HDB Resale Payment Timeline: How to Plan Your Cashflow

If you’re selling and buying a resale HDB at the same time, managing your cashflow is tricky. Given the number of steps, it’s hard to know what you need to set aside during the HDB resale payment timeline.

When do you get the sale proceeds so you can make an offer for the new flat? And how much cash do you need to set aside for things like buyer stamp duty?

This article will cover all the payments that come up – and when – that you need to prepare for as both a seller and buyer.

We’ll answer questions like:

How much deposit to pay for HDB resale
The cash you’ll need to have on hand
What to pay when buying a resale HDB

and more.

A Summary Overview of the Costs to Expect

We covered the key phases of simultaneous selling and buying HDB in How to Plan Your Timeline, highlighting points like when to start looking for your new flat while completing the sale of your old one.

We’ll use the same four phases to break down the incoming and outgoing cashflow:

Phase 1 & 2: Checking Eligibility, Registering Intent, and Issuing the Option to Purchase

The first phase of this process has fewer transactions. You’ll be focused on styling and staging your flat for viewings while waiting for potential buyers.

Once a buyer requests an OTP, things start to really progress. You’ll need to keep track of your cashflow as more fees are just up ahead.

Incoming Payments

Deposit from Buyer: <= $5,000. Once you’ve found a buyer, you’ll receive a deposit of no more than $5,000. This comprises the Option Fee ($1 – 1,000) and Exercise Fee ($1 – $4,000) and is up to you to set. Save this to pay for the deposit for your next flat.

Outgoing Payments

As a seller, you won’t have anything to pay at this point.

But you’ll need a private conveyancing lawyer for the sale of your HDB if you want to expedite the timeline, so start getting quotes here. Expect them to be in the ballpark of $1,300 to $2,000.

(Going with HDB conveyancing officers may add another 15 to 19 weeks to the entire selling and buying process, since they can usually only process the HDB Resale Application after your CPF has been refunded.)

Phase 3: Resale Application Submission + Shopping for a New Home

Phase 3 is when you start sorting out your home loan, shortlisting possible new homes, and getting the necessary cash ready:

Incoming Payments

None!

Outgoing Payments

Deposit for New Flat: <= $5,000. Once you’ve found a flat you like, you’ll need to pay a cash deposit for the flat. Same as your buyer, you’ll make this payment in two stages within a span of 21 days. First is the Option Fee (S$1-1,000) and then the Exercise Fee (S$1-4,000). Combined, this amount will not exceed S$5,000.

Request for Valuation Fee: $120. This is assuming you need a home loan. If you’re paying for the next flat all in cash, you can skip this. By the next working day after getting the OTP from the seller, you’ll submit a Request for Valuation to HDB. You’ll pay $120 (inclusive of GST) to HDB.

Resale Application Fee: $40 – 80. You’ll also need to pay a non-refundable Resale Application Fee for the sale of your current flat. The market practice is to submit the Resale Application 30 days after the buyer exercises the OTP, but this is negotiable if you need more time. HDB determines the application fee based on the size of your flat:

1- and 2-room flats	3-room and bigger
$40	$80

Admin Fee for Extension of Stay (If Applicable): $20. If you’re selling and buying a flat at the same time, you’ll likely need to request a Temporary Extension of Stay. Technically the buyer pays this admin fee when submitting the Resale Application, but be prepared to compensate them for all the costs associated with the extension.

Also read: Extension of Stay HDB: Traps to Avoid to Protect Both Sides

Phase 4: Buying Your New Home + Completing the Sale of Your Old Home

The last two months of the process are when the bulk of the payments take place:

Incoming Payments

Cash Proceeds for Sale of Flat, If Any: On or before the Resale Completion Appointment, you’ll get the cash proceeds as a cashier’s cheque after the deduction of loan repayments and CPF refunds. (If the deductions are more than the sale proceeds, you’ll need to top up in cash.)

CPF Refunds: If you used CPF to buy your old flat, this will be refunded to your account two weeks after the Resale Completion Appointment. You can only use the refunded CPF to pay for your new flat a week after that, so plan your timeline accordingly.

Outgoing Payments

As the Seller

Property Tax: If you haven’t already, you’ll need to pay property tax for your HDB flat up until the end of the year.

Service and Conservancy Charges (S&CC): ~$20 – 110. You’ll continue paying this for your old flat until the day of completion.

Service Termination/Moving Costs (If Applicable): In some cases, you may have to pay an early termination or relocation cost if you’re still under contract for utilities, internet, or other services. The amount payable depends on the contract you signed, but the costs are usually no more than a couple hundred.

Moving Costs: ~$300 – 1,000. The Resale Completion Appointment is usually about 8 to 12 weeks after you submit the Resale Application. You’ll need to move out of your old flat by then so the buyers can take vacant possession of the flat after the appointment.

Private Conveyancing Lawyer Fees: $1,300 – 2,000. This could include a number of items such as title searches, caveats, registration and microfilming, and the discharge of mortgage (if any). Payable at the law firm prior to the Resale Completion Appointment using cash or CPF.

Property Agent Commission: 1 – 2% of the Sale Price, payable at the Resale Completion Appointment. (The standard market rate is 2%, but Bluenest charges just 1%.)

As the Buyer

Resale Application Fee: $40 – 80. You’ll need to submit another Resale Application as the buyer along with the application fee.

Initial Payment: 15 – 25% of Resale Price or Value of the Flat, whichever is lower. Payable using cash, CPF, or a mixture of both after endorsing the resale documents about four to five weeks after submitting the Resale Application.

This is only applicable if you’re using HDB’s conveyancing officers instead of a private lawyer. If you’re using the latter, they’ll release the CPF funds before the Resale Completion and you won’t need to worry about having the funds long before the CPF refunds come in.

Mortgage Stamp Duty (If Applicable): Also known as Mortgage Duty, you’ll pay a maximum duty of $500 on the loan for the new place. (Read more from IRAS here.)

Buyer’s Stamp Duty: You’ll get approval for your Resale Application about a month before the completion of the sale. You’ll have to pay Buyer Stamp Duty within 14 days of the approval letter, either in CPF (if you have enough) or in cash. If you don’t have enough CPF at the time, you can pay in cash first and apply for a reimbursement from CPF later.

Here’s how to calculate BSD:

Purchase Price or Market Value of Property	Buyer Stamp Duty Rate
First $180,000	1%
Next $180,000	2%
Next $640,000	3%
Remaining Amount	4%

For example, if you’re buying a resale flat for S$620,000. You would pay:

$1,800 (1% x $180,000) + $3,600 (2% x $180,000) + $7,800 (3% x $260,000) = $13,200 total.

You can use IRAS’ Stamp Duty Calculator here.

Private Conveyancing Lawyer Fees: $1,800 – 2,500. Settled either in CPF or cash with a trip down to the lawyer’s office before the completion of the purchase.

Conveyancing Fees (HDB): If you chose to use HDB’s conveyancing instead of private lawyers, you’ll need to pay legal fees to HDB. You can use HDB’s Legal Fee Calculator to find out how much you need to pay. (Bear in mind that HDB conveyancing officers can usually only process your Resale Application after your CPF funds are back in your account, so this will extend your home purchasing journey considerably.)

Cash Balance of Purchase Price: If any part of the purchase is not covered by the home loan or CPF, you’ll need to top up the balance in cash. Take out a cashier’s order at least a week before the Resale Completion Appointment and bring it with you on the day of.

Renovation Costs (If Applicable): Congrats on your new place! Now you’ll have to do it up nicely…

Fire Insurance: Max of $8.10 for a 5-year Premium. This is mandatory if you’re taking a loan from HDB.

Home Protection Scheme: Amount Varies. You’ll need this if you’re using CPF to pay off your home loan, but it’s optional if you have private life insurance or mortgage-reducing insurance that can cover the oustanding home loan. Premiums are automatically deducted from your CPF OA.

Service and Conservancy Charges (S&CC): ~$20 – $110. You won’t have to pay this at the Resale Completion Appointment, but you do need to state how you’ll pay the first month’s fees.

Apportioned Property Tax: At the Resale Appointment, you’ll pay the seller an apportioned amount of property tax (pro-rated based on when during the year you’re buying the property).

Still need help figuring out your cashflow with the HDB selling and buying timeline? Get in touch with us.

Selling and Buying HDB At the Same Time (Timeline Planning)

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Selling and buying an HDB flat at the same time can be complicated. Most families upgrading their flats worry about things like:

Whether the sale proceeds will get to them in time to pay for the next flat
Whether they’ll have enough time to find a new place
And whether they’ll be left homeless in the interim

Most of the time, we depend a lot on our property agent’s expertise. Unfortunately, there are also many horror stories of agents not being able to coordinate both the sale and purchase timelines or advise their clients properly.

That’s why we’ve broken down the selling and buying process into four major phases.

We’ll guide you through the whole process, from registering your Intent to Sell to completing the sale and moving into your new home.

The Standard Timeline for Selling and Buying HDB At the Same Time

We’ll get into the most common scenario first – a family who’s selling and buying at the same time, and who require the sale proceeds from their old flat to pay for the new one.

Afterwards, we’ll discuss the common complications that come up and how to resolve them.

Phase 1: Checking Eligibility and Registering Intent

When you’re ready to sell your HDB flat, you’ll have to register an Intent to Sell via the HDB Resale Portal. Here, HDB will direct you to download their OTP.

You’ll have a 7-day cooling-off period from the time you register your Intent to Sell until the time you can issue the OTP to a potential buyer. This Intent to Sell is valid for one year.

During this time you’ll probably be busy with home styling and staging, marketing the flat, and hosting viewings.

Phase 2: Issuing the Option to Purchase

Once a buyer makes a satisfactory offer, you may issue the Option to Purchase and collect the OTP fee. You can set this anywhere between S$1 – S$1,000.

Reminder: Unless you’ve already got another place to stay, you’ll likely need an Extension of Stay. You should request this while negotiating the sale price with the buyer, before you issue the OTP.

The buyer has 21 calendar days to exercise the OTP, during which you can’t issue any other OTPs. At this point, the buyer will get an official valuation if they need a home loan or the use of their CPF monies. Before the 21st day, they’ll either decide to exercise the option or let it expire.

But it isn’t just a waiting game for you. Since you now have a rough idea of what the market will pay for your house, you can start window shopping to narrow down what you’d prefer in your next flat.

If the buyer exercises the option, you’ll collect the rest of the deposit (anywhere between S$1 to S$4,000). Combined, the option fee + exercise fee should total no more than S$5,000 regardless of the sale price of the HDB flat.

Phase 3: Resale Application Submission + Shopping for a New Home

Buyer exercised the option? This is where things get exciting. You now have to:

Go for home viewings and shortlist units you like.
Register your Intent to Buy if you haven’t already.
Discuss with the buyer when to submit the Resale Application.
Get your home loan sorted.
Submit the Resale Application along with the request for an Extension of Stay

Deciding on the date to submit the HDB Resale Application is important. It determines how much time you’ll have to find and finance a new home.

The market standard is to submit the HDB Resale Application 30 days from the option exercise date. Officially though, there’s no limit as long as the buyer is agreeable.

