Submitted OTP for a 3rm resale HDB

Yesterday we placed a $1k deposit for an OTP (old 3rm resale HDB at Yishun Chong Pang City) under my momโ€™s name as she is eligible & owns no other properties. I saw this unit on Propertyguru (lowest asking price in yishun) & immediately text the agent to make an appointment for viewing with my mom on Thursday afternoon. If successfully concluded this would be our 8th (3 in SG & 5 in msia) & last property. ๐Ÿ˜…

Initially my plans was to buy a piece of land at Leisure Farm or Ledang Heights & build our dream home in future but with the recent developments from the New Govt especially from Dr Mahathirโ€™s anti foreigners & investment stance in Iskandar, i decided not to commit anymore investments in Msia for the short to medium term.

Back to the yishun 3rm ๐Ÿก. Why was it listed below market price? Upon viewing we realised the reasons. First, the unit was extremely Dilapidated (Original condition since Day 1). Second, it was facing a T-junction & noisy. Third, it was on 4th level with unit no 4x (#04-4x) ๐Ÿ˜‚. Below are some pics of itโ€™s conditions. ๐Ÿ˜…

However these factors did not turn us off. My mom in particular liked the location & urged me to buy it. She even went to Bugis Guanyin Temple (Thursday evening itself after the viewing) & obtained a Good divinition lot for that unit. ๐Ÿ˜… Sensing her keeness, yesterday i made an offer for the unit. There were some negotiations & we finally agreed on $205k. (Originally listed for $215k).

This unit was on the market 1.5 mths ago initially listed for $235k (Market value is around $250k for that location). However because of itโ€™s conditions & facing, it was unable to sell & the agent had to persuade the Owners to lower their Asking price. The owners had to sell because their new 2rm BTO (also in Yishun blk 4xx) had TOP & going to get keys in a mth or 2.

I plan to exercise the OTP (additional $4k deposit) in the coming week if additional ground surveys are satisfactory both in the day & night. I will be driving my Grab & hanging around that vicinity in the coming days to do some investigative works. ๐Ÿ˜‚ Buying this unit at below market value allows us a decent budget to renovate the unit to our liking (cosy). This blk is scheduled for HIP soon (already announced by HDB in nov 2017). So i can save some costs on the 2 toilets, main door & grill, all pipings, ceiling works & an upgraded electrical power loading.

We expect to complete the transaction & get the keys in Dec. I hope i can use the month of Jan to complete the renovations before CNY. CNY in Chong Pang City is bustling. Im not exactly fond of it but my mom is looking forward to it. ๐Ÿ˜…. This unit will serve as our backup home going forward (in case prior to obtaining mm2h (1yr long process) anyone of us is barred re-entry into JB.) The Johor inmigration is tightening following the suspension of MACs.

There are plans for me & my wife to stay in this yishun home (5days a week) next year & weโ€™ll only make our way back to Cascadia (JB stay 2days) during our Off days coz the Daily traffic Jams at woodlands CIQ is getting worse & my wife is in for a promotion (high % will realise next year after CNY thus this unit will help us transit back to SG). Her new role as communicated by her Boss will be in Operations (Oversee 6 retail stores + manage 1 herself so definitely she canโ€™t stay in JB like what she is doing currently).

I am also looking to rent out the common room next year for $600. This ๐Ÿ’ฐย ($600 x ย 60mths = $36k) will help us recoup back the Initial Renovation costs. By then 5yrs later MOP we would have been Retired (staying in JB with mm2h visa๐Ÿ˜Š) & we can lease out the whole unit for more passive income (Estimated btw $1.5-2k).

Hopefully all plans will materialise & ends well & come 2022 we would be happily retired with MM2H in JB. Look forward to working even harder next few years so that we can cross the finishing line in a better position!


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