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Hi,

You would still need to pay ABSD and claim it , within 6 months of your next purchase. This kind of transaction needs careful financial planning and streamlined timing. Hopefully we can get in touch for me to explain further and chart out the essentials.
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Hi,

As both of you are SPRs, and if the next purchase is on joint name, you need to sell away your condo first before you purchase so to avoid the higher ABSD payable. (10% if you sell later vs 5% if you sell first). This amount can't be refunded in any way.

If you require the sale proceeds to complete the purchase, you might need to plan and negotiate for a workable timeline so to ensure the transition is smooth. With current subdued market, it might not be easy to secure a buyer quickly. It does appear that purchasing first has a few downsides for you, you might want to reconsider the plan. I have worked with SPR clients before and will be glad to share more on the financial plan and how best to make a smooth transition.

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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Ivan Ng ERA ASAP
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Hi,

As you and your spouse are both SPRs, take note that there is no ABSD refund. Hence, if your plan is to purchase under joint-names, I would recommend that you sell off your spouse's property first, before committing to your next purchase.

Should you proceed to purchase first under joint-names, both of you will be liable for ABSD of 10%. You will also not be able to claim back any ABSD even after selling off your spouse's property.

If your spouse were to sell off his/her property, and then proceed to joint-purchase with you, the ABSD payable will be 5%. It will be the same amount if you were to purchase the property under your sole name.

Should you need the sales proceeds from the first property to pay for the second property, you would need to plan the timeline properly, to ensure a smooth transition. One way would be to have a leaseback agreement with the Buyer of your spouse's property.

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 in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Hi, in your case, it would be advisable to sell off first before purchasing the next one, so that both of you will not be incurring any ABSD.

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

Good day Sir / madam .

Please note 10% ABSD additional buyer stamp duty Payable if P R buy a property before selling their 1st propert , and no provision for ABSD refund because of P R status .

Kindly contact me for a no-obligations chat for your property needs .

My charges are 1% commission for exclusive selling rights ( 1 sole agent only ) to your property , or 2% for open listing ( many agents ) .

Joanne chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More

Dear sir/madam,

As both of you are SPRs, remission of ABSD is not applicable. In this case, should you purchase the 2nd property under your individual name and add on your partner's name after the 1st property has been liquidated, you will incur even more stamp duties in such arrangement.

I believe you are in your initial phase of property purchase planning. Would you like to meet up and we can discuss more about the financing process, as well as I can get a financial planner to look further into your financial health and see how we can best utilise your finances to enjoy better savings and make every dollar more efficiently used?

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