Who can buy HDB flat in Singapore?

by admin | Aug 23, 2022 | Uncategorised

Kumar Properties

Who can buy HDB flat in Singapore?

This question is one of the most frequently asked question by the people. Generally people have questions like who can buy HDB flat? Or Is PR eligible to buy HDB flat in Singapore?

There are multiple eligibility criteria to buy HDB flat

First thing comes under consideration is Citizenship. Atleast 1 of the applicant of the HDB flat should be Singapore citizen or Permanent Resident (PR).
Next you should qualify for alteast one of the following schemes such as Public Scheme, Fiance / Financee Scheme, Orphans Scheme.

i) Public Scheme: To qualify for this public scheme, any one of the following family nucleus should you need to form

If any Spouse and children
If any parents and siblings
If widowed/ divorced, children under your legal custody, care and control

ii) Fiance/Fiancee Scheme: If you want to qualify this scheme, you need to have nuclear family with your spouse-to-be and you should marry within three months of getting your HDB flat keys. To buy HDB flat will require a photocopy of marriage certificate.

If you have married before your marriage before collecting the keys, you need to submit the photocopy when you have visited HDB office to collect keys.

Else if you married after collecting keys, then you will need to submit your marriage certificate to your managing HDB branch.

iii) Orphans Scheme: For this type of scheme, If HDB buyers are orphans and single, cannot buy or rent flats separately. And you should have one of the deceased parents who are Singapore citizens or permanent residents.

Age is the third thing should be considered, If you are widowed or orphaned you should be atleast 21 years and if you are unmarried or divorced you should be 35 years old.

You should be within the incoming ceiling of the flat you want to purchase.
Property ownership is the next step should be qualified. If you wanted to own HDB flat in Singapore you should not bought HDB/DBSS flat or Executive condominium or received any CPF Housing Grants before.

These are things to be considered and you should be eligible to buy HDB flat in Singapore. To know more details about HDB or any property visit us.

If you want to buy HDB flat or you wanted to sell your HDB flat contact us, we will help you in any property investments.

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Private New Home Sales Receded By 64% In June On Dearth Of New Launches; High-end Home Sales Continue To Shine

by admin | Jul 16, 2022 | Uncategorised

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Private New Home Sales Receded By 64% In June On Dearth Of New Launches; High-end Home Sales Continue To Shine

Private new home sales fell sharply in June as the lack of fresh project launches drove a 64% decline in transactions from May to June. Developers sold 488 new private homes (ex. Executive Condos) in June, declining from the robust 1,355 units transacted in the previous month, where new projects Piccadilly Grand and Liv @ MB spurred take-up. On a year-on-year basis, sales also came in lower, easing by 44% from June 2021.

June’s transaction numbers take the Q2 2022 new home sales to 2,504 units (ex ECs), which represents a 37.2% increase from the previous quarter. In the first half of 2022, developers sold an estimated 4,329 new homes.

The Core Central Region (CCR) led new private home sales in June, with 206 transactions – down by 4.2% from May. The top performing CCR projects in June were Haus on Handy which sold 21 units at a median price of $2,654 psf, Leedon Green which transacted 20 units at a median price of $2,843 psf, and Irwell Hill Residences which shifted 19 units at a median price of $2,876 psf.

Due to the lack of fresh projects, new home sales in the Rest of Central Region (RCR) in June fell markedly by 81% MOM to 171 units from the high base of 893 units in May, where the launch of Piccadilly Grand and Liv @ MB helped to supercharge sales in the sub-market. The best-selling RCR projects during the month were Riviere which sold 25 units at a median price of $2,856 psf, and Normanton Park which moved 21 units at a median price of $1,864 psf.

Meanwhile, just 111 new homes were sold in June in the Outside Central Region (OCR) amid depleting unsold inventory – sales were down by 55% from the previous month. The top sellers in the OCR in June were The Florence Residences which sold 20 units at a median price of $1,746 psf and The Watergardens at Canberra where 16 units were transacted at a median price of $1,463 psf.

