WTB New Launch EC - What to expect

[jeremy85]

Hi guys,

i'm was discussing with my partner recently if we should move to an ec after our MOP. Was debating if committing 300-400k (cash + cpf) for the down payment & extended loan (600k-800k) worth going down this route anot

Any input will be much appreciated. Thanks

 

[elvintay07]

Hi guys,

i'm was discussing with my partner recently if we should move to an ec after our MOP. Was debating if committing 300-400k (cash + cpf) for the down payment & extended loan (600k-800k) worth going down this route anot

Any input will be much appreciated. Thanks

EC now is $1700psf. Which means about $1.7mil. Taking MSR, I think max can loan around $1m. Which means $700k in cash and cpf? I think $300-400k downpayment is based on olden days EC price. Today easily double.

Those that bought has become huat kuey. $1.7m 3 bed 3 bath 1 store. Knn! Go where find.

 

[kiatme]

Hi guys,

i'm was discussing with my partner recently if we should move to an ec after our MOP. Was debating if committing 300-400k (cash + cpf) for the down payment & extended loan (600k-800k) worth going down this route anot

Any input will be much appreciated. Thanks

There's resale levy after you sell your place and likely you will need to take DPS which is probably going to be +3% of the house price, factoring that in you can buy a 10 year old resale around the area liao, location isn't really ideal as well unless your work area / family stays around those area.

 

[jeremy85]

EC now is $1700psf. Which means about $1.7mil. Taking MSR, I think max can loan around $1m. Which means $700k in cash and cpf? I think $300-400k downpayment is based on olden days EC price. Today easily double.

Those that bought has become huat kuey. $1.7m 3 bed 3 bath 1 store. Knn! Go where find.

About this rate. Since have existing hdb, 1.7-1.9 deduct existing house 800k-900k, deduct downpayment, loan around 600k-800k

 

[jeremy85]

Singaporean Dilemma, just trying to figure out what is the next best step forward

 

[jeremy85]

ere's resale levy after you sell your place and likely you will

There's resale levy after you sell your place and likely you will need to take DPS which is probably going to be +3% of the house price, factoring that in you can buy a 10 year old resale around the area liao, location isn't really ideal as well unless your work area / family stays around those area.

This i agree. Location beats everything else. There is going to be new ec launch near my area, so now trying to study before making the move

 

[kiatme]

About this rate. Since have existing hdb, 1.7-1.9 deduct existing house 800k-900k, deduct downpayment, loan around 600k-800k

You need to do a proper calculation lor, there are a lot of hidden fees

• Buyer stamp duty ~ 3-4% or more of the property price
• Resale levy, up to 45k depending on what kind of BTO you got
• I'm assuming your current house still under mortgage and you won't be able to do normal payment for the new EC, taking up DPS is 3% (or more)
• Selling the house HDB, engaging agent is 1-2%
• Misc fee and renovation ~ 40-50k

Since you're buying around your area, that means you will be locked in the same location for a good 8-10 years at least, which is probably what you want anyways, so its just a choice between staying put, selling and buying a resale, or going for EC.

I think you need to consider what is important for you lo, is it convenience, e.g staying back the same area, moving to a new place for the kids, realizing the condo dreams, bigger space, amenities or what. Selling a 4rm 1012 sqft HDB to buy a 947 sqft harmonized 3 bedroom isn't exactly an upgrade (for me), the newer harmonized ECs kitchen is smaller, living room is smaller too (compared to HDBs), I'll be thinking how to match my current place to my new place, if i have to dump stuff and live a minimalist lifestyle its not exactly an upgrade even though i get a swimming pool and 4 walls around the condo.

 

[SecretAgent]

Alot of consideration and no one size fits all. Where are you coming from first? Need bigger space, want EC to eventually become private or need to move somewhere or for something else?

Chicken and egg situation, you got needs then you want or you want so you need.

From your post, looks like you just seeing the possibilities of going up the tier..

You have roughly find out the cost already, you have only within yourself to commit or not ultimately

Then you'll have to gauge that whichever EC also, is that what you wanted? The location, the price and so on.

Finally are you 2nd timer applicant? You are so only 30% chances . What if you are ready but you don't get?!

