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Good morning EC upgrader,

As you have insufficient funds for the downpayment for new EC or private property, you will have to sell off your flat first in order to have ready funds for the initial outlay.

In order to understand whether is it feasible to upgrade to your ideal EC, you must first calculate how much can you get back from your sale, how much can you loan for the purchase and whether do you have sufficient funds for downpayment.

For sale, your real estate salesperson will advise you on the first meet up on the time frame, procedures and the flow of the sale. He/ she will guide you along the way.

As for purchase, it will be good to know which EC projects you are looking at so your salesperson can assist you in monitoring the availability and advise you how long is the lease duration you should take up while waiting for keys collection.

Even though you resort to sell your flat and rent first, it will definitely be a better idea than to take up a personal loan to pay your 15% CPF/ cash downpayment.

Renting could be a cost to you but by taking up a personal loan, it will affect your loan quantum for the purchase.

Hope my opinion is beneficial to your decision making.

I will love to assist you with your property upgrade. Probably you can share more with me so I will be in a better position to advise you.

Hope to hear from you soon!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
R043025D
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

(M): +65 9111 5171 
(E): yt.lovelyhomes@gmail.com
(W): www.yttan.com
(W): www.propertyavenue.com.sg Read More

Good day to you,

Thank you for your query.

Please find the respond to your queries as following:
1. It is feasible to upgrade to EC if you have the all following eligibility:
a) MOP has been fulfilled and at least one SC
b) There are a few EC Projects which are expected to receive TOP by mid 2016. One of the most affordable is Forestville in D25 Woodlands Drive, price starting from $774k for 3BR 1033sf.

Cash Flow for $800k EC with no CPF Grant are as following:
5% Cash: $40k
15% Cash/CPF + BSD + Lawyer’s Fee: $141k
Est. Combined Salary to Qualify for 80% LTV for buyers below 35 years of age: $9,600 pm

2. Some of your possible options are following:
a) Buy EC with deferred payment, you can sell your 4-room HDB within 6 months after the new EC received TOP. Borrow the shortage from friends and family as no bank will approve mortgage loan for the first 20%
b) Consider buying private property as salary required to qualify for 80% LTV for the same $800k property is half at only $4,800pm. If finances permit, you may even keep the HDB for stay or rental income while investing in the new condo.

There is an upcoming private condo, High Park Residences with pricing as following:
Studios 398-431sf from $3xxk
1+Study 452-506sf from $4xxk
2BR 495-603sf from $5xxk
3BR 893-926sf from $7xxk

There is currently very limited resale studios/1BR below $600k or 3BRs below $900k right now hence potential for capital appreciation after 4 years to avoid SSD is rather attractive.

3) When selling, we need to examine the correct price to market your property so that we don’t waste precious time or worse, make your unit lose its appeals as compared to your neighbours who are also selling similar units. We need to ensure you will not be in negative cash flow when the proceed of your HDB sale has been returned as it will deter further your next purchase and you may left with no home for your family.

4) There is no bank in Singapore that would approve mortgage loan for the first 20%. If there is other form of personal loan from approved financial institutions it will probably come with high interest rates and may not worth the hassle.
When renting there are expenses to consider such as agent’s fee of half rent for every 1 year lease, stamping fees paid by tenants and moving expenses at the end of each lease.

As we do not get prompted here, kindly contact me directly should you require more information on any of them.
Price guide of all ECs marketed by my agency could be found via this link: https://db.tt/pB9WrjVu

Thank you and have a pleasant week ahead.