If you think you’ll need more time to find a new place, you may want to negotiate for a later Resale Application submission date. This is up to the buyer to grant, since they may need to redo the HDB valuation or loan approval if you drag out the process too long.

Also note: while the HLE from HDB is valid for 6 months, an In-Principle Approval (IPA) from the bank is only valid for 30 days. It’s easy enough to get another IPA if you don’t find a place within the 30 days though.

Phase 4: Buying Your New Home + Completing the Sale of Your Old Home

In an ideal scenario, you’d make an offer for a new HDB flat before submitting the Resale Application for your old place. That way, there isn’t too much of a gap between the sale completions for your old and new place.

As with the previous process, you need to negotiate a date to submit the Resale Application. If you require the sale proceeds from your old place, chart out your timeline accordingly.

You’ll get the cash proceeds (if any) from the sale of your old place at the HDB Resale Completion Appointment, after taking off CPF refunds, home loan repayments, and so on.

The Challenges That May Come Up

Phase 3 and 4, in particular, are where the timeline can get tricky. Here are some of the more common concerns we see:

Challenge #1: You’re worried that you can’t find a new home in time.

In most cases, you’ll only have 30 days to find a new place after the buyer exercises the option for your old place. That leaves many sellers worried that there isn’t enough time.

A good agent would know how to negotiate with the buyer to find a timeframe that isn’t too rushed for you. But in the event the buyer decides to stick with the market standard, here’s what to do:

Solution

Break down the 30 days into four weeks.
Assuming you have a full-time job, you’ll likely only be able to go for home viewings over the weekends. If you set aside two hours a day for these viewings, you should be able to fit 3-5 viewings per two-hour slot.
Over those four weekends (or eight days), you’ll be able to view a max of 40 units.

In our experience though, most people decide on a place within 10 or so viewings. From that perspective, having four weekends gives you more than enough buffer to find your new home.

Challenge #2: You need your CPF monies to purchase the new flat.

Once your old flat has been sold, you’ll get the cash proceeds at the HDB Resale Completion Appointment. However, CPF needs another two weeks to process the refund – and another week before you can use the CPF funds to purchase a new place.

That means you have to turn over the keys to the buyer 3 weeks before you have the actual CPF funds to buy a new place.

Solution

This is where it’s important to use private lawyers and apply for an Extension of Stay in advance.

Unlike HDB conveyancing officers, private lawyers don’t require your CPF funds to actually be back in the account. They can make the necessary arrangements so you can submit the Resale Application for your next flat purchase before the sale completion for your old place.

Challenge #3: You can’t get a Temporary Extension of Stay.

Whether the buyer refuses to grant one, or your agent simply forgot to mention it upfront – this isn’t a fun situation to be in. It means you’ll have to hand over the keys for your old place without being able to move into your new place yet.

Side note: This is also likely why some seller agents try to bully buyers into granting an extension long after submitting the Resale Application. It’s illegal and could get you into serious trouble.

Solution #1: Use HDB’s Enhanced Contra Facility

HDB’s Enhanced Contra Facility allows you to bypass part of the waiting period when you’re selling and buying a resale flat at the same time.

However, out of the three parties (buyer of your existing HDB flat, you, and the seller of your new HDB flat), only one can use the HDB Enhanced Contra Facility. You’ll have to chat with your buyer and seller to make sure this is the case.

As long as there’s no existing bank loan involved, you can use the Enhanced Contra Facility. Also, note that all three parties must submit their respective Resale Applications within seven days of each other.

Solution #2: If You’re Not Eligible for Contra, Use a Bridging Loan

If you used a bank loan for your initial purchase, you’re not eligible for the HDB Enhanced Contra Facility. You’ll need a bridging loan instead.

At the time of writing, banks in Singapore will only approve a bridging loan facility if you’re taking a mortgage loan from them as well.

Be sure to tell the bank that you need the bridging loan on top of the mortgage from the start. If not, you run the risk of having to submit the loan application all over again because the bank needs to reprice the package.

If this is your only option, contact your bank as soon as possible and be prepared for a possible change in your loan terms.

Solution #3: If All Else Fails, Rental

With a good agent, you should have more than enough of a buffer to not resort to this. We wouldn’t recommend this route as the minimum rental for an HDB flat is 6 months by law.

That means there’s a high chance you’ll be stuck with a rental beyond your needs, costing you a fair bit at the same time. Short-term rentals are also harder to come by, so you might have to settle for a unit that does not suit your family’s needs.

7 Misconceptions About Bridging Loans for HDB Upgraders

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Bridging loans can be a fast way to get cash for a new property, especially if you’ve got your eye on something specific.

But they come with their own terms – some of which aren’t obvious from the limited information available on official bank websites.

So what do you have to watch out for with bridging loans? Today, I’ll cover 7 misconceptions about them:

I can apply for a bridging loan from any bank with the best rates.
I can use the bridging loan to cover any costs while selling and buying my new property.
I can use CPF to repay my bridging loan.
I can apply for the bridging loan without selling my existing property.
I don’t need income to apply for a bridging loan.
It makes sense to maximise the amount I can borrow through the bridging loan.
Bridging loans from different banks are all the same. Since they’re all regulated by MAS, I don’t need to compare them.

1. I can apply for a bridging loan from any bank with the best rates.

Not quite. Think of bridging loans like an add-on to a home loan package: in most cases, banks won’t give you a bridging loan unless you’re also getting a home loan with them.

That means you’re stuck with whichever bank you’re getting the housing loan from. Most banks also won’t post their bridging loan rates online, so it’s hard to compare without talking to them. If you think you’ll need both, be sure to ask about their bridging loan rates when you’re applying for the housing loan.

2. I can use the bridging loan to cover any costs while selling and buying my new property.

This depends on the bank. OCBC explicitly states, for example, that “you must only use the bridging loan for payment towards the deposit or downpayment for the property or the legal and stamp duty fees connected with buying the property.”

That means you can’t use it for things like renovation costs or emergencies.

The DBS bridging loan has no such stipulation in their terms and conditions, though technically you’re still only supposed to use the funds for the downpayment.

That said, bridging loans are more expensive with their higher interest rates (usually between 4-6%). It’s also got a short tenure with little to no flexibility in the repayment window, so you don’t want to jeopardise your ability to repay by using the funds for something else.

Your best course of action is to make a list of all the costs you’ll incur with the new property and make sure you have enough cash on hand to cover everything. If you don’t have a comfortable buffer, you might be better off lowering your budget for the new place.

3. I can use CPF to repay my bridging loan.

Sure, you can use CPF to pay off the principal loan amount. However, you’ll have to make any interest payments in cash on a monthly basis.

4. I can apply for the bridging loan without selling my existing property.

Nope. Bridging loans are contingent on a few things:

You have an existing property to put up as collateral
You’ve sold your existing property and can provide proof (in the form of a signed OTP or S&PA)
A legally-binding letter saying that your sale proceeds will go toward paying off the loan before they return to your CPF or bank account

5. I don’t need income to apply for a bridging loan.

Technically true: most banks require just an exercised Option to Purchase or signed and dated Sale & Purchase Agreement showing that you’ve sold your existing property.

But in practice, you can only get a bridging loan on top of a housing loan – and the housing loan requires proof of income (or ability to repay).

6. It makes sense to maximise the amount I can borrow through the bridging loan.

Financially, it makes the most sense to borrow as little as possible via the bridging loan.

Compared to housing loans, bridging loans have higher interest rates – sometimes double or triple. The much shorter tenure of 6 months or less also means there isn’t much flexibility on repayment, so it’s best to only borrow what you’re sure you can repay.

7. Bridging loans from different banks are all the same. Since they’re all regulated by MAS, I don’t need to compare them.

Although bridging loans are regulated products, banks still offer them at different price points while still complying with MAS requirements.

For example, the POSB bridging loan has an interest rate of 4.25% per annum. There’s also a late payment fee of “5% above DBS Prime Rate on the overdue amount.”

On the other hand, the Standard Chartered HDB Bridging Loan has an interest rate of 4.475% per annum. (Both figures are accurate as of 5 Aug 2022.)

FAQs: What To Do When Your Condo TOP Gets Delayed

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Following the continuing TOP delays across the country, there’s been a lot of uncertainty.

In HDB’s case, they’ve been upfront about their communication and new timelines. Buyers can also claim reimbursement by submitting proof of out-of-pocket costs they incurred during the delay.

But what do you do if your condo TOP is delayed and you haven’t heard from the developer? Do you have a right to compensation – and if so, how do you get it?

Today, we’ll cover the most common questions on the topic:

What causes condo construction delays?
Can developers change the condo TOP dates?
Can I claim compensation if my condo TOP is delayed?
How do I claim compensation?
What if developers have cash flow issues?
Can I back out of the purchase?
What if I have a tenant lined up?
Can I extend my extension of stay?

What Causes Condo Construction Delays?

Anything from bad planning, improper site management, and inaccurate engineering estimates to conflicts with subcontractors and manpower shortages.

During the COVID-19 pandemic, construction delays across Singapore were mainly because of manpower and material shortages.

Entire worker dormitories were in quarantine. Migrant workers rushed home to see their families and then found themselves unable to return. Movement control orders in Malaysia led to widespread component shortages. Safe distancing meant the number of workers who could be on site was drastically cut.

Today, the pandemic has eased somewhat (though the threat of monkeypox is looming). Most construction workers have returned to Singapore. But supply chain disruptions still remain and are causing continued BTO HDB and condo TOP delays.

Can the Developer Change Condo TOP Dates?

Yes, though this is rare.

Note, though, that TOP dates are not legally binding. The term stands for Temporary Occupation Permit after all: it’s meant as a form of goodwill so buyers can move in if the construction is done earlier.

What you should be looking at instead is the Vacant Possession Date in your Sale & Purchase Agreement (S&PA). This is the legal deadline by which developers must deliver a freshly-completed unit to you, failing which they’ll have to pay you liquidated damages.

You may also notice an “Expected Date of Vacant Possession” or “Expected Date of Completion” in the marketing materials for the condo. These are estimates, not hard deadlines. Your S&PA is the best reference for when you’ll get your condo and how much compensation you’re entitled to if it’s late.

Here’s a sample contract detailing the Vacant Possession Date:

“The Vacant Possession Date is the legal deadline by which developers must deliver a freshly-completed unit to you, failing which they’ll have to pay you liquidated damages.”

Communication with the Developer is Key

It can be shocking to receive news that your condo’s TOP date has been delayed. It could be a small issue and the actual Date of Vacant Possession hasn’t changed. Or it could be a bigger issue, like the developer struggling with cash flow.

When your condo seems to be delayed, your first step is to get in touch with other buyers. You’re unlikely to be the only one affected, and coordinating responses with other condo buyers can put pressure on the developers to deliver timely updates.

Next, reach out to the developer’s Customer Care Team through their website or social media. Your property agent might also be able to help here.

Be sure to document all communication to and from the developer. Hopefully it doesn’t go as far as collective legal action, but if things get really bad, having everything in black and white will help with the legal proceedings.

