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Dear Sir/Mdm,

It is not possible to get a waiver for the ABSD because if you were to purchase a condo first, IRAS would need you to pay the ABSD and you will be eligible for refund if you managed to sell the HDB within 6 months. This is with the assumption that the condo is purchased under a couple as a matrimonial home.

It is possible to plan the sale and purchase concurrently so as to avoid ABSD, minimise the cash outlay and also transit smoothly from one property to another without the need for an interim housing solution.

I have assisted many of my clients in the same situation to upgrade successfully. Please feel free to contact me so that I can understand your situation and assist you to draw up an upgrading plan.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
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Hi,

1) There is no option from the IRAS for a preapproved waiver.
2) In order to avoid being charged for the ABSD, you will need an exercised OTP of your HDB flat when you exercise the purchase OTP.
3) Otherwise, you can only apply for remittance from the IRAS if this is a matrimonial home.
4) There will be a temporary inconvenience when you have to tolerate the noise and dust from your private condo once you dispose of your HDB.
5) This is what happened to most of the upgraders who wouldn't want to incur ABSD during their upgrading process.
6) You may put in a request for a 3 months extension in your HDB selling to minimize the inconvenience.

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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Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead. By the way, for clients of mine with the same situation before, I always suggest that we do the selling of the HDB flat first before we go on for the next purchase and we could do both concurrently.

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

Hi,

If you intend to do the buying first, the ABSD has to be paid upfront first. It is not possible to get a waiver even though the intent is to eventually sell off the existing property. It is possible to get a ABSD refund, provided its a joint name ownership of matrimonial property sale & purchase.

However its also possible to plan and coordinate a timeline such that the sale exercise OTP date is done before the purchase so to avoid the ABSD upfront outlay. I have assisted my clients on the same and have helped them to transit smoothly from HDB to condo.

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
ERA Senior Marketing Director
ERA Diamond Achiever

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I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan

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Good afternoon Sir/ Mdm,

Yes ABSD is payable if condo purchase is your 2nd residential property ownership.

If you choose to buy first then sell, you have to sell existing HDB within 6 months from date of exercise of OTP (resale) and your purchase must be bought between you and wife (matrimonial home eventually) to qualify for reimbursement.

Alternatively will have to sell first then buy. We have to time both transactions to be a smooth sailing process.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
You dream. I create. We make it happen!
Association of Chartered Certified Accountants Graduate
Singapore Accredited Mortgage Planner

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Hi,

If you were to commit to a condo purchase (exercise OTP) before you sell your current HDB flat, you will be liable for ABSD. There is no waiver from IRAS on this.

However, if you were to purchase the condo under joint names as your matrimonial home (provided either you and your spouse is a Singapore Citizen), you will be able to get ABSD refund upon selling your HDB flat within 6 months of your condo purchase (or TOP if you're buying a new launch condo).

If you do not have sufficient funds or do not wish to pay ABSD upfront, you may wish to plan your sale and purchase timeline in such a way that you only exercise the option for your condo purchase after HDB has granted approval for your HDB sale. You may also wish to request for extension of stay for your HDB flat if you're purchasing a resale condo.

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,

The answer is yes, you would need to pay absd first for 2nd property, there is no waiver. However you might apply for remission of ABSD if conditions are met. Another way is to sell your current HDB first, do a proper timeline so that your HDB completion is about 3 weeks before your 2nd property buying completion. With this your buying OTP exercise is after your selling OTP exercise thus you dont have to pay ABSD and also you have enough time for your cash proceed/CPF refund to be back to fund your private house purchase. Remember to ask for extension of stay from your HDB buyers too. I have assisted many HDB sellers to upgrade to private property smoothly with proper timeline and advice.
Kindly contact me at 97261112  I would be glad to assist you further
Thank you and best regards,
Jenny Tran
Propnex Realty Pte Ltd
(HP) +65 97261112 
(Email) jenny.tran@propnex.com
BSc (Real Estate) (Hons)-NUS
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"My husband and I wish to commend the sincere attitude and good customer service rendered by your staff Jenny, who handled the sale of our 5R HDB flat early this year. We have met several agents but none as genuine as Jenny. Being a seller agent, she took our interest at heart in handling the sale, unlike other agents who are self-interest. Jenny is punctual and prompt in the whole dealings and we were convinced that such an agent is hard for find nowadays. Jenny is a trustworthy, honest, sincere and hardworking agent. We are happy with her service and would gladly recommend her to our friends in future. Jenny is an asset to Propnex and the organisation should value her. Thank you Jenny for her efforts"
Mr and Mrs Soo (HDB seller)

" Jenny is very committed and responsive to her clients and she has spent hours updating them and looking out for great deals and even tailor-made property proposal geared towards their needs. Will certainly refer her to others and will definitely approach her again in her future"
Nick and Kim (New launch buyer)

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