You need to have alot stars aligned

 

[SecretAgent]

Now Otto place at tengah still have some units left. Next one is next year Bukit panjang liao

 

[elvintay07]

There's resale levy after you sell your place and likely you will need to take DPS which is probably going to be +3% of the house price, factoring that in you can buy a 10 year old resale around the area liao, location isn't really ideal as well unless your work area / family stays around those area.

Levy is nothing if you sure earn. Cannot keep saying unfair. HDB subsidise once to be huat kuey. EC subsidise again to be bigger huat kuey. Think of those who cannot buy. Don’t think of government short changing us

Also don’t think of downgrading. Must think positive of upgrading

 

[elvintay07]

You need to do a proper calculation lor, there are a lot of hidden fees

• Buyer stamp duty ~ 3-4% or more of the property price
• Resale levy, up to 45k depending on what kind of BTO you got
• I'm assuming your current house still under mortgage and you won't be able to do normal payment for the new EC, taking up DPS is 3% (or more)
• Selling the house HDB, engaging agent is 1-2%
• Misc fee and renovation ~ 40-50k

Since you're buying around your area, that means you will be locked in the same location for a good 8-10 years at least, which is probably what you want anyways, so its just a choice between staying put, selling and buying a resale, or going for EC.

I think you need to consider what is important for you lo, is it convenience, e.g staying back the same area, moving to a new place for the kids, realizing the condo dreams, bigger space, amenities or what. Selling a 4rm 1012 sqft HDB to buy a 947 sqft harmonized 3 bedroom isn't exactly an upgrade (for me), the newer harmonized ECs kitchen is smaller, living room is smaller too (compared to HDBs), I'll be thinking how to match my current place to my new place, if i have to dump stuff and live a minimalist lifestyle its not exactly an upgrade even though i get a swimming pool and 4 walls around the condo.

Same mistake as my friend who miss out the EC boat. Previously selling at $700-800psf. Tell me this and that stamp duty. In the end lose the chance to earn $650k while thinking too much about the expenses.

It is ok to think but don’t overthink.

 

[DevilPlate]

Singaporean Dilemma, just trying to figure out what is the next best step forward

If can afford plus good ballot number….y not?

Even North Gaia close 1 eye also can make some monies for sure

 

[DevilPlate]

Hi guys,

i'm was discussing with my partner recently if we should move to an ec after our MOP. Was debating if committing 300-400k (cash + cpf) for the down payment & extended loan (600k-800k) worth going down this route anot

Any input will be much appreciated. Thanks

Can also consider sell hdb buy 2 condos.
Depends on yr earning power…

 

[mikki23]

About this rate. Since have existing hdb, 1.7-1.9 deduct existing house 800k-900k, deduct downpayment, loan around 600k-800k

There are lots of assumptions here:
Your 5 room BTO purchase price: $500,000
90% Loan: $450,000
After 5 years your outstanding loan: $380,000

Proceeds if you sell your BTO at $900,000: $520,000 ($475,000 if you less $45k levy)
If you engage an agent at 2%, commission payable is $19,620 inclusive of GST

New EC price at $1,800,000
Max Loan: $1,000,000

NPS:
25% Cash/CPF: $450,000
Subsequent Shortfall: $350,000
Buyer Stamp Duty: $59,600
Legal Fee: $3,000
Total Cash/CPF required: $862,600

Still short of $387,600

DPS (3% increase):
20% Cash/CPF: $370,800
Buyer Stamp Duty: $62,300
Legal Fee: $3,000
Total Cash/CPF required: $436,100

Left over funds of $38,900
But you need to top up $390,500 Cash/CPF at TOP, assuming you qualify for $1m loan

 

[mikki23]

This i agree. Location beats everything else. There is going to be new ec launch near my area, so now trying to study before making the move

I assume youre looking at upcoming Tampines or Pasir Ris EC.

Tampines:
+ walking distance to MRT
+ walking distance to new mall
+ closer to express way
+ 1km to good pri sch (forgot which one)
- right next to industrial plot, the one that got caught on fire
- multi storey carpark

Pasir Ris
+ Right next to downtown east mall and resort
+ close to sea front
+ less hectic lifestyle, resort lifestyle
- longer walking to MRT and Pasir Ris mall
- further away from rest of SG

Both wont go wrong imo.. i reckon Pasir Ris will go at $1800 psf and Tamp at $1900 psf. You should be able to get a decent profit of $300 psf easily after MOP. Tampines profit shld be higher.

i sold my bto immedaitely after MOP and upgraded to EC. no regrets for taking a high loan and liquidating some of my assets to make it happened.