Can I Claim Compensation If My Condo TOP Is Delayed?

Not usually. As we mentioned earlier, TOP dates are merely estimates and meant as goodwill if construction finishes earlier. Legally, you’re only entitled to compensation if the developer goes past the Vacant Possession Date and it’s solely their fault. There’s usually a buffer between the TOP and Vacant Possession Date, so developers have some leeway to delay the TOP.

But in the event the developer does go over the Vacant Possession Date…

How Do I Claim Compensation?

In most cases, developers who can’t meet the Vacant Possession Date will contact you first. Claiming compensation is a simple matter of filling out the form that they give you.

If they’re not as forthcoming, you may have to take the first step as we’ve outlined in the communication measures above.

If you’ve already reached out to the developer and haven’t gotten a response, it’s best to contact your conveyancing lawyer early on. In the worst-case scenario, you’ll need your lawyer’s help to claim compensation.

Most S&PA contracts in Singapore have similar terms since it’s a standardised form set by the government. In most cases, developers who delay the Date of Vacant Possession are liable to pay you liquidated damages on a daily basis at a rate of 8-10% per annum on the total amount you’ve already paid to the developers.

During the COVID19 pandemic, there was an exception to this. If a buyer entered into the S&PA before 25 March 2020 and the Vacant Possession Date was on or after 1 February 2020, the developers could seek an extension of up to 122 days. (The COVID19 relief measures have since ended.)

What If Developers Have Cash Flow Issues?

If the nightmarish cases of Laurel Tree and Sycamore Tree are any indication, the law still offers you some protection. Both condo developments were supposed to get their TOP in 2016, but even in 2019 the condos still weren’t complete.

That’s a risk with boutique condos from smaller, less-reputable developers. Despite the safeguards in place, somehow the developers had managed to empty the project accounts. There was no money to pay the contractor, let alone compensate the buyers for liquidated damages.

In the end – and after going through property agents, the Controller of Housing (COH), lawyers, and even the media – the court ruled that the condo buyers had priority claims to their uncompleted homes. UOB offered to bear the extra costs to complete the project, provided the buyers waived their rights to claim liquidated damages.

Lesson learned:

Make sure you look into the reputation of the developers before you put down any money for a new launch.

What Measures Are In Place to Prevent Condo Delays From Cash Flow Issues?

When you buy a new launch condo, the funds that the developers get from you go directly into a Project Account. If the developer takes out any loans for the project, those funds also go into the same account.

There are strict rules in place about how and when licensed housing developers can withdraw any money from the Project Account. For example, they can take money out to pay the architect and contractors, or cover the property taxes for the land. (Source: Housing Developers (Project Account) Rules)

The bank holding the funds isn’t allowed to release any money unless the developer can provide proof that the money will go toward developing the condo.

That’s why it’s rare – and shocking – for developers in Singapore to not be able to finish building a condo because of cash flow issues.

Can I Back Out of the Purchase If It’s Delayed?

Given that HDB allowed BTO buyers to back out of the purchase if their flats had been delayed, you may be wondering if you can do the same with your uncompleted condo. For the most part, that’s a no – you’ll have to follow what’s in the Sale & Purchase Agreement.

In Singapore, the S&PA terms are set by the Housing Developers (Control and Licensing) Act, with every developer largely following the same format. That means that barring any exogenous event, you’re stuck with the developer you’ve chosen until the end.

For more context: HDB did refund the option fee and downpayment if BTO buyers wanted to back out, but only on an appeal basis for those with urgent housing needs. In most other cases, HDB chose to compensate buyers instead (though many complained that the compensation wasn’t at all enough to cover rental costs for the period of delay).

What If I Have a Tenant Lined Up?

This is where both a Delay of Commencement and a Delay of Possession clause in the Tenancy Agreement is important:

The Delay of Commencement clause allows the tenant the option to terminate the Tenancy Agreement in the case of delays.
The Delay of Possession clause protects the landlord from being liable for any damages sought after by the tenant. However, the landlord agrees to forego rental payment until the tenant can move in.

But if the delay on your TOP is undefined or far longer than expected, we recommend communicating with your tenant as soon as possible. Give them the option to terminate the Tenancy Agreement and refund the security deposit, if you’ve collected it. If you don’t, the tenant has justifiable cause to take the case to court.

For the avoidance of doubt, the reimbursement you can claim from the developer does not include opportunity costs – like the loss of rental income due to a failed tenancy.

Can I Extend My Extension of Stay If My Condo TOP Is Delayed?

If you’ve sold your HDB and arranged for a Temporary Extension of Stay, your extension terminates automatically at the end of 3 months. You’ll need to make other arrangements if you expect your TOP delay to continue. (Read also: Extension of Stay HDB – Traps to Avoid to Protect Both Sides)

However, if you have an extension of stay or leaseback arrangement with the buyer of your private property, you’ll have to abide by those terms. And since it’s a private arrangement, you have the option of asking your buyer for more time. They may be more than happy to continue renting you the unit.

7 Newly MOP’ed Executive Condos in Singapore (2022)

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For the sandwiched class, Executive Condos (ECs) are a potentially excellent store of value. If you play your cards right, there’s a good chance they’ll get a bump in value once the EC turns fully privatised at the 10-year mark.

That means these freshly MOPed ECs have just the right mix of discounted pricing and future capital appreciation. There are also fewer restrictions on purchasing ECs from the resale market, since you no longer have to apply under one of HDB’s schemes.

Today, we’ll cover the seven ECs that have just fulfilled their MOP in 2022, along with

Eligibility criteria
Location
Notable layouts and design features
Past transaction data
The average sale price of the ECs vs those of other private condos in the district

Eligibility for Executive Condo

Since we’re talking about freshly MOPed ECs here, you still have to be a Singapore Citizen or Permanent Resident to buy it. But unlike buying an EC from the developer, you can buy the resale EC as a single or family – and there’s no longer a monthly income ceiling.

Here’s a recap of eligibility criteria for new and resale Executive Condos from HDB’s website:

	New EC from Developer	Resale EC (>5 years)	Resale EC (>10 years)
Citizenship	Singapore Citizen (SC) with another SC or Singapore Permanent Resident (SPR)	SC or SPR	Any
Family Nucleus	Must qualify under one of HDB’s schemes: * Public Scheme * Fiancé/Fiancée Scheme * Orphans Scheme * Joint Singles Scheme	Single or family	Single or family
Age	At least 21 years old, or 35 if applying under Joint Singles Scheme	At least 21 years old; no age requirement for corporate bodies	At least 21 years old; no age requirement for corporate bodies
Property Ownership	* Applicants and occupiers must not own any property, either locally or overseas * Must not have sold any private property within the last 30 months before buying the new EC	* Must have fulfilled MOP for existing HDB flat, if any * SPR households must sell their HDB flats within 6 months of buying the resale EC	* Must have fulfilled MOP for existing HDB flat, if any * SPR households must sell their HDB flats within 6 months of buying the resale EC
Income Ceiling	Less than $16,000 in monthly household income	None	None

Newly MOPed Executive Condos also have the benefit of being classified as private property, so you can purchase other private properties later on if you wish (though you’ll have to keep ABSD in mind). If you’re upgrading from a flat, you just need to make sure you’ve completed the MOP for that flat before you buy the EC.

Newly MOPed Executive Condominiums in 2022

1. Bellewoods (Woodlands)

After Forestville and Twin Fountains (both MOPed last year), Bellewoods marks the 6th EC in District 25. It’s not exactly accessible unless you regularly cross the causeway – the nearest MRT is Admiralty (NS10) at a good 15-min walk (1.2km) away.

On the plus side, residents have easy access to the Woodlands Park Connector, which goes all the way to the walking trails and reservoir at Mandai.

Schools within 1km include Greenwood, Woodlands, and Woodlands Ring Primary School.

Key Facilities

Swimming pool, kids’ pool, clubhouse/function room, tennis court, BBQ area

Layout & Design

Bellewoods comes in a number of different layouts, with 2, 3, 4, and 5-bedroom configurations ranging from 786 sqft up to 1,679 sqft.

Unit Type	Unit Size (sqft)	Top Floor Unit Size (Including Strata Void Area)
2 Bedroom	786	1066 (280)
3 Bedroom	936	1216 (280)
3 Bedroom Premium	1098	1345 (247)
3 Bedroom CoSpace	1249 – 1281	1582 (333)
4 Bedroom	1152 – 1184	1442 (290)
4 Bedroom Premium	1227 – 1259	1561 (333)
4 Bedroom CoSpace	1345 – 1378	1679 (333)
5 Bedroom CoSpace	1528 – 1561	1679 (150)

There are two unique features to take into consideration with Bellewoods:

1. Top Floor Units Come With Extra High Ceilings

Units on the top floor of these 12-storey blocks come with extra high ceilings above the living / dining area and master bedroom. This additional space is the “strata void area,” which counts as extra square footage in the listings.

For example, the 2-bedroom configuration comes in both 786 sqft (73 sqm) or 1,066 sqft (99 sqm), but the actual floor space is identical. It’s just that the latter configuration includes 280 sqft (26 sqm) of strata void area, which gives you the leeway to add in a loft if you wish.

Other options include additional side windows in the master bedroom, master bathroom, and a Private Enclosed Space (PES) instead of an open balcony. Make sure to check the unit you intend to purchase has the features you’re looking for.

Example of 2 Bedroom with / without high ceilings:

2. CoSpace Layouts

The 3, 4 and 5-bedroom units have what the developers call “CoSpace layouts.” Left as is, you’ll have a small study and utility room for extra storage. However, these rooms also feature non-structural walls that you can hack to create a larger home office, walk-in wardrobe, or baby room.

Pricing

District: 25

# of Past Transactions: 46 in the first half of 2022

Price Range: $916 – $1,196 psf

Average Price: $1,078 psf

Private condominiums of a similar age in District 25 transacted at an average sale price of $905 – $1,143 psf in the last 6 months.

2. The Vales (Sengkang)

Sengkang and Punggol aren’t just known for affordable flats for younger couples. With the slew of ECs in the area, it’s also ripe for HDB upgraders. In this year alone, there are three ECs hitting their MOPs – The Vales is the first of these.

The biggest plus point of The Vales is the convenience, so it’s no wonder that it’s the second most popular EC on this list (67 recorded sales for the first half of 2022 alone).

It’s located next to Cheng Lim LRT (2-min walk out the side gate) and opposite Sengkang General Hospital, where you’ll find a food court along with smaller eateries. Sengkang MRT (NE16) is an 8-min walk away, and there’s plenty to do nearby with Sengkang Riverside Park and Sengkang Sculpture Park.

Nan Chiau, Anchor Green, Compassvale, Punggol Green, Seng Kang and Springdale Primary Schools are all within 1km.

Key Facilities

Swimming pool, kids’ pool, indoor gym, clubhouse/function room, tennis court, BBQ area

Layout & Design

Units at The Vales come in a number of different layouts, with 2, 3, 4, and 5-bedroom configurations ranging from 764 sqft up to 1,712 sqft.