Warm Regards,
Karrien N. Chan
CEA Reg. No.: R052532H
Mobile: +65 82250212 
Email: karrien.realty@yahoo.com

POWERFUL NEGOTIATORS
PropNex Realty Pte Ltd
Service You Trust
CEA Licence No.: L3008022J

Project Core Team:
Executive Condominium
D27 The Brownstone - New
D23 Sol Acres - New
D19 The Vales - New
D19 The Amore
D18 Sea Horizon
Condominium
D19 High Park Residences - New
D18 The Santorini
D15 70 St. Patrick's
D15 Flamingo Valley
D14 Tre Residences
D14 Sims Urban Oasis

Floor Plans & Listings:
http://propertyguru.com.sg/agent/karrien-n-chan-295771
Pricing Guide of Properties For Sale:
https://db.tt/pB9WrjVu Read More

Hi,

The initial 20+3% downpayment and stamp duties has to be ready within 8-12 weeks of booking EC unit, and no bank will loan you this amount with current loan measures. Bank will only loan you the 80% required for the EC.

Ideally, to find out whether this upgrade is feasible, we need to know how much sales proceeds you can generate from the HDB flat. Ecopolitan EC, Waterwoods and Skypark Residences, to name a few, still have balance units which will TOP in late 2016 or thereabouts.

May I discuss with you further over phone to narrow down the possibilities and see whether the upgrade is feasible? Thanks and hope to value-add to your housing plans further.

Warm regards
Ivan ERA
 97432395 
Ivanng10@gmail.com
Website: http://www.ivanng10.com/#!reviews/c11r1
(Client's Testimonials) Read More

Hi,

Let's take a step by step approach.
Firstly, to even comment on the upgrade feasibility, I will need to understand more of your finances to conduct a comprehensive financial cash flow calculations + amalgamate your HDB unit generates sales proceed to construct the progressive payment breakdown for the EC purchase.

Thereby, we could look further into the units at the desired ECs that compliments your finances and maximizes your requirements and expectations. Developers have also rolled out deferred payment scheme which can help ease your cash upfront if there might be any impending issues. I can throughly explain this concept as well.

I recently helped a client secure his 4BR EC unit at Bellewoods over the past weekend and will be glad to walk you through the entire process, at no obligation and no cost, being extremely familiar in the procedure and available inventory of all ECs- pricing & details.

My company manages most or rather all of the ECs- Westwoods, Skypark, Ecopolitan,Terrace, Bellewoods, Bellewaters, Sea Horizon and many more! As such, I will be able to disseminate information and pricing details at the quickest due to being from the developer sales team.

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 (Top 1% of ERA)
ERA Top Achievers 2013/14
ERA Multi-Million Dollar Club Award
2014 ERA Asia-Pacific Business Conference Elite Award

P Group
2015 April ERA Top Achievers
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Dear Sir/Mdm,

Below are my answers to your questions

1) Yes, it is feasible. However, it will be best for you to approach a banker to do an AIP first. Once approve, you can proceed to buy.
2) Basically, you can only sell before you buy EC because you don’t have sufficient 15%. HDB flat price is still consider high now and is a good time for you to cash out and upgrade.
3) There will be a huge supply of EC coming up and so I don’t foresee you will encounter any problem buying an EC. It is more likely that you will have difficulties finding buyer.
4) You still have to take loan and pay interest. Do note that 15% can only be loan using personal loan and the interest will be hefty. Therefore, it makes more sense for you to rent than to take loan.

Hope that I have answered your question.

If you are looking for salesperson to assist you, I would like to offer my service.

Not all internet marketing is the same, especially during this low period. We need to have the most advance marketing tools to give your property maximum exposure. One of the tools we have is virtual tour. But that is not all we have, and there are many other tools and strategy that give me and you an unfair advantage over the rest.

Check out video at this link http://youtu.be/4a02hTxJS6U
Check out virtual tour at this link http://goo.gl/VDF3I

Don’t you agree that marketing plan is most important factor when trying to get the ideal buyer for your property, especially during this slow period?

You may want to check my website for my testimonial.

Feel free to contact me if you need my assistance.

Thanks and Regards
Johnny Goh
R018297H
Team Associate Director
OrangeTee.com Pte Ltd
Mobile: 90906267 
Email: johnny.goh@orangetee.com
Website: johnny-goh.com Read More