For HDB resale applications submitted on or after September 7, cash proceeds are paid electronically instead of by cheque, HDB announced. It is a practical change for sellers arranging their next move. The sale price is not the amount that will arrive in a bank account: outstanding financing, CPF refunds and transaction expenses must still be accounted for.
Separate the sale price from spendable proceeds
Cash proceeds are the balance available after the applicable settlement deductions. A CPF refund returns money to the CPF system under the relevant rules; it is not the same as cash deposited into an ordinary bank account. Use your own official statements rather than a friend's past sale to estimate those amounts.
Work backwards from the next purchase
As a deliberately simplified example, a S$600,000 sale less S$200,000 of outstanding debt and S$150,000 of required refunds leaves S$250,000 before other costs. An electronic transfer changes the payment method, not that arithmetic. Actual deductions and eligibility depend on the household and transaction.
Verify the nominated account through HDB's official process and check the expected completion and payment dates before committing to a new deposit. Do not assume the proceeds are available at the moment a buyer signs. Align the next purchase's cash deadlines with the confirmed settlement timetable, keeping a buffer for expenses outside the sale itself.