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Hello,
My friends and I are 2 SPRs and 1 EP holder would like to rent a condo in AMK. However, we are thinking of an alternative to buy a condo and apply for mortgage instead since the price is quite similar while we are also having an asset. Some critical questions are:
1. Is there any lock in period before we can sell the condo?
2. Understand that the mortgage ownership cannot be transferred and the buyer need to apply mortgage/loan as their preference. Does it mean when we sell the condo, we cannot get the full amount of the property sales? (Since the buyer won't fully pay the property price and will only pay the down payment ard 20%)
3. Is there any financing simulation that u can advise for us from we purchase the condo until we sell to the new owner? (Down payment, mortgage, stamp/legal fee, etc)

Thank you so much and really appreciate it!
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8 Answers

Geryl Lim
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Supposed all 3 of you combine names to purchase a residential property, the higher tier of Additional Buyer's Stamp Duty will apply, thus this will likely be the deterring factor for ownership. If ownership is between the 2 SPRs, and if both do not own any existing residential properties in Singapore, ABSD applicable is 5% on top of the normal buyer's stamp duty. You will require to downpay 25% of the purchase price using cash and/or CPF for the purchase, provided that both of you can take up the maximum home loan at 75%. That is on the purchase part.

For selling, should the sale be carried out in under 3 years after the purchase, there will be Sellers Stamp Duty applicable, and the rates is depending on the number of years the property is held. Thereafter, there will be no stamp duty or tax payable after the 3 years period. Sales proceeds are calculated as the final sale price minus off the outstanding loan amount on top of the total CPF used including the accrued interest.

To simulate the finances, we will need to know more about the age of all purchasers and their income as well as existing funds available for use.

I have been in the real estate business since 2009, with more than 14 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

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Aaron Chong
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Hi,

I would be most glad to assist you further and pls feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Stewart Lim
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Hi, appreciate your sharing. It requires to hold onto the unit for 3 years due to seller stamp duty. Down payment 5% cash 20% cash or CPF OA.
Looking forward to assist you at 9696 4398  or email me at stewartlim96964398@gmail.com

Cheers
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Ivan Ng
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Hi,

The main deterrent factor will be the ABSD 60% applicable due to the foreigner status held by your friend, if he or she needs to be co-owner. Even if he/she just holds 1% ownership, the highest ABSD applicable for all the profiles will apply. Typically the minimum holding period buyers will undertake is 3 years, as it is out of the seller stamp duty window.

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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Mark Ng S W
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Hi Do contact me at 97970200  to understand more and discuss

Mark, your RIGHT choice
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Tan Pei Cheng (Pei)
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I would be glad to assist you.
Feel free to contact me at wa.me/6597100155 .
Hope to hear from you soon.
Pei
Mobile: (65) 9 7 1 0 0 1 5 5.
Email: peicheng.tan@propnex.com
Associate Group Director
Propnex Realty Pte Ltd

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Able S.K Toh
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My Answer with regards to your Question:

If all 3 of you combine names, higher tier Additional Buyer's Stamp Duty (ABSD) applies.

If ownership is between 2 SPRs without any existing properties in Singapore, ABSD is 5% on top of normal buyer's stamp duty.

Down payment required: 25% of the purchase price using cash and/or CPF, assuming maximum 75% home loan eligibility for both buyers.

Selling a Property:

If sold within 3 years, Sellers Stamp Duty applies, with rates based on the holding period.

After 3 years, no stamp duty or tax payable.

Sales proceeds calculated as final sale price minus outstanding loan amount and total CPF used, including accrued interest.

Let me assist further ,.....pm me

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Bridget Tan
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Hello there,

Congrats on planning to purchase your next home!

Yes in a way - there's a seller stamp duty applicable for sale within 3 years after purchase.
on top of that, there is 60% ABSD applicable for your purchase due to your co-owner being an foreigner.

Bridget,
PropNex Realty Pte Ltd
Award-Winning District
Certified ‘SND Save and Safe’ Consultant - Your trusted asset progression consultant.

Mobile: +65 8495 9 8 5 5
Email: bridget.tanyh@propnex.com Read More
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