 

[elvintay07]

I assume youre looking at upcoming Tampines or Pasir Ris EC.

Tampines:
+ walking distance to MRT
+ walking distance to new mall
+ closer to express way
+ 1km to good pri sch (forgot which one)
- right next to industrial plot, the one that got caught on fire
- multi storey carpark

Pasir Ris
+ Right next to downtown east mall and resort
+ close to sea front
+ less hectic lifestyle, resort lifestyle
- longer walking to MRT and Pasir Ris mall
- further away from rest of SG

Both wont go wrong imo.. i reckon Pasir Ris will go at $1800 psf and Tamp at $1900 psf. You should be able to get a decent profit of $300 psf easily after MOP. Tampines profit shld be higher.

i sold my bto immedaitely after MOP and upgraded to EC. no regrets for taking a high loan and liquidating some of my assets to make it happened.

Another huat kuey bro. I still believe what Eric says. Buy property to wait not wait to buy property. At some point, your balls may shrink because economy may not do well then suay suay stock portfolio also crash. Add on interest rate sibei high.

But as long as got balls and got grit, good times ahead. I was blasted by many in the forum when I say interest will be manageable. In 2023, I got blasted when interest stays high and all rushing to sign 4% fixed rate worried that interest would be 10%.

Last week I just la kopi with my friends and fixed rate is at 2%. All has tide over this temporary and prices have not crash like those “experts” predicted. Stock market has also gone to new high.

 

[Celibrium]

I assume youre looking at upcoming Tampines or Pasir Ris EC.

Tampines:
+ walking distance to MRT
+ walking distance to new mall
+ closer to express way
+ 1km to good pri sch (forgot which one)
- right next to industrial plot, the one that got caught on fire
- multi storey carpark

Pasir Ris
+ Right next to downtown east mall and resort
+ close to sea front
+ less hectic lifestyle, resort lifestyle
- longer walking to MRT and Pasir Ris mall
- further away from rest of SG

Both wont go wrong imo.. i reckon Pasir Ris will go at $1800 psf and Tamp at $1900 psf. You should be able to get a decent profit of $300 psf easily after MOP. Tampines profit shld be higher.

i sold my bto immedaitely after MOP and upgraded to EC. no regrets for taking a high loan and liquidating some of my assets to make it happened.

can share the source that tamp ec is gonna be multi storey carpark? thanks!

 

[jeremy85]

can share the source that tamp ec is gonna be multi storey carpark? thanks!

I’m using the below for tampines ec details:

https://newlaunchec.sg/tampines-ec/

dont think it states number of car park.

 

[jeremy85]

Another huat kuey bro. I still believe what Eric says. Buy property to wait not wait to buy property. At some point, your balls may shrink because economy may not do well then suay suay stock portfolio also crash. Add on interest rate sibei high.

But as long as got balls and got grit, good times ahead. I was blasted by many in the forum when I say interest will be manageable. In 2023, I got blasted when interest stays high and all rushing to sign 4% fixed rate worried that interest would be 10%.

Last week I just la kopi with my friends and fixed rate is at 2%. All has tide over this temporary and prices have not crash like those “experts” predicted. Stock market has also gone to new high.

I agree, years back had the option to buy ec or hdb, choose hdb because $$$ wasnt as strong previously. Now its even more pricer.

 

[jeremy85]

I assume youre looking at upcoming Tampines or Pasir Ris EC.

Tampines:
+ walking distance to MRT
+ walking distance to new mall
+ closer to express way
+ 1km to good pri sch (forgot which one)
- right next to industrial plot, the one that got caught on fire
- multi storey carpark

Pasir Ris
+ Right next to downtown east mall and resort
+ close to sea front
+ less hectic lifestyle, resort lifestyle
- longer walking to MRT and Pasir Ris mall
- further away from rest of SG

Both wont go wrong imo.. i reckon Pasir Ris will go at $1800 psf and Tamp at $1900 psf. You should be able to get a decent profit of $300 psf easily after MOP. Tampines profit shld be higher.

i sold my bto immedaitely after MOP and upgraded to EC. no regrets for taking a high loan and liquidating some of my assets to make it happened.

Think both the projects should be quite popular looking at the sell out rate from previous projects