7 Answers

Hi Ms. Yvonne,

If the MOP of 5 years has been fulfilled, you can purchase private condo no issue. If you are buying the private property before disposing the hdb, the ABSD of 7% is still applicable and depending on circumstances and eligibility conditions, you may qualify for ABSD refund if you sell away the hdb within 6 months. To avoid the 7% ABSD upfront, we have to sell away the hdb first and buyer must have exercised the OTP.

I have done similar cases before and would be happy to share the best approach. 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.

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YT Tan (陈永达)
Good morning Yvonne,

The cooling measures will not be applicable to you after you sell off your unit before you commit to a purchase (be it BUC or completed).

Cooling measures such as:
2) set basic retirement sum of $85.5k
3) can loan up to max 50% bank loan if still have outstanding loan.

So if you dont wish to be hit by ABSD, you have to sell off your unit first. By issuing OTP and buyer must have exercised it. If you want more assurance, will be after hdB approval has been issued.

Hope my sharing aids in clearing your doubts.

May I know how can I value add further in your property needs?

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YT TAN 陈永达 | ACCA Graduate, RES
Propnex Realty Pte Ltd

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Right pricing strategy is key towards the application for ABSD remission after 2nd property purchase, which in your case, you will need to factor in a home in transition from your sale of your HDB to qualify for ABSD remission to the TOP of your new purchase, which is often either going for rental units or shifting back in with parents, and it can get pretty tricky if there is young child(ren) in the household.

Your most ideal option is actually to look into balance units which are going to TOP or have just TOP to blend in the timeline properly if a transition home is not within your considerations.

Do take note that home ownership arrangement is also a factor in the remission of ABSD on top of your loan arrangements.

I have recently worked out a series of financial plans based on different options for my client looking to upgrade from their existing HDB based on BREW program which we have recently introduced for our clients. You can benefit from it too therefore do contact me if you are keen to find out more.

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Robbie Chen Chee Howe
Hi Yvonne,

Yes, you can purchase a BUC as long as you have fulfilled your MOP for your current HDB flat.

ABSD is applicable as long as you purchase the condo before you sell off your HDB flat. It is taken at the point of time of purchase, how many properties you own. Hence, a 7% ABSD applies if you purchase your condo while still owning your HDB flat purchase.

Also, take note that your condo purchase will be subjected to 50% LTV if your current HDB is still under loan.

If you purchase the condo as a "first matrimonial home", you may wish to apply for ABSD remission. In this case, the latest timeline you can sell off your HDB is within 6 months upon the TOP of the BUC development.

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.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

If you have met the MOP period, you may buy a private property.

If you have the intention to sell your HDB flat, you will need to decide whether to sell first and buy later or buy first and sell later.

If you sell first and buy later, you need not pay the ABSD. However, if you buy first and sell later you may not get a refund of your ABSD. The refund may be reimbursed upon the strict adherence of within the 6 months subject to IRAS approval.

You may write to gavin.ng@orangetee.com to further discuss your plan and financial commitment.


Gavin Read More
Hi Yvonne,

Yes you are allowed to purchase a condo as long as you have fulfilled your 5 years Minimum Occupation Period (MOP). However, there are 3 important points to take note for this purchase.

1. You will be required to pay the 7% ABSD first upon purchasing of the condo. You will be able to get a refund from IRAS if you manage to sell off your HDB within 6 months from the TOP of this condo. This is with the condition that you purchase this condo with your husband in order to qualify for the refund.

2. For financing, if you still have an outstanding loan for the current HDB, you will only be eligible for 50% loan for the purchase of the condo. The balance 50% will need to be made up of 25% cash and 25% CPF. Your CPF usage may also be restricted as you will need to set aside the Basic Retirement Sum first before you can use the rest.

3. The sale of your HDB has to be planned properly so that you will be able to claim back the ABSD within the 6 months window and also able to transit smoothly from your current HDB to the new condo without the need for an interim place to stay.

I have assisted a few of my clients who are in a similar situation. They have managed to transit smoothly and also successfully claimed back the ABSD that they paid. Please feel free to contact me so that I can understand your situation better and provide you with further assistance!

Nick Tan
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