22 May 2011

Learning to buy Singapore private property using CPF

It is always a dream for me to buy a property in Singapore. Weekly magazine 'The Edge Malaysia' just showed that the rental in Singapore private property is starting at SGD2,5000.00. It is not ridiculous as the rental in 3-room HDB is also starting from SGD2,000.00 as well.

As I am always keen on learning investment, I start to learn from various channels, such as the On-line Property Websites (e.g. The Edge Property, iProperty, PropertyGuru etc) as well as from magazines (e.g. The Edge) and newspapers (e.g. Business Times, Today, MyPaper etc). 

As a Singaporean PR, I also like to know how to fully utilize my CPF (a compulsory saving scheme imposed by Singapore government so that the Singaporean citizen/PR can take out the money after
the retirement or after the age of 62) to invest in residential property.

There is a very useful calculator in CPF website - http://www.cpf.gov.sg/cpfhsg/cal_input.asp to help you to calculate whether you are able to fully utilize your CPF OA & SA to support your monthly mortgage loan repayment.

As many developers advertise in newspapers, Singaporean citizen/PR can purchase the private property by putting 5% deposit in cash and 15% in cash/CPF. The rest 80% can be paid using CPF.

An advantage of purchasing private property is I am not necessarily to sell off my property in Iskandar Malaysia if I would buy a re-sell HDB in Singapore. Besides that, some private property is in freehold status. It is good to purchase a property in 'Freehold' status as compared to 'leasehold'. However, if you are a 'cash flow' player, 'leasehold' maybe a better choice for you as the rental yield could be higher compared to the earlier.

I would closely monitor the property market in Singapore. Hopefully I will get a bargain in next 1 year.


What's your view? Try to give me your comments here.

20 comments:

  1. Buying a property in singapore really not an easy job...especially they got COV, and without 40k-70k SGD, no need to dream about it...

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  2. Hi Jeff,

    Ya, it is not an easy job. I will also look for my friend who is working as a property agent to find out more.

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