In the EC segment, 8 new units were sold in June, posting a 60% fall from 20 transactions in May. The best-selling EC project in May was North Gaia EC, where 5 units changed hands at a median price of $1,303 psf.

Developers placed 397 new units (ex. ECs) for sale in June compared to the 1,240 units that were put on the market in May. In Q2 2022, developers launched an estimated 2,034 new private homes for sale.

Ms Wong Siew Ying, Head of Research & Content, PropNex Realty:

“The wane in new home sales in June as well as the magnitude of decline were expected, given that there were no fresh projects put up for sale during the month and considering the new-launches fuelled surge in sales in May. In addition, the resumption of international travel and the June holidays – where families tend to go on vacation abroad – may also have contributed to the slower market activities.

Generally, June’s sales performance did not detract much from the general narrative. That being, the lack of launches and dwindling unsold stock in the OCR continuing to weigh on the mass market sales volume, and that some buyers are finding CCR projects increasingly compelling, as the average transacted unit price ($PSF) gap continued to narrow between new private home sales in CCR and the RCR to 16.1% in June, compared to 21.4% in May (see Table 1).

Meanwhile, URA Realis caveat data showed that foreigners bought 11.7% of the new private homes (see Chart 1) sold in June – mainly in the CCR and RCR– rising from 6% in the previous month. Singaporeans accounted for nearly 76% of new home sales in June and we expect this number to rise in the coming months, as more mass-market projects are launched.

With the launch of AMO Residence on 23 July, we anticipate that new home sales this month should outperform that of June. In addition, some buyers may want to get transactions done before the Hungry Ghost month starts at the end of July.”

Ms Wong Siew Ying, Head of Research & Content, PropNex Realty: “The wane in new home sales in June as well as the magnitude of decline were expected, given that there were no fresh projects put up for sale during the month and considering the new-launches fuelled surge in sales in May. In addition, the resumption of international travel and the June holidays – where families tend to go on vacation abroad – may also have contributed to the slower market activities. Generally, June’s sales performance did not detract much from the general narrative. That being, the lack of launches and dwindling unsold stock in the OCR continuing to weigh on the mass market sales volume, and that some buyers are finding CCR projects increasingly compelling, as the average transacted unit price ($PSF) gap continued to narrow between new private home sales in CCR and the RCR to 16.1% in June, compared to 21.4% in May (see Table 1). Meanwhile, URA Realis caveat data showed that foreigners bought 11.7% of the new private homes (see Chart 1) sold in June – mainly in the CCR and RCR– rising from 6% in the previous month. Singaporeans accounted for nearly 76% of new home sales in June and we expect this number to rise in the coming months, as more mass-market projects are launched. With the launch of AMO Residence on 23 July, we anticipate that new home sales this month should outperform that of June. In addition, some buyers may want to get transactions done before the Hungry Ghost month starts at the end of July.”

This is the news article from Propnex

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Steps to Upgrade to an HDB Resale Flat?

by admin | Jun 20, 2022 | Uncategorised

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Steps to Upgrade to an HDB Resale Flat?

When can you upgrade from your HDB flat?

Usually, those who purchased HDB, must wait 5 years to sell HDB property and buy other private property. HDB properties have Minimum Occupation Period (MOP). During MOP period, you must live in the HDB flat you bought. During MOP, few things should not be done like:

Selling HDB flat
Buying a second HDB flat
Investing in other private property
Buying property in abroad

These rules are applicable for the resale HDB flat too. For 1-bedder there is no MOP but not for above 2 bedder HDB flats. Here are the guidelines for the above 2 bedroom flats:

Purchase Mode	MOP
Bought new HDB flat (including buying under SERS)	5 years
Bought new DBSS flat from developer	5 years
Bought resale flat with CPF housing grant	5 years
Bought Resale flat without grant (after Aug 2010)	5 years
Bought Resale flat without grant(Mar to Aug 2010)	3 years
Bought Resale flat without grant(before 5 Mar 2010)	2.5 years

Which property you can upgrade after MOP?

