By now you have heard of the changes to the use of CPF. Basically to use CPF must cover til age 95.
** Importance announcement that is not told for SG and PR who intend to use CPF in purchasing multiple properties and it’s implication. Buyers used to be able to set aside the Basic Retirement before he can use the excess savings in his OA for 2nd property.
Now, if buyer do not have property that can cover him til age 95, he has to set aside the FULL RETIREMENT SUM (before he can use the excess savings in his OA for 2nd property) Implication: Valuation of private property will have a higher tendency to depreciate once it it’s the 75 year mark. Used to be between 60-70 years.
For more information, check out https://www.sgluxurycondo.com/news/changes-to-cpf-rules-for-property-purchases-and-the-implication/
or give me a text/call.