Unit Type	Unit Size (sqft)
2 Bedroom	753 – 775
3 Bedroom	904 – 1055
3 Bedroom w/ Basement and Private Car Park	1647 – 1722
4 Bedroom	1270 – 1410
5 Bedroom	1593 – 1690

One of the unique features of The Vales is the ground-floor 3-bedroom units. These come with a basement level designed as an entertainment room with an attached powder room. A private parking lot with direct access to the basement counts as part of the square footage:

Example of 3 Bedroom w/ Basement and Private Parking Lot

Pricing

District: 19

# of Past Transactions: 67 in the first half of 2022

Price Range: $1,023 – $1,363 psf

Average Price: $1,184 psf

Private condominiums of a similar age in District 19 transacted at an average sale price of $940 – $1,559 psf in the last 6 months.

3. Bellewaters (Sengkang)

With 73 recorded sales in the first half of 2022, Bellewaters is the most popular EC on this list.

It’s a little farther from public transport than The Vales (Farmway and Cheng Lim are a 9- and 7-min walk respectively) but closer to Sengkang Riverside Park and its breeziness. Besides the condo’s many water amenities, you’ll find Sengkang Sports Centre and Swimming Complex about a 10-min walk away.

Schools within 1km include Anchor Green, Compassvale, Nan Chiau, Punggol Green and Springdale Primary.

Key Facilities

Swimming pool, kids’ pool, clubhouse/function room, tennis court, BBQ area

Layout & Design

Bellewaters is similar to Bellewoods in that it comes with Premium and CoSpace layouts as well as top floor units (16th storey) that have extra high ceilings. Bellewaters comes in a number of different layouts, with 3, 4, and 5-bedroom configurations ranging from 926 sqft up to 1,679 sqft.

Unit Type	Unit Size (sqft)	Top Floor Unit Size (Including Strata Void Area)
3 Bedroom	926 – 1023	1216 – 1345 (258 – 323)
3 Bedroom Premium	1066 – 1087	1389 – 1410 (258 – 323)
3 Bedroom CoSpace	1238 – 1270	1604 (333)
4 Bedroom	1130 – 1195	1453 – 1528 (290 – 333)
4 Bedroom Premium	1249 – 1302	1593 – 1636 (333 – 344)
4 Bedroom CoSpace	1335 – 1367	1711 (344)
5 Bedroom CoSpace	1496 – 1528	1679 (150)

The top-floor units come at a premium, though these may be well worth it if you’re looking to catch views of Sengkang Riverside Park from your loft.

Example of 4 Bedroom with / without high ceilings:

As with Bellewoods, 4- and 5-bedroom units at Bellwaters have CoSpace layouts that come with a small study. Many owners here have converted the space into either a walk-in wardrobe or an extension of the 4th bedroom.

Pricing

District: 19

# of Past Transactions: 73 in the first half of 2022

Price Range: $1,014 – $1,291 psf

Average Price: $1,163 psf

Private condominiums of a similar age in District 19 transacted at an average sale price of $940 – $1,559 psf in the last 6 months.

4. The Terrace (Punggol)

The final District 19 EC on this list is The Terrace. The nature trails are the biggest draw here: Promenade Nature Walk and Coney Island are just a short bike ride away, and Punggol Waterway (along with the PCN) is literally at your back gate.

Watch out for the planes though. Long-term residents of The Terrace report hearing the occasional fighter jet from Paya Lebar Air Base whooshing over their location, so this may not be the best home if you startle easily. Still, there are folks who don’t mind trading a bit of quiet for that slice of nature, which may be why this is the fourth most transacted EC on this list.

Punggol MRT is a good 25 minutes away (1.9km), but Kadaloor LRT is nearby (5-min walk, or 350m). There are also three supermarkets within a 10-min walk.

Edgefield, Greendale, Horizon, Oasis, and Waterway Primary Schools are within 1km.

Key Facilities

Swimming pool, kids’ pool, indoor gym, clubhouse/function room, BBQ area

Layout & Design

The Terrace comes in 3, 4 and 5-bedroom layouts, with the 5-bedroom being a penthouse unit. All units come with either a balcony or a semi-outdoor area (Private Enclosed Space).

Unit Type	Unit Size (sqft)
3 Bedroom	1001
3 Bedroom Premium	1076 – 1173
4 Bedroom	1313
4 Bedroom Premium	1442
5 Bedroom Penthouse	1711

The 3-bedroom and 4-bedroom units come with 3 bathrooms, and the 4-bedroom premium and 5-bedroom units come with 4 bathrooms.

Do note, however, that both the 4-bedroom premium and 5-bedroom penthouse units have one bathroom shared between bedrooms 2 and 3. Those who want a true ensuite arrangement will have to do some minor renovations.

Example of 4-Bedroom Premium layout with a dual entrance bathroom:

All units come with a Household Shelter attached to the service yard behind the kitchen.

Pricing

District: 19

# of Past Transactions: 42 in the first half of 2022

Price Range: $1,079 – $1,285 psf

Average Price: $1,176 psf

Private condominiums of a similar age in District 19 transacted at an average sale price of $940 – $1,559 psf in the last 6 months.

5. Signature @ Yishun (Yishun)

Next to Saraca Breeze (featured in our 2022 list of newly-MOPed flats under 600k) is Signature @ Yishun, a 525-unit Executive Condo that overlooks Orchid Country Club and Lower Seletar Reservoir.

The good about this place? You’ll save on electricity bills from the bright, breezy layouts. The bad? At a 22-min walk (1.8km) to Khatib MRT, you’d best have a car – or at least a bike – if you live here. Rockridge Park to the west and SAFRA Yishun to the north are the main hangout places nearby. Other than that, there’s also The Wisteria about a 10-min walk away if you cut through the park.

Naval Base and Northland Primary School are within 1km.

Key Facilities

Swimming pool, kids’ pool, indoor gym, clubhouse/function room, tennis court, BBQ area

Layout & Design

Signature @ Yishun comes in 2, 3, and 4-bedroom layouts with premium options for both 3 and 4-bedroom units. The 3-bedroom premium units have some definite perks over the standard 3-bedroom units: they’re larger and come with a service yard, utility room / maid’s room, and an additional bathroom connected to the service yard.

However, between the 4-bedroom and 4-bedroom premium units, the standard 4-bedroom unit seems like a more efficient layout. The 4-bedroom premium puts a lot of extra space in the entrance hallway.

Both 4-bedder configurations have only the master bedroom as an ensuite. The standard 4-bedroom layout has a noticeably smaller 4th bedroom that cannot reasonably accommodate a queen or king bed.

Example of 4-Bedroom and 4-Bedroom Premium (left and right respectively)

Unit Type	Unit Size (sqft)
2 Bedroom	764 – 775
3 Bedroom	947
3 Bedroom Premium	1076 – 1098
4 Bedroom	1184
4 Bedroom Premium	1302

Pricing

District: 27

# of Past Transactions: 4 in the first half of 2022

Price Range: $911 – $1,019 psf

Average Price: $977 psf

Private condominiums of a similar age in District 27 transacted at an average sale price of $956 – $1,708 psf in the last 6 months.

6. Westwood Residences (Jurong West)

There aren’t many ECs in the West: Westwood Residences marks the 5th in District 22. Again, this isn’t a place for those who want easy access to public transport, since the nearest station (Pioneer MRT) is 2.3km to the south.

That’s likely why the developers marketed Westwood as a “bike-themed condominium.” You’re going to need wheels of some sort if you live here. Then again, how many condos can boast a secured covered bike garage and bike trails within the compound?

Boon Lay Garden, Lakeside, Rulang, and Shuqun Primary School are within 1km.

Key Facilities

Swimming pool, kids’ pool, indoor gym, clubhouse/function room, tennis court, BBQ area

Layout & Design

Westwood Residences has some of the smaller units on this list. Unit layouts come in 2, 3 and 4 bedrooms with a premium option for 3-bedroom units.

Unit Type	Unit Size (sqft)
2 Bedroom	689
3 Bedroom	948
3 Bedroom Premium	1034
4 Bedroom	1152
4 Bedroom Premium aka ‘5 Bedroom’	1238

You might notice on their website the floor plans for a ‘5-bedroom unit,’ but we were unable to locate the 5th bedroom. It’s probably best to think of this as a 4-bedroom premium.

Pricing

District: 22

# of Past Transactions: 3 in the first half of 2022

Price Range: $934 – $1,045 psf

Average Price: $995 psf

Private condominiums of a similar age in District 22 transacted at an average sale price of $1,041 – $1,900 psf in the last 6 months.

7. The Brownstone (Canberra)

There are nine ECs in District 27, where The Brownstone is located. Three of the ECs – Skypark Residences, Parc Canberra, and Provence Residence – are practically next door.

Canberra MRT was built a couple of years ago and is just 350m away (4-min walk). Other than that, residents have access to Sembawang Shopping Centre a little past Jalan Sendudok Park. There are also smaller malls and eateries when they cross Canberra Link.

Sembawang and Wellington Primary School are within 1km.

Key Facilities

Swimming pool, kids’ pool, indoor gym, clubhouse/function room, tennis court, basketball court, BBQ area

Layout & Design

The Brownstone comes in 2, 3, 4 and 5-bedroom layouts, with a premium option in the 3-bedroom configuration. Of all the ECs featured here, The Brownstone comes with the largest variety of 3-bedroom layouts: 17 in total.

Unit Type	Unit Size (sqft)	Top-Floor Unit Size (Including Strata Void Area)
2 Bedroom	732 – 753	850 (97)
3 Bedroom	883- 990	1055 – 1130 (172)
3 Bedroom Premium	958 – 990	1130 (172)
4 Bedroom	1066 – 1184	1270 – 1356 (161)
5 Bedroom	1668 – 1711	NA

Like Bellewoods and Bellwaters, The Brownstone has extra high ceilings on their top-floor units (level 10). These tack another 97 – 172 sqft onto the listed unit sizes and give you the option of building a loft above the living and dining space.

Example of 3-bedroom layout with void area above living / dining area:

Pricing

District: 27

# of Past Transactions: 2 in the first half of 2022

Price Range: $1,073 – $1,127 psf

Average Price: $1,100 psf

Private condominiums of a similar age in District 27 transacted at an average sale price of $956 – $1,708 psf in the last 6 months.

The 2022 List of Newly MOP’ed 3 Gen Flats

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Multi-generational flats aren’t a new concept to Singapore. We saw the first ones in the 80’s: jumbo flats with a massive 163sqm of space (or larger!) that gave interior designers nosebleeds from all the possible design prospects.

These jumbo flats are few and far between now, with even remote locations transacting at record highs.

3gen flats are newer. The first ones – at Boon Lay View and Saraca Breeze – launched in 2013. They TOPed in 2017, so they’ve just completed the MOP this year.

At an average floor area of 1300+ sqft or 120sqm, the 3-generation flat design is larger than a 5-room flat but smaller than an Executive flat. What makes them unique and coveted is that they come with 4 bedrooms and 3 bathrooms, whereas all other new generation large flats come with 3 bedrooms and 2 bathrooms.

