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Investing in Singapore

Asked by Mr. I forgot-my-name 1 Dec 2014

Hi. I'm a SC with a fully paid HDB, turning 55 next year in employment (4.6k/mth).

I have 200k cash and 300k fund maturing in 2021.

What is better for retirement planning?
1) to buy a EC (and to sell it in 10 years time. Also to sell current HDB)
2) to buy a private condo 1~2 bedrm for rent (and to keep current HDB)

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4 Answers

Previously Asked Questions

CK Ang · Answer 1 · 2014-12-02T09:58:02+08:00

CK Ang

Replied 2 Dec 2014

Hi, for 2nd property, policy to take note are ABSD, SSD, LTV and TDSR.

200K is sufficient for down payment of a 1 bedrm condo and 3% + 7% of stamp duty. You may encounter problem with bank loan as you may only granted 10 year.
I am sure you wish to be financially free with passive income during retirement. Please drop me an email for me to share a more relax option in property investment.

I am contactable at my mobile or email.

CK Ang
9046 3808
res.ckang@gmail.com Read More

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Ivan Ng · Answer 2 · 2014-12-02T10:01:04+08:00

Ivan Ng

Replied 2 Dec 2014

Hi,

When you turn 55, you need to set aside 155K in your CPF to meet Minimum Sum requirements, before you can use any excess OA for housing.

In my opinion, if you are happy with your current location now, it is best you keep the HDB and get a 1-2 bedroom private condo for rental yields. You can get max 80% bank loan but it is subjected to your age, income and credit profile and if any other loans.

Thanks and may I discuss further over email regarding your financial planning? It will be easier with more details. Thanks and hope to have the opportunity to work with you.

Warm regards,
Ivan ERA
97432395
Ivanng10@gmail.com
Www.ivanng10.com Read More

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Geraldine Png · Answer 3 · 2014-12-02T19:37:31+08:00

Geraldine Png

Replied 2 Dec 2014

Hi Sir,
You have given very good thoughts to plan for your retirement.

Age : 55years old
Income : $4600
cash of $200k available
$300k funds presumably in insurance funds available in 6years
You did not mention what's the size of your hdb, which will be a good indication of your asset.
Loan tenure 10years
Second property ABSD 7+3%
Amount in CPF not known
Buying a condo, your $200k cash may be barely enough for paying ABSD & down payment depending on your CPF

I would suggest that you buy an EC in a good locations which there are many good choices right now.
For the reasons as to why I suggest this option. I would prefer to explain to you personally and in details.

Do feel free to contact me for a no obligation sharing session.

Sincerely
Geraldine ERA
9006 2887 Read More