AskGuru Q&A Community

Dear Buyer,
I will address your concerns one by one.
1. New launch - you are given 6 months to sell your HDB after TOP of your new condo.

2. As above, you can claim your ABSD if you sell within 6 months of TOP and claim the 15% from IRAS.

3. Resale condo is the same but the whole process happens earlier. If you buy now, competion takes 3 months. Upon completion, you are given 6 months to sell and claim your ABSD.

Like you mentioned, you bought your HDB in 2017. Therefore, your 5yr MOP expires in 2022. You can only embark on your new purchases after the MOP period.

It is good to have a good agent to advise you of all the necessary pointers when buying or selling as not all condos are the same, just like HDB.

Do contact me if you any further assistance.
Cheers!

Elan Govan
MABA (Lancaster)
Huttons Asia P. L.
 90170747 
www.goodpropertiesguide.com Read More

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.

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

Hi,

Firstly is your MOP of 5 years already met? This needs to be fulfilled before you can purchase any next residential property. If MOP already met, it is better for SPR households to sell off their HDB first before buying any next property, so they will incur only 5% ABSD instead of 15%.

If you do the buying first, the ABSD is 15% and even after you sell off the HDB later, the "excess" ABSD paid is not refundable.

If buying new launch, the method will be to sell off HDB, rent in the interim, then move into condo when it attains TOP.

If buying resale, the method will be to do concurrently, but the HDB has to be sold first before you commit to any next purchase. Reasons have been mentioned above.

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.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
ERA Top 91 Achiever in 2nd Quarter 2020 (Top 2% Company Level)
ERA Top 15 Achiever in April 2019 (Top 1% Company Level)
ERA Top 86 Achiever in Sept 2019 (Top 2% Company Level)
ERA Top 510 Achiever in Year 2019 (Top 8% Company Level)

SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
Email: Ivanng10@gmail.com
IG: instagram.com/ivanngrealtor
WeChat: ivanng10
FB: fb.com/IvanNgRealtor
W: ivanng10.com/clientreviews
(Client's Testimonials)
CEA: R052114D

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **

-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

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. Read More

Hi Sir,

As you mentioned that you purchased your HDB flat in year 2017, your MOP is only up in 2022. You will need to fulfill the MOP before you can sell the flat, or to purchase another property.

In 2022 after you have met your MOP, if you were to purchase another condo before selling your HDB flat, you will incur 15% ABSD for your condo purchase. If your HDB flat is still under loan, your maximum LTV is only 45%. This means that you will need to fork out at least 73% of the property price in total.

ABSD for SPRs once paid, is not refundable. Hence my suggestion is for you to plan your Timeline as such that the Buyer exercise the purchase of your HDB flat before you exercise the purchase of your condo. This way, you will not only fork out 5% ABSD, you will also be able to loan up to 75% for your condo purchase. Your total outlay would be about 33% instead of the 73% I mentioned above. You will also be able to utilise the sale proceeds and CPF refund from your HDB flat sales if you plan the Timeline accordingly.

The difference between getting a new launch vs a resale condo is that you will need to rent a place until the new launch is ready to move in, whereas you can move into the resale condo after you have completed the renovation works, again Timeline planning is involved.

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 Sir/Mdm,

1. I will suggest you to sell it before you purchase the new launch condo because if you were to keep the HDB first, you will need to fork out a higher ABSD of 15% instead of 5% (which is not refundable even when you sold off your HDB subsequently). Therefore, it will make better financial sense to sell off the HDB before purchasing.

2. There is no refund of ABSD for SPR. The remission of ABSD is only applicable for couple (one must be a Singaporean) owning a matrimonial home. Therefore, this is important information to know.

3. If you are getting a resale, we would be able to time the sale and purchase concurrently so that you will only need to pay 5% ABSD instead of the 15%

I have assisted many of my clients who are in a similar situation to upgrade from a HDB to a condo, without having to pay the higher tier ABSD. Please feel free to contact me so that I can understand your situation better and run through with you in details the issues to take note of when upgrading from a HDB to a private property.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

Visit my website to get to know me better:
www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
http://bit.ly/CEAnews

Testimonial from Satisfied Clients
“I would like to recommend Nick Tan from SRI. Before we engaged Nick, we were working with another agent from a very popular property agency in February 2017. We decided to terminate the contract after 5 weeks of zero viewings and no paper advertisements. Basically he was just waiting for phone calls. We engaged Nick on 20th April and by 10th of May, our unit was sold off. Why Nick? 1. He has good marketing strategies 2. He always kept us posted on what he did (communications!) 3. He made sure we understand the current market situation but he will consistently reassure us that the unit can be sold off 4. He is not greedy and trusting 5. He walks the talk”
Peter & Wendy (Property Seller)

I write to commend Nick Tan (R040814C). When my husband and I first met Nick, we were impressed by his drive, commitment, business acumen and strategical thinking, and decided to engage him. We were not disappointed. Nick sourced for prospective quality buyers in a targeted methodical fashion and was effective in connecting us with serious buyers, notwithstanding the fact that the search primarily took place over Dec – Feb (a traditional lull period). Throughout the transaction, he also gave us helpful advice in various aspects; the advice reflected his personal experience and expertise and was not simply regurgitated from public sources without any value-add. Further, Nick went beyond the call of duty of a competent professional. He had a sense of humanity in the way he interacted with myself and the other parties to the transaction such as my parents. As an example, my newborn daughter was warded into A&E on the completion date of the transaction; the care and concern that Nick showed went beyond the scope of work of an estate agent. I commend Nick for his capabilities and character, and would certainly wish to engage him for future property transactions.
Weilun & Benita (Property Seller)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations. We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter- Read More

Hi,

1) You have 2 options regardless of new launch or resale:
(a) Buy now and sell later upon key collection: subject to 15% ABSD and not able to remit after selling.
(b) Sell now and buy: only subject to 5% ABSD.

2) You are eligible for the ABSD remission even though this is a matrimonial home. This is only available for couples with at least 1 SC.

3) Similar to (1), except that your completion from the offer for an OTP to completion is about a period of 3 months.

4) Additional note:
(a) If you still have an outstanding loan in your current HDB, your maximum loan from the bank is only 45%. This definitely will affect your budget in your new launch purchase.
(b) You can do a bridging loan if you have an exercised OTP on hand for your current HDB. This shall help in such a transition situation. You can also able to get a maximum loan of 75% by doing it this way.

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

Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More