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Hi,

If you wish to avoid Seller's Stamp Duty, you should hold the property for a period of 3 years at least. If you plan to purchase another residential property thereafter, you should sell off the property before committing to the next property to avoid the higher ABSD rate.

IRAS will use the exercise date of the OTP / Sales & Purchase Agreement as the date for the computation for the relevant stamp duties.

I have assisted various homeowners to successfully transit smoothly to their next property with a detailed timeline planning to optimize the finances. Hope to be able to do the same for you too.

May I know which development you are looking at for the upcoming purchase? Hope the above clarifies. May I have more info and requirements about your plans so as to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
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Dear sir/madam,

Details can be found at this site:

https://www.iras.gov.sg/taxes/stamp-duty/for-property/appeals-refunds-reliefs-and-remissions/common-stamp-duty-remissions-and-reliefs-for-property/remission-of-absd-for-a-married-couple

To extract some information from the site:

"The first residential property (co-owned or separately owned) is sold within 6 months after:
a) the date of purchase1 of the second property for completed property or
b) the issue date of the Temporary Occupation Permit (TOP) / Certificate of Statutory Completion (CSC), whichever is earlier, if the property was uncompleted at the time of purchase"

Thie above is provided if you have fulfilled the criteria for the remission of ABSD. which can be found in the website. In general, you must be a Singapore citizen household in order to be eligible, and both husband and wife must not own more than 1 existing residential property at the time of purchasing the 2nd one, however, do take note that ABSD should be paid first for the 2nd property, with the application of refund to be done once you have sold the existing property within 6 months of TOP (provided that you are purchasing a new launch project), or after taking possession of the 2nd residential property if it is a resale unit.

If you wish to avoid the ABSD altogether instead of having to apply for remission, then you will be required to sell off your current property and your buyer should have exercised the Option To Purchase, before you exercise the OTP for your purchase.

Warmest regards,
Geryl Lim
Associate Deputy Group Director
Salesperson Registration No. R014783H
Email: geryl.lim@orangetee.com / geryl7772@gmail.com
OrangeTee & Tie Pte Ltd 430 Lorong 6 Toa Payoh #01-01 OrangeTee Building Singapore 319402
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Hi,

In this case, it is advisable that the selling comes first and then follow by purchasing the next. In order to avoid paying any additional stamp duty.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Appreciate your sharing, in order to help you better can I know you are looking for rent or purchase or sale?
Welcome any questions at 9696 4398  via phone or WhatsApp. Email is Stewartlim96964398@gmail.com
Cheers
Stewart-PropNex Read More

Hi,

In order to avoid incurring ABSD, the Buyer of your current private property must exercise the OTP before you exercise the OTP (S&P) for your new launch property.

If you're referring to ABSD refund, you will need to sell your current property within 6 months from the TOP of the new launch property. This is provided that either you or your spouse is a Singapore Citizen, and the new launch property is being bought as your matrimonial home (co-owned). Do take note that you will still have to pay ABSD upfront first if you purchase without selling off your current private property.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require 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 in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi,

1) Stamp duty will be due within 14 days once you exercise your option. This happened around 5 weeks from the day you place your 5% deposit.
2) It has nothing to do with when you collect keys for your purchase.
3) Thus you must already not own any property legally at the time of exercising your option if you do not wish to incur ABSD.
4) It could be earlier if the developer is quick in their paperwork.
5) So you have to remind the agent who is preparing the paperwork to ensure the remark is inked on the PP form.

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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