Selling a Toa Payoh 4-Room to Buy in District 12: The Numbers at Q2 2026's Medians

This is an illustrative example on the quarter's median prices and a stated household, not a real family and not advice on whether to sell, buy, keep or rent out. It lays out the figures the position engine computes for each side of the question; the decision is the reader's.

In this article, we look at three sides of one illustrative case. What the flat nets on a sale, what the condo costs to buy and hold, and what the flat would earn if rented out instead.

The headline figures come from HDB resale data and rental approvals on data.gov.sg, and from URA Data Service caveats for the private sale. The flat's median is S$1,021,000 in Q2 2026 from 86 sales. The District 12 unit's median is S$1,468,000 from 35 sales.

What The Flat Would Net On A Sale

The example couple bought a 4-room in Toa Payoh in Q2 2020 at S$588,000, drawn from 29 sales that quarter. They took a 75% HDB loan. Six years on, the engine works the sale at this quarter's median.

The table below sets out the flat side.

The table shows the flat's median has moved +73.6% since the purchase quarter, a change of S$433,000. The loan balance after six years is about S$359,655. Selling costs come to about S$25,528, and there is no seller's stamp duty at this holding period. Net proceeds work out at about S$635,817.

What The Condo Costs To Buy

The target is a 60 to 99 sqm private unit in District 12. The median there is S$1,468,000 from 35 caveats, at a median size of 883 sqft.

The table below sets out the purchase side, assuming the flat is sold first.

Buyer's stamp duty is S$43,320. The loan is capped at S$1,101,000 by the 75% LTV. That leaves S$73,400 in minimum cash and S$293,600 in CPF or cash, so S$410,320 is needed before the loan. Against net proceeds of S$635,817, the engine records a surplus of S$225,497.

Note that the order matters. Buying the condo before the flat is sold would add ABSD at 20%, or S$293,600, under the rules as recorded. Remissions are not modelled here.

How The Monthly Instalment Changes

The flat loan runs at 2.6%. The condo loan is priced at 3% over 27 years, and the engine also shows a 4% test rate.

The table below compares the two monthly figures.

The instalment moves from about S$2,001 on the flat to S$4,962 on the condo, a difference of S$2,962 a month. At the test rate, the condo figure is S$5,562. The test rate is a stress check used in the sums, not a view on where rates go.

Holding the condo for five years would cost S$262,571 in all, of which S$154,882 is interest. On the engine's hold assumptions, the price would need to rise 18.3% to cover that.

What Renting The Flat Out Would Earn

The third side keeps the flat and rents it out. The rent estimate comes from 21 recorded approvals in the quarter.

The table below sets out the rental side.

Estimated rent is S$4,500 a month, a gross yield of 5.3%. Property tax at the non-owner-occupied rate is S$2,268 a year, and maintenance S$900. Net rent after vacancy, tax and maintenance is S$46,350 a year. After S$9,351 of interest on the remaining loan, the net carry is S$36,999 a year, or 3.6%.

Note the small sample. Twenty-one approvals is a thin base, and the mix of flats behind it can shift from quarter to quarter.

Summary

At Q2 2026 medians, the Toa Payoh 4-room sells at S$1,021,000 and nets about S$635,817 after the loan balance and selling costs. The District 12 unit at S$1,468,000 needs S$410,320 before the loan, leaving a surplus of S$225,497 on the engine's sums. The monthly instalment moves from about S$2,001 to S$4,962, with S$5,562 at the 4% test rate. Renting the flat out instead gives an estimated S$4,500 a month and a net carry of S$36,999 a year.

These are indicative figures from recorded transactions, not a valuation of any home. Medians cover 86 flat sales, 35 private caveats and 21 rental approvals, so the mix behind each one can shift. Stamp duty, LTV and tax rates are versioned in our rules file and change with each policy round. The figures do not tell a reader what any particular flat or unit would fetch.

Method: the flat is a 4-room in the town, bought at the median of Q2 2020 with a 75% HDB loan at 2.6% over 25 years, of which 6 years have been paid. Its value today is Q2 2026's median. Selling costs, seller's stamp duty, equity, the rent estimate and the carry are the position engine's under the rules recorded as in force. The condo is a 60 to 99 sqm resale in the nearest district with enough sales within 2.5 km of the town. It is taken at Q2 2026's median. The buyer is a citizen aged 38 with a household income of S$15,000 a month and no other debt. sale at today's indicative mid value after 5 years. Seller pays 2% commission and S$3,000 legal fees, plus 9% GST. Mortgage interest from a standard amortisation schedule at the given rate. Loan of S$1,101,000 (75% of the price), the maximum available. Property tax on an assumed annual value of S$41,820 (85% of market rent). Maintenance at the configured norm. Rates are versioned data in config/rules.yaml, checked against IRAS and MAS publications on 2026-09-18. The newest version applied here took effect 2025-07-04. Rules change with each cooling-measure round. Private figures are from URA Data Service caveats, HDB figures from data.gov.sg resale records, both loaded weekly by this site's ingest. Medians are of the non-excluded transactions in the period named. Sales flagged by the hygiene rules (related-party transfers, bulk deals, outliers) are left out. Every figure is indicative and drawn from recorded transactions, not a formal valuation.