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Bases We’ve Built – Wilson and Joanne | Ep. 4

How we helped Wilson and Joanne
upgrade from an HDB to an Executive Condo without touching their savings

Services We Provided:

  • Property Management
  • Property Marketing
  • Property timeline and financial planning

Previously Living in:

4 Room HDB at Punggol Waterway Terrace 1

Upgraded to:

4 Bedroom Executive Condo at OLA EC


  • Upgraded to an EC without touching their savings
  • Created Spare cash for their savings
  • Ensured a Safety Net of 5-8 years through the sale of their unit

The Origin

“Home Base gave us a lot of assurance that the whole end-to-end process was covered smoothly and got rid of the hassle of doing a lot of research and paperwork.” – Wilson Chin, IT Analyst

Young couple Wilson and Joanne were living in a 4-room (3-bedroom +) HDB at Punggol Waterway Terrace I, a popular BTO that saw 7342 applications for a total of 588 4-room units in 2010.

The development reached the 5-year Minimum Occupancy Period (MOP) in 2019, which prompted our 2 homeowners to consider upgrading.

The couple had heard that the best time to cash out on the paper profit for their flat was right after the MOP. In addition, they were inspired by Joanne’s brother, who had previously bought a unit at the popular executive condominium (EC) Prive, located in Punggol Field.

What they wanted:

  1. An improved lifestyle
  2. To cash out on their flat’s appreciated value
Credits: The Straits Times

Establishing The Base - From FB to Kopi

Wilson and Joanne were shopping around when they stumbled upon Home Base’s Facebook Ad on their feed. After browsing our social media, website, and articles, they decided to engage us to assist with:

1) the sale of their flat and
2) their upgrading process.

Despite the skepticism of family and friends during a period of economic downturn, they were motivated to go ahead with the process. On the 1st meeting with Home Base, we immediately started calculating their affordability and planning their timeline.

Whilst conducting the affordability assessment, Home Base found that their combined income was more than sufficient to comfortably afford an upgrade. However, due to their concerns about job stability in the COVID-19 market*, we lowered risks as much as possible and proposed an upgrade to an EC instead of a private condominium. As a hybrid of public and private housing, they could enjoy condo-grade amenities while paying less due to government subsidies and lower land prices.

As they had also indicated an interest in cashing out on this new property in the future, it would also be to their benefit to investing in a hybrid as the private market has been showing a much higher upwards trend for the past 10 years.

After a thorough comparison between various options through our signature B.A.S.E Strategy, Home Base settled on 2 executive condominiums: Parc Canberra and OLA.

*Both husband and wife undertook the Asset Progression Analysis to assess their affordability and risk level.*

The B.A.S.E Strategy

1. Calculating their Budget

Having factored in all the additional costs like the Buyer’s Stamp Duty (BSD), resale levy, conveyancing fees, and agent’s fees, we arrived at a budget that indicated Wilson and Joanne’s affordability and risk level. This sum was within a good range for both ECs and private condominiums, however, as previously mentioned, this was during a period of economic downturn and there was more concern about job stability. 

This was why Home Base decided to take an approach that minimised the need for cash out of pocket as much as possible. The aim was that the proceeds of their flat’s sale would cover their existing mortgage loan, CPF accrued interest, and other miscellaneous fees with a good amount of cash leftover. This leftover cash could then be used for the down payment of their next home.

2. Assessing their Options

In addition to the economic downturn, Wilson and Joanne were also concerned with their 2 children’s education. Their daughter was almost of age to enter primary school, and they were eager to find a popular one for both her and her younger brother. This also meant setting aside a sum of money to pay for their school fees.

Although their children were young enough to share a room, the couple decided to look for a similar sized unit (3-bedrooms) that would give each of the siblings their own space. This gave them the option to continue staying until the children were grown should they decide against cashing out.

After an in-depth search, Home Base narrowed the options down to 2 executive condominiums: 

  • Parc Canberra (District 27)
  • OLA (District 19)

2. Making the Best Selection

Ultimately, OLA EC won out due to its competitive pricing and more efficient layout. With 3 bedrooms, each large enough to fit a queen-sized bed, there was more than enough space for the whole family. Additionally, Wilson fell in love with the marble flooring and Spanish theme of the development.

Another major part of OLA’s victory was also due to its close proximity to the couple’s relatives, who were all living in the Punggol area, and the popular primary school Nan Chiau.

Ola-EC-Pool-and-Gym (2)
OLA-EC-Front-Landscape (1)

4. Ensure Leftover Liquidity

To mitigate the threat of potential unemployment in the near future, Home Base helped Wilson and Joanne maintain between 5 to 8 years of CPF monies to secure their monthly payouts. In the event that they should experience a reduction or total loss of income, this sum would be able to tide them for a long time.

In addition, Home Base managed to sell their flat for a sum large enough to cover their costs, pay for the down payment of their new OLA unit, and still have some cash leftover.

The Result

  • Upgraded from an HDB to an EC without touching their savings
  • Unlocked spare cash for savings and investments
  • Ensure the safety of 5 to 8 years in CPF monies for their new home

“They really make it so much easier for laymen like us. Because we are the first-time sellers and buyers of a new flat. I would give them, if possible, a 5 out of 5 review.” – Wilson Chin, IT Analyst

What's Next?

The young couple has currently moved in with their relatives and are eagerly awaiting the TOP date for OLA in 2023. They also intend to use the spare cash to invest and save up for retirement.

They look forward to inviting the rest of their family to a get-together while their daughter enjoys the new 50 m lap pool.

Watch the full interview video with Wilson and Joanne below

Click to watch the Home Tour video of their unit.

We believe that every dream home can become a reality with a solid foundation.

If you are interested in upgrading your property portfolio, or looking to find out your upgrading affordability, feel free to touch base with us!

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