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dmenace

A Studio And A Resale 3 Bedroom Hdb.

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Hi, I'm 34 years old, and this is my virgin posting with regards to buying of condos and flats.. I have a gameplan in mind, and I wish to gather some feedback on the feasibility of this idea. Im sure many have been doing this, just wanna consolidate feedback. Thanks!

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Since I'm turning 35 soon, I wish to buy a resale 3 bedroom HDB near my mum's place under Single's scheme. Will I get the stay-near-parents housing grant? Based on a resale price of $450K in a mature estate, I can expect to mortgage at ~$1.5K/mth (1.2%@30Yrs). And I shall use cash, as I wish to compound my CPF. I will be saving in season carpark costs if I buy one in the same precinct. This flat will finish MOP in 2021.

Before we officially ROM, She will buy a Studio, or a 2 bedroom Condo to her name, in the region of $400K. Total CPF + Cash outlay is S$105K. {[(400K * 0.27 ) - 5.4K (nett of 1st timer stamp duty)] +2.5K (legal fees)} She will offset her CPF, and I will top up the rest in cash. We can expect a mortgage of ~ $1.3K/mth (1.2%@25Yrs). We will use cash only and let CPF compound. This condo will TOP in 2018.

After we ROM, her name will be married into my resale HDB. And we shall be co-owners under Husband-Wife scheme.

After we ROM, there is no ABSD on her condo, since it was bought beforehand, and before we ROMed. So I save $28K.

In short, by 2018, we can have 1 studio condo and a 3bedroom flat. Assuming we find rental @ 2.1K/mth. This shall contribute to existing mortage of 1.3K+1.5K = 2.8K/mth. Henceforth if we stay in the 3 bedroom with our kids, we spend $700 nett/month effectively on the 2 properties to our names.

This shall continue and we will continue to accumulate enough cash, to refinance, and refinance, and refinance our assets. Until we are eligible to buy another private property under exisiting TDSR ruling ( which of course might change pending upcoming GE).

So based on 850K in total, we have 1 HDB and 1 studio. and only need to pay 700/mth, not taking maintenance fees into consideration. :)

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Thanks everyone for reading this. Thanks for the patience. WIll appreciate some insights. A newbie here. If too simplistic, I beg your pardon. Cheers.

DS

Edited by dmenace
 
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Hi DS

This is a very smart planning..

And definitely for now it is the buyer's market it will be of your advantage as property prices are slightly down.

For your question, are you entitled to near parent grant: No because that is under the category of family grant which is not eligible for single scheme

CPF Housing Grant for Family (living near parents/married child*): *At least one of the parents/married child must be a Singapore Permanent Resident or Singapore Citizen. $40,000 $30,000#

For $450K, it depends on which estate you're looking at.. you're not limited to only 3room flat. Just 2 months ago, I successfully assisted a client in purchasing a 5room flat in Bedok at $460K. Definitely, if you're looking at developing estates, you can easily get a 4room or even 5room flat with $450K.

For studio/2bedroom Condominium that is within $400K is really rare in Singapore.

Studio/1bedroom in non-matured estate range typically from high $400K to $5xxK (Tampines/Pasir Ris/Yishun/Woodlands/Punggol/Sengkang)

We have an upcoming new launch which is priced by far the best in the estate(Sengkang), name High Park Residences.

For your references.

HIGH PARK RESIDENCES

RARE NEW LAUNCH CONDO STARTING FROM $3xxK ONLY!!

Total Units: 1390 Residential (inclusive of PES & PH) + 9 F&B

- Studio (72 Units): Fr $3xxK (388 to 398 Sqft)

-1 + Study (153 Units): Fr $4xxK (441 to 474 Sqft)

2BR Fr $5xxK
- Classic (208 Units): 560 to 592 Sqft
- Deluxe (300 Units): 635 to 678 Sqft
- 2 + Study(87 Units): 700 to 732 Sqft

3BR Fr $7xxK
- Classic (188 Units): 872 to 904 Sqft
- Deluxe (117 Units): 947 to 1001 Sqft

4BR Fr $1.0x mil
- Classic (68 Units): 1216 to 1281 Sqft
- Dual-Key (23 Units): 1367 Sqft

- 5BR (92 Units): Fr $1.3x mil (1389 to 1485 Sqft)

- Semi-Detached (10 Units): Fr $1.8x mil (2164 to 2809 Sqft)

- Bungalow (4 Units): Fr $2.x mil (2379 to 2799 Sqft)

- F&B Shop (9 units): 320 to 361 Sqft

If you have any enquiries, feel free to contact me. I will be more than willing to assist you and share more on the procedures, with no obligations.

Thank you and have a great weekend =)

Kylie Chua

9191 9134

Huttons Asia

R048368D

Kyliehtns@gmail.com

 

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