It didn’t seem too long ago that I marvelled at the awesome architecture of Pinnacle@Duxton, an award HDB project which garnered much accolades for its unique sky bridge where we can watch the fireworks

Now its almost 5 years and the owners there have finished their Minimum Occupation Period which entitles them to sell their flats if they want to.

I can imagine what a tough choice it will be for them.

“Why should I give up such a prized possession?”

“Where can I move to if I sell my unit now ?”

“ If I rent out my unit now, it will fetch a tidy sum but where can I buy next? “

These were the burning questions that Ivan & Joan had when they called. They had found my blog the way that you have and asked me whats the best thing they can do.

Here’s what they told me.

Ivan is about 40 and his income is $8000. His wife Joan is about 35 and her income is about $6,300.

They would like to keep their unit at Pinnacle@Duxton and buy another condo for own stay. I promised to work out their options to the best of my ability and met up with them to share these options.

Basically I have 3 options for them

1)      To keep their HDB at Pinnacle at Duxton and buy another private property for sale

2)      To sell their Pinnacle at Duxton and upgrade to another private property

3)      To sell their Pinnacle at Duxton and ugrade to another private property and buy another investment property.

 

Option 1- Keep HDB at Pinnace@Duxton and buy another private property

I explained to them that if they were to keep their Pinnacle at Duxton unit, the following will occur:

They will need to pay 7% ABSD on their next property as it will be their 2nd property.

They each will need to retain a minimum sum of $77,000 in their CPF accounts before the remaining CPF can be used towards buying a property. There will be no such requirement if this was their first property.

 

As they have $150,000 in spare cash to invest in a 2nd property, this will largely be used to pay the ABSD and they will not have enough to down pay the property.

 

Option 2-To sell their Pinnacle at Duxton and upgrade to another private property

They can consider investing in property at the River Valley area which I feel has potential to appreciate in price exponentially. Their cash reserves is also enough for them to down pay and not only that, they have about cash reserves to pay their instalments for at least 2 whole years!

 

Option 3-To sell their Pinnacle at Duxton and upgrade to another private property and buy another condo for investment

 I have identified another fast moving condo with good rental yield for them to invest in. They will be able to get a unit at either The Sail@Marina Bay or Icon or some other choice properties. Since the market is taking a breather now and not inching up in price every month, this will be the best time to pick up such hot properties.

 

If you would like to know what your property options,  call me at 9022-8919!

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