When your MOP is up, you have many options to purchase second property. Some of the most popular are:

Resale HDB flat: Investing resale HDB flat is the cheapest and easiest option, some of the prices of the flats are below $400,000. In HDB resale portal, you can find and purchase an HDB resale flat easily. Upgrading from HDB to a new HDB may not be much difference but upgrading to resale HDB flats in mature estates like Bishan and Queenstown are larger and more spacious. If you want to upgrade your home for good schools for your children.
Condominium: The most popular option for most HDB upgraders is condo properties. When a property becomes older property value also increases. According to the price, private condos are more expensive than resale HDB flats, mostly prices starting from $1.5 million.
Landed Property: landed properties are more expensive than condo properties, prices of landed properties start from $2 million, which is considered a cheap in cost for landed properties in Singapore. For upgrading any type of property, a property agent is needed to make the process easy. Kumar is one of the property agents in Singapore, he serves all the clients and also helps you to understand the property market. We’ll guide you step-by-step procedure for upgrading any property.

Steps to Upgrade to an HDB Resale Flat?

Upgrading property is the biggest dream to many of the property owners. If you have decided to upgrade for an HDB resale flat, here is a step-by-step procedure to upgrade your property.

Step 1: Choose your resale flat

Before choosing a resale flat, first of all, decide to engage a top property agent. The real estate agent is necessary to do all those works like legal work and paperwork for your property upgrade. They not only help you in paperwork but also guide you to choose the right property and how to sell your first property above your market value.

The further step is to figure out all your requirement like location, no. of bedrooms, amenities and budget to buy a resale HDB flat. Next according to your requirements, find a resale HDB unit in different property portals else you can say to your agent for choosing the right property.

Step 2: Check the flat before you invest

Before you invest in resale HDB flat, book showflat appointment and visit the flat to check condition of the HDB resale unit. There are some other things to consider, they are

Ethnic and PR quota – You can check the status of this in HDB quota portal because it will change from month to month.
HDB Ownership – You should also make sure about the seller details like HDB is legally owned and met MOP or not.
Upgrading Works – Make sure about the payment of upgrading works wh should pay you or your seller.
HDB Resale Prices – according to your budget choose right property and quote right price by checking recent transacted HDB prices.
Leasehold Period – For every HDB leasehold will be 99 years. Before you invest in property check how many years left on the lease. Because of the lease, it may affect your home loans and how much of your CPF you can use. For the new CPF rules lease period should be atleast 20 years left on the lease, with the youngest buyer up to the age of 95 able to pay the lease using CPF.

Next procedure is exercise your option to purchase and pay a deposit to the seller.

Step 3: Start using HDB Resale Portal

To know exact transaction details, both buyer and seller need to browse HDB resale portal. Register with the HDB resale portal then it will say you what to do.

Step 4: Check out your eligible for the proximity housing grant

The price of a 5-room HDB resale flat can be anywhere from $400,000 (Sembawang) to $850,000 (Toa Payoh). Since most people don’t have such a lot of money lying around, grants are helpful. Unfortunately, HDB schemes are primarily aimed at first-time buyers. Second-time buyers can only apply for the Proximity Housing Grant. If you buy a resale flat within 4 kilometers of your parents or in-laws, it’s $20,000 if you get them to live with you. Importantly, these living arrangements must remain the same throughout the MOP.

Step 5: Finance your resale HDB

The Enhanced Contra Facility of HDB is the most useful scheme for upgraders. This allows you to sell your current HDB flat and buy a resale at the same time. The proceeds from your sale and your refunded CPF can be used to finance your new resale flat, reducing the amount of cash you’ll need up front and the amount of loan you’ll need. When it comes to financing your HDB upgrade, there’s actually a fixed order to follow.