Even with the unique requirements to purchase a 3-gen flat, demand for these units has been high with a take-up rate of 83% during launches. I suspect that these units will also be popular as they enter the resale market for the first time.

Eligibility Criteria

Since 3 Gen or Multi-generation flats are meant to accommodate two or more occupants living with at least one parent, the requirements are strict.

Below are the eligibility requirements for buying resale 3 Gen flats. Do note, however, that Prime Location Public Housing (PLH) flats have even more stringent requirements and would be similar to applying for 3 Gen BTOs.

Newly MOPed 3 Gen Flats in 2022

1. Boon Lay View (Jurong West)

Boon Lay View feels like a cosy and semi-private community despite being public housing. Its blocks encircle the typical HDB amenities – fitness corners, pavillions, a Senior Care Centre, and a Residents’ Centre – as though creating an enclave in the middle of the busy-ness of Jurong West.

There’s also plenty to do in the surrounding neighbourhood. Jalan Bahar Park, Boon Lay Drive Park, Boon Lay Community Club, and Boon Lay Place Market and Terrace Garden are all within walking distance.

The downside of this place is that it’s not terribly near an MRT. Both Lakeside and Boon Lay MRT are a good 2km away. Then again, you’ll find most of your day-to-day necessities covered in the neighbourhood, so you won’t feel it much unless you have a long commute to work.

Schools within 1km include Boon Lay Garden, Corporation, and Rulang Primary School.

Layout & Design

Boon Lay View houses 3-room, 4-room, 5-room, and 3-gen HDB flats. The 3gen units are all located in Blk 216A, 217A, 218A, and 218D, which are shared with only 4- and 5-room flats. There are two lifts serving five to six units per floor – an excellent (and rare) ratio.

Given that the estate sits next to Jurong West Ave 3, we’d recommend searching for units in Blk 216A and 217A if available. These are on the southern side of the estate and therefore farther from traffic noises.

Blocks are spaced a good distance apart even within the enclosed community, so residents enjoy a degree of privacy with views overlooking the greenery at the estate’s centre.

The 3 gen flats here are sized at 1,302 sqft, or 120sqm. That’s 75sqft larger than the 5-room flats in the same estate – or in other words, about half a car park space bigger. The main difference is that you’ll get the extra bedroom and ensuite bath, though you’ll trade a good bit of your living / dining area for it.

Pricing

As of time of writing, listing prices range from $720k – $850k.

There’s no transaction data available for multi-gens in Jurong West, but 5-room flats within 200m of Boon Lay View have transacted for between $584k – $735k in the last 6 months.

Similarly-sized (or larger) 5-room flats/maisonettes/’improved’ HDBs in Jurong West range from $458k to $620k, though all are older (most are over 30 years old).

2. Anchorvale Parkview (Sengkang)

Spanning four blocks and 503 units, Anchorvale Parkview was a highly popular BTO choice when it first launched. Its location next to Sengkang Riverside Park means you have easy access to the park (and PCN) for cycling, running, skating, and a plethora of other outdoor activities.

Farmway LRT (SW2) is a 5-min walk. If you drive, this location also gives you easy access to the TPE via Sengkang East Road.

Schools within 1km include Nan Chiau, Springdale, Punggol Green, and Fern Green Primary School.

Layout & Design

The 3gen flats (sized 1,302 sqft, or 120sqm) in Anchorvale Parkview are housed in Blk 338A, 338B, and 338D. Of these, 338A and 338D are closest to Sengkang Riverside Park. All four blocks get a decent view of the water along with a nice breeze though.

Depending on the block you select, there are one to three 3-gen flats per floor along with other 4- and 5-room units. Here, two lifts serve between seven to 10 units per floor.

Blk 338D has the best layout for 3gen flats in terms of privacy. There are only seven flats per floor (compared to Blk 338A’s 10 units). You won’t share any walls with your neighbours, nor does your entrance directly face another unit’s.

The default configuration is an open-concept kitchen. What’s nice about the units here is that there’s minimal dead space: the household shelter is tucked away at the side of the kitchen, leaving a very functional L-shaped layout for the living and dining area.

Two of the bedrooms open up into the living/dining area, but the master bedroom has its own secluded corner. This is unlike some 3gen flat layouts, wherein three of the bedroom doors are right next to each other.

Pricing

At the time of writing there were three listings for 3-gen flats at Anchorvale Parkview – one each at Blk 338A, 338B, and 338D. Current listings are between $680k – $880k, with the higher-priced ones on higher floors.

There’s no past transaction data for multi-gen units here. In this month alone though, three 5-room flats in the same HDB estate sold for between $675k – $728,888.

3. Saraca Breeze (Yishun)

So named for the saraca trees that line its grounds, Saraca Breeze @ Yishun enjoys a refreshing breeze and views of greenery. At 432 units, this is the smallest development on our list.

Schools within 1km include Naval Base and Northland Primary School. The nearest MRT is Khatib (NS14) at 1.4km away.

Layout & Design

The HDB estate comprises four 13-storey blocks with 3-, 4-, 5-room, and 3-gen flats. The 3gen flats are spread across all four blocks. Of these, 513C has the best view of greenery since it’s opposite the Orchid Country Club Golf Range.

The 3-gen units at Saraca Breeze come in at 1,302 sqft (or 120sqm) with the usual 4 bedrooms and 3 bathrooms.

Definitely not our first choice with 3-gen flat layouts, as the living and dining area has the household shelter jutting into it slightly. The structural walls that surround the household shelter will also limit flexibility for design choices around the entrance, prohibiting a full open-concept layout between the living/dining area and kitchen.

Pricing

At the time of writing, there were three 3-gen flat listings priced between $760k – $800k.

This is consistent with 5-room flats in the vicinity also listing between $615 – 630 psf (or around $750k) for a 1,216sqft unit.

There are no recorded sales of 3gen flats in Saraca Breeze @ Yishun, but there have been four transactions of older multi-gen units in Yishun in the last 6 months. These sold for between $785k – $862k for units sized 163 – 171 sqm.

4. Park Grove @ Yishun

Just south of SAFRA Yishun is Park Grove @ Yishun, a 15-minute walk northeast of Khatib MRT (NS14). The location has a plethora of amenities: it’s a 5-min walk north of Wisteria Mall, 8-min walk south of SAFRA Yishun, and 20-min walk southeast from Northpoint City shopping mall. Khoo Teck Puat Hospital is also a 10-min walk away.

There are also plenty of parks nearby, with the largest being Yishun Park followed by Rockridge Park @ Yishun. If you’re a golf enthusiast, the Orchid Country Club is just a 5-min drive south towards the Lower Seletar Reservoir.

Primary schools within 1km include Huamin, Naval Base, North View, and Northland.

Layout & Design

The layout and design of 3-gen flats in Park Grove are similar to others in the same generation of launches. The household shelter extends from the kitchen, leaving the rest of the unit with a practical and open rectangular layout. The default design includes an open-concept kitchen / dining area that’s well-suited for a breakfast bar or large island.

Pricing

Park Grove @ Yishun’s MOP is in September, so there are no listings yet. However, nearby 5-room flats of the same size are listed between $660k – $700k.

A 5-room flat within 200m of Park Grove sold for $625k in the last 6 months.

5. Buangkok Edgeview (Dec 2022 MOP)

Buangkok Edgeview is only set to MOP in December this year. The development is bounded by Buangkok Crescent and is just across the road from Buangkok Square Mall and Buangkok Square Park.

Buangkok Edgeview is quite out of the way of MRT or LRT lines, and you’ll probably have to rely on buses for public transport. The nearest train service, Tongkang LRT (SW7), is a 1.8km or 25-min walk along Sungei Punggol to the north.

Schools within 1km include Anchor Green Primary, Fernvale Primary, Hougang Primary, Palm View Primary, Sengkang Green Primary, and Yio Chu Kang Primary School.

Layout & Design

The 467-unit HDB estate houses 4-, 5-room, and 3-gen flats in its three blocks. Three lifts serve between seven to 11 units per floor.

The 3-gen flats in Blk 997A and 997C have the best positioning and facing – 997C faces the brand new park, while the southeastern 3-gen flats in 997A are farthest from the upcoming semi-expressway.

Like the others on this list, Buangkok Edgeview 3-gen flats are 1,302 sqft (or 120sqm) and come by default with an open-concept kitchen and dining area.

Pricing

As this is a newly built-up area, there are no recorded transactions within 200m of Buangkok Edgeview in the past year.

12 Newly MOP’ed 4RM and 5RM HDBs for 2022 (Under 600k)

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This year, 58 BTO’s will be delayed by at least 6 months. That’s on top of the 3-5 years buyers have already waited for their new homes to be ready, not to mention time for renovations.

This puts many young couples in a bind. Do they still register for a BTO and wait anywhere from 5-6 years, or should they opt for a resale flat and pay the additional Cash Over Valuation (COV)?

Many, it seems, are opting to buy resale. And with resale prices hitting new records for the first half of 2022, we’ve compiled a list of more affordable resale flats that have just completed their Minimum Occupancy Period (MOP) of 5 years.

You can move in almost immediately, yet still enjoy a relatively new flat with modern fittings. Here’s our list:

Woodlands Pasture I & II
Boon Lay View
Spring Haven @ Jurong
Keat Hong Crest
Fern Grove @ Yishun
Saraca Breeze
Angsana Breeze
EastWave @ Canberra
Matilda Edge
The Verandah
Waterway Brooks
Anchorvale Parkview

1. Woodlands Pasture I & II (Woodlands)

We begin our list with a double feature: two newly-constructed developments across the street from each other. At the time of writing we found 4 listings of 4-room flats for sale, priced around S$550,000.

Location & Accessibility

Pasture I & II are within 1km of Riverside, Greenwood, Evergreen, and Admiralty Primary Schools.

Woodlands Pasture I is right next to Admiralty Secondary School, so depending on your facing there may be the occasional tolling of assembly bells and other noises from students coming out of classes.

On the other hand, Woodlands Pasture II is closer to Gambas Ave, so there may be concerns of traffic noises.

If available, you may opt for a unit that faces the quieter Woodlands Rise or Woodlands Crescent Park.

The HDB estate is a 12 to 14-min walk (1-1.2km) from Admiralty MRT (NS10).

Size & Layout

The 4-room flat configurations here are 1,001 sqft. As with many of the new generation of 4-room flats, the layouts are very functional with rectangular rooms and reduced dead space. The units also come with a service yard that’s accessible from the kitchen.

In Woodlands Pasture I & II, the household shelter is located just next to the main entrance. This creates a smaller living area – we much prefer layouts where the HHS is next to the kitchen, as it can easily be repurposed into a dry goods pantry.

The living areas here have 3/4-height windows, while the bedrooms have half-height windows. If natural light is a concern, this may be something to watch out for as you arrange your viewings.

Most of the developments in Pasture I and II are either South-West or North-East facing.

Amenities

Just across from Woodlands Pasture I is Woodlands Crescent Park, where you’ll find a big playground, basketball court, football field, and various other family-friendly amenities. There are also supermarkets, eateries, and other retail stores along Gambas Ave to the east.

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 490 – 531k.

