5 Answers

Ivan Ng

Are you considering to sell away your Tampines Condo? If so, and you have no outstanding loan for your hdb, you can loan up to max 80% for your new property purchase and Stamp duties will be about 10% of purchase if you are SC.

Thanks and hope to have your requirements and plans better so as to value-add further to your housing plans. Thanks and hope to discuss further.

Warm regards
Ivan ERA
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Geryl Lim
Dear upgrader,

From the information you have provided, the only conclusive information we can provide will be the rate of Additional Buyer's Stamp Duty (ABSD) applicable for you.

Should you decide to retain your existing property as a Singapore Citizen, the ABSD applicable will be 10%. Should you decide to sell away your existing condo in Tampines first, the applicable ABSD will be 7%. This rate is on top of the normal Buyer's Stamp Duty applicable (3%).

Purchasing the next property without any existing housing loan will allow you to loan up to 80% maximum, otherwise the loan amount will decrease, also subjective to your age and income level.

It will be great to work out your finances before embarking on the upgrading process to be sure of your financial position.

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Geryl LIM
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YT Tan (陈永达)
Good morning Sir/ Mdm,

The costs and taxes for your purchase will depends on whether you sell your condo in Tampines first.

If you decide to sell off your condo first, you will be able to loan up to 80% bank loan (if your existing HDB is fully paid) and subject to additional buyer's stamp duty (ABSD) of 7% as a Singaporean (second property purchase).

If you decide to purchase a third property (condo in a better location) first, you will be able to loan up to 80% bank loan only if you dont have any outstanding housing loan for two existing properties and ABSD will be 10% as a Singaporean.

Costs for condo property sale:
1) Legal fees
2) Agent's commission (2%)

Costs for condo property sale:
1) Legal fees
2) Stamp duties

To avoid paying additional 3% ABSD, I will recommend you to sell off existing condo first (issue OTP) and go for a longer completion period.

Once buyer exercises your sale OTP, you should make an offer and obtain an OTP for your purchase (resale unit). Go for a shorter completion period so you can have a smooth transition. You wont have to find a temporary accommodation. You may wish to obtain a bridging loan (if necessary) if you require funds from your sale into this purchase.

But if you are going for a new launch, probably you may wish to move back to your HDB temporarily while waiting for it to be completed.

Hope my explanation helps!

If you need any assistance or advice in your property needs, feel free to contact me. Cheers!

Warmest Regards,
YT TAN 陈永达 | ACCA Graduate, RES
Vice President (Agency)
Property Avenue Pte Ltd
Estate Agent no. L3010650D
Blk 420 North Bridge Road #03-30 North Bridge Centre S188727

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Nick Tan
Hi Sir/Mdm,

My personal opinion would be to go for the resale projects as typically their size will be bigger with a better layout. This is an important factor to consider since you are buying it for own stay. The resale units are usually priced lower than newer ones within the same location.

Since you already own a HDB, you will be subjected to an Additional Buyer Stamp Duty (ABSD) of 7%. You will need to plan your sales and purchase carefully as there may be a period where you need a temporary place to stay. You can try to ask your buyer for an extension of stay to counter this problem.

Cost for Sales:
1. Legal Fees (2k to 3k)
2. Agent Commission (1% to 2%)

Cost for Purchase:
1. Legal Fees(2k to 3k)
2. Standard Stamp Duty (3% approx.)
3. Additional Buyer Stamp Duty (7%)

I am a call away. Please feel free to contact me for more information.

Nick Tan
(M) 9644 4854
(E) nicktan@propertyavenue.com.sg
(W) www.nick-tan.com

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CK Ang
To avoid SSD for current condo, you must own at least 4 years. After you sold the condo, the re-purchase will incurred 7% ABSD as that will be your 2nd property.
To assist and advice more details on the financial calculation, kindly drop me an email for me to share.

I can be contactable at my mobile or email.

CK Ang
9046 3808
res.ckang@gmail.som Read More