Financing Method	Notes
Cash received by selling first HDB flat	You have to use atleast 50% for resale HDB
CPF (OA)	You can CPF use only when you don’t have cash and also you can withdrawal limit amount.
HDB loan	If you’re eligible, You can use after using cash & CPF
Bank loan	If you’re not eligible for HDB loan you can use but the loan limit is 75% for first mortgage) and 45% of second mortgage.

Step 6: Handovering your first HDB flat keys in 6 months

Last but not least is you can’t buy 2 HDB flats at a time so, you need to sell your HDB flat and handover keys to your buyer. Then only you can buy other HDB.

So selling your HDB flat also need to contact property agent. Before selling you need to valuate your property. Kumar Properties is a property agency, we will you in every step of property selling and buying process. We will make hassle free process. So contact +65 82828214.

For more property articles and property details. please contact us +6582828214.

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Condo resale prices rise for 22nd straight month in May, more units sold

by admin | Jun 15, 2022 | Uncategorised

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Condo resale prices rise for 22nd straight month in May, more units sold

Prices of resale condominium units edged up for the 22nd straight month in May, with transactions rising as buying sentiment improved despite property cooling measures. In May, condominium resale prices rose 0.3 per cent, lower compared with April’s 0.7 per cent, according to flash figures from real estate portals 99.co and SRX released on Tuesday (June 14).

Compared with May last year, prices were up by 8.4 per cent, data showed. In May, prices of condominiums in the city fringes went up by 0.7 per cent and those in the suburbs rose by 0.5 per cent, while those in the core central region fell by 1.2 per cent.

Huttons Asia chief executive Mark Yip said the successful launches of two projects in the city fringes – Piccadilly Grand in Farrer Park and LIV@MB in East Coast – resulted in demand spilling over to the resale market last month, which supported the rise in prices. Meanwhile, resale volume climbed by 1.6 per cent, with an estimated 1,572 units changing hands in May, up from 1,547 units in April.

Resale transactions declined by 11 per cent compared with May last year, but were still 40.2 per cent higher than the five-year average for the month of May. This could indicate the resale market is on its road to recovery, five months after property cooling measures were introduced last December, analysts said.

In December, the additional buyer’s stamp duty (ABSD) rates were raised from 12 per cent to 17 per cent for citizens buying their second residential property, and from 15 per cent to 25 per cent for those buying their third and subsequent ones.

For foreigners buying any residential property, the ABSD is 30 per cent, up from 20 per cent. Resale volume has been rising since March with the easing of Covid-19 restrictions, rebounding from the six-month decline starting last September.

The strong buying sentiment in the condominium resale market was reflected in the new sale market last month, noted OrangeTee & Tie senior vice-president of research and analytics Christine Sun.

“This indicates that buying sentiment has generally improved across the different housing segments and may pick up further in the coming months,” she said.

“Growing macroeconomic uncertainty may also spur more investors to park their money in safe-haven assets like properties,” she added.

PropNex Realty head of research and content Wong Siew Ying said some of the firm’s real estate agents noted that the supply of resale condominium stock has been tight as some owners choose to hold on to their properties.

“With the hefty additional buyer’s stamp duty, some owners who have purchased multiple residential properties prior to the cooling measures may be unwilling to sell now,” she said, adding that the strong home rental market could also be a reason.

Given the tight supply and demand from Housing Board upgraders, property analysts expect condominium resale prices to remain firm this year. Mr Yip said the resale market in June may be quiet as it coincides with the school holidays and there are no planned new project launches.

“Nevertheless, the return of foreigners to the property market will support further growth in prices for the rest of 2022,” he added. In May, condominiums in the suburbs accounted for 60.2 per cent of the total sales volume. Homes in the city fringes accounted for 24.7 per cent, while the remaining 15.1 per cent were in core central Singapore.

The highest transacted price for a resale condo in May was $20 million for a unit at The Nassim, a freehold development in the Tanglin area. In the city fringes, the highest transacted price was $4.85 million for a 99-year leasehold unit at Silversea in Marine Parade. In the suburban areas, a freehold unit at Clementi Park in the Sunset Way area sold for $6.5 million.