Units in this estate currently list for $493 – 575 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $414 – 515 psf in the last 6 months.

2. Boon Lay View (Jurong West)

Location & Accessibility

Boon Lay View is a little community of its own, with its HDB blocks marking the border and enclosing the playground, Residents’ Corner, and other amenities within. The North-West facing blocks may get quite a bit of traffic noise from Jurong West Ave 2, so we’d recommend a South-East or South-West facing if available.

The major malls are a little farther. Jurong Point is a 15-min bus ride, but there’s the smaller Boon Lay Shopping Centre just three blocks away for all your day-to-day needs.

EW26 Lakeside MRT is a 1.9km walk from Boon Lay View, but there are 3 regular buses that will take you to the MRT within 5 to 7-min.

Corporation Primary School is also within walking distance.

Size & Layout

Boon Lay View also comes in both 4-room and 5-room configurations, approximately 1,012 and 1,227 sqft respectively.

With the 4-room layout, each bedroom has good natural light. However, note that the kitchen will only have natural light from the service yard. For this reason, we highly recommend looking for units with an open kitchen concept. If you do heavy cooking, you still have the option of using glass or clear acrylic panels to close off the kitchen while still allowing more natural light into the dining area.

Amenities

You won’t lack for food or recreational activities here: if you decide to leave the relative comforts of the HDB community, there are three parks along with two wet markets and hawker centres, all within walking distance.

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 515 – 556k.

Units in this estate currently list for $544 – 653 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $486 – 550 psf in the last 6 months.

3. Spring Haven @ Jurong (Jurong West)

Location & Accessibility

Roughly 1.5km northeast of Boon Lay View is Spring Haven, one of the smaller BTOs on this list. What’s nice about this estate is that it’s in between two older HDB estates, so you see a contrast between its new design and the more “traditional” HDB designs.

The PIE is adjacent to the North-facing units, with the new Tengah HDB town on the other side of the expressway. Homebuyers may want to look for South-facing units for a quieter residence.

It’s a 1.4km walk away from EW26 Lakeside MRT, but there are 3 buses that will make the trip in around 10 to 15 minutes.

Both Rulang and Shuqun Primary Schools are within 1km of Spring Haven.

Size & Layout

The 4-room flats are sized at 990 sqft and have a very functional rectangular layout. The units here have 3/4-height windows in every room, so there’s a good amount of natural light streaming in.

Amenities

The Jurong West 505 Market and Food Centre is a 10-min walk (700m) and houses various eateries, retail outlets, and the Jurong Spring Community Club. You have access to the more established coffeeshops in the neighbouring HDB estates as well.

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 487 – 595k.

Units in this estate currently list for $525 – 587 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $345 – 594 psf in the last 6 months.

4. Keat Hong Crest (Choa Chu Kang)

Location & Accessibility

On the other side of the new Tengah HDB town you’ll find Keat Hong Crest: a quiet and calm living area that contrasts with the hustle and bustle of industrial Jurong. The HDB estate is 1.1km away from Keat Hong LRT (BP3), 1.2km away from South View LRT (BP2), and 1.8km away from Choa Chu Kang MRT (NS4), which would take 15 to 20 minutes by bus depending on the time of day.

Chua Chu Kang, Concord, and South View Primary School are all within 1km.

Size & Layout

The 5-room flats for this estate are sized around 1,237 sqft, and the 4-room flats are around 990 sqft.

Of the new generation flats, we were pleasantly surprised to see that Keat Hong Crest has great layout options, especially in the positioning of the household shelter. Here there are two choices: either the HHS is out of the way and next to one of the bedrooms, or it’s next to the kitchen and can be used as a pantry.

Both these choices keep the living and dining space completely rectangular and free from dead space. This excellent layout is true for both the 5-room and 4-room units.

Amenities

Keat Hong Shopping Centre is nearby with many retail stores, eateries, and specialty stores. Sunshine Place Shopping Mall is also within 800m.

About a 10 to 12-min walk away is Keat Hong Garden, where you’ll find a tank (of all things), a fitness corner, and many play areas for children.

Pricing

In the last 6 months, 4-room and 5-room units in this HDB estate have transacted for 468 – 530k, and 558 – 590k respectively.

Units in this estate currently list for $484 – 583 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $404 – 565 psf in the last 6 months.

5. Fern Grove @ Yishun (Yishun)

Location & Accessibility

Fern Grove @ Yishun is actually located a bit closer to Khatib MRT (NS14) than Yishun MRT (NS13), which are 1.3km and 1.8km away respectively. It’s about a 12-min bus ride to Khatib MRT, with at least 3 bus services that regularly travel that route.

Huamin, Northview, Naval Base, and Northland Primary Schools are all within 1km.

Size & Layout

One of the features unique to the new generation of 4-room HDB flats is that the layout is conducive for open-concept kitchens. This feature is quite popular among young couples who don’t do heavy cooking and prefer a more interactive and spacious feeling to their kitchen and dining areas. Look out for listings that take advantage of the open kitchen concept.

Amenities

Just a 3-min walk (250m) will get you to Wisteria Mall, which has a plethora of amenities including a supermarket, gym, cafes, fast food restaurants, and other retail outlets.

If you love the outdoors, you’ll be glad to know that Yishun Park and Rockridge Park are to the north and south respectively. SAFRA Yishun is also at the Yishun Park site, so you’ll have no lack of recreational activities here.

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 538 – 540k.

Units in this estate currently list for $556 – 589 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $436 – 589 psf in the last 6 months.

6. Saraca Breeze (Yishun)

Location & Accessibility

Sandwiched between Rockridge Park and Orchid Country Club Golf Range, Saraca Breeze probably has the best greenery view on our list. The trade-off is that it’s a good 20-min walk (1.5km) to Khatib MRT (NS14), but a 15-min bus ride will get you there as well.

Naval Base and Northland Primary School are both within 1 km.

Size & Layout

Amenities

Wisteria Mall is only an 8-min walk (650m), most of which is very pleasant as you can cut through Rockridge Park @ Yishun. A little farther and you’ll reach SAFRA Yishun and Yishun Park as well.

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 478 – 540k.

Units in this estate currently list for $549 – 617 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $445 – 554 psf in the last 6 months.

7. Angsana Breeze (Yishun)

Location & Accessibility

Fair warning: residents refer to this place as “ulu but breezy,” which gives you a rough idea of what to expect. Still, at least it’s closer to Khatib MRT (NS14) with just a 10-min bus ride compared to Saraca Breeze’s 15 minutes.

The place has improved a bit since the BTO launched – you’ll find food courts, dental clinics, kindergartens, and childcare centres all nearby. Wisteria Mall is also about a 6-min walk away, so your day-to-day needs should be easily settled.

Schools within 1km include Naval Base and Northland Primary School.

Size & Layout

The 4-room flats here have the household shelter in the living/dining area, which can serve as a shoe or cleaning supply closet as needed. We’ve also seen some owners hack away the partition wall connecting the living and common bedroom to create a home office.

If you can, try to get a unit that faces Orchid Country Club for good views of the greenery and water – but expect to pay a premium for this.

Amenities

Rockridge Park is a 5-min walk away. The only other notable mention here is that SAFRA Yishun is just 1.2km away, so it might be worthwhile renewing your membership for your fitness and recreational needs.

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 473 – 568k.

Units in this estate currently list for $533 – 588 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $445 – 554 psf in the last 6 months.

8. EastWave @ Canberra (Sembawang)

Location & Accessibility

About a 10-min walk away from the newly-opened Canberra MRT is EastWave @ Canberra. This is a peaceful, quiet area to live in – there aren’t many amenities around here, but that’s slowly changing.

The estate is a short bus ride away from Sun Plaza at Sembawang MRT Station, where you’ll find a range of shops, eateries, supermarkets, and a public library.

Schools within 1km of EastWave @ Canberra include Punggol Green, Valour, Springdale, and Compassvale Primary School.

Size & Layout

There are two prominent 4- and 5-room flat layouts here: some units position the household shelter in the living/dining area, while others have the HHS in the kitchen. The layout you choose will depend on what you’d use it for.

Note that kitchens here are smaller, so this may not be a great choice if you and your partner cook a lot. Otherwise, we like that there’s minimal dead space and a larger living/dining area with these layouts.

Amenities

Since it’s a newly-built estate, there aren’t as many amenities (or shops, for that matter) in the area. The good news is that EastWave @ Canberra gives you direct access to the Canberra Park Connector and the PCN, which takes you all the way to the beach.

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 510 – 580k.

Units in this estate currently list for $583 – 627 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $599 – 624 psf in the last 6 months.

9. Matilda Edge (Punggol)

Location & Accessibility

First up with our Punggol BTOs is Matilda Edge, situated just next to the TPE. The nearest station is Soo Teck (PW7), a roughly 11-min walk away and one stop from Punggol MRT Station.

With 1,330 total units, this is the largest BTO on our list. Fortunately, blocks are spaced a good distance apart, so the development doesn’t feel cramped so much as it feels like a sprawling eco-conscious landscape.

Schools within 1km include Nan Chiau, Punggol Green, Compassvale, Springdale, and Valour Primary.

Size & Layout

Like many other 4-room layouts on this list, Matilda Edge has its household shelters in the living / dining area. This makes the living area feel a little smaller, though we’ve seen homeowners turn it into a point of visual separation. This gives you the leeway to section off parts of the flat for family members with different routines.

You can knock down a wall to convert one of the common bedrooms into part of the living area, for example, or replace it with a glass partition to transform the space into a home office.

Here, you also have the option of either an open-concept kitchen or a closed kitchen. Bear in mind that Matilda Edge uses half- and 3/4-height windows, so you may need to find ways to let more light in.

Amenities

In line with Punggol’s vision of becoming an eco-town, Matilda Edge’s design features elements like a rooftop garden on the multi-storey carpark, plenty of greenery and flowers, rainwater harvesting, motion-sensor lights, and dedicated chutes for recycling.

You’ll find bicycle rentals and car sharing services conveniently located here, with easy access to Sengkang Riverside Park via the Park Connector Network along Punggol Reservoir.

The nearest major mall is Waterway Point at Punggol MRT (NE17).

Pricing

In the last 6 months, there’s only been one recorded sale of a 4-room unit, which transacted for 472.5k.

Units in this estate currently list for $524 – 628 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $459 – 639 psf in the last 6 months.

10. The Verandah @ Matilda (Punggol)

Location & Accessibility

Next to Matilda Edge is The Verandah @ Matilda, which is slightly nearer to the Soo Teck LRT station (PW7).

Bicycle rentals and car sharing services like BlueSG and Car Club are options just as accessible to residents of The Verandah.

If you have (or will have) school-aged children, you may want to note that unlike Matilda Edge, The Verandah @ Matilda is just out of range (but still within 2km) of Nan Chiau Primary. However, it’s still within 1km of Punggol Green, Valour, Springdale, and Compassvale Primary School.

Size & Layout

If you think of the bedroom as your sanctuary, you’ll be glad to know that the 4-room layouts here favour a larger master bedroom. This can easily fit a king-sized bed with plenty of walking room to spare.

