Step 1: Check you are eligible
- Your flat has met its MOP (5 years for most flats). HDB owners cannot buy private residential property before MOP.
- You understand your ABSD position. Keeping the HDB flat makes the condo your second property: 20% ABSD for Singapore Citizens, 30% for PRs.
- No resale levy applies when you move from HDB to private property. It only applies if you buy another subsidised flat.
Step 2: Know your numbers
Three things decide what you can buy:
- Loan limit (TDSR). Monthly debt must be within 55% of gross income, at a 4% stress rate.
- Loan-to-value (LTV). Up to 75% for a first loan. It drops to 45% if your HDB loan is still outstanding when you buy.
- Your funds. Cash plus CPF must cover the down payment and stamp duties. You need at least 5% in cash, or 25% if you have an outstanding HDB loan.
Use the HDB sale proceeds calculator to see what your flat will leave you with, then the affordability calculator for your maximum price.
Step 3: Choose your route, sell first or buy first
| Sell first, then buy | Buy first, then sell | |
|---|---|---|
| ABSD | None (Singapore Citizens) | 20% upfront, refundable for eligible married couples |
| Loan | 75% LTV, 5% cash minimum | 45% LTV if HDB loan outstanding; 25% cash minimum |
| Risk | You may miss the launch or need temporary housing | Bridging cash needed; must sell within the deadline |
| Best for | Buyers who are flexible about timing | Buyers who want a specific unit at launch |
Why new launches suit buy-first upgraders: for an uncompleted condo like One Chuan Grove, the ABSD refund deadline is 6 months after TOP (or CSC, whichever is earlier). With TOP expected around 2030, you can stay in your HDB flat throughout construction and sell near completion. Read the full ABSD remission guide.
Step 4: Plan the cash flow
For a new launch, payments are spread over about five years:
| Stage | % of price | Paid from |
|---|---|---|
| Booking (OTP) | 5% | Cash |
| S&P exercise (within 8 weeks) | 15% | Cash / CPF |
| Stamp duty (within 14 days of S&P) | BSD (+ ABSD if buy-first) | Cash / CPF |
| Construction stages | 40% | Loan / CPF |
| TOP | 25% | Loan / CPF |
| CSC | 15% | Loan / CPF |
Model your own numbers with the progressive payment calculator.
Step 5: Pick the right unit
Most upgraders with children choose between a 3-bedroom and a 4-bedroom. Couples and smaller families often find a 2+Study enough. Look at floor plans and read the unit selection guide.
Worked example: a Serangoon family
A couple in their late 30s own a 4-room Serangoon flat bought in 2012. They expect to sell it for about $680,000, with $120,000 of loan left. After the loan and fees, about $543,000 comes back to them in cash and CPF. With a combined income of $16,000, their loan limit is about $1.74M. Here their cash and CPF are the limit. The $543,000 must cover 25% of the price plus stamp duty, which supports a purchase of about $1.9M. That covers most 2-bedroom and 2+Study layouts at indicative One Chuan Grove prices. To reach a 3-bedroom (from about $2.2M), they would need about $80,000 more in savings.
See the Serangoon owners’ page and the pages for Ang Mo Kio, Bishan and Hougang.
Common mistakes to avoid
- Forgetting the lower LTV when the HDB loan is still running (45%, not 75%)
- Underestimating stamp duty. BSD on $2M is about $70,000, due within 14 days
- Not budgeting for bridging if you buy first and your cash is tied up in the flat
- Picking a unit on psf alone instead of layout, facing and total price
- Missing the ABSD refund deadline. Plan your flat’s sale well before TOP + 6 months