We’ve previously seen some homeowners sell their condos to move into an HDB flat. But the more common situation is the HDB-to-condo move, which we’ve surprisingly never written about before.
While some lucky Singaporeans make 6-figure profits from selling their BTO flats, that wasn’t the case for Andy. The realtor in his 30s actually made a loss on his first HDB—yet through calculated risks and flipping private properties, he’s now living in a $2.2 million condo with his wife and child—and they’ve got plans to grow even further.
Started off with a $460k resale flat in Boon Keng, but didn’t make a profit after the sale
Image credit: Google Maps
The unfortunate reality of public housing in Singapore is that not everyone who ballots for an HDB flat will be lucky enough to get a unit on their first try. Nor their second. Realtor, Andy, was already pushing 30 and his latest attempt to get a BTO ballot was just 200 numbers shy. That’s when he decided to cut his losses and buy a resale flat in Boon Keng instead for $460K.The 40-year-old unit needed major work, so Andy sank another $70K into renovations. For almost 4 years, things were going pretty well—until he and his then-wife divorced. They appealed for an early Minimum Occupation Period (MOP) and sold the flat for $505K. It wasn’t enough to break even.
To make matters worse Andy faced some roadblocks when it came to getting another HDB flat. So he turned to private properties instead, setting his eye on a $1M condo in Yishun that was about to TOP. It was quite a splurge, but Andy admitted that he had “just bought it for the opportunity,” it presented.
Seeing the opportunity in condo flipping
Image credit: Google Maps
While living in Yishun, Andy began to understand how different the private property market was. Unlike HDB flats, where resale prices are regulated, private properties allowed for far greater flexibility. “You can list it for 30% to 40% more. It’s all up to a willing seller and willing buyer.”
He started helping clients sell their condos for $400K to $500K above valuation—and began planning how to do it for himself.
Contrary to this is the HDB Resale Portal that was introduced this year to keep prices of HDB resale flats balanced and fair. Listings that are priced 10% more than the highest transacted price of similar units in the area will be flagged, and unreasonably priced listings might even be removed by HDB.
This might not have been as exciting as someone selling a million-dollar HDB and upgrading their home or striking big at 4D. But Andy’s story doesn’t just stop at his Yishun condo. He seized the opportunity afforded to him and decided to start flipping condos. It was also during his Yishun era when he met his current wife, and they decided to dive head first into property investment together.
Investing in properties separately as a couple
Some couples shotgun into having a family. Andy and his wife decided to invest in 2 brand new condos at the same time but separately. One was a 2-bedroom unit at Twin View in the west side of Singapore that was bought in his wife’s name for $1.1M. Three years later, after the seller’s stamp duty had lapsed, they sold it for $1.2M, partially because his wife didn’t want to live near her parents on the West Coast.
Image credit: @keithtanboonkee on Instagram
Andy, on the other hand, looked to the other side of the island and bought a 3-bedroom premium condo at Parc Esta for $1.58M where the family now lives.
At age 30, Andy’s only property was an old HDB flat valued around $500K. Just over a decade later, he and his wife now own two condos collectively worth over $3 million.
“It’s a lifestyle upgrade, sure,” he admits. “But it’s also about building equity over time. Our mortgages aren’t paid off yet, but once they are, it’ll give us a lot more flexibility.”
That includes the option of downgrading again in future. “We could go back to living in an HDB flat in retirement if we wanted to. It’s all part of the plan.”
Embracing the changes in lifestyle as a condo owner
Image credit: Regina Ng on Google Maps
For now, though, the family is enjoying the perks of condo living: weekend swims at the pool, free gym access, and peace of mind from living in a gated community. “It’s the little things that add up,” Andy says. “It’s more convenient, and the environment just feels different.”
But Andy isn’t done. His next goal? Upgrade his $2.2 million condo to a $2.7 million property, and help his wife do the same—from $1.4 million to $1.8 million. “It’s not about having the biggest house,” he says. “It’s about smart investing while we’re still young and active.”
Selling his first HDB flat & getting into the condo flipping game
Does he plan to flip properties forever? “Probably not,” he muses. “I’ll stop by the time I’m 50. By then, I think my heart won’t be able to take the stress of the market anymore. At that age, it’ll be about preserving wealth, not growing it.”
Read more of our articles here:
- Why moving from a condo to an HDB maisonette was considered an upgrade for me
- Buying a home as a gay couple in Singapore
- How we bought a million-dollar HDB flat at 26 years old
Cover image adapted from: Google Maps, @versaform on Instagram
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