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Upgrade From HDB to a Condo Without Touching Your Savings



I am pretty sure that many of you have seen ads like this but not as nice as mine (Haha) regarding upgrading of HDB to a condo without touching your savings.

Yes, some individuals/families in Singapore are more than capable of buying and financing a private property, but truth is, not everyone can achieve the dream of upgrading from a HDB to a condo WITHOUT using funds from their savings at all! (If it is this easy, people will choose to stay in Condo instead of HDB lor

Have you ever wonder:

How does it work?

What is the catch?

Are you eligible?


The very first condition that you will need to meet: You will need to own a HDB flat. Simple enough right? The next step will be to determine the profit you make when you sell your HDB flat ($$$$$). Very often you see ads telling you that you can have an additional fund of $XXX amount EVEN AFTER upgrading to a condo. Let's find out if this is possible?

Assuming that you sold your current HDB flat based on the following conditions; Selling Price: $600KOutstanding Loan: $200KSales Proceeds: $400K ($600K - $200K) Next, we will need to determine how much $$$ will be returned to your CPF + Accrued Interest after the transaction. Based on the assumption that CPF used + accrued interest = $250K

Cash on hand = $150K ($400K - $250K) Then, assuming that you are getting a $1M Condo;


5% Cash down payment: $50K

20% CPF down payment: $200K

75% Housing loan: $750K

Buyers Stamp Duties (BSD): $24.6K

Legal feee: $3K

After deducting all these expenses, let's see how much cash you are left with. :) Cash: $100K ($150K - $50K)CPF: $22.4K ($250K - $200K - $24.6K - $3K)

There you go, congratulations, you will be eligible to upgrade to a condo from a HDB without having to pay anything out of your own pocket and also create an additional savings of $100K cash and $22.4K CPF!

I will not go into details on the monthly mortgage repayments because this is not the focus for this entry. This first blog from SGhomes4u will be focusing on the upgrading eligibility, but if you are interested to know more, I'm just a call/text away.

Owners of MOP fulfilled HDB/DBSS flats are more likely to make profits especially those situated in highly sought after locations. Having said that, we have to be realistic, in current market conditions, purchasing a $1M condo is likely only going to net you a 2 bedroom unit (depending on the location and tenure of the unit). It is likely that you will be living in a smaller size property as compared to a HDB (but hey, it's still a condo!).

Of course, this is just a simple calculation to illustrate the concept. There are other factors to take into consideration as well. The most critical factor will be how much cash will be returned to you from selling your current flat. (Will you upgrade if I tell you to fork out cash from your savings? If the answer is yes, please call me immediately! Mai tu liao! hahahaha)

Some other factors to consider includes; Loan Eligibility, Loan Tenure, Monthly Mortgage Installment and Cost of renovation (this will cost you $$$ too). After making all the necessary deductions, you might still have some funds left from the sale of your HDB. But do not forget, your monthly housing mortgage installment will likely increase as well.


I, Chris Heng, is the proud owner of SGHomes4u, your property agent in Singapore (#HengYouGotMe). After reading this, if you are keen and interested in upgrading from a HDB to a private property, do give me a call. In case you miss it (which I think is impossible because my contact are all over the website), you can call/Whatsapp me at 9436 0131. Don't worry, No obligations!

If anything is unclear over the explanation in this post, feel free to drop me a message, email, Whatsapp and I can explain more in detail. I welcome feedback as well, as the website is just revamped and launched, if there is anything that I can do better, do let me know too.

Please Like/Favourite my website/Facebook Page and Share the posts if you think that this is a good read. The next upcoming post will uncover and explain the concept of buying 2 properties without paying for ABSD.

Leave your contact details in the form below to get your free home report! Do indicate your address in the details as well.

#HDBupgraders #Notouchsavings #SgHomes4u

Stay Tuned!

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