Can You Really Own Both an HDB & a Condo in Singapore? Here’s The Truth

Is owning both a private property and an HDB concurrently possible? Many would probably think that you can’t or can’t afford (which isn’t technically wrong depending on the circumstances), but you can actually own both types of property concurrently.

But honestly, have you really thought about why someone would want to own two properties? Is it a high-flying ambition influenced by the wealthy and famous, or is it something that everyone should aim for at some stage in life, similar to how a parent plans for their children’s future? It’s crucial to understand this before making one of the biggest decisions of your life without due consideration.

Owning both an HDB flat and a private property in Singapore is an attractive prospect for many, but like any property purchase, it requires careful planning and strategic financial management. Let’s delve deeper into the key strategies and considerations necessary for successfully achieving dual ownership.

My One & Only HDB

Owning both an HDB and a private property is a luxury and it definitely comes with some form of limitation. For starters, you are not allowed to own more than one HDB flat as opposed to private homes where you can own as many of them as long as you can afford the financial load.

Sequence Matters

The sequence in which you make your purchase matters, you can buy a private property after owning your HDB, but you cannot buy an HDB after owning a private property. If you own a private property and wish to buy an HDB, you would have to sell off your private property before acquiring the HDB. On top of that, in September 2022, the government introduced a new cooling measure that mandates a 15-month wait-out period for private property owners looking to right-size to an HDB flat.

Minimum Occupation Period (MOP)

The MOP is a critical factor in such a dual ownership model as you are prohibited from purchasing any private properties during this period.

As opposed to people who own two private properties which they can buy back to back, going the HDB then private property route means you have to wait at least five years before buying your private property. As you would see below later, more flats will actually be having a 10-year MOP, you should really consider this model with the missed opportunity cost of inaction during your MOP.

Generally, in today’s market, most HDB’s MOP is set at five years with the exception of prime location public housing (PLH) flats where the MOP is two times the duration at 10 years.

Announced during the National Day Rally 2023, BTOs built from the second half of 2024 onwards will be newly categorised to Standard, Plus & Prime classifications, replacing the current mature and non-mature estates. MOP for Standard housing will still be set at five years, whereas Plus & Prime houses will incur a 10-year MOP.

And for those who are thinking of getting a Plus or Prime home, you would actually have to wait for a good whole 10 years before you can actually purchase your second residential private property. Then again, homes classified as Plus or Prime would probably be the ones that would see more substantial gains. So it is important to plan for what you want to achieve out of this.

1. Paying ABSD

This method is the cleanest and most straightforward way of owning both types of properties, it is to pay for ABSD for the private property. The current rate for ABSD for a second property for Singaporeans is set at 20% of the purchase price. Look below to see the latest rates:

2. Break the couple up

Commonly known as decoupling, I’m sure more of you are more familiar with this term. It essentially entails having your spouse list themselves as an essential occupier as opposed to a co-owner, and it has to be done at the point of putting down your down payment for the BTO flat. This way, the essential occupier can purchase the private property without incurring ABSD. The downside of this method is that only the owner’s salary will be taken into consideration for a loan and the monthly mortgage can only be deducted by their CPF account.

Once upon a time, you could simply transfer the share of one of the co-owners to the other but that option has been shut off by the government in 2016 – unless you have an extraordinary circumstance. So unless you did it from the start with your BTO, unfortunately, this method isn’t viable for HDB homeowners.

3. Buying Under a Trust for Children

This method is definitely for those who are cash-rich as the property has to be purchased without the help of a mortgage loan or tapping on your CPF. To make things even more difficult, in April 2023, the government increased the ABSD from 35% to 65%. Remission of ABSD is possible if certain requirements are fulfilled. But it is still a hefty amount to fork out upfront to buy a private property using this method.

Another important thing to take note of is that the trustee (your child), has to be under the age of 21 years old.

Conclusion: Should You Take Up Dual Ownership?

At the end of the day, whether you should own both an HDB flat and a private property depends on your long-term goals and financial capacity. On one hand, holding assets in both the public and private markets can be a smart way to diversify your portfolio and grow your wealth. In fact, during a parliamentary session in 2022, it was revealed that around 3% of HDB flat owners also own at least one private residential property — with nearly half of them choosing to rent out their HDB for passive income.

That said, dual ownership is not a one-size-fits-all strategy. It can open doors to capital appreciation and rental returns, but it also comes with financial responsibilities and considerations that vary for each individual.

If you’re exploring whether this path is right for you, we will be happy to help. As real estate professionals, we can break down the numbers based on your unique financial situation, walk you through the pros and cons, and craft a strategy that aligns with your goals — whether that’s building long-term wealth, creating passive income, or securing your family’s future.

If you’re curious about whether dual ownership makes sense for you, let’s chat! We will help you break down the numbers, weigh the pros and cons, and see how this fits into your bigger goals.

👉 Drop us a message anytime! We will be happy to guide you through!

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