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Zc31

Purchasing A 2Nd Property

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Hello shifu's....

Hope someone can shed personal experience with me. Internet search has been limited.

I recently just paid up my HDB and plan to purchase a 3bdr condo. Is the initial 20% able to be bridged by loan?

Is this still the common guidelines:

Initial 20% Booking Fee and Downpayment
1) 5% Booking fee for booking of unit (Cash Only)
2) Stamp Duty of about 3% (Cash and/or CPF). 2nd property at 6% Stamp Duty as well which include the ABSD
3) 15% Downpayment 8 weeks from Option date (Cash and/or CPF)

Progressive Payment Schedule, Installment Will Commenced From Here You Can Loan 80% Bank Loan
1) 10% Payment for completion of Foundation Work (About 6-9months) (Monthly Installment will commenced here if you can loan up to 80% bank loan, next step if 70% bank loan)
2) 10% Payment for completion of Reinforced concrete framework (About 6-9months)
3) 5% Payment for completion of Brick walls of unit (About 3-6months)
4) 5% Payment for completion of Electrical wiring, internal plastering, plumbing and installation of door and windo frames (About 3-6months)
5) 5% Payment for completion of Car parks, roads and drains serving the housing project (About 3-6months)
6) 25% Payment upon TOP
7) 15% Payment upon Certificate of Statutory Completion (CSC)

 

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1. You only can use CPF provided you and your spouse has meet the minimum sum component from CPF. Now is $148k or $74K EACH

2, ABSD is 7% not 6%

c)(i) SC who already own# one residential property would have to pay ABSD of 7% on the purchase or acquisition of the second residential property.

http://www.iras.gov.sg/irashome/page04.aspx?id=12832

Is the initial 20% able to be bridged by loan?

I don't think can

 

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For most of us. 2nd property means a full cash since we probably have exhausted our cpf clearing our first loan and setting aside 74k is not entirely easy.

 

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Hello guys,

I have a slightly different but yet similar problem. I have some cash that I want to use to invest in commercial properties, such as retail shops, industrial units or offices.

The asking price is quite high. With the TDSR in the market and restraining the amount that I can borrow, it is difficult for me to get on to the commercial property ladder.

One way that I am trying to do is invest together with some other investors. In Singapore, I am sure we can prepare strong legal documents to protect all the investors together.

Would anyone be interested in this?

Thank you.

 

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Hello guys,

I have a slightly different but yet similar problem. I have some cash that I want to use to invest in commercial properties, such as retail shops, industrial units or offices.

The asking price is quite high. With the TDSR in the market and restraining the amount that I can borrow, it is difficult for me to get on to the commercial property ladder.

One way that I am trying to do is invest together with some other investors. In Singapore, I am sure we can prepare strong legal documents to protect all the investors together.

Would anyone be interested in this?

Thank you.

Don't mind let's know once successful 'partnership' found in this way?

Or, put it this way:

Don't mind let's know if your 'intermediary role' bears fruit.

Or

Don't mind share yr fee structure for this service?

Edited by bepgof
 

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To bepgof.

I have created partnerships with family member and friends. We put in a very clear and pre-agreed exit strategy with the guidance of our lawyers in the partnership agreements.

Should you want to have more information or discussion, please send an email to people.thankyou@gmail.com and I can give you my contact details.

Thank you.

 

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Thanks for yr invitation and feel sorry to turn it down.

I've to keep my promise made to wife in 2010 that we 'stop' look for 'property investment' opportunity,

when we had transacted the 4th residential property.

 

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To bepgof.

Thank you for sharing your feedback. Best of luck to your investments.

How do you think the government could remove the current cooling measures, if ever, without fueling the market into a bubble again?

 

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Present policy setting scenario - make 'needy' able to own, prevent the 'rich' to 'speculate' - to buy and sell

A. Build, release lands, control influx (demand/supply issues) - settle domestic 'needs' first

B. Higher 'bars' for 'rich' through financial tightening means

'A' factor was ignored b4 the 'outcry' which reflected in GE poll. Mr. 'M' & 'W' out, came Mr.'K' & 'S'.

Build, build, build, dig, dig, dig, gate closing, land release release and release till CDL chief lately stood up and shouted for 'stop!'.

However, big brothers FE, Keppel Land, Capital Land 'remain silent'. Why? Go find out yourself, sorry, a bit political sensitive.

The 'landscape' is like 'kite flying with broken string'.

Don't know where the kite will land.

Perhaps need a jet help bringing it down.

2008 GFC causing big brother keeps printing $. Now QE tapering & debt ceiling yet to settle.

Financial markets melt down ripple effects to Europe caused 'BIGS + C' almost flung. ECB followed the $ printing acts.

Japanese Abe botahan instructed BOJ prints $ also. Name it to bring the decades 'deflation' to 2.8% 'inflation'

Financial markets flooded with 3 major currencies. Currency war began. China and S.Korea 'cry father & cry mother'.

Global interest rates are artificially brought to the lowest in history.

Singaporeans?

Low interest rates, easy borrowing, chiong ah, everywhere!

Give $1 can drive away a brand new 7-series Big Mouth Woman, imagine

90% LTV with 'interest free' monthly repayment before TOP!

Mr. 'T' says money circulation in mkts 'very hot' - dangerous.

Too much $ chased after too little 'goods', CPI shot up.

So all the 'discourage' $ spending rules come onto stage and 'play'.

'A' is a bold mean and the resources keep 'diminishing', once these 'prime mover' started, takes quite long for whole train to come to complete halt.

Can't suddenly 'stop', the speed got to gradually cut down. You can watch and see.

Now want to 'activate AMK jungle' - prime mover still in high speed! Or may be just say say only creating some 'sentiment'....

Unless the banking business kena hit + GDP prolong down - the 'B' factor -financial tightening measures will remain in force for quite a while.

Buy REITs seem a better choice - highly liquid with lower returns.

Buying commercial property now ar? Easy to 'in', take quite a while to 'out' with breakeven + opportunity losses.

 

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