My sis was able to sell her condo in November, 2021 at all time high, S$980,000 (the highest price of 3 bedrooms unit at Rosewood). It was S$80,000 above bank valuation.
That's exactly one month before the new property cooling measures announced on December 16, 2021.
It is a 3 bedrooms unit, located at 14th floor, 1,173 sq ft unit at Rosewood condo at Woodlands. Let's see when the next 3 bedrooms unit at Rosewood can be sold above S$980,000. : )
I had stayed at Rosewood for a year in year 2004. Not bad indeed. Good facilities. :)
It was sold at S$835 PSF @ Woodlands!
For 3 bedrooms unit, 1,173 sq ft, there are total 35x transaction for the past 5 years (from January 2017 to January 2022). The details shown in the table below.
For 3 bedrooms unit rental for the past 5 years (from January 2017 to December 2021), there are total 215x records, with the lowest rental S$2,100 and highest rental S$4,000. The median rental is S$2,400 and the average rental is S$2,477.35, pretty close to the median rental of S$2,400!
She bought the unit during the launch in March 2002 at S$552,583 ( S$471PSF ), that's a good profit of S$427,850.
The Rosewood condo had been fully paid. She had used CPF OA monies S$277,505.43 to serve the housing loan and there is an accrued interest of S$91,734.16. After the sales, total of S$369,239.59 will be returned to CPF OA account.
The OA account will be increased from S$3,594.25 to S$372,833.84.
With this, total CPF balance will be S$609,041.85.
That's 0.61M44 (alone).
Technically speaking, it shall be 0.61M42 (alone) as her last CPF contribution was 3 years ago in August 2019.
I remembered vividly that the property price in Singapore actually crashed between year 2003-2006, you could actually get much cheaper price than the launch price of Rosewood close to S$400K+ for a 3 bedrooms unit. You could have profited even more if you are able to catch the dip.
By the way, she bought a 5-room HDB flat in year 2006 and rented out Rosewood all the way until year 2021. She did not use CPF OA monies to serve the HDB private bank housing loan. She had also migrated to Sydney three years ago with her family in year 2019 (She works at IT management at Aussie bank). You can imagine the rental collected for 15 years from year 2007 to year 2021, taking average monthly rental of S$2,800 x 12 months x 15 years ~= S$504,000.
With the sale profit of S$427,850, the total profit would be ~= S$931,850. Nice!
In my opinion, if possible, it is always good to purchase at least 1x private property and 1x HDB unit in Singapore.
The sequence is important now. You have to purchase HDB first then private property, not the other way round anymore as you have to dispose the private property within 6 months after you collect the HDB keys.
Updated on February 14, 2022
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The record was broken last month (January 2022), the 3 bedroom unit, 1,173 sq ft, much lower floor (06 to 10) was sold at all-time-high S$993,000. Amazing.
Updated on February 18, 2022
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CPF had completed the housing refund, total net amount used S$277,505.43 and total accrued interest S$91,734.16 to CPF OA account.
The CPF OA account now balloon from S$3,594.25 to S$373,603.09.
Total CPF balance now: S$609,811.10.
Technically speaking, achieved 0.61M42 (alone).
She has stopped CPF contribution since August 2019. Pretty impressive.
Next task: to perform CPF transfer from OA to SA, to max out year 2022 FRS S$192,000 in SA account.
Updated on April 4th, 2022
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The record was broken last month (March 2022), the 3 bedroom unit, 1,173 sq ft, floor level 11 to 15, was sold at all-time-high S$998,000.
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