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For Upgraders



If you have purchased a Resale HDB flat with grant/ BTO/ SBF before, and looking to upgrade to a condominium or Executive Condo, you may wish to take note of the following:  


  Upgrading to An Executive Condo Upgrading to a Private Condo
1) Need to sell Existing HDB Can keep or sell Current HDB
2) Loan Up to 80% Loan Up to 50% for 2nd housing loan
3) Can use All CPF in OA account Put aside Minimum Sum for CPF (unable to utilize all)
4) Lower Cash Outlay Higher Cash Outlay
5) No Additional Buyer Stamp Duty (ABSD) Additional Buyer Stamp Duty (ABSD) for 2nd property
6) Lower Entry Point = Higher Capital Gain Higher Entry Point = Lower Capital Gain
7) Normal Progressive Payment scheme (NPS) or Deferred Payment scheme (DPS) available Only Normal Progressive Payment scheme (NPS) available
8) Monthly income < $14K No Restriction
9) Family Nucleus Needed. Only SC/SC or SC/SPR household. No Restriction (can use one name to purchase)
10) Resale Levy for EC land sold after 9 Dec 2013 Not Applicable
11) Bigger in Size Smaller in Size


Case Scenario:

Tom and Mary are both Singaporeans and married. They have stayed at their current 4 room BTO flat for 6 years and wish to upgrade to a New EC or New condo. They have a combine income of 12K/ mth, Tom has 90K in his CPF OA and Mary has 60K in her CPF OA. They are both 40 years old. There is a balance of $200K in their existing HDB loan.


New Executive Condo – 3 bedroom, 1000sqft, $800,000, $800psf

Can loan up to $719K estimated (80%)

Can use all CPF of 90K + 60K for 15% down payment (no minimum sum)


Financial Calculation:

5% $40,000 cash
15% $120,000 CPF from OA
Stamp Fee $18,600 CPF from OA
Legal Fee $2,500 CPF from OA
80% $640,000 loan

Tom and Mary will need a cash outlay of only $40,000 to upgrade to a 3 bedroom EC. They can sell their HDB within 6 months upon collecting their EC key and make a loan redemption to lower down their monthly installment.



New Condo – 3 bedroom, 1000sqft, $1,000,000, $1000psf

Can loan up to 50% (2nd property) – $500K


Redeem current $200K HDB loan and loan up to 80% – $800K.


Financial Calculation:

5% $50,000 cash
15% $150,000 cash
Stamp Fee (ABSD 7%) $94,600 cash
Legal Fee $2,500 cash
80% $800,000 loan

Assuming Tom and Mary use the $150K CPF in OA + $50k cash to redeem HDB loan, the total cash outlay will be $347,000 to purchase a new condominium as a 2nd property. If they choose to sell their HDB upon collecting their private condo key with 6 months, they will be entitled to the ABSD refund of $70,000. The cash outlay will still be higher, and the loan amount is higher as well.


Therefore is up to individual needs and preferences. We will be able to run through your properties portfolio & analysed which is the best option which is within your comfortable means to upgrade.



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