA Best Client Service Silver Award in one of the National Real Estate Congress. Included below are some links to the write-ups and I hope these can give you a better idea of how we work in this industry. We believe we definitely will be able to give you some good advice.

Looking forward to hear from you soon! Cheers!

Best Regards,

Jeffrey Heng
Senior Associate District Director (Sincerus Division)
Training Director (Navis Living Group)
NAVIS Living Group - A group in OrangeTee that believes in Technology, Training & Teamwork (3Ts)

Founder of Sincerus Division
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Web : www.sgpropertyadvisers.com Read More
Good Day!

The good news is there is no restriction if you are buying a private property.
The restrictions apply to HDB only.

When your mother sells her HDB flat, the outstanding loan as well as CPF withdrawn and the accrued interests will be deducted from the sales proceeds. Any remaining amount will be disbursed as cash.
Hope this answers your queries.

I have been in the real estate industry for 13 years and transacted numerous sales and rentals primarily for the residential sector.
I would be glad to help with your property sale and purchase.

Kindly contact me and we can discuss more.
My contact as below.

Jolyn Tan
OrangeTee & Tie
Mobile : 90118028 
Email : jntan1@yahoo.com.sg or
Website : www.jolyntanproperties.com Read More
Whatsapp to 8279 8327 

Our charges are 1% commission for sales ..

Owners / landlords need property agent in sg ( agt ) to rent out or sale of your property
please contact handphone whatspp text to 8279 8327 

Xu zhen feng
R05-7810C / L300-9250K
Orangetee & Tie Pte Ltd
8279 - 8327

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