This news article is from the Straits Times Graphics. For more property articles please contact us +6582828214.

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Things to know before upgrading to a private property?

by admin | Jun 10, 2022 | Uncategorised

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Things to know before upgrading to Private Property

Upgrading from HDB to a private condo is followed by many people. Numerous Singaporean families turned their dream into a reality of buying and staying in condo. Several households currently wanted to live in private condos rather than in HDB for exclusive facilities and different lifestyles.

Due to the growth of the HDB resale prices in the past few years, many of the house owners have decided to upgrade their property. In the second half of the 2019 HDB resale price values started to recover after booking six consecutive years of decline. In 2021, there is a sudden increase of HDB resale prices by 12.7%, following a 5% increase in 2020. Because of this reason many owners are selling their HDB flat and investing private property.

Things to consider for upgrading property

Are you completed your 5 years minimum occupation period (MOP) for HDB?

Do You want to upgrade your HDB flat to private condo?

There are several things to consider to upgrade property in Singapore. Read this articles to know more.

1. Find objective for upgrading to private condo

First of make clear idea about why do you want to upgrade from HDB to a private condo. Private property provides you privacy in gated condo system and also use of different condo facilities like a swimming pool, yoga pavilion, herb garden, clubhouse, gym, tennis court and other facilities. These facilities are one of the reasons to upgrade property from HDB to condo property, which are highly attractive. One reason is facilities another reason will be the rise of private property prices in future. Here is the URA Private property prices index (PPI) and HDB Resale prices index (HRPI). By observing this chart, know that private property price growth rate is more than the HDB resale prices (See Chart 1).

2. Financial analysis and monthly payment

Upgraders are mostly concentrating on mass-market private homes in the outside central region (OCR) or Executive condos (EC’s). Executive condos are a type of public and private housing hybrid. Now a day’s residential property prices have continuously increased and reached a peak point.

Based on URA Realis caveat data, the average price in 2021 for new launches, resales and new EC projects were $1.74M, $1.25M and $1.37M, respectively (see Table 1).

If the upgrader has sold the flat and has no other financial commitments, buyers will have to pay a monthly loan repayment between $3,900 and $5,500 at these prices. Using a 75% loan to value loan at a rate of 2% and a 25-year loan, Table 2 illustrates the buyer’s financial outlay.

Prior to making such a big purchase as a new home, prospective buyers should consult with an experienced realtor or financial advisor.

3. Maintenance/ conservancy fees

It is also important to consider how much maintenance or service and conservation charges are payable each month if you are living in a private condo rather than a HDB flat. A four-room HDB flat’s S&CC is usually about $64 and a five-room flat’s about $80. A condo maintenance fee, on the other hand, can easily go over a hundred dollars, and it depends on the size and value of the unit. In addition, private condo owners may not enjoy certain incentives offered by the government, such as S&CC rebates for example.

4. Chance to buy property

When the couple sells their apartment (which was joint bought) and buys a new house, they will be able to “decouple” – they will purchase the new house under one name. As this would be the individual’s first home purchase, he will be able to purchase a residential property in the future without paying additional buyer’s stamp duty.

When is the right time to upgrade property in Singapore?

There is no way to perfectly time the market, but would-be buyers could take some advice from price movements in private and HDB resale properties. If private home prices are likely to plateau or grow much more slowly, owners would be interested in taking advantage of a stronger HDB resale price growth.

In 2022, PropNex estimates HDB resale prices will increase by 6% to 8% at a faster rate than private residential properties. In contrast to the 10.6% increase in private home prices in 2021, prices are expected to rise at a slower pace this year thanks to new cooling measures implemented in December 2021.

It is likely that inflationary pressures will drive prices up this year as construction costs and manpower costs rise, but strong demand in 2021 drove prices up. Additionally, with interest rates expected to rise through 2022, some buyers may want to secure a better mortgage rate now rather than later.

To know more information about properties, here are my articles about how to buy property and how sell property. Do you want to read more about property investment, please register with us

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