Upgrade from a HDB Flat to a New Executive Condominium: Firdaus & Siti
It was at a reservist training camp that Raymond reconnected with Firdaus, his former colleague in the police force. During a casual chat at break time, Firdaus mentioned he was living in a 5-room HDB flat in Choa Chu Kang with his wife and three young children. Raymond then shared the benefits of upgrading to an Executive Condominium and asked Firdaus if he would consider it. Firdaus brushed off the idea, thinking it would be an expensive move and surely out of reach for him and his wife.
A few months later, Firdaus contacted Raymond and arranged to meet up. The thought of upgrading to an EC had been hovering on his mind since he last met Raymond and he had discussed it with his wife, Siti. They liked the idea of enhancing their asset while enjoying a better quality of life. They wanted to find out more to see if it was really possible for them to upgrade to an EC.
After some fact-finding and thoroughly going through their finances, it was determined that Firdaus and Siti could indeed upgrade to an EC if they were to sell their HDB flat first, as they would require the cash proceeds and the returned CPF OA amount after the sale of the flat. Firdaus and Siti were very motivated to upgrade and agreed to sell their flat first since they could stay with Firdaus’ parents during the transition period.
Their 5-room HDB flat was sold for $410,000. With the cash proceeds from the sale of the flat and an additional $9,000 from their savings, Firdaus and Siti were able to place the 5% booking fee for a $720,000 3-bedroom Wandervale EC. Their monthly mortgage payment is about $1,800. On the day that Firdaus and Siti collected the keys to their new EC, they were so overjoyed you could see the tears welled up in their eyes. They are ordinary Singaporeans who live the dream.
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