As long as the count of property is "One" at the point of purchase, there is no ABSD incurred.
Do note that if you are buying a matrimonial home, you are allow to apply for ABSD remission. In that case, you can buy first and sell later.
Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636 , or email: firstname.lastname@example.org if more information is needed.
I'll be glad to assist.
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hi Mr Ling
Thanks for your response.
What is the definition of matrimonial home?
8 Years ago we bought the HDB bcos the estate was undergoing enblock too, later the enblock failed, and we never stay in the HDB one single day.. haha
First you need to wait for the en bloc process to be completed before ownership is confirmed transferred and sale proceeds back to you. Next, once your OTP for the HDB is exercised by the buyer, your ownership will be removed and property count becomes zero. You can then purchase the next property.
May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.
Ivan Ng ERA ASAP
(ASk Anything Property)
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not sure it is time to buy another condo or just do up my HDB?
As long as the buyer of your HDB exercised the OTP, you will not be liable for any ABSD.
Also, if the property you're purchasing is going to be your matrimonial home under joint-ownership, you can proceed to purchase first, then apply for ABSD remission upon the sale of your HDB flat.
Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305 . I will be happy to assess and share with you the possibilities for you and your partner in the current market.
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Care to share which stage is the en bloc at right now?
Secondly, HDB will be considered sold as long as buyer exercise on the option to purchase (OTP). But to be on the safe side, it could be better to obtain HDB approval to double confirm unit will be sold. Because there are rare instances that buyers do backed out from purchase after exercise and before HDB approval is given.
So as long as en bloc S&P and HDB sale is exercised by developer and buyers respectively, you will not be incurred ABSD.
If either one is not so, you can choose to buy as a married couple first then sell off the other property within 6 months to be eligible for ABSD remission (refund).
Hope my explanation is informative and value adding towards your property needs.
Perhaps we can meet up to discuss and explore your options first? Usually I will share about the property outlook with my clients and tailor make a plan that suits best for them in years to come. I will let my client's money work harder for them.
My clients are able to own properties for own stay and investment. At the same time, they have emergency funds for rainy days.
When is a good time for both of you?
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YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480
(M): +65 9111 5171
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