HDB to condo: how much cash do you need?
Short answer: selling first usually needs far less cash. In our worked example (a S$700,000 flat and a S$1.8 million condo), a Singaporean couple needs about S$229,600 in cash if they sell first, but about S$1.41 million upfront if they buy first, including S$360,000 ABSD. Enter your own numbers below.
Published . Uses IRAS, MAS and CPF rules last verified 27 September 2026. You must meet your flat's MOP before buying private property.
Sell the HDB first
| Bank loan (75% LTV) | S$1,350,000 |
| Downpayment | S$450,000 |
| …of which from CPF OA | S$280,000 |
| …in cash (min 5%) | S$170,000 |
| Buyer's stamp duty | S$59,600 |
| ABSD (0%) | S$0 |
| Cash available then | S$250,000 |
| Income needed for the full loan (TDSR at 4%) | S$12,956/mth |
Cash available includes the sale proceeds. CPF includes the refund from the sale. Proceeds arrive at HDB completion, so you may need cash for the option and exercise fees before then.
Buy the condo first
| Bank loan (45% LTV) | S$810,000 |
| Downpayment | S$990,000 |
| …of which from CPF OA | S$0 |
| …in cash (min 25%) | S$990,000 |
| Buyer's stamp duty | S$59,600 |
| ABSD (20%) | S$360,000 |
| Cash available then | S$0 |
| Income needed for the full loan (TDSR at 4%) | S$7,774/mth |
No CPF assumed: the refund hasn't arrived, and OA for a second property needs the retirement sum set aside. ABSD of S$360,000 is refunded only to married couples (at least one a Singapore Citizen, buying jointly) who meet every IRAS condition, including selling the flat within six months of buying a completed condo, or of its TOP/CSC if uncompleted.
Excludes legal and valuation fees, renovation, moving and any rental between homes. The HDB sale is assumed to be at market value. BSD and ABSD are shown as cash because they are due within 14 days; CPF OA can reimburse them at legal completion if you have OA left. Assumes all owners are below 55 and the condo's valuation equals its price. Use your CPF home ownership dashboard for the exact refund and your bank's in-principle approval for the loan. See the rules behind these numbers.
Frequently asked questions
How much cash do I need to upgrade from HDB to a condo?
In our worked example, a married Singaporean couple selling a S$700,000 flat (S$200,000 loan outstanding, S$250,000 CPF used) and buying a S$1.8 million condo need about S$229,600 in cash if they sell first: the 5% cash downpayment, the part of the downpayment their CPF cannot cover, and S$59,600 buyer's stamp duty. The sale releases S$250,000 in cash, leaving about S$20,400.
Is it better to sell my HDB first or buy the condo first?
Selling first usually needs far less cash. Buying first means paying 20% ABSD upfront as Singapore Citizens (30% as PRs), taking a 45% LTV loan with at least 25% in cash while the HDB loan is outstanding, and no CPF refund yet. In the same example, buying first needs about S$1.41 million upfront, including S$360,000 ABSD that a married couple with at least one Singapore Citizen gets back only if they sell the flat within six months and meet the other IRAS conditions. A couple who are both PRs cannot get this ABSD back.
Can I use my CPF refund from the HDB sale for the condo?
Yes. Below 55, the refund of CPF principal and accrued interest goes back to your Ordinary Account and can be used for the condo's downpayment beyond the minimum cash portion, subject to CPF rules. It is not paid to you in cash.
Why might my bank only lend 45% even if I sell first?
MAS rules set the loan-to-value limit by the number of housing loans you have outstanding when you apply for the new loan. If your HDB loan has not been repaid by then, the condo loan counts as a second housing loan: 45% LTV and at least 25% in cash. In the worked example, that raises the cash needed from about S$229,600 to S$769,600.
For the full rules, read the HDB upgrader checklist. To see the most a bank will lend on your income, use the affordability calculator. This tool is an estimate for planning, not financial advice.
Sources
Planning your upgrade?
Questions about the rules behind your numbers, such as ABSD refunds, CPF or LTV? We'll reply within one working day and, only if you ask, connect you with a CEA-licensed partner agent.