Asked by Anonymous

How much salary should you be earning to afford a condominium in Singapore?

We have just gotten our BTO and will be staying for at least 5 years. But wonder what it takes to upgrade to a condo after this 5 years? So me and my wife can work towards that together.

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  • Kai Xin
    Kai Xin
    Level 3. Wonderkid
    Answered on 16 Oct 2018

    Advice is don't use too much CPF for your currrent BTO. Use cash as much as possible, take it as forced savings for your new condo. At the end of 5 years, you will pay less accured interest and the lump sum comes back to you as cash to be deployed for your new condo

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    • Leong Wen Fong
      Can you use CPF for condo as well?
      16 Oct 2018
    • Kai Xin
      Yes definitely. In the long run, you will find that cash deployed for private residential holds great benefits
      16 Oct 2018
  • Daryl Koh | TeamFatherAndSon.com
    Daryl Koh | TeamFatherAndSon.com, Associate Marketing Manager at Propnex
    Level 2. Rookie
    Answered on 17 Oct 2018

    I currently have sellers staying in their 4 room HDB, selling around $4xxk their income is around $8k/month. They are able to upgrade to a $1.2xxmil condominium.

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  • Nicholas Woon
    Nicholas Woon, Marketing Director at ERA Realty Network Pte Ltd
    Level 4. Prodigy
    Answered on 16 Oct 2018

    On average, BTO owners get to pocket $100-150K in cash proceeds after the sale. This helps in the 25% downpayment for the purchase of the condo.

    If the household income is about $8k monthly and above, you would be able to upgrade quite comfortably. Assuming 35 years old and $4k income per person (5 years later), you and your spouse can loan up to $1 mil (no other outstanding loans) with the current 75% LTV. Hope this clarifies!

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    • Question Poster
      Cool thank you for your opinion. will reach out when potentially moving with a clearer plan.
      18 Oct 2018
    • 18 Oct 2018
  • Nicholas Chan
    Nicholas Chan
    Level 5. Genius
    Answered on 15 Oct 2018

    A condo can range from a 1 bedroom to 5 bedrooms. Perhaps u can share more details of your current bto & how much space you need.

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    • Question Poster
      I currently have a 4 room BTO in Sengkang... and plan to move to a 3 to 4 room condo also in this area. Thanks!
      16 Oct 2018