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Hi, I am 40, Singaporean, no kids, just retired and have $6,000,000 cash. The condo i live in is fully paid up for. I just returned to Singapore after 15 years abroad so i am not sure on the property laws.

My intention is to buy another 3-4 condos and live off the rent. Is it true that because i am not working, i cannot get a loan and have to pay for everything in cash? Some agents i have spoken to have described setting up trusts/companies etc to buy the property but it appears that taxes/ABSD comes into play too.

I was hoping that i could buy 10-20 condos with a minimum down payment like in the USA but many agents i approached said that this is not applicable in Singapore. It appears the best i can do i just buy everything in cash? Any advice is welcome.
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8 Answers

Good evening,

The information that you had gathered from agents are true. Without income, you are not able to obtain loan for your second and likely third property. ABSD of 17% is also payable for both properties. However, for your fourth property, you can utilize the rental income from either two properties to facilitate mortgage loan. As all 3 properties would have been fully paid, we can work something out with bankers to use them as collateral for your fourth and fifth property.

Do feel free to contact me should you require additional assistance.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

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Hi, yes what you heard are true. Without any income statement to prove, you would not be able to get any loan. For Singaporean, 1st property stamp duty will be at 3%, 2nd property stamp duty will be at 10% and the 3rd property stamp duty will be at 13%. Pls feel free to let me know if you need any banker’s contact to verify or any other assistance.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Robbie Chen Chee Howe
Hi,

Congratulations to you for your early retirement!

Becoming landlord and living off rental income is a good way to protect your capital against inflation, and at the same time generate income for your daily needs.

With $6m cash on hand, it will be wise if you can go for some form of diversification, and avoid putting all into one basket.

To minimize the amount of ABSD, there are a few options you can go for. Some of these options include getting "dual-key" units, or look into non-residential properties for investment.

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
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Dear Sir,

Congratulations on your retirement, as per your understanding ABSD is applicable for multiple residential properties.

It is better to understand your options clearly before moving forward.

please do drop me a line, and will link up with the professionals (bankers/lawyers) to clearly explain what you can do if you intend to dive into property investment.

Br
Shawn Chew
 90294371 
shawnchewproperties@gmail.com Read More
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You might want to speak to bankers on loan eligibility since you maybe able to do some cash pledging to the banks to be eligible for loan.

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Regards,

Geryl LIM
Associate Marketing Director
Global Alliance Property (L3010679B) - Century 21
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Email: geryl7772@gmail.com

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Johnny Goh Mui Huat
Dear Sir/Mdm,

The best person to answer your question is to speak to a banker. The banker might be able to work something out.

I personally would suggest spreading your portfolio, such as overseas, commercial and industrial properties. Do note that ABSD applied for residential property.

Feel free to contact me and I will recommend some properties with high demand to you.

Thanks and Regards

Johnny Goh
R018297H
Associate Group Director
OrangeTee.com Pte Ltd
Mobile: 9090 6267 
Email: johnny.goh@orangetee.com
www.johnny-goh.com Read More
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Lee Chun Peng Adnic
Dear Sir/Madam,

If you are still open to more possibilities please kindly contact me at 96722265 .

Adnic Lee
ERA
Assoc. Division Director. Read More
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