The prevailing CPF Minimum Sum will be increased to $123,000 effective 1 July 2010 (source: Straits Times). This is a $6k increase from the previous $117,000.
If you are thinking of using CPF to pay for a second property, you will need to set aside half of the prevailing Minimum Sum. This amount is currently $58,500, but from 1 July it will be $61,500.
The CPF policy is: If you are already using CPF for an existing property, you have to first set aside half of the prevailing CPF Minimum Sum in your Ordinary Account + Special Account. Then you can use the excess savings in your Ordinary Account for the second and subsequent properties.
See these illustrative examples from CPF – but remember to replace “$58,500” with “$61,500”.
However, some people (myself included) think that the current property prices are simply too high.