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Dear Sir/Mdm,

1. You will need to sell your HDB within 6 months from the transfer of the condo unit.

2. Besides the stamp duty, you will also need to include the legal fees into your financial calculation.

3. There is Seller's Stamp Duty if your parents were to transfer to you within the first 3 years of purchase. For you to take over, since you are a SPR, you will be subjected to Additional Buyer Stamp Duty as well.

Please feel free to get in touch with me if you have other questions!

Regards,
Nick Tan
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B.Eng(Chemical)(Hons)(NUS)
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(E) nick96444854@gmail.com
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Mr and Mrs Chan (Sold and Bought a property through Nick) Read More

Hi,

1. You have to dispose off your HDB within 6 mths upon copletion of transfer.

2. Cost of transfer:
Parents:
ABSD: 15% for foreigner.
SSD: Seller Stamp Duty that your parents would incurred if the transfer is done within 3 years.

Yourselves
BSD: If the property is above $1 million, your buyer stamp duty is (4%-$15,400). If the property is below $1 million, buyer stamp duty is (3%-$5,400).
ABSD: 5% for PR.
legal fee

3. There are no minimum occupancy requirement for private property.

4. You should have noticed 3 things from the above answer:
(a) ABSD: 15% incurred by your parents if this is buying under their name.
(b) They will incurred additional cost (SSD) if they wish to transfer to you within 3 years.
(c) Additional legal fee to perform the transferring.

My advice would be if possible, sell off your HDB and buy under your name. Those costs under (4) could be well avoided.

Hope the above answer to your main concerns, but if there are more queries, 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

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Good morning,

You mentioned you are a SPR. How about your spouse?

If your household has a SC, you dont have to dispose off your HDB if your parents decide to transfer the ownership of the private to you. If not you will have to dispose off your HDB within 6 months from private completion.

Btw do take note of these few stuffs:

1) your parents will be subject to additional buyer's stamp duty of 15% for the purchase as they are foreigner.

2) if they transfer the ownership to you within 3 years, they will be subject to seller's stamp duty.

3) if they transfer to you via gift, you decide to sell it with the next years (5 years if i am not wrong), your buyers cant take up any loan. So usually law firm will advise to transfer via arms length transaction.

4) If you take over ownership, you will be subject to 10% ABSD cause it will be your second residential property as SPR in Singapore.

My sharing is based on current regulations so it might change in the near future.

Perhaps you can share more with me so I will be in a better position to value add further in your family's property needs.

Hear from you soon!

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
R043025D
Propnex Realty Pte Ltd

(M): +65 9111 5171 
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Hi,

Let me assist in your enquiries:

1. If your spouse is a Singapore Citizen, it is not mandatory for you to sell off your HDB. If your spouse is also a PR, you will be required to sell off your HDB within 6 months upon the transfer of the private residential property.

2. Cost of Ownership would be broken down into the following stages. Upon the condo purchase, as a foreigner, your parents will have to incur 15% ABSD, on top of the normal BSD (approx 3-4%). If the condo is being transferred to you within 3 years of the purchase, your parents will also incur SSD (ranging from 4% to 12%, depending on the date of transfer). As a PR, you will also be liable for ABSD (5% if you sell your HDB before the transfer OR 10% if you still hold your HDB upon the transfer). Normal BSD (3-4%) applies too.

3. You will need to fulfill the 5-year MOP for your current HDB flat, before being able to take ownership of a second residential property.

4. Other matters you might wish to take note would be the restriction on selling the property that you received via transfer by way of gift. There may be some complications involved in selling away such properties in the future.

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 and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More