However, this comes at the expense of the living / dining areas. The household shelter is also right by the front door, which in our opinion creates some wasted space in the form of a narrow walkway.

Units here have a rare combination of full-height windows in the living area and 3/4-height windows in the bedrooms, so you’ll have plenty of natural light streaming in.

Amenities

From the outside, The Verandah @ Matilda doesn’t look like a typical HDB. In fact, it won the BCA Universal Design Mark Award (GoldPLUS) in 2018 for going above and beyond in its eco-conscious and user-centric design.

For starters, the estate is surrounded by lush greenery, with common amenities elevated on a landscape deck so that children and seniors can enjoy them without fear of vehicular traffic.

Like Matilda Edge, there are green features woven into every aspect of its design, from centralised recycling chutes and solar photovoltaic systems to rainwater harvesting and energy-efficient lights.

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 495 – 585k.

Units in this estate currently list for $575 – 620 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $459 – 639 psf in the last 6 months.

11. Waterway Brooks (Punggol)

Location & Accessibility

Waterway Brooks is just south of the Punggol Waterway, which isn’t a particularly accessible area. It’s at least a 10-min drive southwest to get on the TPE via Punggol Road. However, it’s just southwest of Coney Island and about as near as you can live to Pulau Ubin without leaving the island.

The nearest station is Damai LRT (PE7), which is just a minute’s walk along Punggol Drive. It’s also about a 13-min walk from Punggol MRT station at Waterway Point.

Punggol Digital District is also slated to open from 2024 onwards.

Waterway Brooks is within 1km of Oasis, Horizon, Punggol View, Edgefield, and Valour Primary School. Punggol Secondary School is just 500m to the south, along Edgefield Plains.

Size & Layout

The 4-room is 1,001 sqft, with all the bedrooms and the living / dining area a good size. The downside here is the smaller kitchen. Not so great if you’re a Top Chef enthusiast, but great if you like entertaining guests or if you need a larger space to WFH.

This also puts the kitchen and service yard on the other side of the unit – a good layout for those who prefer to not have any of their bedrooms open up directly into the living or dining area.

Amenities

The HDB estate overlooks the Punggol Waterway. Running trails along both shores connect the Waterway Ridges Rain Garden in the east to the Punggol Regional Sports Centre in the west – a great location for those who prize an active lifestyle outdoors. Punggol SAFRA and Punggol Waterway Park are also just a 5-minute drive to the west.

There aren’t many amenities directly below the blocks, but if you cross the road using the LRT connection, you’ll find numerous eateries, cafes, a set of ATMs and an NTUC Fairprice.

Waterway Point is the nearest shopping centre – a 15-min walk or short bus ride to the west.

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 498 – 628k.

Units in this estate currently list for $535 – 667 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $447 – 631 psf in the last 6 months.

12. Anchorvale Parkview (Sengkang)

Location & Accessibility

Anchorvale Parkview is only a 5-mins walk from the Farmway LRT (SW2), and a few minutes’ drive from the nearest TPE entrance along Sengkang East Road.

The development is within 1km of Nan Chiau, Springdale, Punggol Green, and Fern Green Primary School, so there’s no lack of early education institutions to choose from.

Size & Layout

The 4-room units come in 1,001 sqft with the household shelter positioned in the living room. Since all 3 bedrooms are next to each other, you have the leeway to knock down a wall to make a larger master bedroom, if you’d prefer.

Amenities

The best part about Anchorvale Parkview is its proximity to Sengkang Riverside Park, a 21-hectare riverine park with constructed wetlands, open lawns, and trails that extend to both sides of the Punggol Reservoir. This keeps the area cool and breezy.

If your budget allows for it, you can even go for one of the 5-room flats with a facing that overlooks the park. But blocks here are spaced out, so even the ones farther from the park have a view of the water.

Other than that, the HDB estate conveniently houses a Sheng Siong and eateries on the ground level of the multi-storey carpark. There are also preschools and a few small businesses along the void deck on the ground floor.

The nearest mall, Compass One, is at Sengkang MRT (1.6km away).

Pricing

In the last 6 months, 4-room units in this HDB estate have transacted for 508 – 575k.

Units in this estate currently list for $527 – 615 psf. In comparison, units in the surrounding neighbourhood have transacted for an average of $494 – 594 psf in the last 6 months.

The 2022 Guide to ABSD for Foreigners

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Given its stability and foreigner-friendly tax policies, Singapore has always held an appeal for those looking to buy property.

But with the surging domestic demand for property during the pandemic, the government saw fit to put in place cooling measures in December 2021 – including a higher ABSD for foreigners.

So what are the rates now, and what implications has ABSD historically had on property prices?

We’ll explore that today, covering:

What is Additional Buyer Stamp Duty (ABSD)?
Who has to pay ABSD?
What are Singapore’s current ABSD rates?
How do I get an ABSD remission or exemption?
Do ABSD hikes affect property price appreciation?

1. What is Additional Buyer Stamp Duty (ABSD)?

The Singapore government first introduced ABSD in 2011 as part of a broader set of property cooling measures to reduce speculative purchases. ABSD is a tool meant not to depress housing prices, but to encourage price stability and sustainability.

Since its introduction in 2011, ABSD for foreigners has increased three times – in 2013, 2018, and at the end of 2021. It started at 10% and subsequently increased to 15%, 20%, and now 30% respectively.

2. Who Has To Pay ABSD?

As long as you’re either a foreigner or PR buying property in Singapore, you’ll have to pay ABSD on top of Buyer Stamp Duty (BSD). The tax also applies to locals buying more than one property.

There are two exceptions:

If your home country has a Free Trade Agreement (FTA) with Singapore. In that case, you’ll be treated the same as a citizen buying properties in Singapore: you’ll pay no ABSD on the first purchase, but ABSD applies on the second and subsequent properties.
If you’re a foreigner married to a Singapore citizen, you may be eligible to apply for an ABSD remission.

Must I Pay ABSD in Singapore Even If I Have No Property Overseas?

Yes. For foreigners buying property in Singapore, the same 30% ABSD rate applies regardless of whether you own zero or three properties (locally or overseas).

3. What are Singapore’s Current ABSD Rates?

For foreigners buying any residential property, the ABSD rate as of 16 December 2021 is 30%.

Here’s the full table of rates:

Profile of Buyer	ABSD Rates on or after 16 Dec 2021
Foreigners (FR) buying any residential property	30%
Singapore Citizen (SC) buying first residential property	Not Applicable
SC buying second residential property	17%
SC buying third and subsequent residential property	25%
Singapore Permanent Resident (SPR) buying first residential property	5%
SPR buying second residential property	25%
SPR buying third and subsequent residential property	30%

For most foreigners, 30% is the only rate you should be concerned with. It’s only if your home country has a Free Trade Agreement with Singapore that the other rates come into play. (More on that next.)

4. How Do I Get an ABSD Remission or Exemption?

You can apply for an ABSD remission if you fulfil either of two conditions:

1. Your Country Has a Free Trade Agreement (FTA) with Singapore.

The following countries have FTAs with Singapore:

Iceland
Liechtenstein
Norway
Switzerland
United States of America

For tax purposes, Nationals or Permanent Residents of these countries are treated the same as Singapore Citizens. (See above table for the ABSD rate you’ll have to pay.)

2. You’re a Foreigner Married to a Singapore Citizen.

If the property in question is purchased only under both your names, you’re eligible to apply for a full ABSD remission as long as you both do not own any other residential property within Singapore. (ABSD only counts residential property within Singapore.)

If you’re planning to sell off your current property to buy another, you may also apply for an ABSD refund as long as you sell your current (and only) residence within 6 months of the date of purchase/TOP/CSC, whichever is applicable.

You can find a complete table for ABSD Rates and Remission for Married Couples at IRAS.

Can I Put Properties in a Living Trust to Escape ABSD?

Nope. Starting from 9 May 2022, transferring any residential property into a living trust will incur an ABSD rate of 35%. Likewise, purchasing one under a living trust will incur an ABSD rate of 35%.

Can I Buy Property Under a Company?

Sure, but you’ll still have to pay ABSD – at a higher rate than as an individual foreigner, even. If you buy a property as an individual, you’ll pay a 30% ABSD rate. But if you buy it under a company, the law thinks of the purchaser as an “entity” and subjects you to a 35% tax rate.

5. Do ABSD Hikes Affect Property Price Appreciation?

Remember that the intent of ABSD is to curb property speculation, not depress property prices. Historically, property prices have continued to rise in spite of ABSD, but there are several factors you need to consider alongside the stamp duty.

For context, here’s a chart depicting Singapore’s property price index. Grey lines mark the introduction of ABSD and the three subsequent hikes:

Three things to note here:

A. The frequency of ABSD hikes depends on the government’s view of speculative excess in the property market.

If the government believes that one round of cooling measures isn’t working, they may go with another round not long after – whatever it takes to reduce the speculative fervour.

That was what we saw in 2013. The introduction of ABSD in 2011 failed to slow the speculative flurry. Two years later, an ABSD hike followed.

B. ABSD hikes have coincided with property price stagnation for a period.

The 2013 ABSD hike was followed by four and a half years of little to no property price appreciation. The 2018 hike was followed by almost two years of suppressed property price growth.

C. ABSD is just a single element influencing the market.

There are other forces at play, such as interest rates and the overall money supply in the global system.

The introduction of ABSD in 2011 and subsequent hike in 2013 followed a property market boom that started in late 2008. Back then, the market was buoyed by tax concessions, quantitative easing, and government stimulus as the world recovered from the 2008 Global Financial Crisis.

Similarly, the ABSD hike in Dec 2021 followed surging property prices from high domestic demand, supply crunches, low interest rates, and a massive amount of liquidity flooding the system from economic stimulus during the pandemic.

In short:

It’s too early to tell if the ABSD hike in Dec 2021 will have a definitive effect on property prices, though we’re already seeing a slowdown in property purchases.

At the time of writing, the property price index has continued to increase for the first half of 2022. It’s hard to say what ABSD will do this year given that we’re still dealing with record levels of inflation, geopolitical tensions, and supply chain disruptions.

We’re also seeing the highest recorded net capital inflows into Singapore, which means many foreign investors still see the island-state as a safe haven.

Summary

Is property in Singapore still a good investment decision? It depends on your financial situation and your outlook on Singapore in the midst of all the market volatility. Ultimately, you need a holistic view of the global market and how it influences the local property market to make an informed decision.

11 Freehold Properties Under $800K (Up to 5.66% Rental Yield)

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In the current economic backdrop, all investments feel like a risk.

Property in Singapore, on the other hand, always seems to weather market turbulence well.

So instead of allocating a large sum into bonds or other safe haven assets, you might wonder, “what’s the cheapest freehold condo I can buy?”

At the very least, it’s a way to protect your initial capital: there’s no risk of expiring leases, although you’ll have maintenance costs along the way. Ideally, it would provide you with rental income as a safety net during these uncertain times.

We’ll highlight 11 freehold condos under the $800k price range, along with:

Estimated gross rental yields from 3.7% to 5.66%. We haven’t listed net rental yields as these would depend on factors like whether you need a home loan, renovations, the required maintenance for the unit, and so on.
Their prices relative to the median $psf for freeholds in the same area.
Any notable traits of the developments.

11 Cheapest Freehold Condos in Singapore, $800K and Under

For our 11 picks, we used ongoing tenancy listings of similar-sized units within the same development for the rental yield estimates.

While we saw price jumps just before the 2018 property measures kicked in, prices for these developments have largely been stable – that is to say, they’re best positioned as rentals or for your own stay rather than for capital appreciation.

1. Centra Studios (near Aljunied MRT)

25 Lorong 25 Geylang 388302 Eunos / Geylang / Paya Lebar (D14)

A 51-unit freehold apartment in District 14 with an average sale price of $1,536 psf. The median transacted price for up-and-coming freeholds in the same district is $1,745 psf.

Built: 2015
Developer: Pinnacle Realty Pte Ltd
Listed Price: S$585,000 (S$1,553 psf)
Listed Size: 377 sqft (1-Bedroom)
Rental (Ongoing Tenancy): S$2,400/month
Gross Rental Yield: 4.92%

Centra Studios consists solely of 1-bedroom units of varying sizes. Studio layouts are rectangular with minimal wasted space, fitting a Queen bed, kitchenette, and living area with ease.

Larger studios within the same property are being listed for S$760,000 (S$1,442 psf) with a maintenance fee of S$190/month – an even more attractive investment if within your budget. The development is just a short walk to Aljunied MRT, which makes it ideal for working professionals or young couples who don’t own a car.

2. Residences @ Somme (near Farrer Park / Bendemeer MRT)

3 Petain Road 208108 Farrer Park / Serangoon Rd (D08)

A 28-unit freehold apartment in District 8 with an average sale price of $1,390 psf. For the last 5 years, the median transacted price for freeholds in the same district is $1,715 psf.

Built: 2008
Developer: Splott Pte Ltd
Listed Price: S$699,000 (S$1,585 psf)
Listed Size: 441 sqft (Studio)
Rental (Listing): S$2,600/month
Gross Rental Yield: 4.45%

Residences @ Somme has studio, 1-bedroom, and 2-bedroom units, though they’re on the small end (the 2-bedroom units top out at 678 sqft). As it’s a smaller development, there are fewer transactions on record – the most recent sale was a 1-bedroom in November 2021.

The development sits conveniently in between Farrer Park and Bendemeer MRT, giving users easy access to public transport across Singapore. Food options and boutique cafes are plentiful in the area.

3. Cavan Suites (near Lavender / Bendemeer MRT)

11 Cavan Road 209848 Farrer Park / Serangoon Rd (D08)

A 36-unit freehold apartment in District 8 with an average sale price of $1,465 psf. For the last 5 years, the median transacted price for freeholds in the same district is $1,715 psf.

Built: 2013
Developer: World Class Property (Central) Pte Ltd
Listed Price: S$615,000 (S$1,841 psf)
Listed Size: 334 sqft (1-Bedroom)
Rental (Listing): S$2,300/month
Gross Rental Yield: 4.48%

Not far from Residences @ Somme is Cavan Suites, another development comprising solely 1-bedroom units. Layouts include a household shelter and kitchenette that’s partially separated from the bedroom/living area.

Bendemeer is the closest MRT at a 5-min walk (450m), but residents also have access to the East-West and North-East lines through Lavender and Farrer Park MRT.

There’s no lack of food options here, with famed local names like Chye Seng Huat and Beach Road Scissor-Cut Curry Rice nearby.

4. Prestige Heights (Novena / Toa Payoh)

348 Balestier Road 329778 Balestier / Toa Payoh (D12)

A 154-unit freehold apartment in District 12 with an average sale price of $1,556 psf. For the last 5 years, the median transacted price for freeholds in the same district is $1,938 psf.

Built: 2013
Developer: Fragrance Land Pte Ltd
Listed Price: S$599,999 (S$1,796 psf)
Listed Size: 334 sqft (Studio)
Rental (Listing): S$2,500/month
Gross Rental Yield: 5.00%

This area is known for its food, which will be the main draw for those who choose to stay at Prestige Heights. A stroll along Balestier Road will take you past places like Founder Bak Kut Teh, Boon Tong Kee, and Loy Kee Chicken Rice.

That said, it’s also accessible by bus to almost every part of Singapore. The routes run to every major district, and the apartment’s central location means it won’t take too long to get where you need to go.

Prestige Heights is tucked in the corner of a side street along Balestier Road, so residents get the convenience of nearby amenities while staying a good distance from the hustle and bustle of the main street.

5. Suites@Changi (near Eunos MRT)

226 Changi Road 419740 Eunos / Geylang / Paya Lebar (D14)

A 44-unit freehold apartment in District 14 with an average sale price of $1,227 psf. For the last 5 years, the median transacted price for freeholds in the same district is $1,456 psf.

Built: 2013
Developer: Fragrance Realty Pte Ltd
Listed Price: S$610,000 (S$1,491 psf)
Listed Size: 409 sqft (Studio)
Rental (Listing): S$2,500/month
Gross Rental Yield: 4.91%

Walking distance from Eunos MRT is Suites @ Changi, a boutique development with studio, 1-bedroom, and 2-bedroom units. Studio layouts come with a balcony as well as a household shelter while still fitting a good-sized kitchenette.

This location blends convenience with the East’s foodie culture, as it’s close to the ECP and Eunos Market. With Paya Lebar also one MRT station away, this development is well suited to those working in the major offices there.

6. The Cotz (near Joo Chiat)

171 Telok Kurau Road 423824 East Coast / Marine Parade (D15)

A 48-unit freehold apartment in District 15 with an average sale price of $1,403 psf. For the last 5 years, the median transacted price for freeholds in the same district is $1,752 psf.

Built: 2012
Developer: Fragrance Realty Pte Ltd
Listed Price: S$648,000 (S$1,584 psf)
Listed Size: 409 sqft (Studio)
Rental (Listing): S$2,000/month
Gross Rental Yield: 3.70%

Situated between both Kembangan MRT (EW6) and Marine Terrace MRT (TE27), The Cotz is a 10 year-old development with simple but modern amenities. Walking distance from Joo Chiat Avenue, the nearby amenities include popular eateries, pubs, cafes, and other boutique F&B outlets.

The area does not have many tall buildings, so bear in mind when selecting your unit that higher floors may demand a premium for unblocked views. At the time of writing, there were more than 5 units listed, including a 1,195 sqft penthouse at only S$1,163 psf.

7. Heritage East (East Coast Road)

451 East Coast Road 429024 East Coast / Marine Parade (D15)

A 56-unit freehold apartment in District 15 with an average sale price of $1,330 psf. For the last 5 years, the median transacted price for freeholds in the same district is $1,752 psf.

Built: 2013
Developer: World Class Property (EastCoast) Pte Ltd
Listed Price: S$670,000 (S$1,443 psf)
Listed Size: 464 sqft (Loft-Studio)
Rental (Listing): S$3,000/month
Gross Rental Yield: 5.37%

One of our personal favourites, Heritage East’s studio layout has an especially high ceiling with a loft for the bedroom area. As one of the few walk-up apartments left in Singapore, this development is unique and will definitely be top-of-mind for young professionals who want a stylish and unique space.

This East Coast Road development boasts a rooftop pool and BBQ area: great for those who like to entertain guests with a poolside gathering. It’s also walking distance from the Joo Chiat Road food haven for those looking for local treats.

8. Suites @ Paya Lebar (near Serangoon MRT)

420 Upper Paya Lebar Road 534049 Hougang / Punggol / Sengkang (D19)

A 99-unit freehold condominium in District 19 with an average sale price of $1,375 psf. For the last 5 years, the median transacted price for freeholds in the same district is $1,541 psf.

Built: 2014
Developer: Fragrance Properties Pte Ltd
Listed Price: S$630,000 (S$1,726 psf)
Listed Size: 365 sqft (Studio)
Rental (Listing): S$2,650/month
Gross Rental Yield: 5.05%

Suites @ Paya Lebar has a great layout for those who prefer a larger washroom for their studio. There are plenty of amenities in the neighbourhood, from eateries to supermarkets.

Quiet, clean, and well-maintained, the development’s location seems most popular with executives working between Serangoon and City Hall. With the condo being only 8 years old, the almost new facilities include a modern pool and covered car park.

9. Parc Imperial (near Haw Par Villa MRT)

253 Pasir Panjang Road 118618 Buona Vista / West Coast / Clementi New Town (D05)

A 138-unit freehold condominium in District 5 with an average sale price of $1,643 psf. For the last 5 years, the median transacted price for freeholds in the same district is $2,100 psf.

Built: 2010
Developer: Fragrance Properties Pte Ltd
Listed Price: S$700,000 (S$1,804 psf)
Listed Size: 388 sqft (Studio)
Rental (Listing): S$3,300/month (S$2,800 transacted in May’22)
Gross Rental Yield: 5.66%

The Pasir Panjang / Haw Par Villa area is quite popular, so do take note that the current rental listing is quite an optimistic 18% jump from the last transaction in May earlier this year. If you’ve read our piece on property market trends in the second half of 2022, you’ll know that we expect rental prices to remain high but also pare down a bit as the borders open up. S$3,000 might be a more likely rental amount when this listing closes.

The Parc Imperial studio comes with a generous balcony, big enough to accommodate a small seating area with a table and a few chairs. The development is only a 3-min walk (280m) from Haw Par Villa MRT (CC25).

10. Suites @ East Coast (Siglap)

175 Upper East Coast Road 455277 East Coast / Marine Parade (D15)

A 116-unit freehold condominium in District 15 with an average sale price of $1,474 psf. For the last 5 years, the median transacted price for freeholds in the same district is $1,752 psf.

Built: 2014
Developer: Fragrance Properties Pte Ltd
Listed Price: S$618,000 (S$1,693 psf)
Listed Size: 365 sqft (1-Bedroom)
Rental (Listing): S$2,450/month
Gross Rental Yield: 4.75%

At the time of writing there were 13 units listed in this popular development. Just 380m away from the upcoming Siglap MRT (TE28), the layouts make the units feel more like 1-bedroom apartments than studios. A well-placed pocket door separates the sleeping area from the rest of the unit.

Facilities include a gym, pool, jacuzzi, and BBQ area.

11. Park Residences Kovan (near Kovan MRT)

831 Upper Serangoon Road 534679 Hougang / Punggol / Sengkang (D19)

A 41-unit freehold condominium in District 19 with an average sale price of $1,791 psf. The median transacted price for up-and-coming freeholds in the same district is $2,221 psf.

Built: 2013
Developer: Kovan Central Pte Ltd
Listed Price: S$620,000 (S$1,746 psf)
Listed Size: 355 sqft (Studio)
Rental (Listing): S$2,400/month
Gross Rental Yield: 4.64%

One of the more affordable units on our list, this Kovan Central development has a nice layout that separates the bedroom from the rest of the unit. The water closet and shower are situated opposite one another, while the living area and kitchenette come with a balcony.

A key selling point for this development is its proximity to Kovan MRT (NE13), just 380m down the road.